When we think of cryptocurrencies we almost always think of Bitcoin. While the cryptocurrency blockchain may seem a little outdated, given it first hit the scene back in 2009, it remains the pioneering currency for the crypto industry and continues to command a huge presence.
Many crypto enthusiasts are storing their stocks of crypto assets in popular choices like Revolut and coinbase wallets, or one of the many other crypto wallets available. However, many cryptocurrency users are now transferring their funds directly into fiat currency or using funds for purchases made via VISA cards.
As is always the case with money, safe storage of funds is paramount and isn’t something that should be taken lightly. Cryptocurrency wallets can be stored using a variety of different e-wallets, or they can be held in the accounts of crypto exchange platforms.
There is a clear distinction that is important to understand when it comes to e-wallets. Wallets are divided into two main categories, being hot wallets (online) and cold wallets (offline). We will discuss the most popular and very best hot wallets currently on the market and highlight the benefits of each below.
The first e-wallet we’ll look at is Trezor, which was created by SatoshiLabs back in 2014. It’s a wallet that is classed as a cold wallet, but it offers all the spending ability of a hot wallet, which is why we included it in our list. The Trezor T Model gives users the ability to access third-party exchanges, like Coinbase and Binance.
The Trezor T model is quite expensive as far as e-wallets go, but it has the latest touch screen technology and is one of the top-of-the-range wallets around. It comes with a MicroSD card slot, allowing users to encrypt the PIN for additional protection. The model T also comes with Bluetooth technology for swift and easy connection to devices.
The wallet also features a USB Type-C cable, which allows you to connect to smartphones as well as desktops/laptops. This is an important feature nowadays as many users manage their accounts entirely from their smartphones. The current Trezor T model supports more than 1,600 cryptocurrencies and the unit is considered one of the most secure devices on the market.
This French company launched in the same year as Trezor back in 2014 and is one of the most popular e-wallets on the market, with their Nano X product. The Nano X is a follow up to the Nano S, which was one of the first hardware wallets and dominated the market for some time when cryptocurrencies were in their early years.
Ledgers’ once dominance reign over the e-wallet market hit a wall back in 2020, when a serious hack revealed customer data and numerous customers looked to other companies as an alternative.
The Nano X has retained many customers who remained loyal, providing customers with a USB drive and Bluetooth connection. The feature allows customers to connect to their iOS or Android device and not need the use of a computer. Ledger supports over 1,500 cryptocurrencies, much like the Trezor, and features a great user-interface for customers to easily manage all their currencies.
Finally we take a look at Exodus, which was founded in 2015 and functions as a desktop or mobile wallet. Exodus features a very simplistic user interface, which is both good and bad depending on the users’ preferences.
The Exodus e-wallet comes with an exchange built-in, giving customers the ability to make swaps for hundreds of cryptocurrencies. As it doesn’t provide the full range of currencies users get with the Trezor and Ledger, the simplicity and ease of access to what is considered a confusing market lends us to recommend this e-wallet for beginners or those users who are dealing only with major currencies.