What is the best and safest mobile crypto wallet for trading as well as saving your cryptocurrencies? In a short and simple answer, there are many wallets you can use, such as Electrum, Coinbase, Ledger, Exodus, MetaMask, MyEtherWallet, and many more.
Finding the best and safest crypto wallets that work for you should be done with care. As you know, handling Bitcoin, Ethereum, Binance, and other cryptocurrencies is pretty difficult, even for most technically savvy users. If you are an inexperienced user, dealing with crypto and tokens can be downright impossible.
Such inexperienced users typically keep their bitcoin in hot wallets, which are extremely insecure and can easily lose their money. Alternatives include running one’s own cold wallet, which is extremely difficult for users to manage.
So, back to the question, which crypto wallet is best for you?
In this post, we will provide useful information to help you choose the safest mobile crypto wallet to store your crypto coins as well as for trading.
What is a crypto wallet?
A crypto wallet is a digital or physical wallet that stores the information necessary to transact cryptocurrency. It stores public and private keys and interacts with different blockchains to enable users to send and receive digital currency and monitor their balance.
A wallet typically holds the public key, the private key, a list of all transactions, a list of all addresses or destinations for money transfer, and the user’s address. The public key is used to identify the wallet. The private key can be used to spend cryptocurrency from that specific wallet.
Crypto wallets are decentralized which means they do not have an owner or central authority controlling them. This also means there is no single point of failure for security breaches which makes them more secure than centralized services like banks.
To put it simply, you can imagine a crypto-wallet as a digital wallet like Venmo or PayPal that can store your fiat money as well as transfer it. The only difference is that it stores your crypto coins and uses a blockchain system which is safer.
Is crypto wallet free?
Crypto wallets are not completely free to use. They require a certain amount of gas fee to be paid for every transaction.
A gas fee is a price that you pay for running a transaction on the Ethereum blockchain. You can think of it as a tool that you need to pay in order for your transaction to get processed by miners and included in the blockchain.
The gas price is set by the network, and it will change depending on how many transactions are pending at any given time, but most people find that paying 10 GWEI (0.00001 ETH) will suffice for normal transactions.
However, there are some crypto wallets that offer free features. For example, some wallets allow users to transfer cryptocurrencies without charging any transaction fees. This is possible because these wallets don’t store the private keys on their servers. Instead, they use your device’s local storage to store the keys which means you can access them without an internet connection.
Some of the most popular free crypto wallets are MyEtherWallet, Jaxx, Exodus, Blockchain Wallet (Mobile).
Types of Crypto Wallets
Where do you want to store your coins? The answer can be different depending on the security level that you want to have.
To answer the question above, in this section, we’ll discuss:
- the types of crypto wallets
- what are their differences?
- their benefits
- their safety
Let’s break it down.
Basically, there are two types of crypto wallets: hot wallets and cold wallets or hardware wallets.
Hot wallets are digital crypto wallets like Coinbase, MetaMask, Electrum, Exodus, and Mycelium. They are a software program that allows you to buy, store, and sell digital coins like Bitcoin, Ethereum, Binance, Dogecoin, and many more.
On the other hand, cold wallets or hardware wallets are physical devices as big as a USB flash drive that is able to store your coins offline. Ledger and Trezor are two examples of cold wallets- also known as hardware wallets.
Hot wallets are pretty easy to use and fast. You can access it from your computer or mobile phone anywhere and any time as long as you have an internet connection. However, since it’s always online, it’s more vulnerable to cyber attacks or hacking.
Meanwhile, cold wallets are less handy to use compared to hot wallets.
It doesn’t have a built-in internet connection, so you must connect it to your computer or connect it via Bluetooth to buy or send crypto coins. However, it’s less recommended to connect it using the Bluetooth network due to its vulnerability to hacking. Unlike most hot wallets that are free to use, you need to purchase cold wallets to get this little device.
Cold wallets cost vary, from $50 to $200. This price is quite fair considering the safety and quality that cold wallets offer. Especially if keep a large amount of Bitcoin (BTC), Ethereum (ETH), or other expensive coins. As you may have heard, a higher price equals high quality.
Now, let’s get to know the 6 best mobile crypto wallets to secure your crypto coins and tokens. We’ll also discuss the pros and cons of each mobile crypto wallet and what benefits they offer to you.
6 Best Mobile Crypto Wallets to Save and Trade Your Coins
1. Electrum – Best Bitcoin Wallet
|Free||Limited to bitcoin only|
|Great security||The user interface is too “minimalistic”|
|Handling bitcoin quickly||No manual for new users|
|Compatible with the latest version of Bitcoin Segwit and Bitcoin Legacy|
|Support hardware wallets|
|Can work offline|
|Support multi-sig wallets|
Electrum is one of the most famous Bitcoin wallets. The main advantage of this wallet is that it is very lightweight and managed by an external server, so you don’t need to download the chain and all major operating systems like Windows / Linux / Mac and Android mobile systems.
Multisig wallets are one of the best features offered by Electrum. This feature allows you to create 2 separate wallets in 2 different machines and is possible to be operated by different people. Uniquely, both wallets will have a similar set of addresses.
What are Multisig wallets useful for? They are worthwhile if you want to manage your funds collaboratively. For example, if you run a business together with your partners and everyone agrees to have certain separate funds for specific purposes.
Multisig wallets also offer better security. Since they allow you to have 2 separate wallets in 2 different machines, both machines don’t have to be online all the time. One of the machines can be offline, while the other one is online. That being said, it will be harder for the hacker to take your coins. Visit this page to read more about Mutisig wallets.
Another important advantage of Electrum is the secure storage of seeds used to restore or access the wallet. Proper encryption of the wallet is also important. Electrum can also be used offline.
The server doesn’t store your passwords and other important data, which makes it much more secure because the information cannot be easily stolen from the desktop.
It is also worth mentioning the basic functions of Electrum, which are safe receiving and sending crypto values. It is an end-to-end protected wallet that is encrypted so there is no way for stealing your bitcoins.
No wonder many people claim that Electrum has the security of cold wallets, but is as convenient as hot wallets.
2. Coinbase – Best for Beginners
|Well designed user interface||High transaction fees|
|Online funds are covered by FDIC insurance up to $250,000||Cannot sell crypto if Coinbase doesn’t support deposits in your country|
|Support lots of NFTs, digital coins, and tokens||Slow response customer support|
|Easy and fast crypto conversion|
|98% of the users’ digital assets are stored offline|
If you are new to cryptocurrency, Coinbase can be a good option as your first crypto wallet. It has a simple and user-friendly GUI which makes it easy to operate even for beginner users. It also has great support for lots of NFTs, digital coins, and tokens so you can store and trade your choice of assets.
Coinbase offers a fast and secure transaction. Not only does it allow you to buy and sell crypto, but you can also convert your crypto to another. For example, you can easily convert Bitcoin to Dogecoin without selling your Bitcoin in advance. It will be a lot faster to convert your digital coin rather than sell it and then buy another coin.
Besides, Coinbase provides an analytics feature that is very useful to help you monitor the market, risk, trace the flow of the funds, as well as analyze the blockchain. It allows you to see the potential at scale so that you can come up with a better strategy.
Coinbase takes the security of its users’ digital funds seriously. They claimed that 98% of their users’ digital funds are saved offline for safety. If that’s not enough, Coinbase also protects its users’ crypto assets by FDIC insurance up to a maximum of $250,000 per individual. Visit this page to learn more about insurance.
The drawback of Coinbase is that it charges high transaction fees for withdrawals and deposits. With most crypto wallet apps offering free trading, Coinbase’s fees can be difficult to swallow for those looking to get into crypto. Certain banks will not allow you to transfer funds to Coinbase, and Coinbase does not add new cryptocurrencies as quickly as competitors. Coinbase is not an ideal choice for new investors looking to stake small amounts of money due to the minimal fees.
3. Ledger – Best for Offline Saving
|A well-thought-out multi-layer signature and working system||Slow additions of new coins and currencies|
|Top priority security||The Nano S version only supports 3 apps|
|Handy and easy to use and set up|
|Professional technical support|
If security is your top priority, then Ledger is a great choice. Ledger offers a safe cold or hardware wallet for users to store and transfer digital assets on a regular basis. It is particularly designed for both large financial companies and individuals who are planning to hold cryptocurrencies for the long term.
Ledger comes in two versions: Ledger Nano X and Ledger Nano S. They may look pretty much the same but offer a significantly different number of apps you can install. Most importantly, both of them offer great security. Check out the table below to see their differences.
When you have cryptocurrency, the real thing you really own is a private key. It is what enables you to access your assets. That being said, it is important to make sure that you are the only one who holds the key. Therefore, you must keep it safe.
Ledger cold wallet helps you secure your crypto assets by keeping your private key offline. They will never leave your device even though you connect it with your mobile phone or desktop. Thus, your crypto will remain safe from any cyber-attacks.
Despite its top-quality security, Ledger is pretty handy to use. You only need to connect it to the Ledger Live app on your desktop or mobile phone to manage your account, funds, and transactions. It supports more than 50 wallets and can hold over 5,500 digital coins.
Thus, as we have mentioned earlier, a Ledger hardware wallet is perfect for those who prioritize safety and want to invest in cryptocurrencies for the long term.
|Features||Ledger Nano X||Ledger Nano S|
|Who is it for?||Beginner users||Advanced users|
|Size||56.95mm × 17.4mm × 9.1mm||72mm × 18.6mm × 11.75mm|
|Security||Certified secure chip (CC EAL5+)||Certified secure chip (CC EAL5+)|
|Connection Support||Micro-USB||Bluetooth and USB-C|
|Mobile Apps Support||Android||Android and iOS|
|Crypto Assets Compatibility||5,500+||5,500+|
|Backup||24-word recovery phrase||24-word recovery phrase|