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| Pros | Cons |
|---|---|
| Top-notch UI and UX | |
| Support 150+ crypto assets | |
| Simple and easy to use | |
| Support Trezor hardware wallet |
Exodus is a cryptocurrency wallet that supports more than 150+ crypto assets. It comes in both desktop and mobile phone apps which allows you to exchange cryptocurrencies and manage your portfolio effortlessly.
Exodus is pretty handy to use and it has a modern and clean user interface. So everyone, including new users, can use it even without reading the manual in advance.
If you are not sure about the security of this hot wallet, Exodus allows you to connect it with the Trezor hardware wallet. The Trezor hardware wallet will securely store your private keys offline. So it gives you peace of mind for knowing that all your digital assets are always safe.
By connecting Exodus with Trezor, you can buy and sell crypto assets with the security of the Trezor hardware wallet. The exchange will also go faster because you don’t have to wait for a long confirmation time. You can easily track your portfolio performance with real-time charts.
Trezor hardware wallet comes in two variants: Trezor Model T and Trezor Model One. See the table below for the comparison.
| Features | Trezor Model T | Trezor Model One |
|---|---|---|
 |  | |
| Price | 189 EUR | 53 EUR |
| Size | 64 mm x 39 mm x 10 mm | 60mm x 30mm x 6mm |
| Weight | 22 g | 12 g |
| Connectivity | USB-C | Micro USB |
| Screen | Bright color LCD – 240×240 pixels. | Bright OLED – 128×64 pixels |
| Certification | CE and RoHS certified | CE and RoHS certified |
| Supported coins | 1,200+ | 1,000+ |
| Manage digital identity | Yes | No |
| Supported OS | Windows (10 or newer), MacOS (10.11 and higher), and Linux. | Windows (10 or newer), MacOS (10.11 and higher), and Linux. |
| Mobile phone support | Android | Android |
| Learn More | Learn More |
Download Exodus Wallet: Desktop | iOS | Android
5. MetaMask – Best for Transferring Ethereum Coins and Tokens
| Pros | Cons |
|---|---|
| Super easy to set up | Limited to ETH and ERC-20, 721 tokens |
| Support Trezor and Ledger hardware wallets | Hardware wallets don’t support mobile phones |
| Swap tokens simply and fast | |
| Open-source | |
| Support NFT games on major Crypto networks |
MetaMask is a hot wallet that enables users to interact with decentralized applications (DApps) and smart contracts on the Ethereum network. The Metamask Wallet allows users to access their Ether or other Ethereum-based tokens through an extension installed in Google Chrome, Mozilla Firefox, Opera, and Brave browsers. MetaMask is also available on Android and iOS to give you easy and fast access at any time. Most importantly, it provides a safe and secure way to interact with the Ethereum blockchain.
This hot wallet enables you to store and manage your crypto assets with complete peace of mind. It’s an open-source wallet that’s been around for quite some time now. This means it has been thoroughly tested by the community and has proven to be reliable, secure, and efficient when it comes to storing your crypto assets.
MetaMask is extremely simple to use. Creating your wallet can be done within seconds. You can easily import your Ethereum coins into your wallet and use MetaMask to send or receive your ETH coins. All information is decrypted using strong encryption algorithms and operated on the client-side. As a result, it is far more secure than live wallets.
Connecting MetaMask to Ethereum test networks is also possible. It gives you compatibility with a wide range of NFT markets, allowing you to easily buy and sell. Just connect it with your OpenSea account and you can start purchasing NFTs.
To give you better security, you can connect MetaMask with Ledger and Trezor hardware wallets. However, you can only connect it with the MetaMask desktop version. Mobile phone support is not available at the moment.
The only drawback of MetaMask is that it only accepts Ethereum (ETH), and ETH-based tokens, such as ERC-20, ERC-721. So, if you are thinking of buying other coins, you can use other crypto wallets.
Download MetaMask: Chrome | iOS | Android
6. MyEtherWallet – Best for Transferring Ethereum Coins and Tokens
| Pros | Cons |
|---|---|
| Super friendly user interface | The setup is not friendly enough for beginners |
| Reasonable fee | |
| Open-source | |
| Provide various options to access wallets | |
| Support cold wallets: Ledger, Trezor, KeepKey, CoolWallet, BitBox02 |
Founded in November 2013, MyEtherWallet (MEW) is a popular and trusted online wallet that provides security, privacy, and convenience to trade Ethereum. It can be used to access and manage tokens, which are digital assets created on the Ethereum blockchain.
MEW lets you store Ether and other crypto-assets such as ERC20 tokens, Bitcoin (BTC), Litecoin (LTC), and many more. It also provides an easy way to buy and sell these assets through the marketplace.
MEW gives the users full control of how they want to access their wallet: connect MEW wallet to MEW web, use Web3 wallet with MEW wallet, connect MEW wallet with cold wallets, access wallet with mobile apps, or using software wallet – the last one is not recommended.
Since MyEtherWallet is partnering with 1inch, DEX AG, Changelly, Bity, and Simplex, it gives the users benefits to easily purchase and swap coins and tokens. Not only that, the cross-chain swaps feature lets you exchange popular coins like Bitcoin, Litecoin, or even DOGE!
Decentralized applications (DApps) are what make Ethereum special. They are the apps that live on the blockchain and can be accessed from any device. They are open source and decentralized, meaning they don’t rely on any central servers to work. Instead, they use an entire network of computers across the world to store data and run their code. This allows them to be public, transparent, and tamper-proof by design.
They use tokens as a way to reward users for their contributions to the application. These tokens can also be traded on exchanges, which is a great way to generate some income for users who have a lot of time but not much money to invest in their projects.
How to Set Up a Crypto Wallet
Hot wallets
Hot wallets can be divided into two: self-custody wallets and hosted wallets. They are the most popular crypto wallets that hold your crypto assets. Coinbase and MetaMask are two examples of hot wallets. The only difference between self-custody and hosted wallets is the control over your funds. The self-custody wallets give you full control of your crypto coins.
Here’s how to create a hot wallet:
- Download the app: Hit the download link in the review above to visit the official website.
- Create your account: Insert the required information and set up a strong password.
- Write down your private key and keep it safe: Don’t try to remember the 12 or 24 words phrase as you will likely forget.
- Start to transfer crypto: Some wallets don’t support fiat money like USD or UER. To buy crypto, you first need to send crypto to your wallet from other wallet. (Pretty confusing, right?)
Cold wallets
Cold wallets or hardware wallets are physical devices like Trezor and Ledger that will secure your private keys offline. This way, your coin assets will be more secure from hackers.
Here’s how to create a cold wallet:
- Buy the hardware wallet: The price may vary from $50 to $150. Check their features to match your requirements.
- Install the apps: Install the app that you need to transact your cryptocurrency.
- Transfer crypto to your wallet: You need to transfer crypto to your hardware wallet before you can buy or sell.
Tips to Secure Your Crypto Wallet
With the recent rise in the value of cryptocurrencies, many people are investing in them. The downside to this is that it has become a target for hackers and cybercriminals.
In this section, we will share some tips on how you can secure your crypto wallet and protect your assets from being stolen or lost.
1) Do your research: Read any information and the review about the crypto wallets you are going to use. Check their benefits, security features, and support to the hardware wallets.
2) Create a strong password: A strong password is one that includes a mixture of upper and lowercase letters, numbers, symbols, mixed-case words, and punctuation marks. It should be at least 16 characters long with at least one symbol.
3) Keep your private key offline: Your private key can be used to access your cryptocurrency wallet so it is important to keep it safe from hackers by storing it offline in a vault or hardware device like Ledger or Trezor.
What is the safest crypto wallet?
Cold wallets have a reputation as the most secure crypto wallet since they can store your cryptocurrency offline. The device is quite small that looks like a small USB flash drive. You will need a PIN code or password to access it.
This makes cold wallets immune to cyber-attacks and hackers stealing your coins.
However, being secure also means having a little extra effort. Cold wallets or hardware wallets are less convenient compared to hot wallets. To use it, you need to plug it into your computer or connect it via Bluetooth. It’s because you will need an internet connection from your computer in order to do a transaction.
Besides, unlike most hot wallets which are free, cold wallets can cost you between $50 and $200. If you own a large amount of crypto, having a cold wallet is the best investment you can make.
How do crypto wallets make money?
Crypto wallets make money by charging a fee for every transaction. The fee is usually based on the type of cryptocurrency being transferred and the amount of gas being used to process the transaction.
Gas is a unit of measurement that measures how much computational power is used to execute a transaction. The gas fee is paid in ether, which is the cryptocurrency used on the Ethereum network.
The gas fee can change depending on the network conditions and it usually fluctuates between 0.1 and 10 GWEI per gas unit for the Ethereum network. This means that when you send 1 ETH from one wallet to another, you will pay 10 GWEI or less than $0.01 in transaction fees if the price of ether remains at $300 per ETH.
If you are transferring a larger amount, then you may have to pay a higher fee. You can also choose to set up recurring payments for those who want to make regular transfers without having to manually calculate the fees each time.
The wallet will also charge a small percentage as tax if it is not an exchange that trades one cryptocurrency for another.
Which crypto wallet has the lowest fees?
There are many different types of wallets that are available for cryptocurrency. They all have different features and benefits, but what is the cheapest cryptocurrency wallet? The answer to this question really depends on what you are looking for in a wallet.
For a simple, easy-to-use wallet with low fees, then the best option is MyEtherWallet.
If you prefer storing your coins offline and without third-party interference, then an open-source hardware wallet like Trezor or Ledger Nano S may be better suited.
Coinbase would be your best mobile crypto wallet if you want to store your coins online without any risk of getting hacked or stolen.
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Conclusions: What mobile crypto wallet should I use?
The answer will depend on your needs and objectives of buying cryptocurrencies. As for beginners, we suggest you start with hot wallets like Coinbase, MyEtherWallet, or MetaMask. Starting with a small amount of money will be the wise thing you can do. Once you understand how cryptocurrency transaction works, you can upgrade to cold wallets or hardware wallets.
If you own a large amount of crypto, having a hardware wallet is a must. Protection must be your top priority and using hardware wallets can give you peace of mind. Ledger is one of the best and most popular cold wallets that you can use. Alternatively, you can use Trezor, KeepKey, CoolWallet, and BitBox02.
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