Looking for the best way to store your cryptocurrencies and tokens?
In this article, I’ll help you to find the best crypto wallets to safely secure as well as transact and track your crypto assets.
There are two sections of this article.
- Software wallets – The smartphone apps and cloud apps.
- Hardware wallets – The physical wallets you can keep in your possession.
Best Software Wallets for Cryptocurrencies in India
I don’t recommend what I don’t use when it comes to crypto. Because there isn’t any other way to verify the legitimacy of a crypto wallet software. Based on online reviews and people’s opinions, every wallet is a great wallet.
Here are the only two wallets I’ve used and continue to use. Keep in mind; I didn’t buy any Bitcoin through my cash. Instead, I earned them as a commission from programs like Ledger affiliates.
The first cryptocurrency exchange I ever used was Binance. And I still use their wallet for most of my BTC receivings.
Binance acquired Trust Wallet in 2018, and since then, it has been my go-to address to receive BTC.
It is my #1 recommendation for receiving BTC, ETH, and other crypto tokens. Trust Wallet is a non-custodial wallet, meaning, you own your private keys and they don’t control your assets.
It’s secure and feels just right for beginners. You can easily transfer your cryptocurrencies between Binance exchange and Trust Wallet in 3 clicks. The UI is great and there’s an option to get notifications of price changes for coins you care about the most.
You get access to your recovery keys, and Trust Wallet doesn’t store any information about your balance, tokens, or any other profile info. If you mistakenly lose your smartphone, you can use the recovery keys to recover your coins.
Make sure you keep your recovery keys in a safe place written on paper. And not online.
Another popular crypto wallet is the Coinbase wallet. It is a part of the Coinbase exchange, and the wallet can actually link to your Coinbase exchange account.
You can transfer the crypto tokens from your wallet to the exchange in a swipe.
One of the interesting things about the Coinbase wallet is that you can actually earn interest on your crypto balance.
Mostly on all the Ethereum and a family of Ethereum-based tokens. The interest rate keeps varying and can go as high as 31%. Coinbase wallet also doesn’t store your seed keys on its server. But it allows you to back it up on iCloud, which I wouldn’t recommend doing.
If you and the other party are using Coinbase wallet, you can send and receive crypto using usernames, instead of sharing crypto addresses.
The only drawback is that in India, you won’t get any support.
Bitpay will let you manage multiple wallets from one app. One of the main reasons to use it is the store credits.
You can convert your crypto balance into a store gift card by purchasing it from the Bitpay store. For instance, you can use BTC or ETH to purchase Amazon gift cards via BitPay.
I’ve used their platform in the past for receiving bitcoin payments through one of my blogs.
Exodus is one of the best crypto wallets by design. It lets you store, send and trade your cryptocurrency.
It looks beautiful and comes with tons of features.
It also comes with a built-in exchange for BTC, BCH, ETH, LTC, DASH and other altcoins. And it also allows you to swap your tokens for a small fee.
The interface is clean and user-friendly. You don’t need to be an expert to use Exodus.
It’s designed for everyone to have access to blockchain assets without any prior technical knowledge needed.
It also allows you to stake coins like SOL and ADA to earn interest as passive income. You can also view your portfolio in a pie chart, create multiple portfolios and track your ROI.
Exodus Wallet is available on Desktop, Android and iOS devices. You can sync your crypto funds and transactions on multiple devices, a great feature not offered by many others.
To create a new account, click on the arrow button next to “plus” and then click “Create New Wallet.”
To view your transactions, you have to click on the “+” sign and then click “Transactions.
The best part, Exodus connects with Trezor, a hardware wallet as well. So you get the improved security of a hardware wallet, but the amazing UI of Exodus.
Best Hardware wallets for Cryptocurrencies in India
If you HODL cryptocurrencies worth anywhere above $1000, you should definitely start using a hardware wallet.
Ideally, I won’t keep BTC or ETH worth more than a few hundred dollars in my mobile wallet. And when I do, I make sure I keep switching the address often.
A hardware wallet is much, much more secure than any software wallet.
Unless someone gets access to the device itself, it’s impossible to hack it. If you somehow lose access to your hardware wallet, you can easily recover your tokens using the recovery phrase.
Trezor was the very first hardware wallet for crypto. Trezor project began as a hobby by the founder and CEO of Satoshi Labs, and it turned out to be one of the most important inventions for crypto users.
Not too surprisingly, it was my first hardware wallet too. I love Trezor Model T. It’s compact, looks pretty solid, and works flawlessly.
Trezor Model T has a 4-inch touch screen that allows you to type your passcode on the device itself. Making it much more secure than typing on your computer keyboard, which has the potential of being behind read by a keystroke tracker.
Trezor uses open-source code for its wallet. This means the source code is an open project, and anyone can look it up on Github to find possible threats and fixes. This is a huge plus point with Trezor over its biggest competitor, Ledger Nano.
It’s also worth noting that Trezor supports more than 1300 coins, and there’s no limit on how many tokens you can store in it at any given time. However, you can only use Trezor by connecting to a computer. There is no Bluetooth connection like Ledger Nano X.
I recently bought Ledger Nano X using DogeCoin. And it’s one of the best hardware wallets for anyone without a doubt, especially for beginners.
Ledger Nano X can connect with your smartphone via Bluetooth, and this allows you to send and receive coins and tokens on the go.
Their Ledger Live smartphone app is pretty easy to use, practical and looks beautiful. At any given time, you can store up to 100 applications on your Ledger Nano X. Each coin requires its own application to be installed.
Ledger Nano X supports over 1000 coins, and it’s one of the fastest when it comes to adding support for new coins.
It’s also highly secure. The divide itself is solid, and the hardware inside the Ledger Nano X is built with benchmark security measures.
Just like Trezor, you can recover your coins and token at any anytime using the recovery phrase. Ledger Nano X doesn’t have the same touch screen that Trezor Model T offers. Instead, it has two buttons to operate. Ledger also supports air-gapped transactions.
This might be a little inconvenient for some, but it gets the job done. If you’re a beginner, consider getting Ledger Nano X or its smaller version, Nano S.
KeepKey is another popular hardware wallet. I would definitely recommend KeepKey over Ledger and Trezor if you are an absolute beginner and you have no idea how any of this crypto stuff works.
It’s so simple and intuitive. You won’t have to cross any learning curve. KeepKey is one of the best-built and highly secure hardware wallets on a budget. It allows you to sort your private keys offline.
You don’t need to connect KeepKey to a computer or a smartphone. It has a built-in chip for processing transactions. It also supports cross-wallet compatibility. You don’t have to enter a pin again and again, as it comes with a fingerprint scanner.
KeepKey has a 3.12 OLED screen so you won’t have to strain your eyes.
The only downside is KeepKey supports fewer cryptocurrencies compared to Ledger and Trezor. Buy it if you are only going to store ETH and BTC in it.
Why I don’t Recommend using Desktop Wallets
Desktop wallets are highly vulnerable. One of the biggest mistakes people make is creating crypto wallets on their personal computers which are accessible by anyone close to them.
You might have put a password to protect the coins from getting accessed even if someone got access to your computer, but what if someone accidentally downloads malware?
There are still people who won’t be able to differentiate between a legit and a fake website.
Malware like Trojan virus, keystroke malware, screen recording, sound capture, and more make desktop wallets extremely unsafe in my opinion.
So I would suggest using a mobile wallet on your smartphone. Even on your smartphone wallet, store no more than a few hundred dollars.
That’s all of this article. You have now 6 different crypto wallets to choose from.