5 Best Crypto Wallets for 2023

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Looking for the best crypto wallet? Look no further! Our expert-reviewed list features the top wallets for securely storing your digital assets. Whether you’re a beginner or a seasoned trader, we’ve got you covered.

Types of Crypto Wallets

Before diving into our best crypto wallets list let’s first talk about types of wallets and their differences.

What are Custodial Crypto Wallets

Custodial crypto wallets are cryptocurrency wallets that are managed by a third party, such as a cryptocurrency exchange or online wallet provider. In these cases, the third party holds onto the user’s private keys and controls the user’s funds. This means that the user does not have complete control over their funds and must trust the third party to manage their keys and handle their transactions securely.

Custodial wallet apps can be more convenient for users, as they do not have to worry about the security of their keys. However, they also carry a higher level of risk, as the user relies on the third party to protect their funds and ensure their transactions are processed correctly. Examples of custodial wallets include online wallets provided by cryptocurrency exchanges and some software wallets.  Some well-known custodial wallets include Binance, Kraken, Free Wallet, BitMex, Bitgo, and Blockchain.com

What are Non-Custodial Crypto Wallets

A non-custodial crypto wallet is a type of cryptocurrency wallet that allows users to have full control over their private keys. This means that the user is solely responsible for the security of their funds, as the wallet provider does not have access to the user’s private keys and therefore cannot access or move the user’s funds.

Non-custodial wallets ensure greater security and control for users. However, they also require the user to take on more responsibility for the safekeeping of their keys. Examples of non-custodial wallets include hardware and software wallets that offer the option to manage your own private keys i.e. MetaMask, Coinbase etc.

Which Wallet Should you Choose? Custodial VS Non-Custodial

When deciding on a crypto wallet, one important choice is between custodial and non-custodial options. If you are new to cryptocurrency, it may be safer to use a custodial wallet until you become more familiar with the industry and the risks involved. However, suppose you prefer more control and are willing to take on the responsibility of securely managing your own keys. In that case, a non-custodial wallet may be the better choice for you.

Top Five Non-Custodial Crypto Wallets of 2023

Crypto.com DeFi (Best Overall)

crypto wallet

Crypto.com’s DeFi Wallet makes it easy for users to transition to self-custody of their digital assets, especially for those who have previously bought or stored investments on Crypto.com. Compared to centralized exchanges, Crypto.com DeFi Wallet and other similar wallets offer better security because they allow users to keep control of their digital assets. This means that even if the exchange experiences a failure or hack, the user’s crypto will still be safe.

However, using a personal wallet also has its risks, such as the possibility of losing access to your login information or being hacked. Despite these tradeoffs, Crypto.com DeFi Wallet stands out for its security features, including its open-source software, which allows the community to review and identify potential issues.

Related Article:  Best Crypto Hardware Wallets for 2023

Guarda (Best for Security)

5 Best Crypto Wallets for 2023

Guarda is a free, all-in-one crypto wallet that can be accessed on mobile, desktop, or through a browser extension. It supports over 400,000 digital assets and allows users to move their crypto into cold storage through integration with Ledger hardware wallets. Guarda also offers staking programs. With its user-friendly interface and excellent customer support, Guarda Wallet is suitable for both beginners and experienced crypto investors. It provides a feature-rich application that allows investors to easily manage their crypto asset portfolios in one place.

Mycelium (Best Smartphone Wallet)

5 Best Crypto Wallets for 2023

Mycelium is an open-source, smartphone-only Bitcoin wallet that also supports ETH and ERC-20 tokens. If self-custody and security of funds are important to you as a crypto investor, Mycelium wallet is a great choice. It has a refreshed user interface and a built-in exchange, and like Electrum, it allows users to set custom transaction fees.

In addition, Mycelium has hardware wallet support, allowing users to store their Bitcoin offline while still using the Mycelium interface to view their holdings. It is one of the earliest wallets in the space and has several useful features for Bitcoin holders.

Electrum (Best for Advanced Crypto Users)

5 Best Crypto Wallets for 2023

Electrum is one of the earliest Bitcoin wallets, having been around since 2011. It has a simple user interface but offers advanced options such as being open-source, allowing custom transaction fees and offering the choice between legacy Bitcoin and Segwit. Users can also customize their security level and add custom words to their seed phrases.

is ideal for advanced Bitcoin holders who want strong security and customization in a straightforward layout.

Exodus (Best for Beginners)

5 Best Crypto Wallets for 2023

Exodus is a beginner-friendly crypto wallet with high security, cross-platform support, and a built-in exchange. Its user-friendly interface and chat support make it a great choice for those starting their crypto journey. Exodus allows users to swap between a wide range of cryptocurrencies and has options for custom fees and quick transaction completion. Exodus Wallet is easy to set up on desktop and mobile devices (Download Exodus for Google). Simply download the wallet on your preferred device and start using it without providing any personal information.

The desktop and mobile versions can be synced by scanning a QR code. Overall, the setup process for Exodus Wallet is quick and seamless.

Conclusion

Choosing the right hot crypto wallet is essential for securely storing and accessing your digital assets. Our list of the best hot wallets for 2023 offers a range of options for all levels of experience, ensuring that you can find the perfect wallet to meet your needs. Whether you’re a beginner or a seasoned trader, be sure to consider the security, usability, and features of the wallets on our list to make the best choice for your crypto storage needs.

featured photo by Shubham Dhage

Rimsha Salam

Rimsha Salam

A dreamer by heart, a writer by passion, and a nerd through and through. Rimsha Salam is a multipotentialite with an ambition to discover and explore. While having a degree in Computer Science, she ventured into the world of content and copy due to her love of words in all shapes and forms. A wanderer of sorts in life and her career, she explores uncharted territories to learn new and exciting things.

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