According to recent statistical data, nearly 300 million people worldwide use cryptocurrencies. Some buy crypto for trading, others use it for payments, and the third group of investors runs away from banks. Whatever your intention is, the coins you buy should be stored somewhere safe. For example, you can send it to a specific crypto wallet that is not connected to the exchange platform.
Read on to find out which crypto wallets are the safest in 2022, and what is the difference between them.
Choosing a Wallet for Your Specific Needs
It is important to understand that technically, all crypto assets you buy stay on a blockchain all the time. So-called wallets act as private keys, which help you to access your coins and move them if needed.
Still, there are two types of non-custodial wallets: “hot” and “cold”. The “hot wallet” or software wallet is crypto storage that is always connected to the internet and can be accessed via PC, phone, or other devices. In contrast, the term “cold wallet” refers to the type of private key not connected to the internet by default. Usually, it is a hardware device that works only with compatible software on other devices.
Best Crypto Wallets in 2022
Both hardware and software wallets are widely used by crypto owners today. Here are the most popular ones in 2022:
Ledger Nano X
Supported coins: 5,500+
Price: $200
Storage type: Hardware (cold) wallet
This is one of the most popular offline crypto wallets. Ledger Nano X allows you to keep your private key outside from exchangers and even the internet.
After a quick setup action, you can connect your wallet to the computer via USB. Also, the device has a Bluetooth function, so you can use it with your mobile phone without having a USB cable.
Trezor Model T
Supported coins: 1,200+
Price: $250
Storage type: Hardware (cold)
Another hardware wallet — Trezor Model T — is a small single-purpose computer. It has its own screen that allows you to see the entered wallet password and the address. You need to connect Trezor to your computer or mobile device via USB to transfer your cryptocurrency.
Also, you do not need to use other apps to buy cryptocurrency. You can do it via the Trezor Wallet app directly.
Exodus
Supported coins: 230+
Price: Free (network fee)
Storage type: Software (hot)
When it comes to software wallets, Exodus is one of the most popular. It is an application compatible with computers, mobile devices, and hardware wallets (Trezor). Even more, you can exchange ETH to BTC or other cryptocurrencies within the application as it has a built-in exchange platform. It also allows you to stake cryptocurrencies.
Note that your private key is not stored on the Exodus platform directly, and it doesn’t have access to it.
MetaMask
Supported coins: 450,000 (Ethereum-based)
Price: Free (network fees)
Storage type: Software (hot)
MetaMask is a getaway that enables you to access your private keys to multiple Ethereum-based coins and NFTs. Also, MetaMask facilitates buying, sending, and exchanging cryptocurrency within its platform. The private key can be reached via an application on a mobile device or a computer. Moreover, there is a MetaMask browser extension.
The wallet does not ask for your personal information and never stores your private keys. Note that MetaMask does not support Bitcoin.
ZenGo
Supported coins: 70+
Price: Free (network fees)
Storage type: Software (hot)
ZenGo is a unique mobile software crypto wallet because it is a first-of-its-kind keyless crypto wallet. Instead of a numerical password, you use a threshold signature to access your assets. The assets are also encrypted by using a biometric scan of your face.
ZenGo also uses a unique system in terms of “storing” cryptocurrency. Namely, part of your assets is stored on your mobile device, and the other part is on the platform’s server. Such a system is supposed to increase the safety of your funds.
To Conclude
Hardware wallets are considered safer because no one can steal your assets remotely. But they stay isolated from the internet, so it is a more suitable option for long-term investments.
At the same time, software wallets stay online all the time, so they are much better for traders. However, both “hot” and “cold” wallets are equally a good fit for newcomers and experienced crypto enthusiasts.
