Categories
Cryptocurrency Reviews

The Best Bitcoin Wallets for Safe and Secure Storage

Reading Time: 6 minutes

Bitcoin has become the first thing that pops up in your mind when someone talks about blockchain or anything related to the world of crypto. Even though the coin is highly volatile, most people prefer to invest in it instead of other commodities, such as gold or silver.

As long as cryptocurrencies are here to stay and individuals continue to invest in Bitcoin, it’s important to understand how to safely store and access these tokens.

For those of you who are looking to invest in Bitcoin, we have assembled a list of the best crypto wallets. Some of these wallets are digital cryptocurrency wallets, while others are physical devices. They are also known as hot wallets and cold wallets.

List of Best Wallets

So here goes the list of the best Bitcoin wallets that we have come up with. It’s worth keeping in mind, that some of these wallets have more features than others. For example, some have the option to store more cryptocurrencies than just Bitcoin, others have more security measures added in place, and so on. And another thing, the order of the wallets is not relevant. It doesn’t mean the first ones are the best and the last ones should be avoided.

Safe and secure storage is of paramount importance, so we do recommend that you take your time to understand the concepts entirely before choosing a Bitcoin wallet.

Exodus

Exodus wallet
Exodus wallet

Created by JP Richardson and Daniel Castagnoli, Exodus is a free hot wallet designed to be a user-friendly, multi-cryptocurrency option for those who just got into the crypto space.

PROSCONS
Easy to use
Has good customer support
Huge variety of cryptocurrencies to choose from
Software-based wallet
Built-in exchange features
Prone to security issues
The fees can reportedly be quite high
Closed source software

What Makes Exodus Wallet Different?

If the beginners have a nice experience using the wallet, they are more likely to recommend it to their friends. With this in mind, the Exodus team included an easy-to-read portfolio section. You could easily organise the assets and check their value against different fiat currencies. Also, the built-in trading function allows you to swap one crypto for another very quickly and easily. It’s considered to be one of the most popular features and currently you can swap between over 100 different cryptocurrencies.

Is Exodus Safe to Use?

Exodus should be as secure as any online wallet can get. It’s important to download the wallet only from a trusted source like their website. If you want to verify that the download is authentic, use this process.

The wallet has two main security features. First one is the password protection for your wallet. The second one is the automatic wallet lock after a selected period of time.

One thing to keep in mind is that Exodus does not require any registration. Also, the company does not have access to your private key or other information because all of it is stored locally on your computer. Essentially, your Exodus wallet is your own personal crypto-bank.

Conclusion

Because of its simplicity, this hot wallet is great for those of you who just got into the crypto world.

Electrum

Electrum wallet
Electrum wallet

The Electrum wallet is a simple, and easy-to-use Bitcoin wallet. It was released in November 2011, two years after Bitcoin was launched. This makes it one of the oldest wallets available on the crypto market.

PROSCONS
Very easy to use
One of the oldest Bitcoin wallets
Customisable transaction fees
Software-based
No information is stored on the server
Open-source
Has two-factor authentication
Previous security issues
Only supports Bitcoin
No customer support

How Good is the Electrum Bitcoin Wallet?

Electrum is a hot wallet and can only store Bitcoin. It does not offer support for any other cryptocurrencies. Not even Bitcoin Cash. Electrum wallet offers more security than an online wallet but less than a well-made paper or hardware wallet.

That makes Electrum wallet perfect for daily spending, but not ideal for storing tokens for a long period of time. You can run it on a computer system or a smartphone. Also, you can send and receive cryptocurrencies in a fast and easy way.

The wallet is perfect for those of you who want to use Bitcoin as regular payments. With its two-factor authentication method, the wallet is safe from hacker attacks. Private keys and user information are never shared or stored with the server. The advantage is that you can control your own private keys, therefore, you own the Bitcoin.

How secure is the Electrum wallet?

The Electrum wallet has lots of added security features to keep your Bitcoins safe. The file that contains your private keys is protected with a password. The wallet uses a seed phrase as a backup measure. It will come in handy when you will face the following two scenarios: if you lose the private key or the device on which the Electrum wallet was installed.

With all the security features in place, the wallet had some issues in the past. This happened in November 2017, when a security issue put Bitcoin users at risk. The bug allowed any malicious website to control the wallet, including stealing all the Bitcoins if the wallet was not encrypted with a password. And even with a password, the hacker could still transfer Bitcoins to their own wallet. The good news is that the vulnerability was fixed.

Conclusion

Electrum puts users in the driving seat. In conclusion, its features and functions are perfect for the more advanced Bitcoin holder who can take advantage of it. Anyone new to Bitcoin or to any other cryptocurrency, will not be able to make the most of its features.

Ledger Nano X

Storing your cryptocurrency into a hot wallet or online is not the best idea if you plan to keep it there for a long time. Because these wallets are connected to the internet, they tend to be somewhat more vulnerable to hacks and theft. A solution to this problem is the hardware wallet (cold wallets).

Ledger Nano X Hardware Wallet
Ledger Nano X Hardware Wallet

Ledger Nano X is the second generation hardware wallet from Ledger. The company was founded back in 2014 by eight specialists in cryptocurrencies, security, and other safety solutions for applications built using blockchain technology.

PROSCONS
Very secure
Can be managed from your smartphone
Supports more than 1500 cryptocurrencies
User-friendly interface
Stores up to 100 different apps
Limited wallet storage
Kind of expensive

Is the Ledger Nano X safe?

The wallet is highly recommended for users who want extra security. Ledger Nano X it’s a hardware wallet and that means that all of your altcoins are stored securely offline. To connect to the device you don’t need a cable. The wallet has Bluetooth Low Energy (BLE) connectivity. As a result, the data is transferred via Bluetooth, which is more secure than a wireless connection.

When you connect for the very first time to the gadget, you are asked to create a 4 digits pin code. To pin code can be overwritten by a 24-word recovery phrase.

It’s important to mention that the company developed its unique operating system called BOLOS (Blockchain Open Ledger Operating System). Moreover, Ledger is the only wallet in the market that offers such technology.

What Cryptocurrencies Can I Store?

The device supports more than 1500 coins and tokens. So if you’re not into the most popular cryptocurrencies, such as Bitcoin or Ethereum, the Ledger Nano X wallet is perfect for you. And that’s because Ledger also supports other, less popular altcoins.

Conclusion

Ledger Nano X is one of the most reliable hardware wallets. Since it’s a cold wallet and your private keys are held offline, hackers have no access to it.

Trezor Model T

Trezor Model T
Trezor Model T

The Trezor Model T is the latest hardware wallet from SatoshiLabs. First released in 2014, the wallet is the company’s premium offering. Compared to its predecessor, the Trezor Model T supports newer cryptocurrencies and exchanges such as XRP, Monero, and so on. The wallet has a built-in touchscreen that allows you to enter the PIN and passphrase on the gadget itself. Overall it’s designed to suit both holders and active traders.

PROSCONS
Top-notch security
Touchscreen user interface
Easy to set up and use
Supports around 1000 crypto assets
Bulky design
Costlier than its peers
Mobile support for Android-only

Is the Trezor Model T wallet safe?

Trezor is one of the safest cryptocurrency hardware wallets on the market. When you get the device, you can be sure that you will receive the top security features available.

Each time you connect to the wallet, the device sends out a firmware verification request. It verifies that your firmware is the official one and not some malware disguise, and also if the software is up-to-date.

The Trezor Model T wallet comes with super-reliable back-up features. In case you lose your device, or it gets damaged, you will be able to get your cryptocurrencies back.

Also, the device is protected by a PIN code that must be entered each time you connect to the hardware wallet. The PIN protects you from unauthorised use in case of loss or theft.

The device is actually durable and well-made, too. This is an important aspect of hardware wallets. It assures you that the gadget will hold up, and won’t suddenly break down on you.

Conclusion

When it comes to secure storage for cryptocurrencies, Trezor is one of the leading brands in the market. The Model T proves this even further. The wallet is an amazing piece of hardware that offers the best crypto security features that you could find.


You might also be interested in

Tesla Invests $1.5 Billion in Bitcoin, Plans to Accept it as Payment

Enjoy? Share with your friends on

2 replies on “The Best Bitcoin Wallets for Safe and Secure Storage”

We understand that Theta is definitely something on Exodus’s radar but at the moment it does not.
To check the status of any supported crytocurrencies on Exodus please follow this link.

Leave a Reply

Your email address will not be published. Required fields are marked *