Understanding cryptocurrency wallets can mean the difference between losing your bitcoin and keeping it safe. At a time when crypto investing could become even riskier, it's imperative to ensure that your investments are secure.
- Bitcoin Still Sits at $90K. Here Are the Best Crypto Wallets to Hold Your Coins
- What is a crypto wallet?
- The best crypto wallets for 2025
- Best for beginners
- Good balance between accessibility and security
- Best security features
- Best for desktop
- Custodial vs non-custodial wallet
- Do I need a crypto wallet?
- How to store your coins in a wallet
- How to choose a crypto wallet
- What are the risks of investing in crypto?
- How much money do I need to open a crypto wallet?
- Which wallet is best for beginners?
- Can I store bitcoin in any crypto wallet?
- Are assets in crypto wallets insured?
- What's the safest crypto wallet?
Storing your cryptocurrency on a crypto exchange like Coinbase or Gemini should only be a short-term solution for transactions. If you plan to hold it for a while, you'll need a crypto wallet. Keeping your coins on an exchange provides less ownership and control of your investments than transferring them to your own wallet.
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"Crypto transactions are irreversible, which makes security essential," said Will Hennessy, product manager at Alchemy, a blockchain platform company.
Your first order of business is choosing a wallet that's safe and user friendly. Whether you're looking for quick transactions or long-term storage, try one of these top wallets.
Read more: Is 2025 the Year of Crypto?
What is a crypto wallet?
A crypto wallet is used for storing, sending and receiving cryptocurrencies. Most crypto wallets come in two forms: a physical hardware wallet or a digital application on a computer or smartphone.
Cryptocurrency isn't held in a crypto wallet. Instead, the wallet contains private keys. The private keys are attached to a secret phrase, or seed phrase, that allows you to access the cryptocurrency and authorize transactions.
Anyone with the private keys can access the wallet, so keep the secret phrase safe. If you lose the secret phrase that accesses the private keys, the cryptocurrency associated with the wallet is gone forever.
A crypto wallet also comes with public keys. Your public keys are a part of your wallet address, which you can send to others to receive cryptocurrency. A public key isn't private; it's used to facilitate crypto transactions.
If you lose your physical crypto wallet, you don't necessarily lose your cryptocurrency. You can still access your cryptocurrency using the seed phrase. Generally, it's better to keep the seed phrase written on paper rather than on an internet-connected device.
The best crypto wallets for 2025
Best for beginners
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If you've never used a cryptocurrency wallet before, this is a good place to start. Coinbase is one of the best-known exchanges in the US, and using the Coinbase Wallet is fairly beginner friendly.
It's a software wallet that you download as an app. Android and iOS versions are both available. Coinbase Wallet supports more than 5,500 digital assets and a variety of blockchains. Coinbase has also published extensive resources on wallets for beginners. Because this is a software wallet, it's connected to the internet, meaning it's a hot wallet. If you plan to leave a large amount of coins in a wallet for a long time, it might be better to buy a physical wallet that's not connected to the Internet instead, called a cold wallet.
This wallet is separate from the wallet you get automatically when signing up for a Coinbase account. The wallet that comes with the account is controlled by Coinbase. The downloadable Coinbase Wallet is controlled by the user. If you lose the seed phrase for your Coinbase Wallet, the exchange can't help you recover the coins.
Good balance between accessibility and security
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Ledger
The Nano X from Ledger is a cold storage wallet, which means the wallet can be kept offline. Cold wallets are generally more secure than software wallets. The physical wallet looks similar to a USB drive. You pair the physical wallet with the Ledger Live app, which shows you what's inside the wallet and allows you to transfer assets.
Nano X includes a bluetooth connection for smartphones, both Android and iOS. The wallet can also be connected to a desktop computer via USB port. Nano X supports more than 5,500 crypto assets. The main drawback is cost. When crypto wallets are available free, some people might not want to pay for a wallet.
It's important to note that Ledger suffered a data breach in July 2020 that resulted in the theft of some customers' personal data -- but, significantly, not their crypto assets. No private keys to wallets were taken but there were reports of customers receiving phishing emails and other scamming threats afterward. That noted, Ledger has long been a trusted name in the crypto world but the data breach is a good reminder to be careful online -- especially when dealing in crypto assets.
Best security features
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Trezor
The Model T from Trezor is a physical wallet with cold storage. It supports thousands of crypto assets. While Trezor and Ledger physical wallets share some similarities, Trezor uses open-source code, which allows its security features to be third-party verified. If open-source ethics are important to you, Trezor is a good choice for a hardware wallet.
The Model T is one of Trezor's more expensive wallets. The company also offers other, cheaper hardware wallets with fewer features. Again, free crypto wallets are common. So, cost is a drawback. The Model T does not have bluetooth, which is a feature included with Ledger Nano X.
The Trezor Suite desktop app is available for desktop computers, and an app version, called Trezor Suite Lite, is available for Android and iOS. Both options show the crypto portfolio. But the desktop app allows users more wallet features, like third-party integrations.
Best for desktop
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Exodus
Exodus is a software wallet you can download to a smartphone or desktop computer. It's a hot wallet, meaning it's connected to the internet. This wallet is free to download and use. Exodus has been around since 2015; it's one of the better options for free wallets.
You can download Exodus wallet on Mac, Windows and Linux desktop computers. The Exodus app is also available for Android and iOS. This wallet supports more than 1,000 coins and tokens, including the most popular ones like bitcoin and ethereum.
It has a swap feature that allows you to transact directly from the company's platform, rather than using an exchange. Exodus also features a partnership with Trezor's physical crypto wallets, so you can manage assets in Exodus using a Trezor wallet. The company website features extensive resources for users.
A custodial wallet means a company is keeping the crypto for you and has access to the wallet. A non-custodial wallet means only you have access to the cryptocurrency.
Crypto exchanges often offer custodial wallets. Using a custodial wallet means you're trusting the institution or company offering the wallet to keep your crypto safe.
Investors often use multiple wallets. For instance, you could use a wallet linked to an exchange for trading, then a second unlinked wallet for storing your coins.
You only need a crypto wallet if you want to personally trade cryptocurrencies. Some investors choose to let a company handle the buying and selling for them.
Some mainstream banking and money services, like Venmo, allow users to purchase cryptocurrency using a customer account, so you don't need a crypto wallet.
Investing services also sell exchange-traded funds (ETFs) that offer exposure to bitcoin without the customer purchasing it.
So, you don't always need a crypto wallet to invest in cryptocurrencies. But if you want to personally control the transactions, you'll need a wallet.
The process for storing coins or tokens will depend on your wallet. If you use a custodial wallet attached to an exchange, the process will be similar to opening a bank account.
You'll need to provide proof of identity (KYC or know your customer policy) to create the account with the exchange. Then, you can purchase coins from the exchange, or you can transfer coins to your wallet using its wallet address.
If you use a non-custodial wallet, you'll likely need to download software, even if it's a hardware wallet. Make sure you download the software from a trusted source -- usually the wallet company's website.
The most important thing with a non-custodial wallet is getting the seed phrase during the setup. Then, keep it safe. You'll also need the wallet address to transfer the coins or tokens. Many wallets offer a QR code with the address to make transferring easier.
As a tip, before making any transfers from your wallet, first send a very small amount of crypto to make sure it gets to the destination correctly. You don't want to send anything to the wrong address or have your investment lost to the void forever.
Choosing which crypto wallet is best for you will depend on how secure you want your assets to be and how much trading you intend to do.
- Security: Physical crypto wallets not connected to the internet are the most secure option.
- Fees: While some crypto wallets are available to purchase, many are free. There should be no recurring fees associated with keeping a crypto wallet.
- Ease of use: Wallets connected to exchanges are the easiest to use. But these are less secure than non-custodial cold wallets. Remember, if your wallet is on an exchange, your security is only as good as the exchange's security.
- Trading features: Modern crypto wallets often offer QR codes with the wallet address, which makes trading easier. A wallet associated with an exchange will make trading on the exchange quicker, too.
- Cost: You can buy a physical wallet, like a Ledger or Trezor, but software wallets like Exodus or the Coinbase wallet are free.
Cryptocurrencies are highly volatile, speculative assets. Price swings can be steep and unpredictable. The industry has also seen its fair share of scams and changes in regulation from the Trump administration. President Donald Trump said he intends to support crypto in the US and has released his own digital currency and stripped away certain protections.
With crypto, a good rule of thumb is to not invest anything more than you're willing to lose tomorrow. If you do choose to invest in cryptocurrency, make sure to do your research first and use trusted tools and companies.
It depends on the wallet. Some wallets hosted on crypto exchanges may require a minimum deposit. If you buy a physical wallet or download a non-custodial wallet, there will be no minimum deposit.
For beginners, starting with a custodial wallet linked to an exchange might be better. That way, you don't have to worry about keeping the seed phrase safe. Wallets on exchanges also make trading on the exchange easier. But if you plan to keep a significant amount in your wallet, it's best to get a non-custodial wallet only you can access.
Most well-known crypto wallets support bitcoin because it's the most popular digital asset. All of the wallets listed in this article support bitcoin. Remember, crypto wallets store private keys, not cryptocurrency.
Probably not. Some exchanges may offer limited insurance on wallets they control, but crypto wallets are generally not insured. Use at your own risk.
A non-custodial wallet that only you can access that is not connected to the internet is the safest option. This means there are a few more steps in accessing the crypto. But if you want to store coins rather than receive or send them, buy a physical crypto wallet.
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