Top 8 Best Bitcoin (BTC) Wallets in 2021

Welcome to our guide on the Top 8 Bitcoin Wallets for 2021! The Bitcoin market is booming, with institutional interest and mainstream adoption now at unprecedented levels. It’s an exciting time to buy Bitcoin, and for would-be investors, the first step is choosing a safe and effective wallet to store your funds. Let’s take a look at the options.

What’s the Best Bitcoin Wallet?

Getting into cryptocurrency can be daunting. There are a lot of options out there for wallets as well as for cryptocurrencies to choose from. Of course, the project at the helm of the industry is Bitcoin (BTC). This guide will give you everything you need to know to get set up with your very own Bitcoin wallet.

Related: Best Ethereum Wallets

What Types of Cryptocurrency Wallets Are There?

There are a number of different cryptocurrency wallets, including desktop, mobile, web, hardware, and paper wallets. These all come with their advantages and disadvantages, as we’ll see below.
Desktop
Desktop
Mobile
Mobile
Web
Web
Hardware
Hardware
Paper
Paper

Desktop

Desktop wallets store Bitcoin data on a desktop computer. You can store your private keys (similar to account passwords) in some of these wallets, and send and receive Bitcoin on your computer. These wallets are only as secure as your desktop device, so one downside is the potential for funds to be vulnerable to viruses or hackers.

Mobile

Mobile wallets are typically mobile apps that allow users to send and receive Bitcoin. These wallets offer greater accessibility than desktop wallets, as you can use them anywhere.

With private key wallets, it’s possible to lose your phone and your private keys and thus your funds. However, many mobile wallets are offered by companies with customer support that secure your keys and make it very easy to restore funds should you lose or break your device.

Web

A web wallet can be accessed on any web browser. These are device-agnostic, meaning you can use a mobile phone, desktop computer, tablet, or other internet device to access your funds. Again, the funds are only as secure as your internet connection.

Hardware

These wallets sacrifice convenience for security. Funds are stored offline, meaning it’s not possible for hackers to access them remotely. It’s a little tricky to set these wallets up, and buying and selling Bitcoin is more time consuming as you’ll need to plug your wallet into a computer and operate it from the desktop app. This makes them unsuitable for capitalizing on sudden price action in the crypto markets.

Crypto investors sometimes keep large sums offline in a hardware wallet (or cold wallet) and smaller sums for convenient trading or spending in an online wallet (or hot wallet).

Paper

Paper wallets are simply slips of paper with the public and private key to your funds printed or written down directly. Being paper, these wallets cannot be “hacked,” but they’re very easy to lose or accidentally destroy. For that reason, they’re not considered to be useful for convenient trading or spending.

These wallets are something of a relic from times before superior options came to the market, but some hobbyists and enthusiasts still like to use them.

How We Chose the Best Bitcoin Wallets

We judged our Bitcoin wallet list by type, purchase cost, ease of use, and whether it has its own exchange for buying and selling Bitcoin. We also included general pros and cons to give you a sense of how to choose the best Bitcoin wallet for your needs.

What is a Bitcoin Wallet?

A Bitcoin wallet is a software program that acts as an “account” for your funds and by storing the data required to access it.

You can use your wallet to access your Bitcoin or send and receive more funds. Your wallet comes with a public key, similar to an account number, and a private key that acts as a password.

Our List of Wallets

Here are the Best Bitcoin Wallets detailing their features and advantages.

2 Coinbase

Coinbase is a major cryptocurrency exchange with a mobile wallet option.

  • Type of wallet: Mobile, web
  • Purchase cost: Free
  • Own exchange incorporated: Yes
  • Ease of Use: Very easy

Pros (What We Like)

Coinbase is a popular solution for those wishing to sign up and spend traditional currencies like pounds and dollars on Bitcoin or other cryptos. Coinbase is easy to use and offers custodial security options to its users.

Cons (What We Don’t Like)

Coinbase charges withdrawal fees when users want to move their funds out of the exchange. Users can send funds to non-custodial wallets, but there is no way to use those funds to buy regular products online using Coinbase directly. Users don’t control their private keys with Coinbase, as it’s a custodial solution. Some crypto purists prefer to “own” their keys rather than entrust them to a custodian, but this is a personal preference.

3 Trezor Model T

  • Type of wallet: Hardware
  • Purchase cost: £169
  • Own exchange incorporated: No
  • Ease of Use: Advanced

Pros (What We Like)

Like Ledger, Trezor supplies hardware wallets that offer better security than non-custodial online solutions. There are cheaper options available from Trezor, such as the Trezor One for £53. Trezor offers support for a growing number of currencies and is compatible with certain online wallets.

Cons (What We Don’t Like)

Again, as a hardware wallet, Trezor has several major drawbacks when it comes to speed, ease of use, and accessibility.

4 Ledger Nano X

Ledger is a hardware wallet company that offers support for many cryptocurrencies, including Bitcoin.

  • Type of wallet: Hardware
  • Purchase cost: £109
  • Own exchange incorporated: No
  • Ease of Use: Advanced

Pros (What We Like)

Ledger Nano X is an offline wallet, offering the best non-custodial security available. Users can set up the Ledger software on their desktop computer and plug in the Ledger Nano X as a USB flash drive into a computer to transfer cryptocurrencies.

If the hardware wallet is destroyed, users can restore funds provided they have kept a backup seed phrase (series of passphrases) in a safe place. There are cheaper options available from the company, such as the Nano S for £54.

Cons (What We Don’t Like)

Hardware wallets are inconvenient for most uses. Setting up the software on a computer can be a cumbersome process. If a user notices a sudden trading opportunity and their funds are all offline, it’s possible that the opportunity will pass them by before they can connect the wallet and bring their funds online.

If a user loses their seed phrase, the funds are vulnerable to the destruction or loss of the physical wallet.

5 SoFi

SoFi is a US finance company that offers various financial services, including a Bitcoin wallet.

  • Type of wallet: Mobile
  • Purchase cost: Free
  • Own exchange incorporated: Yes
  • Ease of Use: Easy

Pros (What We Like)

SoFi offers users a simple interface and a custodial wallet solution with customer support and protection of funds.

Cons (What We Don’t Like)

The Bitcoin wallet is only available in the US, and it’s not possible to withdraw Bitcoin into another non-custodial wallet outside the SoFi platform, limiting this app’s usefulness.

6 Robinhood

Robinhood is a stock trading app that also offers Bitcoin support.

  • Type of wallet: Mobile
  • Purchase cost: Free
  • Own exchange incorporated: Yes
  • Ease of Use: Very easy

Pros (What We Like)

Robinhood is beginner-friendly, with a simple interface and access to stocks as well as cryptocurrencies.

Cons (What We Don’t Like)

You can’t actually withdraw your Bitcoin to an external Bitcoin wallet using Robinhood. While many users enjoy the convenience of having access to stocks, your BTC is locked in a closed-loop system. Robinhood is also only available in the US.

7 Mycelium

Mycelium is a no-frills, Bitcoin-only wallet used to send and receive BTC.

  • Type of wallet: Mobile
  • Purchase cost: Free
  • Own exchange incorporated: No
  • Ease of Use: Intermediate

Pros (What We Like)

Mycelium allows users to customize transaction fees to offer more control over sending funds.

Cons (What We Don’t Like)

The wallet is fairly basic, with no support for fiat currencies or other cryptocurrencies, and a general lack of the extra features that make modern wallets appealing.

8 Exodus

Exodus offers two types of wallets for storing Bitcoin and other cryptocurrencies.

  • Type of wallet: Mobile and desktop
  • Purchase cost: Free
  • Fiat currency: No
  • Own exchange incorporated: Yes
  • Ease of Use: Easy

Pros (What We Like)

Exodus is an easy-to-use wallet suitable for beginners. The wallet supports multiple cryptocurrencies, and the mobile version allows users to buy Bitcoin with fiat currency, meaning traditional currencies like pounds or dollars.

Cons (What We Don’t Like)

Exodus only offers users the ability to buy Bitcoin with US dollars, with no other fiat currency option available. There is also no easy way to spend Bitcoin on the vast majority of goods and services using the wallet.

Bitcoin Wallet FAQs

Any questions? We’ve taken the liberty of answering some common queries below.

How Do You Cash Out Your Bitcoin Wallet?

Cashing out of a Bitcoin wallet has historically been very complicated. It was necessary to join an exchange like Coinbase and sell Bitcoin for cash, then transfer that cash to a bank account over the course of several days. Of course, that’s the beauty of CryptoWallet!

With our app, you can simply withdraw Bitcoin as cash from an ATM or even spend it directly on anything you like, whether online or in-store. Ready to sign up? [I’m ready, sign me up!]

How Much Money Do I Need to Invest in a Bitcoin Wallet?

The key thing here is to understand the costs and risks involved in Bitcoin investment and trading. Bitcoin is a volatile asset, and you should do your own research before deciding on how much money you’d like to invest.

How to Add Funds to a Bitcoin Wallet

You can add funds to a Bitcoin wallet through any crypto exchange that accepts fiat currency. That includes CryptoWallet! You can top up using a wire transfer or instantly using a debit card, and from there simply buy Bitcoin in the exchange and it will appear in your wallet.

What is Bitcoin cold storage?

Cold storage refers to keeping Bitcoin funds offline in a hardware or paper wallet.

What is a Bitcoin address?

A Bitcoin address is a string of alphanumeric characters that show the destination of a Bitcoin payment. Your address is the same as the public key of your Bitcoin wallet.

Should you use multiple Bitcoin Wallets?

Some people like to diversify crypto storage locations. When dealing in large sums, it can be a good idea to keep some funds on a hardware or offline wallet and some on an online wallet for easy trading.

Bitcoin Wallet App

To send Bitcoin, you simply need to copy the address or public key you’re sending money to and paste it into the recipient section.

This process is guided with on-screen instructions.

To open a Bitcoin wallet, simply download the app for Android or iOS below!

Download Our App Today and Get Started!
Bitcoin Wallet App