Top 8 Best Bitcoin (BTC) Wallets in 2022

Welcome to our guide on the Top 8 Bitcoin Wallets for 2022! 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.

Best Hardware Wallet for Cryptocurrency

A hardware or “cold” wallet will be the most secure way to store your Bitcoin tokens. These physical devices are always offline which prevents hackers from gaining access.

To access or transfer funds, you’ll need to connect it to an online device. This extra step, which ensures the safety of your funds, adds a level of complication that some investors prefer to avoid. This is why many investors opt for an easy-to-use assured software wallet like CryptoWallet instead.

Trezor and Ledger offer the most reliable cold wallets on the market today. Both have a proven track record of security and offer a range of different features. If you’re looking for your first hardware wallet, you’ll want one that is easy to set up and use.

With Trezor, you’ll need to use a USB to connect it to a computer to use the Trezor Wallet desktop app. This means it may be harder to capitalize on sudden market changes.It’s a good choice for users who are concerned about the security of their funds above all else.

Ledger is bluetooth-enabled and comes with a desktop and a mobile app called Ledger Live. This makes it that little bit easier to connect and use. It also supports a wider range of tokens. It is an ideal hardware wallet for intermediate traders.

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.

Which is the safest Bitcoin wallet?

When considering wallet safety there is no ‘one size fits all’ wallet. Fortunately there exists a wide variety of different wallet systems that are each tailored to different accessibility and security needs.

In terms of raw security, hardware wallets are considered to be the most secure means of storing Bitcoin. Hardware Wallets such as Keepkey or Trezor are stored on a device similar to that of a USB key and are generally offline or ‘cold,’ and therefore extremely resistant to virus attacks. However, this type of wallet system may not be suitable for everyone’s needs, as they aren’t as easily accessible as other wallet types and are considered to be a little pricey. 

Desktop or Mobile Wallets systems are much cheaper and far more accessible, as they store one’s coins on an app installed onto one’s computer or handheld device. These wallets such as Hive Android or Mycelium have a high degree of accessibility allowing for easy trade through QR codes or Near Field Communication. The drawback to this accessibility is that they are considered ‘hot’ or online, and therefore more vulnerable to malware and phishing attacks.

Another approach to Bitcoin wallet security is cryptocurrency insurance. BitGo for example can offer insurance coverage against the risk of wallets being lost or stolen, even covering malware attacks on hot wallets.

What is the best crypto wallet?

Every crypto wallet will offer different features and levels of security. Some wallets prioritize convenience while others are focused on security above all else. Ultimately, the best crypto wallet will be the one that matches your requirements.

If you’re looking for the most secure crypto wallet, a hardware wallet would be a perfect choice. These are physical devices which store your keys offline. This makes them less vulnerable to hacks or malware. You’ll need to connect them to an online device to fully use your assets which can be inconvenient.

Software wallets offer much greater convenience as your keys are stored online and you can access your funds from anywhere. They are generally easier to use and set up than a hardware wallet. However, their constant online connection makes them more vulnerable to cyberattacks.

At CryptoWallet, we don’t believe that you should have to sacrifice security for convenience. That’s why we’ve protected all funds held in our software wallets. Our wallet lets you store and trade the top 5 cryptocurrencies (by market cap) and all your assets will be assured by BitGo.

The mobile app and cryptocurrency exchange are streamlined and intuitive to use. Our crypto wallet combines security, convenience and ease-of-use to make one of the best crypto wallets on the market.

Best crypto wallet for beginners

If you’re looking to get started in the world of trading cryptocurrencies, you’ll want a crypto wallet tailored to your needs. An ideal crypto wallet would be secure, convenient and easily operated.

Software wallets will be the easiest wallet to set up and use. They are more vulnerable to cyber attacks as they are constantly online but they are far easier to use. There are two types of software wallets available, self-custody or custodial.

With a self-custody wallet, you have full control over your keys. While many investors prefer this, it comes with more responsibility and you may need to be more tech-savvy than with a custodial wallet. If you lose access to your wallet, your funds may be irretrievable.

This is why many beginners choose custodial wallets. With custodial wallets, a third party, like an exchange, manages your keys. This is much more convenient and can be helpful if you lose your keys or login details.

At CryptoWallet, we offer one of the most secure custodial wallets. All funds held with us are assured by BitGo, a leader in digital asset protection. This is ideal for anyone looking to get started safely.

There is a dedicated customer support service for any questions you might have and an Academy if you want to broaden your knowledge. We also offer a cryptocurrency exchange, making our platform a perfect all-in-one option for beginners.

What crypto wallet should I use?

While there are a range of different crypto wallets on the market, the crypto wallet that you should use depends on what level of trading and features you’re looking for. Beginner traders and advanced traders may be looking for different things when it comes to choosing a crypto wallet.

Some platforms offer an entire suite of DeFi products and thousands of coins. These wallets are ideal for advanced traders looking for savings accounts, highly-speculative investment opportunities and more. These platforms are often more difficult to navigate and get used to.

Hardware wallets like Ledger and Trezor are the most secure but also the least convenient. As they are offline devices, you’ll need to connect them to an online device to use. They can be tricky to set up which makes them more suitable for intermediate or advanced inventors.

Software wallets are more suitable for beginners but they are often less secure. They are constantly online meaning you can access your funds wherever you are. This also makes them more vulnerable to being hacked.

If you’re looking for a robust option for beginners, CryptoWallet offers all of the convenience of a software wallet while assuring all funds held. Our exchange is integrated with our mobile app making it extremely user-friendly. All funds are protected by BitGo, a leading digital asset custodian.

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!

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Bitcoin Wallet App