Bitcoin has acquired global acceptance, and its popularity keeps going up. Unlike shares at a stock brokerage firm, you can withdraw bitcoins from a cryptocurrency exchanges and keep them in an offline wallet. The best Bitcoin wallet make it simple to store and manage your cryptocurrency holdings in a secure manner.
You could be seeking the best Bitcoin wallet if you want to buy and store Bitcoin or other cryptocurrencies. We compared a number of Bitcoin wallets based on price, user experience, supported cryptocurrencies, and other factors. In this guide you’ll learn about some of the most popular Bitcoin wallets available today, as well as how to get started with one.
What is a Bitcoin wallet?
Traders keep the secure digital codes needed to connect with a blockchain in bitcoin wallets. They do not constantly store your cryptocurrency, contrary to their name.
In attempt to identify the bitcoin connected with your address, Bitcoin wallets must connect to the blockchain network. Bitcoin wallets, in reality, are more like general ledger than wallets: they function as the owner’s identity and account on a blockchain system, as well as giving transaction records.
How do Bitcoin wallets work?
Whenever anyone sends bitcoin or any other digital currency to your cryptocurrency wallet, you are not actually sending any coins. You’re transferring ownership of the cryptocurrency to your wallet’s address, which means you’re certifying that the crypto on the blockchain no longer belongs to their address, but to yours. You’ll need two numerical code to do so: a public key plus a private key.
A public key is a string of alphanumeric characters generated automatically by the bitcoin wallet service. A public key may look something like this: B1fpARq29i7L622ywJ45xgV623.
A private key is a set of alphanumeric characters which only the wallet’s administrator should access.
A bitcoin wallet can be compared to an email account. To get an email, you must provide somebody your address. Be your public key in the situation of cryptocurrency wallets, which you must exchange with each other in order to engage in any blockchain activity. You, on the other hand, would never reveal the password to your email account to anybody else. That password is the comparable of your private key in cryptocurrency wallets, which should never be disclosed with anybody else.
Bitcoin wallet users can engage in transactions utilizing these two keys without jeopardizing the integrity of the currency being traded or the transaction itself. The public key provided to your wallet must resemble your private key to authenticate any currency transmitted or received by it. As quickly as both keys are confirmed, the amount in your crypto wallet will increase or decrease.
Types of Bitcoin wallet
Hot wallets are internet-connected digital instruments that cannot be disconnected. They are bits of software that may be used to track and trade currencies from your phone or desktop computer. Certain hot wallets may be accessed immediately from your browser, letting you to use them across multiple platforms.
The accessibility of hot wallets is their biggest significant advantage. Unless they’re attached to a single device, your keys are stored and encrypted on your wallet’s application or website, so you can use them from wherever with a connection to the internet. Because of their accessibility, they are ideal for people who trade regularly and intend to spend bitcoins.
Because they are continually available online, hot wallets are more sensitive to cyber attacks. To obtain access to your account, attackers can use malware or exploit hidden flaws in the software that runs your wallet. This is especially problematic for wallets hosted by crypto exchanges, which are more common targets for crypto criminals in general.
- It’s really suitable because it can be accessible from anywhere with a connection to the internet
- Unlike cold wallets, it’s far simpler to restore access if you forget your private key
- They’re less protected than cold wallets, and they’re more vulnerable to a broader range of threats
- For custodial wallets, your keys are stored on the exchange’s databases
The private keys are kept in a cold wallet on a piece of equipment or a piece of paper. Hardware wallets are USB tools that allow you to purchase, sell, and trade cryptocurrency while tethered to a processor. Using “paper” wallets, your keys may be accessible via print-out QR codes, printed on a sheet of paper, or carved on another medium, such as metal.
The purpose of cold storage wallets was to make them difficult to hack. Except if the wallet holder falls prey to a hacking attempt, cybercriminals have no way of directly obtaining the wallet owner’s credentials. A thief would have to first steal the USB device required to access your crypto and then crack its password for something like a hardware wallet.
Because of the high level of security, wallet owners may find it easier to make mistakes. You’ll effectively lose access to your crypto if you lose your USB drive or sheet of paper and don’t have your private key backed up anywhere. Because of the two-key security approach, regaining access to a cold wallet is nearly impossible in the majority of instances, in comparison to hot wallets, which enable accessibility via a seed phrase.
- Because of the offline storage, it is more secure than hot storage wallets
- Hot storage wallets are compatible with a wide range of hardware wallets
- On average, operations take longer
- Without a backup of your digital keys, recovering currencies is nearly impossible
What should you look for in a bitcoin wallet?
After you’ve thought about it, here are some broad recommendations for things to look for in a cryptocurrency wallet:
Supported currencies – “The more, the better” is the general rule when it comes to supported currencies. We suggest choosing a wallet that accepts at least a few of the most prominent cryptocurrencies unless you solely want to trade Bitcoin.
Accessible interface – Whether you’re a crypto expert or a newcomer, an accessible, straightforward user interface is always appreciated. Search for wallets that don’t have you jump through hurdles in order to get started with basic trading.
Customer support – Having customer support available at all hours of the day is always a positive, even if it is more valuable for newer traders. This is particularly true of wallets that are constantly updated and may contain bugs or visual problems.
Hardware wallet compatibility – Anyone serious about going into cryptocurrency should consider investing in a hardware wallet. Even if you don’t trade regularly, you should consider getting a hardware wallet to preserve your most precious assets. Investors who have a hot wallet that is compatible with at least one type of hardware wallet have an edge because they can use their wallet’s default models and transfer their tokens back and forth as needed.
Top 10 Bitcoin Wallets 2022
The top ten Bitcoin Wallet of 2022 are listed below. We go over each book in greater depth later down:
- Ledger Nano S
- Trezor Model T
Top 10 Bitcoin Wallets 2022 Reviewed
If you’re searching for a single place for everything to trade Bitcoin, eToro is a good option. This is due to the fact that the FCA-regulated broker not only allows you to acquire Bitcoin but also securely holds it.
In terms of the former, eToro is a commission-free broker, which means there are no expenses associated with adding bitcoins to your portfolio. With eToro, you have two options when it comes to storing. If you opt to acquire Bitcoin through the platform, eToro will manage your funds for you.
The broker employs institutional-grade security procedures, and the FCA acts as a safety net. eToro, on the other hand, can help if you just need a Bitcoin wallet to keep coins you’ve already bought. Its own digital wallet accepts over 120 different coins, including Bitcoin. The wallet is available as a mobile trading app that works on both iOS and Android devices.
This is advantageous since you do not need to be sat at your computer to transmit and receive funds. Exchanging cryptocurrencies is also possible using the eToro Bitcoin wallet. In addition, the wallet supports over 500 crypto-pairs, so you won’t have to rely on a third-party exchange if you want to trade a certain digital coin. eToro has a cryptocurrency alert app to help you manage your portfolio and keep an eye on the cryptocurrency market from everywhere, at any time.
- You may buy cryptocurrencies without paying any commissions
- Within the wallet, you may exchange cryptocurrency
- The site is used by around 13 million users
- A $25 minimum investment is required
- Copy trading is supported, allowing you to automate your bitcoin trades
- The FCA regulates everything in the UK
- There are over 1,700 equities and 150 ETFs to choose from
- There is a $5 withdrawal fee
Since the brokerage created Bitcoin wallets for millions of customers in the United Kingdom, Coinbase is well-known in the online digital currencies market. Coinbase’s Bitcoin trading platform is extremely user-friendly, which is one of the company’s primary selling points. Coinbase, unlike eToro, does not offer commission-free Bitcoin purchases.
You will, on the other hand, be charged 1.49 percent for each purchase and sell order you put. When purchasing Bitcoin with a debit card, the purchase charge increases to 3.99 percent. You can, however, use Coinbase primarily for its digital wallet. This can be accomplished using either the Coinbase platform or a native smartphone application. If you choose the former, all you have to do is transfer your Bitcoin to the Coinbase-provided unique wallet address.
If you want the ease of being able to access your Bitcoin while on the go, the Coinbase wallet app is more likely to suit your needs. The coinbase wallet may be downloaded for free on Android and iOS smartphones. The wallet has a number of security features, including two-factor authentication. You must first provide a pin sent to your mobile phone before you can access your Bitcoin wallet.
Other security solutions include a withdrawal timer and email confirmation when using a new IP address to access your wallet. Additionally, similar to eToro, Coinbase’s wallet software allows you to buy, sell, and trade cryptocurrencies.
- A user-friendly, easy-to-navigate interface
- More than 500 cryptocurrencies are supported
- Support for multi-signature and two-factor authentication
- Backed by a respected exchange that can recover assets that have been lost or stolen
- 3.99% fee for debit card deposits
- The charge for trading Bitcoin is 1.49 percent
Crypto.com is a rapidly growing cryptocurrency exchange with over 10 million registered members. If you pay in CRO, the platform’s native cryptocurrency, you can save 10% on this cost. Users can currently trade over 150 coins on Crypto.com, ranging from large cryptos like BTC to lesser market cap cryptos.
One of the greatest Bitcoin wallets in the UK is Crypto.com, which is freely available on the App Store or Google Play. Users have complete control over their private keys, and the wallet supports more than 100 coins. Furthermore, the wallet app has a user experience that is quite similar to the Crypto.com trading app, so it should be simple to use if you are familiar with the latter.
The wallet app also allows users to move cryptocurrency to other wallets at their own pace, thereby avoiding network fees. If you have other cryptos in addition to BTC, the Crypto.com wallet allows you to stake over 35 tokens with no lock-up time. Finally, because all users store their private keys on their devices, Crypto.com maintains security by encrypting them with biometric and two-factor authentication on your device.
- Select your chosen trading charge and speed of confirmation
- BTC, ETH, CRO, ATOM, DOT, and LTC are among the more than 100 coins available
- On more than 35 tokens, you can earn interest
- If you lose your private key and recovery phrase, you will be unable to access your funds
- Geo-restrictions apply to the built-in token swap
Binance is one of the best cryptocurrency exchanges in the world, with the platform generating more than $10 billion in daily trading activity. This platform, like Coinbase, provides two choices for securely keeping your Bitcoin.
If you wish to purchase bitcoin with your debit card, you can do so straight on Binance for a 2% fee. After that, you must pick whether you want to retain your Bitcoin in your Binance web wallet or not. You will lose possession of your private keys if you do so.
However, you will be protected by a number of protections. The vast majority of customer funds are maintained in cold storage, and critical account functions are accessed with two-factor authentication and email confirmation. However, if you like to have complete control over your private keys, the Binance Trust wallet, which is available as a mobile app, is a good option.
Binance, on the other hand, does not have access to your cash. Additionally, you can purchase, sell, and trade cryptocurrencies directly from the Binance Trust wallet. The wallet is compatible with over 40 open-source blockchain protocols in addition to Bitcoin, allowing it to support thousands of additional digital currencies.
- In terms of trading volume, this is the largest cryptocurrency exchange
- There are hundreds of cryptocurrency pairs that are supported
- A trading commission of only 0.1 percent is charged
- Supports debit/credit cards as well as bank transfers in the United Kingdom
- In the Bitcoin world, you have a great reputation
- Extensive traders looking for advanced tools and features would love this platform
- Not suitable for inexperienced investors
- On debit/credit card deposits, there is a standard fee of 2%
Huobi’s Bitcoin wallet is another fantastic option to consider. Huobi is a popular cryptocurrency exchange with minimal trading costs and a large selection of coins. Huobi customers can currently invest in over 350 cryptocurrencies, with the platform also allowing them to trade futures markets. Maker/taker fees start at 0.2 percent, but they can be further decreased by paying fees in Huobi tokens.
The Huobi Wallet app, which is accessible on iOS and Android, is available to all Huobi users. The app has over 33,000 reviews on Google Play and a 4.6/5 average rating, indicating its widespread use. Huobi Wallet supports many blockchains and allows customers total control over their private keys. Furthermore, the wallet supports 20 different cryptos (including BTC) and fully supports NFTs.
The Huobi Wallet’s ‘DeFi Gateway’ feature enables users to use a number of DeFi protocols across many blockchains, allowing them to generate significant yields. Finally, despite the fact that the Huobi Wallet is a “hot wallet,” Huobi keeps 98 percent of user assets in cold storage to protect them from hackers.
- It accepts 20 different coins
- The ‘DeFi Gateway’ option is quite useful
- 98% of funds are kept in cold storage
- Gives you complete control over your private keys
- NFTs are supported
- Biometric authentication is not available
Electrum is among the most well-known and extensively used cryptocurrency wallets nowadays, having been launched in 2011. This wallet excels at its core function despite its simple user interface and adherence to only Bitcoin. Electrum is particularly fit for advanced users because to its extensive settings.
Electrum is open source, allowing users to specify custom transaction fees, and supports both legacy Bitcoin and Segwit transactions. It also gives customers the option of selecting the amount of security they would like to use. For example, you may create a standard wallet, a two factor authentication wallet, or a multi-signature wallet. You can also add additional words to your seed phrase to make it longer.
Electrum is best for advanced Bitcoin users who want a straightforward interface, strong security features, and the opportunity to customise their wallet.
- Setup is quick and simple
- Other hot wallets don’t have the same level of security as this one
- Transaction costs that can be customized
- Due to server arrangements, wallets do not experience any downtime
- Only Bitcoin trading is supported
- For newbies, the setup and interface are not optimal
- There is no customer service available
Exodus is a computer and smartphone wallet with a user-friendly UI and an integrated exchange. The capacity to swap between an increasing number of cryptocurrencies is one of Exodus’ most prominent features. Exodus now supports over 150 different cryptocurrencies for trade.
Exodus wallet is ideal for newcomers to cryptocurrency because of its simplicity. It also provides excellent customer service, which is critical for newcomers entering what many consider to be a perplexing business.
While it is ideal for novices, it may be insufficient in some capabilities for advanced users. Exodus is a closed-source wallet, this goes against the principles of Bitcoin and blockchain, and since the code isn’t available to the public, it can lead to security issues. Instead, consumers put their faith in the Exodus team to keep the wallet safe.
Exodus offers the option of establishing bespoke fees to keep expenses down, as well as the option of automatically setting a charge to ensure a swift transaction.
- Over 145 crypto assets are supported.
- Trezor One and Trezor T hardware wallets are compatible.
- Allows consumers to buy Bitcoin with Apple Pay and provides customer service 24/7
- The in-wallet crypto exchange has high transaction costs.
- Some users may be bothered by the lack of native two-factor authentication.
- There is no support for multiple signatures
Mycelium is a free Bitcoin wallet that can only be used on android platforms. The platform currently takes just Bitcoin, Ethereum, and ERC-20 cryptocurrencies. In many ways, Mycelium is similar to the Electrum wallet. To name a few differences, it is smartphone based only, offers a more modern user interface than Electrum, and contains a built-in exchange.
Mycelium is one of the first cryptocurrency wallets. Identical to Electrum, you can create customized transaction fees and choose how long you want to await for a trade to execute.
Additional special attributes of Mycelium involve hardware wallet support, which enables users to access Bitcoin on an offline storage device while still accessing their holdings via Mycelium’s UI.
- Transaction costs that can be customized
- The use of hardware wallets is possible
- Software that is freely available to the public
- Only for mobile devices
- For a first-time user, it can be perplexing
9. Ledger Nano S
The Ledger Nano S is a first-generation hardware wallet by Ledger, and one of the very first hardware wallets ever created. The Nano S is compatible with over 1800 coins. Because the Nano S does not include a USB Type-C connection, users with more current smartphones may experience connectivity issues.
With the exception of a few improvements, the Nano S is almost identical to its previous model, the Nano X. Both have accessibility to the Ledger Live software and are compatible with the similar crypto currencies. Unlike the Nano X, the Nano S lacks Bluetooth connectivity and can only hold three apps at a time, as opposed to the 100 that the Nano X can.
The Nano S barely has enough storage to create wallets for a few cryptocurrencies at a time. Their online guidance claims that deleting an app to add another sort of cryptocurrency would have no effect on your assets.
The crypto in the deleted wallet will still be visible in Ledger Live, but the wallet will not be visible on the Ledger device itself. This means that if you wish to transfer or receive money from the wallet you just deleted, you’ll have to delete another wallet to make room.
The Ledger Nano S is a great wallet for folks who want to keep their money safe and secure for a low price. It’s also quite straightforward to use with Ledger Live, making it an excellent choice for a newcomer looking for a secure and simple way to store a few cryptocurrencies.
- Ledger Live is available
- For a reasonable price, you can store your belongings safely
- Customer and community support are included with open-source software
- Three apps are the maximum amount of storage available
- There is no wireless Bluetooth capability
10. Trezor Model T
Trezor, like Ledger, is a popular name when it comes to crypto-cold wallet storage. The Model T is the second generation of hardware wallets from the business. The Trezor Model T is identical to the Ledger, however it also lets customers to use third-party platforms like Changelly and CoinSwitch directly from the Trezor website. While the convenience is unquestionable, the $195 price label does not appear to be justified.
The Type T has a touch screen, which is easier for beginners to use than the buttons on the prior model. The Trezor also has a MicroSD card slot, which you can use to secure the PIN and better protect your gadget from attackers.
Trezor Model T, like the Ledger Nano X, includes a USB Type-C connector that can be used to connect to your smartphone or desktop computer. The Trezor Model T presently accepts over 1,800 different coins. Some regard the Model T to be significantly safer than the Ledger Nano X due to the X’s Bluetooth connectivity.
- Web-based user interface with built-in exchanges
- A large number of cryptocurrencies are supported
- Customer and community support are included with open-source software
- The cost structure is higher than others
- For typing, there is a little touchscreen
- For a first-time user, it can be perplexing
How to Begin Using Bitcoin Wallets?
Now that we’ve covered the basics of how the best UK Bitcoin wallets function, we’ll walk you through the account setup procedure with eToro, the best Crypto Currency and Bitcoin App.
Step 1: Open an Account
To join eToro, go to their website and click the ‘Join Now’ option. Fill up your personal information, such as your complete name, home address, and birth date.
Following that, eToro will require you to provide documentation proving your identity in order to comply with KYC guidelines. All that is required is a clean copy of your passport or driver’s license, as well as a current utility bill or bank account statement.
Step 2: Download the eToro Wallet
After you’ve created an account, you’ll want to get the eToro wallet app. By clicking on the appropriate link, you will be routed to either the Google Play or Apple Store.
Install the app and log in with your eToro credentials once it has been downloaded.
Step 3: Add Bitcoin to Your Wallet
You’ll need to deposit your Bitcoin into your eToro wallet now that you’ve gained access to it. If you don’t have any Bitcoin at this time, you can buy some right from the eToro app.
You must make a minimum deposit of $10, and you can invest as little as $10. Debit/credit cards, PayPal, Skrill, and Neteller are all instant payment alternatives.
If you already have Bitcoin, though, you’ll need to find your unique wallet address within the application. Copy it to your clipboard, then go to the Bitcoin wallet where it is currently kept. Then you just need to enter the wallet address and the quantity of Bitcoin you wish to transfer.
Step 4: Keep or Sell Your BTC
You’ll want to cash out your Bitcoin to pounds and pence at some point in the future, whether it’s in weeks, months, or years. You may do this with the click of a button on eToro.
As soon as you verify the transaction, the funds will be deposited into your eToro account. The funds can then be withdrawn to a debit/credit card, an e-wallet, or a bank account.
You have a lot of alternatives when it comes to selecting the best Bitcoin wallet because there are so many to pick from, including a piece of paper with your public and private keys printed on it. There’s a decent solution for your crypto storage requirements, whether you want an easy-to-use web wallet or a secure hardware wallet.
This is why we think eToro is the finest crypto wallet in the UK. This is due to the wallet’s ease of use and the fact that it also functions as a brokerage and exchange business. You may commission-free buy and sell 16 digital currencies, as well as access 500 crypto-pairs.
Frequently Asked Questions
What is the best Bitcoin wallet for mobile devices?
If you’re seeking for the best wallet for iOS and Android devices, go no further than eToro. You can safely keep your Bitcoin assets as well as purchase, sell, and trade digital currencies from within the app after it has been downloaded.
How do I find out what my Bitcoin wallet address is?
This is dependent on the wallet you have chosen. If you’re using a mobile wallet, you should be able to see your address as soon as you open the app. If you use a web wallet, your address can be seen in your account dashboard.
What is the best Bitcoin wallet for anonymity?
The vast majority of Bitcoin wallets allow you to keep your money private. The only exception is if you use a wallet that also allows you to make purchases with a debit/credit card or another fiat cash method. If that’s the case, you’ll have to prove your identity before you can use the wallet.
What’s the best way to keep my wallet’s private keys safe?
Writing down your private keys on a piece of paper is the safest approach to keep them safe. However, the document must be kept safe and secure. If it is discovered, anyone can gain access to your Bitcoin wallet.
Is it possible to keep both Bitcoin and Ethereum in the same wallet?
Yes, Ethereum is supported by numerous Bitcoin wallets in the United Kingdom. You may store up to 120 different cryptocurrencies in the eToro wallet.
Which is preferable: a hot or cold wallet?
Although hot wallets are more user-friendly and have more features, cold wallets are the safest because your private key is stored offline, away from hackers.
Is it important to have a bitcoin wallet?
Because the nature of digital currencies makes them vulnerable to hackers, crypto wallets are vital for keeping your holdings safe. Many crypto wallets are free and simple to use, allowing even novice traders to trade safely.