The 15 Best Crypto Wallets in 2024 [Free + Paid]

Did you know that there are over 20,000 different cryptocurrencies to choose from in 2024? As the world of digital assets continues to expand, having a reliable crypto wallet to manage your investments is essential.

In this article, we'll explore the fascinating world of crypto wallets, demystifying how they work and empowering you with the knowledge to choose the best wallet for your needs. So whether you're new to cryptocurrencies or looking to up your game, this friendly and informative guide is the perfect place to start! 

We'll dive into the 15 best crypto wallets available in 2024, provide insights into cryptocurrency taxation, and even discuss how crypto tax software can streamline your reporting process. By combining this guide with some of the best blockchain courses and crypto tutorials, you’ll be well-equipped to navigate this exciting and innovative industry. 

So, buckle up and get ready to embark on a journey that will transform the way you handle your digital assets, ensuring a secure and successful crypto experience!

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What is a Crypto Wallet?

Digital wallets for cryptocurrency are used to store, send, and receive cryptocurrencies. There are several different types of crypto wallets, each with its own set of features and characteristics.

To help you understand the different types of crypto wallets, we’ve created some easy-to-understand tables that compare the different types available. 

Custodial vs. Non-Custodial Wallets

Let’s start by looking at the differences between custodial and non-custodial crypto wallets, as this is one of the main aspects you need to consider for security.

Hot vs. Cold Wallets

Now let’s dive into hot and cold wallets, as this is often linked to user-friendliness and ease of use.

Types of Crypto Wallets

Now we know the difference between custodial and non-custodial wallets along with hot and cold crypto wallets, let’s look at the different types of wallet that fit into these main categories.

What Are Exchange Wallets?

Let’s take a quick moment to touch on the idea of exchange wallets. These are somewhat unique, as they’re provided by cryptocurrency exchanges to users, allowing them to store, send, and receive cryptocurrencies on the exchange platform.

Exchange wallets can be both custodial and non-custodial, with some exchanges offering users the option to choose their preferred style.

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How to Find the Best Crypto Wallet in 2024?

Finding the top crypto wallets for your needs can be a bit of a challenge, especially with so many options available. When researching and testing the most popular crypto wallets of 2024, we were sure to consider the following features.

• Security: This should be your top priority when choosing a crypto wallet, as you want to ensure your digital assets remain safe and secure. Look for features like two-factor authentication, strong encryption, and secure backup/recovery options.
• Control: Do you want full control over your private keys, or are you comfortable entrusting a third party to manage them? Non-custodial wallets give you complete control, whereas custodial wallets rely on a third party to hold your keys. 
• User experience: The ideal crypto wallet should be easy to use, even for beginners. Look for wallets with intuitive interfaces, clear instructions, and strong customer support. 
• Device compatibility: Think about which devices you'll be using to access your crypto wallet and ensure the wallet you choose is compatible. 
• Supported cryptocurrencies: Not all wallets support every cryptocurrency (some even focus on a single token). Before selecting a wallet, make sure it supports the specific digital assets you plan to store, send, and receive.

The 15 Best Cryptocurrency Wallets of 2024

1. Coinomi - Best Crypto Wallet Overall

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Why we chose this wallet

Established in 2014, Coinomi is the oldest multi-chain wallet, with millions of active users. No Coinomi wallet has ever been hacked or compromised, making it stand out as one of the most trusted options for managing digital assets. 

It offers multiple layers of security, including an alphanumeric password, a mnemonic phrase, and a private key, with native support for over 125 blockchains and thousands of tokens, such as Bitcoin, Ethereum, and Binance USD. That makes it a top crypto wallet for users of all levels.

Pros 

• Strong security measures with 24-word passphrases and a private key
• Multi-chain support for a wide range of cryptocurrencies
• User-friendly interface with 24/7/365 live customer support
• Built-in exchanges and DeFi ready

Cons

• Cold staking only for select assets, like Alogrand, SmartCash, Ethereum, and Callisto

2. Ledger Nano X - Best Hardware Wallet for Beginners

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Why we chose this wallet

Launched in 2019, Ledger Nano X is one of the most trusted options for cold storage. It’s connected to the Ledger Live app, which enables users to access their assets (for buying, exchanging, and lending) and access DeFi apps or NFTs. The device features a large storage capacity of over 100 apps.

It’s secured by a Secure Element chip, which requests consent for any action, and a Bluetooth protocol that ensures authentication while pairing. Coupled with an easy-to-use interface, this hardware wallet is suitable for beginners.

Pros 

• Easily connects to mobile devices via Bluetooth
• Assets are retrievable through a 24-word recovery phrase
• Weighs only 34g, making it a lightweight and portable option

Cons

• Must be connected to a computer for firmware updates
• Not suitable for mining

3. Coinbase - Best Wallet for Crypto Beginners and Digital Creators

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Why we chose this wallet

Coinbase.com is a centralized cryptocurrency exchange that gives users complete control over their assets in the form of a non-custodial wallet. In addition to cryptocurrency storage, the wallet is capable of storing and trading Ethereum and Polygon NFTs.

The wallet features a user-friendly interface that caters to beginners and digital creators alike while also providing advanced security features such as biometric authentication, passphrases, and security locks.

Pros:

• Users can buy, swap, bridge, and send every ERC-20 from Aave to ZRX
• Use DeFi liquidity pools to supply or borrow crypto
• Can be linked to an existing Coinbase account or used independently 

Cons:

• Not open-source (the code isn’t freely available)
• No desktop application 

4.Guarda - Best Multi-Chain Free Wallet

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Why we chose this wallet

Guarda Wallet is an easy-to-use wallet that offers various features such as staking with up to 40% annual yields, crypto loans, instant exchange, and the ability to buy over 50 coins, including Bitcoin and Ethereum. 

It also features multi-signature security, making it a reliable option for storing digital assets. With its user-friendly interface, Guarda Wallet is suitable for both beginners and experienced crypto investors.

Pros

• Holders can order a Prepaid Visa by Guarda to use as a regular bank card
• Extra security layer with multi-signature and private keys 
• Instant crypto exchange for over 50 coins, including USDT

Cons

• Limited NFT support
• Closed-source code

5. MetaMask - Best for Ethereum

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Why we chose this wallet

With over 30 million users worldwide, MetaMask is one of the most popular wallets for Ethereum-based tokens. It comes with everything users need to manage their digital assets, including a key vault, token wallet, token exchange, and secure login. 

It features strong security measures, including a 12-word recovery phrase and a private key. Additionally, it’s a central hub for dApps, making it essential for Web3 enthusiasts and advanced crypto investors. 

Pros 

• Easily explore blockchain apps
• Ability to earn rewards through staking and holding
• Supports swaps and purchases

Cons

• No coin-to-fiat conversion
• Can only use wrapped Bitcoin, which may deter some users

6. Keystone Pro - Best Hardware Wallet for Software Compatibility

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Why we chose this wallet

The Keystone Pro hardware wallet is designed for high-frequency users, offering a 100% air-gapped QR code experience and support for over 5,500 cryptocurrencies, including all major assets such as Bitcoin, Ethereum, and Tether. 

It features a 4-inch touchscreen, fingerprint sensor, and extensive compatibility with software wallets, including MetaMask. The open-source software has an anti-tamper, self-destruct mechanism that ensures top-notch security.  It's a top crypto wallet for those who prefer hardware to online options.

Pros 

• User-friendly interface with a 4-inch touchscreen and fingerprint sensor
• Compatible with various software wallets and EVM chains
• Ultra-secure with EAL 5+ SE Chip and open-source firmware
• Fully offline device, providing an air-gapped transaction experience

Cons

• Price is higher compared to basic hardware wallets

7. Electrum - Most User-Friendly Wallet for Bitcoin

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Why we chose this wallet

Established in 2011, Electrum is one of the oldest Bitcoin wallets, offering users the convenience of hot storage, with the added security of cold storage (can easily be taken offline). It comes with a straightforward installation and personalized security features, including 2FA and multiple signatures. It’s an open-source application, making it ideal for intermediate users.

Pros 

• Allows users to move their Bitcoin offline to a personal device
• Proof checks all transactions using SPV
• Supports third-party plugins including Multisig services and hardware wallets 

Cons

• Only supports Bitcoin 

8. Trust Wallet - Best for Binance

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Why we chose this wallet

Trust Wallet is the official mobile of global cryptocurrency exchange Binance. It’s well-organized and has a large number of supported assets, including NFTs minted on Ethereum and Binance Smart Chain, making it ideal for NFT collectors.

Additionally, the private keys are kept secure and solely for the user. Assets can be recovered with a 12-seed recovery phrase. It offers built-in staking, making it convenient and easy to earn rewards. It’s ideal for intermediate users. 

Pros 

• Offers built-in staking to earn rewards on your crypto assets
• Allows you to store NFTs
• Browser can be used with any dApps on Ethereum and the Binance Smart Chain

Cons

• Not easily convertible to offline storage

9. ZenGo - Best for Security

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Why we chose this wallet

Zengo is a mobile software wallet that offers an all-in-one solution for managing the most popular cryptocurrencies, including Bitcoin and Ethereum.

Unlike traditional crypto wallets, Zengo uses multi-party computation (MPC) technology, eliminating the need for a private key and providing enhanced security. It offers a simple interface that makes it suitable for beginners and intermediate users. 

Pros 

• Robust security measures including 3FA and decryption codes 
• Eliminates the risk of single point failure, and key hacking
• User-friendly and intuitive interface

Cons

• Some features are not available worldwide
• Advanced users might find Zengo too simplistic

10. Crypto.com Wallet - Best Online Crypto Wallet

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Why we chose this wallet

Crypto.com is a centralized cryptocurrency exchange that offers a fully-integrated, decentralized non-custodial wallet. It provides a comprehensive range of DeFi services, including the ability to explore dApps, link to trending DeFi protocols, and migrate assets between different chains.

It’s also highly secure, with 2FA and biometrics. Ideal for intermediate users due to its capabilities but easy enough for beginners.

Pros 

• ETH Gas Meter gives you real-time updates on gas fees and transaction speeds
• Easily view, share, and learn about the rarity traits of NFTs in your collection
• Users can earn rebates on 25+ tokens, including ATOM, VVS, and CRO

Cons

• High fees in comparison to other software wallets
• Might be too advanced for beginners

11. Trezor Model T - Best Hardware Wallet for Advanced Users

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Why we chose this wallet

The Trezor Model T is a premium hardware wallet designed for storing multiple cryptocurrencies including Bitcoin, Ethereum, and Litecoin. It offers tight security measures (including PIN codes and passphrases), a user-friendly interface, and responsive customer support.

This is best suited for crypto enthusiasts, new traders, and those who have a substantial amount of varying crypto coins. 

Pros 

• Device includes an RGB color touch screen and SD card slot
• Advanced distributed seed backup 
• Receives regular firmware updates

Cons

• High cost compared to Trezor One, which is better for price-conscious crypto investors

12. Ambire Wallet - Best Wallet for Smart Contracts 

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Why we chose this wallet

The Ambire Wallet is the first non-custodial smart contract wallet with email authentication. It offers batched transactions and a sophisticated security model featuring multiple signers.

Users can sign up with just an email address and deposit FIAT with credit cards or bank transfers. Intermediate users can benefit from automatic frontrunning protection and built-in cross-chain transfers. That makes this one of the top crypto wallets for smart contracts.

Pros 

• Fee payments can be made in any token, including Bitcoin and Ethereum
• Better transaction handling through batched requests
• Can connect to any dApp through WalletConnect

Cons

• The wallet has its native token (WALLET), which may not be familiar to everyone

13. Blue Wallet - Best Mobile Wallet for Bitcoin

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Why we chose this wallet

BlueWallet is a highly flexible wallet for storing Bitcoin due to its multiple wallet architecture, enabling users to meet most wallet standards. It offers a watch-only feature, eliminating the need to enter private keys just to view cold storage.

Additionally, it supports Lightning wallets and offers fee and transaction control. Despite its simple interface, BlueWallet is ideal for intermediate and advanced users. 

Pros 

• Plausible deniability feature, where you can create a “fake” wallet for personal security 
• Multisig Vault for cold storage and large amounts
• User-friendly interface and available in multiple languages

Cons

• Only supports Bitcoin

14. Exodus - Best Wallet for Desktop Use

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Why we chose this wallet

Exodus is a versatile wallet that enables users to have control over managing their assets. It offers multi-platform support and features an intuitive desktop application. Users can access DeFi apps and manage NFTs in-app. 

The data is locally stored on the user's device, protected by a 12-word recovery phase, password, and security measures like face and touch ID. With support for a wide range of cryptocurrencies and a user-friendly interface, it’s easy for beginners yet contains enough features for advanced users. 

That's why we rank this as a top crypto wallet for desktop usage.

Pros 

• All-in-one wallet (store, exchange, and stake crypto in one platform)
• Partnership with Trezor offering enhanced security through hardware integration 
• Offers on-ramp fiat exchange

Cons

• Transaction fees depend on blockchain network conditions, which can be costly at times

15. Ledger Stax - Most Customizable Hardware Wallet

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Why we chose this wallet

The Ledger Stax is Ledger’s latest wallet, set for delivery in summer 2024. It offers a few big upgrades in comparison to other hardware wallets, including a fully-customizable eInk touchscreen, where users can display their NFTs and photos.

It offers access to the Ledger Live app for online management of assets and is secured via the Secure Element chip and Ledger’s OS, which is frequently tested by security experts. It’s the ideal hardware wallet for intermediate users. 

For this reason, we chose this as a top crypto wallet for customization.

Pros 

• Uncompromised security with a Secure Element chip and offline storage
• Wireless charging and Bluetooth connectivity 
• Palm-sized body, weighing in at only 34g
• Supports over 5,000 coins, including Bitcoin, Ethereum, and USD Tether

Cons

• Expensive compared to other hardware wallets
• Must be connected to a computer for firmware updates

How is Cryptocurrency Taxed in Different Countries?

As cryptocurrencies continue to gain global adoption, taxation on these digital assets has become an important topic.

The way cryptocurrency is taxed varies from one country to another, but a common approach involves treating cryptocurrency as property and taxing the gains or profits resulting from its sale or exchange.

In this section, we'll explore how different countries approach cryptocurrency taxation and the general principles that apply.

Crypto Taxation in Different Countries

While the taxation of cryptocurrencies as property is a common approach, specific regulations can differ significantly from one country to another. Here are a few examples:

1. United States: The Internal Revenue Service (IRS) treats cryptocurrencies as property, subjecting them to capital gains tax. Transactions involving cryptocurrencies, such as trading, selling, or spending, are considered taxable events.
2. Canada: The Canada Revenue Agency (CRA) also views cryptocurrencies as property, and taxes are applied based on capital gains or losses. Income earned through mining or staking is generally treated as business income.
3. European Union: Cryptocurrency taxation varies among EU member states, but most countries impose capital gains tax on profits from the sale or exchange of cryptocurrencies. Some nations, such as Germany, offer tax exemptions for long-term holdings.
4. Japan: The Japanese tax authority, the National Tax Agency (NTA), treats cryptocurrency gains as miscellaneous income, which is subject to progressive tax rates.
5. Australia: The Australian Taxation Office (ATO) treats cryptocurrencies as assets, with capital gains tax applied to profits from the sale or exchange.

Although this overview provides a general understanding of cryptocurrency taxation, it's crucial to consult a tax professional in your specific jurisdiction to ensure compliance with local regulations.

How Does Crypto Tax Software Work?

Managing and reporting cryptocurrency transactions for tax purposes can be complex and time-consuming. Fortunately, crypto tax software can automate this process, making it significantly easier and more efficient.

Crypto tax software simplifies the process of calculating and reporting taxes on cryptocurrency transactions by importing data from exchanges and wallets. The software then applies the relevant tax rules and calculates gains or losses to generate a tax report that can be used for filing purposes.

Comparing the Top 5 Crypto Tax Software of 2024

To help you choose the right crypto tax software for your needs, we've compiled a table comparing the top 5 most popular options available in 2024.

While all these crypto tax software options offer a range of features and pricing plans, it's essential to carefully evaluate your specific needs and preferences before making a decision.

Keep in mind factors like the number of transactions you have, the exchanges you use, and any unique tax situations that may apply to your circumstances.

Conclusion

Choosing the best wallets for crypto is crucial to safeguarding your digital assets and ensuring they are accessible when needed. You can choose from several types of crypto wallets, including hardware, software, exchange, and paper.

Each digital wallet for cryptocurrency offers its own benefits and drawbacks, and the choice ultimately depends on your personal preferences and priorities.

If you're planning to store large amounts of crypto or make high-value transactions, a cold wallet, like the Trezor Model T may be a better choice as it provides added security by keeping your private keys offline. If you're looking for convenience and easy access for day-to-day transactions, a hot wallet such as Coinbase may be more suitable.

By investing time into researching and selecting the right crypto wallet, you'll have greater peace of mind knowing your digital assets are secure, accessible, and tax compliant. And as cryptocurrency continues to grow and evolve, a reliable wallet will empower you to confidently navigate the exciting opportunities ahead.

We hope this guide has helped you better understand the different types of crypto wallets available and how they can be used for different circumstances. Happy crypto adventures!

Frequently Asked Questions

1. Is Cryptocurrency a Good Investment?

Cryptocurrency can be a good investment for some, but it's important to remember that it's a high-risk asset with a volatile market. As a beginner, it's wise to do thorough research and consider diversifying your investment portfolio to minimize risk.

2. What Crypto Wallet Should I Use?

It’s hard to say what's the best crypto wallet, as it depends on your needs and preferences. If security is your top priority, consider a hardware wallet like Ledger Nano X, which offers strong protection against hacks. For ease of use and accessibility, a software wallet like Coinomi is a great option. We’ve also covered the 15 best crypto wallets in the main article, so check this out.

3. Has Anyone Become Rich From Bitcoin?

Yes, many people have become rich from Bitcoin, especially those who invested early when the price was low, like the Winklevoss twins. However, like any investment, there are no guarantees, and the market can be unpredictable. Those who want to learn should consider one of the best cryptocurrency trading courses online.

4. In the United States, How Is Cryptocurrency Taxed?

In the United States, cryptocurrency is taxed as property, meaning any profits made from buying and selling are subject to capital gains tax, with the tax rate depending on the holding period and your income bracket. For more information on this topic, we recommend consulting with the official IRS website. 

5. Should I Report Cryptocurrency on My Taxes?

Yes, you should report cryptocurrency transactions on your taxes. Failure to do so can result in penalties from the IRS. It's important to maintain records of your transactions and consult a tax professional if you're unsure about the process.

6. How Do I Convert Bitcoins to Cash Without Paying Taxes?

It's illegal to convert bitcoins to cash without paying taxes on any gains. Tax evasion is a serious offense and can lead to severe penalties. Always report your cryptocurrency transactions and pay any taxes due.

7. What Is the Best Software for Crypto Taxes?

There are several software options for managing crypto taxes. Some popular choices include CoinTracker, Koinly, and ZenLedger. These platforms help you track your transactions, calculate gains and losses, and generate the necessary tax forms. We provide more information and examples of crypto tax software above.