India freezes digital assets WazirX, linked with Binance The developers of Shiba Inu have announced a new mobile game Binance received a subpoena over Elon Musk's refusal to buy Twitter The New York authorities fined the crypto platform Robinhood for $30 million North Korean hackers forge CVs to join U.S. crypto companies A new unknown investor bought bitcoins for $3 billion Binance employee claims loss of 90% of customers and billion dollars in revenue MetaMask users face a phishing attack Unknown hacked almost 8 thousands crypto wallets on Solana

Best crypto wallets in 2022

Best crypto wallets in 2022

In 2020, more than 100 million people used cryptocurrency wallets. Every year the number keeps growing, with Ledger selling more than 3 million new wallets in 2021 alone. Still, despite the great demand, the main problem is choosing a reliable cryptocurrency wallet that will combine improved security and user-friendliness.

A cryptocurrency wallet is a high-tech software program that allows you to access coins and make transactions: send or receive digital coins with no need to manually enter a long sequence of characters (the so-called keys) to confirm the transaction. Keys consist of two parts, namely, a public key and a private key. 

A public key is an address hosted on the Internet that allows a cryptocurrency wallet to be recognized so that virtual funds can be credited to it.

A private key is a passphrase that nobody should disclose to anyone (it is better to write it down and keep it in a safe place). It is required to confirm the transfer operation from your wallet. 

There is also a seed phrase, a special set of words or symbols required in case the key is recovered if it is lost.

All types of cryptocurrencies can be divided by type of use:

  • mobile - it is installed on a smartphone or tablet, you get access to cryptocurrency at any time, as long as there is an uninterrupted Internet connection;
  • exchange - it is opened through the trading website (exchange), where transactions with cryptocurrencies take place;
  • software - it is special software that is installed on the user's PC;
  • hardware - it is an external medium for storing cryptocurrencies. It looks like an ordinary USB-flash drive, featuring with a special program to perform the assigned tasks;
  • paper - it is created via a special website and printed (in printed form, the user receives a private key and a seed phrase);
  • browser - it is a special extension from Google Chrome, which is installed in the browser menu.

In terms of security, cryptocurrencies can be:

  • cold - keys are stored offline, such cryptocurrency wallet is considered the most secure. This group includes hardware, paper and software storages;
  • hot - keys are stored online, i.e., the cryptocurrency wallet works through an Internet connection. This group includes mobile, exchange, browser, and deposit storages. It is the less secure way to store cryptocurrency.

In terms of functionality, cryptocurrencies can be:

  • custodial - wallet keys are stored on the server, and the user is required to enter a login and password to access the cryptocurrency. The custodial wallet can feature extra functionalities like investing, trading, buying futures, making loans, etc. Custodial cryptocurrency wallets are actively used by traders (traders on exchanges) and cryptocurrency miners to further sell and buy virtual coins.
  • non-custodial - the user keeps the keys to the wallet; the user has full control over his funds. There is no extra functionality.

The best wallets for storing cryptocurrency in 2022

Ledger Nano X

It is one of the best Ledger products, representing a hardware device for storing various cryptocurrencies. The program is based on the BOLOS operating system and is equipped with a certified security chip to ensure complete confidentiality and safety of user data. You can control the wallet from your smartphone and link it to your computer.

Type: hardware, cold, non-custodial

Cryptocurrency support: multi-currency

Installation/Connection method: via Bluetooth

Ledger Nano S

One more product offered by Ledger developer, which features a high degree of data protection using two encryption chips. You can store different cryptocurrencies at once on the same device. If the user loses access, there is a special option to quickly restore it.

Type: hardware, cold, non-custodial

Cryptocurrency support: multi-currency

Installation/Connection method: via the Ledger Live app, connecting via USB cable

Payeer

It is a multi-currency storage for virtual coins. Its extensive functionality allows you to buy and sell a wide range of assets. The developer offers a lot of useful features for the user's personal needs and the implementation of business ideas, supporting different payment methods for fiat funds (real currencies).

Type: exchange, hot, custodial

Cryptocurrency support: multi-currency

Installation/Connection method: via the exchange, installing on an iOS or Android smartphone

Trust Wallet

This is a cryptocurrency wallet offered by the well-known Binance exchange. The storage functionality interacts with all the services of the trading platform, which allows the user to trade and make payment transactions. It features the highest level of security and privacy.

Type: exchange, hot, custodial

Cryptocurrency support: multi-currency

Installation/Connection method: registration on the exchange, installation of a mobile app on your smartphone

Exodus

This product stands as an online service that allows you not only to store cryptocurrency, but also to buy it and make exchange transactions with tokens. There is a special function for passive earning with Cosmos, VeChain, and Tezos cryptocurrencies.

Type: software, hot, custodial

Cryptocurrency support: multi-currency

Installation/Connection method: installation on a PC, on a mobile device, creation of a hardware medium

Jaxx

It is a multi-currency crypto wallet, allowing you to store and trade more than 60 different cryptocurrencies.

Type: software, hot, custodial

Cryptocurrency support: multi-currency

Installation/Connection method: via browser extension, PC or smartphone

Mew Wallet

It is not just a crypto wallet, but a whole service that allows you to work with Ethereum. It is used as a storage for virtual currency, and its functionality also includes options for working with Smart contracts and participation in ICOs. Кроме Эфира поддерживаются и другие криптовалюты для проведения обменных операций.

Type: browser, hot, custodial

Cryptocurrency support: Ethereum + several other cryptocurrencies

Installation/Connection method: mobile app for smartphones, browser extension.

 

Subscribe to our Telegram channel for the most relevant, interesting, and informative news from the crypto industry.  

0
Is there an error in the article?
To report