Best Online Crypto Wallets Explained
Every day, more and more people join the crypto movement here at Bodog, which gives us more and more reason to explain the best online crypto wallets. It’s not just the promotions attracting players, it’s the culture that surrounds cryptocurrency. Unlike traditional fiat currencies, crypto does not go through a centralized bank or government to authorize transactions. You trade crypto with other people and use it for online transactions, which speeds things up considerably and gives you control of your funds.
If you’re curious about transitioning to crypto for your bitcoin betting, the first step is to get a digital wallet to “hold” the digital currency. This can be a software product, called hot storage, which is connected online, or offline hardware, known as cold storage. There is a multitude of products on the market that cater to both crowds, so it can be challenging to figure out which is best. For that reason, we’re outlining the five best online crypto wallets for beginners.
Coinbase
Coinbase has long been established as the No. 1 self-custody wallet for beginners because it strikes a good balance between security and user experience. A self-custody wallet has higher security than custodian wallets because your private key information is kept on your device instead of within the exchange. The interface is intuitive and streamlined; there are just three tabs on the main page, one for sending, one for receiving and one for trading. You can flip between coins and NFTs easily.
Under “Coins,” you’ll see your balance for each cryptocurrency that you own. Coinbase supports over 5,500 digital assets at press time, so there is no risk of not being able to get the coin you want.
One of the best perks of Coinbase is its reputable exchange platform. It’s big enough to be able to recover from lost assets and because it’s available strictly on mobile and tablet, the security is higher than what comes with a web-based wallet. As a final additional security measure, the Coinbase wallet uses the biometric authorization built into your device (TouchID, FaceID) to validate your identity.
Gemini
Founded in New York in 2015 by the Winklevoss twins (Cameron and Tyler), Gemini is a digital wallet that embraced regulation right from the start. They were the first cryptocurrency exchange to complete compliancy exams (SOC 1 Type 2 and SOC 2 Type 2) and they regularly undergo audits to ensure a high level of cyber security. This is as secure as you can get with a custodian-style wallet, as Gemini uses offsite cold storage facilities for storing private keys.
While many wallets are designed for either beginners or advanced traders, Gemini manages to serve both markets with a simple beginner-friendly interface and provides access to its more advanced ActiveTrader platforms, which is where you’d go to find a greater selection of order types.
On the Gemini website, you’ll find its asset-backed stablecoin called the Gemini dollar (not yet accepted here) as well as insurance against certain types of digital asset losses. To support their industry-leading security features, Gemini does have a lengthier verification process than most digital wallets, and the fees that they charge are typically above average, unless you use the ActiveTrader platform.
Exodus
Exodus has been around since 2016 and continues to be a good option for beginners. It is a non-custodial software wallet, so you are fully responsible for keeping your private key—Exodus does not have access to it. Non-custodial wallets are sought out for their intense security, and if you want to take it a step further you can pair Exodus with TREZOR hardware wallets.
When you use Exodus, software will be downloaded onto your mobile or desktop (whichever you choose). Be aware that with the desktop app, you have access to additional features, including a backup system that restores your wallet password and wallet’s seed phrases. The interface displays three main sections: portfolio, wallet and exchange. In the portfolio, you’ll see your total funds and the number of cryptocurrencies you own; at press time Exodus supports 115 different coins.
Exodus works particularly well with Bitcoin, since it allows you to input custom fees for transactions. Where it falls short of other wallets is when used with Ethereum. You can’t input custom fees for the Ethereum network, and that can lead to higher transaction fees if there is heavy congestion on the network.
Ledger Nano X
Nothing beats a non-custodial hardware wallet for maximum security—as this keeps your digital assets offline and fully protected. Launched in 2014, Ledger is an industry leader in hardware wallets, and one of their best products to date is the Ledger Nano X, which came out three years after the Nano S.
Sold for $209 CAD, the Nano X doesn’t come cheap, but it is the frontrunner in crypto security, which is ideal if you plan to hold large sums of cryptocurrency over lengthy periods of time. This device supports over 5,500 crypto assets and works on mobile and desktop.
Boasting an intuitive design and a bigger display than the S, the Nano X has the huge benefit of mobile connectivity via Bluetooth. Once you set up your PIN code and create your seed backups, you pair the device with your mobile and install the desired apps, including the Ledger Live app that facilitates trade through their exchange partners (MoonPay and Coinify at press). Once you buy crypto, it’s sent directly to your hardware wallet where it’s kept secure. Thanks to the higher storage capacity, up to 100 apps can be installed on this device.
Trust Wallet
Released in 2017 and acquired by Binance in 2018, Trust Wallet is a software wallet with a solid reputation in the crypto world. It is open-source, which is a major benefit, and is compatible with over 100 major cryptocurrencies. This simple wallet is easy to use for beginners and makes it possible to buy crypto using a debit or credit card. Your private key information is kept on your device and encrypted, so it’s easy to restore if you lose your phone.
One thing to consider with Trust Wallet, however, is your preferred device. It is strictly for mobile (iOS and Android) and is not compatible with hardware wallets. If that’s not a concern to you, Trust Wallet is an excellent pick among the free software wallets.
Now we’ve provided some options of the best online crypto wallets around, which will you choose?