Every now and then, crypto users face an insurmountable task of choosing a suitable crypto services provider from a broad range of options. This challenge is even more pronounced when torn between two or more platforms, integral to the safety of your crypto holdings.
Like you, we are aware of the added pressure that comes with crypto research, especially when your funds are at stake. Hence, we have put together a comprehensive guide to help boost your decision-making process. Here, we will explore 5 of the top crypto wallet service providers, compare their features and choose the best.
How Did We Carry Out This Research?
It is common knowledge that the methodology of researches determines the quality of their findings. Therefore, we have ensured that our approach is robust enough to encapsulate all the core factors for identifying a viable crypto wallet. We highlighted the security, the added features, customer support, beginner friendliness, and much more. Subsequently, it was easier to determine the pros and cons of each wallet and handpick the very best.
Below is a brief overview of the featured crypto wallets.
1. Crypterium
Crypterium stands out as a wallet infrastructure that finds a balance between security and functionality. The product incorporates crypto banking features for an even more unique approach to coin storage. With just a few clicks, users can create an interest generating savings account and earn more financial rewards for holding their coins. Other than promoting a hodling culture, Crypterium also provides exchange services powered by an AI bid-asking system designed to help users sell or buy crypto at the best rates. Furthermore, it syncs seamlessly with Crypterium’s crypto debit card, which is a universally accepted mode of spending crypto online or physically.
For its security architecture, Crypterium utilizes an insured cold storage solution. It also helps that the wallet comes with a crypto gateway. As such, users can buy crypto with their credit/debit cards. Conversely, the overly high transaction limits of Crypterium have earned it a bad rep in the crypto community.
Pros: It has extensive banking functionality, it supports insurance-powered offline storage, aesthetically designed, it has a crypto gateway compatible with debit and credit cards, it offers an in-app AI-powered exchange facility.
Cons: Transaction limits are ridiculous.
2. Coinbase Wallet
Coinbase has stamped its brand at the heart of the crypto narrative by delivering quality services and products. Thus, it comes as no surprise that its wallet is one of the most widely used options. Thanks to the seamless integrations with the vast Coinbase ecosystem, wallet users have a long list of features to choose from. They can navigate to trading platforms effortlessly or access Coinbase card services instantly. Besides, it is compatible with digital collectibles and other ERC721 tokens. Apart from non-fungible and ERC20 assets, Coinbase supports a limited number of altcoins.
Pros: It is easy to use, it delivers Industry-standard security infrastructure, it offers access to the Coinbase ecosystem, it supports ERC721 tokens.
Cons: It offers wallet services to a handful of altcoins
3. Trust Wallet
Owned by Binance, Trust Wallet has become one of the wallet service providers driving the DeFi boom. The infrastructure sticks to a decentralized architecture that focuses on preserving the anonymity of users and reducing the cost of participating in the DeFi landscape. It is worth mentioning that the wallet’s affinity for Ethereum-based tokens is both a blessing and a curse. Even though users have unlimited access to the ERC20 token market, they cannot purchase or hold established cryptocurrencies like Bitcoin.
Pros: No KYC requirements, it is ideal for DeFi operations, there are no hidden fees.
Cons: It is not compatible with Bitcoin.
4. Mycelium
Due to the service provider’s attention to detail and knack for delivering top security features, Mycelium has emerged as a juggernaut in the crypto industry. The wallet integrates with hardware wallets like Ledger and Trevor for added security cover through cold storage. Also, it provides an array of functionalities to secure users’ privacy. Notably, residents of the USA and Canada can buy and sell bitcoin with their bank accounts, thanks to its partnership with Glidera. However, all these services are limited to Bitcoin holders.
Pros: It offers data encryptions, it interfaces with hardware wallets.
Cons: It is strictly for bitcoin users.
5. Jaxx Wallet
This wallet incorporates a multi-currency design and supports over 90 cryptocurrencies, including a majority of established coins. The versatility of the platform has helped Jaxx make a name for itself in the ever-competitive crypto world. Another feature that elevates this platform is its instant exchange implementations powered by Changelly and ShapeShift. In contrast to its viable functionalities, Jaxx is underwhelming in the security aspect. Having had a security skirmish in 2017, it is weird that Jaxx does not incorporate two-factor authentication.
Pros: It supports multiple coins, instant exchange services.
Cons: No 2FA layer.
Which Is the Best Crypto Wallet?
Although the above-listed platforms have done remarkably well, there can be only one winner. From our findings, it was clear that Crypterium is a level above the others. This is because it has the most loaded crypto wallet infrastructure. More importantly, it does not fall into the common mistake of delivering a broad suite of services at the expense of security. The decision to establish a balance between the safety of its users and their exposure to advanced crypto functionalities is commendable. However, we advise that you carry out your research before opting for Crypterium or any of the wallets listed in this article.