This best cryptocurrency wallets of 2020 review will guide you through the best places to store your Bitcoin and altcoins. Over the past 10 years, Bitcoin’s value has skyrocketed. Cryptocurrencies have taken the world by storm. This leads us to need ever more safe places to store our digital investments. If you’re new to cryptocurrency and you’re wondering what software or hardware you’ll need, this post is for you. It’s never been easier to get involved in crypto so check out this post and we’ll have you covered on the safest, easiest and best crypto wallets available on the market today
Best crypto wallet overall: Coinbase
Coinbase is one of the easiest ways to buy, sell and store cryptocurrencies. With Coinbase, you can connect to a U.S. bank account and easily transfer dollars in or out of your dollar wallet.
Likewise, UK residents can connect a UK bank account and buy and sell the best cryptocurrencies with ease.
While the big upside of Coinbase is ease of use, it’s also one of the safest platforms and wallets around. If you are going to have one wallet only, then this is the wallet for you.
Best for security: Ledger Nano
The Ledger Nano is a USB sized hardware wallet specially designed for the cryptocurrency. It’s a cold wallet so your cryptocurrencies can be stored off-line making it one of the safest ways to keep your funds safe.
It offers many features which are hard to find in any other type of cryptocurrency wallets, especially in terms of security and backup of your private key for the digital currency.
The Ledger Nano allows you to complete a transaction, exchange your digital currency, use the related apps and transfer money from one account to another account within seconds.
The edge the Ledger Nano has over other hardware wallets is the number of coins and tokens it supports and its extremely portable size.
Underlining all these great attributes, the Ledger Nano is very secure from hackers because the physical buttons that have to be used for any transaction to be carried out, and it has an anti-tamper proof feature which checks the integrity of the hardware wallet every time it is powered up.
Best for desktop: Electrum
Electrum made its way on the scene when Bitcoin was valued at just a few dollars. It’s one of the oldest and most reliable wallets out there. It’s now estimated that over 10% of all Bitcoin transactions occur on Electrum.
Electrum is a software wallet which means your Bitcoin is stored in a set of files on your home computer. It’s currently available for Windows, Mac OS X, Linux and Android.
The most significant benefit is that you can quickly download and install Electrum. From there, you can store your Bitcoin.
Electrum is considered one of the most secure and best bitcoin wallets available today.
For further info visit the Electrum official site.
Best user experience for desktop: Exodus
The Exodus crypto wallet offers a beautiful and intuitive experience when storing crypto. If you are looking for a wallet for your digital currency which has clean graphics, a concise reporting system, colourful and user-friendly then Exodus should rank high on your list.
In addition, Exodus has advanced features which you expect to have in any advanced level web-based online wallet (support for multiple currencies, one-click exchange, top-notch security protocols).
Best crypto wallet for mobile: MyCelium
If you’re looking for a top smartphone Bitcoin wallet, then the MyCelium wallet may be the one for you. It’s hard to find too many faults with the product. It’s simple to understand and has more complex features for advanced users.
Sending and receiving is super fast which makes it effective for storing and using small amounts of Bitcoin (this is the only crypto it supports).
The only drawback is the potential security threats of it being online.
As with any device that is continually online storing private keys, security is never 100% guaranteed. In our opinion, this is a great option for sending and receiving Bitcoin on the move and is something which can complement other storage options.
Best wallet for anonymity: Lumi Wallet
Lumi Wallet is an easy-to-use crypto wallet suitable for beginner and advanced users alike. The wallet, like most crypto wallets, puts users in control of their private keys, which means you have full ownership of your keys and cryptocurrencies. The Lumi wallet is a multicurrency wallet designed to meet the needs of both newbie and experienced crypto owners.
It offers wide-range support for cryptocurrency coins. You can store and exchange BTC, ETH, BCH and EOS in just a few clicks. Lumi Wallet supports the majority (1200+) of ERC20 tokens, and directly inside the app you can buy and sell MKR, USDC, OMG, ARN, and many others.
Beyond Lumi’s ease of use, we really like the high level of anonymity the wallet offers. For example, the HD wallet will create a unique address for each transaction, enabling anonymity.
Users are not required to provide their personal data before accessing the wallet. Equally, no form of identification is needed to exchange your coins on the wallet app. If you need to increase your anonymity on the web interface, you can turn on your VPN.
This is why if you like to safeguard your personal information or simply don’t want the hassle of passing Know Your Customer, then Lumi is a great choice.
Available on web version and mobile the Lumi Wallet is a great all-rounder.
Best exchange wallet: Binance
At some point, you will want to move some of your Bitcoin’s and altcoins from the safest storage options such as a Ledger Nano or Coinbase to an exchange wallet.
Why will you need to do this?
If you want to trade Bitcoin for a range of altcoins then you’ll need an exchange to do this. This is where the rub is. No exchange is infallible. They do get hacked. They are using hot wallets to store your crypto. We need to appreciate that this is one of the less secure ways of storing cryptocurrencies.
We, therefore, must balance the positives (such as the range of coins and liquidity an exchange offers) with safety. When the chips are down, we recommend Binance as it’s the biggest and best crypto exchange out there.
As long as you take steps to transfer the fruits of your trading to a more secure long term option, then Binance is still the best exchange wallet option available.
Best Cryptocurrency Wallets of 2020 – wrapped up
And that’s our guide to the ‘Best Cryptocurrency Wallets of 2020’ for storing Bitcoin and altcoin. We are sure that from this curated selection there are a number of options that will fit your needs. If you found this post helpful, please share us on your social media channel below.