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Best Bitcoin Wallets

Here are our top picks for all levels of Bitcoin investors.

We recommend the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend. Read our advertiser disclosure for more info.

One of the driving principles of cryptocurrency is the freedom to hold wealth in a decentralized platform. As long as one holds the private keys to their wallet, they have full control of their money without the aid of a centralized resource. With so many “independent” products on the market today, it can be difficult to determine which ones are legitimate, and which ones will only provide more questions than answers. What may be best for experienced users may not be ideal for those just getting started in the world. 

To find the best Bitcoin wallets, we researched multiple products to understand their interface, features, how they work, their level of security, and who stands to benefit most from each type of wallet. Whether you’re a long-term holder through thick and thin, or an investor who wants to reinvent their relationship with money through digital currencies, these wallets stood out as among the best in 2022. 

Best Bitcoin Wallets of 2022

Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is risky and highly speculative. The markets can be extremely volatile. Consult with a qualified professional before making any investment decisions.

This article is not a recommendation by The Balance or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.

All of the providers included in this article can help investors gain exposure to Bitcoin and other cryptocurrencies. However, not all of the providers listed below meet the strict definition of a Bitcoin wallet, as many do not permit users to deposit or withdraw cryptocurrency from their accounts. Some of these providers may also subject investors to increased loss risk from hacking. To better understand the risks involved, read the full provider sections below.

Best for Hardware Wallet for Security : Trezor


Trezor

 Trezor

  • Wallet Type: Cold
  • Purchase Cost: $77-$280, more for some packs
  • Incorporated Exchanges: Changelly, ChangeNOW, CoinSwitch
  • Compatible Hardware: N/A
Why We Chose It

Trezor wins our Best Hardware Wallet for Security category because of how it balances security with functionality.

Pros & Cons
Pros
  • Supports over 1,800 cryptocurrencies

  • Users can manage cryptocurrency with desktop and mobile computers

  • Touchscreens on the Model T make it easy to monitor balances without another device

Cons
  • More expensive than other similar options

  • Hardware security key available only on Trezor Model T

  • Setup may be difficult for new users

Overview

Trezor is among the top hardware wallets available in the industry. In addition to offering multiple ways to connect with desktop computers and smartphones, the Trezor Model T features a touchscreen, allowing users to manage their cryptocurrency balances straight from the devices. The Model One has a monochrome display with buttons rather than a touchscreen, requiring that you use a computer or a smartphone to fully control the device.

Trezor devices can be connected to both computers and smartphones using a USB-C cable. Using one of the many compatible software wallets or Trezor Suite on desktop computers, owners can see their balances and send or receive cryptocurrency with ease. Trezor devices support over 1,800 digital currencies, including Bitcoin, Ethereum, BNB Coin, USD Coin, and Dogecoin. However, only the Model T supports the full list of coins.

While the Trezor One is great for users who are new to the cryptocurrency space and want a secure place to store their coins, The Trezor Model T features a MicroSD card slot to create a randomly generated secret on the card. Without both the correct PIN and MicroSD card, the device is unable to be unlocked until the security feature is manually turned off, or the device is factory reset.  

Though there are many great features, getting started with a Trezor comes at a price. The Trezor One currently costs $77, while the Trezor Model T has a current price tag of $280. Prices are due to fluctuate a little more frequently than with other companies because they are converted from Euros, the company's main currency.

Best for Advanced Bitcoin Users : Electrum


Electrum

Electrum

  • Wallet Type: Hot, but with offline option
  • Purchase Cost: $0
  • Incorporated Exchanges: None
  • Compatible Hardware: Ledger, Trezor, and more
Why We Chose It

Electrum does one thing very well: allow users to store, send, and receive Bitcoin.

Pros & Cons
Pros
  • Customizable transaction fees

  • More security settings than other competitors

  • Supports Lightning Network transactions

Cons
  • Only supports Bitcoin

  • Minimalist interface can be difficult for new users to navigate

Overview

Electrum is one of the oldest wallets on the market, but that doesn’t mean the wallet hasn’t been updated or adapted to changes over the years. In 2020, Electrum upgraded to support faster and cheaper transactions on the Lightning Network, along with “watchtowers” to help monitor the blockchain for fraudulent transactions. 

What makes Electrum popular among long-time Bitcoin users is the customization options. Power users can easily switch between transactions along the original Bitcoin blockchain or the Lightning Network, and set the transaction fees they are willing to pay. Furthermore, Electrum users have flexibility to set security to their own standards, including creating multi-signature wallets or two-factor authentication for transactions, or adding custom words to a seed phrase. 

On the downside, Electrum’s bare-bones interface may be hard for new users to manage, while utilizing the command line for the first time can be difficult. For those who understand Bitcoin and want complete control of their transactions, Electrum’s wide variety of features are hard to pass by. 

Best for Desktop : Guarda


Guarda Wallet

Guarda Wallet

  • Wallet Type: Hot
  • Purchase Cost: $0
  • Incorporated Exchanges: ChangeNOW
  • Compatible Hardware: Ledger
Why We Chose It

Guarda Wallet packs many of the top demanded features of a cryptocurrency wallet in an easy-to-use platform.

Pros & Cons
Pros
  • Support for over 50 blockchains and over 400,000 digital tokens

  • Excellent customer support

  • Available on all major desktop platforms and mobile devices

Cons
  • High costs for wallet-based cryptocurrency purchases

Overview

Guarda, a non-custodial wallet, is among the most secure in the industry, with no reports of any data breaches from their servers. Should a wallet holder have questions about using Guarda, support is available by email, live chat, or a ticket system. 

Downloadable for all major desktop and mobile platforms, Guarda Wallet offers a natural pathway for users to grow their cryptocurrency knowledge and go beyond sending and receiving Bitcoin. The academy provides multiple lessons for both beginners and experts, giving them confidence to explore more options for their tokens, including earning through staking, or lending with partner CoinRabbit.

Those who want to buy cryptocurrency directly through their wallet can expect to pay up to 5% in fees. These fees are high relative to the rest of the industry and constitute the one clear drawback to using Guarda Wallet.

Best Hardware Wallet for Durability : Ledger


Ledger
  • Wallet Type: Cold
  • Purchase Cost: $79 - $149
  • Incorporated Exchanges: Wyre
  • Compatible Hardware: N/A
Why We Chose It

Another highly popular hardware wallet, Ledger is a tried-and-true option for storing Bitcoin offline.

Pros & Cons
Pros
  • Convenient size

  • Easy-to-use interface

  • Bluetooth or USB connectivity

  • Supports over 5,000 coins and tokens

Cons
  • Bluetooth connections often attract cyber attacks

  • Limited wallet storage

Overview

In a package resembling a USB drive, the Ledge Nano S Plus and Nano X allow users to monitor their balances using an onboard display, and store their Bitcoin, other cryptocurrencies, and NFTs through many different wallet apps. 

There are two ways to connect to a Ledger: Using a Micro USB cord, or via Bluetooth. However, only the Nano X has Bluetooth. New users can set up their wallet using a desktop computer and USB connection, and following the directions in the Ledger Live app. Once a PIN is set and a 24-word recovery phrase is stored in a safe place, users are free to set up their wallet apps and store cryptocurrency in a safer hardware wallet.

Although both Ledger devices support thousands of cryptocurrencies, the total amount of storage is limited to 100 cryptocurrency apps. The ardent digital token collector will need to be careful about which currencies they want to store on their Ledger at any given time. Another potential weakness is the Bluetooth connection on the Nano X, as the connection may be used for cyberattacks. Ledger users should always validate which device is attempting to use Bluetooth before connecting. However, Ledger has taken steps to make their Bluetooth connections more secure than the norm.

Best for Beginners : Exodus


Exodus

Exodus

  • Wallet Type: Hot
  • Purchase Cost: $0
  • Incorporated Exchanges: FTX
  • Compatible Hardware: Trezor
Why We Chose It

Exodus wins our Best for Beginners category because of its user-friend framework.

Pros & Cons
Pros
  • Supports over 200 popular cryptocurrencies

  • Easy-to-use interface

  • Integrated with FTX and many decentralized finance (DeFi) apps

Cons
  • Unable to set custom gas fees for some cryptocurrencies

  • No multi-factor authentication support

Overview

For those who have never used Bitcoin before, setting up a wallet and getting started can seem like a very arduous task. Exodus is one of the wallets which do an excellent job of making the process easier, using a simple interface with the FTX cryptocurrency exchange already built in.

Available on both desktop computers and mobile devices, Exodus walks users through setting up their wallet, saving their secret phrase, and getting started into the world of Bitcoin. For more adventurous users, the app also supports over 200 more cryptocurrencies, all of which can be exchanged directly through the wallet with ease. 

While the app provides an easy way for new users to get started in cryptocurrency, experienced users may get frustrated with the app’s guardrails. Exodus wallet is partially “closed source,” with only a portion of the source code available to the public, making it difficult to create customizations. Moreover, users can only set custom transaction fees for Bitcoin and one other currency, making it difficult to time when to move digital tokens. Ease-of-use also comes with some downsides, as Exodus currently does not offer multi-factor authentication to verify user login attempts. Those who do use Exodus should create a strong password to help prevent unauthorized access.  

Best for Mobile : Mycelium


Mycelium wallet

 Mycelium wallet

  • Wallet Type: Primarily hot with offline cold storage modes
  • Purchase Cost: $0
  • Incorporated Exchanges: Yes
  • Compatible Hardware: Ledger, Trezor, KeepKey
Why We Chose It

Mycelium wins our Best for Mobile category because of how easy it makes managing your cryptocurrencies on the go.

Pros & Cons
Pros
  • Open source software

  • Integrates with Trezor hardware wallets

  • Non-custodial and strong privacy

Cons
  • New users might find the platform difficult to navigate

  • Limited customer support options

  • Only available for Android and iOS platforms

Overview

One of the freedoms Bitcoin promises is the ability to manage transactions everywhere in the world using nothing more than a cell phone. Mycelium delivers on this promise in many different ways. Available only on Android and iOS devices, Mycelium is built to send and receive Bitcoin on the go. 

Mycelium has found popularity through flexibility, featuring open source code which can be audited and edited by the community. Within the app, users can review their transactions, send or receive Bitcoin using QR codes, and quickly move their coins between a software or hardware wallet.

While advanced users may appreciate the simple platform to send and receive Bitcoin, new users may find it difficult to get started because of a lack of tutorials or customer support. Mycelium wallet also only offers customer support via email, and does not use social media channels to communicate changes or updates.

Final Verdict

Choosing a Bitcoin wallet is not an easy task, and should not be taken lightly. All Bitcoin users, from those just exploring the world of cryptocurrency to those who use Bitcoin and other digital tokens as part of their everyday spending, have specific needs for their funds. For instance, Bitcoin enthusiasts who plan on investing for the long term may be best served with a hardware wallet, while those who want more flexibility may be best served with a software wallet offering access to an exchange. 

Before setting up any wallet, determine what you value the most: convenience or customization. From there, be sure to understand how you want to engage with your digital currencies on a daily basis. Traders may want a balance of an easy-to-use interface with customization options, while holders will want security above all else. 

Starting on a journey exploring Bitcoin and other cryptocurrencies can feel like a very intimidating experience. Through setting goals for investing in Bitcoin and determining what features are most important, anyone can get started in exploring and finding value in this alternate asset class. 

Compare the Best Bitcoin Wallets

 Company Type of Wallet (hot/cold)  Purchase Cost Incorporated Exchange Compatible Hardware
Trezor Best for Hardware Wallet for Security Cold $77 - $280 Yes N/A
Ledger Best Hardware Wallet for Durability Cold $79 - $149 Yes N/A
Electrum Best for Advanced Bitcoin Users Hot with Cold options Free to download None Ledger, Trezor, and more
Exodus Best for Beginners Hot Free to download Yes Trezor
Mycelium Best for Mobile Hot with Cold options Free to download Yes Ledger, Trezor, KeepKey
Guarda Best for Desktop Hot  Free to download Yes Ledger

Frequently Asked Questions

How Do I Use a Bitcoin Wallet?

Bitcoin wallets act as virtual wallets for your digital currencies. Just as you could put dollars, euros, pounds, and yen in your physical wallet, you can put Bitcoin, Ethereum, Litecoin, and Ripple in your Bitcoin wallet.

Some wallets featured in this list allow you to buy and sell bitcoins with an integrated platform. Others are made only for storage. There are pros and cons to keeping your cryptocurrencies online or in an offline wallet. It’s up to you to decide on the right mix of security and convenience for your needs and comfort.

How Much Money Do I Need in Order to Invest in Bitcoin?

If you’re looking to buy bitcoin, it’s important to understand the costs and risks involved. There is no universal minimum purchase rule for digital currencies, but some exchanges have minimum order sizes, and fees may make small purchases impractical.

Examples of places where you can buy small amounts of bitcoin are Coinbase ($2), Robinhood (0.000001 BTC minimum purchase), and SoFi (minimum $10 purchase).

It’s not a good idea to put more money into bitcoin than you can afford to lose. While many people made millions when bitcoin skyrocketed to more than $19,000 in 2017, the price dropped to less than $3,500 one year later. It then skyrocketed in 2020 and 2021, reaching $69,000. However, by mid 2022 it fell again below $20,000. Bitcoin is highly volatile.

What Are the Pros and Cons of Digital Bitcoin Storage?

Pros

  • Secure storage of bitcoin and other digital currencies
  • Ability with some to buy and sell coins to take advantage of market fluctuations
  • Flexibility to keep your coins online and accessible, or offline and ultra-secure

Cons

  • Some exchanges associated with these wallets charge high fees
  • Setting up some wallets can be complex
  • Hardware wallets require an initial cost

How Should I Choose a Bitcoin Wallet?

The best bitcoin wallet for your needs depends on your comfort with technology and your goals. Here are some of the best types of wallets for different situations:

  • Beginners: Consider starting with an online wallet that charges very low fees for transactions. SoFi, Robinhood, and Coinbase are best for this group. If you have a strong investment background, SoFi, Robinhood, and Exodus are good choices.
  • Experienced users: Hardware wallets offer the best security. People who are very comfortable with computers should have no problem navigating the additional complexities. Trezor and Ledger are suitable for this group.
  • Serious enthusiasts: Consider a dedicated cryptocurrency wallet that gives you either added security or enhanced features. Coinbase, Trezor, Ledger, Edge, and Exodus are solid options.

How We Chose the Best Bitcoin Wallets

One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets. 

Our review process is built around key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of writers, who are experts in this field, then provided their qualitative point of view.

We gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.

Article Sources
  1. CoinMarketCap. "Bitcoin."

  2. Hossein Rezaeighaleh and Cliff C. Zou. "New Secure Approach to Backup Cryptocurrency Wallets."

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