Crypto Wallets For Beginners: Best Crypto Wallets Guide 2022

If you plan on holding cryptocurrency, one of the most important decisions you can make comes before you buy your first token. What is this important decision? The type of cryptocurrency wallet you choose.

With over 100 cryptocurrency wallets available, choosing the best ones gets more complicated every day, especially for beginners. First, you have to make sure you choose the right wallet, one that is secure and user-friendly.

So what is the right wallet? This article will look at six of the best crypto wallets for 2022 and their pros and cons.

Before we start, let’s look at the importance of using safe crypto wallets.

Why Crypto Wallets are Important

Beginners tend to keep their coins on the exchange they bought them from, giving up control and trusting that the exchange will keep the coin safe. Unfortunately, when you keep your coin on an exchange, you’re giving up ownership and control of your crypto. Additionally, if the exchange gets hacked, you could lose your funds.

Some exchanges are also just pure scams hiding under the guise of legitimate businesses. Basically, if you do not own the keys to your wallet, you don’t really own the tokens there.

Now that you know the importance of having a wallet let’s look at the six best crypto wallets for beginners in 2022.

Best Crypto Wallets in 2022

Coinbase Wallet

First on the list is the Coinbase wallet. It's an intuitive, easy-to-use, secure wallet for beginners. Unlike the Coinbase exchange, the Coinbase wallet is non-custodial, meaning it stores your private keys on your device and not on Coinbase servers.

Pros

• Supports over 500 cryptocurrency assets

• Easy to use

• Available on mobile and as a stand-alone browser extension

Cons

• Less secure than cold storage wallet

• Only available on mobile and tablet devices

CoinStats

CoinStats is a crypto wallet available on Android, iOS, and browser-based wallets. It can interface with your apple watch. Apart from basic wallet features, CoinStats also has an analytics feature to gain insights into past trades and future price movements. It also lets users connect to their favorite exchanges to monitor their crypto assets from a single dashboard.

Pros

• Military-grade encryption for crypto assets

• Live updates on cryptocurrency prices

• It makes it easy to simplify your portfolio

• Staking of up to 20% APY available

Cons

• It comes with a lot of advanced features that beginners may find hard to understand.

• Some features require you to pay for a pro or premium subscription

Ledger Nano X

If security is your primary concern, then you want a hardware wallet. Hardware wallets are physical devices that store your wallets offline (cold storage) securely away from most possible hacks and theft attempts. The Ledger Nano X is one of the best hardware wallets on the market, and physically, it looks a bit like a USB drive.

If you’re looking for the highest level of security money can buy, the Ledger Nano X is a sound purchase. The private keys are so secure that you don’t even have access to them. Instead, they’re stored within the device and secured with a pin number.

The only way a third party can get access to your assets is if they had the wallet in their hands and know or guess your pin number or if they guessed your recovery phrase.

Pros

• Non-custodial hardware wallet

• Supports over 1000 crypto assets

• Easy to use

• It can be controlled from your mobile phone or your computer.

• Supports staking for popular coins like EOS, TRX, XTZ, WAN, etc.

Cons

• It is expensive

Exodus Wallet

Exodus is a free multi-currency wallet available for mobile and desktop. It is one of the most beautifully designed wallets you’ll encounter. It provides two ways to regain access to your tokens if your computer is damaged, lost, or stolen. The first is using a 12-word seed phrase that you generate when creating your Exodus wallet. The second is an email restore feature where Exodus sends a link. \

Exodus' multi-currency functionality is one of its most appealing features. The wallet supports over 145 different cryptocurrency assets, more than most other hot wallets. This includes popular meme coins like Dogecoin and Shiba Inu and well-known altcoins like Ether, Litecoin, Tether, and Dash.

Pros

• Super easy to use

• Built-in exchange

• 24/7 support via LiveChat

• Supports over 100 crypto assets.

Cons

• It doesn’t provide the same level of security as hardware wallets such as ledger.

• Not open-source, meaning its code isn’t publicly visible and therefore doesn’t get reviewed by community members to evaluate its quality.

Trezor One Hardware Wallet

The Trezor wallet is a popular alternative to the Ledger wallet. For starters, it is easier to use and set up than Ledger. However, it also costs less than the Ledger Nano X mentioned earlier.

As a hardware wallet, it shares many of the security benefits of Ledger, and like Ledger, it supports over 1000 different cryptocurrencies. So you can be sure that any crypto you wish to store will be compatible with this wallet.

Another great feature of Trezor is its partnership with Exodus wallet. Essentially, the partnership lets Exodus users upgrade their security, allowing them to enjoy all the benefits of Exodus and the protection of a hardware wallet.

Pros

• Open-source

• A great mix of cost and security

• More affordable than the Ledger Nano X

• Supports a wide variety of coins

Cons

• Doesn’t support XMR, XRP, and EOS

• No mobile support

Trust Wallet

Trust wallet is one of the best wallets out there for anyone looking to carry around their crypto on their mobile. The app is available free on the Apple App Store or Google Play Store.

Trust wallet is also another multi-crypto wallet capable of interacting with decentralized applications directly through the app, thanks to its web3 browser.

So, if you want to play some crypto games, or enjoy the option of using your wallet with dApps, then Trust Wallet is the way to go. Furthermore, Trust wallet is the ideal choice for anyone wanting a free multi-crypto wallet app to manage their coins on the go.

Pros

• Fully open-source, meaning that the underlying software code is open to all to audit and verify.

• It supports staking for ATOM, TRX, and XTZ.

Cons

• No desktop support

Conclusion

There you have it, the best 6 crypto wallets in 2022. Of course, the best wallet for you honestly depends on what coins you want to store, the functionality you need, and the level of security you’re comfortable with. Regardless of the level of security, you still need to do your due diligence and take basic wallet security precautions.

If you’re looking for a great alternative to the wallets listed above, check out CoinStats. It comes with military-grade encryption for your crypto assets, a staking option of up to 20% APY, and an upgradable security feature for a small fee.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes