In this article we make recommendations for the best cryptocurrency wallet in 2020. We will explain more about crypto wallets for beginners including Bitcoin cryptocurrency hardware, desktop, paper and app wallets.
If you are new to Bitcoin and the cryptocurrency space it can be challenging to understand the technology behind the cryptocurrency revolution. With thousands of cryptocurrency tokens and dozens of wallets for different tokens or coins, it’s difficult to keep up. Piggy Bank Coins is here to help you understand your options and make better decisions when investing in the new frontier of cryptocurrency.
First, let’s define some terminology. We’ll assume you have a basic understanding of what Bitcoin is and what block chain technology is as well. In order to hold any kind of cryptocurrency, including Bitcoin, you need a wallet. What’s a cryptocurrency wallet?
What is a Crypto Wallet?
A cryptocurrency wallet is a platform where your public and private keys are stored securely. The public and private keys are simply long strings of characters. Moreover, your public key is what people use to send you bitcoin. It’s not a big secret. However, your private key is secret and can never be shared with anyone. Your private key is the critical link, the “key” to unlocking your cryptocurrency.
A cryptocurrency wallet can be a hardware wallet, a desktop wallet, a mobile application (“app”) wallet or a paper wallet. However, let’s discuss the differences between these wallets so you can better understand which one is best for you.
Best Cryptocurrency Wallet for Beginners – Exodus Desktop Wallet
The beauty of Exodus is its clean design that is easy for anyone to use. In addition, Exodus supports more than 60 cryptocurrencies. It’s a simple app that is great for storage. Also, It can also link with Trezor cold storage wallet and mobile app. One drawback is its limited ability to exchange and use apps on the platform, such as earning interest.
Best Cryptocurrency Wallet Overall – Robinhood
Robinhood features a desktop and mobile app presence that was chosen because of it’s simplicity, ease of access and sheer volume of what’s offered. Trade cryptocurrency? Check. Furthermore, you have the option to invest in stocks, gold, silver and more. This app is a one stop shop for investing. Finally, Robinhood is probably not the cheapest way to trade (long term) and you don’t hold your crypto keys with Robinhood, but it’s great for beginners and for set-it and forget-it.
Most Popular Cryptocurrency Wallet in 2020 – Blockchain.com Wallet
Founded in 2012, the Blockchain Wallet has over 49,000 reviews on the Apple App Store. This wallet features real-time updates, ability to buy, sell and trade cryptocurrency. However, the only downside to this app is that it only supports a limited number of cryptocurrency coins.
Best Cryptocurrency Wallet Mobile App – Coinbase Wallet
Coinbase is the simple, easy go to for buying, selling and trading cryptocurrency in the U.S. First, it offers a desktop trading platform for on-ramping from cash to crypto, as well as a sleek app for mobile users. Second, it is a workhorse wallet and you know what you are getting with this one. Coinbase is a solid platform that will be around for a while. Probably doesn’t have the most competitive fees for buying and selling and when trading volume is heavy you may have difficulty moving in or out of trades. Finally, with more than 25 tokens to choose from on Coinbase and a seamless design, how can you go wrong?
Next Best Cryptocurrency Wallet Mobile App – Trust Wallet
Trust Wallet is a highly rated wallet which features many options including its decentralized exchange (DEX). Moreover, it is heralded as fast and features a limited number of cryptocurrencies, such as Bitcoin, Ethereum, Litecoin and ERC20 tokens.
2nd Runner Up Cryptocurrency Wallet Mobile App – Binance Crypto Exchange and Wallet
Binance earns high marks from reviewers and is a well known Asian-based trading platform. First, it boasts over 150 cryptocurrencies to buy, sell and trade, including the Binance Coin. Binance has proven over time that security is a serious player in the crypto space. Finally, if you want a variety of cryptocurrencies with dependability, Binance is a good choice. However, please note that Binance may not be an option for Americans.
Honorable Mention Best Cryptocurrency Wallet Mobile App – Crypto.com Wallet
Crypto has interesting features including the ability to earn interest on your cryptocurrency holdings. First, it offers a visa card with cash back options. More than 50 cryptocurrencies available for trading. In addition, this one is a growing market to watch and will probably be a serious player in the future of crypto. Note: not yet available to the US market.
Honorable Mention Best Cryptocurrency Wallet Mobile App – Coinomi Wallet
Coinomi features more than 1700 tokens for buying and selling. Moreover, it Boasts superb security features and strong encryption. In addition, Coinomi offers enhanced anonymity with little or no Know Your Customer (KYC). Finally, this is a mobile app that almost has it all.