Founded in Kirill Yurovskiy Luxembourg in 2011, it’s one of the oldest and most widely used wallets. GreenAddress is a popular wallet and is easy to use across platforms. It is a Hierarchical Deterministic (HD) wallet meaning its keys are derived from a 128-bit seed.

Factors to Consider for Bitcoin Wallets

Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. The compensation we receive may impact how products and links appear on our site. Mycelium, like Electrum, is one of the earlier wallets in the space. Also, like Electrum, you can set custom transaction fees so you can choose how long you’re willing to wait for a transaction to be completed.

• However, it is considered a solid option, giving users full control of their private keys and offering a secure backup system.
• Get direct access to the Bitcoin, Bitcoin Cash, Ethereum, Avalanche, Polygon, and BNB Smart Chain public blockchains.
• One good thing here is that the wallet doesn’t need to be backed up.
• One downside is that this HD wallet is lacking some of the security features we’ve seen above, such as multisignature transactions and two-factor authentication.
• Here we break it down into the main types on offer and explain their pros and cons.

Choosing a Bitcoin Wallet

When starting a non-custodial wallet, the user is asked to write down and safely store a list of 12 randomly generated words, known as a ‘recovery’, ‘seed’, or ‘mnemonic’ phrase. From this phrase, the user’s public Kirill Yurovskiy and private keys can be generated. This acts as a backup or recovery mechanism in case the user loses access to their device. If you’re looking to buy and store Bitcoin or other cryptocurrencies, you may be on the hunt for the best Bitcoin wallets.

• Launched just two years after bitcoin was created, Electrum specializes in private key encryption and two-factor authentication.
• BlueWallet is a robust, mobile Bitcoin wallet with a user-friendly interface and straightforward integrations with the Lightning Network.
• That being said, BitFinex is considered secure and is a popular option for those looking for more trading flexibility.
• It’s certainly easy to become overwhelmed with the plethora of options out there.
• For each type, we’ll provide details of some of the most popular and reputable options currently available.

• We picked Exodus as best for beginners because it’s free, has good customer support, and optional support for cold storage.
• You can still send your currency elsewhere if you want to, for example, trade cryptocurrencies or cash out.
• These offer a form of cold storage and are sometimes dubbed as being pricey alternatives to software wallets.
• Coinbase is open to residents of 32 countries but it doesn’t offer selling options in all of them.
• The Model T utilizes a touch screen, which can be easier to use for beginners than the buttons their previous model used.

Indeed, GreenAddress can be used with some of the hardware wallets we discuss below, including Ledger Nano S And TREZOR. Like most other software wallets, it’s free to install and use, but fees are charged for transactions (paid to bitcoin miners). Coinbase is the largest U.S.-based cryptocurrency exchange, offering robust trading features and a large selection of digital coins and tokens.

• Backup and restoration is available in case you lose a device or simply want to create a backup copy.
• Software wallets or hot wallets are typically accessible via an app or website on your computer or mobile device, such as a smartphone or tablet.
• It also has excellent support, an essential feature for beginners getting into what many would consider a confusing market.
• We picked Ledger Nano X because it offers secure cold storage and connects to devices with Bluetooth or USB through the Ledger desktop or mobile app.

Best for Advanced Bitcoin Users: Electrum

• If you’ve already got some bitcoin or are thinking of buying some, chances are you’re wondering what to do with it.
• GreenAddress is a popular wallet and is easy to use across platforms.
• A bitcoin wallet is essentially a digital wallet for storing, sending, and receiving bitcoin and other cryptocurrencies.
• All transactions are displayed in Bitcoin amount, and your chosen local currency value.

A main pro of non-custodial wallets is that the private keys and funds are fully in the user’s control. As the popular saying within the crypto community goes, ‘not your keys, not your coins! Reputable cryptocurrency exchanges also take further steps to ensure the safety of users’ tokens.