I’ve taken the time to make a summary of the best crypto wallets. You don’t need to test them all, I did this for you. Follow me , next week I will share my experience with wallets in the cosmos ecosystem.
So this is my comparison of the best crypto wallets, including a summary, disadvantages, and compatibility with major networks like Ethereum (EVM), Bitcoin, and Solana.
Table of Contents:
What is a Crypto Wallet?
Why use a self-custodial Wallet?
Hardware Wallets
EVM Wallets
SOL Wallets
Final Thoughts
Overview
What is a Wallet?
The actual "wallet" in crypto is a specific address on the blockchain. This address is where the funds are associated or "stored" on the network. However, the key to accessing and managing these funds is your private key (or seed phrase), not the wallet software itself.
The private key allows you to prove ownership of the funds linked to that blockchain address, enabling you to sign transactions and move funds. NEVER! Share your seed phrase or private key with anyone. Protect it at all costs and do not compromise it due to improper storage or by accessing it in public. Meanwhile, your public key is your wallet address, allowing others to send you crypto. The wallet software, then, helps manage these keys and facilitate communication with the blockchain, but the true “wallet” is the blockchain address that holds your funds.
A common misconception is that the wallet software itself holds your crypto—this isn't quite accurate. The software, whether a hardware wallet or a software wallet (app), is more like an interface or tool that manages the crypto and allow interaction with the blockchain.
Recap How does the Blockchain work?
Think of the blockchain as a public ledger where all transactions are recorded. When you "own" cryptocurrency, what you're really owning is a right, proven by your private key, to move certain coins stored in a specific address (public key) on this ledger. The wallet software doesn't store the coins themselves; instead, it securely stores and manages your keys. When you want to make a transaction, your wallet uses the private key to sign the transaction, proving you have the authority to send or interact with those coins.
Advanced explanation
A crypto wallet isn't the physical software or hardware but rather the mechanism that facilitates ownership and control over cryptocurrency. The core function of wallet software is to generate and store cryptographic key pairs: a private key and a public key using a randomly generated seedphrase.
Seedphrase: Seed Phrase is usually a sequence of readable English words, from 12 to 24 words, randomly generated. A Seed Phrase is mainly used to create and restore crypto wallets. Seed Phrase is easy to read, easy to remember, and can be easily noted on paper.
You can use the Seed Phrase to create wallets containing multiple Private Keys and regenerate your private key(s).Private Key: This is a long, randomly (using your seedphrase) generated number that serves as a digital signature for all transactions. It is the most critical part of the wallet because it grants full control over the associated assets. Whoever holds the private key can authorize transactions and thus has full ownership of the cryptocurrency.
Public Key: Derived from the private key, the public key is used to generate wallet addresses (essentially shortened versions of the public key). These addresses allow others to send funds to the wallet, while the private key is needed to authorize outgoing transactions.
Wallet Address: A wallet address is a shortened version of the public key, formatted to be more user-friendly. It's the identifier you share with others when you want to receive cryptocurrency.
How It Works:
Algorithms are used to generate the keys. Later, they cannot be decrypted anymore, the algorithm only works in one direction.
When someone sends cryptocurrency to your wallet address, they are essentially sending it to the public address that’s linked to your private key.
The private key is required to access the funds in the blockchain and authorize transactions, proving that you’re the legitimate owner of the assets.
The wallet itself, in a technical sense, is not "storing" the cryptocurrency. Instead, it is the tool that gives you access to the private and public keys. These keys allow you to interact with the blockchain, where the actual ownership records (i.e., the balance of your assets) are maintained. The wallet ensures that you can securely sign transactions and manage your crypto funds without directly exposing the keys.
In short, a crypto wallet is an abstract concept, based on the cryptographic proof system that ties ownership of cryptocurrency to whoever controls the private key, making it the digital identity of the user within the blockchain ecosystem.
Why Should I use a self-custody wallet?
Using a self-custody wallet offers significant advantages, particularly in staking, governance, and security. With self-custody, you are your own bank. This allows you to directly stake assets or liquid stake yourself, get airdrops, participate in governance votes, and ensure your holdings are secure from potential exchange collapses.
Holding your crypto at centralized exchanges (CEXs) means the platform holds your keys. However, they represent ownership — if someone else gains access to your private key, they can control your crypto. This is where the saying "not your keys, not your crypto" comes in.
Using a self-custody wallet means you have full control over your private keys and enable you to use DeFi. While this gives you more autonomy and security, it also means you carry the full responsibility. If you lose your private keys, there's no way to recover your assets. In contrast, some exchanges offer account recovery and guarantees, like Bitvavo’s insurance, which you don’t get with self-custody wallets.
While self-custody grants freedom and security, it also puts the full responsibility on you, without the safety nets provided by CEX. When withdrawing your crypto you forgo the protection some centralized exchanges (CEXs) offer, such as Bitvavo's account guarantee, which compensates users up to a certain amount in case of hacks.
Bitvavo is hands down the best exchange for crypto beginners if you are located in Europe. Unfortunately, if you are anywhere else - there are a lot of scammers imitating them.
Why Bitvavo? It is super easy for beginners, has a caring and supportive customer service team, are open to feedback from the community, MiCa ready and registered in Europe and thus governed by Dutch and EU laws, offers the account guarantee, has the coins in insured cold storage, low fees... Use my code to trade up to 10.000 Euro without fees (in the first week). C05DC0A8B5
If you are not in Europe: I recommend Coinbase as an alternative for beginners and Kraken for more experienced crypto-degens due to the extremely low fees.
tl;dr: its best to use your own wallet so you can take part in DeFi and get Airdrops.
Hardware Wallets
These wallets provide the highest level of security because they store your private keys offline (cold storage). They’re ideal for users who prioritize security, particularly those who store significant amounts of crypto or plan to hold for the long term. Hardware wallets usually come at a price. Never use one that might have a compromised private key.
Ledger (Nano S/X)
Summary: Hardware wallet offering cold storage, robust security features, integrates with MetaMask and other wallets
Advantages: High security, compatible with a wide range of assets, integrates with dApps and DeFi. Mobile and Desktop Apps available.
Disadvantages: not all versions compatible with iPhone, some users report a steep learning curve, some concerns about decentralization and security after firmware updates.
Compatibility: Ethereum (EVM), Bitcoin, Solana (via third-party wallets like Phantom for Solana).
Price: $59–$119 depending on the model
Trezor
Summary: Hardware wallet, highly secure, integrates with multiple wallets like MetaMask, Exodus, and third-party apps.
Advantages: High security, easy-to-use hardware.
Disadvantages: A bit more pricey, lack of iOS support
Compatibility: Ethereum (EVM), Bitcoin. No native support for Solana.
Price: $69–$219
Software Wallets
These wallets are more convenient and accessible since they are available as apps and browser extensions. While less secure than hardware wallets, they are often easier to use, readily available and for free.
ETH focus
Rabby Wallet (DeFi and DeGov favorie)
Summary: Super easy to use. Designed for multi-chain dApp interaction, focuses on security and user control, ideal for DeFi. Free gas feature.
Advantages: Changing chains is super easy, super fast, strong multi-chain support, gas-fee optimization. Easy swap, easy bridge.
Disadvantages: Asset overview and transaction history difficult to find.
Compatibility: EVM (Ethereum) only.
MetaMask (most used popular)
Summary: User-friendly Browser extension and mobile app, wide EVM support (Ethereum, BSC, Polygon), dApp integration. Widely used for DeFi and NFTs.
Advantages: Free, popular for DeFi and NFTs, supports EVM chains. Has add-ons called “Snaps" offering additional customization and security.
Disadvantages: Sometimes a bit slow, especially when changing networks. Doesn’t natively support Bitcoin or Solana.
Compatibility: Only EVM (Ethereum) based.
Trust Wallet
Summary: Multi-chain support, built-in DEX for token swaps.
Advantages: mobile-first design, secure, easy to use
Disadvantages: No desktop or browser extension, sometimes slow
Compatibility: Ethereum (EVM), Bitcoin, Solana, and over 60 other blockchains.
Exodus
Summary: Desktop and mobile wallet, supports multiple cryptocurrencies, hardware wallet integration with Trezor.
Advantages: Easy to use, 24/7 support, wide asset range, interesting interface.
Disadvantages: Closed-source, meaning it’s less transparent compared to open-source wallets.
Compatibility: Bitcoin, Ethereum (EVM), Solana, and more.
CEX-Wallets
Coinbase Wallet
Summary: Non-custodial wallet tied to Coinbase exchange, supports Ethereum and EVM-compatible chains, NFTs, and DeFi. Good for meme coins.
Advantages: Backed by Coinbase, dApp integration, supports Bitcoin and NFTs.
Disadvantages: Limited token support compared to other wallets.
Compatibility: Ethereum (EVM), Bitcoin. No native Solana support.
Binance Wallet
Summary: Designed for Binance Smart Chain (BSC) and Ethereum, easily connects to Binance exchange for transfers.
Advantages: Native support for BSC, good for Binance users, supports Ethereum dApps.
Disadvantages: Focuses primarily on BSC and Ethereum, fewer advanced features than MetaMask or Trust Wallet.
Compatibility: EVM only
eToro Wallet
Summary: Secure, user-friendly wallet integrated with eToro’s trading platform, supports a variety of assets.
Advantages: Easy to manage crypto purchased via eToro, accessible for beginners.
Disadvantages: Lacks advanced DeFi or dApp support, mainly focused on exchange transfers.
DEX-Wallets
1inch Wallet
Summary: Integrates with the 1inch decentralized exchange aggregator for best token swaps.
Advantages: Optimized for DeFi users, gas fee optimization, supports staking.
Disadvantages: Focuses mainly on EVM-compatible chains.
Compatibility: EVM only
Uniswap Wallet
Summary: Native wallet for the Uniswap DEX, allowing token swaps on Ethereum and compatible chains.
Advantages: Seamless integration with Uniswap, mobile-first design.
Disadvantages: Limited to Ethereum and L2 solutions.
Compatibility: EVM only
SOL focussed
Phantom
Summary: Designed for Solana, user-friendly interface for staking, NFTs, and DeFi.
Advantages: Best wallet for Solana, integrates seamlessly with Solana dApps, built-in token swaps, staking, and NFT support.
Disadvantages: Only supports the Solana network, not multi-chain.
Compatibility: Solana only.
Backpack Wallet
Summary: Built specifically for the Solana ecosystem, supports NFTs, tokens, and dApps within Solana.
Advantages: Solana-focused, integrates easily with Solana dApps and features NFT marketplace compatibility.
Disadvantages: Limited to Solana.
Compatibility: Only Solana
Solflare
Summary: Specifically built for Solana, supports staking, DeFi, and NFTs.
Advantages: Comprehensive Solana wallet with native support for all Solana-based tokens and applications.
Disadvantages: Only works with Solana, not compatible with other blockchains.
Compatibility: Solana only.
Final Thoughts:
If you're deep into DeFi and NFTs, Rabby, MetaMask and Trust Wallet are strong choices for EVM. Ledger and Trezor are must-haves for long-term holders focused on security. Phantom Wallet is perfect for Solana users, Airdrop friendly and versatile. Exodus is good for advances users, that want to combine many networks into one wallet.
Comparison Table: Hardware & Software Wallets
Wallet | Type | Advantages | Disadvantages | EVM Compatibility | Bitcoin Support | Solana Support |
Ledger | Hardware | Secure, supports many tokens | Expensive, requires device | Yes | Yes | Via third-party |
Trezor | Hardware | High security, multi-chain support | Requires device | Yes | Yes | Via third-party |
MetaMask | Software | Popular, easy to use, DeFi & NFTs | No native Bitcoin/Solana support | Yes | No | No |
Trust Wallet | Software | Multi-chain, staking, DEX integration | No desktop/browser extension | Yes | Yes | Yes |
Rabby Wallet | Software | Multi-chain, DeFi optimization | Not as mainstream | Yes | No | No |
Backpack Wallet | Software | Solana-focused, easy NFT trading | Solana only | No | No | Yes |
Coinbase Wallet | Software | Secure, backed by Coinbase | Limited support compared to others | Yes | Yes | No |
Binance Wallet | Software | Good for BSC and Ethereum | Focuses mainly on BSC and ETH | Yes | No | No |
eToro Wallet | Software | User-friendly for beginners | Lacks DeFi/dApp support | No | Yes | No |
Phantom | Software | Best for Solana, easy staking/NFTs | X | Yes | Yes | Yes |
Exodus | Software | Easy to use, wide crypto network support | Closed-source, limited privacy | Yes | Yes | Yes |
Solflare | Software | Solana-focused, comprehensive features | Solana only | No | No | Yes |
1inch Wallet | Software | DeFi-focused, gas optimization | EVM chains only | Yes | No | No |
Uniswap Wallet | Software | Seamless DEX integration, very smooth | Focused on Ethereum | Yes | No | No |
Rabby Wallet | Software | DeFi-centric, multi-chain | Smaller user base than MetaMask | Yes | No | No |
