Finding the best altcoin wallet in the modern market can be quite a challenge. With so many different wallets on the market, it can be difficult to know which one is right for you. To add to the confusion, all the available wallets use a plethora of marketing channels to hail themselves as the best.
The biggest mistake you can make is to choose an altcoin wallet just because it’s popular. Not all wallets are created equal, and some are better suited for certain purposes than others.
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To help you navigate the altcoin wallet market, we’ve put together a list of the best altcoin wallets to use in 2023. We’ve also included a brief description of each wallet so that you can find the one that best suits your needs.
What Are Altcoin Wallets?
An altcoin wallet is a storage device that allows you to store, receive, and send altcoins. Altcoins are cryptocurrencies that are alternatives to Bitcoin. There are thousands of altcoins in the market, and their popularity is constantly rising.
With an altcoin wallet, you have full control over your altcoins. This means that you can send, receive, and store them without having to rely on a third-party service.
Best Altcoin Wallets in 2023
In the following section, we will detail the benefits and features of the best Altcoin wallets.
1. Ledger Nano X
If you are looking for an altcoin wallet that strikes a balance between security and convenience, then the Ledger Nano X is a good option. This wallet allows you to store your altcoins offline in what is known as “cold storage.” This makes it much harder for hackers to access your coins.
The Ledger Nano X also has a mobile app, known as the Ledger Live app. This allows you to manage your altcoins on the go.
This hardware wallet comes with a wide range of advanced features. This includes a built-in display, which allows you to check your altcoin balances without connecting to a computer.
The Ledger Nano X also supports over 5,500 different types of cryptocurrency. This includes all the major altcoins, such as Ethereum, Litecoin, and Bitcoin Cash.
Pros
- Easily managed on mobile devices: Using the Ledger Live app, you can easily manage your altcoins on the go.
- Sleek design: The Ledger Nano X has a sleek and stylish design.
- Supports a wide range of cryptocurrencies: The wallet supports over 5000 different types of cryptocurrency.
- Advanced security features: This wallet supports two-factor authentication and a host of other advanced security features. It is also a cold storage wallet, which makes it more secure than hot wallets.
Cons
- Expensive: The Ledger Nano X is one of the more expensive altcoin wallets on the market. It costs around $119.
Tezro is an ultra-modern, advanced, secure, and user-friendly wallet that was created with the aim of providing users with an all-in-one solution for their digital asset needs.
It is one of the best altcoin wallets, thanks to its disruptive features and functionalities. This includes a built-in exchange, a multi-asset support system, and atomic swaps.
In addition, Tezro is also known for its high level of security. It uses military-grade AES256 encryption to protect user data.
Within the Tezro wallet, you will find a chat function that allows you to connect with other users. This feature also allows you to send and receive payments with ease.
Pros
- Support a wide range of altcoins: Regardless of the altcoin you wish to use, Tezro got you covered as it supports an array of digital assets.
- Advanced security features: Your data is well protected when you use the Tezro wallet thanks to its top-notch security features.
- User-friendly interface: The user interface is clean and easy to understand, even for first-time users.
- Resourceful: There is a comprehensive blog and FAQ section on the website that you can visit to learn more about the wallet and digital assets in general.
Cons
- New wallet: This is the only con we could find about the wallet. However, this is not really a con as such since the team behind Tezro is continuously working to improve the user experience.
3. Guarda Wallet
When talking about the best wallet for altcoins, the Guarda Wallet definitely comes to mind. It is a multicurrency wallet with a user-friendly interface that supports more than 400,000 tokens. This makes it the only wallet on this list with the most comprehensive list of supported assets.
This wallet does not store any of your personal data or require any verification process. This makes it one of the most secure wallets on this list.
Guarda takes security very seriously by offering features like two-factor authentication, fingerprint login, and a host of other security measures.
Pros
- Integration with ledger hardware wallets: This allows you to use your Ledger hardware wallet with the Guarda Wallet for additional security.
- User-friendly interface: The Guarda Wallet has a clean and user-friendly interface that is easy to navigate.
- Create your own ERC-20 token: With the Guarda Wallet, you can create your own ERC-20 token.
Cons
- Light wallet: This wallet is a light wallet, which means users don’t run full nodes. This could be seen as a security concern by some.
- High in-app fees: The Guarda Wallet charges high fees for some in-app purchases.
4. Exodus Wallet
The Exodus wallet is a desktop wallet that supports a wide range of assets. It has an intuitive and user-friendly interface with a number of features that make it a great choice for those looking for an altcoin wallet.
One of the best features of the Exodus wallet is its built-in exchange. This allows you to easily exchange one asset for another without having to leave the wallet.
Another great feature is the ability to set up a backup and recovery phase. This ensures that if you ever lose access to your wallet, you can still recover your funds.
Exodus integration with the Lightening Network: This allows for faster and cheaper transactions. This is because the Lightening Network doesn’t require miners to confirm transactions. Therefore, transactions are confirmed almost instantly, and fees are much lower.
Pros
- Supports over 150 assets: The Exodus wallet supports a wide range of assets, making it a great choice for those looking for an altcoin wallet.
- Built-in exchange: The built-in exchange allows you to trade one asset for another without having to leave the wallet.
- Seamless integration to exchanges and Defi: The Exodus wallet has a seamless integration to exchanges and Defi protocols.
Cons
- No custom network fees for altcoins: When trading altcoins on the Exodus wallet, you will be charged the same network fee as if you were trading Bitcoin. This could be seen as a disadvantage because altcoins usually have much lower network fees than Bitcoin.
5. Trezor One
Trezor One is a hardware wallet that supports over 1000 cryptocurrencies. The device has a small OLED screen where you can double-check and confirm transactions. Transactions are signed offline, so your private keys never touch the internet.
A PIN code is used to protect the device from unauthorized access, and you can recover your wallet using a 24-word seed phrase. You can use a passphrase to encrypt your 24-word seed phrase. This means that if someone finds your 24-word seed phrase, they will also need your passphrase to access your funds.
Pros
- Affordable: Compared to other hardware wallets, Trezor One is very affordable. It costs only $59-$75, depending on where you purchase it.
- Multi-currency support: Trezor One supports over 1000 cryptocurrencies, which is more than any other hardware wallet on the market.
Universal 2nd Factor (U2F) compatibility: Trezor One can be used as a Universal Second Factor (U20) device, which means it can be used with services like Google and Dropbox.
Cons
- No support for iOS: Unfortunately, Trezor One does not currently support iOS devices.
6. Trust Wallet
Just like the name suggests, Trust Wallet is the best crypto wallet for altcoins you can trust. Its biggest advantage is flexibility. It is one of the few wallets that allows you to store different types of cryptocurrencies, including but not limited to Bitcoin, Ethereum, Litecoin, Dogecoin, and more.
You can also store ERC-20 tokens in your wallet.
Essentially, this wallet supports over one million assets from multiple blockchains. It also allows you to purchase crypto from third-party providers such as MoonPay, Simplex, and Wyre.
Your wallet is secured by a 12-word mnemonic seed phrase, which you can use to restore your wallet if you lose your phone. You can use PIN or biometrics on mobile or Apple M1-powered devices to secure your account.
Pros
- Convenient setup: You don’t need to go through a time-consuming signup process to use Trust Wallet.
- Anonymous: The wallet doesn’t require any personal information from you.
- Flexible: It supports a wide range of cryptocurrencies and tokens.
- Security features: The wallet uses multiple security features to protect your account.
Cons
Can’t restore lost accounts through support: If you lose your mnemonic seed phrase, you can’t restore your account through customer support.
Reported phishing attacks: There have been reports of phishing attacks targeting Trust Wallet users.
7. Coinbase Wallet
Coinbase is one of the world’s most popular cryptocurrency wallets and exchanges. The Coinbase wallet is a great option for those looking for a secure and user-friendly way to store their altcoins.
The wallet supports over 44,000 different types of cryptocurrencies, making it one of the most versatile wallets on the market. In addition, Coinbase offers a number of features that make it a great option for those looking to use their altcoins to buy goods and services online.
For starters, Coinbase is a non-custodial wallet, meaning that you are the only one who has access to your private keys. This means that you completely control your funds and can move them into and out of the wallet at any time.
In addition, Coinbase uses a number of security features to protect your funds, including two-factor authentication, PIN codes, and a host of other security measures.
Pros
- Easy to use: Coinbase has a very user-friendly interface, making it a great option for those new to the world of cryptocurrency.
- Access to dApps: Coinbase also offers access to a number of dApps, making it a great option for those looking to use their altcoins to interact with decentralized applications.
Cons
- Code not open-source: One downside to Coinbase is that the code for the wallet is not open-source. This means that it cannot be audited by third-party security researchers.
- Poor customer support: This wallet has a history of poor customer support, with many users reporting long wait times for responses to their inquiries.
8.Coinomi
Coinomi is one of the best altcoin wallet, supporting over 1700 cryptos from over 125 blockchains. It has a blockchain-based Digi-ID that allows you to log in and access your coins without having to remember any passwords. It is backed up by a 12-24 word seed phrase that you can use to recover your coins if you lose your phone. Coinomi also has a built-in exchange that allows you to trade directly from the wallet.
Pros
- User-friendly: Coinomi is one of the most user-friendly wallets available. It has a clean interface and is very easy to navigate.
- Multilingual support: Coinomi supports over 25 languages.
- Flexible: Coinomi is a very flexible wallet. It supports over 1700 cryptos and 125 blockchains.
Cons
- No 2FA: Two-factor authentication is an integral part of security. However, Coinomi does not support it.
- Closed source: Coinomi is a closed-source wallet. This means that the code is not open to the public for scrutiny.
Types of Altcoin Wallets
There are four types of altcoin wallets:
Desktop Wallet
Desktop wallets are installed on your computer. They are only accessible from the device on which they are installed. This means that if your computer is lost or stolen, your altcoins will also be lost.
These wallets are considered to be very secure because they are not connected to the internet. This means that they are less likely to be hacked. However, you should still take precautions to protect your computer from malware.
Mobile Wallet
Mobile wallets are installed on your smartphone. They are convenient because you can use them anywhere and at any time. However, they are also less secure than desktop wallets because they are connected to the internet. If you decide to use a mobile wallet, it is highly recommended that you use a security measure such as a PIN or fingerprint authentication. This will deter thieves from being able to access your wallet if your phone is lost or stolen.
Browser Wallet
Also known as online wallets, browser wallets are hosted on a third-party website. They are convenient because they can be accessed from any device with an internet connection. However, they are also the least secure type of wallet because the private keys are stored on the server of the wallet provider. If the server is hacked, your altcoins will be at risk.
Hardware Wallet
A hardware wallet is a physical device that stores your private keys. This is the most secure type of wallet, as it doesn’t require you to trust a third party with your private keys. However, hardware wallets can be expensive.
Still, if you consider the level of anonymity, security, and safety they provide, they are definitely worth the investment, especially for businesses.
Key Things To Keep In Mind While Choosing Altcoin Wallet
Below are the key points that you must keep in mind while choosing an altcoin wallet:
- Ease of use: The first and foremost thing to look for in a wallet is how easy it is to use. If it is not user-friendly, then it is not worth your time and money.
- Security: Another important factor to consider is the security of the wallet. Make sure that the wallet you choose has a good reputation and is known for its security features.
- Your assets: You should also consider what assets you will be holding in your wallet. Some wallets only support a few coins, while others support many different coins. Choose the one that best suits your needs.
- Convenience: You want a wallet you can access from anywhere in the world. Choose a wallet that can be accessed from any device, whether it is a desktop, laptop, or mobile phone.
Frequently Asked Questions
How to Get Altcoin Wallet?
To get the best altcoin wallet, make sure to do your research and compare different wallets. Some factors to consider include security, ease of use, and fees.
Which Wallet Can Exchange The Most Altcoin?
Tezro, Trust Wallet and Guarda wallet are some of the most popular wallets that can exchange the most altcoin.
Can Hardware Wallets Store Altcoins?
Yes, hardware wallets such as Ledger and Trezor can store altcoins. Make sure you ask the hardware wallet provider which coins they support before buying.
Key Takeaways
- Altcoins are cryptocurrencies that are alternatives to Bitcoin.
- An altcoin wallet is a storage device that allows you to store, receive, and send altcoins.
- Tezro, Trust and Guarda are some of the most popular altcoin wallets.
- Both cold and hot wallets can be used for storing altcoins, but security should be the first criteria to choose your wallet(s).
Final Thoughts
Finding the best altcoin wallets is one of the most important things you can do when investing in cryptocurrencies.
With this list of wallets at your disposal, you’re well on your way to finding the perfect wallet for you. Make sure you test as many wallets as possible before settling on one.
And always remember to keep your private keys safe, in trustworthy crypto wallet apps like Tezro, which is available for iOS and Android.
