Finding the best crypto wallet for beginners can be a pain in the neck. There are thousands of wallets in the market today, and they all market themselves as “the best you can get”. It can be tough to wade through all the marketing hype and figure out which wallets are worth your time and money.
So, even before you try to ponder which are the best crypto wallets for beginners you need to understand what a crypto wallet is. A crypto wallet is a digital wallet that stores your private and public keys and interacts with various blockchains to enable users to send and receive digital currency and monitor their balance.
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A crypto wallet is not like a traditional bank account where your money is held by a third party. Instead, it’s more like a digital keychain that stores your private and public keys, which are used to access your cryptocurrency.
Choosing the best crypto wallet for beginners can help you secure your investments and keep your digital assets safe now and in the future.
In this article, we have compiled a list of the best crypto wallets for beginners in 2023. These wallets offer the best combination of security, ease of use, and features for newcomers to the world of cryptocurrency.
By the end of this article, you’ll know exactly which altcoin wallet is right for you and your needs.
Best Crypto Wallets for Beginners
Below are some of the best crypto wallets for beginners:
- Exodus
- Kraken
- Tezro
- Mycelium
- Coinbase
- Trezor
Let’s us look at all these wallets in detail. Every one of them would be suitable for beginners.
1. Exodus
Exodus is a desktop wallet that is extremely easy to use. It is free to download and is available for Windows, Mac, and Linux.
This wallet has a built-in exchange that allows you to trade between different cryptocurrencies without using a centralized exchange. This is a great feature for beginners who want to experiment with different altcoins without having to go through the hassle of setting up an account on a separate exchange.
Exodus is also a multi-sig wallet, which means it requires more than one signature to authorize a transaction. This makes it more secure than a single-signature wallet. It also supports all major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Dash.
The user interface is clean and easy to use, making it a great choice for beginners. All the features are clearly laid out and easy to find. Exodus is one of the best crypto wallets for beginners who want an all-in-one solution.
One of the biggest downsides of Exodus is that it is a closed-source wallet. This means that the code is not open to the public for scrutiny.
This is a big red flag for security-conscious users, as it means that there is no way to know if the wallet has been tampered with. They have to rely on the Exodus team to keep the code secure.
2. Kraken
Kraken is undoubtedly one of the easiest crypto wallets you can use. First, the development team has eliminated all unnecessary features, making the wallet very straightforward. It is primarily a crypto exchange, with a secure, user-friendly wallet as an added feature.
This means that you can easily buy, sell, and trade cryptocurrencies without having to leave the Kraken interface. It also supports all major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Solana, and Dash.
One of the best features of Kraken is that it is one of the most secure crypto wallets available.
The great thing about Kraken is that it supports fiat currencies, meaning you can deposit and withdraw USD, EUR, GBP, and CAD. This is extremely convenient for beginners who want to buy cryptocurrencies with traditional currency.
This wallet supports over 120 different cryptos, making it one of the most versatile wallets available. This includes all the major cryptos, as well as a wide range of altcoins.
In terms of security, Kraken is one of the most trusted wallets in the industry. It uses cutting-edge security features, such as two-factor authentication and various other security measures.
The downside of Kraken is that users report high fees, especially those who don’t use Kraken Pro. This means to enjoy lower fees, you need to buy a monthly subscription.
3. Tezro
Tezro is a hot wallet that is available for Windows, Mac, and Linux as well as iOS and android mobile devices. It is an HD (hierarchical deterministic) wallet, which means it generates a new address for each transaction.
This makes it more secure than a non-HD wallet as it makes it difficult for hackers to track your activity. Tezro also uses two-factor authentication to further increase security.
Tezro is also a non-custodial wallet, which means that you are in control of your private keys. This is a big advantage over custodial wallets as it increases security and gives you more control over your funds.
The user interface is clean and simple, making it easy to use for beginners. All the features are clearly laid out and easy to find.
There is a built-in exchange that allows you to easily buy, sell, and trade cryptocurrencies without having to leave the Tezro interface. Additionally, they offer a disruptive chat feature that lets you connect with other crypto enthusiasts.
4. Mycelium
If you are looking for a mobile-first wallet, then Mycelium is worth considering. It is one of the oldest and most popular Bitcoin wallets available today. The user interface is simple and easy to use.
One of the features that makes Mycelium unique is that it uses a hierarchical deterministic (HD) seed phrase, making it one of the most secure wallets available. Also, Mycelium supports SegWit, which helps to reduce transaction fees.
Hardware wallet support is also available for Mycelium users. This means that you can connect your Mycelium wallet to a hardware wallet like the Ledger Nano S or Trezor for added security.
One downside of Mycelium is that it only supports Bitcoin, ETH, and ERC-20 tokens. Therefore, if you are looking for a wallet that supports a wider range of cryptocurrencies, Mycelium is not the right choice.
Another downside of this wallet is that it is mobile-only. Some users prefer to have a desktop or web-based crypto wallet in addition to their mobile wallet.
Overall, Mycelium is a great choice for beginners who are looking for a simple and easy-to-use Bitcoin wallet.
5. Coinbase Wallet
Coinbase is one of the world’s most popular cryptocurrency exchanges and wallets. It supports over 100 cryptos, including Dogecoin (DOGE), Cardano (ADA), Litecoin (LTC), USD Coin (USDC), and all the major cryptos.
Coinbase is a custodial wallet, which means that they control your private keys. This is not ideal from a security perspective as it increases the risk of hacks and theft.
However, Coinbase has implemented some strong security measures, such as two-factor authentication and a host of other security features. They also have insurance that protects against hacks and theft.
The user interface is simple and easy to use, making it a great choice for beginners. You can easily buy, sell, send, and receive cryptocurrencies without any hassle.
Coinbase offers its own Visa card that integrates with Apple Pay and Google Pay. This allows you to spend your cryptocurrencies anywhere that accepts Visa.
The biggest downside of Coinbase is that it has been touted to be one of the most expensive wallets available. They charge high fees for buying, selling, and transferring cryptocurrencies.
6. Trezor
Trezor is a hardware wallet that supports a wide range of cryptocurrencies. It is one of the most popular and well-known hardware wallets available today.
One of the features that make Trezor unique is that it has a built-in display. This allows you to confirm each transaction with a physical button on the device.
Another security feature of Trezor is that it generates its own seed phrase. This means that if you lose your device, you can still recover your funds.
Trezor works offline, which makes it immune to malware and viruses. Additionally, it integrates with various popular exchanges, such as Changelly, ChangeNOW, and CoinSwitch. This allows you to easily buy, sell, and trade cryptocurrencies without transferring your assets to a hot wallet.
The biggest disadvantage of Trezor is that it is fairly expensive. However, given the high level of security it offers, Trezor is worth the price.
Types of Crypto Wallets
Now that we have looked at the best beginner crypto wallets, it is important to understand the available types of crypto wallets. There are two main types of wallets outlined below:
Hot Wallets
Hot wallets are wallets that are connected to the internet. They are convenient because they can be accessed from anywhere and anytime. Hot wallets can either be desktop wallets, mobile wallets, or a combination of both.
These wallets allow you to send, receive, or store cryptocurrencies. They are linked to public and private keys that give you access to your coins.
The biggest disadvantage of hot wallets is that they are susceptible to hacks because they are connected to the internet. There are, however, some ways to minimize this risk such as taking advantage of advanced security features like two-factor authentication, multi-signature, and backup keys.
Cold Wallets
Cold wallets are the opposite of hot wallets because they are not connected to the internet. Cold wallets can either be hardware wallets or paper wallets.
Hardware wallets are physical devices that look like USB drives and they store your private keys offline. They are considered to be one of the most secure types of crypto wallets because they are not vulnerable to hacks.
Paper wallets are pieces of paper with your public and private keys printed on them. They are easy to use, but they are not as secure as hardware wallets because they can be easily lost or stolen.
The choice of which type of wallet to use depends on your needs and preferences. A hot wallet is the best choice if you want a convenient wallet that you can access from anywhere. However, if you want to hold your coins for a long time and want the highest level of security, then a cold wallet could work great for you.
Remember, storing all your assets in one type of wallet is not wise. It is best to diversify and have a mix of hot and cold wallets to maximize security.
How to Choose the Best Cryptocurrency Wallet for Beginners
Choosing the best crypto wallet for beginners is not an easy task. First off, there are several questions you need to ask yourself, including:
- How often do I trade?
- What do I want to trade?
- How much am I willing to spend?
- What functionality do I need in a wallet?
- Why do I need a wallet?
Once you have answered these questions, then you can start narrowing down your choices. Some of the factors you should consider when choosing a wallet include:
Ease of use
As a beginner, this is the most important factor you should consider when choosing a wallet. The user interface of the wallet should be simple and easy to understand.
Security
Even though you are looking for an easy-to-use wallet, security should still be a top priority. The wallet should have features like two-factor authentication and multi-signature to help keep your coins safe.
Company Reputation
It is important to research the company behind the wallet before using it. Make sure the company is reputable and has a good track record.
Reviews
Check out reviews of the wallet to see what other users have to say. This can be a great way to get an unbiased opinion of the wallet.
FAQs About Best Beginners Crypto Wallets
Below are some of the most frequently asked questions about the best crypto wallets for beginners:
Do I Need a Crypto Wallet?
If you want to trade or invest in cryptocurrencies, then you need a wallet. This is because you need a place to store your coins.
How Much Money Do I Need to Open a Crypto Wallet?
The best crypto wallets, including the ones outlined above, are free to use. However, there are fees associated with buying, selling, and transferring cryptocurrencies.
How Do I Get Started with Crypto Wallet?
The first step is to choose a wallet that meets your needs. Once you have done that, you can create an account depending on your chosen wallet. Mostly, the signup process is straightforward, and you don’t have to provide personal information.
Are My Assets in Crypto Wallets Insured?
Not all wallets offer insurance, but some, such as Coinbase, have insurance for certain assets. Make sure you check with your wallet provider to see if they offer insurance.
Which Wallet is Simplest for Beginners?
Generally, all the wallets mentioned in this article are beginner-friendly. However, the most user-friendly option is Exodus and Tezro. These two wallets have the cleanest and most intuitive interfaces. Their features are arranged in an easily accessible manner, and they also provide great customer support in case you need assistance.
Key Takeaways
- Either you are a beginner or a pro in crypto investments make no mistakes: having a wallet is essential.
- You should choose your wallet based on the number of features, multi-currency support, and most importantly: security.
- Having more than one crypto wallet to diversify your assets is a simple way to avoid losing all your assets at once.
- Cold wallets are portable and thus safer, but hot wallets are more easily accessible since they are connected to the internet.
- If you have more than one crypto wallet remember to put different passwords in all of them.
Final Thoughts
There you have it – a comprehensive guide to the best crypto wallets for beginners in 2023. The choice of which wallet to use is ultimately up to you, but we hope this guide has given you the information you need to make an informed decision.
Remember, there is no harm in using more than one wallet – in fact, it is prudent to diversify your holdings across multiple wallets to minimize risk. Therefore, use as many (or as few) of the wallets on this list as you see fit.
Before you leave, keep in mind to download Tezro app, not only if you want to use it as your crypto wallet, but also because of its encrypted text message system that allows you to talk to your acquaintances free of risk.
