Best crypto wallet apps: How to choose the best digital wallet for you

There are a lot of crypto wallets available to you today. As more and more finance is done on the phone, wallet apps are increasingly becoming the most relevant crypto wallets out there. But storing your crypto across multiple wallets can be annoying and putting them all in one wallet can be a security risk. Today, we’ll be looking at the best crypto wallet apps that combine security, convenience, and versatility to help you choose the right one for you.

There are many crypto wallets today that let you invest effortlessly while on the go
There are many crypto wallets today that let you invest effortlessly while on the go (source: dailyfintech.com)

When you’re buying, selling, investing, or holding digital currencies, your crypto wallet app plays a pivotal role.

Sure you might find a wallet that lets you hold all of your coins at one time, but by doing so are you trading in security? Do they charge high transaction fees for your crypto? Do they have any options for earning interest?

Today we’ll go over the best mobile crypto wallets that combine accessibility, functionality, security, and versatility.

What all good crypto wallet apps should have

Convenience

A good crypto wallet app offers easy accessibility. Standard features should include:

  • Fast loading times
  • Low fees (if any)
  • Easy ways to purchase more crypto on the app
  • Few server outages
  • A quick sign-up process

They should also allow you to make quick transactions in places and businesses that accept crypto as payment with few (if any) fees.

App design

Much like a banking app, a good crypto wallet app must have:

  • A polished registration and documentation system that allows users to easily store and edit valuable personal information.
  • Strong security measures, such as requiring you to set up a PIN or two-factor authentication.
  • A built-in QR scanner.
  • A good and well-defined user-interface and visual display.
  • Quick and simple navigation and monitoring.
  • Properly labeled and functioning buttons, labels, and tabs.

Choosing the best crypto wallet apps

There are a lot of cryptocurrency wallet apps out now. The biggest decision you will likely have to make on the front end is deciding whether you want to store your crypto in a personal wallet or on an exchange.

In terms of security, a personal crypto wallet can seem like a no-brainer. And for more advanced crypto traders with high volumes of funds, they may be the better choice. The limitations of personal wallets are that they often have limits on the types of crypto you can hold with them. And if you want to do trades you’ll need to send your funds over to an exchange and pay gas fees.

Especially if you are a beginner, you probably want to try storing your crypto on exchange wallet apps. While crypto stored on exchanges technically forfeits ownership rights to the exchange, they are often great places to start as they offer storage for most types of crypto.

They are also a good all-in-one place for other functions like trading your coins. Here are some of the best of both worlds to look into today.

Easy monitoring of fund performance is crucial for crypto wallets (source: eri-wi.org)

Top personal crypto wallet apps

Exodus

Exodus was originally a software crypto wallet for the desktop but has also progressed to mobile.

Pros

  • The Exodus wallet app is geared more towards budding crypto traders.
  • You can choose from over 100 cryptocurrencies
  • You can swap cryptos within the platform on their built-in exchange.

Cons

  • While the desktop wallet is open-source software, the mobile wallet is closed-source, giving it a lower security rating.
  • The built-in exchange does make swapping crypto easier and faster, but also has higher charges and fees than a normal exchange.
  • Exodus has no fee support for alt-coins.

Mycelium

Mycelium is among the earliest software crypto wallets created. It’s open-source and currently mobile-only.

Pros

  • The interface is simple, clean, and professional.
  • The wallet features a built-in exchange, but only allows Bitcoin (BTC) storage.
  • Mycelium allows you to set custom transaction fees, is protected by a PIN, and has a backup seed phrase recovery measure.
  • They are adding an increasing number of features letting you convert from fiat to crypto.

Cons

  • Mycelium can be a confusing interface for beginners.
  • Currently, MyCelium only caters to Bitcoin holders.

Electrum

Electrum is one of the original Bitcoin wallets and has been around since 2011. Electrum, Like Mycelium, is also open-source and has a complex interface geared towards advanced users.

Pros

  • It allows users to choose between legacy Bitcoin or Segwit wallet codes. That means features like more compact QR codes and case-insensitive wallet addresses.
  • You can set your security level, toggle two-factor authentication, and even customize your seed phrase.

Cons

  • Electrum suffers from a very bare-bones interface
  • No customer support
  • Only supports BTC.
Crypto wallet apps today face a lot more competition than they used to
Crypto wallet apps today face a lot more competition than they used to
Crypto wallet apps today face a lot more competition than they used to (source: mediashower.com)

Top exchange crypto wallet apps

Coinbase

Coinbase started in 2012 with the idea of giving people an easy and secure way to have access to Bitcoin. Since then, it has garnered the trust of more than 35 million users around the world across 100 countries. They are even expected to IPO soon.

Pros

  • Coinbase supports more than 40 kinds of cryptocurrency and the wallet allows you to have up to 20 active ones.
  • It also has a good security track record and might be the most secure crypto wallet app to date.
  • It even allows you to backup private keys to their cloud server to avoid losing your funds.

Cons

  • High transaction fees
  • Many server outages in the past
  • Coinbase is also not fully supported in some countries and has varying features like limited crypto trading options depending on your region.

Binance

Binance is known as the largest crypto exchange in the world. Run by the eclectic online personality and CEO, CZ, Binance has expanded into every corner of the crypto universe. Its platform crypto, BNB is considered a top crypto on the market today.

Pros

  • Their wallet app features a mobile-first design and easily switches between lite (for beginners) and pro interfaces.
  • You can deposit over 200+ supported cryptocurrencies, including Bitcoin, Chainlink, and Ripple, and enjoy stablecoin interest rates over 5%.
  • Binance assures its users with their Secure Asset Fund for Users (SAFU) to guarantee the safeguarding of their crypto.

Cons

  • Binance has no fiat currency trading pairs.
  • Users must be fully verified to increase daily withdrawal limits on the exchange.

Do you want the security of a personal wallet with the features (and crypto numbers) of an exchange? We may have the app for you.

Store your crypto on the MyConstant app for accessibility, security, and interest on your coins

MyConstant is a P2P lending platform that also allows you to store, borrow against, and earn interest on your crypto.

On MyConstant you can store and access over 72 supported cryptos easily from your mobile device. Most of our cryptos are held securely with our US-based and regulated third-party custodian, Prime Trust. If anything happens to us, your crypto isn’t going anywhere.

Borrow against your crypto and enjoy an LTV ratio of up to 66%. One of the best ratios in the industry.

For BTC, ETH, and BNB stored on our platform, you can earn up to 11% APR. Withdraw your interest and principal anytime without worrying about excess fees, penalties, and lock-ups.

If you’re looking for the best crypto wallet app you may want to give us a visit and sign up for a free account today.

Peer-to-peer lending built on peer-to-peer technology. Refer & Earn $10 myconstant.com/referral | Website myconstant.com

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