Searching for the best web3 wallets to help you stay at the top of your game can be overwhelming and even endless. This is due to the large number of web3 wallets available, each with various features and security measures.
So, it is a challenge for all traders to know the leading wallets, their unique features, and how to make the most out of them. To help crypto investors deal with that challenge, in this article, we have reviewed and rated the best web3 wallets so that you can find the one that works best for you. Let’s get started!
Key Takeaways
- Web3 wallets are a gateway to explore various decentralized applications (dApps) and contribute to the web3 economy by buying, selling, and storing digital assets.
- These wallets can be categorized into two—hot and cold wallets—with hot wallets storing private keys online and cold wallets keeping them offline.
- Some key factors to consider when choosing a web3 wallet app are security, user-friendliness, token support, multi-chain support, and backup and recovery.
List of the Best Web3 Wallets
We reviewed various web3 crypto wallets, and here are our top picks for 2024.
1. Ledger Wallet: Best wallet for offline cryptocurrency transactions.
2. Trezor Wallet: Best for holding large amounts of cryptocurrency offline.
3. MetaMask: Best for seamless interaction with Ethereum-based dApps and transferring assets to cold wallets.
4. Coinbase Wallet: Best for beginners and US-based traders.
5. Trust Wallet: Best comprehensive wallet that offers built-in staking rewards.
6. Rainbow Crypto Wallet: Best for interacting with popular Layer-2 networks.
7. Binance Web3 Wallet: Best software wallet for simplicity and convenience.
8. Argent X Wallet: Best web3 wallet app for users looking for robust security features.
9. Phantom Wallet: Best for managing SOL tokens and interacting with Solana-based dApps.
10. Paybis Wallet: Best user-friendly crypto wallet with a built-in exchange.
Top 10 Web3 Crypto Wallets: Reviewed
To ensure you have a smooth experience securing your non-fungible tokens (NFTs) and trading other crypto assets, let’s dive deeper into the functionalities of our top picks of web3 wallets.
1. Ledger Wallet
Ledger stores crypto private keys offline to prevent unauthorized access and protect your digital assets from theft. You can create an account using either the mobile app or the web app, and developers are working on a Chrome Extension to increase accessibility.
Ledger wallets are protected by an EAL6-certified security chip that functions on its BOLOS operating system. This gives you total control of your wallet and ensures no one can gain access without your permission. To use Ledger hardware wallet, you’ll need a dedicated USB cord and kit, which costs between $79 to $149.
Pros of Ledger Wallet
- Physical devices with offline storage.
- Ledger uses a military-grade security chip that is impenetrable to intense physical breaches.
- Control of your keys since only you have your seed phrases.
- Perfect for long-term storage of crypto assets.
- Ledger wallet supports over 5,500 assets.
- Ledger prioritizes user education.
- Bluetooth connectivity.
- Offers multiple hardware wallets like Ledger Nano X, Ledger Nano S Plus, and Ledger Stax.
Cons of Ledger Wallet
- Seed phrases require storage in a secure place.
- The software is not fully open-source.
- Ledger updated the process to recover users’ seed phrases, leading to uncertainty among users about the safety of their assets.
2. Trezor Wallet
Trezor Wallet offers two wallet options: the Trezor Model One and Trezor Model T and their firmware and software are fully open source. This means savvy users can track all lines of codes in the Trezor hardware device and ensure no trails could lead to thefts.
The open-source feature boosted Trezor Wallet’s sales by 900% in May 2023 when Ledger launched “Recover“, which gives three independent parties access to users’ recovery phrases. Understandably, users were concerned, so they considered Trezor. The price difference between Ledger and Trezor wallets is slight, with Trezor costing between $69 and $149.
Pros of Trezor Wallet
- Secure cold storage.
- Supports over 1000 cryptocurrencies, including Solana, Bitcoin, and Ethereum.
- If you lose your device, you can use the 12-word standard backup to regain access to your wallet or Shamir Backup as an extra protection layer.
- Fully open source, ensuring its firmware and software is transparent.
- Trezor Wallet uses universal two-factor authentication (2FA) to protect users’ assets further.
- Smooth and colored LCD touch screen.
Cons of Trezor Wallet
- No mobile wallet. However, you can use the desktop app (Trezor Suite), install the Chrome extension, or the Trezor Bridge corresponding to their operating systems.
- Requires a third-party app to stake crypto assets and manage NFTs.
- No Bluetooth connectivity option.
3. MetaMask
MetaMask is an open-source wallet that supports Ethereum-based tokens and allows users to trade crypto and participate in airdrop campaigns. It is available as a browser extension and mobile app and trusted by over 100 million users worldwide making it the most popular web3 wallet app.
To ensure top-tier security, Metamask wallet provides users with password and biometric authentication options. Also, it generates a 12-word recovery phrase to regain access to your wallet if you lose your device or uninstall the application.
Pros of MetaMask
- Full control of your funds and private key.
- Supports multiple networks besides Ethereum, including BNB Chain, Polygon, Optimism, and Arbitrum.
- Seamless interaction with dApps in areas like decentralized finance (DeFi) and gaming.
- Seamless integration with cold storage wallets like Trezor and Ledger.
- MetaMask’s open-source code allows developers to audit the security and build on the platform.
Cons of MetaMask
- Users are fully responsible for managing and securing their own private keys.
- On a base level, MetaMask only supports Ethereum and ERC tokens.
- As an online “hot” wallet, it is susceptible to hacks and malware compared to offline storage.
4. Coinbase Wallet
Coinbase has a web3 wallet accessible on the explore tab within your account. The Coinbase web3 wallet supports networks like Arbitrum, BNB Chain, Polygon, Optimism, and multiple cryptocurrencies, including Bitcoin, Dogecoin, Litecoin, and all ERC-20 tokens. Though Coinbase-supported digital assets are not as many, the platform is easy to use and ideal for traders and enthusiasts in the United States.
Pros of Coinbase
- Does not rely on third parties, giving you full control over your private keys and assets.
- Easy to use.
- Enhanced security is achieved by using the 2FA option and private keys.
- Coinbase provides learning materials for beginner traders.
- Coinbase is responsible for keeping your private key for easier access if you lose your device.
- Seamless integration with dApps.
- Available on Android, iOS, and Chrome Extension.
Cons of Coinbase
- You have limited control over your private key.
- The Coinbase app is usually laggy and sometimes experiences outages due to high trading volumes.
- Relatively high transaction costs.
- Limited NFT support. Users can only send and get Ethereum and Polygon NFTs.
5. Trust Wallet
If you’re looking for a web3 wallet that supports multiple networks, collectibles, and tokens, then Trust Wallet might just be the app for you. Trust Wallet hosts over 100 blockchains, 600+ million NFTs, and 10+ million digital assets, including Bitcoin, Ethereum, Solana, and Polkadot.
Users enjoy robust security features like encrypted storage, biometric authentication, and transaction monitoring to protect funds. In addition to basic wallet functions, Trust Wallet also provides access to dApps, decentralized autonomous organizations (DAOs), and NFT marketplaces.
Pros of Trust Wallet
- Trust Wallet lets users earn passive income by staking up to 24 different cryptocurrencies within the wallet.
- Trust Wallet also gives users full control of their private keys, reducing the chances of hacking.
- Maintains a mobile-first approach, enabling users to manage their digital assets on the go.
Cons of Trust Wallet
- Too many tokens may overwhelm users.
- Lack of two-factor authentication as an additional security measure.
6. Rainbow Wallet
Rainbow Crypto Wallet is the go-to crypto wallet for iOS users who want a reliable, safe, and efficient wallet to explore blockchain applications in seconds. It has a Chrome Extension and mobile app equipped with a key vault and secure login. Also, Rainbow Wallet launched a rewards program designed to airdrop ETH to existing users based on their on-chain activities.
Pros of Rainbow Wallet Crypto
- Efficient and highly secure wallet management.
- Rainbow crypto wallet gives users full control over their accounts and activities.
- Ideal for both beginners and experienced traders.
- Seamless design and intuitive interface.
- Support for hardware wallets like Ledger, ensuring users’ assets are well-protected.
Cons of Rainbow Wallet Crypto
- Ethereum only. So, if you use Solana, Binance Smart Chain, or other non-EVM chains, find another wallet that supports other networks.
- Currently, Rainbow wallet crypto is available only as a mobile web3 wallet app, which might not be convenient for users who prefer desktop interfaces.
7. Binance Web3 Wallet
Binance Web3 Wallet stands out for its simplicity and convenience. The web3 wallet is deeply integrated with the parent Binance platform, allowing users to easily transfer funds between their Binance exchange account and the Web3 wallet. In terms of security, Binance uses advanced Multi-Party Computation (MPC) technology to generate three independently stored key shares, mitigating risks of single points of failure.
Pros of Binance Web3 Wallet
- It also enables users to swap tokens through integrations with Binance Bridge and other decentralized exchanges..
- With the three-key-share system, you maintain full control over your crypto assets.
- Advanced Security: Binance web3 wallet app uses MPC technology to secure private keys.
Cons of Binance Web3 Wallet
- Ethereum and EVM tokens only. It does not support Bitcoin, Cosmos, Polkadot, Tron, or Algorand, limiting the number of coins available.
- Binance can monitor transactions for “potential fraud, suspicious activity, and sanctions evasion” and can place transactions and addresses “on hold”.
- The wallet is closed-source, unlike other popular wallets that are open-source.
8. Argent X Wallet
Argent X Wallet is the first open-source, security-audited, and non-custodial wallet on Starknet—a Layer-2 scaling solution for Ethereum that uses zk-STARKs technology to achieve high scalability without compromising security and decentralization.
Pros of Argent X Wallet
- The code is open-source, allowing everyone to inspect and improve the security.
- Advanced security, including multiple signatures and social recovery options.
- Argent X Wallet is working on notifying users of suspicious decentralized applications, transactions, and activities in their wallets.
- Offers mobile apps and browser extensions for Google Chrome, Mozilla Firefox, Microsoft Edge, and Brave.
- Transparent, low gas fees with additional costs for using the Argent Vault.
Cons of Argent X Wallet
- While Argent X fees are low, transactions and vault usage incur additional fees, which are susceptible to fluctuations based on network congestion.
- Unavailable in 20+ countries, including Russia, Ukraine, and Turkey, due to sanctions or economic instability.
- Supports only ERC-20 compatible tokens.
9. Phantom Wallet
Phantom Wallet is responsive, non-custodial, and supports multiple blockchain networks, including Solana, Ethereum, and Polygon. It also allows users to collect NFTs and manage DeFi activities across multiple blockchain networks in a single wallet interface.
Phantom offers in-app token swapping capabilities across its supported chains, providing users convenience and efficiency in asset management. It also gives users full control over their private keys and digital assets, with added security features like scam detection.
Pros of Phantom Wallet
- Phantom supports staking of SOL tokens and in-wallet token swaps.
- Supports Solana, Bitcoin, Ethereum, and Polygon.
- Offers in-app token swapping capabilities across its supported chains.
- Advanced security, boosting features like 2FA and Ledger hardware wallet integration.
- Available as a smartphone app and on desktop.
Cons of Phantom Wallet
- Relatively high transaction fees.
- Limited token support.
- Ledger hardware wallet integration is unavailable for mobile wallet and Firefox browser users.
10. Paybis Wallet
The Paybis Web3 Wallet stores your cryptocurrencies on a dedicated address, allowing you to verify and track your assets independently on any blockchain explorer. This provides transparency and peace of mind that your funds are available when needed, even if you lose your device.
Paybis adds an extra security layer using MPC technology to fragment and distribute your private key among multiple parties. So, even if one party is compromised, a malicious actor cannot gain full access to your funds.
Pros of Paybis Wallet
- Multi-asset Management
- Availability on web and mobile.
- Supports 80+ cryptocurrencies and over 40 fiat currencies.
- Paybis enables users to buy partial BTC for as low as $5.
- Eliminates the need to independently manage your private key
- You can access your wallet through email without needing to manage private keys.
Cons of Paybis Wallet
- Paybis holds your private key, so you don’t have complete control over your crypto.
- You could lose your funds if Paybis Bitcoin Wallet is hacked or goes out of business.
What is a Web3 Wallet?
A Web3 wallet is a digital or physical device that enables secure storage and management of cryptocurrencies, non-fungible tokens, and other digital assets on blockchain networks. Web3 wallets also allow users to interact with decentralized applications, participate in the Web3 ecosystem, and contribute to its economy.
Types of Web3 Crypto Wallets
Different Web3 wallets offer distinct features and security levels but they are mostly categorized under—hot and cold—let’s explore their differences.
1. Hot Wallet (Software/Online Wallet)
- Hot wallets are software wallets that keep private keys on devices connected to the internet like computers or mobile phones.
- Ideal for frequent, smaller transactions, and day-to-day cryptocurrency use.
- Software wallets are more vulnerable to hacking, malware, and other online security threats.
- Hot wallets are usually free to use as long as you’re connected to the internet.
- Examples of hot or software wallets include Coinbase Wallet, Phantom, Binance Wallet, and MetaMask.
2. Cold Wallet (Hardware/Offline Wallet)
- Cold wallets store private keys offline, making them more secure against hacking and malware attacks.
- Hardware wallets do not interact with smart contracts.
- Cold wallets provide high security for the long-term storage of large cryptocurrency holdings.
- Cold wallets require users to purchase kits for seed phrases and private key storage.
- Examples include hardware wallets like Ledger and Trezor.
Key Features to Consider When Selecting a Web3 Wallet
While most of these apps sell similar solutions, some offer better features for smooth experiences. It’s challenging to spot good wallets at a glance, therefore here are the key features you should consider before settling for a crypto wallet.
1. Security
The security of a web3 crypto wallet goes beyond your password, especially with fraudsters inventing new ways to scam traders and crypto exchanges. To protect your tokens and collectibles at all times, choose wallets that offer either one or more of the following advanced security features: 2FA, end-to-end encryption, biometric security, and MPC technology.
2. User-friendliness
A wallet with an easy to use interface simplifies the process of handling your digital assets and protects you from making mistakes while executing transactions. For most web3 wallets, user-friendliness ends at an intuitive design. However, it is advisable to opt for a crypto wallet that is also responsive.
3. Functionalities
Another crucial factor to consider is the web3 wallet’s functionalities. Depending on your needs, opt for wallet features such as:
- Token swaps.
- Staking crypto assets.
- Lending and borrowing digital assets
- Minting/burning tokens.
- Buying and selling NFTs.
- Web3 gaming.
- Reward and incentive programs.
- Smart contract and DeFi interoperability.
- Peer-to-peer (P2P) transactions.
- Trading Bots.
All web3 wallets may not have the same features, but by doing your own research and reviewing this list of crypto wallets, you’ll find the best web3 wallet that suits your requirements.
How to Create a Web3 Wallet – MetaMask Wallet
- Install the MetaMask mobile app or add the browser extension on your PC.
- Set Up Your Wallet: Click on “Get Started”. Choose “Create a Wallet,” then set a strong password and follow the prompts.
- Backup Your Seed Phrase: MetaMask will generate a 12-word seed phrase for you to use as recovery codes if you forget your password or lose access to your device. Follow the prompt and confirm your seed phrase by selecting the words in the correct order.
- Complete the Setup: After confirming your seed phrase, your wallet will be set up and ready to use.
The process for creating accounts on other wallets differs. You can visit the official website of your preferred web3 wallet for proper guidance.
Conclusion
Most crypto wallets boost enhanced security and autonomy, but not all are built the same, making it difficult to decide on one. But with this roundup of the best web3 wallets in 2024, you have all the information you need to kick-start your crypto journey or take a leap from your existing web3 wallet.
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