Best Bitcoin and Crypto Wallets for April 2022
If you're thinking about investing in bitcoin or another digital currency, we recommend storing your cryptocurrency in a crypto wallet.
A cryptocurrency wallet offers a safe place to store your proof of ownership and can take the form of physical hardware or computer software.
Not only are crypto wallets secure, they also offer more control over your digital currency than most exchange services.
Well-known services like Robinhood, PayPal and Venmo allow you to buy bitcoin and other cryptocurrency quickly and with little technical know-how.
However, most of these online services and their integrated cryptocurrency wallets are "custodial," which means you're trusting the company to secure, protect and hold your cryptocurrency.
Ultimately, they have control -- and your crypto is in their proverbial hands.
Unless you're making a daily crypto transaction or have only a modest amount of money involved, we recommend you not store your cryptocurrency in an exchange account.
The best practice is to invest in a hardware wallet for offline storage.
The next best choice is a "noncustodial" software wallet or wallet app, which give you more control over your digital assets. We'll look at both here in our quest to find the best crypto wallet.
In either case, greater independence comes with more responsibility: You'll have to keep track of your own private key -- the crypto equivalent of a super secure password.
You'll also need to determine which is a higher priority -- accessibility or security.
A hot wallet stores cryptocurrency online; a cold wallet is disconnected from the internet, offering additional insulation from hackers, but also requiring a few additional steps every time you want to make a crypto transaction. Read on to find out which wallet is best for you.