With just a few days left in 2024, Bitcoin is hovering near $100,000. Here are the best cryptocurrency wallets to store your coins

Choosing which crypto wallet is best for you depends on how secure you want your assets to be and how much trading you intend to do.

People who invest large amounts of money will likely choose a cold wallet because it is safer, while people who are dabbling in investing will likely be fine if they don’t spend the extra money and use a hot wallet.

protection

When it comes to cryptocurrencies, security is probably the most important thing to consider. You want your digital assets to be as safe as possible from hackers and scammers. The best defense against a hacker is to be offline, so a cold wallet would be the safest route. Being a physical object, cold wallets can still be lost or stolen, so it is important to store your cold wallet securely.

If you lose your wallet, you can still access your cryptocurrencies using your seed phrase. Seed phrases are randomly generated sets of words that can be used to restore or access your account in the event that your cold wallet is no longer available or your hot wallet is disconnected. You are assigned a seed or recovery phrase when you set up your wallet.

expenses

While transactions on the blockchain may come with fees, hot wallets like Exodus are usually free to use, while the cold wallets on this list cost up to $149.

Ease of use

Hot wallets are usually easier to use than cold wallets, simply because you don’t need to take an extra step to access them.

Hot wallets link to your browser via an extension for your phone if you’re using a mobile wallet or via software downloaded to your computer. They can be accessed at any time, while cold wallets require a physical connection to your computer.

Trading volume

If you plan to do a lot of trading, you will need a wallet with advanced features. Some wallets support fewer digital assets, so you’ll need to choose one that caters to a wider range of coins. You will also need to be aware of any restrictions the wallet imposes on trading. A cold wallet is the best option if you intend to trade and store larger amounts of cryptocurrencies.