Top 5 cryptocurrency wallets in January 2023

Best Hot Crypto Wallets: Thanks to crypto wallets, investors no longer need to store their cryptocurrencies with cryptocurrency exchanges or brokerage firms. Investors these days are increasingly relying on crypto wallets to store cryptocurrency securely. You can store your token in hardware or software, also called “cold” and “hot” crypto wallets, respectively.

The primary purpose of a crypto wallet is to store and secure the “keys” to your crypto assets. Hot crypto wallets offer traders dedicated solutions compared to those of cryptocurrency exchanges and have emerged as an essential tool for buying, selling and trading cryptocurrencies. In this article, we will talk about the most popular crypto wallets. However, before proceeding further, let us understand what hot wallets are.

What is a Hot Crypto Wallet?

A “hot wallet” refers to a cryptocurrency wallet that is always connected to the internet and allows cryptographic transactions between the owner and end users. Hot wallets allow users to view how many tokens they have available for use. Basically, a collection of private keys (similar to personal identification numbers) are stored on an Internet-connected program and used to store and send different currencies.

By storing and protecting holdings, hot wallets offer the convenience of financial transactions within a virtual currency economy. Unlike a hot wallet, a cold wallet is not connected to the internet. Simply put, a “cold wallet” is a purpose-built hardware device that you can use to store cryptocurrencies.

Top 5 Cryptocurrency Wallets:

1. Coinbase Wallet:

Coinbase Wallet, a self-custodial mobile crypto wallet and web3 browser dapp, puts you in control of your cryptocurrencies, NFTs, DeFi assets, and other digital assets. It supports thousands of coins and decentralized apps.

It is one of the simplest and safest ways to buy NFTs, earn a return on cryptocurrencies with staking or decentralized finance (DeFi), and access thousands of decentralized applications (dapps).

Coinbase Wallet has a 4.2 star rating on the Google Play Store.

Price information: User-set miner fees from low to high priority

Portfolio and Exchange Fees: The Coinbase wallet allows you to adjust the network fee when you transact. If you change the network fee, you will be presented with the option to select how fast your transaction will be picked up and confirmed by the network.

Hardware wallet compatible: Yes (log devices)

2. Robin:

The cryptocurrencies you would buy on Robinhood are stored in a mix of cold (offline) and hot (online) storage. Most of your coins are stored in cold storage, although some are kept in hot wallets to support day-to-day operations.

The Robinhood wallet app is essentially a self-custody wallet. With this, you can trade cryptocurrencies without any network fees. In May of this year, Robinhood announced the launch of a brand new non-custodial Web3 wallet.

Rate/Price information: Robinhood does not charge any fees at this time. However, there may be network/other third-party service fees for specific transactions when using Robinhood Wallet.

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3. MetaMask:

MetaMask is the best cryptocurrency wallet for Ethereum users, as its user-friendly interface provides quick and easy access to thousands of tokens and decentralized apps within the Ethereum network.

It is one of the most used Ethereum wallets, with over 30 million monthly active users. The wallet has an attractive and simple design for novice investors who want to store and send Ethereum-compatible cryptocurrencies and interact with decentralized apps (dApps).

MetaMask is known for its compatibility with many other blockchain solutions. Users can add almost any blockchain network to the app. The wallet fully supports popular Web3 networks, such as Polygon, Binance Smart Chain, and Avalanche.

Also Read: Top Meme Coins To Watch In January 2023

Anyone using Google Chrome, Mozilla Firefox, Microsoft Edge, or Android or Apple devices can easily download the wallet as an extension. Additionally, MetaMask has been a convenient entry point into the burgeoning dApp industry since its inception. The number of users is increasing as new dApp products and services come to light.

It is available on the Apple App Store and Google Play Store. With 1 Cr downloads, the MetaMask wallet has a 4.5 star rating on the Google Play Store.

Commissions: Network fees for sending and exchanging assets; zero fees to receive goods

Number of cryptocurrencies supported: It supports a wide range of Ethereum-based tokens such as Ether (ETH), Tether (USDT), USD Coin (USDC), etc.

Are Bitcoin and Ethereum supported? MetaMask does not support Bitcoin. Only Ethereum and ERC-20 tokens are supported.

Compatible hardware: Yes (examples include Trezo and Ledger).

Also Read: Best DeFi Tokens to Buy in January 2023

4. Exodus Crypto Wallet:

The Exodus crypto wallet supports 261 cryptocurrencies. You can also trade and stake cryptocurrency from your wallet with Exodus’ built-in exchange, which works like a DEX. The benefit of a DEX is that it allows cryptocurrency trading via decentralized apps and may not require many credentials to log in. The Exodus wallet integrates with Trezor.

Price/Commission Transaction: User-set miner fees from low to high priority (for BTC, ETH and ERC-20 transactions)

Compatible with hardware wallets? Yes (Trezor devices).

Number of coins and tokens supported: 261

5. Electrum Crypto Wallet: The best desktop Bitcoin wallet

Electrum is the best Bitcoin wallet due to its extensive security features and high customization. With support for hardware wallets and cold storage, Electrum Wallet means business when it comes to securing your bitcoins. Founded in 2011, Electrum is one of the oldest and best-known crypto wallets today. It is also one of the few remaining crypto wallets that deals exclusively in Bitcoin.

The wallet hosts various robust security features, including 2FA, transaction-proof checking, and multi-signature wallet support. Additionally, users can adjust their fees based on how long they are willing to wait for a transaction to complete – pay more in fees and your transaction is done quickly.

One of the portfolio’s most significant assets is that it uses a lightweight client. The lightweight clients can be set up in minutes and take up less space than traditional wallet clients on your PC. Electrum only supports Bitcoin.

Price/commission transaction: 0.2 mBTC (default rate).

Compatible with hardware wallets? Yes. (KeepKey, Ledger and Trezor)

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