Best Bitcoin Wallets
Getting the best Bitcoin wallet is key to keeping your Bitcoin accessible when you need it and safe when you don’t. With a crypto wallet, you can easily send and receive Bitcoin for payments, trade it for other cryptocurrencies, and hold tokens as an investment.
In this guide, we’ll review the 5 best Bitcoin wallets in 2022 and show you how to set up your new wallet today.
How to Get the Best Bitcoin Wallet - Quick Guide
Want to get started with the best Bitcoin wallet right away? We recommend the eToro wallet, which supports 500 tokens, integrates with eToro’s top-rated crypto exchange, and offers advanced security.
Here’s how to get the eToro wallet:
Step 1: Download the eToro wallet app. Head to the Apple App Store or Google Play, search for ‘eToro Money,’ and download the wallet app to your smartphone.
Step 2: Create an eToro account. Open the app and sign up for eToro using your email address.
Step 3: Create a Bitcoin wallet. In the eToro Money app, tap ‘Create a New Wallet’ and then tap ‘Add’ next to Bitcoin. Now you’re ready to send, receive, and trade Bitcoin!
The 5 Best Bitcoin Wallets in 2022
We tested out dozens of Bitcoin wallets to bring you our top picks for 2022:
- eToro Money - Overall Best Bitcoin Wallet
- Mycelium - Best Advanced Bitcoin Wallet
- Ledger Nano X - Best Hardware Crypto Wallet
- Coinbase Wallet - Best Crypto Wallet for Coinbase Users
- Exodus - Simplest Bitcoin Wallet for Beginners
The Best Bitcoin Wallets Reviewed
Let’s take a closer look at what makes each of the best Bitcoin wallets stand out.
1. eToro Money - Overall Best Bitcoin Wallet for 2022
The eToro Money wallet is our favorite Bitcoin wallet available right now. This highly secure wallet supports Bitcoin and more than 500 additional cryptocurrencies. It integrates seamlessly with the eToro crypto exchange, making it easy to convert between Bitcoin and other popular coins with low exchange fees. In addition, since it’s integrated with the exchange, you can easily use the eToro wallet for Bitcoin trading.
What’s really neat about the eToro Money app is that it’s more than just another crypto wallet. Instead, it’s a central location for managing all your finances. You can store and monitor your cryptocurrencies, link your bank accounts to send and receive money (fee-free!), and even add an eToro Visa debit card for everyday purchases.
eToro Money is extremely secure, using multiple layers of encryption to keep your crypto safe. Your wallet address is also fully private, so any transactions you make on the Bitcoin blockchain are fully anonymous.
- Supports 500+ digital currencies
- Integrates with eToro exchange for trading
- Supports bank accounts and eToro Visa debit card
- Secure and private
- Doesn’t integrate with any hardware wallets
2. Mycelium - Best Advanced Bitcoin Wallet
Mycelium is a mobile-only Bitcoin wallet that’s best suited for advanced Bitcoin owners. The wallet’s standout feature is that you can set limits on the transaction fees you’re willing to pay when sending and receiving Bitcoin. So, if high traffic on the Bitcoin blockchain is pushing up transaction fees, Mycelium will simply wait until fees fall to execute your transaction.
Another thing we like about the Mycelium wallet is that it supports hardware wallet integration, enabling you to hold your crypto in an offline hard drive. The wallet’s code is also open-source. That’s synonymous with security since thousands of developers are keeping an eye on Mycelium’s code.
The drawback to this wallet is that the settings can be confusing for beginners. In addition, it only supports Bitcoin, Etherum, and other ERC-20 tokens. So, the range of coins you can keep with Mycelium is relatively small.
- Set transaction fee limits
- Open-source code
- Supports hardware wallets
- Limited range of supported coins
- Not very beginner-friendly
3. Ledger Nano X - Best Hardware Crypto Wallet
The Ledger Nano X is a hardware wallet rather than a mobile wallet. This means that you don’t simply download a wallet onto your phone, but rather purchase a physical drive that plugs into your computer or connects to your phone via Bluetooth. Your coins are stored on the drive, which is disconnected from the internet whenever you’re not actively sending or receiving Bitcoin. So, it’s virtually impossible for someone to hack into your wallet when you’re not using it.
The Ledger Nano X supports more than 1,800 cryptocurrencies, and you can monitor your balances from an app on your smartphone. You can also install exchange apps directly on the drive to enable you to swap between coins.
In general, using the Nano X can be a bit of a hassle compared to software wallets since you need the physical device to access your coins. Ultimately, greater security comes at the cost of some convenience.
- Supports over 1,800 coins
- Cold storage wallet
- Connects via Bluetooth or USB
- Bluetooth connection can be hacked
- Can be inconvenient
4. Coinbase Wallet - Best Crypto Wallet for Coinbase Users
Coinbase offers a custodial wallet that hosts your Bitcoin directly on the exchange’s servers. But the company also has a self-hosted wallet that boasts support for more than 4,000 digital assets, including cryptos and NFTs.
The Coinbase Wallet is available on iOS, Android, and any web browser, making it easy to access. Only you know your encryption key, and Coinbase has instituted multi-factor authentication across all devices to keep your Bitcoin even more secure. You can even integrate a hardware wallet if you want to keep your coins stored offline.
The Coinbase Wallet allows you to exchange cryptocurrencies through Coinbase, which is good and bad. On the one hand, this is pretty convenient and simple. On the other hand, Coinbase’s exchange fees can be quite high, especially compared to competing exchanges like eToro.
- Supports 4,000+ cryptocurrencies and NFTs
- Multi-factor authentication
- Exchange tokens through Coinbase
- High exchange fees
5. Exodus - Simplest Bitcoin Wallet for Beginners
Exodus is one of the easiest Bitcoin wallets to get started with if you’re just starting out in crypto. The wallet has built-in exchange and a very user-friendly interface that won’t overwhelm you with options. The team behind Exodus also offers excellent customer support, which is a big plus if you’re not sure how to start sending and receiving Bitcoin.
Unfortunately, Exodus does give up some important features in order to achieve simplicity. First, the wallet supports only around 150 cryptocurrencies. That’s more than most people will hold, but it means that your favorite token might not be supported.
In addition, the code for the Exodus wallet isn’t open-source. So, there’s no way for outside security experts to confirm that this wallet is truly airtight. Exodus has never experienced a hack, but this is a concern if you’re worried about the security of your Bitcoin.
- Very easy to use
- Built-in crypto exchange
- Excellent customer support
- Only 150 digital currencies supported
- Code is not open-source
Why Do You Need a Bitcoin Wallet?
Having the best Bitcoin wallet is essential if you own Bitcoin or another cryptocurrency. A Bitcoin wallet essentially works like a bank account or digital wallet for cryptocurrency. It’s a secure digital property where you can store Bitcoin, initiate payments in Bitcoin, or receive Bitcoin from others. To buy or receive Bitcoin, you must have a Bitcoin wallet.
How Much Does a Bitcoin Wallet Cost?
Most Bitcoin wallets are completely free to use. The eToro wallet, for example, doesn’t cost anything. There are no fees to store your Bitcoin. You’ll pay a transaction fee when sending or receiving cryptocurrency, but that fee comes from the Bitcoin blockchain - not your wallet.
Hardware wallets like the Ledger Nano X do cost money because they involve physical hard drives that you purchase. The Ledger Nano X costs around $150, and other popular hardware wallets cost anywhere from $50 to $250.
The Best Bitcoin Wallet in 2022: eToro
Choosing the best Bitcoin wallet can make or break your crypto experience. With the right wallet, you’ll be able to send, receive, and trade Bitcoin securely with no fees.
Based on our experience, we recommend the eToro Money wallet. It’s available for iOS and Android, supports 500+ cryptocurrencies, and integrates with the eToro exchange for instant crypto-to-crypto trades. Download the eToro Money wallet to secure your Bitcoin today!
What is a Bitcoin wallet?
A Bitcoin wallet is a digital wallet used to send and receive Bitcoin or other cryptocurrencies. You can send, receive, and hold Bitcoin using your wallet, and it’s encrypted to keep your coins secure.
Are crypto wallets safe?
Crypto wallets use encryption to keep your Bitcoin safe. With many of the best Bitcoin wallets, you are the only person that knows your encryption key. Not even the wallet provider knows your key.
Which wallet is the best for Bitcoin?
Based on our experience, the eToro Money wallet is the best Bitcoin wallet in 2022. The eToro Money app supports over 500 cryptocurrencies and integrates seamlessly with eToro’s crypto exchange.
What coins can I hold in a crypto wallet?
You can hold Bitcoin, Ethereum, Litecoin, Ripple, Dogecoin, Bitcoin Cash, and more in a Bitcoin wallet. The eToro wallet supports more than 500 cryptocurrencies.