Best Bitcoin wallets

Best Bitcoin wallets

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As one of the most popular Bitcoin wallets around, it would be wrong not to include Coinbase as one of the best Bitcoin wallet providers. It offers a comprehensive service that should suit a lot of cryptocurrency investors. You can use this Bitcoin wallet online, with the ability to link to your bank account and very easily move money around when needed. It supports most of the popular cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Bitcoin Cash (BCH), with more coins expected to be added in the future. Check out our Coinbase review for more info.

Pros

 Extremely easy to use
 Plenty of satisfied customers with good reviews
 Impressive customer service
 Low transaction fees

Cons

X Some concerns have been expressed over the wallet’s security levels
X Relatively small number of cryptocurrencies supported

Trezor

trezor logoThis Bitcoin wallet is part of a simpler service than that offered by the likes of Bitcoin wallet online brands such as Coinbase. It is merely a place for you to keep your Bitcoin safe offline rather than part of an exchange service. That’s because the Trezor is a Bitcoin hardware wallet. This means that it is a palpable, physical device that can be attached to your computer as a Bitcoin USB wallet. It can also be used with many other cryptocurrencies and acts as a useful password manager too.

Pros

 High level of security with two-factor authentication (2FA)
 Quick set-up
 Acts as a password manager too
 Attractive, unobtrusive Bitcoin hardware wallet design

Cons

X Purely for storing Bitcoin rather than trading
X Somewhat expensive to purchase

 

Exodus

exodusThis good-looking Bitcoin wallet service supports a good range of cryptocurrencies. Many people use Exodus because of its attractive, intuitive layout. The app links to a Bitcoin exchange facility and the security features are designed to give you total peace of mind. It can be used with a good number of cryptocurrencies other than Bitcoin.

Pros

 One of the best Bitcoin wallet designs
 Easy to use, even for complete beginners
 Can be used with up to 20 cryptocurrencies

Cons

X Fees for sending and trading crypto coins are higher than most other alternatives

 

Electrum

electrumThis Bitcoin software wallet lets you store your Bitcoin safely on your computer. You can set it up easily and will soon be able to store your coins in it. As with most Bitcoin software wallets, the biggest fear with ones like Electrum is losing access to your digital assets for one reason or another. Thankfully, Electrum offers a recovery process. Please make sure you are comfortable with this process before getting started.

Pros

 Long-established Bitcoin wallet trusted by many users worldwide
 Fast and always up-to-date
 High degree of flexibility
 Can be used with a Bitcoin hardware wallet like Trezor

Cons

X May seem confusing and intimidating to beginner crypto investors at first

 

Blockchain

blockchainThe popular Blockchain Bitcoin wallet is easy to use and includes 2FA for added security. The Blockchain Bitcoin wallet works with numerous exchange partners, allowing you to move cryptocurrency around directly from your wallet, with no hassle. It is described as the “world’s most popular digital currency wallet”. You can choose to use their app to gain mobile access to your digital assets as well.

Pros

 Intuitive interface
 Can be used to exchange coins seamlessly
 Flexibility to set your security levels as you wish
 Free to use

Cons

X Transaction fees for moving money around
X Can only be used with Bitcoin and Ethereum at present

 

How to open a Bitcoin wallet step by step

Let’s demonstrate how easy it is to set up a Bitcoin wallet with Coinbase:

–  Hit the ‘Sign Up’ button on the Coinbase homepage and enter your account details

 

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–  Authenticate your Coinbase wallet via phone verification – enter the verification code received in a text message

–  Link a bank or PayPal account to your Coinbase wallet (no ID is required to link a bank account)

 

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–  Add payment methods by entering ‘Settings’ and ‘Payment Methods’ select your preferred method

 

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Alternatives to opening a Bitcoin wallet

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Although a Bitcoin hardware wallet is said to offer greater protection than most Bitcoin software wallets, if you are still concerned about the hassle of safeguarding your Bitcoin wallet, there is another way to profit from cryptocurrencies.

Brokers now offer crypto investors the chance to trade the price of leading digital assets such as Bitcoin by placing contracts for difference (CFD) orders. You’ll never physically own the asset you trade, but you can profit from price moves. Place ‘buy’ orders if you think the price will rise and ‘sell’ orders if you think it will fall. It’s that simple. Our eToro review rates the eToro platform as the best cryptocurrency CFD broker online today.

Sign up to eToro and start trading cryptocurrencies like Bitcoin today!