Top 7 Cryptocurrency Wallets in the USA
Recent statistics indicate that user figures for multiple cryptocurrency apps globally saw significant growth in 2021, with the ten most popular cryptocurrency wallets registering an estimated 5.6 million downloads in January this year.
This is more than double the number of downloads (2.2 million) that was recorded in December 2020, indicating that there is a strong and growing interest in cryptocurrencies and crypto wallets. With a multitude of cryptocurrencies available, finding the right wallet can be a tricky task. Today, we take a closer look at those wallets who are cut above the rest.
Exodus: Best For Novices
As a desktop and mobile wallet, Exodus sports a simple user interface and a built-in exchange. A key feature that adds to the popularity of this wallet is the ability to swap between a growing number of cryptocurrencies. Swaps can be made between different cryptocurrencies, including Bitcoin, Litecoin, Monero, Dogecoin and many others. Users can perform swaps between more than 100 different cryptocurrencies.
Advanced users may find the wallet lacking in some features, as it is a closed source wallet. Closed source software is generally defined as proprietary software distributed under a licensing agreement to authorized users with restrictions on private modification, copying and republishing. Simply put, the source code is not publicly shared.
This may create some security concerns as users are reliant on the Exodus team to ensure there are no holes in the security of the wallet. That being said, Exodus offers an introductory step into the realm of cryptocurrency, especially when users have limited coding knowledge.
Hodlnaut: Best for Investment
A cryptocurrency interest account uniquely allows users to participate in the cryptocurrency market while still earning income. It is comparable to a typical bank savings account, but for crypto. For those interested in long-term cryptocurrency investing, Hodlnaut is worth taking a look at as their rate beats both Celsius and BlockFi for bitcoin.
This cryptocurrency lending platform allows investors to earn interest on their holdings by lending them to approved institutions.
Hodlnaut recently reduced its withdrawal fees for Tether (USDT), US Stable Coin (USDC), Dai (DAI) and Ethereum (ETH). Hodlers can earn interest on any of the six supported crypto assets: BTC, DAI, ETH, USDT, USDC and WBTC. Previously, Hodlnaut offered 6.2% APY for BTC and WBTC, 6.7% APY for ETH and 10.5% APY for USDC, USDT and DAI.
With the new rates as well as the introduction of tiers have seen Hodlnaut up their game considerably, allowing users to earn up to 7.5% APY on BTC and an incredible 12.73% APY on stablecoins. Users earn interest immediately upon deposit and interest is paid out on a weekly basis. Furthermore, there is minimum or maximum on deposits and all balances earn interest.
The platform takes security seriously, requiring users to set up 2-factor authentication before withdrawals are made. This helps to keep accounts secure and prevent unauthorized access and withdrawals. Paired with industry-standard encryption and other safety regulations, Hodlnaut is one of the few platforms that, as of this writing, has never been hacked.
Electrum: For the Bitcoin Loyalist
Electrum is an open source wallet. Open source wallets have the advantage to allow users to produce and store private Bitcoin keys on their computer. Furthermore users of the Electrum wallet have the option to set custom transaction fees and can choose between legacy Bitcoin and Segwit. It also offers users the ability to determine the level of security they wish to use.
Users can create a standard wallet, one with 2-factor authentication, or a multi-signature wallet. Users can also elongate the seed phrase with custom words. Aimed at the advanced Bitcoin holder, this wallet offers advanced security features and customizability in a simple layout.
MyCelium: Best for Users on the Move
MyCelium is an open-source, mobile-only Bitcoin wallet. At the time of writing MyCelium only supported Bitcoin, ERC-20 tokens and ETH. The wallet is also compatible with Trezor and Ledger, giving users the freedom to use MyCelium even if they are using offline Bitcoin storage devices.
While the wallet is comparable to Electrum in some ways, some key differences (apart from being a mobile-only platform) a refreshed user interface as well as a built-in exchange.
MyCelium allows users to set custom transaction fees and users can choose how long they are willing to wait for a transaction to be completed. An interesting feature of this wallet includes hardware wallet support that allows users to hold their crypto in an offline storage device, while still using MyCelium’s user interface to see their holdings.
The marketplace is integrated into the wallet iself, meaning there is no need for users to transfer crypto or fiat currencies from the wallet to the marketplace. This feature helps to add an extra layer of security. The company goes as far as to encrypt all user data from chats and transactions to guarantee maximum discreteness.
Ledger Nano X: For Cold Storage
“Cold storage” in crypto lingo refers to a way of holding cryptocurrency tokens offline. By making use of cold storage crypto investors aim to prevent hackers from being able to access their holdings. As the second generation hardware wallet from Ledger, the Nano X resembles a USB drive and connects to the user’s device via USB or Bluetooth.
The Bluetooth functionality gives the extra advantage that users can connect the wallet to their mobile device, omitting the need for a computer. Nano X supports over 1,800 cryptocurrencies, but the list is expected to grow.
While the device itself is a cold storage hardware wallet, Ledger has created the Ledger Live software that allows users to add new wallets for different cryptocurrencies to their devices. However, it should be noted that during July 2020, Ledger experienced serious hacks.
Detailed customer information was revealed, however users’ private keys were seemingly unaffected. Since then Ledger has stepped up their security game by adding extra measures such as deleting data from its e-commerce partner as well as moving customer data to a database that cannot be accessed from the internet upon order fulfillment, before deleting it as soon as they are legally able.
Trezor Model T: For the Security Minded User
Few names are as synonymous with crypto cold storage as Trezor. The Model T is the second generation of hardware wallets by Trezor and gives the user the ability to access third-party exchanges such as Changelly and CoinSwitch directly. While this feature is convenient, it comes at a lofty price tag.
The Model T improved from their previous version by utilizing touch screen functionality as well as a MicroSD card slot. This allows users to use MicroSD cards to encrypt the PIN, adding an extra layer of security.
The device comes with a USB Type-C cable allowing it to connect to the user’s smartphone or desktop computer. At the time of writing the wallet supported well over 1,600 different cryptocurrencies. Some may consider the Model T as a more secure option than the Nano X.
Trust Wallet : A Decentralized Token Manager
A widely recognized software wallet, Trust Wallet is an open-source, decentralized, mobile crypto wallet. It supports well over 160 000 assets and blockchains and allows sixers and traders to stake their crypto coins to earn interest.
The wallet has a built-in Web3 browser which allows users to buy cryptocurrencies through the native decentralized exchange that operates on the Kyber Network. Users can also access various decentralized applications built on the Ethereum platform directly though the Trust Wallet app.
As cryptocurrencies continue to multiply, the sophisticated technology that goes into creating cryptocurrency wallets opens up a wealth of opportunity for users. From investments to enhanced security, there seems to be a crypto wallet out there to suit most users’ needs.