A Crypto wallet is like a special app or device where you can keep your cryptocurrency. But here’s the thing: cryptocurrencies don’t really exist in a physical way. They’re not something you can touch or hold. That’s why we use these wallets to store them. These wallets are designed to be user-friendly, safe, and quick. Now, when people are just starting out with crypto, they often keep all their digital coins on the same platform they bought them from. You see, by doing that, you’re actually handing over ownership and control of your crypto to the exchange. They become the boss of your coins. And that’s not ideal. Last year we already saw how crypto investors lost access to their cryptocurrencies by keeping their valuable crypto in the exchanges. For example, FTX collapse, BlockFi collapse, Celsius collapse and many more.
Self custodial crypto wallets, specially mobile crypto wallets, my friend, are the solution to this dilemma. And the best part? Many of them won’t cost you a dime and are incredibly user-friendly. Let me tell you why they’re so great. First off, they’re super convenient. Nowadays, most of us carry our mobile devices with us wherever we go. And that means your crypto is always just a tap away. You can easily keep an eye on your portfolio, make quick swaps on the fly, and even use your crypto to pay for things at physical stores (provided you find forward-thinking businesses that accept it, of course).
In this article, I’m going to spill the beans on my top recommendations for mobile wallets and also guide you on who each wallet is best suited for.
Top 6 Mobile Wallets in 2023
Navigating the vast sea of crypto wallets can indeed feel like a daunting task. With countless options available, it’s easy to get lost in the shuffle. But fear not! I’ve done the legwork for you and handpicked a stellar lineup of the finest crypto mobile wallet apps. Let’s dive right in and explore their distinctive features and standout qualities contributing to the world of secure and convenient crypto storage.
- Exodus Wallet
- Coinbase Wallet
- Electrum Wallet
- Kraken Wallet
- Slingshot
- Trust Wallet
Exodus Wallet
Exodus is the sixth best crypto wallet suited for mobile phones. This fantastic non-custodial wallet called Exodus is in the game since 2015. The Exodus team is all about safeguarding your precious crypto and respecting your privacy. Their interface is as smooth as silk and super user-friendly, making it a breeze for beginners to get the hang of things. And here’s a cool feature: Exodus mobile encrypts your private keys and stores them right on your device. That means your data stays private, in your hands and you don’t need to go through any complicated registration or setup process.
They offer handy fiat on-ramp services, so you can make payments with your regular old currencies. Plus, they’ve even got your back if you’re into hardware wallets like Trezor. You can connect your Exodus wallet and enjoy the best of both worlds. With over 225 supported assets, you’ll have plenty of options to diversify your crypto portfolio. Now, I have to be honest with you.
Exodus has so much to offer, but there’s a tiny hiccup. They don’t currently provide customization options for coin fees. But hey, that’s just a minor wrinkle in an otherwise stellar wallet experience.
Coinbase wallet
Coinbase wallet serves as the official wallet for the Coinbase exchange platform and ranks 5th in our list of top mobile based crypto wallets. It’s actually one of the safest web wallets you can find. While Coinbase itself is a centralized platform, the wallet operates in a different way. It’s what we call a non-custodial wallet, just like the others mentioned in this list. You can get it for your iPhone or Android device. What’s great about this wallet is that it lets you access DeFi apps and connect them to the tokens you’ve bought and stored. This comes in handy when you want to make local payments in cryptocurrencies.
The wallet supports a huge range of tokens, including all those ERC-20 tokens and tokens from chains like Avalanche C-Chain and Polygon. To keep your wallet secure, Coinbase uses a bunch of authentication methods like two-factor authentication, Google Authenticator, a four-digit PIN, and SMS authentication.
Your private keys are encrypted and stored locally on your device. You can even add an extra layer of protection with biometrics and a passcode. The only downside I’ve noticed is that the wallet doesn’t have a built-in exchange feature.
Learn more about: Coinbase Launches Base, a Layer 2 Network on Ethereum Blockchain, Announces Ecosystem fund
Electrum Wallet
Back in November 2011, the brilliant mind of Thomas Voegtlin gave birth to the Electrum Wallet, making it one of the veterans in the Wallet game. It proudly holds the title of being one of the earliest and most esteemed Bitcoin wallets out there.
What’s cool about Electrum is that it’s open-source. This gives crypto users like you and me a sense of confidence because we can go and check the software code ourselves to make sure everything’s legit, with no shady business or annoying bugs lurking around.
While Electrum is mainly focused on Bitcoin, it also supports ERC20 tokens. So, you get a bit of extra flexibility there. Now, it is a little obvious that the user interface may look a tad outdated. It hasn’t changed much since it first hit the scene over ten years ago.
Nevertheless, The layout is pretty straightforward, and the wallet does an amazing job at what it was created for. Electrum is impressively efficient when it comes to resource usage. Plus, it uses SPV (Simple Payment Verification) for transaction verification and has a Gap limit set at 20.
In our list of top mobile based cryptocurrency wallets, Electrum ranks #4th.
Mycelium
When it comes to mobile crypto wallets, Mycelium is definitely a top contender. It ranks 3rd in our list. One of the standout features of Mycelium is its ability to let you customize transaction fees. This gives you the freedom to decide how much you want to spend on fees for your transactions.
Plus, it integrates seamlessly with major hardware wallets, adding an extra layer of security to your crypto holdings. Mycelium doesn’t stop at Bitcoin—it also supports Ethereum and ERC-20 tokens. So, if you’re into diversifying your portfolio, this wallet has got you covered. Additionally, it offers different account types to suit your needs, such as Single Address, HD, Bit ID, Watch Only, and Hardware accounts.
Mycelium is open-source, which means you can dig into the code and see for yourself that there are no hidden agendas or sneaky tricks. And get this—they have their own decentralized in-person exchange marketplace called “Mycelium Local Trader.” Mycelium has an impeccable track record.
Users have reported zero hacks or compromises to wallet security over its long-standing history. That kind of reliability speaks volumes. If you’re a Bitcoin enthusiast on the hunt for a secure software wallet, Mycelium should definitely be on your radar.
For more information read: Mycelium Wallet Review: Is it a Safe Bitcoin Wallet to Use in 2023?
Slingshot
Slingshot Wallet is a new innovative crypto mobile wallet application that caters to both seasoned cryptocurrency traders and newcomers to the web3 world. With its self-custody DeFi wallet, users can effortlessly buy, sell, store, and swap a wide range of cryptocurrencies, all at the best prices and with 0% swap fees. The app boasts multichain support, enabling seamless connections to various networks such as Arbitrum, BNB Chain, Canto, Ethereum Mainnet, Optimism, and Polygon. Having said that, I could not find any support for TRC20 based coins.
This mobile crypto wallet allows users to access over 50,000 cryptocurrencies, including popular options like Bitcoin, Ethereum, Solana, Tether, and more.
You can check real-time data and price charts that keep users informed of market movements, while customizable alerts ensure they never miss out on the latest prices. With Slingshot’s comprehensive tracking features, users can monitor their crypto holdings across different chains, empowering them to make informed decisions on the go.
I liked the interface and the fact that I can create multiple wallet address for the same crypto. This helps me keep my identity private. This makes it my second best mobile crypto wallet choice.
Trust wallet
And now comes my most preferred choice for crypto wallets for smartphone – Trust wallet.
When it comes to self-custody wallets with a mobile interface, Trust Wallet takes the cake.
It got its big break in 2018 when Binance, one of the major players in the crypto world, acquired it. Since then, Trust Wallet has been on a roll and gained a massive following of More than ten million users worldwide who trust this wallet with their assets.
It supports over a million assets across 53 different blockchains. And here’s an added bonus: there are no transaction fees to worry about. Plus, Trust Wallet even lets you store NFTs. How cool is that?
Trust Wallet comes packed with a fully functioning Web3 DApp browser right in the app. This means you can dive into the world of decentralized finance and interact with popular applications like Uniswap, Aave, Compound Finance, PancakeSwap, and basically any DApp you can think of on Ethereum or Binance Smart Chain networks.
Check out: Trust Wallet Enables Easy Crypto Transfers With Binance Pay; Coinbase Pay
To Conclude
In today’s market, you’re spoilt for choice when it comes to wallet options. It can be overwhelming to make a decision, but it’s crucial to consider your specific needs and find a wallet that aligns with them.
After all, a reliable crypto mobile wallet is essential for protecting your crypto funds and maximizing your investments. Before settling on a wallet, there are a few important factors to consider.
Take the time to educate yourself about each option, as it will enable you to make well-informed investment choices and potentially increase your earnings. It’s crucial to thoroughly study the benefits and risks associated with each wallet.
When it comes to choosing a crypto wallet, security should be your top priority. You must take all necessary precautions to ensure the safety of your funds. Don’t cut corners when it comes to security measures. So take the time to explore your options, make an informed decision, and enjoy the peace of mind that comes with having a secure and suitable wallet for your crypto journey.
Also check: Unlocking mass adoption: Importance of user-friendly crypto wallets
Frequently asked questions
How safe are mobile crypto wallets?
Mobile crypto wallets can be safe if certain precautions are taken. It’s important to use a reputable crypto wallet from a trusted source and follow security best practices. Some of the recommended conventions include setting a strong password and being cautious when connecting to public Wi-Fi networks.
Software vs hardware crypto wallets: Which is the best?
The choice between software crypto wallets and hardware crypto wallets depends on your needs. Software wallets offer convenience, while hardware wallets provide enhanced security. If you plan on interacting with decentralized applications (dApps), you can opt for a software wallet linked with a hardware wallet such as Ledger for added protection.
Do mobile wallets work on multiple devices?
Typically, mobile wallets are set up for one device only to keep your funds safe. But, there are exceptions! Some wallets allow syncing across different devices. And here’s a neat trick: if you use the recovery phrase on more than one device, you can access the wallet on multiple devices.
If I don’t have a working internet connection, can I still use a mobile wallet?
Usually, to send cryptocurrency using a mobile wallet, you’ll need an internet connection. However, again there are anomalies to this rule as well. Some wallets provide offline or “cold storage” options for enhanced security. This means you can store your crypto offline, away from potential online threats.
