Cryptocurrency is becoming more widely used today. Whether you want to buy, sell, trade, or invest, it is still confusing where or how to get started with owning crypto. The first thing you have to do before you start buying cryptocurrency is to get a Bitcoin wallet, otherwise known as a digital wallet.
At Coinbase, you get a noncustodial digital wallet. They are one of the largest and most trusted businesses in the crypto sector, and one of the best wallets for beginners. It works for desktop and mobile app users.
They offer some of the lowest fees and expenses along with a good trading platform with the ability to place limited orders. The majority of their user’s cryptocurrency wallets are kept in cold storage, which means offline. A cold wallet is safer and reduces the risk of theft and hacking. Coinbase is compatible with Trezor and other hardware options.
Exodus is great for beginners because it offers good customer support for free. At one time, they only offered software for desktop users, but they have recently released a mobile app. They are best known for their ability to swap over 150 different cryptocurrencies.
Even though it is excellent for beginners, they’ve added more advanced analytical and trading tools, including crypto staking and live charting tools. Exodus includes an option where users can set custom fees, which helps to keep costs down.
Electrum is great for more advanced users of Bitcoin and is one of the few Bitcoin-only wallets. Many crypto enthusiasts have two digital wallets, Electrum for Bitcoin and another wallet for other cryptocurrencies.
They have been in business since 2011 and are one of the original Bitcoin wallets. Electrum allows users to set custom transaction fees and an option to set between legacy Bitcoin and Segwit.
Mycelium is the best digital wallet for mobile-only users and only works for Bitcoin, Ethereum (ETH) and ERC-20 tokens. It is compatible with Android and iOS mobile devices. You can set custom transaction fees by choosing the length of time for transaction completion time. Even though it is mobile-only, they offer the ability to store your crypto in an offline storage device while still being able to use their interface to check holdings.
Ledger Nano offers their X version or the S version. The X version is a Bluetooth-enabled digital wallet. If you’re not interested in Bluetooth, you can choose the cheaper Ledger Nano S version.
They are one of the best-known cold wallets around. Even though it is a cold wallet, they offer Ledger Live which supports more than 1,800 different cryptocurrencies. It can connect to crypto exchanges or hot wallets via Bluetooth or USB, even though most users avoid the Bluetooth connection because of security reasons.
Trezor is one of the best digital wallets for user-friendliness and is compatible with Windows, Mac, Linux and Android. Their Model T version lets a user access third-party digital exchanges, but it is more expensive. It can be connected to a smartphone or a desktop computer through a USB Type-C cable. The Model T supports over 1,800 cryptocurrencies.
BlockFi is a low-cost sophisticated crypto platform. They have a strict policy of no hidden fees. You can get up to 8.6% interest on your crypto balances, and there are no asset or balance minimums required. Users also get access to the Gemini cryptocurrency exchange.