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Best Bitcoin & Cryptocurrency Exchanges 2020
If you haven’t heard about Bitcoin or cryptocurrency, then you’ve been living under a rock!
Bitcoin is the talk of the town, especially now that its worth a small fortune for each coin! There’s immense discussion and debate about Cryptocurrencies, and how to procure and earn Bitcoin. There are numerous ways to add Bitcoin to your wallet ranging from Bitcoin Faucets to taking on micro-tasks in exchange for Bitcoin, but what is a Bitcoin exchange?
Simply speaking, a Bitcoin exchange is an online marketplace that enables traders buy or sell bitcoins using various fiat currencies or altcoins.
But really, this is just scratching the surface of this vast digital world. If you want to understand more about Cryptocurrencies, specifically, Bitcoin or Cryptocurrencies exchanges than read on.
Let’s see what the whole fuss is about, and understand which Bitcoin or Cryptocurrency exchange will work best for you!
Affiliate disclaimer: To keep this site running and free to use, we monetize this page with affiliate links. So if you were to click on a link of a company we personally recommend, we get a small commission in return. There is absolutely no cost to you.
What does Cryptocurrency mean?
Today, Bitcoin or Cryptocurrencies has become a world-wide phenomenon. It still seems somewhat geeky, and most people don’t fully understand Bitcoin, but governments and organizations are aware of its importance in the present scenario.
Not many people are aware that Cryptocurrency are actually a by-product of another invention. Satoshi Nakamoto, the invisible inventor of the most famous Crytocurrency, the Bitcoin, never aimed to invent a form of currency. He wanted to establish as peer-to-peer cash system. The most important part of Satoshi’s invention is that he was able to create a decentralized digital cash system.
The failure of many forms of digital cash systems led Satoshi to create a system that did not have a central cash authority. This gave birth to Cryptocurrencies. In this system, there’s no server. This means that each entity in this chain has to do their work implying that every peer involved needs to have a list of transactions to see whether future transactions are correct or an attempt to spend double the amount.
You’re probably thinking about how everyone achieves a consensus in the absence of a governing body? No one thought it was possible to Satoshi actually managed to do it.
What is a Bitcoin/Cryptocurrency exchange?
A Cryptocurrency exchange connects buyers and sellers just like a regular currency exchange (forex). Traders and buyers can buy or sell Bitcoin and other Cryptocurrencies by choosing a market order or a limit order. In a market order, a trader enables the exchange to trade his/her coins for the best prices in the digital market. In case of an order limit, the trader asks the exchange to trade his/her coins for a rate that is below the current ask or over the present bid, contingent on whether they are buying or selling.
Usually, Cryptocurrency exchanges designate traders as makers or takers. When a participant places a limit order, the exchange enlists it in its order book till the price is matched, and the trader is called a maker. In the case of takers, the trader places a market order that is immediately filled.
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All Bitcoin/ Cryptocurrency exchanges impose transaction fees that are applied to each transaction conducted within the online marketplace. The fees are related to the number of Bitcoin transactions that a trader conducts on the exchange. For instance, Bitcoin exchange Poloniex has transaction fees ranging from 0 to 0.25 percent while GDAX fees range from 0 to 30 percent.
Signing Up For An Account
To be able to transact on these exchanges, you have to register with the exchange and undergo a few verification processes to determine and authenticate your identity. When this verification process is completed, the user has to transfer money into their account before they can start trading Cryptocurrencies. Various exchanges employ different payment methods that can be employed such as wire transfers, credit/debit cards, bank drafts, money orders, or in some cases, even gift cards.
Deposits and withdrawals come at a fee, depending on the chargeback risks of the medium. For instance, drafts and wire transfers pose a lesser risk of chargeback than, say, Paypal or a debit card.
Apart from the transaction fees, traders may also need to incur currency conversion fees. This depends on the currencies that are acceptable to Cryptocurrency exchange. Transacting on an exchange that approves your local currency is a great way to avoid Forex fees.
Don’t confuse a Bitcoin exchange with a Bitcoin wallet. While an exchange is an online marketplace connecting buyers and sellers, a wallet is a digital storage operation that where Bitcoins can be securely stored.
Remember, keeping your bitcoins or altcoins on your exchange wallets is highly insecure. You should never store then on the exchange for longer than is necessary. To make your Bitcoins, LiteCoins or any other crypto currency safe, you will need a hardware wallet like the Ledger Nano S or Trezor.
Once you purchase your Bitcoin or Altcoins from one of the exchanges that I have listed below, simply move your coins off the exchange and into your own hardware wallet. This is really the only safest way to store digital currency.
The Best Bitcoin and Cryptocurrency Exchanges Online TODAY!
My Top Choice Bitcoin Exchange BINANCE.COM
Binance is a Chinese company that is based in Tokyo, Japan. The company was earlier operating from China completely but had to shift locations due to regulatory problems. The site claims to have the capability of processing 1,400,000 orders daily. The company had its ICO in 2020 and is a relatively new exchange.
Cryptocurrency markets available on Binance:
Well over 100 crypto-currencies in total:
Bitcoin, Ethereum, Tron, Ripple, Verge, Sub, Zcash to name but a few.
– The exchange is centered heavily around Bitcoin. This is a plus if you want to trade only in Bitcoin.
– The exchange charges very low transaction fees.
– User friendly for both beginners and expert crypto traders.
– Binance does not accept bank payment methods.
Coinbase is Bitcoin, Ethereum, Bitcoin Cash and Litecoin exchange. It’s available in more than 30 countries and is one of the top ( if not the most popular) Bitcoin exchanges in the virtual space. The exchange offers various methods to purchase Cryptocurrency such as bank accounts, Interac Online, debit card etc.
Coinbase provides high limits to its customers, though the limit is contingent to the verification level. The time taken for you to receive the Bitcoins depends on your country of residence and the payment method that you have chosen.
Cryptocurrency markets available on Coinbase:
– The exchange offers high levels of liquidity and the buying limits are generous.
– Especially good for people who are just entering the Cryptocurrency marketplace.
– The payment methods offered by the exchange are limited.
– The exchange can track user activity.
Sign up to Coinbase and get $10 worth of Bitcoin
(when you buy or sell $100 worth of cryptocurrency within 180 days of registration)
Coinbase is loved by most who use it, but some find it limiting in terms of tools to help you making trading decisions and transfer fees when you want to withdraw your Bitcoin and put it into your own wallet. With this in mind, we have a really good Coinbase alternatives guide for you to check out.
This exchange has been in operation since 2020 and uses an automatic trading robot that can align with some large exchanges such as Poloniex or Bittrex. The exchange allows the user to trade Cryptocurrency without the need to register or undergo a verification process.
Cryptocurrency markets available on Changelly:
– The exchange supports a large number of Cryptocurrencies
– The customer support system is effective.
– The exchange charges extremely high transaction fees while converting from fiat.
– The founders/owner information is vague.
Customers can buy Bitcoin on this exchange for low transaction fees, even on credit cards. The exchange supports most nations unless stated otherwise. Some countries are restricted for credit card purchases, while others are restricted for wire transfers.
The company also offers different account levels contingent to the level of verification offered by the user. The buying limit of each account type varies.
Cryptocurrency markets available on CEX.io:
– The exchange supports most countries.
– Lets users purchase Bitcoin via credit cards for low fees.
– The exchange has a rigorous and complicated verification procedure.
CEX.io is a market leading Bitcoin exchange that is easy to use and suitable for the newbie trader. We certainly do recommend this platform.
BitMEX has been founded by a team of finance, web, and trading specialists. The exchange is most suited to advanced and experienced traders, and a leverage of up to a 100 times is available Bitcoin users. Bitcoin is a major option in the exchange, and it supports many other Cryptocurrencies. BitMEX is registered in the Republic of Seychelles.
Cryptocurrency markets available on BitMEX:
With Bitmex, customers have access to Bitcoin as well as a pretty decent selection of other altcoins, including the following:
– Ethereum Classic
– The exchange offers derivatives and futures trading capabilities.
– BitMEX offers high levels of leverage.
– Users new to Bitcoin trading may not find BitMEX suitable.
– The exchange provides a complicated user interface.
If you know what you’re doing when it comes to trading crypto-currency then this is the platform for you. If you’re a newcomer to crypto then you might want to try platforms such as Binance, Changelly or CEX.
Bitstamp has moved its location twice, once from Slovenia to London in 2020, and then from London to Luxembourg. The exchange provides a simple yet user-friendly interface and has a large trading volume, which makes it a great exchange for significant buying and selling. The exchange supports the buying of digital currencies via debit and credit cards.
Cryptocurrency markets available on Bitstamp:
Bitcoin (BTC), XRP, Litecoin (LTC), Ether (ETH) and Bitcoin Cash (BCH)
– The exchange has not shut down for prolonged periods despite attacks and enjoys a strong reputation amongst customers.
– Bitstamp is regulated by the Commission de Surveillance du Secteur Financier, Luxembourg which indicates to a high level of security.
– Account verification process can take time, and users may need to submit confidential data if the transaction crosses a certain threshold.
Local Bitcoins is a global exchange and provides a variety of features for users. The exchange is available in almost all countries, and liquidity will be dependent on the number of traders where you live. Also, users can trade using any payment method depending on the availability in the area.
Cryptocurrency markets available on Local Bitcoins:
– There are various payment options available.
– It is one of the oldest exchanges for Bitcoin, and this reduces the possibility of scams.
– Despite the fact that the fees are reasonable, prices can be higher based on the payment method.
Coinmama is based in Israel, and specialize in the sale of Bitcoin through credit cards. The exchange supports a number of countries globally. The verification process is quick and takes less than ten minutes. The fees are high at around 6 percent. The company offers customer support services through email.
Cryptocurrency markets available on Coinmama:
– The exchange offers high limits for purchasing Bitcoin through debit or credit cards.
– Coinmama is available in various countries.
– The company charges significantly higher fees for using debit or credit cards
– You can only buy Bitcoin & Ethereum.
Kraken refers to itself as the “largest Bitcoin exchange in euro volume and liquidity.” The exchange is located in San Francisco and caters to users from North America. Users from around the globe can use its entry-level services like price charts and stats. The exchange has reasonable fees.
Cryptocurrency markets available on Kraken:
Bitcoin(BTC), Ethereum (ETH), Bitcoin Cash (BCH), Monero (XMR), Dash (DASH), Litecoin (LTC), Ripple (XRP), Stellar/Lumens (XLM), Ethereum Classic (ETC), Augur REP tokens (REP), ICONOMI (ICN), Melon (MLN), Zcash (ZEC), Dogecoin (XDG), Tether (USDT), Gnosis (GNO), and EOS (EOS).
– A good platform for advanced and intermediate level Cryptocurrency traders.
– Relatively low fees compared to other entry-level exchanges.
– The user interface is not as friendly as available on some other exchanges.
Wall of Coins
Wall of Coins assists users in trading Bitcoins for cash. The exchange has an innovative SMS system that updates the user on the complete process of purchasing which makes it particularly useful if you are a beginner. Also, sellers can accept any method of payment through Wall of Coins. The exchange supports a limited number of companies.
Cryptocurrency markets available on Wall of Coins:
– There are no official purchasing limits enforced by the exchange.
– The coins are delivered fast, within 15 minutes of making the payment.
– Fees are not stated separately and included in the purchase price.
Poloniex has been in operation since January 2020. It is a global exchange operating from the US. It is the world’s largest Ethereum exchange as of 2020. The services are accessible from anywhere in the world. Poloniex’s community reps are active in answering questions and responding to messages on social media. If you want to try out trading with new and trendy coins, the Poloniex may be the right exchange for you.
Cryptocurrency markets available on Poloniex:
Over 160 currency pairings to choose from. Wide range of Altcoins.
– The exchange supports more than 70 digital assets which is amongst the highest number in the marketplace.
– The exchange provides detailed charts and excellent data analysis tools to users.
– The private key management of the fund is centralized which makes it susceptible to custodial fraud.
The company is known to be supportive of people who create trade bots. In fact, HitBTC has its own Wikipedia page, which is awesome for a Bitcoin exchange. The exchange claims to be EU based. However, incorporation information shows that the exchange is based out of Hong Kong. HitBTC has been incorporated in 2020.
– The technology used is fairly new and the exchange offers a demo to users.
– HitBTC enjoys a high trading volume indicating high liquidity levels
– The verification process requires a lot of information making it tedious
BitQuick is an established Bitcoin exchange although it was hacked in 2020. The exchange lets users buy Bitcoin through cash deposits. In fact, the company favors just on payment method, cash. BitQuick is supported in 49 US states barring New York. The exchange does not enforce any trade limits.
– BitQuick offers the facility of buying Bitcoin through cash.
– There are no trading limits enforced by the exchange.
– The markup on Bitcoin can be significant during some periods.
Paxful is very similar to the Local Bitcoins platform. The user needs to choose the number of Bitcoin they want to purchase and payment options, and they are presented with sellers. The exchange rate is much higher than other platforms as buyers are taking a higher risk by selling to strangers. The company was established in 2020 and is headquartered in Wilmington, Delaware.
– The exchange offers over 300 payment options.
– Paxful features established sellers that you can choose from.
– The exchange has mixed reviews and customer service is slow.
Factors In Choosing a Bitcoin or Cryptocurrency Exchange
Understanding how to purchase Bitcoin is an initial step into the world of Cryptocurrencies. After that, you may find yourself asking what factors you need to consider while choosing a Cryptocurrency exchange.
There are many variables that you need to evaluate while selecting a Bitcoin exchange, such as trading volume, country, security, etc. So what is it exactly that you should consider as a trader when choosing a Cryptocurrency exchange?
Information on the exchange
Fundamental information about an exchange such as the founders, market focus, etc. can be a great first step in your search for an exchange.
Bitcoin is not regulated in many countries, but that’s changing fast. The scenario might be a lot better than it is a couple of years down the line. Governments are fast looking for ways to get a measure of control over Cryptocurrency transactions. The authorities need to monitor Bitcoin is due to the possibility of money laundering, terrorism funding, and smuggling that an unregulated currency can enable.
These issues warrant an understanding of the location of a Bitcoin exchange before settling for one. Where an exchange is located has an impact on the laws that govern it. Right now, a large majority of countries have little or no laws governing Cryptocurrency. But when governments do implement rules related to Bitcoin trading, it can have a great impact on the use and trading of Bitcoin.
For instance, using a Chinese exchange isn’t the best idea for western traders because of the verification challenges, language hurdles, and additional fees.
Plus, understanding more about the founders can be a great indication of the exchange’s reputation. In case the founder’s choose to remain anonymous and do not provide proof of reserve, then you need to tread cautiously.
Currencies Supported And Ease Of Liquidity
In the Cryptocurrency world, a trading pair refers to a trade between one different types of Cryptocurrencies. You need to check whether the exchange that you select, supports the trading pairs that suit your needs. This is especially true of some altocoins that are only offered on a couple of exchanges.
Some exchanges that offer a high number of trade pairs are Livecoin, Kraken, Poloniex. When you identify the trading pairs that fit your needs, you should check the exchange’s liquidity for that particular pair. If there’s a high trading volume on the exchange, this indicates that the trades will be easier and faster.
High Trade Volumes
The trading of Cryptocurrencies costs money, and that’s pretty much why exchanges remain in business. Typically, exchanges charge a percentage of the amount traded as fees. The percentage usually charged by exchanges can range from 1 percent to .02 percent.
Most exchanges operate on a sliding scale which means that the fee percentage decreases as the trading volume of the user increases. This is the business model for most exchanges, and there’s little possibility that there would be much variation in the sliding scale structure of fees.
Some exchanges with low transaction fees are Whaleclub, OKcoin, and Bifinex.
The risk of being attack poses a real threat to Bitcoin. The main objective behind this is to profit from price swings and change the perception if Bitcoin. Malicious hackers can profit from a drop in the Bitcoin’s price and is pretty volatile. Mt. Gox, a significant exchange in the Cryptocurrency space, was so impacted by these attacks that they eventually released a statement with information what they were facing.
A good way to gauge a site’s accessibility is known as host-tracker. All you need to do is to enter the exchange URL that you want to check out, and this program will try to access it from different servers globally. In fact, you can also set up email or SMS alerts that can allow you to keep track of the site’s upkeep over a period. You must consider the possibility of an exchange being attacked while deciding on one.
Order Book volume
Most reputed exchanges with a large customer base will publish their order book. You may be wondering what exactly is an order book? An order book refers to a list of buy and sell orders offered on the exchange. An order book with a higher volume means that users are actively trading on the exchange and that the exchange provides a sufficient level of liquidity to traders. A published order book is an important factor, though if an exchange does not publish an order book it does not necessarily mean that it’s not legit. It may just mean that it has smaller trade volumes than larger exchanges or that it does not have this feature yet.
Now, you have all the information you need to go ahead and choose an exchange that suits your needs. Remember to consider factors such as your location, liquidity, and Cryptocurrencies traded before deciding on an exchange. If you do your homework right, you will easily locate a suitable exchange whether you’re a beginner or an advanced trader!
7 Best Bitcoin Debit Cards in 2020 (That work)
Last Updated on March 21, 2020
So you are wondering what the best Bitcoin Debit Cards are?
I get it. With so many Bitcoin debit cards that turned out to be frauds or that never delivered, that is a great question to ask oneself.
One example of this is the ICO “Centra”. It claimed to have partnerships with Visa and Mastercard to create crypto debit cards, but those partnerships turned out to be false.
Thankfully, nobody lost money in that case because the fraudsters were quickly shut-down by the SEC.
However, it does show that you have to be very careful when picking a bitcoin card.
In this guide we review the best bitcoin and crypto debit cards to help you stay safe and find the one that suits you best. Let’s dive right into it!
|Ledger Nano S||9.5/10||Extremely secure|
|Atomic||7.0/10||Supports most coins|
|Trezor One||8.5/10||Established hardware wallet|
|Exodus||6.5/10||Established web wallet|
|Blockchain||8.0/10||Simple to use|
|Trustwallet||7.0/10||Excellent mobile wallet|
|MyCrypto||6.0/10||Only supports Ethereum||
What makes a top cryptocurrency wallet?
Before proceeding to our comparison table of the best cryptocurrency wallets, it’s important that you know what you should be looking at when choosing a bitcoin or altcoin wallet.
We have conducted our cryptocurrency wallet review based on the 7 factors below.
Best Cryptocurrency Wallets Review
Coinbase Best Overall
Coinbase is not only the simplest way to buy cryptocurrency, but its integrated crypto wallet also makes it one of the best ways to store cryptocurrency.
Before diving into the cryptocurrency wallet functionality of Coinbase, let’s first quickly have a quick look at what makes it different from other multi cryptocurrency wallets out there.
Coinbase currently enables its users to buy 15+ cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, BAT, and more.
Coinbase charges a fixed 1.49% commission for buying or selling cryptocurrency. This is relatively low compared to other Coinbase alternatives like Coinmama, which charges up to 4.5%.
To buy cryptocurrency on Coinbase, simply select the coin that you want to purchase and deposit funds in USD, EUR or GBP. You can make the deposit with your credit or debit card, or also with a bank transfer.
If you want to purchase cryptocurrency instantly, you should use a card. However, if you want lower fees, then you should deposit the funds with a bank transfer.
You can use the Coinbase cryptocurrency wallet on the “Accounts” tab.
Here you can deposit any of the supported cryptocurrencies by Coinbase by simply selecting the coin you want to select, and clicking “Receive”.
Once you click “Receive”, a window will open showing you the address where you can make the deposit on.
To withdraw your coins from the Coinbase wallet, simply click on “Send” and type in the crypto wallet address you want to send the coins to.
If you are looking for a Bitcoin wallet that not only enables you to store your coins safely, but that also enables you to easily buy cryptocurrency, then Coinbase is the best cryptocurrency wallet for you.
Ledger Nano S Best for Security
The Ledger Nano S is a highly secure cryptocurrency hardware wallet. The device supports 350+ cryptocurrencies and is also extremely simple to use.
Since the safest option to store your cryptocurrency is a hardware wallet, that’s precisely the product that made it to the second spot on our crypto wallet review.
Manufactured in France by the trusted company “Ledger”, the Ledger Nano S is one of the most secure ways of storing your cryptocurrency.
In order to interact with the coins you store on a Ledger Nano S, you simply have to open “Ledger Live”. The simplicity of this interface is why we also recommend it to beginners.
For additional security, the Ledger is locked with a customizable 8 digit pin. This way, even if your device is stolen your coins will remain safe as long as the thief doesn’t know your pin.
The Ledger Wallet is operated with 2 physical buttons that are found the top of the device. You can use these buttons to type in your pin, input your recovery words, confirm transactions, and view your balances. The fact that these buttons are physical is a significant security add-on since there is no way for a hacker to remotely click a physical button on your device.
Although the design of the device could be sexier, the Ledger Nano S is hands down the best crypto hardware wallet out there by combining extreme security, a simple interface, and an unbeatable price.
Trustwallet Best for Mobile
Trustwallet used to be a regular Ethereum and ERC-20 token wallet until it was acquired by crypto exchange titan Binance. Now the wallet supports dozens of additional blockchains in addition to Ethereum and has become one of the best cryptocurrency apps.
Binance has now done multiple security audits to the wallet and also added support for additional coins like Bitcoin, Tron, Litecoin, and others.
However, this feature expansion has come at a cost. Trust wallet now no longer the simple wallet that it used to be and is hence not a great option for people that are just getting started and that are not interested in an altcoin wallet supporting hundreds of different coins.
Furthermore, at the time of writing the Trust Wallet unfortunately only has an iOS or Android app. There is no way to access the altcoin wallet online or to download it to your PC. This not only comes with a usability downside but also with security concerns.
It is a fact that smartphones are generally not the most secure option to store cryptocurrency since phones can be easily compromised. Therefore you should think carefully before sending all your coins to Trustwallet.
That being said, I will end with something positive and say that Trust wallet is a decent option for mobile payment.
Meaning that if you regularly spend your cryptocurrency at shops and stores, then keeping them on a mobile app like Trustwallet is going to make things much easier for you.
To conclude, all of the above factors make Trust Wallet the best cryptocurrency wallet app out there.
Atomic Wallet Best for Desktop
Atomic is a multi-currency web wallet that also offers an intuitive mobile wallet. Although it’s less secure than a hardware wallet, it is a great way to store your coins nonetheless.
If you are not ready yet to purchase a hardware wallet and are instead looking for a simple and free software wallet, then Atomic is most likely a great fit for you.
Atomic is a simple multi cryptocurrency wallet that can be downloaded to your PC, Tablet or Smartphone.
Although this is the safest way for a software wallet to operate, it can be cumbersome for people that are looking for a web wallet that they can easily access online without having to download anything.
The wallet was not only launched several years ago and has been properly audited, but Atomic is also partnered with some of the largest companies in the space. This boosts the wallet’s credibility further, convincing even the greatest skeptics that the wallet is safe.
With that being said, let’s dive into the functionality. As already mentioned, Atomic is a multiple currency wallet that supports hundreds of cryptocurrencies and that is very quick to add new ones.
Furthermore, a very nice additional feature Atomic offers to its users is a built-in exchange. With the coin swap functionality, users can easily exchange their coins directly through the wallet without having to risk sending their coins to an exchange.
Last but not least, another point that makes Atomic a great way to store your cryptocurrency is their fast support team and extensive help center. If you’re ever having an issue with anything, rest assured that the support team will find a solution immediately.
The TREZOR One was launched back in early 2020 as one of the first bitcoin hardware wallets ever, today it’s a multi cryptocurrency hardware wallet and supports dozens of other coins aside from Bitcoin.
The device has been battle-tested for several years which is why some consider it a more secure option than the Ledger Nano S, however, that is debatable since both devices have never been compromised yet.
The compact “key-like” appearance of the TREZOR One may not look very appealing, but it makes it very easy to carry around.
However, one downside that needs to be mentioned about the built of the TREZOR One is the fact that it is entirely made of plastic. This makes the device significantly less robust to competitors like Ledger.
That being said, at the time of writing TREZOR does offer a special edition device which is made of Aluminium. However, the price tag is a hefty $700 which is rather expensive considering that a Ledger S costs about 10 times less.
Similarly to the Ledger Wallet, the TREZOR One also has two physical buttons that are used to operate the device. The only difference is that in the TREZOR they are found right below the screen, and not on one side of the device.
Finally, it’s important to point out that the TREZOR one is accessed with a software program that can either be added to your browser or to your computer.
However, although the functionality of this program is very complete, it can be confusing for beginners, which is why we only recommend the TREZOR for people that are already a bit familiar with cryptocurrencies.
The Exodus wallet is a secure multi-currency wallet that at the time of writing supports 90+ crypto assets. It was created back in 2020 and has since then built an excellent reputation due to its technical excellence and brilliant customer support.
One of the main features that make the Exodus Wallet stand out is its intuitive user interface. Even beginners will be able to easily download the wallet to their computer or smartphone and start using it right away.
Secondly, the wallet also has a built-in exchange that enables users to seamlessly swap coins from right inside of the wallet. This reduces risk significantly by not forcing users to send their coins to a third party exchange when wanting to do a trade.
The wallet also offers a portfolio management feature, which enables to see all their cryptocurrency holdings at a glance.
Our only points of criticism for the Exodus wallet are its log-in mechanism and the fact that there is no web wallet.
The first point essentially means that the wallet is only secured by a password since there are no additional security measures, like 2-factor authentication via email, which means that if someone knows your password, he can steal your coins.
The second point means that you won’t be able to easily sign in from any device since you actually need to download the software, however, this point is largely balanced out by their excellent mobile wallet which is why we gave the wallet nearly 5 starts for mobility.
That being said, these are factors that most software wallets have in common and that does not make the Exodus wallet a bad pick.
Formerly Blockchain.info, BLOCKCHAIN started out as a simple Bitcoin block explorer and has now evolved into one of the best crypto wallets out there with the slogan “Be your own bank”.
The first thing that you will notice when creating a wallet with the company is that clearly, the main focus of the wallet is ease of use: the user interface is very clean, its very simple to send and receive coins, there is a limited number of coins, and the customer support is amazing.
BLOCKCHAIN is one of the best wallets for cryptocurrency out there for someone that is just getting started in crypto and wants to store their coins safely.
However, where many see advantages, some may see disadvantages.
At the time of writing, BLOCKCHAIN only supports Bitcoin, Ether, Bitcoin Cash, and Stellar Lumens. This means that if you have any other cryptocurrency then you won’t be able to store it on this wallet
However, if that’s not a problem for you then read on because things are about to get interesting.
BLOCKCHAIN is a web-wallet, meaning that you don’t have to download any software in order to use it and that you can sign into your wallet from absolutely any device.
Furthermore, the wallet also has a great app for both iOS and Android which enables you to keep your coins right in your pocket wherever you go. If you’re looking for the best cryptocurrency wallet for iphone or Android then BLOCKCHAIN is for you.
Last but not least, BLOCKCHAIN also includes several additional features which are very nice add-ons.
Some of the most powerful ones include a built-in exchange that easily enables you to buy or swap Bitcoin, Ether, Bitcoin Cash, or Stellar Lumens.
The wallet also has a feature it calls the “Lockbox” where it enables users to easily connect the BLOCKCHAIN wallet to their hardware wallet of choice.
Founded by Taylor Monahan, MyCrypto was the result of an internal clash at MyEtherWallet. Meaning that if you liked MyEtherWallet, you will love MyCrypto.
If there is one thing that makes MyCrypto stand out then it’s their excellent customer support. If you have any problem and open a support ticket, you can expect to receive an answer in just a few hours, often by Taylor herself.
MyCrypto is a multi-currency wallet with a twist, it currently only supports Ether and Ethereum-based tokens.
Although it’s true that this encompasses hundreds of assets, it will leave people holding coins like Bitcoin, Ripple, or Tron, with empty hands. So if you’re looking for the best Ethereum wallet then MyCrypto is for you.
However, if you are looking for a complete altcoin wallet, then you should look for a different digital wallet.
On a separate point, although the wallet is an excellent piece of software, it is not a great fit for beginners.
There are several barriers like the fact that users can not use a private key to log-in to the wallet or that some tokens need to be manually added that can be very off-putting for newcomers.
In fact, the wallet is designed with advanced users in mind. MyCrypto enables advanced functionalities like triggering Ethereum smart contracts or scheduling transactions, which are clearly tailored to people that are already very familiar with blockchain tech.
Lumi is a brand new cryptocurrency wallet combining ease of use with security, and advanced features like purchasing cryptocurrency right from the app.
Lumi stands out by offering a crypto collectibles wallet app, in addition to its regular crypto mobile wallet. This collectibles app enables you to store and send ERC-721 Tokens (like crypto kitties), while also giving you access to a Dapp browser built right into the app.
It’s regular cryptocurrency mobile wallet is also nothing short of excellent. It enables users to store over 1200 crypto assets in a secure and convenient manner, while also supporting simple credit card purchases right from the app.
That said, it’s important to note that the crypto purchase feature currently only supports two fiat currencies (USD and EUR) and two cryptocurrencies (BTC and ETH).
Finally, on the contrary to most wallets that offer excellent mobile apps, Lumi also offers an intuitive and secure desktop wallet.
To create a Lumi web wallet, simply head over to the web wallet creation page and set a wallet password. Please make sure to properly save the 12 word mnemonic phrase, since that’s the only way to recover your funds if you were to forget the password.
So, which cryptocurrency wallet is the best for you?
Deciding which cryptocurrency wallet is best for you depends on 4 main aspects: how many coins you hold, your level of expertise, how much you move around, and how you use your coins.
Let’s dissect each of these 4 points into a bit more detail.
Depending on the amount of crypto that you hold
As mentioned throughout this guide, by far the safest way to store your cryptocurrency are hardware wallets. However, as you know by now, they have a cost associated.
A good hardware wallet costs about $70, which would not make it a great investment for people that hold less than $100-500 worth of cryptocurrency.
If you hold over $500 then you should definitely opt for a cryptocurrency hardware wallet since the cost of the device is only a fraction of your portfolio value.
Depending on your level of expertise
Another factor to consider is your level of expertise. Although hardware wallets are highly secure, they might indeed prove to be a bit harder to use than software wallets.
Therefore, if you are still a beginner in cryptocurrency investing and are not very familiar with the tech yet, you might want to opt for a simple software wallet.
Depending on your mobility
Do you move around or travel a lot? If yes then you should opt for a web wallet. Desktop wallets enable you to access your coins from any device in the world, so you won’t have to carry your PC or your hardware wallet with you all the time.
Another option if you travel around a lot is to keep the coins on a mobile app wallet. However, you risk losing your device which might result in the loss of your coins if you didn’t back up your private keys or recovery words properly.
Depending on how you use your cryptocurrencies
If you actively use your cryptocurrencies for day to day payments then you should use a crypto wallet that you can easily carry with you at all times.
Therefore, in this situation, a mobile app wallet would make a lot of sense.
If, on the other hand, you’re currently holding cryptocurrencies as a long-term investment then you should opt for a highly secure storage method like a hardware wallet.
Are cryptocurrency wallets really secure?
The security of your cryptocurrency wallet depends entirely on the type of wallet that you are using, and how you use it.
Since we already extensively covered which the most secure wallets are (hardware wallets), it’s now time to also explore some practices that you can follow to make sure that your crypto wallet is secure at all times.
Keep the amount of cryptocurrency you hold a secret
There have been countless kidnappings, robberies, and even assassinations, just to steal someone’s crypto.
And the best way to avoid this is to NOT tell anyone how much crypto you hold.
This, of course, applies to strangers and random people on the internet, but also to close friends. While your friends most likely won’t do you any harm, they may accidentally reveal your holdings to someone that might.
Even the most secure hardware wallet won’t be able to protect you from someone holding a gun to your head.
Never tell anyone where you store your cryptocurrency
Remember: if someone finds your private key or recovery words for your wallets, then that person has full access to your coins.
Therefore it’s crucial to store your wallet backups in a very safe place and to only tell about the place where you store it to 2-3 very close relatives that will be able to access in the unlikely case of your sudden death.
Properly protect your wallet backups
Even if you keep your wallet backups safely hidden, they might still be permanently lost in the case of a flood, earthquake or fire. Therefore, it’s highly recommended to not only put your wallet backups in a protective case that’s waterproof (and ideally also fireproof) but to also have multiple copies of the backup and to keep them on different geographic locations.
Always download the latest software updates
This point might seem obvious, but it’s shockingly often neglected. Whenever a new update is available for your crypto wallet, you NEED to download it.
The creators of the wallet are pushing the update for a reason, and this reason is usually security related. So if you want to keep your coins safe, make sure to always have the latest wallet version installed.
What are multi-currency wallets?
As the name suggests, multi-currency or multicoin wallets are cryptocurrency wallets that enable you to hold cryptocurrencies from different blockchains.
So, if a wallet can hold Bitcoin, Ethereum, and Ripple, for example, then that’s a multi-currency wallet.
Multicoin wallets come in many forms and shapes. There are multi-currency wallets in hardware wallet format, web wallet, mobile wallet, and software wallet.
An example of a multi-currency hardware wallet is the Ledger Nano S, and an example of a non-multi-currency hardware wallet is the OpenDime as it only supports Bitcoin.
Investors that hold more than one cryptocurrency need to make sure that the wallet they are planning to use is indeed a multi-currency wallet.
Are there cryptocurrency wallet apps?
Cryptocurrency wallet apps are very convenient and make it easy for you to spend your cryptocurrency in stores and shops. However, this convenience comes with a security risk.
It is said that cryptocurrency wallet apps are generally less secure than web wallets due to the relative ease by which smartphones can be infected with viruses.
Cryptocurrency wallet apps work like any other wallet as well, with the only difference that they can only be accessed from your smartphone.
Some examples of cryptocurrency wallet apps include the Samsung cryptocurrency wallet and the Trustwallet by Binance.
What about transaction fees?
Most cryptocurrency wallets do not rely on any third party and are hence free of rent-seeking transaction fees. The only exception can be some centralized cloud wallets where there is a company behind them and that you access with an actual account and not just your private key.
However, these types of web wallets should be avoided anyways since they are not a secure way to store your coins.
That being said, there are indeed transaction costs when you send, for example, a BTC transaction through a Bitcoin wallet.
BUT they don’t go to the wallet creator. These costs are called “network fee” and are a payment that goes to miners that verify the transaction you just sent. You can usually adapt this fee yourself (the higher you set it, the faster your transaction will be processed).
Are cryptocurrency wallets anonymous?
Most cryptocurrency wallets are not anonymous, they are pseudonymous. This means that although crypto wallets are not directly tied to your real-world identity, transactions are fully transparent and might be traced back to your computer.
For a truly anonymous crypto wallet experience, you essentially have two options.
First of all, you can opt for using the wallets of privacy coins like Monero or Grin. Since these coins are fully anonymous, your wallet won’t reveal any information about you as well.
The second option is to opt for a wallet with stealth addresses and built-in coin mixing. One example of a wallet that supports these functionalities is the Bitcoin Samourai Wallet .
It’s true that these wallets are associated with higher transaction fees whenever you send some money to it, but they are pretty much the only option to anonymize a transparent coin like Bitcoin.
Did I miss your favorite cryptocurrency wallet? Make sure to let me know in the comment section below. If you add a good argument for why the wallet should be in the article, I will consider adding it!
Pascal Thellmann is an algorithmic trader mostly focused on crypto breakout strategies. He started CoinDiligent to share his learnings and give paid access to some of his automated trading strategies. You can get in touch with Pascal on LinkedIn or Twitter.
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