If you're planning to use decentralized currencies to make purchases or invest in cryptocurrency projects, you'll find that a decent crypto wallet will be an essential tool. The convenience and accessibility of the mobile platform make it a natural partner for blockchain transactions, but the widespread use of cryptocurrencies means that cybercrime is unfortunately on the rise.
That’s why finding a secure way to store your digital assets is paramount. Luckily, as a mobile user, there are actually plenty of choices available, even if you use multiple coins. So, you can play roulette with Ethereum or make cryptocurrency trades safe in the knowledge that your coins are taken care of. This article will introduce the most reliable wallet apps out there and dive into what to look for when selecting wallet software.
The Lowdown on Crypto Wallets
So, what are crypto wallets? As the name suggests, they are digital tools that can be used to store, send and receive decentralized currencies. Think of a wallet app as a digital bank account for your crypto assets; although the tokens themselves aren’t contained in the wallet, the public and private keys that give you access to your funds are.
As mentioned above, there are several wallets out there solely for crypto and blockchain use. Software apps are known as "hot wallets" due to the always-on nature of their internet connectivity. "Cold wallets" also exist, mainly in the form of hardware such as a USB flash drive, and while they can offer higher levels of security, they're not as useful as wallet apps for regular crypto use.
With so many options available, how do you choose the right one? Firstly, you'll want to establish how frequently you plan to use your wallet and the types of assets you want to store. Some crypto wallet apps are single currency use only, meaning they’re only compatible with Bitcoin or Ethereum, whereas others support multiple currencies and even NFTs.
The Best Wallet Apps for 2023
Take your pick from our round-up of the most secure and user-friendly wallet apps available on both Android and iOS.
Mycelium is a mobile crypto wallet that’s received rave reviews from users and industry experts alike. A non-custodial wallet that gives users full control over their funds, the app offers a range of advanced features, including spending accounts, single-address savings accounts, and cold storage integration. Currently, the platform supports 12 different decentralized currencies, including ERC-20 as well as the usual suspects of BTC, ETH etc.
The software itself is open-source and centers on user privacy. While it is more likely to be suited to experienced users, Mycelium gets bonus points for offering in-app crypto purchases.
This highly intuitive wallet is a great pick for beginners. Coinbase Wallet is backed by the global exchange that shares its name, itself one of the oldest and most well-known crypto trading platforms. Naturally, the wallet app delivers the same reassuringly high levels of security, and that's despite it also being non-custodial.
As well as connecting to most major bank accounts, Coinbase Wallet supports and stores over 5500 digital assets, including EVM and ERC-20 tokens, as well as the most popular coins. It makes use of Secure Enclave (Android, iOS, Mac) for biometric authentication and provides in-app access to decentralized exchanges. Optional cloud backups are also available.
Earning a 4.9 out of 5 rating from Investopedia, Guarda Wallet is next on our list of recommended crypto wallet apps. It’s a relatively new app on the scene but has passed Investopedia's reputation background checks "with flying colors". This non-custodial wallet supports over 400,000 decentralized assets, including leading coins, multiple blockchains and GameFi tokens.
Guarda is also one of the more versatile wallet apps on our list. It provides in-app purchases for over 300 assets and an exchange marketplace. Its staking feature has also gone down well with users who are seeking extra opportunities to monetize their crypto coins. Security is maintained with Face ID and MultiSig wallets.
For ETH fans, MetaMusk is the ideal choice. With over 30 million active users per month — and counting — it's easily the most widely-used wallet. Offering instant access to thousands of tokens and dApps across the Ethereum network, its straightforward design makes it suitable for beginner investors. For instance, the app seamlessly switches between layer one and layer two Web3 solutions.
MetaMusk can also be linked to multiple NFT marketplaces and blockchain solutions. The app supports Avalanche, Binance Smart Chain and Polygon, as well as collectables marketplaces like OpenSea.
Last but not least, Trust Wallet is a mobile wallet app worth considering for experienced users thanks to its links to a leading cryptocurrency exchange. The app is the official mobile partner of the Binance exchange, but it's also non-custodial and ensures users keep their private keys. The wallet supports 65 blockchains and an impressive 4.5 million crypto coins and assets.
Trust’s integration with Binance’s decentralized exchange facilities debit and credit card crypto purchases while it's also a great option for NFT enthusiasts. The wallet even features a built-in Web3 browser, which gives access to blockchain games and dApps through the app interface.