Hot wallets are those wallets that are connected to the internet. They are considered to be the most convenient for trading but also the most vulnerable to hacks. Choosing a top hot wallet is crucial to keep your funds safe and accessible whenever you need them.
How to Choose the Best Hot Wallets?
The best way to choose a good hot wallet is to make sure it has a high protection level. A seed phrase and password authentication are a must.
What Are the Best Crypto Hot Wallets?
The best hot wallets to store crypto are the following.
MetaMask
This is one of the safest and easiest-to-use hot wallets to manage your ERC-20 tokens, Ethereum-based coins, and Binance Smart Chain assets. MetaMask is also adding other blockchains for easier swaps and more comfort.
MetaMask is a browser extension compatible with Chrome and Firefox. It is one of the most popular wallets for DeFi, and it offers support for NFTs.
Price: Free
Number of supported assets: 100,000+
Coinbase Wallet
As you can guess from the name, the Coinbase wallet was developed by one of the leading exchanges - Coinbase. But the wallet is non-custodial which means that you have your private keys.
The wallet supports multiple blockchains, and NFT support is also available. This wallet is one of the most secure wallets out there.
Price: Free
Number of supported assets: 100,000+
Edge Wallet
Edge wallet supports 33 coins and all ERC-20 tokens which means that users can store practically any coin and token there. This is one of the safest hot wallets.
Edge is a mobile wallet which means that it is comfortable to use for those who don’t possess a computer.
Price: Free
Number of supported assets: 130+
Trust Wallet
TrustWallet is a simplified mobile wallet. This decentralized wallet is developed by Binance but you don’t have to give your keys to anybody, the wallet is 100% non-custodial.
The wallet comes with an in-built browser and enables users to swap on decentralized exchanges and participate in DeFi.
Price: Free
Number of supported assets: 160,000+
Exodus
Exodus is one more mobile wallet with a top safety level. It has a user-friendly interface that enables even beginners to use it easily. The wallet supports all main crypto coins and ERC-20 tokens.
There is also a desktop wallet model fully compatible with Trezor.
Price: Free
Number of supported assets: 150+
Robinhood wallet
We all know Robinhood as a crypto trading platform. Like many platforms out there, it provides users with an opportunity to store their assets directly there, on the platform. Actually, one cannot use Robinhood without creating an account and depositing some funds there.
The Robinhood wallet is a custodial wallet, you don’t have your private keys. Instead, they are kept on the platform.
Price: Free
Number of supported asses: 139
Mycelium
This is one of the oldest wallets. This is a wallet for mobile devices supported by both Android and Apple. It supports Bitcoin, Ethereum, Binance USD, and ERC-20 tokens only. Other blockchains are not supported.
Mycelium has a very user-friendly interface which makes the wallet perfect for use for beginners.
Price: Free
Number of supported assets: 20
Binance Chain Wallet
This is a wallet provided by Binance for its users to enable them to trade and swap crypto conveniently. The exchange is among the biggest and the most reliable in the world thus, your funds are safe there.
The wallet is custodial, you don’t have your private keys, and if the platform needs to block you and freeze your funds, it can do so.
Price: Free
Number of supported coins: 350+
Blockchain Wallet
This is a wallet that is simple to use and understand. You can choose a custodial wallet where your private keys are stored on the company’s server or a non-custodial wallet where you have your private keys.
For advanced users, security levels can be enabled. Users with a security level 3 can block Tor queries.
Price: Free
Number of supported assets: 150+
AtomicDEX
This wallet is a non-custodial one which means that you own your coins. It supports swaps, inducing cross-chain ones. It is compatible with almost all known cryptocurrencies. The wallet can be used on mobile devices, desktops, and as a browser extension.
Price: Free
Number of supported assets: 160,000+
Conclusion
Hot wallets are comfortable to use and good for beginners. But for those who want to keep their funds safe indeed, we recommend getting a cold wallet.
FAQ
Which hot crypto wallet is best?
There are many good hot crypto wallets, with the best ones listed above.
Which is the safest hot wallet?
A hot wallet offered by a company with an impeccable reputation is the safest one.
What is the easiest crypto wallet to use?
Hot wallets are the easiest to use. But if you want to keep your funds safe, we recommend selecting a cold wallet.
Can a crypto hot wallet be hacked?
Hot crypto wallets are the easiest target for hackers because such wallets are constantly connected to the internet. Yes, they can be hacked. That’s why it is important to choose those wallets that have a high protection level and never disclose your password to anybody.
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