Cryptocurrency has become an increasingly popular form of investment, with more and more people looking to buy, sell, and hold digital assets. To safely store and manage these assets, it is essential to use a reliable and secure blockchain wallet. With so many options available, choosing the right wallet can be overwhelming.

This article will look at the top 5 best blockchain wallets in the market, each with its unique features and benefits to help you make an informed decision.

Ledger Nano S Plus

Ledger Nano S plus is the best hardware wallet for storing a variety of cryptocurrencies. It is designed to be a cold storage device, meaning it is disconnected from the internet and, therefore, less vulnerable to hacking. 

The user can connect this pocket-sized hardware to their Android phone or computer. Nano S Plus has an improved display, greater storage capacity, and a USB C cable port. 

Ledger Nano S Plus costs $102.57 and can manage upto 5500+ coins and tokens, which includes Ethereum, Bitcoin, and XRP.

Pros

• A user can transfer crypto from the exchange to Ledger Nano S Plus without hassle. 
• A user can retrieve, manage and access their assets using the Ledger using the secret recovery phrase.
• With CC EAL5+ certified secure chip, users can protect their crypto, NFTs, and tokens from hackers.

Cons

• Expensive than the original entry-level wallet
• In order to access the cryptocurrencies stored on the Ledger Nano S Plus, the user needs to have physical access to the wallet. This may not be suitable for users who need to access their cryptocurrencies remotely.

Coinbase 

According to Forbes Advisor: “Coinbase is a leading crypto exchange, offering three different blockchain wallets. The Coinbase Wallet is one of the exchange’s hot wallet products. The other two wallets offered are the Coinbase dApp Wallet and the storage available via Coinbase Exchange.” 

The wallet uses hardware and software security measures to protect users’ assets. It includes two-factor authentication, biometric security, and a secure enclave for private key storage. Coinbase Wallet is a non-custodial wallet, meaning that users control their private keys and have complete control over their funds.

Pros:

• Security: Coinbase Wallet is known for its strong security measures, including two-factor authentication, biometric security, and secure key storage.
• Ease of Use: The wallet has a clean and user-friendly interface, making it easy for even novice users to manage their cryptocurrencies.
• Multi-Currency Support: Coinbase Wallet supports many cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, among others.
• Decentralized Finance (DeFi) Platform: The wallet’s DeFi platform offers users a range of opportunities to earn interest, borrow funds, and participate in yield farming.
• Wide Availability: Coinbase Wallet is available on iOS and Android devices and can be downloaded free from the App Store and Google Play Store.

Cons:

• Non-Custodial: Although this is a pro for many users, some may prefer a custodial wallet, where a third party manages the private keys.
• Privacy concerns affect the wallet as it is a centralized platform that collects personal data and accesses users’ transaction data.

Exodus

Exodus Wallet is a non-custodial blockchain wallet that allows users to store, manage, and trade many cryptocurrencies. Developed by JP Richardson and Daniel Castagnoli, Exodus Wallet aims to provide an easy-to-use, secure, and all-in-one solution for managing digital assets.

With a straightforward user interface on its desktop and mobile wallet design, this beginner-oriented is lightweight and easy to understand. Among the many well-known features is the capability to swap between many cryptocurrencies, which supports 260+ assets.

Pros:

1. Built-In Exchange: The wallet offers a built-in exchange feature, allowing users to quickly and easily trade between different cryptocurrencies.
2. Security: Exodus Wallet uses hardware-level encryption to protect users’ private keys and provides a backup system to ensure that users can recover their funds in case of device loss or failure.
3. Broad Coin Support: Exodus Wallet supports many cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more.
4. Cross-Platform Support: The wallet is available on desktop and mobile devices, including Windows, MacOS, Linux, iOS, and Android.

Cons:

• Not open source
• No option for 2-FA security protection
• You can’t convert crypto into fiat through this app

MetaMask

MetaMask is a decentralized, browser-based blockchain wallet that allows users to securely store, manage, and trade cryptocurrencies. It was first released in 2016 and has become one of the most popular wallets in the crypto community. MetaMask is integrated with the Ethereum network and provides users with a seamless and secure connection to decentralized applications (dApps).

MetaMask, available as a browser extension and a mobile app, provides you with a key vault, secure login, token wallet, and token exchange—everything you need to manage your digital assets.

Pros:

1. Easy to Set Up: MetaMask is easy to set up and use, and its user-friendly interface makes it accessible for even novice users.
2. MetaMask supports a wide range of cryptocurrencies, including Ethereum, ERC-20 tokens, and more.
3. Security: MetaMask uses hardware-level encryption to protect users’ private keys and provides a backup system to ensure that users can recover their funds in case of device loss or failure.

Cons:

1. Limited Coin Support: MetaMask supports a wide range of cryptocurrencies, but it is primarily designed for use with Ethereum and ERC-20 tokens. Users looking to manage a wider variety of assets may need multiple wallets.
2. The network can become slow at times.

Electrum 

Electrum is among the original bitcoin wallets and has been in the block since 2011. This wallet offers a different interface than the novice expects. Still, the bare-bone feel provides a direct and no-nonsense attack in implementing your strategies and trade spot on. It is also an open source and enables users to customize transaction fees. Makes you choose between legacy bitcoin and segway.

Pros:

• Allows users to determine levels of security they are comfortable with
• Can elongate seed phrase
• Customs transaction fees
• In the Top list of hot wallets with good security
• Can create Lightning Network payment channels

Cons:

• No industry-level customer support
• While Electrum is user-friendly, it requires specific technical knowledge to set up and use. Novice users may need to learn how to use the wallet effectively.