Choosing a cryptocurrency wallet is an integral part of cryptocurrency investing. This task might feel difficult for a newbie due to so many options available. We have chosen the best free cryptocurrency wallets for you. These are safe, reliable, and easy-to-use wallets.
The best free cryptocurrency wallets – why do I need one?
Let’s start with the basics. Why do I need a cryptocurrency wallet in the first place?
Even if cryptocurrencies are virtual and 100% digital, they need to be stored somewhere. This storage is called a wallet, just like you have a wallet for your real-life coins as well. A cryptocurrency wallet is in practice a graphical interface to the underlying blockchain.
Wallets are simply needed by everyone. Whether you are a newbie buying his first coins, a professional trader or a crypto company, all operators need a wallet for storing cryptocurrencies.
Cryptocurrency wallets made for retail users are mostly desktop and mobile applications. Many wallets have started as desktop versions, but the mobile revolution has forced basically every app to launch an iOS & Android version as well.
The ultimate safety is reached with so-called cold wallets (hardware wallets). These wallets look like USB sticks and they are managed with a desktop or mobile application. Below there is an image of Ledger Nano X, which is currently the most popular hardware wallet.
Hardware wallets are MUST for any investors with a significant cryptocurrency portfolio. A rule of thumb could be 1000 euros or dollars. If your portfolio is significantly larger than that in value, you’d use a hardware wallet.
However, there are millions of small investors with three-figure cryptocurrency portfolios. If your bitcoins are worth 200$ as an example, you really don’t want to invest 100$ to a hardware wallet. The cost is too high compared to your holdings.
In this article, we’ll give you the best free options in the market. These wallets have tons of useful features, they are proven, tested, and used by millions. Any of these wallets is a good option for a small investor, who wants to sleep well at night.
Exodus is the number one choice of many crypto investors when we are talking about free wallets. This company has been around since 2015 and it has a great reputation among the investors.
Exodus is best-known for its desktop wallet, but nowadays there is also a great mobile option. You can choose either one or even both.
This is a great option for a newbie. Exodus has an amazingly simple and good-looking GUI, which takes less than a minute to learn. Many people would argue that it is the best-looking wallet, but this is of course up to everyone decide for themselves.
Exodus supports over 100 different assets and even coins like Cardano (ADA) and Monero, which are not supported by any of the other wallets mentioned in this article. You can check the full list at exodus.io/status/.
You can also upgrade Exodus to a higher level of safety by integrating it with a Trezor wallet. You can use Trezor to confirm transactions just like you’d use a 2FA.
There is also a built-in exchange in Exodus. You can easily swap any of your tokens to each other using this service. You can swap from LTC to ETH, from ADA to XMR, and so on. The downside is you have to pay high fees (2-5%), but the upside is you don’t need to register to exchange and go through KYC.
More advanced users would like to set their own fees for outgoing transactions, but this is not a problem for an average user.
All in all, it’s difficult to find a better and 100% free wallet from the market. Check it yourself at exodus.io.
The leading cryptocurrency exchange, Binance, acquired Trust Wallet in July 2018. Since that, it’s been recommended by Binance on their website. The wallet has gained lots of popularity and many investors have used it to hold Binance Coin (BNB).
Despite being sold to Binance, Trust Wallet has remained as open-source software. This is a difference to Exodus, which is closed source.
Trust Wallet is one of the best mobile wallets in the market. In fact, it is only available as a mobile version at the moment. It’s clear, simple, and very easy to use. If you have ever used a mobile bank app, you know how to use Trust Wallet too.
Trust Wallet supports already dozens of different currencies. It doesn’t have as many as Exodus, but it supports all Ethereum ERC-20 & ERC-721 (NFT) and Binance Chain’s BEP-2 tokens. It’s also possible to add any Tron blockchain token to it.
The benefit that Trust Wallet has comes from staking. It has become exceedingly popular among Tezos holders, who can use the wallet for staking XTZ. You can also stake TRON, Cosmos, VeChain, and a few other coins. Read more at trustwallet.com/staking/.
Trust Wallet has also a built-in exchange for swapping tokens. Since it’s owned by Binance, the wallet supports Binance DEX natively. You can swap any tokens in the Binance Chain very easily. Trust Wallet is also connected to Kyber Network.
On top of all these features, it also has a built-in Dapp browser. If you are looking for the best free cryptocurrency wallets for mobile use, Trust Wallet might even be the number one.
Check for yourself and download this wallet at trustwallet.com.
Coinomi has been in the business even longer than Exodus or Trust Wallet. This company has been around since 2014. It has been a popular pick among crypto investors and Coinomi is used by millions of people.
This wallet was also an open-source for many years, but it turned into a closed-source wallet some time ago. This is not a problem, really. It is a versatile and trustworthy option for newbies and experienced investors alike.
As you can see from the picture above, Coinomi has lots of features, of which many of them are also unique. Coinomi is the only option in this article, which hides your IP address as well.
It also has a Dapp browser with Web3 support (just like Trust Wallet), it supports Non-Fungible Tokens (collectibles, ERC-721) and has a 24/7/365 support. Plus, dozens of other useful features.
Coinomi has also a built-in exchange. It supports Changelly for easy swaps in-between hundreds of tokens. And there are certainly enough tokens to swap because Coinomi supports over 1700 different virtual currencies.
There are some significant ones missing, though. Coinomi doesn’t support Cardano (ADA), Monero (Exodus), or Tezos (Trust Wallet). However, it supports hundreds of other small currencies the competitors don’t have.
Coinomi supports also the staking of various cryptocurrencies, like Komodo, PIVX, PeerCoin, etc. It has also both a desktop and a mobile version, so you can choose the one you like the most. It is definitely one of the best free cryptocurrency wallets. Check out this wallet at coinomi.com.
The fourth option is a bit different from the wallets listed earlier. Coinomi, Exodus, and Trust Wallet are all multi-currency wallet applications with a built-in crypto swapping/exchange feature in them. Coinbase, however, is a cryptocurrency with a wallet app.
We wanted to list Coinbase for one simple reason. There are lots of people, who want the minimum hassle and they don’t want to install any extra applications or wallets or whatever. They want to store the coins in the exchange where the bought them.
This is very typical for newcomers, who have made a small purchase and don’t want to invest in hardware wallets. It is also a practical solution. If you have an external wallet, you must always move your coins from the exchange to the wallet and back.
We chose Coinbase because it is one of the oldest, most popular, and most trustworthy exchanges. It is also a popular option for newbies due to the simple GUI. Coinbase supports also wire transfers, unlike Binance and some other crypto-crypto exchanges.
You can access Coinbase either in your browser at Coinbase.com or download their mobile app. Since it is an exchange, buying and selling of cryptocurrencies is one of the main features. Coinbase supports also zero-free swap between any coins you own.
There is also staking available for certain coins, like the popular Tezos. You can go to account Settings and enable Financial Services. Note, that staking might not be available in your country.
Coinbase has been around since 2011. It is trusted by tens of millions of users globally. It is regulated in the U.S. and it’s never been hacked or otherwise compromised. If you want to keep it simple and have your coins where you bought them, we recommend Coinbase.
Check this service out at Coinbase.com.
The best free cryptocurrency wallets – final notes
This article has in our opinion the best free cryptocurrency wallets listed. You should note, though, that there are lots of more options available. There are probably dozens of decent wallet apps out there and more coming every day.
You should be careful when choosing a wallet provider. Hackers and other malicious operators can upload a scam wallet to Apple or Google Store and steal your coins. This is why we recommend trusting these old and reliable operators, which have millions of users and battle-tested products. You can’t really find any better features from some unknown and new apps either.
There is one other option, you should check. Each cryptocurrency has usually its own native wallet. For example, Cardano (ADA) as Daedalus Wallet, NEO has Neon Wallet, XRP has GateHub, and so on. If you go to Google and find the official Reddit page and the website of each project, you’ll find the official wallet built by the project developers.
Wallets listed here are blockchain-agnostic multi-currency wallets. They are built to support hundreds or thousands of different coins. It might be that the native wallet of a cryptocurrency has some extra features that are missing from these generic wallets. You don’t want to use a native wallet for every coin, because then you have dozens of different wallets to maintain. We recommend checking the official / native wallet as well, especially if you are thinking of staking.