Welp MagazineThis article will look into the best crypto wallets for beginners in 2022. We’ll specifically look into hot wallets, which users can download on their phones, browsers, and computers for buying, selling, and trading cryptocurrencies.
We’ll also focus on their best features and the blockchain they support. That is primarily to ensure that users link up their wallets only to supported ledgers to ensure the safety and security of their coins.
CoinStats is already a popular crypto portfolio tracker among the most adherent traders and investors, enabling them to manage and strategize their digital asset investments within an easily-navigable app.
The Armenia-based company has launched a DeFi wallet service to cater to the $78 billion-and-growing industry. Their biggest takeaway is allowing users to buy crypto using traditional credit and debit cards.
In addition, CoinStats DeFi Wallet enables swapping on Ethereum, Binance Smart Chain, and Polygon. Meanwhile, like its peers Celsius and Nexo, CoinStats allows users to earn up to 20x yields — as discussed later in this article — by staking their coins. That makes CoinStats a DeFi aggregator, which directs millions of its existing users to the protocols listed on its app, with a promise to attract more as it grows.
CoinStats has recently raised $3.2 million in a funding round led by Alex Pack’s Hack VC, with participation from Mike Dudas’s 6th Man Ventures and other funds. That would allow the app to grow faster and,
Trust Wallet: Boasting over 1M+ digital assets
Trust Wallet, one of the most popular crypto wallets in recent years, is the first on our list. The product supports different layer-1 blockchains, including Ethereum (ETH) — which users can access all Ethereum-based project coins (ERC-20 tokens) — and Binance Chain, Binance Smart Chain, Solana (SOL), and Avalanche (AVAX).
And of course, Trust Wallet supports Bitcoin (BTC) and million more digital assets.
Trust Wallet also enables users to store Ethereum- and Binance Smart Chain-based nonfungible tokens (NFT). It also allows users to use external decentralized finance (DeFi) applications, making it easier to access early-stage investment rounds and airdrops.
Exodus Wallet: The King of User Interface
Exodus lacks in terms of providing a plethora of cryptocurrencies to its users, unlike its rival Trust Wallet, offering only 160+ digital assets.
Nonetheless, the long-standing crypto app makes up for the missing assets by offering a simple-to-navigate user interface and options to connect its wallet to Trezor, a hardware crypto wallet.
Exodus also has great support for exchanging and staking tokens in-house. So if a user plans to hold an asset merely, say Cardano, for a specific period, s/he can stake it via the Exodus app to earn yields.
Celsius and Nexo: For Passive Income
Celsius and Nexo leap passive income offerings by becoming an-exclusive crypto staking and lending wallets. They stake and lend out cryptocurrencies on behalf of their users. In return, they pay interest rates.
That applies to assets that do not — technically — offer any yields, such as Bitcoin. However, Celsius and Nexo wallets allow users to stake even that, offering up to 6% annual percentage yield (APY) for staking Bitcoin.
But the difference between these two apps and others is that they are centralized. Celsius and Nexo exclusively take custodianships of their users’ cryptocurrencies. As a result, users cannot use DeFi apps on them.
Coinbase Wallet: One of the Dependable Ones
Coinbase wallet is mostly recognized for its safest utility than any other wallet. The app brings forth services, including buying, selling, trading, and staking cryptocurrencies, but it protects users’ holdings through its well-funded war chest. So, any event wherein customers lose their crypto would have Coinbase jump in to recoup the losses.
The Coinbase wallet allows customers to experience the benefits of decentralized finance while allowing them to communicate with other exchanges and defi applications without having to rely on Coinbase’s centralized authority. Coinbase wallet is also known for its security, since it uses features like a six-digit pin and biometric security to protect your crypto holdings.
It also protects users’ funds with two-factor authentication and implements multi-signature access.
On the flip side, Coinbase acts as a hosted wallet by storing the private keys elsewhere. As a result, users are not in control of their funds. Also, implementing 2FA comes with the cost of exposing users’ phone numbers, which somewhat limits the wallet’s usage among people who wish to remain anonymous.
Meanwhile, Coinbase supports Ethereum, Solana, Polygon, Arbitrum, Avalanche, BNB, and other chains.
Special Mentions: Metamask, Argent, ZenGo, Ambire Wallet, BitGo, and StakedWallet.io
