Most secure crypto wallets to keep your assets safe in 2021
Storing your cryptocurrency properly is an incredibly important aspect of investing. Instead of leaving security up to chance, you should educate yourself on the different types of crypto security you consider, and which wallets do best, to pick the most secure crypto wallet for you. From human error to hacking, there are quite a few security measures you need to consider before picking a wallet.
- The most secure crypto wallets today
- How to pick the safest crypto wallet
- Which crypto wallet should I pick for the most security?
Security is a vital—and sometimes overlooked—aspect of being a crypto holder. When choosing a wallet you need to understand the security measures it has in place to prevent fund theft or loss.
Wallet security is debatably developing just as fast as crypto. It’s increasingly important whether you’re a veteran holder or a beginner to stay informed and educated about standard security protocols used today. Hackers are always finding new exploits to break into wallets and maybe the wallet you used for the last five years is no longer following the industry standard.
Now let’s dive into which crypto wallets are considered the most secure today.
The most secure crypto wallets today
When evaluating wallets from every angle, these are some of the most secure crypto wallets out there.
If you try to download a web wallet like Electrum online make sure you have the real website. Hackers frequently have created false duplicates of these wallets designed to steal your funds.
1. Electrum personal wallet
This Bitcoin-only desktop wallet is meant for the slightly more advanced crypto holder as their interface comes with few instructions. It supports segwit addresses for easier transactions to exchanges.
- Electrum gives you a “seed phrase” that you can enter to recover funds if the wallet is damaged or lost.
- Multi-signature support.
- Two-factor authentication.
- A decentralized server system.
- Support for offline cold storage and USB drive installation for more flexibility.
2. MyConstant online wallet
MyConstant is a secure platform where you can store, invest, or get a loan against your cryptocurrency. On MyConstant you can store 70+ different cryptos and earn 8% APY on all BTC, BNB, and ETH deposited.
- Designed to be non-custodial, MyConstant sends the majority of crypto funds to a U.S-registered trust partner called Prime Trust.
- Crypto assets are stored across both hot and cold wallets to keep them more secure.
- Unlike with personal wallets, if you lose your passphrase you can always call our 24/7 customer service for help accessing your funds.
- We use state of the art security to encrypt all your other data like email, username, and address.
- Curious? Head over to our website for more information.
3. Exodus personal wallet
Exodus desktop wallet is widely considered one of the better personal crypto wallets for security-conscious beginners. It has a built-in crypto exchange and supports over 100 different coins.
Exodus has come under fire for keeping its code closed-source. But on the upside, this has prevented hackers from creating duplicate phishing wallets as frequently online.
- Because it doesn’t have centralized servers, you can keep your private keys on your computer, giving you more control.
- The mobile app supports a 12-word backup phrase for additional security, making this one of the most secure online wallets.
- It supports Trezor hardware wallets.
- Like MyConstant, it boasts 24/7 customer support.
4. Ledger personal wallet
Ledger is an offline hardware wallet you will need to purchase to use. The wallet currently supports 26 different cryptos as well as 1,500 different crypto tokens (like ERC20, TRC20, etc).
While you can sometimes buy it from other sources for a cheaper price, it is suggested you buy it directly from the Ledger website as third parties may tamper with the hardware to get your crypto.
- Ledger has an LCD screen on the device itself so you never need to plug it into your computer if you want to stay offline.
- You can connect Ledger directly to your smartphone and use its exchange, Ledger Live, to manage your assets from anywhere.
- If it’s lost or stolen, Ledger also supports a 24-word recovery phrase to keep yourself protected.
- All private keys are stored within the wallet itself.
5. Coinbase wallet
One of the most popular crypto wallets today, Coinbase previously has been well-known for its crypto exchange. However, these days the Coinbase wallet is known for going the extra mile to ensure wallet security for funds on both its mobile and online platforms.
It currently supports 8 different cryptos as well as all ERC20 tokens.
- Coinbase has an encrypted Google Drive and iCloud recovery phrase backup feature to help protect against seed phrase loss.
- 98% of funds are reportedly stored in offline cold storage.
- Coinbase claims to at least partially insure all funds on the platform.
- Two-step verification.
- Fingerprint login available.
How to pick the safest crypto wallet
Crypto wallet security isn’t one-size-fits-all. From protection from human error to hacking, there are a lot of factors to look for when assessing the security of your crypto wallet.
Hot wallets (or wallets connected to the internet) usually generate private keys—almost like a password—that allow you to access your crypto securely.
To withdraw or move your funds, you’ll always need to enter your private key first. Typically, they are alphanumeric codes with 51 characters that are nearly impossible to hack because of the millions of different combinations. Keeping this code safe is of vital importance to guarantee the security of your crypto and protect you from hackers.
Security from theft
When storing your crypto on an internet-connected device like a desktop or hot wallet, it opens you up to added security risks online. If you don’t have strong enough security measures in place, your wallet can be hacked and your funds stolen.
Security from human error
Just like regular wallets, some wallets—especially hardware wallets—can be lost or used incorrectly, leading to security breaches. If you compromise your security key, don’t thoroughly protect your identity online, or store too much money in an exchange wallet, you’re leaving yourself vulnerable to a calculated attack.
Which crypto wallet should I pick for the most security?
No matter if you choose a hardware wallet like Ledger or an online storage alternative like MyConstant you will be trading in some security features for others. There truly is no single most secure crypto wallet and your best bet is always to store your cryptos across multiple wallets.
After vetting some of the safest crypto wallets available for you make a decision based on how you use your money. Perhaps choose a hardware wallet for the majority of your crypto funds that you want completely safe, choose a web wallet with a built-in exchange for cryptos you want to trade, and choose a platform like MyConstant to earn a little extra interest on some of your coins and unlock cash from your crypto positions. The choice is yours.
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