Crypto is steadily but surely turning into one of the best ways to invest. It is no wonder then that many people have already joined the bandwagon.
If you are still sitting on the fence about the same, then it may interest you to know that now, you can buy and sell crypto on the move.
Forgive the cliché, but here’s the point – with the best mobile crypto wallet you get the freedom to profit from this fast-growing investment space.
Here’s a look at some of the good wallets that are worth working with.
Top Crypto Wallets in 2022
Mycelium is one of the most popular mobile crypto wallets on the market right now, and it is a great choice for both beginners and experienced users. It has many advantages and probably a single disadvantage that we will divulge in the cons section.
This tool’s main advantage is probably security. Let's face it, not all crypto wallet apps are created equal when it comes to security.
There are some really flimsy ones out there, with security holes so big you could drive a truck through them, but Mycelium seems to have addressed the most important security issues with this app.
You can use either a PIN or a passphrase to lock your wallet, and if you don't want to use either of those options you can opt for a fingerprint scanner instead.
That's pretty much as secure as it gets when it comes to mobile crypto wallets, and if you're looking for something more secure than Mycelium then you should probably just store your crypto somewhere else entirely, such as an offline hardware wallet.
Electrum is a popular lightweight Bitcoin wallet for the desktop, but it's also available on Android and Windows Phone.
Its simple interface is easy to use and understand, making it a good choice for beginners. It can be installed in minutes on any Android device running 4.x or higher, but this Electrum review will focus on the mobile version.
Sample transactions are shown in the app and you can create your own transactions using a built-in editor.
When you create a transaction, you can choose an existing wallet address or enter a new one. A QR code is displayed, which can be scanned by another device to send funds to it.
When you receive funds, they go into your "Inbox" tab where you can make transfers between your wallets or request payments from contacts that have the app installed on their devices.
You can also add contacts from within the app so that you can easily send them funds in the future.
Security features include private keys stored locally, two-factor authentication with Google Authenticator, and PIN protection of individual wallets.
If your phone is lost or stolen, you can recover your funds from your last backup or by entering your secret phrase as long as no one else has access to it.
For those who have been holding out from buying Bitcoin, the wallet offers a way to buy and store coins without having to invest in them directly.
This is because Coinbase has a special feature which allows users to purchase Bitcoin using fiat currency, via a debit card. This option is available only for verified users, but still, it's convenient and easy.
The Coinbase wallet app is simple and easy to use as it is similar to PayPal or any other mobile payment service. The app will allow you to send and receive Bitcoin however you like.
However, the app does not support Bitcoin Cash (BCH) or Ethereum (ETH) at this time. If you are looking for an app that supports these currencies, try Breadwallet on iOS or Mycelium on Android.
The Coinbase wallet supports Bitcoin, Ethereum, and Litecoin by default. You can load all of them into your wallet just by adding the respective coin wallets to your account.
Overall, Coinbase's mobile cryptocurrency wallet is a great place to store your coins as long as you don't have a lot of money invested in cryptocurrencies already.
It's a great entry point into the world of crypto-investing if you don't want to buy Bitcoin directly from Coinbase itself.
ZenGo is a cryptocurrency company that aims to make transactions and transfers secure, quick, and easy. The ZenGo wallet stores crypto assets, like Bitcoin and Ethereum, as well as ERC20 tokens.
The tool’s wallets are built for both desktop and mobile platforms. ZenGo uses a zero-knowledge proof protocol to help protect your private key information.
A zero-knowledge proof protocol is a method of proving something is true without having to reveal the reason why it is so.
This allows you to prove you have possession of a specific private key without revealing that key to anyone else.
ZenGo uses a Hierarchical Deterministic (HD) architecture for its mobile wallet. An HD architecture generates unique addresses for each transaction you create from your seed phrase, so your funds can't be tracked or tied back to a single address.
The ZenGo wallet gives you the ability store multiple cryptocurrencies on your mobile device in an easy-to-use app.
You can also take advantage of other security features, like two-factor authentication (2FA), encryption, and multi-signature transactions.
5. Trust Wallet
Trust wallet is a mobile crypto wallet that supports Bitcoin, Ethereum, and ERC-20 tokens by default. It has both a web and mobile interface, so you can use it on the go with your smartphone.
To get started with Trust wallet, visit the Google Play or Apple store to download the app. You'll need to create an account before you start using the wallet.
Then you can deposit funds by sending them from any other wallets you might have, such as Coinbase or Jaxx.
The Trust wallet provides two-factor authentication for extra security. After you log in via your username and password, entering the code sent to your phone will log you in securely.
The app also comes equipped with a PIN code feature so others can't access your account without knowing it.
The interface of Trust wallet is simple and easy to navigate. It has a straightforward layout that displays your crypto balances clearly and offers useful features like transaction history and transfers between wallets.
The app also shows you the exchange rates for each currency so you can make informed decisions about how to spend your assets.
6. Ledger Nano X (Ledger Live App)
The Ledger Nano X is a wallet designed specifically for cryptocurrencies. It's the latest model in a line of products offered by the French company Ledger, which has been in business for a while now.
The Nano X is small and compact, measuring just 2.6 inches by 1.4 inches by 0.8 inches in size and weighing just 3.2 ounces with its cable attachment.
It can be remotely accessed via the Ledger Live App which is compatible with iOS and Android devices.
The wallet itself comes with support for over 1,000 coins (including all of the most popular ones), and it supports more than 20 blockchain apps, including Ethereum, Ripple and Litecoin.
For security purposes, the Nano X uses two-factor authentication as well as either a PIN code or a 24-word seed.
This seed can be used to recover your account in case it's ever lost or stolen and can be used to restore your wallet on another Ledger device if you ever need to replace your Nano X.
Finally, this wallet also offers support for FIDO Universal Second Factor (U2F) login via USB or NFC tag.
One of the biggest advantages of this system is that it's compatible with any computer or mobile device thanks to its Bluetooth connectivity.
That means that you don't have to worry about downloading any extra software or using an internet connection to sync up with your wallet application. How cool is that?
How to Choose a Good Mobile Wallet for Crypto
Mobile crypto wallets are electronic devices that can store cryptocurrencies in a secure fashion. They are designed to make the cryptocurrency storage process easier and more convenient than storing them in traditional wallets.
The wallet is usually accessed through an application installed on a mobile device. This app will allow users to access the currency they have stored, send it to other people, or simply view their balance and transaction history.
A good crypto wallet should have some of the following features:
No matter what kind of crypto wallet you choose, security should always be your number one priority. You shouldn't trust third-party apps with your money, so make sure that your mobile wallet has all the security features that you need.
For example, both Apple and Google offer fingerprint identification to protect your phone from unauthorized use. Some wallets also provide multi-signature functionality to increase security even further.
Needless to say, security is one of the most important aspects of a mobile crypto wallet. As you might expect, keeping your device itself safe is essential.
In addition, you want the wallet to be protected with a variety of security features such as PIN numbers, fingerprint identification, or facial recognition.
A wallet that can recognize you even when you're using a public Wi-Fi network is a great choice for security.
Your phone or tablet can break or be lost at any time. That's why a good crypto wallet will allow you to create backups of your data so you won't lose it if something happens to your device.
You can use applications like Google Drive or Dropbox for this purpose.
Backup and restore functionality in a cryptocurrency wallet is extremely important because you never know if you might lose your device or whether it will get damaged.
The best thing about this feature is that it will allow you to recover all of your accounts and their balances if something bad happens to your device.
You should always have at least two or three back-ups of your private keys.
3. Cryptocurrency Support
Some wallets support multiple cryptocurrencies, while others focus on one or two. It's best to choose a wallet that supports the types of coins you want to use.
For instance, if you're interested in trading Bitcoin and Ethereum, look for a wallet that supports both currencies.
This will prevent you from having to transfer one currency into another in order to make a transaction.
A practical and usable design is essential for any wallet, especially mobile wallets as most people will be using them on the move.
One of the worst things about cryptocurrency wallets is that they are hard to use, so make sure that before you choose a wallet you can easily navigate it.
The first thing to look for in a mobile wallet is whether or not it’s compatible with all of the coins that you own or plan on buying in the future.
Most major coins can be found on popular wallets like Coinomi and Jaxx, but there are also wallets that specialize in specific coins like Exodus for Ether, Stash for Dash and Dogecoin Wallet for Dogecoin.
If you plan on buying multiple cryptocurrencies in the future, it might be worth investing in something like Jaxx or Coinomi.
Cryptocurrencies are gaining more and more popularity every day. They offer a unique combination of features that make them suitable for a variety of different applications.
Unfortunately, there is no perfect crypto wallet that guarantees you absolute security. However, there are some wallets that stand out from the crowd and we have discussed them above.
Feel free to pick whichever you feel suits you best among them.
Blake is a self-made online day trader with a knack for adventure. On his free time, he loves reading and learning new methods in the trading as well as improving his jiu-jitsu skills. He currently resides in New York City.