6 Crypto Wallets Reddit Loves

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If you need somewhere to store your crypto, you may be looking for a crypto wallet. A wallet is a program to help you manage the keys you need to access your cryptocurrency. Most of the top crypto exchanges have built-in wallets, but you may want the extra security and flexibility of having your own.

You may have heard the crypto chant, “If you don’t own the keys, you don’t own the crypto.” Your private keys let you access your crypto, and if you store your keys in a place you don’t control, your investment is at risk.

The two main types of crypto wallet are hot wallets and cold wallets. A cold wallet is kept offline and is a super-secure way to store your crypto. It’s a bit like putting your currency into a safe deposit box at the bank. You can’t access it easily for everyday activities, but it is a lot safer.

Hot wallets are connected to the internet. This makes them convenient if you want to trade and spend your crypto, but not as safe. Treat your hot wallet like a physical wallet — use it to carry only the crypto you might want to spend. Web, desktop, and mobile wallets all fall under this umbrella.

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Cold wallets

Cold wallets usually store your keys on a piece of hardware. Make sure you buy your cold wallet directly from a reputable source, ideally the supplier. There’s no point in putting your crypto in a secure vault if someone else already has the keys.

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Ledger Nano X and Ledger Nano S

Ledger still has firm fans on Reddit, in spite of security breaches. Its user data has been hacked more than once. Over 250,000 records were leaked, putting users at risk of phishing and even home invasion.

Ledger enthusiasts argue that the hardware wallets themselves can’t be hacked — that’s the point of them. So even if user data got leaked, the wallets remain secure. They aren’t connected to the internet, and are protected by your password and the seed words that safeguard your account.

Its most recent model, the Nano X, looks a bit like a sleek USB drive. It has a Bluetooth connection, and you can use your cellphone or computer to manage your crypto with its Ledger Live software.

Reddit quote: “You can inadvertently flush the Nano X down the toilet, and it doesn’t matter. Get another one, use your seed recovery, and connect to Ledger Live, and you’re back in business.” — Jethroe1

Cost: $119 (Nano X) $59 (Nano S)

TREZOR T and TREZOR One

You can’t get far on Reddit without reading about Trezor. Ledger and Trezor are among the most popular Reddit hardware wallets. Trezor holds a good mix of cryptocurrencies and gets high marks for customer service.

Some Redditors complain that Trezors are less user-friendly, and raise concerns about the lack of a secure element chip, an additional layer of security in many kinds of devices. Others point out that Trezor hasn’t been hacked, and praise its open-source security credentials. You need to plug your Trezor into your computer to move funds around.

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Reddit quote: “TREZOR keeps your private key far from the hands of hackers. But also it is fair to say that Trezor T is not a cheap crypto toy.” — markopolo91

Cost: $159 (T) $59 (One)

Coldcard

Several hardcore hardware Redditors recommend Coldcard. It is highly secure and has a lot more features than some competitors. Coldcard boasts a true air gap — meaning you don’t need to connect to a computer to use it — which makes it more secure.

But, as one user commented, it looks a bit like a 40-year-old solar-powered calculator. The main gripe is that it isn’t as easy to use. Plus it’s more expensive, and can only store Bitcoin.

Reddit quote: “Coldcard has the best security of all wallets, but takes longer to learn and use.” — Safehodl

Cost: $119.97. You may need additional accessories such as a MicroSD card and a power cable.

Hot wallets

When it comes to hot wallets, most users have a personal preference, and many Reddit threads recommend having different hot wallets for different purposes. Here are three that crop up regularly:

Exodus

Exodus is a highly rated hot wallet for beginners. It pairs with Trezor, and its range of currencies and its customer support get kudos. It is non-custodial — you control the keys. It works on desktop and mobile devices, but does not use two-factor authentication. Exodus’ main criticism is that it’s closed-source. Reddit users are generally fans of open-source code, because anyone can check the code and make sure it’s secure.

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Reddit quote: “Exodus is a great wallet. Its interface is easy to use. It’s user-friendly and easy to navigate on.” — honeycombB82

Cost: Free to install, variable per-transaction fees

Edge

Edge is a solid mobile-only wallet that works on Android and iOS devices. Unlike a lot of hardware wallets, it stores multiple currencies. It’s non-custodial and open-source, and has two-factor authentication. You can also exchange crypto through the wallet.

Reddit quote: “I find the Edge Wallet user interface to be very intuitive, extremely easy to navigate, and all the advanced settings are easy to find as well (but slightly out-of-sight so as not to confuse or overwhelm beginning users).” — scotty321

Cost: Free to install, variable per-transaction fees

Wasabi

Wasabi has its share of fans and critics. It only works for Bitcoin, but its big selling point is privacy. It uses something called CoinJoin to add an extra layer of anonymity; it joins coins from different people to hide any identifying information. This wins plaudits from privacy-focused Redditors, and raises questions from others about the potential to mix with coins that came from illegal activities.

Reddit quote:It’s great. Mixing coins does take a little while since you need other participants to queue their coins for mixing, so the more people use it the faster. The wallet itself seems reliable and secure.” — sreaka

Cost: Free to install, variable per-transaction fees

Don’t be afraid to experiment with different wallets to find the one that’s right for you. As you build up your crypto assets, you may opt for a cold wallet. But if you’re just starting out, you may find a hot wallet is enough for now.

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