4 Best Cryptocurrency Wallets of 2019

Editor's note: This guide was first published in October 2019 and reflects the wallets and features available at that time. Some products, features and supported-asset counts have changed since then. For our current recommendations, read our guide to the best crypto wallets for Canadians, or learn how to set up a Bitcoin wallet.

Every cryptocurrency investor must learn how to store digital assets safely. Not choosing the right cryptocurrency wallet to store your Bitcoin, Ethereum, Litecoin and other altcoins can spell financial disaster. Because of how vital it is to choose the best cryptocurrency wallet for your needs, we've created a breakdown of the four most popular wallets on the market in 2019.

List of Top Wallets

• Exodus Wallet - An easy-to-use app wallet supporting 100+ digital assets, with built-in exchange functionality.
• Electrum Wallet - A fast, open-source desktop wallet built just for Bitcoin, around since 2011.
• Trezor Wallet - The world's first Bitcoin hardware wallet, featuring strong security and support for 1,000+ digital assets.
• Ledger Nano X - The upgrade to the Ledger Nano S, supporting 1,100+ digital assets and adding Bluetooth.

Best Wallet App vs. Best Hardware Wallet

Can a cryptocurrency app wallet like Exodus offer the same level of protection as a hardware wallet? In short, no. Even the best wallet apps are only as secure as the phone or computer they run on. Malware on that device can put an app wallet at risk, while a hardware wallet keeps your private keys offline on a dedicated device.

One way to improve app wallet security is to run your wallet on a dedicated device with a clean operating system that you don't use for regular web browsing.

Exodus Wallet - Review

Exodus is an easy-to-use, yet feature-rich desktop and mobile app wallet. Many argue that Exodus is the best cryptocurrency wallet for beginners, and being beginner-friendly doesn't mean it falls short on security.

Exodus is a multi-currency wallet: in 2019 users could store and transact over 100 different digital assets, including all top market cap cryptocurrencies. Its home screen gives a full overview of your combined balances, and in a few clicks you can send and receive cryptocurrency.

Exodus promotes its built-in exchange, but in 2019 those swaps were actually processed by a separate instant exchange, ShapeShift, which began rolling out mandatory ID verification that year and charged higher fees than most exchanges.

Exodus security and recovery

• Exodus can be paired with a Trezor hardware wallet, so private keys stay on the Trezor and every transaction must be confirmed on the device.
• Exodus does not require an account or personal information to use.
• When you set up Exodus, you create a 12-word recovery phrase. Store it safely: it lets you restore your wallet if your device is lost, stolen or fails.

Is Exodus right for you? If you are completely new to crypto, Exodus is likely a good choice. Pairing it with a Trezor hardware wallet is an easy way to keep your digital assets even safer without giving up convenience.

Electrum Wallet - Review

If you only need to store Bitcoin, Electrum is one of the longest-running Bitcoin wallets available. It was created by Thomas Voegtlin in November 2011 and is open-source software developed by Electrum Technologies GmbH in Berlin. Unlike multi-currency wallets such as Exodus, Electrum is built only for Bitcoin.

• Safe: your private keys are encrypted and never leave your computer.
• Recoverable: you can restore your funds from a secret recovery phrase.
• Fast: Electrum connects to servers that index the Bitcoin blockchain, so you don't have to download the whole blockchain, and it verifies the transactions in your history using SPV.
• Advanced features: cold storage with a watching-only wallet, multisig to split spending permission between several wallets, and plugins for hardware wallets like Trezor.
• No lock-in: you can export your private keys and use them in other Bitcoin wallets.

One caution from 2019: Electrum versions older than 3.3.4 were vulnerable to phishing, so always download Electrum from its official website and keep it up to date.

Is Electrum right for you? If you hold only Bitcoin and want a fast, no-frills wallet with advanced security options, Electrum is a strong choice. Beginners who want many coins in one simple app may prefer Exodus.

Trezor - 2019's Best Bitcoin Hardware Wallet

Trezor first arrived on the market in 2014. Made by Czech company SatoshiLabs, Trezor wallets remain a go-to hardware wallet for millions of crypto investors. Trezor devices have no battery, Wi-Fi or Bluetooth, so they are only powered when connected to a computer by USB.

• Every Trezor uses a PIN. To prevent PIN theft, the keypad layout is scrambled each time you enter it.
• On first setup, Trezor guides you through creating a recovery phrase so your funds can be recovered if the device is lost or stolen.
• Private keys are stored on the device and never leave it; every transaction is confirmed on the Trezor itself.

To send and receive coins, Trezor works together with wallet software. In 2019, wallets supporting Trezor included Exodus, Mycelium, Electrum and Copay.

Is Trezor right for you? Trezor was the first hardware wallet on the market and, for many, still the best Bitcoin hardware wallet brand thanks to its long security track record. As of 2019, Trezor devices were also more affordable than ever.

Ledger Nano X - Review

Like SatoshiLabs, Ledger arrived on the hardware wallet scene in 2014, and Ledger and Trezor are widely accepted as the world's leading hardware wallet brands. Unlike Trezor and the earlier Ledger Nano S, the Ledger Nano X has a battery and Bluetooth, making it a hardware wallet you can use on the go with the Ledger Live mobile app.

• Bluetooth connections to Ledger Live are encrypted.
• Internally, the Nano X uses two protected microprocessors to keep your private keys safe.
• In 2019 it supported 1,100+ digital assets, and every transaction must be confirmed on the device itself.

Is a Ledger Nano X right for you? From a security standpoint, the Nano X is comparable to a Trezor. Some 2019 user reviews reported unreliable Bluetooth, and carrying a hardware wallet with you everywhere is a risk of its own. If you value security over portability, a Trezor may suit you better.

Which Is the Best Cryptocurrency Wallet for You?

For most users in 2019, Exodus was the strongest app wallet choice for beginners, while Electrum was the go-to for Bitcoin-only users who wanted advanced features. Both can be paired with a Trezor hardware wallet for maximum security. If you value security over portability, choose Trezor; if you want a hardware wallet you can use on the go, choose the Ledger Nano X.

Once you have a wallet, you're ready to buy. Get your wallet address and start your order today with MyBTC.ca!

Author: Duane Seamans, MyBTC.ca CEO