Best Bitcoin and Crypto Wallets for 2022

By far the most important thing crypto traders need to pay attention to is the safety of their digital currency portfolio. For this reason, a reliable, secure, and easily accessible crypto storage solution is needed.

Software wallets, like mobile wallets and desktop wallets, are the most popular solution for storing crypto. These wallets come in the form of specialized software apps designed to keep your private keys out of the reach of cyber attackers.

In case you plan to store high volumes of crypto, you might want to consider using a hardware wallet because these wallet devices store private keys offline, which is an additional security layer. Additionally, you can also connect a reliable software wallet with a hardware device to have your coins accessible at all times while keeping the private keys stored offline.

Let’s take a look at some of the best crypto wallets for storing your Bitcoin (BTC) and other digital currencies in 2022.

Exodus Wallet

Type: Mobile and desktop wallet

Price: Free

Accepted cryptocurrencies: More than 155 of the top trending cryptocurrencies

Compatible hardware wallet: Trezor

Exodus is one of the most popular multi currency software crypto wallets on the market. It’s a very user-friendly wallet, compatible with iOS and Android mobile devices and Windows, macOS, and Linux operating systems. The wallet supports more than 155 of the top cryptocurrencies on the market, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Ripple (XRP), Solana (SOL), and many others.

Since Exodus is a non-custodial wallet, the private keys are always stored on your device, and they are protected by passwords and seed phrases. You can also use the wallet to buy cryptos with the help of a credit card or debit card. The wallet also has built-in crypto swap features and gives you access to many decentralized apps for staking, exchanging assets, and sports betting.

Pros:

• Huge selection of cryptos
• Easy to use
• A large number of integrated dApps
• In-app crypto exchange features

Cons:

• It lacks two-factor authentication
• The wallet isn’t based on open-source technology

Trezor Wallet

Type: Hardware wallet

Price: 59$ for the Trezor Model One, 206$ for the Trezor Model T

Accepted cryptocurrencies: Over 1,800 crypto coins and tokens

Trezor is one of the most popular hardware wallet manufacturers on the market. In fact, Trezor is the first company to launch hardware wallets, with their Trezor Model One launched back in 2014. These wallets are elegant, key-sized USB devices with small screens and two buttons used to approve transactions, enter PIN codes and conduct basic wallet operations. The later, more expensive Trezor Model T features a larger touchscreen.

The Model One supports more than 1,000 cryptos, while the Model T lists up to 1,800+ digital currencies.

Trezor wallets are operated with Trezor firmware apps that can be installed on a mobile device or PC. The private keys are always kept offline on your Trezor wallet, protected by PIN codes, passwords, recovery phrases, and some of the most advanced hardware encryption technology on the market.

Pros:

• Support for more than 1,800 cryptocurrencies
• Very user-friendly and easy to use
• Some of the best security features in the industry

Cons:

• The Trezor Model T is a bit expensive
• No wireless connectivity option

ColdCard Wallet

Type: Hardware wallet

Price: 129$

Accepted cryptocurrencies: Bitcoin

ColdCard is another top-quality hardware wallet, except that it’s manufactured to store Bitcoin exclusively. The wallet comes in the form of a small, card-like device with numerical buttons and a small screen. ColdCard offers great security to BTC holders with its PIN code, passphrase, and seed phrase protection, along with advanced hardware encryption that stores private keys within the secure element of the ColdCard chip.

You can use the wallet with an SD card reader on your PC or mobile device without directly connecting it to any of these devices. In case it’s more practical for you, the wallet can be connected to a computer or smartphone through a USB cable.

Pros:

• Very reliable with tight security measures
• Based on open-source technology
• An SD card slot that eliminates the need for third-party device connections

Cons:

• No altcoin support
• Some users might find ColdCard a bit complicated to use

Electrum Wallet

Type: Mobile and desktop wallet

Price: Free

Accepted cryptocurrencies: Bitcoin

Compatible hardware wallet: Trezor Model T, Ledger Nano S

Electrum is a veteran Bitcoin software wallet that's been present on the market since 2011. The Electrum wallet is both a mobile and desktop wallet that stores your private keys on your device, giving you full control over your crypto. Electrum is a lightning wallet, which means that it uses the Lightning Network feature of the Bitcoin blockchain.

The Lightning Network is used for conducting nearly instant transactions between familiar addresses. The feature is automatically used by Electrum whenever possible. The wallet protects your private keys with encryption features that are regularly updated by the Electrum team, one of the most trusted developer teams among BTC software wallets.

Pros:

• Fast and reliable BTC wallet that supports lightning network transactions
• Frequently updated software

Cons:

• NOnly supports BTC
• Complicated for beginners

MyCelium Wallet

Type: Mobile wallet

Price: Free

Accepted cryptocurrencies: Bitcoin

Compatible hardware wallet: Trezor Model T, Ledger Nano S

MyCelium is another veteran BTC software wallet that’s very popular among Bitcoin enthusiasts. The wallet is only available for use on mobile devices and it uses the Simplified Payment Verification (SPV) technology, which enables the wallet to verify transactions without users having to download the whole BTC blockchain.

MyCelium has strong encryption features that make it quite difficult for hackers to breach a wallet account without a user’s access credentials, such as their password or seed phrase. It’s also possible to seamlessly connect a hardware wallet to your MyCelium account and conduct BTC transactions between the two wallets.

Pros:

• Open-source technology
• Easy to use
• Strong security

Cons:

• Lacks altcoin support
• Only available for mobile devices

How Do Crypto Wallets Work?

Crypto wallets are storage solutions for keeping the private keys to your crypto safe. The private keys act as proof of your ownership over a certain amount of coins. The coins you keep in your crypto wallet are stored in public addresses that you can share with anyone, but keep in mind that the private keys should stay known only to you at all times.

Transferring coins in and out of crypto wallets is quite simple. In order to receive coins, you need to provide the sender with a public address for the specific cryptocurrency in your crypto wallet. In case you wish to send coins, the receiving party needs to send you their public address, and you just need to specify the number of coins you wish to send to that public address.

The process can last anywhere from a few seconds to a couple of minutes, depending on the transaction time of the cryptos you’re transferring.

Choosing the Best Bitcoin/Crypto Wallet for 2022

When choosing a reliable crypto wallet, you should pay special attention to existing user reviews, customer support features, the types of cryptocurrencies the wallet supports, and the fees. Whichever wallet you choose, ease-of-use should also be your top priority (right next to wallet security).

Hopefully, this 2022 guide will help you decide which Bitcoin/crypto wallet to use for your Bitcoin buying and selling needs on MyBTC.ca.