If you own any amount of cryptocurrency, you may be wondering how to store it most safely and securely. Given that a cryptocurrency is a digital form of money, you can’t just pop it in your bedside drawer or a safe. Instead, it needs to be stored on a piece of hardware or software.
So, let’s talk about crypto software wallets that allow you to store crypto using a laptop, computer, or similar device. So, what are the best software wallets out there, and what do they cost, if anything?
BitPay is a well-known cryptocurrency wallet, with an average of around 60,000 payments made monthly using the app. And, on top of allowing for crypto payments, BitPay also offers a secure virtual wallet for users to store their funds.
So, what features does the BitPay wallet offer? Firstly, it supports an impressive selection of different crypto coins, including Bitcoin, Ethereum, and Litecoin. It also offers a multi-signature authorization process and data encryption software and allows you to backup your wallet using a seed phrase.
What’s more, BitPay is entirely free to download, but it does include a 1% processing fee, as well as network and miner fees, so keep this in mind when using the app.
Download: BitPay for Android | iOS | Windows | Linux (Free)
The ZenGo software wallet supports Bitcoin, Tether, Chainlink, and a range of other cryptocurrencies. It also offers some great security features, including its threshold signatures. These signatures are split between your device and the ZenGo servers to provide a higher level of authorization security and drastically lower your risk of losing your funds.
Additionally, the app will scan your face when you initially sign up as a user, which allows you to access your wallet via a different device when needed via facial recognition.
Downloading the ZenGo app is entirely free. However, you will incur charges when you buy or trade cryptocurrency on the platform.
Download: ZenGo for Android | iOS (Free)
Luno’s software wallet allows you to store both Bitcoin and Ethereum but does not support any other crypto coins. This can be inconvenient for those who own multiple cryptocurrencies. However, the Luno wallet does have some commendable features that make it a solid option for Bitcoin and Ethereum owners.
Firstly, the Luno wallet offers two-factor authentication as a security measure, as well as deep-freeze storage, whereby your keys are stored in multiple virtual secure vaults. You can also backup your wallet to ensure you won’t lose your funds if anything unexpected happens.
The Luno app is free to download, but you’ll incur the standard transaction charges. However, there is no cost to simply store your crypto or withdraw funds.
Download: Luno for Android | iOS (Free)
Gemini’s software wallet was born from the original and widely used Gemini crypto exchange. It offers some solid features for users, including insurance against any unexpected loss of funds and two-factor authentication. In fact, Gemini offers one of the only insured crypto software wallets out there.
This wallet supports most major crypto coins, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The app is also free to download, and you can make use of either the hot or cold wallets offered by Gemini. However, as with other apps, you’ll incur charges for certain activities, such as transactions.
Download: Gemini for Android | iOS (Free)
5. Atomic Wallet
The Atomic Wallet crypto software wallet is a great option for those who own altcoins, or multiple coins, given its support of over 500 different cryptocurrencies. These include Bitcoin, Cardano, Ripple, Dash, and many more.
On top of this, the Atomic Wallet comes with both a user-generated access password and a backup phrase for emergencies. It also allows you to store your private keys on your device. What’s more, if you’re relatively new to crypto, the Atomic Wallet interface is pretty simple, and the software itself is easy to navigate.
This software wallet is also free to download and doesn’t charge for sending or receiving funds as some other wallets do. It does, however, charge a small network fee.
Download: Atomic Wallet for Android | iOS | Windows, macOS, Linux (Free)
The Exodus software wallet has your back if your device is ever stolen, with a backup option allowing you to access your wallet from another device via your email. It also offers a 12-word passphrase that you can use to access your account. However, there’s no two-factor authentication or multi-signature feature support, even though such capabilities are offered by a range of other software wallets.
Exodus also supports over 100 crypto coins, including Ethereum, Litecoin, Bitcoin, and Tether. What’s more, the Exodus wallet app is free to download and doesn’t charge any transaction fees. But, like the Atomic Wallet app, it does charge a network fee.
Download: Exodus for Android | iOS | Windows, macOS, Linux (Free)
The Mycelium wallet is older than the majority of other wallets out there, initially released in 2013 for Android, and then later for iOS devices. It offers various accounts, such as Watch Only, Bit ID, and Hierarchical Deterministic accounts. Again, this isn’t something offered by a lot of wallets out there.
The Mycelium wallet offers a backup option for your account and private keys and allows you to use QR codes via your phone’s camera to add new recipients for transactions. You can also store your private keys offline using the Watch Only wallet feature.
This open-source wallet has a lot of great features but only supports Bitcoin, so remember this if you need a wallet to store your altcoins. Like other apps, Mycelium is free to download but does charge a fee for transactions.
Download: Mycelium for Android | iOS (Free)
Like Mycelium, the Electrum software wallet is a veteran in the crypto wallet game, having been released in 2011. This wallet supports two-factor authentication, password protection, and avoids storing any of your information (such as private keys) on their server so that criminals cannot access your sensitive data by hacking Electrum directly.
The open-sourced nature of the Electrum wallet also gives system transparency to its users and allows them to audit the integrity of the software’s security independently.
However, this wallet only supports Bitcoin, a dealbreaker for those who want to store altcoins. The app itself is free to download, but you’ll be charged a fee for transactions.
Download: Electrum for Android | iOS | Windows, macOS, Linux (Free)
Software Wallets Are Cheap, But Hardware Wallets Are More Secure
The software wallets listed above are cheap and reliable options for storing your crypto funds. However, remember that if you want the best security, you should consider a hardware wallet (i.e., a physical device that you can use to store crypto). The only downside is that hardware wallets can be pricey, so software wallets are still a solid choice for crypto storage if you don’t want to splash the cash in this respect.
UDEX is a simple and easy-to-use smartphone app for trading ERC-20 crypto assets on a decentralized exchange.
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