Best Multi Cryptocurrency Wallet 2022
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After the success of cryptocurrencies and their adoption in almost every corner of the globe, came the need for different storage devices with top-notch security features that would make for a smoother and safer cryptocurrency experience.
In the beginning, when there was only Bitcoin (BTC), only a handful of devices could be used for its storage. The emergence of additional crypto assets and the skyrocketing price of Bitcoin, opened a fresh and fertile market for multi-currency digital wallets and other storage devices that support altcoins and stablecoins alike.
So, if you’re looking for a safe and legitimate wallet to store your digital currencies, look no further than our wallet recommendations.
The First Bitcoin Wallet
Bitcoin’s creator saw fit to create a wallet where Bitcoin users could store the private keys that gave them access to their crypto, while the cryptos themselves remained safely stored on the blockchain. He called this wallet the QT wallet. This digital wallet was a desktop wallet and rather inconveniently stored in a desktop folder called wallet.dat.
The QT wallet had many drawbacks but functioned adequately for the time when it was developed. The wallet required users to download the whole blockchain history in order to sync with the network, which wasn’t a problem in the early Bitcoin days. However, as soon as Bitcoin gained popularity, the blockchain history became larger and larger, reaching up to 200GB of data.
Another drawback of the QT wallet was that it was picked up by antivirus software as a threat and was automatically deleted from the system resulting in the loss of many coins in the early Bitcoin history.
The QT wallet is now obsolete because the whole crypto industry has evolved and different digital wallets and new cryptocurrencies have appeared on the cryptocurrency market. This really shows how the whole industry has progressed. If the QT wallets were used today, users would have to keep 250+GB of data on their computers just to sync the wallet.
The modern day wallets fall in two main categories: hardware wallets and software wallets. We’ll list some of the best multi-currency wallets from each category along with the cryptocurrencies they support.
Best Multi-Currency Hardware Wallets
Hardware wallets, cold storage, or cold wallets are physical devices that are offline for the most part, except when you connect them to your PC to gain access to a crypto exchange or to transfer some crypto to and from your wallet.
Hardware wallets are the safest way a user can store their private keys because they are not susceptible to hackers or any type of remote attack. In order for a user to lose the assets they keep in a hardware wallet, the wallet would have to get stolen or damaged, although there are backups implemented in cases such as these too.
Below you’ll find the best choices for multi-currency hardware wallets.
Ledger Nano S
Ledger devices are known for their security and the wide range of supported cryptocurrencies. The Ledger Nano S, for example, supports over 1,100 supported cryptocurrencies, including all ERC-20 tokens.
The Ledger Nano S wallet is a physical device that has a sleek look sporting a style that reminds users of a USB that’s encased in a metal sheath and slides open similarly to a straight razor.
This wallet is suitable for beginners due to the price and the low memory for storing applications. The price tag for this model is only $59.00, which is a fair price for a wallet that can support up to 7 different cryptocurrencies at the same time. There are different combinations users can utilize in order to squeeze in more blockchains in their memory but the number won’t go above 7 apps.
You can delete some apps in order to make room for new coins but if you want to return to some of your old crypto choices, you will have to re-install the wallets apps onto the device. The lack of memory makes the Ledger Nano S a great beginner wallet because users won’t feel overwhelmed from having many different blockchains in a single device and can focus on their initial cryptocurrency of choice until they’ve mastered the basics.
In terms of security features, the Ledger Nano S offers a two-chip security system in which the private keys are always stored offline on the device. The ST31H320 chip and the STM32FO42(OS) chip bring an extra layer of security compared to some of the competitors like Trezor.
Ledger Nano X
The Ledger Nano X is the next generation Ledger device and an improvement of the Ledger Nano S. The device looks the same as the previous model, except for three major differences: Nano X has a Bluetooth option so users won’t have to bother connecting the wallet to their computer and simply connect it to their mobile devices instead.
Moreover, the number of supported cryptocurrencies was bumped up to 1,800 and the memory was expanded so that the wallet can fit up to 100 blockchain apps or 100 different cryptos. Some of the supported cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Bitcoin Cash (BCH), Ripple (XRP), Cardano (ADA), Ethereum Classic (ETC), Dash (DASH), and many others. Just remember that there is a memory limit to the Ledger Nano S and you can store up to 7 different cryptocurrency apps at the same time.
However, the Bluetooth addition can actually be seen as a drawback as it can be used as a gateway for cyberattacks. Still, if you don’t want to use it, you can simply plug in the USB cable and conduct your transactions via a PC.
Note that the price tag increases with this version and reaches $119.00, which is nearly twice as much.
Trezor Model T
Trezor devices are direct competitors to the Ledger devices and are similar to them in terms of features and security. The Trezor Model T is a second-generation Trezor device and the upper hand it has over Ledger devices is its ability to pair with third-party exchanges like Changelly and CoinSwitch from the main platform’s interface. However, this feature doesn’t do the steep price of $165 much justice in terms of major differences between Trezor and Ledger devices.
The Trezor Model T boasts a touchscreen interface that when compared to the older model or the Ledger devices, can be harder for beginners to learn how to operate. Another feature that makes the Model T stand out is the ability to implement a MicroSD card for PIN encryption for further security measures.
The model T comes with a USB cable that can be used to connect the device either with a PC or a smartphone. There is also a Bluetooth connection available on the model T but it’s entirely optional. In terms of supported currencies, the model T supports up to 1,600 cryptocurrencies and tokens. The memory is not as limited as that of the Ledger devices, so users can utilize as many blockchain wallets as they wish.
Best Multi-Currency Software Wallets
Software wallets or hot wallets are wallets that most commonly come in the form of a mobile app, sometimes referred to as a mobile wallet app. The software wallets can also be computer programs as many of them are available on operating systems like Windows, Linux, and Mac OS. These wallets are simpler to use and can be utilized to trade crypto on the go but are more susceptible to all kinds of remote attacks and hacks.
The most recommended solution for crypto safety is the implementation of a hybrid method in which the bulk of your crypto is stored on a hardware wallet and a small portion of the crypto remains on the hot wallet for any day-to-day transactions. Every one of the wallets listed below comes with industry-standard security features like 2-factor authentication or smartphone features like fingerprint scanning and face ID recognition.
Exodus Software Wallet
The Exodus software wallet is both a desktop and a mobile wallet that sports a sleek and beginner-friendly user interface that even comes with a built-in cryptocurrency exchange to buy Bitcoin or the crypto of your choice. The main feature of the Exodus wallet is the option to swap and stake cryptocurrencies directly through the wallet with up to 100 cryptocurrency options.
One of the drawbacks to the wallet is that it’s a closed-source wallet, meaning that security failures cannot be ironed out by individual developers. Instead, users must rely on the Exodus development team to ensure the safety of their digital assets.
The wallet supports over 140 cryptocurrencies and tokens and it’s a great option for beginners due to the easy interface and great customer support. There are also options for setting custom Bitcoin transactions fees or any other crypto transactions to keep some of the trading costs low along with a custom fee that completes transactions more quickly. The wallet is currently free to use and can be downloaded from the main website or the designated mobile stores for Android and iOS.
Atomic Software Wallet
The Atomic wallet is very similar to Exodus, except that it’s an open-source wallet. It allows storing, exchanging, and staking your digital assets through the wallet interface with just a few clicks. The Atomic wallet really stands out with its flashy casino-like user interface that adds a bit of spice to the everyday trading experience.
The wallet supports over 500 cryptocurrencies and tokens and allows for pairs trading with up to 60 cryptocurrency pairs. Another interesting feature of the Atomic wallet is that it supports major operating systems like Windows, macOS, Ubuntu, as well as some unconventional ones like Debian and Fedora. The wallet is also supported on mobile devices like Android and iOS.
All in all, the Atomic wallet is a refined option for storing crypto with its many exchange features and supported coins and operating systems. In terms of security, the wallet provides industry-standard features like two-factor authentication (2FA). Finally, there’s a 24/7 customer support team that’s quick to respond to any issues you might have.
The Coinbase Wallet is a separate wallet from the wallet that’s provided on the Coinbase cryptocurrency exchange. This wallet is completely unrelated to the platform (except that it’s launched by the same company) and doesn’t require users to have an account on Coinbase in order to use it.
Instead, the Coinbase wallet is free to use and allows users to interact with Ethereum-based dApps along with some ICO tokens and other converted cryptocurrencies from the main platform or any other exchange. The wallet supports over 90 different cryptocurrencies that include all ERC-20 tokens. The user interface is designed to be beginner-friendly with very easy navigation between the different panels and windows.
In terms of safety, the wallet is considered among the safest software wallets on the market with 24/7 support from Coinbase and features like 2-factor authentication and backup.
The Binance Wallet is based on the cryptocurrency exchange Binance and it’s one of the better multi-currency wallets on the market. The Binance wallet is considered one of the safest wallets due to its high-security features and user safety rating. Unlike most wallets, Binance requires its users to verify their identity for the enhanced options for withdrawals and crypto trading. This feature might be discouraging to some users who want to remain anonymous in their active trading cycle.
The Binance wallet supports over 90 cryptocurrencies along with every ERC-20 token and there is an option for trading with the native Binance Token (BNB). The token can be used for paying some trading fees along with other benefits but in general, the token is used as a reward to users who are trading on the platform.
Users, both beginners, and experienced ones can also stake cryptocurrencies like QTUM, ALGO, and EOS among others with ease due to the simple UI. Other features include crypto trading pairs and regular crypto assets purchases. The wallet is available for download on Android and iOS devices as well as on the desktop platform.
Coinomi is a software wallet that supports over 200 cryptocurrencies and several blockchains. It’s a good choice as it is a versatile wallet that’s available for mobile devices only.
In the past, this was an open-source wallet but that changed when hackers tried to change its source code, so the developers made it a closed-source wallet to protect it. Earlier versions can still be found that operate through open-source but that’s not recommended for safety reasons.
The wallet is pretty simple to use as it offers a user-friendly interface and the process to send and receive payments from different blockchains is quite straightforward. However, despite its past popularity, nowadays users rate the software wallet with mostly negative reviews due to the lack of customer support and complaints about stolen funds from users’ accounts.
The best way to use the Coinomi wallet is to store very small amounts of crypto due to compromised safety features in order to utilize the most of different blockchains payment systems. The wallet is available on mobile devices like Android and iOS and can be downloaded from the designated device store.
The Trust wallet is a decentralized mobile hot wallet that supports over 160 cryptocurrencies. The wallet was originally developed to store only ERC-20 and ERC-223 tokens but now holds cryptocurrencies that are built on other blockchains. Another feature on the wallet is the built-in Web3 browser which enables users to gain access to Ethereum dApps.
The wallet’s user interface is simple enough and users are guided through the download and account creation process. Some other features include various security options as the wallet doesn’t require users to go through a KYC verification and being a non-custodial wallet, it does not store any user data. Also, it allows its users to store their private keys locally on their devices rather than on the wallet’s designated servers.
Some extra security features include a PIN code and a fingerprint scanner if the device is equipped with one and in terms of availability, the wallet is free and it’s available on Android and iOS devices.
A Few Words Before You Go…
We hope you’ve enjoyed our full guide on the different types of multi-currency wallets available on the market. We’ve listed everything from the history of wallets to the different types of wallets – hardware and software ones.
Hardware wallets are deemed as the safest type of wallets but compared to software wallets they are more expensive and require users to connect them to their PC in order to use them for transfers. Software wallets can be used almost anywhere in the world provided you have an internet connection at all times.
In terms of safety, the best way of achieving maximum security for storing cryptocurrencies is definitely the hybrid method or storing the larger amount of crypto on a hardware wallet and a small portion of the crypto on the software wallet.