Discover the Best Mobile Crypto Wallets of 2023: Top 3 Picks

Understanding the Differences: Custodial vs. Non-Custodial Wallets

When it comes to mobile crypto wallets, it’s important to understand the differences between custodial and non-custodial wallets. This knowledge will help you make an informed decision about which type of wallet is best for you. Let’s take a closer look at these two types of wallets using coinbase as an example.

Custodial Wallets

Coinbase offers both a custodial wallet and a non-custodial wallet. If you search for Coinbase in the app store, you’ll find two results: Coinbase and Coinbase Wallet. The Coinbase app is tied to your Coinbase exchange account and is considered a custodial wallet. In this case, Coinbase holds your private keys, which means you are relying on a third party to secure your funds.

Non-Custodial Wallets

On the other hand, the Coinbase Wallet is a non-custodial wallet. With a non-custodial wallet, also known as a decentralized wallet, you hold your private keys. This means you are no longer reliant on third parties to secure your funds, reducing the risk of hacks, theft, or loss due to exchange failures or security breaches.

Top Three Mobile Crypto Wallets

Now that we understand the differences between custodial and non-custodial wallets, let’s explore my top three picks for mobile crypto wallets.

1. Exodus Wallet

Exodus is a popular choice for many crypto enthusiasts. It offers a desktop, mobile, and web option, providing compatibility with hardware wallets like Trezor. The user interface is friendly and easy to navigate, and the wallet supports over 260 cryptocurrencies and NFTs. Additionally, Exodus allows you to swap cryptos within the app, but be aware of the fees associated with these transactions. You can also purchase crypto with fiat currencies such as US dollars from various sources. Exodus is available for both Android and iOS.

2. Trust Wallet

Trust Wallet is another excellent option for a mobile crypto wallet. It supports over 4.5 million types of assets, ensuring that you’ll likely find support for your preferred cryptocurrencies. Trust Wallet also allows you to purchase crypto with fiat currency using credit cards and debit cards. The user interface is straightforward and easy to use. Trust Wallet is available for both iOS and Android.

3. Coinbase Wallet

The Coinbase Wallet, not to be confused with the Coinbase exchange app, is a non-custodial wallet that supports popular cryptocurrencies like bitcoin, ethereum, and dogecoin, among others. While Coinbase does charge swap fees, one notable feature of the Coinbase Wallet is the ability to create a username. This username allows you to send and receive crypto with other Coinbase accounts without using lengthy wallet addresses. Coinbase Wallet is available for both iOS and Android.

Storing Your Crypto Securely

While mobile wallets offer convenience, it’s important to remember that they are not the most secure option for storing large amounts of crypto. Treat your mobile wallet like a cash wallet that you keep on your person for everyday spending. For larger amounts of crypto, consider using a hardware cold storage wallet like Trezor. This will provide an extra layer of security for your assets.

Frequently Asked Questions

1. Which wallet is the most secure?

While all the wallets mentioned in this article prioritize security, hardware cold storage wallets like Trezor are considered the most secure option for storing large amounts of crypto.

2. Can I use these wallets on both Android and iOS devices?

Yes, all three wallets mentioned in this article, Exodus, Trust Wallet, and Coinbase Wallet, are available for both Android and iOS devices.

3. Are there any fees associated with using these wallets?

Yes, it’s important to be aware of the fees associated with using these wallets. For example, Exodus charges fees for exchanging cryptos within the app, and Coinbase Wallet charges swap fees. Additionally, when purchasing crypto with fiat currency, there may be transaction fees involved. Always read the terms and conditions of each wallet to understand the fees involved.

4. Can I link my Coinbase exchange account to the Coinbase Wallet?

Yes, if you are a Coinbase Exchange customer, you can link your Coinbase exchange account to the Coinbase Wallet. This allows for seamless integration between the two accounts.

In conclusion, when choosing a mobile crypto wallet, prioritize security, convenience, and specific features that align with your needs. Consider using a hardware cold storage wallet for storing larger amounts of crypto, and always be mindful of the fees associated with using these wallets.