Choosing the right crypto wallet can get overwhelming at times. And while most are free-to-use, they often charge different transaction fees. As a result, you could be paying more than you actually should.

So to help you make the right decision, we’ve put together a selection of the cheapest crypto wallets that you can start using right now.

1. For new users: Coinbase wallet

Registration: Free

Charges:

• No charges for transactions between Coinbase wallets but network fees are charged for transfers to non-Coinbase wallets
• Customizable mining fees
• 0.50% per trade
• 3.99% for credit card purchases
• 1.49% for Coinbase wallet or bank account purchases

Why we like it:

• Optional cloud backup for cryptocurrencies
• Great selection of security features
• Biometric authentication enabled
• Non-custodial storage
• Provides access to dApps

According to Tezro, Coinbase is one of the largest crypto exchanges on the market in terms of volume traded. So, it should come as no surprise that the company also offers crypto storage services in the form of the Coinbase wallet.

Coinbase wallet features an intuitive, user-friendly design that makes it an excellent choice for first-time users looking to explore the world of Bitcoin and other cryptocurrencies.

Besides that, Coinbase boasts a host of decent security features, including multi-signature and two-factor authentication (2FA). As an added plus, Coinbase wallet makes use of the Secure Enclave Chip – a specialized processor that allows for biometric authentication on Android, iOS, and Mac devices. 

As a non-custodial wallet, Coinbase stores your private keys on your device. That way, you’ll still have access to your cryptocurrencies even if the service falls to a cyberattack.

2. Great for active traders and investors: Gemini

Registration: Free

Charges:

• Fixed fee applies for trades under $200
• For trades over $200 – users are charged at a rate of 1.49% per transaction
• 3.49% charge applies for debit or credit card purchases

Why we like it:

• Hot wallet insurance: protects your funds in the event of a security breach or cyberattack
• Solid security in the form of fraud protection and two-factor authentication
• User-friendly interface for quick and easy trading
• Extensive support for crypto investors

Gemini is a hot wallet offered by the popular crypto exchange – Gemini and offers a variety of exciting features.

From the get-go, we can see that Gemini wallet actively targets Bitcoin and cryptocurrency traders. The wallet features simple but effective buy and sell features and an extensive support page. 

Meanwhile, experienced traders will surely appreciate the sophisticated charting tools and options to customize order types. All of which is great for executing trades quickly and effectively.

Unfortunately, Gemini only supports mainstream currencies (100+). However, this isn’t much of an issue if you’re primarily trading in Bitcoin.

In terms of security, Gemini wallet features two-factor authentication, wallet address whitelisting, and the ability to review and approve devices used for logging in. As part of Gemini wallet’s fraud prevention features, users must complete a know-your-customer (KYC) process.

3. Best all-round Bitcoin and Crypto wallet: Exodus Crypto Wallet

Registration: Free

Charges:

• Variable spread and network fees

Why we like it:

• Option to set custom charges
• Good security
• Can integrate with cold wallets
• Fast, responsive user interface
• Non-custodial model gives you greater control over your holdings

With its variable spread and network fees, Exodus offers users a remarkable degree of flexibility regarding charges.

Besides being free-to-use, Exodus features an easily navigable interface with a great user experience (UX). While Exodus was initially intended to be a desktop-only wallet, the company has since begun offering apps for mobile users.

Unlike other wallets, Exodus runs on a light client and is optimized to be smooth and responsive. All of this is because the wallet uses the SPV system and does not require users to download the entire blockchain when processing transactions.

When it comes to security, Exodus differs from more mainstream offerings. First of all, the wallet operates on a non-custodial model – meaning that Exodus does not hold any of your funds. That way, you’re more protected from cyberattacks and hacks.

As an added plus, Exodus does not require users to hand over their personal information – thus keeping you safe and anonymous. Unfortunately, Exodus is a closed source; hence third parties cannot audit the wallet for security purposes.

Exodus allows its users to interface with cold wallets to store their cryptocurrencies offline for an added element of protection. Thanks to the Exodus-Trezor partnership, Trezor wallet owners will be pleased to see that their hardware wallets are compatible with Exodus.

4. Suitable for dedicated Bitcoin enthusiasts: Electrum Crypto Wallet

Registration: Free

Charges:

• Custom transaction fees

Why we like it:

• Compatible with a variety of hardware wallets
• Can set custom transaction fees
• Plenty of customization options
• Responsive interface

When it comes to low transaction fees, you’d be hard-pressed to beat Electrum. The long-standing crypto wallet charges a flat rate of 0.2 mBTC per transaction or approximately $4. Alternatively, you can also set custom transaction fees based on your budget, i.e., higher fees equate to faster processing speeds. 

If you’re looking for a safe hot wallet, then you can’t go wrong with Electrum. While Electrum primarily caters exclusively to Bitcoin enthusiasts only, this has allowed it to make use of several interesting security features.

Besides two-factor authentication and multi-signature support, Electrum is also open-source, which means that anyone can scrutinize the wallet at any time. And more impressive is the fact that Electrum is compatible for use with a variety of hardware wallets such as those from KeepKey, Ledger, and Trezor. 

One of the wallet’s greatest strengths is that it uses a lightweight client – meaning that it doesn’t take up much space on your device. And more importantly, it has a sharp and responsive interface.

Electrum’s more sophisticated features are primarily suited to more advanced users looking to get more out of their wallets.

Conclusion

And there you have it, our selection of the best and cheapest crypto wallets on the market right now.

However, always keep in mind that cryptocurrencies are high-risk assets, and you should always take steps to keep your assets safe.

Source: Plato Data Intelligence: PlatoData.io