10 Beginner-Friendly Crypto Mobile Wallets in 2024

2022-23 taught many lessons to cryptocurrency investors. The collapse of centralized exchanges like FTX sent shockwaves through the industry, highlighting the chilling truth: "Not your keys, not your coins."

The value of self-custody has never been clearer. Hot wallets, as essential tools in the DeFi (Decentralized Finance) arsenal, are now front and center.

According to a report by Chainalysis, revenue of centralized exchanges has plummeted by 65% since the FTX debacle. Meanwhile, hot wallet adoption surged within the same period. The numbers speak for themselves – investors are actively seeking ways to take true ownership of their crypto assets.

Hot wallets provide users with a seamless platform to store, send, and receive digital assets directly from their portable devices. Their appeal lies in their user-friendly interface and immediate accessibility, catering to novice and experienced crypto enthusiasts alike.

If you're new to crypto, navigating wallets can feel overwhelming. This guide explores 10 beginner-friendly hot wallets perfect for your crypto journey in 2024.

Note: This article is purely for educational purposes and the list of wallets mentioned are in a randomized order. The intention is to provide objective and unbiased information on each of the wallets mentioned here.

Beginner-Friendly Crypto Hot Wallets in 2024

1. Trust Wallet

Trust Wallet is a non-custodial crypto wallet app and browser extension that allows users to securely send, receive, exchange, and store digital assets, including cryptocurrencies and NFTs.

It also supports over 100 fiat currencies, including USD, EUR, and GBP. Trust Wallet is free to download and use. However, users will have to pay fees to the miners or validators.

Some key features of the wallet are:

• Binance Integration: Trust Wallet is owned by Binance, a leading cryptocurrency exchange. This integration allows users to buy, sell, and trade cryptocurrencies directly within the Trust Wallet app using their Binance account balance. Users can transfer crypto holdings between Trust Wallet and Binance for added flexibility.
• Built-in DApp Browser: Trust Wallet features a built-in dApp browser, allowing users to interact directly with dApps within the wallet. This allows users to access DeFi platforms, NFT marketplaces, and other blockchain-based services.

While Trust Wallet hosts over 70 million users worldwide, it experienced cyber incidents in 2023, resulting in losses of over $4 million. The vulnerabilities include a 2018 vulnerability that allowed attackers to guess some users' private keys causing significant damage.

2. Zengo MPC Wallet

Zengo stands out for its focus on user experience. Widely praised for its intuitive interface and straightforward setup process, Zengo makes it easy for beginners to jump into the crypto world. This user-friendly approach extends to all the core functionalities of the wallet.

Zengo streamlines buying, selling, swapping, storing, and managing cryptocurrencies and NFTs, allowing users to handle their entire digital asset portfolio within a single, easy-to-navigate app. Moreover, Zengo MPC Wallet has been audited by reputable firms like Certik and Hacklen anually since 2018 and has never been hacked.

• MPC (Multi-Party Computation) security: Zengo has multiple layers of security, including anti-hacking and mobile security techniques. The wallet has two "secret shares," one of which is stored on your device, and the other is stored on Zengo's servers. Each share is useless on its own, so the distributed setup means Zengo has no single point of failure. For example, even if an attacker compromises one of the shares, they cannot spend the victim's funds or modify any transaction parameters.

Zengo also uses FaceTec's 3D FaceLock technique to make it nearly impossible to retrieve the backup of master key2.

• Support for Multiple Assets: Zengo is a multi-chain crypto wallet that allows users to buy, sell, trade, store, and send cryptocurrencies and NFTs. It's available in over 188 countries, including the US, UK, Canada, Australia, and most of Europe.

The Zengo MPC wallet supports over 120 cryptocurrencies, including Bitcoin, Ethereum, Tether, Binance Coin, USD Coin, Polygon, Dogecoin, Shiba Inu, Dai, Uniswap, Tezos, The Sandbox, Maker, Kyber Network, and Paxos Standard.

3. BitPay

BitPay is a secure and user-friendly platform for managing digital assets that cater to the needs of individuals and businesses of all sizes.

BitPay's mobile app allows users to buy, store, and spend digital currency, and trade digital currency, in an e-wallet. The funds can then be spent in various ways, including via a prepaid debit card that works anywhere Mastercard is accepted.

Here are a few unique features that set it apart from other cryptocurrency wallets:

• BitPay Visa Debit Card: This card allows users to spend their cryptocurrency holdings directly at millions of stores worldwide where Visa is accepted. It acts like a bridge between crypto and traditional spending, offering more flexibility and convenience.

• Multisignature Wallets: BitPay supports multi signature wallets, which require multiple private keys to authorize a transaction. This adds an extra layer of security, making it more difficult for unauthorized access to funds. Imagine needing two or more people to agree to spend money from a joint bank account - that's the concept behind a multisig wallet.

While BitPay itself hasn't experienced any major reported breaches of its systems, it was targeted by a phishing attack where hackers impersonated a digital currency publication via email. This tricked a BitPay employee into revealing credentials, leading to a loss of around $1.8 million in Bitcoin.

4. TotalSig

TotalSig is a multisig wallet designed for businesses and groups that use crypto. It offers enhanced security and group control of funds, making it a good option for organizations that need a secure and collaborative wallet. Multisig wallets, also known as shared wallets, are useful when one private key isn't enough.

Some of its key features are:

• Non-custodial: Unlike some exchanges, you hold the private keys to your crypto in Trust Wallet, giving you complete control over your funds.
• Built-in DEX access: It also allows you to trade crypto directly within the wallet using integrated Decentralized Exchanges (DEXs) like PancakeSwap or Uniswap.

5. Coin98 Wallet

Coin98 is a non-custodial wallet that allows users to store and manage crypto assets from multiple networks. It supports many major networks like Ethereum, Binance Smart Chain, Solana, Polkadot, Kusama, Avalanche C-Chain, and HECO Chain. The wallet is available for iOS and Android and is a browser extension and has over 100,000 downloads. Some of its features are:

• Multi-chain powerhouse: Unlike many wallets limited to one blockchain, Coin98 boasts support for over 80 blockchains (as of April 2024). This lets you manage all your crypto holdings in one place, regardless of the underlying network.
• Built-in DEX champion: Forget switching between apps for token swaps. Coin98 integrates popular Decentralized Exchanges (DEXes) like Uniswap and SushiSwap. Their SuperLink feature cleverly finds the best rates across these DEXes, saving you time and money on swaps.

Coin98 wallet is also safe to use as it conducts regular audits by affiliated auditors like Certik.

6. Coinbase Wallet

This mobile app from the popular cryptocurrency exchange Coinbase allows secure storage for various crypto assets and integrates with various DeFi platforms, offering a broader experience in decentralized finance. It had 11 million downloads as of 2023. Here's a deeper look at its functionalities:

• Secure Storage: Coinbase Wallet offers secure storage for a wide range of cryptocurrencies, including major coins like Bitcoin (BTC) and Ethereum (ETH) and a selection of ERC-20 tokens and other digital assets supported by the platform. Users hold their private keys and are responsible for safeguarding them.

• Integration with DeFi Platforms: Coinbase Wallet goes beyond just storing crypto. It lets users connect to various DeFi platforms directly through the wallet app, opening up various possibilities, such as earning interest, swapping tokens, etc.

7. Exodus

With over a million users, Exodus is a crypto wallet that allows users to safely swap crypto directly from their wallet using third-party exchange API providers. Exodus is available for desktop and mobile and supports over 50 networks and thousands of assets. Some of its key functionalities are:

• Visually Appealing Interface: Exodus is known for its sleek and user-friendly design, making it Built-in Exchange: Unlike most wallets, Exodus allows you to swap cryptocurrencies directly within the wallet itself. This eliminates the need to transfer your crypto to an exchange and back, offering more convenience and potentially faster transactions.
• Hardware Wallet Integration: While Exodus itself is a software wallet, it integrates with Trezor hardware wallets. This lets you leverage the added security of hardware storage while still enjoying Exodus' user-friendly interface for managing your crypto.

Although Exodus Wallet regularly undergoes security audits, in January 2023, hackers were able to gain access to the wallets of hundreds of Exodus Wallet users by exploiting a vulnerability in the software.

8. Phantom

Designed specifically for the Solana blockchain, Phantom is a leading Solana wallet known for its ease of use, robust integration with DeFi applications, and support for NFTs built on the Solana blockchain. Here's a deeper dive into its features:

• Multi-Chain Support (Recently Added): While initially focused on Solana, Phantom now lets you manage assets across Solana, Ethereum, and Polygon blockchains in a single interface.
• Cross-Chain Swapper: This built-in feature allows you to easily swap tokens between these supported blockchains directly within the wallet.

Phantom Wallet has undergone extensive security audits by third-party firms, including Kudelski Security Research Team, to ensure the stability and security of its codebase.

In August 2022, a phishing attack targeted Phantom Wallet users. Malicious websites mimicked real Solana dApps (decentralized applications). These fakes tricked users into granting access to their Phantom wallets, enabling the theft of cryptocurrency. However, this is less a mark on the wallet and more a reflection of user negligence.

9. Keplr

Keplr is a secure wallet that allows users to connect to blockchains and apps, and use a variety of tools for on-chain activities. It's a web3 wallet for the Cosmos blockchain that allows users to store cryptocurrencies, connect to multiple blockchains, manage and stake tokens, and even vote on governance decisions. One of its key functionality apart from the ones mentioned above is:

• Cosmos Ecosystem Focus: Keplr is explicitly designed for the Cosmos network, a collection of interconnected blockchains. It makes it an excellent choice for users who want to invest in or interact with tokens built on Cosmos-based blockchains like Cosmos Hub (ATOM), Juno (JUNO), Osmosis (OSMO), and others.

Keplr wallet undergoes regular third-party audits to identify and address potential vulnerabilities.

10. MetaMask

MetaMask is a free software cryptocurrency wallet that allows users to interact with the Ethereum blockchain through a browser extension or mobile app. With over 22 million downloads, it is known for its support of multiple blockchains, including Ethereum, Binance Smart Chain, and many layer 2 networks like Arbitrum, Polygon, etc.

Key Features of MetaMask:

• Secure Storage: MetaMask acts as a secure vault for your digital assets, allowing you to store, send, and receive Ether (ETH), Ethereum's native cryptocurrency, along with other tokens built on the Ethereum standard, known as ERC-20 tokens.

• dApp Interaction: This is where MetaMask truly shines. It simplifies interaction with various decentralized applications. You can connect your MetaMask wallet to dApps to perform actions like:

1. Trading tokens on DEXs like Uniswap.
2. Participating in DeFi protocols for lending, borrowing, or earning interest on your crypto holdings.
3. Buying, selling, or managing NFTs on marketplaces like OpenSea.
4. Accessing play-to-earn games or other blockchain-based applications.

MetaMask conducts regular audits and also publishes reports for transparency and to gain its user’s confidence. However, in April 2023, MetaMask reported that their user data had been compromised for about 7,000 people who contacted their customer assistance with sensitive information between August 1, 2021, and February 10, 2023.

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Conclusion

Cryptocurrencies can be intimidating, but choosing the right wallet doesn't have to be. By considering your needs and priorities, you can find a user-friendly hot wallet that keeps your digital assets safe and accessible. You can confidently step into the exciting crypto world with some research and the right hot wallet.

For more information, visit transak.com or follow on twitter.com/transak.