Best Crypto Wallets in the UK 2024

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Adam Woodhead
Adam Woodhead

Adam Woodhed

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Adam is a Co-Founder and content creator for The Investors Centre. His key areas of interest and expertise are cryptocurrency and blockchain technology.

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Reviewed by:
Dom Farnell
Dom Farnell

Dom Farnell

Co-Founder

Dom is a Co-Founder and of TIC. A passionate investor and seasoned blog writer with a keen interest in financial markets and wealth management.My goal is to empower individuals to make informed investment decisions through informative and engaging content.

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Last Updated 25/02/2024
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Please keep in mind that Crypto assets are volatile and currently unregulated. This volatility presents risk to your investment, and you may lose your funds. Profits from Cryptocurrency sales may be subject to Capital gains tax under UK law.

Quick Answer: What is the best?

The Trezor Model T stands out in the UK for its unparalleled security features, offering hardware-based, multi-signature protection without a single point of failure, ensuring users’ crypto assets are safeguarded against both physical and digital threats, making it a top choice for security-conscious investors.

Here are the 10 best Crypto Wallets in the UK:

  1. Trezor Model T – Top Choice Cold Wallet with with open source data
  2. Trezor One – The Perfect Wallet for Beginners 
  3. Cypherock X1 – Good for technical savvy enthusiasts
  4. Ledger NanoSPlus – Good for those on a budget
  5. Ledger Nano X – Great all round Wallet
  6. ExodusExcellent User Interface
  7. Electrum Only suitable for Bitcoin holders
  8. Trust Wallet – One of our favourite mobile wallets
  9. MetaMask – Great for accessibility for Ethereum and DeFi
  10. Atomic Wallet – Good for Atomic Swaps

Crypto Wallet Comparison Chart

Cypherock X1
5/5
Trezor Model T
4.5/5
Trezor One
4/5
Ledger Nano X
4/5
LedgerNanoSPlus
4/5
Exodus
4/5
Electrum
4/5
Trust Wallet
4/5
meta mask Logo
MetaMask
4/5
Atomic Wallet
4/5
Seed Storage Method
Shamir's Secret Sharing (SSS)
On-device
On-device
On-device
On-device
On-software
On-software
On-device (Mobile)
On-software (Browser/ Mobile App)
On-device
Connectivity
USB-C, NFC
USB-C
Micro USB
Bluetooth, USB-C
USB-C
(Software)
(Software)
Mobile App
Browser Extension, Mobile App
Desktop, Mobile App
Display Type
OLED
Color touchscreen
OLED
OLED
OLED
N/A (Software)
N/A (Software)
N/A (Software)
N/A (Software)
N/A (Software)
Security Chip
ATECC608 Secure Element
No dedicated security chip
No dedicated security chip
Secure Element Chip
Secure Element Chip
N/A (Software)
N/A (Software)
N/A (Software)
N/A (Software)
N/A (Software)
Cryptocurrency Support
Supports multiple cryptocurrencies
Supports 5500+ cryptocurrencies
Supports 5500+ cryptocurrencies
Supports 5000+ cryptocurrencies
Supports 5500+ cryptocurrencies
Supports 100+ cryptocurrencies
Bitcoin only
Supports a wide range of cryptocurrencies
Primarily Ethereum and ERC-20 tokens
Supports 300+ cryptocurrencies
Open Source
Yes
Yes
Yes
Partially
Partially
No
Yes
No
Yes
No
Physical Design
Compact with joystick navigation
Touchscreen interface
Compact with buttons
Sturdy, with buttons
Sturdy, with buttons
N/a
N/a
N/a
N/a
N/a
Backup Method
Seed split across multiple cards
12-24 word recovery seed
12-24 word recovery seed
24-word recovery phrase
24-word recovery phrase
12-word recovery phrase
12-word recovery phrase
Recovery phrase
Seed phrase
12-word recovery phrase
Price RangePrice Range
Around $180
Around $219
Around $53
Around $149
Around $79
Free
Free
Free
Free
Free

Top 10 Cryptocurrency Cold and Hot Wallets

Cypherock logo

TIC Score 5/5

5/5

Get 32.66% off Using Coupon Code investorscente

Cypherock X1 – Good for technical savvy enthusiasts

cypherock home page showcasing wallet features and security

Pros

Cons

  • Founded: 2019, based in Delhi, India.
  • Focus: Secure storage for blockchain-based digital assets and private keys.
  • Main Product: Cypherock X1 hardware wallet, which uses distributed storage to enhance security by not storing private keys in a single location.
  • Security Features: Incorporates Shamir Secret Sharing and EAL 6+ Smart Cards, avoiding the typical single point of failure in private key security.
  • Mission: To enable individuals to be self-sovereign and control their cryptocurrency and personal data.
  • Security Record: No documented incidents or specific vulnerabilities reported for the Cypherock X1 wallet, indicating a robust security performance to date.
  • User Caution: Despite the strong security record, users should maintain vigilant security practices and stay updated, as the digital asset security landscape continuously evolves.

Only one Model Available Cypherock X1

Trezor Logo Black with clear background linking to homepage
5/5

TIC Score 5/5

Trezor Model T – Top Choice Cold Wallet with with open source data

trezor home page showing off the wallet and security

Pros

Cons

  • Founding: SatoshiLabs in Czech Republic, 2013; launched as an early hardware wallet for secure cryptocurrency storage.
  • First Model (2014): Trezor One; noted for its security and user-friendliness.
  • Model T Introduction (2018): Advanced model with a touchscreen and improved security.
  • Cryptocurrency Support: Expanded support for a growing number of digital assets.
  • Updates: Consistent firmware and software enhancements to boost security and functionality.
  • 2017 Physical Design Flaws: Discovered vulnerabilities in Trezor One allowed physical access to extract private keys; mitigated with a firmware update.
  • 2019 Firmware Issue: Found and quickly patched a vulnerability that could expose private keys, with no incidents of exploitation.
  • Phishing Attacks: Users targeted by phishing, exploiting social engineering rather than hardware/software flaws.
  • Third-Party Risks: Potential security risks from using third-party interfaces and wallets with Trezor devices.
  • Supply Chain Threats: Risk of tampering before consumer receipt; countered with tamper-evident packaging.
  • Trezor Model One (2014): Original hardware wallet providing secure offline storage for cryptocurrencies such as Bitcoin, Ethereum, and ERC-20 tokens. Priced at approximately $80.
  • Trezor Model T (2018): An upgraded version with a touchscreen interface, supporting over 8000 cryptocurrencies. Priced at $219.
  • Trezor Safe 3 (TS3): The latest model, known for its enhanced security via a tamper-proof secure element chip. Supports standard and Shamir backups and comes in four colors: Solar Gold, Cosmic Black, Galactic Rose, Stellar Silver. Retail price is $79.
Trezor Logo Black with clear background linking to homepage
4.5/5

TIC Score 4.5/5

Trezor One – The Perfect Wallet for Beginners 

Pros

Cons

Ledger logo rectangular
4/5

TIC Score 4/5

Ledger NanoSPlus – Good for those on a budget

ledger nano showing compactability and various models

Pros

Cons

Ledger, founded in 2014 in France, revolutionized crypto security with hardware wallets. Its main product, the Ledger Nano, securely stores and manages digital assets offline, protecting them from online threats. Trusted widely, Ledger has become a staple in the cryptocurrency community for asset security.

  • Connect Kit Exploit (2023): A security breach involved the Connect Kit software due to a phishing attack targeting a former employee, leading to unauthorized NPMJS account access. An attacker published a malicious version of the Ledger Connect Kit, redirecting assets to their wallets and impacting several major DeFi protocols. This resulted in a $484,000 loss. Ledger enhanced its security by updating code review policies, boosting employee security training, and improving infrastructure monitoring.

  • Customer Data Leak (2020): In June 2020, a breach exposed the personal information of about 273,000 Ledger customers, including emails, addresses, and phone numbers. The information was later made public on the hacking forum, Raidforum. This incident underscored the privacy risks associated with storing personal data and the potential security threats to users.

  • Ledger Nano X: Premium, supports over 5,000 cryptocurrencies, with Bluetooth connectivity and compatibility with various OS and Web3 wallets like Metamask. Stores up to 100 apps.

  • Ledger Nano S Plus: More affordable, supports over 5,500 cryptocurrencies, USB-dependent, and can install up to 100 apps. Lacks Bluetooth.

Ledger logo rectangular
4/5

TIC Score 4/5

Ledger Nano X – Great all round Wallet

Pros

Cons

Exodus Logo
4/5

TIC Score 4/5

Exodus – Excellent User Interface

exodux Home page explaining main features

Pros

Cons

Launched in 2016, Exodus is a top cryptocurrency wallet known for its ease of use and strong security. It aims to make cryptocurrency management simple for non-technical users, enabling them to store, manage, and exchange various digital assets. As the crypto landscape has grown, Exodus has expanded its features and supported cryptocurrencies to keep up with user needs.

Exodus, while prioritizing robust security, has encountered phishing attacks aimed at its users. The company has actively responded by upgrading security measures and educating users on asset protection. These incidents, though concerning, have been limited and haven’t significantly compromised the wallet’s main security framework.

Exodus provides a software wallet for both desktop and mobile users, enhancing accessibility across devices. The desktop version is compatible with Windows, Mac, and Linux, while the mobile app supports iOS and Android. This cross-platform functionality allows convenient asset management from various devices. Additionally, integration with the Trezor hardware wallet adds a layer of security, combining Exodus’s ease of use with the strong protection of hardware storage.

Electrum Logo
4/5

TIC Score 4/5

Electrum– Only suitable for Bitcoin holders

electrum home page basic overview of wallet and features

Pros

Cons

Founded in November 2011 by Thomas Voegtlin, Electrum is a Bitcoin wallet designed for security, speed, and ease of use. It has continually evolved, adding new features and maintaining its foundational simplicity and efficiency. With development fueled by community involvement and open-source collaboration, Electrum stands as one of the oldest and most esteemed wallets in the Bitcoin community.

While Electrum prioritizes security, it has encountered issues such as phishing attacks and exploits. Particularly in 2018 and 2019, users were tricked into downloading malicious updates through phishing schemes, resulting in substantial financial losses. These incidents highlight the critical need for users to remain vigilant and ensure that updates are obtained directly from official sources.

Electrum is a software wallet available for Windows, macOS, and Linux, with a mobile version for Android users, enhancing its accessibility and convenience. Although Electrum itself doesn’t provide hardware models, it supports integration with major hardware wallets such as Trezor, Ledger, and KeepKey. This allows users to combine the robust security of hardware devices with the user-friendly interface of Electrum.

Trust Wallet logo
4/5

TIC Score 4/5

Trust Wallet – One of our favourite mobile wallets

trust wallet landing page demonstrating ease of mobile app

Pros

Cons

Trust Wallet, launched in November 2017, is designed as a simple, secure, and fully decentralized wallet supporting a broad spectrum of cryptocurrencies. Its acquisition by Binance in July 2018 was a key development, enhancing its reach and features. This included integration with Binance DEX and Binance Smart Chain (BSC), reinforcing its status as a versatile and comprehensive cryptocurrency wallet.

Trust Wallet emphasizes robust security by adhering to industry standards to safeguard user assets. However, given the inherent risks of software wallets, users need to stay alert to phishing attacks and scams prevalent in the cryptocurrency arena. While there have been instances of users being deceived by such tactics, Trust Wallet has preserved a commendable security record, with no significant breaches impacting its core infrastructure.

Trust Wallet is tailored exclusively for mobile users, available as an app for both iOS and Android devices. This mobile-centric approach supports its aim to offer a convenient platform for managing cryptocurrencies and using DApps while on the move. Although there are no desktop or hardware versions, its robust mobile app provides a wide array of features, including a built-in Web3 browser that allows users to interact with decentralized applications directly through the wallet.

metamask logo
4/5

TIC Score 4/5

MetaMask –Great for accessibility for Ethereum and DeFi

metamask screen shot of home page showing how it is a browser extension

Pros

Cons

Developed by ConsenSys, MetaMask was launched to facilitate easier access to the Ethereum ecosystem and encourage user engagement with decentralized applications (dApps). It has significantly expanded over the years, incorporating features such as in-wallet token swapping to boost its functionality and appeal. Ongoing updates and enhancements demonstrate MetaMask’s dedication to security and user experience, establishing it as a top Ethereum wallet.

MetaMask boasts a strong security record but, as with any prominent platform, has encountered challenges. Phishing attacks, particularly via counterfeit websites or harmful browser extensions posing as MetaMask, have targeted users. These incidents underscore the critical importance of vigilance and the necessity of using official sources for downloads and interactions with the wallet to ensure safety.

MetaMask is available primarily as a browser extension, compatible with Chrome, Firefox, Brave, and Edge, making it accessible across a wide range of desktop devices. Additionally, it offers a mobile app for both iOS and Android, allowing users to manage their assets and interact with dApps on the go. While MetaMask itself is not a physical hardware wallet, it can integrate with hardware wallets like Ledger and Trezor for enhanced security, combining the flexibility of a software wallet with the robust protection of hardware devices.

atomic wallet logo
4/5

TIC Score 4/5

Atomic Wallet – Good for Atomic Swaps

atomic wallet screen shot showing different supported cryptocurrencies and ease of use

Pros

Cons

Atomic Wallet was created with the vision of making cryptocurrency transactions as accessible and straightforward as possible. The wallet has been developed to offer a non-custodial solution, meaning users have full control over their keys and funds. Over the years, it has integrated additional features such as in-wallet exchanges, staking capabilities, and support for atomic swaps, continually expanding its functionality to meet the evolving needs of the crypto community.

Atomic Wallet’s emphasis on security is evident in its design and operational history, which has been largely free of major security breaches. However, like any platform in the crypto space, it is not immune to the risks associated with phishing and scam attempts. The team actively educates its users on best practices for security, such as verifying sources and using hardware wallets for added protection.

Atomic Wallet is primarily a software wallet, available for download on Windows, macOS, Ubuntu, Debian, and Fedora, catering to a broad range of desktop users. It also offers a mobile application for both iOS and Android devices, ensuring accessibility and convenience for managing cryptocurrencies on the go. While it does not offer a physical hardware wallet, its compatibility with common security practices and devices allows users to enhance their security measures while using the wallet.

The Comprehensive Guide to Trading Using Cryptocurrency Wallets

Trading cryptocurrencies has become a significant activity for both seasoned investors and newcomers to the digital currency space. A crucial component of this process is the use of cryptocurrency wallets, which not only store your digital assets but also play a pivotal role in the security and management of your investments. This guide aims to navigate you through the intricacies of trading with cryptocurrency wallets, ensuring you’re well-equipped to make informed decisions.

Initiating Your Trading Journey with a Cryptocurrency Wallet

To start trading cryptocurrencies, the first step is understanding and selecting a suitable cryptocurrency wallet. Here’s how to begin:

  • Research Different Wallet Types: Know the difference between hot wallets (online wallets) and cold wallets (offline or hardware wallets) to choose one that suits your trading habits and security needs.

  • Understand Wallet Features: Look for features like multi-currency support, user-friendly interface, backup options, and security measures (two-factor authentication, multi-signature support).

  • Consider Your Trading Frequency: If you trade frequently, a hot wallet offers convenience and quick access. For long-term holdings, a cold wallet provides enhanced security.

  • Security First: Prioritize wallets with a strong track record of security and positive user reviews. Investigate any past security incidents and how they were resolved.

Selecting the Ideal Cryptocurrency Wallet in the UK

The UK’s dynamic cryptocurrency market requires a wallet that not only meets global standards but also aligns with local regulations and market needs. Here are key factors to consider when choosing your wallet:

  • Regulatory Compliance: Opt for wallets that adhere to UK regulations, ensuring they implement measures like Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols.

  • Cryptocurrency Support: Ensure the wallet supports a wide range of cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), and others frequently traded in the UK market.

  • Security Features:

    • Look for wallets with advanced security features such as end-to-end encryption, secure chip technology (for hardware wallets), and regular security updates.

    • Evaluate the backup and recovery mechanisms in place, ensuring you can recover your assets in case of device loss or failure.

  • User Experience:

    • A user-friendly interface is crucial for efficiently managing your trades and portfolio. Consider wallets with intuitive navigation and clear transaction processes.

    • Check for additional features like built-in exchange services, staking options, and compatibility with decentralized finance (DeFi) platforms, which can enhance your trading experience.

  • Customer Support: Reliable customer service is essential, especially for beginners. Look for wallets offering comprehensive support through multiple channels (email, chat, forums) and resources (guides, FAQs).

  • Community and Reviews: Lastly, leverage the experiences of other users in the UK. Online forums, social media, and review platforms can provide valuable insights into a wallet’s performance and reliability.

By carefully considering these aspects, you can choose a cryptocurrency wallet that not only secures your digital assets but also aligns with your trading goals and preferences in the UK’s vibrant cryptocurrency market.

Understanding Cryptocurrency Wallets

Cryptocurrency wallets are digital tools that allow you to store, send, and receive digital currencies. Unlike traditional wallets that hold physical money, cryptocurrency wallets keep digital credentials, or keys, needed to interact with blockchain technology and manage cryptocurrencies. Here’s what you need to know:

  • Public and Private Keys: Your wallet contains a public key, which is like an account number you can share with others to receive funds, and a private key, which is akin to your PIN and should be kept secret. Together, they enable secure transactions.

  • Types of Wallets:

    • Hot Wallets: Online wallets that are connected to the internet,  like a cryptocurrency wallet app, provide convenience but with higher risk due to potential online attacks.

    • Cold Wallets: Offline wallets, such as hardware wallets, offering enhanced security by storing your keys away from online threats.

  • Wallet Platforms: Cryptocurrency wallets come in various forms, including desktop applications, mobile apps, web wallets, and physical hardware devices, each offering different features and levels of security.

Comparing Cryptocurrency Wallets and Exchanges

While both cryptocurrency wallets and exchanges are essential tools for digital currency users, they serve different purposes:

  • Cryptocurrency Wallets are primarily used to store digital assets securely. They give you full control over your cryptocurrencies, allowing you to manage your keys and conduct transactions directly on the blockchain.

  • Cryptocurrency Exchanges are platforms where users can buy, sell, or trade cryptocurrencies for other digital currency or traditional currency like USD or GBP. While some exchanges offer wallet services, they control the private keys, which means you don’t have full control over your assets.

Quick Guide: 5 Steps to Begin Trading with your wallet

  1. Choose a Wallet: Select a cryptocurrency wallet based on your trading needs, security requirements, and the type of cryptocurrencies you want to trade.

  2. Secure Your Wallet: Enable all available security features, such as two-factor authentication, and create a secure backup of your wallet’s recovery phrase.

  3. Acquire Cryptocurrency: Purchase cryptocurrency through an exchange or receive it from another individual, and then transfer it to your wallet.

  4. Find a Trading Platform: Choose a reputable cryptocurrency exchange or trading platform that supports the currencies you hold and offers the trading features you need.

  5. Start Trading: Transfer the cryptocurrency you wish to trade from your wallet to your account on the exchange, and begin trading based on your market analysis and trading strategy.

Advantages and Disadvantages of Trading through a Cryptocurrency Wallet

Advantages:

  • Security and Control: You have full control over your private keys and, by extension, your cryptocurrency, enhancing the security of your assets.

  • Flexibility: Trade a wide range of cryptocurrencies directly from your wallet without the need to transfer assets to an exchange.

  • Privacy: Transactions can be more private since you’re not tied to the personal information requirements of an exchange.

Disadvantages:

  • Responsibility: With control comes the responsibility for securing your wallet and backing up your keys. Losing access to your wallet means losing your assets.

  • Complexity for Beginners: Managing a wallet and understanding the nuances of different cryptocurrencies can be overwhelming for newcomers.

  • Limited Trading Features: Unlike exchanges, wallets may not offer advanced trading features like margin trading, limit orders, or detailed market analyses.

References

FAQs

A desktop wallet is a type of software wallet that is installed on a personal computer, offering a balance between security and convenience. Unlike mobile wallets, which are apps on your smartphone, desktop wallets provide more robust security features because they are less likely to be lost or stolen than mobile devices. Compared to web wallets, which run on cloud servers and can be accessed from any device with internet access, desktop wallets give users more control over their private keys, reducing the risk of online theft but requiring proper backup practices.

Your wallet address is a unique string of letters and numbers that serves as a public identifier for transactions. Finding it typically involves accessing the ‘Receive’ section of your crypto wallet interface. This address is crucial for receiving cryptocurrencies, as it directs funds to your wallet. Sharing your wallet address is safe, but it’s important to keep your private keys confidential to secure your assets.

Those looking for robust security measures should consider hardware wallets like Ledger or Trezor. These devices store your wallet’s private keys offline, making them resistant to online hacking attempts. For software solutions, providers offering two-factor authentication, multi-signature support, and regular security updates are preferred. Always research and select a provider with a strong reputation and customer feedback.

Yes, the Coinbase wallet supports a wide variety of digital assets beyond Bitcoin and Ethereum, including many ERC-20 tokens and other popular cryptocurrencies. It’s a versatile digital wallet that allows users to manage a diverse portfolio of crypto assets, engage in trading, and interact with decentralized applications directly from the app.

Web wallets offer the convenience of accessing your cryptocurrencies from any device with an internet connection, making them ideal for users who frequently trade or use their assets for online payments. However, since they are stored online, web wallets are more vulnerable to hacking and phishing scams compared to cold storage options like hardware wallets. The main benefit is ease of use and accessibility, while the primary drawback is reduced security, highlighting the importance of using web wallets with enhanced security features and practicing safe browsing habits.

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