Cryptocurrencies are gaining ground as the popularity of digital asset transactions as a means of payments is growing. With the total user base of cryptocurrencies spilling over the 290 million mark, it is easy to fathom that with such turbulence on the crypto market, users will be concerned with the safety of their assets. Online search engine queries are brimming with requests for the “best crypto wallet”, but in light of the collapse of the FTX exchange, users have started searching for non-custodial wallets en masse.
Indeed, the need for a free of custody wallet is becoming acute as cryptocurrencies are entering the financial and commercial mainstream markets. And with the abundance of decentralized wallet options available on the market, the mind boggles of the possibilities. As such, we have compiled a list of the best non-custodial crypto wallets to answer the question of which crypto wallet is best for beginners.
NOW Wallet
When it comes to crypto wallet app choices, few representatives of the non-custodial ilk can match the offering provided by NOW Wallet. This convenient and versatile product was released by the popular ChangeNOW exchange ChangeNOW, combining the best of its technological solutions and security measures that have been perfected by years of market operation.
The NOW Wallet has both a desktop crypto wallet and mobile versions suited for iOS and Android, making it ideal for both businesses and users with on-the-go attitudes. In fact, the features borrowed from the parent exchange make NOW Wallet ideal for business needs thanks to its dedicated portfolio formation options that can be suited for both personal and enterprise application.
Most importantly, NOW Wallet allows users to conduct operations right inside the application thanks to the built-in exchange service from ChangeNOW, which facilitates cryptocurrency purchases for fiat via a convenient on-ramp. This means that users no longer need to export their assets from the wallet to external trading venues and are thus freed from the burden of having to pay extra commissions.
With its round-the-clock support service that provides prompt troubleshooting, NOW Wallet is truly user-oriented, especially taking into consideration the fact that its internal crypto exchange rate is always in favor of the user. Weekly updates and a robust user interface that is both streamlined and easy to navigate give NOW Wallet a considerable edge in the UI and UX departments. NOW Wallet also supports over 500 cryptocurrencies and 70,000 trading pairs across more than 40 blockchain networks.
Security
With security being in top focus on the part of users, NOW Wallet has the given aspect covered, in large part thanks to its legacy of the ChangeNow exchange, which has perfected its security measures. KYC and identity verification are not mandatory for accessing funds stored on NOW Wallet, but it does allow users to retain control of their private keys and includes the standard lineup of security features like 2-Factor Authentication. A recently included function is protection from dust attacks, since NOW Wallet hides spam transactions from the history feed and thus safeguards users from unnecessary information flows.
Special Functions
NOW Wallet comes equipped with a long list of special functions and features that place it rightfully at the top of the given lineup of candidates for the title of best crypto wallet:
- On-ramps for cryptocurrency purchases using fiat;
- Staking options for BNB, NOW, TRX, ATOM, SOL, and XTZ;
- Options for storing, transferring and receiving NFTs;
- 0.1% cashback for operations carried out through the ChangeNOW Pro application;
- Availability of WalletConnect with QR code inside the application for connection to Dapps on various networks, including Ethereum, BSC, AVAX, Polygon, Fantom, Optimism, and Algorand;
- Multiple wallets formation options for tailoring the wallet to personal or business use cases;
- Custom token addition options.
Pros
- Multifunctional;
- User-friendly interface;
- Free to use;
- Non-custodial;
- High resilience to external influence;
- Mobile and desktop options;
- In-app cryptocurrency purchase and exchange options.
Cons
- No support for Trezor and Ledger hardware wallets;
- Relatively new product.
Coinbase Wallet
Coinbase is a popular name on the cryptocurrency market thanks to its established reputation as a reliable exchange. The Coinbase Wallet is the result of continued development of the platform, offering users a reliable non-custodial digital asset storage option. Coinbase Wallet is hosted solely on the mobile device of the user, bypassing the parent exchange’s servers, thus allowing the owner to retain complete control over their private keys.
The wallet supports thousands of different tokens from the Ethereum network and all other EVM-compatible networks, including Poylgon, Avalanche and C-Chain. Among the other assets presented on the list are stablecoins, such as USDT, USDC and DAI.
Security
Coinbase Wallet leverages Secure Enclave Technology for safekeeping users’ private keys on mobile devices. The standard lineup of additional security layers includes SMS authentication via a verified phone number, 2-Factor Authentication, and seed phrase.
Special Functions
Coinbase Wallet comes complete with a set of features that make it attractive as an option for users seeking extended capabilities from their non-custodial wallet:
- Staking options for ALGO, ATOM, ETH, XTZ, ADA, and SOL;
- Storage, transfer, and receipt options for NFTs;
- In-browser Dapp version;
- Built-in crypto loan facilities;
- Token and Dapp monitoring for trends and popularity ratings;
- Multi-sig access.
Pros
- Intuitive interface;
- Non-custodial;
- Resilient to external factors;
- Multi-sig availability;
- Piggybacks on parent exchange’s popularity;
- Free to use;
- Availability of browser extension for Chrome.
Cons
- Lack of desktop version of application;
- Slow customer service response times;
- High transaction fees.
Ledger
Ledger is a highly popular non-custodial wallet with support for more than 5,500 cryptocurrencies, making it one of the most widely used options on the market. Among its distinguishing features is its integration into Decentralized Finance platforms and support for NFTs with management options. Ledger allows users to take advantage of its desktop and mobile versions for a variety of operations, including staking, swaps, transfers, and purchases.
Security
As one of the most prominent brands in the decentralized industry, Ledger needs no introduction in regards to security. All Ledger applications and wallets take advantage of Secure Element technology – a specialized security chip often found in passports and other high-priority cards. Use of the given technology adds a completely new level of security to all Ledger applications.
Special Functions
Ledger is rich with special functions that have been added over the years of the product’s market presence, which include:
- Integrated access to DeFi platforms;
- NFT management options;
- Bluetooth connectivity;
- Native Ledger Live application used for crypto lending and staking alongside sales and purchase options;
- Cryptocurrency price tracking;
- Fiat on-ramp and crypto purchase for fiat options;
- Staking options for assets from the ETH, SOL, ATOM and DOT networks.
Pros
- Unprecedented security level;
- Crypto for fiat purchase options;
- High resilience to external factors.
Cons
- Restrictive price, compared to other wallets;
- Hacked in July of 2020;
- High risk of counterfeit;
- No direct operations can be conducted from the wallet.
Phantom Wallet
Another popular name on the market that inspires confidence. Phantom Wallet is a browser extension specifically designed for giving its users the ability to operate with assets hosted on the Solana network. With its convenient interface and easy onboarding, Phantom Wallet makes receiving, sending, swapping and exchanging cryptocurrencies a hassle-free affair.
Security
Phantom Wallet has had its code independently audited by the leading Kudelski Security audit firm, which confirmed that the application is fault free and has no evident vulnerabilities that would place users’ funds at risk.
Special Functions
Phantom Wallet managed to build itself a name in large part thanks to the abundance of useful features it offers its users, including:
- NFT storage options;
- Ledger device compatibility for additional security;
- Staking options for Solana-based assets;
- Leverages Solana’s low fees.
Pros
- Solana network advantages includes;
- Free to use;
- Supports hardware wallet linkage;
- Non-custodial;
- High resilience to external threats.
Cons
- Limited usability outside the Solana network;
- Relatively new on the market with little user feedback and few updates.
Trezor Wallet
A true mainstay of the hardware wallet market, developed in 2014 by SatoshiLabs. Trezor became the first hardware wallet ever to be fielded and has since evolved to Trezor One – a hugely popular option among cryptocurrency enthusiasts. Trezor made its reputation thanks to its impeccable security, ease of use, and relative affordability when compared to its competitors like Ledger.
Security
Trezor retains the user’s private keys on the device in offline mode at all times. In order to access the wallet, users need to enter a PIN code, with transaction confirmation made by means of pressing physical buttons on the device. The wallet can also be connected via hardwire to another device for streamlining use.
Special Functions
Trezor is a hardware wallet at heart that boasts a limited number of features, including:
- Comprehensive step-by-step wallet setup support;
- Support with purchase and exchange operations;
- Direct crypto purchase of crypto for fiat options;
- Integrated trading venue.
Pros
- Extreme level of security;
- Crypto for fiat purchase options;
- Compatibility to leading exchanges.
Cons
- Lack of support for the Solana, Tron, and Polkadot networks;
- Android mobile device support only;
- Paid;
- No integrated options for the sale, purchase, transfer and exchange of digital assets, or connection to DeFi applications.
Bottom Line
When answering the question why a crypto wallet is important, one must also ask whether the crypto wallet in question is safe. The best Dapps wallet options always come with top-notch security in mind and a host of additional features to make sure users are retained. Be it cashback or staking options, all non-custodial wallets on the list presented in the given material have something special to offer their users. But interface convenience and customer support aside, if any single wallet is to be considered in the spotlight, the title of best overall non-custodial crypto wallet would certainly go to NOW Wallet thanks to its versatility, functionality, and security.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.