Crypto has certainly come a big way since its upbringing in the 2010s hasn’t it? Today it is far easier to buy, sell, and hold digital assets. With the market reaching new heights, the increase in crypto adoption and utility has led to millions of new traders searching for the most secure cryptocurrency wallets of 2024.
After all, cryptocurrency security has become paramount. In a fast-paced market such as this, where each and every one of us is bombarded with spam emails claiming we landed a huge memecoin airdrop – knowing you have a wallet you can trust can be a real game-changer.
With that in mind, we developed a quick guide to some of the best and most secure cryptocurrency wallets of 2024 just for you!
Why is Crypto Wallet Security important in 2024?
You might as well ask “Why should I look both ways before crossing the street?”. Ultimately, picking a wallet with a robust security framework is essential. After all, investing in digital assets can already be risky, why add even more risk to it by not researching for the safest options to store your assets?
Despite massive improvements in security over the years — hackers, phishers, and other types of bad actors are also perfecting their “art”, when it comes to stealing crypto. This sophistication in the art of cyber attacks also becomes more glaring when adding the fact that digital assets are seeing widespread adoption all across the world, and more and more new traders are joining the market, most without the know-how of crypto investment.
Most Secure Cold Wallets in 2024
Ledger
As far as security goes, nothing beats cold storage wallets. The simple fact that these types of wallets are offline means that it becomes a lot harder to access your currencies.
Ledger wallets are equipped with a military-grade security element (CC EAL5+), and Bluetooth security for wireless communications with your devices. This wallet supports over 5,500 cryptocurrencies and is widely regarded as one of the top wallets when it comes to security.
This wallet is protected with a 4 to 8 PIN-digit code. Ledger also offers you a subscription recovery service that makes sure that even if you forget your access code, you can still recover your assets.
Trezor
Another option for cold wallets, Trezor provides an open-source security framework, battle-tested by its own community over the years. It supports over 9,000 cryptocurrencies and is one of the most popular options for cryptocurrency wallets in 2024.
A few disadvantages are the fact that they do not work on Apple operating systems (IOS), and generally reside on the more costlier side.
Ellipal Titan
One of the most secure cryptocurrency wallets in the market, Ellipal Titan wallets ensures that only the owner of the wallet can use it. With a military-grade CC EAL5+ Security Chip, this wallet provides excellent security for its owner.
Transactions are supported in 46 blockchains and are performed via QR codes, ensuring that every transaction is unique—while avoiding USB and Bluetooth attacks.
All these security features come at a cost. Most transactions take longer to complete due to the camera QR code scanning system, and the added layers of security mean users might experience a bit more complexity in managing their funds. However, these trade-offs are often worth it for those prioritizing the highest level of security for their digital assets.
Tangem
Another reliable option for a secure cold wallet, Tangem uses EAL6+ certified chips for top-level security against attacks, random private key generators, an exclusive multi-card backup system, and counterfeit protection.
To log in, Tangem requires a chosen passcode, PIN number, or seed a phrase exclusive only to you. Furthermore, as an added layer of security, the wallet uses biometric authentication and facial recognition.
ColdCard
Perhaps the most secure wallet in this list, ColdCard is Taylor-made for Bitcoin holders who are looking to safe keep their investments in a reliable cold wallet.
ColdCard is highly regarded for its robust security, featuring dual secure elements, air-gapped operation, and tamper-evident packaging. It offers advanced features like Duress PIN, Brick Me PIN, and native support for Partially Signed Bitcoin Transactions (PSBT).
Designed specifically for Bitcoin, ColdCard ensures maximum protection for digital assets, making it an excellent choice for those prioritizing security.
Most Secure Hot Wallets in 2024
Trust Wallet
The hot wallet market also provides excellent security for investors. The few tradeoffs can often be sidelined if the hot wallet owner can maintain a high-security mindset on his online devices.
In that sense, Trust Wallet is among the most secure hot wallets out there. The company performs regular security audits to ensure that its framework is up to date. Also, Trust Wallet offers several security features such as biometric authentication with fingerprint and facial recognition, a built-in security scanner, and in-app security alerts.
While hot wallets are generally seen as less secure than hardware wallets, their functionality and ease of use make them an attractive option for most traders.
Metamask
One of the most popular crypto wallets in the world, Metamask also offers several features that make the trader’s life a tad more secure. Metamask’s application works under encryption that hides all your data from your browser or phone. Moreover, this wallet also has biometric authentication and security alerts.
Creating a Metamask wallet requires you to save a ‘recovery phrase’, i.e. a unique string of 12 words that only the owner of the wallet can use. This wallet is generally advised for investors looking to be active on the Ethereum Blockchain, as it supports several ERC-20 tokens.
Coinbase Wallet
Moving on to hot wallets from cryptocurrency exchanges, Coinbase offers one of the best options for cryptocurrency wallet security in 2024.
For starters, this wallet includes biometrics, passwords, and security locks to provide multiple layers of protection. Also, it features a real-time scanner that alerts you when dApps request access to your assets. This scanner also alerts you when you come in contact with a dApp or token that is deemed ‘dangerous’ by the platform.
One cool side note is that Coinbase DeFi wallets are fully integrated with Ledger hardware wallets. For traders looking for options of both a security cold wallet and a secure hot wallet, this combo might appease them.
Crypto.com DeFi Wallet
The Crypto.com DeFi Wallet is a non-custodial wallet designed to provide top-notch security for digital assets. It features two-factor authentication (2FA) and biometric authentication (fingerprint or facial recognition) to safeguard access. The wallet uses local encryption via Secure Enclave to ensure private keys remain protected on the device.
Due to its connectivity to one of the most popular cryptocurrency exchanges in the U.S. — the Crypto.com DeFi Wallet offers a great combination of security features and accessibility to investors.
Phantom
The Phantom Wallet is a popular non-custodial hot wallet primarily designed for the Solana blockchain but also supports Ethereum, Bitcoin, and Polygon.
Known for its robust security features, it allows users to retain full control over their private keys with encrypted storage on their devices. Phantom supports biometric authentication on mobile devices and includes scam detection features to protect against phishing attempts. It also undergoes regular security audits and can be connected to Ledger hardware wallets for enhanced security.
Given the rising popularity of the Solana Blockchain in 2024, the Phantom is also a reliable wallet for investors looking to access and use the SOL-based blockchain.
Conclusion
Securing your digital assets is more important than ever. With the rise of cyber-attacks, it is important to always stay up to date with the most modern defensive technologies in the market. Whether you prefer the robust security of cold wallets or the convenience of hot wallets, several options of robust security wallets in the market allow you to trade safer.
Hopefully, our guide has helped you achieve your goals, and if you want to stay tuned for more guides or learn more about the intricacies of crypto investment, always check out our exclusive Legends Community!
