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A cryptocurrency wallet serves as a digital vault. It is like a bank account that keeps money for you and allows you to use it however you like.

Choosing a cryptocurrency wallet requires extra caution, just like choosing a bank account. In this article, we've looked into different parts of the cryptocurrency world to find the best mobile wallets for cryptocurrency. We will also highlight what each of them is best for and share some tips with you on how to choose your first (or next) crypto mobile wallet.

Best Mobile Wallets for Crypto Summary

Coinbase wallet: The most beginner-friendly mobile crypto wallet

Mycelium wallet: Best mobile wallet for advanced Bitcoin users

Phantom wallet: Best Solana mobile wallet

Trust Wallet: Best mobile wallet for the BNB chain

ZenGo wallet: Best mobile wallet for recovery purposes

Argent wallet: Best Ethereum mobile wallet

MetaMask wallet: Most versatile mobile wallet

Coinbase Wallet

Whether you are new to the crypto world or an experienced user, you have likely heard of the Coinbase crypto exchange. It is a big player in the world of cryptocurrencies and one of the biggest exchanges. It offers many products that make it easier for customers to interact seamlessly with the crypto world. One of such products is the Coinbase wallet, launched in 2017.

The Coinbase wallet is a non-custodial software wallet. This means that the owner, not the exchange, controls the private keys. The wallet is also a standalone app. Thus, you do not need to have a Coinbase account before using the Coinbase wallet.

Features

Simplicity

This is one of the wallet's best features. It is also why it’s our recommended choice for the best wallet for crypto beginners. The wallet's interface displays your total portfolio value at the top, along with the "send," "receive," and "trade" buttons. It also displays your coins and NFTs on the first page.

Something else about the Coinbase wallet's simplicity is that it doesn't force you to write down your wallet’s seed phrase before using it. Even though this is a risky move, it comes in handy when you urgently need a new crypto wallet and don’t have time to write things down. And you can always go back to the app and write down your wallet's seed phrase in a secure place.

NFT Support

The Coinbase wallet supports the buying, selling, and collection of ERC-20 NFTs. These are NFTs that you can purchase with Ethereum for various NFT decentralized applications. The Coinbase wallet also links to the Coinbase NFT marketplace, a decentralized marketplace for Ethereum NFTs.

Direct Link To Coinbase.com

Coinbase is one of the biggest cryptocurrency exchanges. It has a 24-hour liquidity volume of over $2 billion, which is very impressive. The Coinbase wallet offers a direct link to this deep liquidity. Therefore, you can easily buy digital assets from the exchange and send them to the wallet with the touch of a button.

Best For?

Because of its easy-to-use interface, the Coinbase wallet is our pick for the most beginner-friendly mobile crypto wallet.

Pros And Cons

Pros

• It is very beginner-friendly.
• It offers easy integration with NFTs and NFT marketplaces.
• It allows users to set custom transaction fees.

Cons

• Its policy of skipping seed-phrase storage may be counterproductive.
• Its transaction fees are on the high side.

Mycelium Wallet

A first glance at the Mycelium wallet may leave you wondering how it made it to our top-seven list. But don't be fooled by the website's sparse design. Behind that boring interface is one of the safest cryptocurrency wallets ever made.

The Mycelium wallet was initially a Bitcoin wallet when it was launched in 2012. It has grown to include Ethereum and ERC-20 tokens and a fiat on-ramp for crypto purchases and sales. You can download the wallet app directly from the website or Google Play store.

Features

Open-source And Reproducible

Open-source software is one with source codes that anyone can access, while reproducible software is one with source codes that anyone can reproduce and modify. Because of these two things, errors and bugs in the Mycelium software are easy to find and fix. This is in contrast to proprietary software, which is usually only as good as the people who make it.

Inter-wallet Operability

You can integrate the Mycelium wallet with hardware wallets like Trezor, Ledger, and KeepKey. This partnership can happen because Mycelium is connected to the FIO network, which is run by the Foundation for Interwallet Operability.

Top-notch Security Features

Mycelium is probably the hot wallet that comes closest to the security of a cold wallet. That is why it is one of the most successful crypto wallets that has stood the test of time. Here are some of its security features:

• It operates on the Tor network, allowing for private and anonymous crypto transactions.
• It has a backup system as well as several levels of PIN protection.
• It doesn't have any social media accounts, thus reducing significant entry points for scammers.
• It supports offline transactions.
• It varies the keyboard layouts to prevent pattern-sniffing attacks.

Support For Advanced Bitcoin Features

Since it originally started as a Bitcoin wallet, Mycelium is also one of the best Bitcoin wallets for advanced users. Some of the Bitcoin-centric features are:

• SegWit and BIP-70 support.
• Full transaction details for each BTC transaction, including the unspent Bitcoin.
• Other advanced features like displaying derivation address path, child-pays-for-parent algorithm, etc.

Best For?

Because it has advanced Bitcoin features, strong security protocols, and can work with hardware wallets, Mycelium is our choice for the best Bitcoin wallet for advanced traders. Other good Bitcoin wallets are the Electrum wallet and the Exodus wallet.

Pros And Cons

Pros

• It is a secure wallet with various solid security practices.
• It offers many advanced Bitcoin features.
• It is open-source and reproducible.
• It offers direct download links for its mobile application.

Cons

• It is not available for iOS users.
• It does not have good customer support.

Phantom Wallet

The Phantom Wallet is one of the newest comers on our list. It was launched in 2021 and is the destination for all Solana enthusiasts. It works for Android and iOS users as a browser extension and a mobile wallet.

Features

Support For SOL, SPL tokens, and Solana NFTs

The Solana ecosystem had always lacked a crypto wallet worthy of its status until the Phantom wallet came around. Now, Solana loyalists can house all their SOL-related tokens in one place.

Another noteworthy thing about the website is its support for Solana NFTs. You can buy and sell NFTs from Magic Eden and OpenSea and keep them safe in your Phantom wallet. You can buy Sol directly on the app through MoonPay, FTX, and Coinbase.

Solana Staking

Solana can be staked on the Phantom wallet directly. To do that, click the "Start earning SOL now" button on the SOL token page. You will be connected with a validator that takes care of all the technical aspects. Each validator charges a different commission, so watch out for that.

Solana Tax Support

Phantom has partnered with CoinTracker, a crypto-taxing tool. The two platforms are connected so seamlessly that moving from one to the other is almost instant. Also, CoinTracker customers who come through Phantom will get 25 free transactions for their first tax year and a 10% discount when they upgrade.

Integration With Third-party wallets

Phantom wallet users can connect this software wallet to any Ledger hardware wallet they want. This integration is only possible for those using the Chrome, Edge, or Brave browser extensions. The Phantom team plans to add support for mobile devices to use this feature later.

Best For?

The Phantom wallet is the best Solana mobile wallet because it works with Sol and tokens that are based on Sol and because it is easy to use.

Pros And Cons

Pros

• It offers an attractive user interface.
• It is an all-around destination for all activities in the Solana ecosystem.
• It offers hardware wallet support.
• It offers tax support for its users.

Cons

• It is still relatively new.
• It is only for Solana and SPL tokens.

Trust Wallet

Trust Wallet is one of the most popular wallets on our list. It has been around since November 2017 and gained more popularity when it was acquired by Binance in mid-2018. Even though the wallet offers support for about 65 blockchains, it is more associated with the BNB chain because of its ties with Binance and specialized support for BNB chain tokens.

The Trust Wallet website says that it currently works with more than 4.5 million crypto assets, including those that can't be exchanged for cash. It has apps for both Android and iOS, and its website is now available in 11 languages, which shows how popular it is around the world.

Features

Multi-Chain Asset Support

Once you download the Trust Wallet mobile wallet app and set up a wallet, you can immediately send, receive, and store tokens from 15 blockchains, such as the ETH chain, BSC, Polygon, Solana, etc. According to its website, the app also supports 50 more blockchains that can be custom-added to the list.

Passive Income Mechanisms

At the moment, Trust Wallet lets you stake up to 12 different crypto assets and earn up to 84% APY (on Osmosis) in rewards. The fact that you can do this in the app without connecting to an exchange shows that Trust Wallet can be a one-stop shop for your crypto needs.

NFT Support

The Trust Wallet app allows users to send and receive NFT collectibles built on the Ethereum and BNB chains. You can also keep your NFT collections organized by giving each one a short description and a set of unique properties.

Crypto Purchases

Through its partnership with MoonPay, Wyre, Simplex, and other payment processing platforms, Trust Wallet allows users to buy up to seven cryptocurrencies directly with a credit card. The wallet allows you to buy anything between $50 and $20,000 worth of crypto. Your purchased crypto is instantly sent to your wallet, where you can use it however you want.

Best For?

Even though it supports other blockchains, Trust Wallet is our pick for the best BNB digital wallet because of its specialized support for BNB chain tokens and NFTs.

Pros And Cons

Pros

• It is free to download and easy to use.
• It has a wide range of supported cryptocurrencies.
• It allows direct staking on its platform, sometimes with generous rewards.
• It supports non-fungible tokens.

Cons

• Unlike other software wallets, it is not integrated with cold storage wallets.

ZenGo Wallet

While the other hot wallets on this list earned their places because of their direct cryptocurrency support and features, we picked the ZenGo wallet because of its unique recovery mechanism. What do we mean?

Instead of using seed phrases like most competitors, the ZenGo wallet uses a recovery kit to grant access to your wallet if you lose your device. This recovery kit has a picture of your face and a unique recovery file that was given to you when you made your wallet. With this unique feature, ZenGo claims to be the first cryptocurrency wallet that doesn't need a key.

Features

Buy And Swap Crypto Assets

The ZenGo wallet lets you buy Bitcoin and other cryptocurrencies directly with your bank card, SEPA transfer, or contactless payment method (like Apple Pay). This service is made possible through ZenGo's partnerships with Banxa, MoonPay, and Coinmama. It is also available in close to 200 regions around the world.

Besides buying assets directly, ZenGo allows swapping one cryptocurrency for another. The ZenGo swap interface is multi-chain and made possible through its partnership with Changelly.

Earn Interest on Your Crypto Holdings

There are nine digital assets currently up for stake on ZenGo. The staking interests are tier-based and can rack up to 8% APY. ZenGo achieves this by lending staked assets to Nexo, another crypto partner.

Convert Your Paycheck To Crypto

This is another exciting feature of the ZenGo wallet. Through its partnership with Juno, a crypto-friendly bank, ZenGo can help you convert all or part of your paycheck to crypto. This service is only available for US residents and only works for Ethereum, BTC, and USDC. Also, you get a $50 welcome bonus when you set up a paycheck worth $250 or more.

Best For?

ZenGo is the best crypto wallet, especially when it comes to recovery. This is because you don't need to write down your seed phrases or protect your private keys in any way. All you need is your face and your recovery kit.

Pros And Cons

Pros

• Innovative wallet recovery mechanism that requires little effort from the user.
• It’s one of the few wallets that offer the opportunity to get paid in crypto.
• It has partnerships with many crypto institutions.
• It has good customer support service.

Cons

• It has been argued that the wallet is not entirely non-custodial because users do not completely control wallet recovery.
• Its crypto paycheck option is only available to US citizens.

Argent Wallet

Argent wallet is another wallet that tries to find an alternative to the traditional way of making wallets secure by using seed phrases. It is an Ethereum-only wallet that was created in 2020 and gained the interest of the crypto community due to the Argent Guardian service. Let's briefly explain how that works.

Simply put, "guardians" are trusted entities that have been given authority to perform certain sensitive functions on your wallet. These functions range from transaction approval to wallet recovery. Depending on the sensitivity of the task and the number of guardians you have, you may need up to four or more guardians to perform some duties. Argent also provides guardians of its own, the Argent Guard.

Features

Buy And Trade Crypto

You can buy Ethereum and Ethereum-based assets directly on Argent through either MoonPay or Ramp. The supported payment methods are bank cards and bank transfers. When you make your first purchase, the payment processing platform covers your purchase fee so that what you pay is what you get. Subsequently, you may have to pay a fee, depending on your chosen payment platform.

You can also trade one token for another directly on Argent. To do this, you will first need to deposit a token or buy one on the platform. Argent works with ParaSwap to make this happen. The wallet also charges a flat 0.5% exchange fee in addition to the network fees you pay to Ethereum miners.

Investing

You can stake four different assets on the Argent wallet platform. The assets are Ethereum, Dai, USDC, and wrapped bitcoin. Ethereum comes with the highest APY, while WBTC yields the lowest returns (at press time).

You can also invest in crypto indexes thanks to Argent's partnership with Index Coop. DeFi Pulse, Open Metaverse, Data Economy, the BED (Bitcoin, Ethereum, and DeFi) Index, DeFi Innovation, and the NFT Index are the indexes that are available right now. All but one use ETH for servicing. The exception is the DeFi Pulse Index, which uses USDC.

Transparent Fee Structure

Argent does not charge hidden fees. Its total fee structure is open to all and can be accessed via this link. Also, Argent has a provision for refunding network fees for failed Ethereum transactions. Not all fees can be refunded, though. Check out this link for a more in-depth explanation of the subject.

Argent Vault

The Argent vault is a service that Argent offers to people who have assets worth more than $50,000. It is a service with advanced security features like multi-signature wallets, trust lists, and easy but specialized recovery.

Best For?

Argent Wallet is the destination for all Ethereum lovers. Just as the Phantom wallet is our pick for the best Solana wallet, the Argent wallet is our choice for the best Ethereum crypto wallet app.

Pros And Cons

Pros

• A secure wallet app with biometric authentication.
• It offers various Ethereum-focused crypto investment products.
• It offers gas fee refunds for failed transactions.
• Its Argent guardian feature eliminates the need for cumbersome seed phrases.

Cons

• It only works for Ethereum and ERC-20 tokens.
• After the first free purchase, subsequent crypto purchases from Argent's partners come with high fees.

MetaMask Wallet

MetaMask is a cryptocurrency wallet that came out in 2016. It is now used in most decentralized and Web3 functions. It started out as a web extension, but now it also has a mobile app for both Android and iOS.

When MetaMask started, it only supported the Ethereum blockchain. It has now grown to include EVM-compatible blockchains like the BNB chain, Polygon, Avalanche, Velas chain, etc. MetaMask also supports both the purchase and storage of non-fungible tokens. You can also connect your MetaMask app with cold-storage hardware wallets.

Features

Instant Swaps

MetaMask offers a noteworthy instant swap interface. It doesn't just rely on a decentralized exchange or payment processor; instead, it searches through the entire DeFi world to find the lowest price and slippage level for your swap. It could even split your trade between two or more decentralized exchanges to get the best value for your money.

Advanced Gas Fee Features

Through the EIP-1559 system, MetaMask lets users pay different transaction fees based on how quickly they need something. There are three different speeds for transactions: low, market, and aggressive. Each has its own fee. There is also an advanced feature where users can pay more money to make sure that swaps happen even faster.

Crypto Purchase Options

You can buy crypto directly on MetaMask with your bank cards, bank transfers, and contactless payment methods (Google, Samsung, and Apple Pay). MetaMask has four crypto payment processors: Wyre, Transak, MoonPay, and Coinbase Pay. When making purchases, users pay three different types of fees at once: the MetaMask platform fee, network fees, and payment processor fees.

Developer Support

MetaMask helps blockchain developers build their own Dapps (decentralized apps) and tokens. This is because it claims to be the gateway to decentralized apps. This support comes through MetaMask’s Flask feature, which is the gateway for scalability features on the wallet app.

Best For?

We chose MetaMask as the most flexible mobile crypto wallet because it works with different blockchains and has a suite of other crypto-focused products.

Pros And Cons

Pros

• It can be integrated with Ledger Nano X and other cold wallets.
• It has a large user base and has been around longer than many other mobile crypto wallets.
• It offers customizable transaction fees.
• Through the MetaMask Flask feature, blockchain developers can get in on the action and build their Dapps and tokens.

Cons

• It is prone to hacks.
• The user interface can be somewhat confusing.

What Is A Mobile Crypto Wallet

A mobile crypto wallet is a hot storage wallet that stores its private key on mobile devices. These cryptocurrency software wallets are non-custodial. So, unlike most hardware wallets, you don't have to connect to a computer before you can make a transaction.

Mobile crypto wallets let you send and receive crypto quickly and store your assets easily, but they are not nearly as safe as hardware wallets. Because of this, a mobile wallet is better for short-term trading than long-term storage.

Factors To Guide You In Choosing A Mobile Crypto Wallet

When deciding which crypto wallet to go for, here are some things to keep in mind:

Security

This is the most crucial factor to consider. You'll need a wallet that securely stores your crypto assets. Some security practices to look out for are:

• Multi-factor authentication
• Biometric authentication
• Alienating user information from servers
• Option to connect to offline wallets.

User Interface

Storage is another crucial feature to look for in a mobile crypto wallet. First, it has to have an attractive interface. It should also offer easy access to crypto functions like buying, selling, and swapping crypto assets. Lastly, it should be easy to use and have an active and functional customer support service in case of issues. You can learn more about how to set up a crypto wallet here.

Perks And Features

Is staking possible with this wallet? Does it support NFTs? Does it offer access to decentralized exchanges and applications? What about other perks like converting your paycheck to crypto or providing support for blockchain developers? Those are questions you need to ponder, depending on your specific needs.

Supported Cryptocurrencies

You're likely looking for a wallet because you have some digital assets to store. So, one of the critical things to look out for in your digital storage house is if it supports the crypto you're holding. Also, check if the wallet is supported in your country.

Final Thoughts

This article has exposed you to seven of the best choices when it comes to mobile crypto wallets. Which of them are you going for? Remember to keep the factors we have shared with you in mind as you make your choice. And if you do not find one wallet for all your crypto needs, you can combine two or more wallets that appeal to you.

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