Best Crypto Wallet – Top 8 Wallets Review

TL;DR

This review examines the following major cryptocurrency wallets (in no particular order) in five dimensions: Features, Interaction, User Guide, UI & Visual, Account Management & Security. 

Existing crypto wallets available in the market vary in product positioning, features they offer, as well as the UI complexity. Thus, the comparison would be more intuitive with respect to the user’s habits and needs.

What kind of users are you?

Table of Contents

Top 8 Cryptocurrency Wallets Review

Hierarchical Deterministic (HD) Wallet has become a standard among almost all cryptocurrency wallets.

HD Wallet Structure:

Benefits of HD Wallets: 

  1. Easy back-up: You can retrieve the private keys of all associated wallets, on all chains, with the seed phrase.
  2. Multiple-level user permission: Say in Metamask, you can create multiple accounts, each of which can be managed independently.
  3. Easy bookkeeping: You can quickly look up all the assets associated with a private key.

You should always beware not to lose the seed phrase of your crypto wallet, or all your assets on the associated blockchain networks may be lost.

1. MetaMask

Product Positioning: Ethereum-based wallet with a built-in browser, allowing users to enter the decentralized world of Ethereum, anytime and anywhere.

Wallet Type: HD wallet

Wallet Features: Single interface and seed phrase. Users can customize and add any tokens of EVM-compatible networks. They can swiftly switch and view their tokens on different networks.

Same address will be used for all tokens on networks compatible with EVM – convenient for receiving tokens. 

You may check the list of EVM-compatible networks on Chainlist to add tokens on MetaMask.

Supporting Platforms: Browser, iOS, Android

Overall Score: 🧡🧡🧡🧡

2. imToken

Product Positioning: Smart digital wallet, safe and secure, simple to use, with strong functionalities.

Wallet Type: HD wallet

Wallet Features: Structure based on main chains. Supporting 12 main chains including ETH, BTC, ATOM, EOS, TRX, CKB, BCH, LTC, KSM, DOT, FIL, and XTZ. In imToken wallet, BSC, HECO, and other EVM-compatible chains, are categorized as “branch chains” under ETH. If you need to add tokens on these chains, you need to customize the RPC by [My→ Use Settings→ Node Settings→ ETHEREUM→ Add Node].

(This design makes sense from a technical perspective. We can see that linked to the same seed phrase, wallet addresses on these chains are the same as that on the Ethereum network. However, from the users’ point of view, this design is sort of inconsistent with the perception, pretty hard for users to get used to this.)

Supporting Platforms: iOS, Android

Overall Score: 🧡🧡🧡🧡

3. Trust Wallet

Product Positioning: The most secure and reliable cryptocurrency wallet for fast crypto purchase, trading and NFT holding management.

Wallet Type: HD wallet

Wallet Features: Trust is an Ethereum-based, multi-currency wallet by default. Users can access all assets based on EVM-compatible chains with a single seed phrase. It supports integration and token deposit from 37 other chains including Solana, FIL, XRP, Tron, Polkadot, etc. Perfect for users with asset holding on multiple chains.

Supporting Platforms: iOS, Android

Overall Score: 🧡🧡🧡🧡🧡

4. TokenPocket

Product Positioning: Make Blockchain happen everywhere, multi-chain, security and convenience, the portal of DApp.

Wallet Type: HD wallet

Wallet Features: Structure based on main chains, such as Bitcoin, Ethereum, EOS, Polkadot, TRON, BSC, HECO, IOST, Cosmos, BCH, BOS, MOAC and Jingtum – 14 networks in total. But different from imToken, TokenPocket categorizes several EVM-compatible chains as independent main chains – more in line with the users’ perceptions and easier to understand.

Supporting Platforms: iOS, Android, Website

Overall Score: 🧡🧡🧡🧡

5. Rainbow

Product Positioning: Fun Ethereum wallet. 

Wallet Type: HD wallet

Wallet Features: Supporting Ethereum main chain and four testnets only. Similar structure to MetaMask. Single seed phrase. You can create multiple accounts with separate private keys.

Supporting Platforms: iOS, Android (Beta)

Overall Score: 🧡🧡🧡

*But 🧡🧡🧡🧡🧡  strongly recommend if you are an Ethereum-focused user.

6. Coinbase

Product Positioning: One-stop application to manage all your cryptocurrencies and NFTs, and trade without an exchange account.

Wallet Type: HD wallet

Wallet Features: Structure based on seed phrase. Fast wallet switching is not available – You need to log out before getting into another wallet. 

Supporting Platforms: iOS, Android, Website

Overall Score: 🧡🧡🧡

*But 🧡🧡🧡🧡  recommend if you are a Coinbase exchange user – as it supports direct access to Coinbase accounts.

7. Coin98

Product Positioning: Multi-chain, multi-source wallet to manage all your crypto assets together in one single application.

Wallet Type: HD wallet

Wallet Features: Structure based on seed phrase, multi-currency wallet by default. Users can manage multi-chain digital assets in one single wallet. Supporting 12 networks including Bitcoin, Ethereum, Solana, BSC, BCH, HECO, TomaChain, Tron, Polkadot, Kusama, Avalanche, C-Chain, Celo. Using API connection to users’ accounts on popular CEX for portfolio management.

Supporting Platforms: iOS, Android

Overall Score: 🧡🧡🧡

8. Phantom

Product Positioning: A crypto wallet reimagined for DeFi and NFT trading.

Wallet Type: HD wallet

Wallet Features: Structure based on seed phrase, similar to MetaMask. But it only supports the Solana blockchain for now.

Supporting Platform: Website Browser.

Overall Score: 🧡🧡🧡🧡  recommend if you are a Solana blockchain user.

Conclusion

With the development of the multi-chain ecosystem in the blockchain space, users will be increasingly inclined to wallets with highly-aggregated features. From the user’s perspective, it is best to be able to manage all multi-chain assets within one single application, while keeping it simple to use.

For website browser-based wallets, MetaMask clearly stands out with its  access with the enormous Ethereum ecosystem, as well as the seamless access and interaction to Dapps.

For mobile-based wallets, imToken and TokenPocket have boasted a huge user base respectively, with the multi-chain support and strong Dapp browser. With a similar positioning, Trust Wallet is developing the built-in Dapp browser- It would be my pick once its Dapp browser is live.

On the other hand, there are other mobile-based wallets exploring vertical expansion. 

Take Rainbow for example. Focusing on the Ethereum blockchain ecosystem, Rainbow targets frequent Uniswap users with the instant access to liquidity pools on Uniswap. 

Coin98 has a niche user market of crypto veterans and experienced traders who manage portfolios on both CEXes and DEXes. It successfully caters to the needs of traders to manage all their crypto assets in a single application, swiftly and comprehensively, with an aim to improve their capital efficiency. 

For newly-launched wallets like Phantom, it might make sense for them to position as MetaMask for Solana or other chains. In the case of Phantom, that ambition will require a close partnership and collaboration between Solana and Phantom. Additionally, for Phantom wallet so far, it seems that there is still a lot of room for improvement in its interaction UX and information layout design.

There are numerous crypto wallet applications —75 according to Fei Xiao Hao Wallet Review, many more not included— available in the market. Only some of the most popular wallets are listed in this review, and we will continue to examine many more soon. 

We have examined some of the most popular wallets in this review, and we are adding many more, e.g. Solana-based Sollet.io, and Solong, on our watch list for sure. 

This article was written by @0xProductGal, if you like her content be sure to follow her on Twitter!

Reference:

Fei Xiao Hao Wallet Review: https://www.feixiaohao.com/wallet  (Much information and data is not updated for reference only.)

Crypto Wallet Recommendation: https://www.notion.so/crypto-wallet-apps-72fb5a7d462d467e99d380dc4c1b10df

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