10 Best Hot Wallets in September 2024

Gambling and Finance Writer

Michael Graw

Gambling and Finance Writer

Michael Graw

About Author

Michael Graw is an experienced freelance finance and tech writer, specializing in cryptocurrencies, decentralized finance, and Web 3.0 since 2018. His work has been featured on various financial news...

Author Profile

Share

Copied

Fact Checked by

Alan Draper

Author

Alan Draper

About Author

Alan is the Chief Editor of guides and reviews on Cryptonews.com. He’s responsible for ensuring all the content on our site is accurate, up-to-date, and 100% reliable.

Author Profile

Last updated:

August 29, 2024 21:11 EDT

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

Hot wallets allow users to store, trade, and manage digital assets with ease. There are hundreds of wallets out there, but not all are worth your time and attention. After extensive research, our team narrowed the list down to the best hot wallets. Let’s see how you can benefit from it.

Top 10 Hot Crypto Wallets Ranked

Finding the best hot crypto wallet for your needs depends on what you’re looking for. The following are our top picks, based on various features, security measures, and user-friendliness.

1. Best Wallet – A trending new non-custodial hot wallet that supports Ethereum, Polygon, and BSC Mainnet, with future Bitcoin integration. Offers an integrated DEX, portfolio analytics, market insights, upcoming airdrops, and NFT integration.
2. Exodus — This versatile wallet for iOS, Android, Windows, and Mac caters to long-term investors. It offers real-time portfolio valuation in the user’s local currency and supports over 260 cryptocurrencies.
3. Zengo – One of the best mobile hot wallets that allows users to buy, sell, and trade over 120 cryptocurrencies and NFTs from multiple blockchains in-app. Zengo wallet is built on top of open source cryptography.
4. Binance Wallet – A popular custodial web wallet integrated with Binance’s ecosystem. Supports multiple cryptos and NFTs, offers staking rewards and low-fee trading starting at 0.1%.
5. ByBit Wallet – A versatile hot wallet with high security that Supports 400+ cryptos across multiple chains, offers NFT trading and provides access to dApps.
6. OKX — Part of the OKX trading platform, this wallet comes with a built-in bridge aggregator, facilitating the discovery of optimal interest rates for staking and yield farming.
7. SafePal – A multi-chain hot wallet available as a mobile app and browser extension. Features in-wallet token swaps, cross-chain transfers, and direct crypto purchases.
8. Gate.io – Popular Web3 wallet supporting over 1,000 cryptos. Includes a built-in dApp browser, offers extremely low trading fees, and provides cloud backup for multiple accounts.
9. CoolWallet – A user-friendly hot wallet app with multi-chain support and built-in token swaps. Features a secure Web3 browser and ‘Smart Scan’ for contract verification.
10. CoinSpot – An Australia-based mobile wallet that integrates with the CoinSpot exchange. Supports multiple AUD deposit methods, and offers easy transfers between wallets.

Top Hot Storage Crypto Wallets Reviewed

In the following section, we’ll review the best hot wallets in more detail so that you can understand their differences and their respective advantages and disadvantages. This should help you decide what’s best for you.

1. Best Wallet – Best Hot Wallet With Multi-Chain Support, High Security, and Exclusive Market Insights

Best Wallet is a hot new crypto wallet with a user-friendly design, rewarding features, and high security. It is a non-custodial wallet, ensuring you have full control over your assets. The wallet supports Ethereum, Polygon Mainnet, and BSC Mainnet. It plans to extend support to Bitcoin and other top blockchains, making it a versatile multi-wallet, multi-chain solution.

Moreover, it understands the importance of market analysis. The wallet offers real-time market insights, essential industry news, and insights on token sentiments. It also provides early access to high-potential projects before they are listed on exchanges, giving users a competitive edge.

Best Wallet also plans to roll out the BEST token airdrop as a reward for its active community. Participants can enjoy unique perks like zero gas fees and exclusive airdrops. The BEST token is a utility and governance token within the Best Ecosystem, offering additional features like advanced market tools and early access to new token launches.

Integrated with Best DEX, the wallet allows for seamless decentralized trading. Users can benefit from low-cost trades and real-time market analytics directly within the app. The synergy between Best Wallet and Best DEX offers an unmatched trading experience.

As NFTs continue to gain traction, Best Wallet offers an in-app NFT Gallery. Users can store, buy, sell, and manage their NFT collections effortlessly, making it a comprehensive solution for digital assets. Additionally, security is a priority for Best Wallet. It offers top-tier security with advanced cryptography, 2FA authentication, and biometric measures.

The wallet’s roadmap is strategically planned to be user-focused. Upcoming features include Web3Auth Integration, Multi Wallet Support, Crypto 101 Education, and the much-anticipated launch of the BEST token. The wallet is currently primarily a mobile app, but there are plans for a desktop version to improve accessibility. You can follow the project on various social media platforms like X (Twitter) and join the Best Wallet Telegram channel to keep up with all the updates and milestones.

Visit Best Wallet

2. Exodus — Popular Non-Custodial Cryptocurrency Wallet with $0 Fees when Buying Cryptos

Exodus is a crypto wallet accepting a range of cryptocurrencies — more than 260, to be precise. The wallet is suitable for experienced users and beginners alike and is available on various devices, including PCs, Androids, iPhones, and more. You can even install it as a Chrome plugin. You can also download it as a standalone app for Windows, macOS, and even Linux.

Exodus is so versatile it even appeared on our list of the best Ethereum wallets of 2024. On top of that, it’s partnered with Trezor, a popular cold storage device provider. As a result, you can seamlessly connect your Trezor wallet to Exodus to manage your digital assets.

3. Zengo – Top Hot Wallet Where Users can Buy, Sell, and Trade 120+ Cryptocurrencies

The Zengo wallet is an intuitive, feature-rich mobile hot wallet that is protected by multi-party computation (MPC) cryptography, for which Zengo hosts the largest open source library. Zengo wallet undergoes annual security audits and, having been in operation since 2018 and serving over 1 million customers, has never had a report of a hack.

The Zengo mobile app has receive a rating of 4.78/5 from thousands of customers on both the Apple App Store and Google Play Store. On the app, users can buy, sell, and trade over 120 cryptocurrencies alongside NFTs from multiple blockchains.

Other features of the Zengo self-custody wallet include 24/7 customer support, a novel, seed-phrase-less wallet recovery method, an NFT gallery, and a dApp marketplace with connections facilitated by WalletConnect.

All of these features are a part of the free version of Zengo wallet, but a Pro version ($69.99 per year) offers more advanced features to users, including:

• Legacy Transfer: Automatically move assets to a new wallet after a user-defined period of inactivity
• Theft Protection: Multi-factor authentication protection for large transactions
• Web3 Firewall: Get alerts about Web3 attacks, and protection from them
• Priority Support: Guaranteed responses within 1 hour, but typically within 5 minutes

Visit Zengo

4. Binance Wallet – Popular Custodial Wallet with Integrated Exchange and Staking Features

Another promising hot crypto wallet to consider is the Binance Wallet. It’s a popular choice for people who want a trustworthy and easy-to-use crypto wallet. It offers a convenient web wallet that’s part of its larger crypto ecosystem.

This wallet lets you access many features in one place. For instance, you can trade cryptos/NFTs and earn money by staking certain coins.

It’s worth noting that you don’t need to leave the Binance website to use these features. You can earn interest on your crypto directly from your wallet. Users can also trade many different cryptos with low fees, starting at just 0.1%.

The wallet allows you to add or withdraw money using methods like cards or e-wallets (depending on your location).

Binance keeps your wallet secure by storing most of the crypto offline and using features like two-factor authentication to protect your account.

Although Binance is custodial and holds your wallet’s keys for you, you can easily transfer your crypto quickly when you need to. Please note that storing and receiving crypto in your Binance wallet is free, but there’s a set fee for withdrawals that might be higher than usual transaction costs.

Visit Binance Wallet

5. Bybit Wallet – Multi-Chain Web3 Wallet with Access to DApps and IDOs

The Bybit wallet is a popular hot wallet wallet that lets you explore Web3 while still keeping your money safe like a typical custodial wallet.

Users can access dApps, trade NFTs, and 400+ cryptos on the wallet. Users can execute trades either on Bybit’s native platform or through a decentralized exchange (DEX) called ApeX.

The platform often releases new IDOs, which gives Bybit wallet users early access to new projects and the chance to take part in airdrops.

It’s also worth noting that the wallet uses strong security features like two-factor identification. Furthermore, Bybit Learn and Crypto Insights are useful tools for users who want to learn more about Web3 and the different features of the Bybit platform.

The bybit wallet supports multiple blockchains— making it more useful for people who transact on several blockchains. Moreover, the Bybit Web3 wallet integrates with the Bybit mobile app, so users can easily keep track of their assets with the same level of security and ease.

Collectively, these features make the Bybit Web3 wallet a suitable choice for beginners looking for a relatively secure and multi-chain custodial web wallet.

Visit Bybit Wallet

6. OKX — Self-Custody Hot Wallet for Mobile Devices Connects with More Than 200 dApps

OKX is one of the best hot wallets relying on self-custody for private keys. It’s connected to 15 different blockchain networks, meaning it can accept thousands of cryptocurrencies. The only downside: Bitcoin isn’t one of them. In other words, OKX doesn’t accept digital gold, but it supports a range of alternatives, including Ethereum, Binance Smart Chain, Polygon, and more.

The wallet can work with 200 different dApps you can access without providing any personal information. Overall, OKX’s convenience was enough for us to list it as one of the best crypto wallets for beginners.

7. SafePal – Multi-Chain Hot Wallet with Built-in Token Swapping and Hardware Integration

SafePal is a well-known hot wallet that is accessible via smartphone or as an extension on your browser. It has many features, like swapping tokens within the wallet and multi-chain support. With this feature, you can transfer coins from one blockchain to another without going through an exchange from the wallet itself.

The wallet also lets users use third-party services like Simplex and MoonPay to buy cryptos directly through the app. This makes it a convenient alternative to traditional crypto exchanges for buying and storing crypto.

The wallet makes it easy to connect to different dApps, which improves the user experience for people who are interested in trading, yield farming, or collecting NFTs.

Users can add a SafePal hardware wallet to make things even safer. This keeps your crypto safe even if someone hacks into your computer since cold wallets store your seed phrase offline and require you to approve each transaction by pressing a physical button.

The wallet also includes learning tools to help new users get started with storing and sending crypto. To learn more, users can visit the SafePal website.

Visit SafePal

8. Gate.io – Flexible Web3 Wallet Supporting 1,000+ Cryptos with Low Fees

Gate.io is currently the 10th largest crypto exchange in the world. It offers a flexible Web3 wallet that supports over 1,000 cryptos, from well-known ones like Bitcoin and Ethereum to lesser popular altcoins.

The wallet has a built-in dApp browser that lets you access thousands of dApps. This makes it easy for users to connect to different DeFi sites, NFT markets, and other decentralized services from the wallet app.

It’s worth noting that Gate.io has very low fees compared to other exchanges. There are no deposit fees, and the trade fee for spot markets is only 0.2%. This fee can be lowered by trading more or using Gate.io tokens (GT). Withdrawal fees change based on the asset, but they are usually less than the industry average.

Gate.io’s wallet has cloud backup for multiple accounts, so users can get their funds back if necessary. For extra security, it also has encryption and multi-factor verification.

Users can also access the Gate.io launchpad, which offers airdrops, early access to new projects, and other passive income options.

Visit Gate.io

9. CoolWallet – Offers Web3 Browser and Hardware Wallet Compatibility

CoolWallet is a versatile crypto wallet app that works with CoolWallet hardware wallets but can also be used on its own as a “hot wallet.” It’s designed to be user-friendly and secure for managing your cryptos.

The app supports multiple blockchains, which means you can store different types of cryptos, like Bitcoin and Ethereum, in one place. You can easily swap one crypto for another within the app, and you can connect to various DeFi apps and smart contracts.

One of CoolWallet’s top features is its built-in Web3 browser and Web3 Smart Scan. The browser helps protect you from using compromised websites, while the Smart Scan checks smart contracts for anything suspicious before you use them.

For extra security, you can pair the app with a CoolWallet hardware wallet, like the CoolWallet Pro. This is a small, credit card-sized device that stores your private keys offline, making it very difficult for someone to steal your cryptos. With this setup, you can switch between using the app as a hot wallet for everyday transactions and the hardware wallet for secure storage of your main crypto assets.

Visit CoolWallet

10. CoinSpot – Australian Exchange-Linked Wallet with AUD Crypto Purchases

CoinSpot is a well-known crypto exchange in Australia that has its own crypto wallet as a mobile app. This wallet’s close link to the CoinSpot exchange is very helpful because you can trade cryptos, transfer them to other wallets, and receive them all in one place.

The CoinSpot wallet has many useful tools. It lets you trade coins right in the app, in addition to the basic things that all hot wallets can do. You can even use advanced charting tools to make well-informed choices.

Another great feature is that you can buy crypto using Australian dollars (AUD). You can do this in several ways, such as through PayID, cash deposit, direct deposit, or BPAY.

That being said, it’s important to know that CoinSpot is only for people in Australia. If you are not from Australia, you’ll need to look at other wallet options. Interested buyers can check out the wallet’s page to learn more about its features and tools.

Visit CoinSpot

What are Hot Wallets?

The term hot wallet refers to a digital asset storage solution that remains connected to the internet, enabling users to manage and conduct cryptocurrency transactions conveniently. “Hot” denotes that the wallet is online, giving users more freedom for sending, receiving, buying, selling, staking, and more.

They are the opposite of “cold” wallets, which keep your funds safe and disconnected from the world wide web. We’ll discuss other distinctions later in this article. Despite their convenience, hot wallets come with an inherent security risk, as their internet connectivity exposes them to potential threats like hacking attempts and malware. Still, some of them are better than others at protecting their users, and we decided to describe the eight most secure hot wallets in this guide.

Benefits of Using a Hot Crypto Wallet

There are arguments for both hot and cold wallets. Here’s a short overview of the most popular benefits of using a hot wallet.

• Easy access
• No additional cost
• Staking and swapping
• Easy access to dApps
• Recovery and backup

Let’s take a look at each of these aspects in more detail.

Easy Access

Hot wallets allow you to access and manage your crypto funds anytime, as long as you have a stable internet connection. The software helps users access their crypto from a range of devices. For example, a hot wallet can come in handy if you need to send money to someone or make a payment quickly. Many even feature QR codes and other functions that simplify transactions, so you don’t have to deal with tedious wallet addresses.

No Additional Cost

Cold or hardware wallets require you to have a dedicated piece of hardware where you’ll store your crypto wealth. You’ll need to purchase one of the Trezor or Ledger hardware options and spend up to several hundred dollars. The good news is that all hot crypto wallets are free of charge, meaning there are no upfront payments. These wallets usually make a profit by charging a small fee for your transactions.

Staking and Swapping

Staking has become increasingly popular in the crypto world, as it allows crypto owners to make passive income with their coins. Therefore, many wallets offer various staking options, although not all can be beneficial. As with crypto trading, staking does not guarantee a profit, so you have to be careful where you choose to invest your funds. Many wallets have built-in exchanges or are part of bigger crypto staking platforms.

Quick Access to dApps

Many hot wallet crypto solutions feature access to exchanges where you can use various trading options. In addition, some wallets are compatible with a wide range of decentralized applications. For instance, MetaMask can be easily connected to various Ethereum projects.

If you go to CryptoKitties, one of the original NFT-based collectible games, and launch it, the MetaMask plugin in your browser will automatically pop up, and you can connect it to start playing. Access to dApps is perhaps the biggest advantage that hot wallets have compared to their cold counterparts.

Recovery and Backup

Many hot crypto wallets offer all kinds of recovery and backup options should you lose or damage your device or in case of theft. The process often entails using your recovery phrase or mnemonic seed that you should remember at all costs. For example, when setting up MetaMask Wallet, following the backup procedures can help you successfully retrieve your funds, which is one of the main advantages of hot wallets.

Furthermore, in the ever-evolving landscape of hot wallets, new security features are being introduced to augment the backup and recovery process. Some cutting-edge hot wallets offer advanced mechanisms like biometric authentication, such as fingerprint or facial recognition, to enhance the security of wallet restoration.

By leveraging these state-of-the-art technologies, hot wallets provide an additional layer of protection, ensuring that only authorized individuals can access and recover the wallet. These forward-thinking security measures exemplify the continuous efforts of hot wallet developers to prioritize safeguarding users’ funds and personal information.

Methodology – Ranking the Best Crypto Hot Wallets

Creating our best hot wallet 2024 list was no easy feat, as we had to carefully examine dozens of options based on various factors, including their security, supported cryptos, additional features, fees, and more. Here are the key factors we looked at, and the points weighting we assigned to them.

Security Features – 20%

First and foremost, we ensured that all hot wallets that made it to our final list adhered to the required security protocols to ensure maximum protection for your funds. Cold wallets are overall more secure, but that doesn’t mean hot wallets get hacked all the time.

As long as you stick to reputable and trustworthy options with regular security updates, you shouldn’t have to worry about your private keys and crypto wealth being stolen. Of course, if you have millions of dollars in crypto, it’s better to keep the majority in a cold storage wallet. In that case, investing in the best hardware wallet available would be a wise decision.

User-Friendliness – 15%

A user-friendly hot wallet prioritizes simplicity and ease of use, making it effortless for users to interact with their cryptocurrency. By focusing on user experience, hot wallets aim to provide convenience and accessibility, helping individuals feel comfortable and confident in managing their digital assets.

We looked for crypto hot wallets with clean and intuitive interfaces, allowing users to easily navigate through various features, including sending or receiving funds, checking transaction history, or managing account settings.

Supported Cryptocurrencies – 15%

Some wallets support more currencies than others. However, quantity shouldn’t be the factor you focus on when choosing a wallet. Instead, you should pick a wallet with the cryptos you intend to use and store. If you look at our list of the best hot wallets, you’ll notice that some support literally millions of coins while others accept just one.

For example, if you want just to use and store Bitcoin, you should opt for a wallet like Electrum, which specializes in BTC. For Ethereum-based decentralized apps and storing ERC tokens, wallets like MetaMask are a great choice.

The safest bet is to go with one that communicates with two or more popular blockchains (like Best Wallet) and accepts their most relevant digital coins.

Device Compatibility – 15%

Device compatibility can vary among hot wallets since different wallet providers support various operating systems and devices. However, most well-known hot wallets are developed to be suitable for use with a diverse range of devices.

Therefore, users should check the wallet’s compatibility requirements before selecting one. By doing so, they can ensure that the hot wallet they choose is suitable for their preferred device and operating system. For example, if you’re an iPhone user looking for a dedicated iOS app, you shouldn’t pick Electrum, as it’s not compatible with Apple’s products.

Ultimately, you must ensure your device has the hardware required to launch and run a hot wallet. Of course, all hot wallets are light enough to run without cutting-edge computers or smartphones, but ancient Android devices definitely won’t be able to run your Coinbase Wallet as effectively as the newest Samsung Galaxy model.

Recovery and Backup Feature – 15%

Hot wallets are digital wallets connected to the internet, making them more vulnerable to hacking and other security risks. Therefore, robust recovery and backup mechanisms are crucial for the safety of your funds. First, we looked for wallets with a seed phrase or a private key backup option.

This feature allows you to restore your wallet on another device if yours is lost, stolen, or damaged. Moreover, we checked if all wallets on the list provide at least one backup option. These are either physical copies (e.g., paper wallets or hardware wallets) or digital backups (e.g., encrypted files or cloud storage).

Integration With Exchanges and Other dApps – 10%

Some wallets are part of exchanges or have integrations with them. Not all featured options have this, as some people prefer standalone crypto wallets that aren’t connected to any platform. When applicable, we mentioned CEXs in our reviews. Wallets such as MetaMask can be connected with various decentralized applications. This is something we also paid attention to when making the final list since some people only consider these features.

User and Professional Reviews – 10%

For every wallet we selected, we checked numerous reviews, both from users and professionals, before including them in our final hot wallet list. This was an integral aspect of our research, as users will often tell you the pros and cons without hesitation.

We also carefully examined customer support for each wallet we picked. An active community can also assist you if you want to learn more about using a specific wallet.

It is essential to do your research on a wallet before making a decision. Ultimately, you should use your best judgment to evaluate the quality of the wallet and decide if it is the right one for you. Be sure to consider factors such as the ones listed in this guide to make your final selection.

The Importance of Storing Seed Phrases Safely

Since seed phrases act as the master key to accessing your crypto wallet and digital tokens, it is vital to store them safely. This is possible by using a highly-rated seed phrase storage device such as Cryptotag.

The Cryptotag device consists of three different products – catered to everyday holders, veteran holders, and for those looking for multi-storage backup solutions. Users can store between 24 – 42 seed phrases on Cryptotag. The Cryptotag device is compatible with wallets such as Trezor and Ledger.

How Do Hot Wallets Work?

Digital wallets known as “crypto hot wallets” allow instant access to and storage of cryptocurrencies. They work by using computer programs or internet distribution hubs that produce and store the private keys needed to access the assets. As a result of these wallets’ internet connectivity, users may easily send, receive, and manage their cryptos in real-time. Hot wallets are more vulnerable to security threats than cold wallets since they are always connected to the web, thus it is crucial for users to have strong security measures in place and to be cautious about safeguarding their digital assets.

Before using a hot wallet, you may have to open an account. If the wallet is non-custodial, you’ll likely just get your public and private keys and complete the process, meaning there’s no need to provide sensitive data. For custodial wallets, which have custody of your private keys, you’ll probably have to go through the full registration process and provide information such as your email, password, and more.

In both cases, your private key, a secret cryptographic code, should remain hidden. Due to their connection to the internet, hot wallets can be vulnerable to malicious attacks. It is, therefore, important to take all necessary precautions to protect the private key and wallet from potential threats. Since they’re connected to the web, hot wallets have many different functionalities, including swapping, access to various dApps, exchanges, and more. Nowadays, many wallets, hot and cold, feature staking functionalities.

Cold Wallets vs. Hot Wallets

As stated, hot wallets are connected to the web, as opposed to cold storage wallets. A Bitcoin cold storage or cold wallet, on the other hand, is not on the web. Which one should you pick, then? Well, that depends on how much money you intend to store. If you have millions in crypto, using a cold wallet is a must, as it will enhance your security. Finally, you should take into account that the amount you own changes every day. According to Reuters, the price of BTC could go up to $100,000 by the end of 2024, so you should move some of your “digital gold” to a cold wallet when the time comes.

Which Cryptocurrencies Can You Store in a Hot Wallet?

In most cases, you’ll be able to store Bitcoin, Ethereum, and other popular cryptos. Nonetheless, some wallets will only focus on one crypto or one blockchain. Why, you may wonder? Here’s the deal, hot wallets can be divided into single- and multi-blockchain wallets. Single-blockchain wallets communicate with one chain. For instance, if it only communicates with the Bitcoin blockchain, you can only store one crypto: BTC.

Some blockchains handle more than one crypto. If the wallet communicates with the Ethereum blockchain, it means you can store all ERC tokens in it. These wallets are generally more secure since they are specialized for one blockchain. Additionally, they tend to have more features tailored specifically to the coin or blockchain they support. However, you’ll have to create several wallets if you want to store multiple cryptocurrencies.

For example, if you want to store Bitcoin and Ethereum, you’ll need two different wallets. Multi-blockchain wallets communicate with two or more chains. Users can manage their Bitcoin and Ethereum funds from the same wallet. Multi-blockchain wallets also enable users to exchange digital assets from different blockchains in a single transaction without moving funds from one wallet to another.

This makes it much easier to diversify digital asset portfolios and access funds from different blockchains. Multi-blockchain wallets provide an efficient and secure way to manage digital assets. However, there are also some potential downsides. First, managing multiple digital asset wallets can be confusing for users unfamiliar with different blockchains.

Second, those who lose access to their multi-blockchain wallet might not have access to any of their digital assets, as some millionaires experienced, according to the NY Times. Finally, multi-blockchain wallets could be less secure than single-blockchain wallets, as they provide more opportunities for hackers to access users’ digital assets.

How Many Cryptos Can You Store in a Hot Wallet?

Wallets usually don’t have any minimum and maximum limits on how much of a single crypto you can store. In other words, you can hold your entire crypto wealth in a crypto hot wallet. However, that’s not the best idea if you have a lot of money stored in digital currencies. At some point, switching to a cold wallet might be a good idea.

Finally, you should remember that the number of supported cryptos changes over time. Usually, they incorporate more cryptos — if a new ERC-20 token is added, you can store it via MetaMask. However, there are also factors that could result in a negative impact. For instance, Coinbase trading volumes fell after tightening the regulations around the exchange in the US.

This could also affect the Coinbase wallet in the near future, limiting what digital coins Americans can store in it. That’s why it’s crucial to stay on top of the latest developments in the crypto sphere and understand how specific regulations or shifts in the industry could influence your crypto wealth and, ultimately, your crypto hot wallet.

Conclusion

To sum up, hot wallets provide the convenience of storing and using your cryptocurrencies. Many can be easily connected to various exchanges or used for accessing decentralized applications. Our top choice is Best Wallet, a multi-blockchain hot wallet with a DEX and NFT Integration within the platform. It also offers market insights and helps users spot promising tokens even before they hit exchanges.

Crypto Hot Wallets FAQs

Which hot wallet is the best at the moment?

At the moment, our top choice for the best hot wallet is Best Wallet. It offers a DEX-integrated wallet, which facilitates storing and managing eight popular cryptocurrencies. The platform’s main advantage is that it offers tools and insights to users and helps them make well-informed decisions.

What hot wallet is the safest for cryptocurrency?

Overall, all wallets in our list have top-notch security, and make sure your funds are protected. We suggest reading our reviews for each before making a decision. Best Wallet is our top choice because it uses multi-factor authentication and advanced cryptography.

Is it safe to use a hot wallet?

Hot wallets are considered less safe compared to cold wallets. However, some hot options proved secure and trustworthy in the long run, including Best Wallet, Exodus, Electrum, and the rest that made it to our best crypto hot wallet list.

Which hot wallet can support BTC?

All hot wallets communicating with the Bitcoin blockchain network can store “digital gold.” From our list, those are Best Wallet, Trust Wallet, Electrum, Coinbase, Exodus, OKX, and Mycelium — virtually all except MetaMask, which only focuses on the Ethereum network.

References

1. https://ethereum.org/en/developers/docs/intro-to-ethereum/
2. https://www.reuters.com/technology/bitcoin-could-hit-100000-by-end-2024-standard-chartered-says-2023-04-24/
3. https://www.ft.com/content/e904f8bd-0d4f-4d38-8d71-a199e7e9c131
4. https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html
5. https://www.bloomberg.com/quicktake/bitcoins#xj4y7vzkg
6. https://electrum.org/
7. https://metamask.io/
8. https://trustwallet.com/
9. https://www.coinbase.com/wallet
10. https://www.exodus.com/
11. https://www.okx.com/web3
12. https://wallet.mycelium.com/