Best Wallet Review (2024): Number One Crypto Wallet?

Kane Pepi

Verified by Ilija Rankovic

Last updated

September 9, 2024 08:47 EDT

17min read

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Best Wallet is a non-custodial wallet that comes as an iOS and Android app. Key features include compatibility with over 60 blockchain networks, robust security tools, and fiat on-ramp facilities. It also comes with an in-built decentralized exchange for instant and cost-effective crypto swaps.

But is Best Wallet the right wallet for you, and what benefits and drawbacks should be considered? Read on for our impartial Best Wallet review, where we cover everything you need to know. This includes supported coins, pricing, user-friendliness, safety, and available devices.

Best Wallet Pros and Cons

Unsure of whether you should download Best Wallet? To make the decision easier, we’ve put together a list of pros and cons of this non-custodian wallet.

Key Findings

Here are the key findings from our Best Wallet review:

What Is Best Wallet?

At its core, Best Wallet is a non-custodial wallet for storing cryptocurrencies. It offers a safe and private experience, with no personal information or data collection required. Best Wallet comes as a mobile app for iOS and Android. A browser extension will also be launched, appealing to those who prefer storing and trading cryptocurrencies on a desktop device.

We found that Best Wallet is one of the best crypto wallets for diversified portfolios. It stores cryptocurrencies from over 60 blockchains, including Bitcoin, Solana, Ethereum, XRP, Arbitrum, Avalanche, BNB Chain, and Tezos. Custom tokens from all supported networks can be added manually.

While Best Wallet’s main function is to store cryptocurrencies, it comes packed with additional features. This includes the Best Wallet DEX, a decentralized protocol for swapping tokens. This allows users to trade cryptocurrencies without an exchange. For instance, those holding ETH in Best Wallet can immediately swap it for BNB.

Best Wallet also offers a fiat on-ramp tool. This is ideal for buying cryptocurrencies with debit/credit cards, e-wallets, bank transfers, and more. The purchased cryptocurrencies are instantly added to the Best Wallet balance. Users also have access to portfolio management tools.

This is great for tracking real-time crypto prices and organizing investments into independent portfolios. For example, you might want a separate portfolio for the best Solana meme coins and another exclusively for Bitcoin and Ethereum. That said, some Best Wallet features are still being developed.

This includes a staking aggregator. This will enable users to earn passive income on their wallet balances. Other incoming features – which we discuss in more detail later, include market analytics, derivative trading, MEV protections, dollar-cost averaging tools, and an NFT gallery. Ultimately, Best Wallets aims to become the home of Web 3.0 investments.

What Type of Wallet is Best Wallet?

Best Wallet sits within the non-custodial category, otherwise known as self-custody, decentralized, or self-directed. These terms mean that Best Wallet doesn’t directly control or hold client-owned cryptocurrencies. It also means that Best Wallet doesn’t have access to the wallet’s private keys. On the contrary, everything is controlled by the wallet owner.

Crucially, Best Wallet is merely an interface that sits between the user’s cryptocurrencies and the blockchain network. The user will still have access to their cryptocurrencies even if Best Wallet went bust. What’s more, Best Wallet cannot freeze transactions, nor do users need authorization to send and receive funds.

This is in contrast to custodial wallets, such as those offered by exchanges and brokerages.

• Take the FTX bankruptcy as a prime example.
• FTX was a centralized exchange that offered custodial wallets, which were accessed via the user’s account.
• FTX controlled the private keys, so users needed to trust that their cryptocurrencies were being kept safe.
• FTX engaged in malpractice, using client funds to settle debts and invest in high-risk ventures.
• Billions of dollars worth of client funds will likely never be recovered.

These issues can’t happen to Best Wallet users, considering it’s a non-custodial wallet. However, this isn’t to say that Best Wallet is 100% risk-free – far from it. As a non-custodial wallet, you’re responsible for keeping it safe. Best Wallet is unable to recover stolen funds if the wallet is compromised.

Best Wallet: Supported Coins and Networks

Our Best Wallet review will now explain what coins and networks are supported.

In a nutshell, Best Wallet is a multi-asset wallet, making it a great choice for diversified portfolios. It supports more than 60 blockchains, including TON, Bitcoin, Cardano, Solana, BNB Chain, Kava, XRP, Tezos, and Ethereum. This means you can store most cryptocurrencies in one safe place.

In addition, Best Wallet supports ‘custom tokens’. These are cryptocurrencies that aren’t initially listed on the Best Wallet app. This is because they’re likely newly launched cryptocurrencies that only trade on decentralized exchanges. Custom tokens can be added simply by copying and pasting the contract address. Thereon, the token balance will be displayed.

Best Wallet Airdrop

Best Wallet is tokenizing its ecosystem with $BEST tokens. $BEST isn’t listed on exchanges yet, nor is there a presale ICO. Instead, users can earn $BEST tokens for free by engaging in the Best Wallet airdrop – one of the airdrops that ended up on our list of best crypto airdrops. The number of $BEST tokens you can earn depends on participation. The more tasks you complete, the more tokens you’ll receive.

This includes season quests like downloading the Best Wallet app and creating a new wallet. Daily quests include sharing content on social media platforms. You can also earn $BEST tokens by completing quizzes. This learn-to-earn model is a great way to earn free cryptocurrencies while improving your blockchain knowledge.

Keep an eye on the Best Wallet’s socials for updates on the airdrop, including the distribution date.

Best Wallet Features & Tools

This section of our Best Wallet review covers the most popular features and tools offered.

Best DEX

Best DEX is the wallet’s native decentralized exchange. It enables users to trade cryptocurrencies without leaving the wallet app. No account is needed, offering an anonymous trading experience. Best DEX is user-friendly; no prior experience is needed. Users simply need to choose which cryptocurrencies to swap.

Best DEX has partnered with liquidity providers to ensure users get the best price possible. Exchange rates are revealed in near-real-time once the swap form has been filled out. Users can choose whether or not to proceed. For example, let’s say you’ve got 4 BNB stored in Best Wallet. You want to swap 1 BNB for ETH.

You’d choose BNB as the payment currency and ETH as the receiving currency. Typing 1 BNB as the amount instantly reveals that you’ll receive 0.216599 ETH. Once the trade is confirmed, that 1 BNB is deducted from the Best Wallet balance. And the receiving 0.216599 ETH is deposited in the wallet accordingly. The trade shouldn’t take more than a minute to complete.

In addition, you’ll notice that Best DEX supports cross-chain trading. This is because BNB (BNB Chain) and ETH (Ethereum) function on different, independent networks. This is ideal for quickly exchanging cryptocurrencies to invest in network narratives, such as the best Base meme coins.

Portfolio Management

We’ve established that Best Wallet is a great option for storing all crypto investments in one safe place. After all, it’s compatible with over 60 blockchains, and custom tokens are supported. In addition, Best Wallet also offers portfolio management tools. This includes real-time pricing on individual cryptocurrencies. Plus, the overall portfolio value.

This is displayed in USD by default, although other currencies are also supported. It’s also possible to create sub-portfolios. For example, you could create a portfolio for the presale investments, airdrops, and meme coins. Alternatively, you might create an independent portfolio for each network standard. For example, meme coins on Solana, Ethereum, and Base.

Staking Aggregation

Although still in development, Best Wallet will soon launch a staking aggregation tool. This enables users to earn passive income on cryptocurrencies stored in their wallet balance. However, unlike conventional staking platforms, Best Wallet uses external liquidity pools. This ensures users get the highest APYs possible.

For example, suppose USDC staking rewards are 3.9% on Aave and 3.7% on Compound. Best Wallet will automatically redirect the USDC tokens to Aave liquidity pools, considering they offer the best rate. Staking terms, such as lock-up periods, are determined by the respective liquidity pool.

Best Card

Another innovative feature, while still in development, is the Best Card. This is a prepaid debit card that enables users to spend cryptocurrencies in the real world. The card will be issued by Visa and will support Google and Apple Pay. Users will earn up to 8% cashback on all purchases.

Moreover, transaction fees will be reduced or removed entirely when staking $BEST tokens. Best Card will also come with spending analytics, which are all available directly on the Best Wallet app. Spending categories are automatically created, such as transport, services, and shopping.

Crypto iGaming Hub

Best Wallet recently launched its iGaming hub. This provides access to the best Bitcoin casinos without leaving the Best Wallet interface. This includes popular platforms like CoinPoker and Wall Street Memes Casino. The user’s Best Wallet balance can be used for deposits and withdrawals.

Most partnered providers approve payments almost instantly. Best Wallet has also secured exclusive bonuses for its users. This includes loot boxes, free spins, and matched deposits. Other Best Wallet reviews suggest that the iGaming feature is already a huge success.

Presale Aggregator

Best Wallet’s presale aggregator will be launched in phase 3 of the roadmap timeline. Put simply, this feature will provide early access to newly launched presale events. These are offered by new crypto projects before launching on exchanges, meaning Best Wallet users get the lowest price possible.

Not only does the presale aggregator come with analytics, but users can invest directly from their Best Wallet balance. This results in a convenient and secure presale investment process. The purchased presale tokens will automatically be deposited in the user’s wallet.

Fiat On-Ramp and Fiat Off-Ramp

Best Wallet has partnered with third-party payment processors, allowing users to access fiat facilities. The on-ramp tool enables users to buy cryptocurrencies using various deposit methods. This includes Visa, MasterCard, bank wires, and e-wallets. The coins or tokens purchased are added to the Best Wallet balance.

This offers increased convenience, as users can avoid conventional exchanges and brokerages. In addition, the off-ramp tool enables users to sell cryptocurrencies for fiat money. Multiple currencies and withdrawal methods are supported. However, like any fiat-related tool, users must complete a KYC process before completing the first transaction.

This is to comply with anti-money laundering regulations. The KYC procedure is undertaken by the fiat provider and not Best Wallet. Moreover, it only needs to be completed once.

Other Features in the Pipeline

Another feature in the development phase is perpetual futures. This will enable users to go long or short on multiple cryptocurrencies. Perpetuals never expire, and they often attract high leverage ratios. Margin requirements can be settled directly from the Best Wallet balance.

Best Wallet will also launch custom orders for its decentralized exchange. This will include a dollar-cost averaging feature, allowing users to invest a fixed amount at predetermined intervals.

• For example, you could swap 0.1 ETH for SHIB once per week.
• Or, 0.5 BNB for USDC every month.

Best Wallet will also support limit orders, allowing trades to set their own terms when trading the decentralized markets.

Safety & Security

In this section of our Best Waller review, we’ll discuss safety and security.

Private Keys and Backup Passphrase

Best Wallet’s private keys are automatically stored on the user’s device. This means users can conveniently log in with a PIN. Using that PIN on another device wouldn’t work, as the private keys can only be stored in one location. Most importantly, Best Wallet has no access to the private keys. Nor can it obtain them when asked.

This is because the private keys are automatically encrypted when installing the app. In addition, users are provided with a backup passphrase. This is a randomly generated string of 12 English words, which must be written down in the correct order. The backup passphrase is needed if:

• You forget the PIN
• The device storing Best Wallet is lost, damaged, or stolen

In these instances, the backup passphrase provides immediate access to the wallet. Simply re-download the Best Wallet app and import the passphrase.

Do note that misplacing the passphrase will be catastrophic. You will have no means to recover the wallet balance if you can’t access it. And, if someone else obtains the passphrase, they can steal your cryptocurrencies remotely. Therefore, ensure it’s kept somewhere safe and private.

Biometrics and 2FA

Best Wallet also offers biometrics. This adds an extra layer of security when logging in. After all, if the mobile device is stolen, the Best Wallet app can’t be accessed without your fingerprints.

Best Wallet users can also set up 2FA. This means a unique code must be entered when logging in, and it’s only accessible from the registered smartphone.

Best Wallet Fees

The Best Wallet app is free to download and install. Like many wallets, you won’t be charged to receive or store cryptocurrencies. Best Wallet is an on-chain wallet, so you’ll need to cover network fees when making outgoing transactions. This will replicate the real-time network charge like-for-like.

This means that if the Ethereum network is charging GAS fees of 1.939 Gwei, you’ll also pay 1.939 Gwei. Best Wallet also offers fee-free swaps on its decentralized exchange. You’ll be quoted an exchange rate when setting up the order, which is exactly what you’ll pay. However, the exchange rate will include an unspecified spread, which is an indirect markup.

Fees will also be charged when buying or selling cryptocurrencies for fiat money. This is determined by the respective fiat provider. The fees will be shown when creating the order, so you can accept or decline them accordingly.

User Experience

Although Best Wallet offers advanced features, we found that it was designed with beginners in mind. A user-friendly experience starts from the very get-go. For example, new users are guided through the installation process, including setting up a PIN, biometrics, and two-factor authentication.

Adding cryptocurrencies to Best Wallet is also simple. Click the coin you want to deposit and a unique wallet address is generated. A QR code can also be used when depositing funds from another mobile app. We found that making outgoing transfers is also straightforward. Click the coin to send and paste the receiving wallet address.

Best Wallet automatically displays the real-time network fee (displayed in fiat and crypto). Users can also scan another person’s wallet address with the in-built scanner. All in all, Best Wallet is the ideal non-custodial wallet for first-time users. We found that all available features were easy to navigate and use.

How to Setup Best Wallet

It takes less than 5 minutes to get started with Best Wallet.

Read on for our step-by-step walkthrough.

Step 1: Download the Best Wallet App

First, visit the Best Wallet website. Click on the Google Play or App Store logo to be redirected to the download page.

Avoid searching for the app manually, as scammers are known to launch imitations.

Step 2: Set up Best Wallet’s Security Features

Open the Best Wallet app and follow the on-screen instructions. You’ll be asked to choose a PIN and set up biometrics.

Best Wallet will display the 12-word backup passphrase. Write this down in the correct order – never share it with anyone. We’d also suggest setting up 2FA when prompted.

Step 3: Receive Coins

The next step is to deposit some coins. Click the crypto you want to deposit to reveal its unique wallet address. Make sure you’re selecting the right network, as some cryptocurrencies operate on multiple chains.

For example, USDC and USDT are available on the Ethereum and Solana standards, among others. The Best Wallet balance will automatically update when the coins are received.

The Verdict

This Best Wallet review has covered everything you need to know. Overall, Best Wallet offers a secure way to send, receive, and store thousands of cryptocurrencies on over 60 networks. It offers a broad ecosystem of tools and products, including a decentralized exchange, fiat facilities, and access to iGaming platforms.

More features are on the way, including a staking aggregator, derivatives trading, and dollar-cost averaging. Crucially, Best Wallet offers non-custodial storage, so you retain full control of your cryptocurrencies.

FAQs

References

1. What is dollar cost averaging? (Charles Schwab)
2. Non-custodial wallets vs custodial wallets: Know the difference (BitPay)
3. FTX seeks creditor votes on bankruptcy wind-down payments (Reuters)
4. What is a private key? (Coinbase)

Kane Pepi

Kane Pepi is a financial, gambling and cryptocurrency writer with over 2,000 published works, including on platforms like InsideBitcoins and Motley Fool. He specializes in cryptocurrency guides, exchange and wallet reviews, and covers new crypto projects for Cryptonews.com. His expertise includes asset valuation, portfolio management, and financial crime prevention. Pepi holds a Bachelor's in Finance, a Master’s in Financial Crime, and is pursuing a Doctorate in money laundering in crypto and blockchain. Connect with Kane on LinkedIn.

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