5 Best Web3 Wallet Options (Store Crypto, NFTs in 2023!)

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A reliable web3 wallet is absolutely necessary for navigating in the web3 space!

To save you the hassle of determining the best ones to hold your assets, I’ve compiled a list of the best web3 wallets for 2023.

I’ll touch on important points such as safety features, pricing, and other considerations for each wallet.

Read on for more!

What is the Best Web3 Wallet?

It can get confusing with many web3 wallets in the market, so here are a few that I recommend.

To learn more about their key features and read my review, continue reading!

1. Trezor Model T

The Trezor Model T is a cold hardware wallet that provides users with an extra layer of security when storing cryptocurrencies.

Trezor Model T is a non-custodial wallet that I personally own and use! I find it really convenient due to the touchscreen interface and the extra security in place to key in a PIN to log in from the device itself.

Unlike the other reviews you see out there, I really do own the actual product and use it! (bought it with my own money back in 2021)

Here’s mine.

It is best suited for users looking to store a large portfolio of digital assets, as it enables them to store ETH and other coins securely.

It is known for its high security and safety, along with the convenience that comes from its touchscreen.

Your private keys are also stored in the Model T itself and not in the MetaMask Chrome Extension, so you won’t have to worry about any hacks on your crypto assets.

You also will have access to Trezor Suite, their desktop app, which helps you track your crypto all in one place without needing to interact with any browser.

Key Features:

  • Access to Trezor Suite
  • Storing ETH and other tokens in a secure hardware wallet.
  • Extra security with its private keys stored only on the device itself.
  • Convenient 1.54” Color LCD touchscreen interface for easy signing and approval of transactions.
  • It can be used in conjunction with the MetaMask Chrome application to connect to dApps.
  • It connects via USB-C only, which means you’ll know if your wallet is physically connected to the blockchain or not at a glance.
  • Features Shamir Backup, unique to Model T, which allows

Cons:

  • More expensive than other wallets due to their hardware nature.
  • Requires physical wallet device to be plugged in to access cryptocurrencies
  • No Bluetooth connectivity

Bottom Line:

Trezor Model T is best suited for users looking to store a large portfolio of digital assets in a secure environment. Hardware wallets from Trezor are known for their security.

Its touchscreen interface provides added convenience and security, making it an ideal choice for those seeking extra layers of protection but not being held back in ease of use.

2. Coinbase Wallet

Coinbase Wallet offers users the ability to store ETH and ERC-20 tokens in a secure wallet environment while also allowing them to explore the Ethereum blockchain directly.

It also allows users to access dApps with ease while also providing access to DeFi protocols and other features.

Among other coins and crypto it can store, the Coinbase wallet can also house BNB, which is a well-used cryptocurrency operating on the Binance Smart Chain.

Key Features:

  • Coinbase wallet allows storage of ETH, ERC-20, and coins.
  • Interacting with hundreds of thousands of tokens and decentralized apps (dApps) on the Ethereum blockchain and other blockchains.
  • Easy-to-use interface for accessing dApps.
  • Quick access to the blockchain because it is a non-custodial wallet.
  • Easy to access through a mobile phone or browser.

Cons:

  • Less secure than cold wallets
  • Mobile wallets tend to not give you ownership or custody of your cryptocurrencies and NFTs

Bottom Line:

Coinbase Wallet is best suited for users looking to access dApps with ease. It provides a great starting place to on-ramp from fiat currencies and has its own crypto exchange inbuilt.

However, it’s only best for beginners starting out, as it has security implications. It is not a non-custodial wallet (hardware wallet).

3. MetaMask

MetaMask is what many will consider the best web3 wallet due to its versatility as an online wallet.

MetaMask is best known for its browser extension, allowing you to interact with websites that use Ethereum and related decentralized apps.

It provides a secure environment where users can store cryptocurrencies, transfer ETH and tokens, and manage their digital wallets. MetaMask also allows users to explore the Ethereum blockchain directly.

MetaMask is one of the more popular mobile wallets that can be easily accessed on the go.

Key Features:

  • A browser extension for easy access.
  • Stores BTC, ETH, and many other tokens.
  • Most dApps on the Ethereum blockchain will accept a connection to MetaMask software wallets.
  • More built-in advanced tools to access the blockchain such as layer-2 scaling solutions or testnets.
  • Mobile wallets such as MetaMask make accessing the blockchain easier.
  • Able to connect to multiple blockchains, depending on the dApp that is connected to (Binance Smart Chain, Ethereum, Avalanche, Polygon, Solana)

Cons:

  • Can be difficult to use for non-tech-savvy investors.
  • Much less secure than hardware wallets because your encrypted private key can be hacked
  • You do not own custody of your private key

Bottom Line:

MetaMask is a great choice for anyone looking for an easy way to interact with Ethereum and its blockchain networks.

While it may be versatile in connecting to dApps, it may not be the best web3 wallet to store large amounts of digital assets because it can be easily hacked. It may not be suitable for complete beginners.

Be sure to secure your MetaMask wallet before using it!

4. Trust Wallet

Trust Wallet is a mobile wallet for Ethereum tokens and other crypto assets.

It’s a secure and user-friendly platform that allows users to store, send, receive, and exchange their digital assets.

Trust Wallet is custodial, so its users won’t have full control of their funds.

If you have a Trust Wallet, you’ll have to trust them as a third party to keep your private key secure and hand over your cryptocurrencies or NFTs on request.

Trust Wallet was founded in 2018 by Viktor Radchenko and has grown to become one of the best web3 wallets. It is available for Android and iOS and also as a Chrome extension.

Key Features:

  • Storing ETH and other tokens in a secure environment.
  • Interacting with decentralized apps (dApps) on the Ethereum blockchain.
  • Easy usage for mobile devices through its app
  • Easy to purchase crypto using a credit card and store it in the hot wallet
  • Allows staking of coins within its ecosystem on the desktop wallet

Cons:

  • Limited support for coins other than ETH and its tokens.
  • Less secure as it is a hot wallet and is prone to hacks

Bottom Line:

Trust Wallet is best suited for users interested in managing their cryptocurrencies through a secure mobile Ethereum wallet.

However, like most hot wallets, it has lower security than hardware wallets.

5. Ledger Stax

Ledger is the most well-known brand when it comes to hardware web3 wallets.

It has produced well-loved and highly-secure products such as the Ledger Nano S and Ledger Nano X in the past.

The Ledger Stax is one of the most unique and advanced web3 wallets out in the market today. That’s because of its functional yet beautiful curved E Ink touchscreen. The lock screen can be used to sign and approve transactions on the blockchain when it is connected.

The lock screen also allows you to customize your favorite NFT or photo of choice – further personalizing the Stax to be yours.

I personally love the magnetic stacking that allows multiple Ledger Stax to be stacked on top of each other, with customizable side labels to ensure you don’t get them mixed up.

Ledger Stax is a non-custodial wallet, which means that you have full control of your private keys, which deems full control of your cryptocurrency possession and proves the funds are yours.

As the saying goes: “not your keys, not your coins”, the Ledger Stax helps you to secure your private keys well, enabling you to sleep easy knowing that you’re not going to get hacked.

Key Features:

  • Storing ETH and other tokens in a secure hardware wallet.
  • Extra security with its private keys stored only on the device itself.
  • Unique curved E Ink touchscreen for easy signing and approval of transactions. (No other web3 wallets have this!)
  • Customizable lock screen, allowing users to set their favorite NFT or photo as the display image. (No other web3 wallets have this!)
  • Connects to your devices through wireless Bluetooth technology
  • Features wireless charging (no other web3 wallets have this function yet)
  • Compatible with macOS, Windows, iOS, and Android.

Cons:

  • More expensive than other web3 wallets due to their hardware nature.
  • Requires the physical wallet device (Ledger Stax) to be connected to your phone or computer to access your cryptocurrencies.
  • Requires recharging
  • Less easy access using any mobile apps

Bottom Line:

Ledger Stax is best suited for users looking for extra security and convenience when storing crypto.

Its advanced features, such as its curved E Ink touchscreen and wireless charging capabilities, make it a great choice for those looking to stay ahead of the curve with their web3 wallet.

I’d highly recommend this crypto wallet to be your first if you’re looking for hardware wallets.

What is a Web3 Wallet?

Web3 wallets are digital wallets that store cryptocurrency, smart contracts, and other digital assets securely. Unlike traditional wallets, web3 wallets use decentralized storage systems to protect your funds from theft or loss and allow personal custody of private keys.

Examples of web3 wallets include MetaMask, Coinbase Wallet, Trust Wallet, Trezor Model T, and Ledger Stax.

Why Should You Use a Web3 Wallet?

Using a web3 wallet is the best way to stay in control of your digital assets and fully enjoy the benefits of decentralized finance.

By using a web3 wallet, you’re ensuring that only YOU have access to your private keys and coins. This means that no one else can spend or move them without your permission, making it one of the best ways to protect yourself and your funds.

Furthermore, web3 wallets are designed for maximum user convenience.

Most of them feature intuitive interfaces that make sending and receiving crypto coins effortless and allow you to quickly check your balances, sign smart contracts, and more.

What are Hardware Wallets?

Hardware wallets are physical devices to store digital currencies that provide an additional layer of security when compared to software wallets.

Hardware wallets store your private keys offline, keeping your funds safe from any online attack or malware.

The best hardware wallets are also insured against hacking incidents and often come with multi-factor authentication for added peace of mind.

What Makes the Best Web3 Wallet?

The best web3 wallets provide a high level of security and privacy, while also offering users a range of features designed to make cryptocurrency transactions easier.

These features include the ability to connect to decentralized exchanges (DEXs) which allow users to trade cryptocurrencies without the need for an intermediary easily.

Other important factors that you should consider include a wallet’s support for different tokens, ease of use, and price.

What is a Wallet Data File?

A wallet data file is a secure and encrypted file containing your private keys, public keys, and other information about your crypto wallets. It’s essential that you back up this data in case of any system failure or malicious attack.

By having an up-to-date wallet data file stored in a secure location, you can easily restore access to your wallet with just a few clicks.

Final Thoughts

Overall, these best web3 wallets of 2023 offer great security and convenience for users to store their NFTs or crypto.

Depending on your specific needs and budget, you are sure to find one that best fits your requirements.

While some crypto wallets are great for ease of use, some are great for enhanced security.

My recommendation is to make use of a combination of both!

You’ll want to use one hot wallet and one cold wallet. The hot wallet is for quick transactions on the go, and the cold wallet is for long-term storage and holding.

A hot crypto wallet has a high ease of use, which is great for quick transactions (minting NFTs when it releases), whereas a cold crypto wallet has high security, its great for maintaining crypto,

Overall, having a reliable web3 wallet is essential to make the most out of your investments and protect yourself from scams or hacks.

That’s why choosing a wallet is best based on its features, safety measures, and pricing.

Recently, rather than desktop wallets, mobile wallets like rainbow wallet offer more convenient options for those on the go!

So check out which crypto wallets/web3 wallets best fit your needs!

Happy crypto-ing! πŸ™‚

Justin Chia

Justin is the founder and author of Justjooz. He is a Nanyang Technological University (NTU) alumni and a former data analyst.

Now, Justin runs the Justjooz blog full-time, hoping to share his deep knowledge of business, tech, web3, and analytics with others.

To unwind, Justin enjoys gaming and reading.

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