Avoid the lack of privacy in the crypto sphere! Your coins need to be held in a secure way, so let’s discover the best private crypto wallet in this article.
What is a private crypto wallet and what does it look like?
What is a crypto wallet with a private key?
The purpose of a crypto wallet is essentially the same as the wallet you’re carrying right now, only it’s online rather than sitting in your pocket. It helps you store and manage your cryptocurrency assets like coins and tokens, as opposed to your physical cash.
Blockchain wallets have two elements: a public key and a private key. Private keys are like the PIN you use to access your bank account, while public keys are similar to your bank account number.
Every public key requires a private key for access, allowing the key holder to manage, buy or sell their crypto assets. For this reason, and much like a PIN, your private key should be kept confidential because if anyone else knows what it is, your assets may be compromised.
With this in mind, your crypto wallet of choice works as a gateway between you and your address (your crypto-bank account). Much like an internet banking portal, it is basically there for you to enter your private and public key and access your account easily.
Private crypto wallet – The most secure type of crypto wallet
Wallets are secure to varying degrees. The level of security depends on the type of wallet, the service provider and the technology of the wallet itself.
The most secure wallets are ones that never keep your private key. As mentioned previously, the ownership of the private key should always be yours. If not, your crypto funds may be at risk.
With this in mind, the best private crypto wallet to choose must be one that doesn’t hold your keys and also enables you to send Bitcoin (or other assets) without anyone knowing.
So now you know about private crypto wallets, so let’s find the most suitable ones for you.
How do I find the best private crypto wallet?
Everyone has their own evaluation criteria for the wallet that stores their coins and there is an ever-growing list of options. Before picking a wallet, you should consider how you intend to use it.
Let’s figure that out by answering these questions below:
1. Do you need a wallet for everyday purchases or just buying and holding cryptocurrencies as an investment?
If you just want to “hold to die” or make some long-term investments, a Hardware Wallet is the best choice. It’s a physical device that stores coins offline, so it is not for those who want to buy and sell extremely frequently. With that in mind, if you need a wallet for everyday purchases, it would be better to consider an online wallet.
2. Do you plan to use several coins or one single coin?
Nowadays, multi-coin wallets are very popular in the sphere, as they offer a wide-range of coins in just a single wallet, so users don’t need to switch up to trade different assets.
Single coin wallets, however, have other advantages. They’re usually wallets that are established by the projects themselves so they have full-service and support for their specific cryptocurrency. For example, if you want to store TOMO, the best wallet to choose would be the TOMO Wallet. It allows you to stake TOMO, vote for network validators and access TomoChain’s DApps. You cannot find these features in a multi-coin wallet provided by a third party.
3. Do you require access to your private crypto wallet from anywhere or only from home?
The bigger the crypto adoption, the bigger the use-case is. You can meet many merchants that accept Bitcoin and other assets in your local area these days. That’s why having a mobile wallet that you can take anywhere is ideal.
However, if you don’t need to access your wallet so frequently, it’s better to choose a browser wallet or desktop wallet. Accessing your crypto wallet from home prevents prying eyes in public places.
After considering the different types of crypto wallet carefully and making your choice, it’s time to move to the top 5 best private crypto wallets.
The 5 best private crypto wallets for storing coins
1. Trezor Wallet – The best hardware wallet for holders
Trezor Hardware Wallet is a physical device that plugs into your computer, tablet or phone to access your coins, but it stores them offline. This means that cybercriminals cannot access this kind of wallet via the Internet, as they can with other types of private crypto wallets.
- The most hacker-proof kind of storage.
- More expensive than other kinds of wallet.
- Only used to store cryptocurrencies, not to trade them. Requires connection to an exchange platform in order to do so.
2. Mycelium Wallet – Keep full-control over your Bitcoin
If you’re an advanced user looking for an even greater deal of privacy, Mycelium Wallet should be one of your first ports of call. This mobile wallet allows iPhone and Android users to send and receive Bitcoin and keep complete control over their Bitcoin. No third party can freeze or lose your assets.
With many privacy and protection methods such as cold storage and encrypted PDF backups, along with rich features like a local trading marketplace and secure chat, Mycelium Wallet has long been regarded as one of the best private crypto wallets on the market.
- Good privacy and advanced security.
- The Wallet has many features to explore.
- Mycelium Wallet is only available on mobile devices. No web or desktop interface.
- The Wallet is for more advanced users rather than beginners.
3. Armory Wallet – Desktop wallet to access from home
Armory Wallet is an open-source desktop wallet that places emphasis on security and privacy for users. Armory’s features vary from cold storage, multi-signature transactions, one-time printable backups to a multiple wallet interface. This Wallet is a good option for tech-savvy users who are looking for crypto wallets to keep their coins safe and secure.
- Good privacy and great security features.
- The Wallet offers solid cold storage options so you can store your coins privately.
- Only accessible via the desktop client.
- As mentioned previously, Armory Wallet is suitable for experienced users and is not really beginner-friendly.
4. Trust Wallet – Access your wallet from anywhere
Trust Wallet is the world’s leading multi-asset digital wallet for both Bitcoin and Altcoins.
Since the M&A by Binance in 2018, Trust Wallet has become the official mobile wallet of arguably the most popular exchange around. It allows users to store, access and transfer coins for relatively low fees. Furthermore, Trust Wallet allows you to make instant trades thanks to its integration with the Binance DEX and Kyber Network.
- It’s an ideal choice for multi-cryptocurrency users.
- Trust Wallet directly provides you with trading coins.
- Access to additional features, such as staking POS coins and access to DApps.
- It’s a Hot Wallet, which means you cannot have full control of your fund.
5. Incognito Wallet – The best way to send Bitcoin without anyone knowing
The idea of sending Bitcoin anonymously is the main purpose of a private crypto wallet. With one, you can send Bitcoin (or other assets) without anyone having any details of the sender, receiver or how much was involved.
The Incognito Wallet is exactly that. Incognito isn’t just another privacy coin like Zcash or Monero. Incognito turns all your favorite coins into privacy coins. One tap turns your Bitcoin into privacy Bitcoin. Another switches it back to being public again. Congratulations, you’ve just found the most convenient way to send Bitcoin anonymously.
- No one can see your balance or track your activity. As a result, you take back control and don’t need to trust any entity with your personal data and transactions.
- The Incognito private crypto wallet is both user-friendly and technologically innovative.
- It’s totally free. You don’t need to pay for any of its awesome features.
- The wallet is new in the space, so some people who have already gotten used to other wallets might find it hard to switch.
- The Incognito Wallet does not currently list as many coins as some other wallets, though this figure is growing.
6. Other wallets
Clearly, the cryptocurrency market doesn’t have just a few crypto wallets; there’s a huge number to choose from and the market is growing all the time.
Blockchain technology is constantly improving, and the same can be said about private crypto wallets. The best today may not even exist in the future and just because we haven’t mentioned some wallets with private keys on this list, doesn’t mean they aren’t good enough.
Blockchain.com Wallet, Coinbase Wallet, imToken Wallet, Exodus Wallet and the Ledger Nano X are also great choices. Do not hesitate to give them a go in your quest to find the wallet that works best for you.
Choosing the right private crypto wallet is one of the first things you must consider when entering the cryptocurrency sphere.
Due to the huge number of crypto wallets, it can be confusing at the beginning. However, when you’ve accrued a little experience in the sphere, you will soon be interested in the diverse range of wallets available.
We’ve provided you with a list of options to help you find your best private crypto wallet; it all depends on your purpose and which coins you want to store. However, keep in mind that the ownership of your private key should always be yours. If not, your crypto funds may be at risk.