The storage of Bitcoins is a very important topic and should not be taken lightly. There are countless stories of hackers stealing millions of dollars worth of Bitcoins. This makes it all the more important to have a safe and easy to use Bitcoin wallet. However, the concept of different wallet types can be difficult to understand and challenging. That’s why we will present you this complex topic in a simple and understandable way. In principle, there are two different types of Bitcoin wallets:
- Cold wallets (also called hardware wallets)
- Hot Wallets
In contrast to cold wallets, hot wallets are connected to the Internet. This has the advantage that the wallet is very quickly available for everyday use. However, due to the connection to the Internet, they offer significantly weaker security than cold wallets.
Hot wallets can also be further differentiated into web, desktop and online wallets. Each type offers certain advantages and disadvantages, as well as a different safety standard. In this article we introduce you to the best Bitcoin wallets for 2019 from the following categories and show you the respective advantages and disadvantages of each wallet:
- Bitcoin hardware wallet
- Bitcoin desktop wallets
- Bitcoin online wallets
- Bitcoin mobile wallets
- Bitcoin paper wallet / offline wallets
If you want to buy Bitcoin, we recommend you to read our guide, which will show you where you can buy Bitcoin easily and securely (click here!). At the latest after the purchase of Bitcoin you need a wallet to protect your Bitcoins from theft by hackers.
If you deposit BTC on a cryptocurrency exchange, you are handing over the responsibility for managing the private key to your exchange. However, the private key reflects the ownership for your Bitcoin. We therefore recommend that you do not delegate this responsibility to an exchange, but that you ensure that the Bitcoins are stored securely yourself.
As mentioned at the beginning, each type of wallet offers different levels of protection. Furthermore the Bitcoin wallets differ in price. While hardware wallets have a certain price, the other types of wallets are generally free of charge (at least in the basic version). Since hardware wallets offer the best possible protection for the storage of your Bitcoin, we start with this type of Bitcoin wallets. Below we show you the best Bitcoin hardware wallets which are manufactured by renowned companies and which we have been using reliably for several years.
Bitcoin hardware wallets
Compared to software or desktop wallets, hardware wallets have a decisive advantage: Your private key never comes into contact with your PC or the Internet. This makes your hardware wallet very effectively protected against phishing attacks and other hacker attacks. In addition, you must physically confirm each transaction on your hardware wallet so that theft is (almost) impossible.
You can also protect your hardware wallet physically with a PIN code and a password. Furthermore, the newer hardware wallets also have the option of setting up 2-factor authentication. A code will be sent to you via an app, which changes every 30 seconds and must be re-entered every time you log in to unlock the device.
All these security features make hardware wallets the most secure Bitcoin wallets on the market. Especially if you’re investing large amounts in Bitcoin, you shouldn’t save on buying a hardware wallet. Compared to the capital you own in Bitcoin, the prices for a hardware wallet is very low from our point of view. In the following box you can see the advantages and disadvantages of hardware wallets:
We have tested a total of 8 different BTC hardware wallets and will show you which wallet is the safest and has the best features. The following table shows the best three hardware wallets from our hardware wallet comparison test.
1.Ledger Nano X Test
The Ledger Nano X is the successor to the Ledger Nano S, Ledger’s long-standing success model. Compared to its predecessor, the Nano X can shine with some new features that make it our test winner and absolute favorite among the hardware wallets. Due to its Bluetooth function, the Nano X can be used as a mobile wallet and offers the same security. All you need to do is install the Ledger Live App on your smartphone and establish a connection between the hardware wallet and the smartphone. Furthermore, the Nano X can manage up to 100 cryptocurrencies simultaneously.
2.Ledger Nano S
The Ledger Nano S is the predecessor of the Nano X, which has been sold over 1.3 million times worldwide. Despite the release of the Nano X, the Nano S still has a right to exist. It is still one of the most secure hardware wallets on the market. It can also be purchased at a very good price of around 59 euros. This makes it a very good choice especially for beginners who don’t want to manage many cryptocurrencies..
3.Trezor Model T
The Trezor Model T is the direct competitor to the Nano X and is twice as expensive as its predecessor, the Trezor One. However, it has a much larger range of functions and a touch screen. It is also possible to activate 2-factor authentication, which significantly increases protection. Compared to the Trezor One it is the premium version.
The Trezor One (formerly only TREZOR) is probably the best known on the market because it was also the first hardware wallet. The wallet was first published in 2014 by SatoshiLabs, a company based in the Czech Republic. SatoshiLabs claims that its hardware wallet is the most trusted and secure way to store your Bitcoins. More than a million Trezor One buyers have already believed this promise.
5.Opendime Bitcoin Wallet
The Opendime Bitcoin Wallet is a USB stick that can be passed from hand to hand and can transport large quantities of Bitcoin. It is not necessary to send transactions through the blockchain, as the owner of the stick has immediate access to all BTCs. In this respect, the Opendime Bitcoin wallet follows a different approach than “regular” hardware wallets. This is the reason why the purchase can be useful if you want to pass on Bitcoin beyond the blockchain.
The Digital BitBox is a very inexpensive Bitcoin hardware wallet that works with a micro SD card and provides 2-factor authentication. The device is a minimalistic Bitcoin hardware wallet, which generates a wallet (bip32) by the integrated microcontroller. The onboard slot for a Micro SD card allows you to create an offline backup for recovery.
We’ll sum up the most important information for you:
Bitcoin Desktop wallets review
Desktop wallets are programs that are installed on your computer. Desktop wallets differ in two ways: Multi-Coin-Wallets, which can manage many different cryptocurrencies, and specific wallets, which can send and receive only one cryptocurrency (here: Bitcoin). Specific wallets usually require a complete download of the blockchain data in order to function. An example of this is the Bitcoin Core wallet.
Desktop wallets are from our point of view the top recommendation if you are looking for a free wallet for Bitcoin. To help you keep track, we present the best Bitcoin Desktop wallets in 2019 on the market. For our favorite – the Electrum wallet – we will also show you a guide in which we explain all the functions of the wallet in detail. But first we compare the advantages and disadvantages of Bitcoin Desktop wallets:
Below you will find our top recommendations for your Bitcoin Desktop Wallet:
- Atomic Wallet
- Jaxx Liberty
- Bitcoin Core
1.Bitcoin Desktop wallet winner: Electrum Wallet
Our Bitcoin Desktop wallet test winner is the Electrum wallet. The wallet was launched on the market in 2013 and has been continuously improved since then. It provides 2-factor authentication that greatly increases the security of your wallet. The Electrum BTC wallet has proven itself over the years. There are still no documented hacks where Bitcoin could be stolen.
For some users it is important that the Electrum wallet can be used with “Tor”. The IP address of the user is hidden by external servers. The Electrum wallet thus creates an additional level of privacy that many other desktop wallets do not offer. We are completely satisfied with the safety, functionality and user interface and can therefore warmly recommend the wallet. In our opinion, the Electrum Desktop wallet is an excellent Bitcoin storage solution for users looking for a combination of convenience and security.
Learn in our Electrum wallet test (click here!) how to set up and use the wallet correctly. You can also download the software from the official website. Click on the following link where you can download the wallet’s software directly.
2.Bitcoin Guarda Desktop- and mobile Wallet
The Guarda Wallet is also a multi-join wallet that supports more than 50 cryptocurrencies in addition to Bitcoin. The Guarda Wallet is available as a desktop or mobile version and as a browser extension. Depending on your device and security, you can choose the wallet that suits you best. The Bitcoin desktop and mobile wallet offer you the greatest security.
Your private keys are stored on your PC or smartphone, so only you have access to them. Setting up your account for the first time and installing it is child’s play, so the wallet is perfect for beginners. The wallet interface is clearly laid out and intuitive, so even newcomers will find it easy to use.
You can download the wallet on the official website.
3.Atomic wallet review
The Atomic wallet is a Bitcoin desktop wallet that places great emphasis on security, anonymity and decentralization. The private keys and transaction data are only stored on your own device. The wallet is relatively popular and was only founded in 2017 by Konstantin Gladych, CEO and co-founder of the popular Changelly.com crypto exchange platform.
The wallet gets its name from the central feature of Atomic Swaps, which allows cryptocurrencies to be exchanged within the wallet peer-to-peer without the need for an exchange (which charges extra for the trade). For coins that do not yet support Atomic swaps, there is the option to use the built-in services of Changelly or ShapeShift to perform trades.
We personally have had very good experiences with the Atomic wallet over the past two years, which can manage over 300 additional cryptocurrencies in addition to Bitcoin. The wallet is available as desktop version for Windows, Mac, Ubuntu, Debian and Fedora. There is also a mobile version for iOS and Android in the respective App Store.
From our point of view, the Atomic wallet is particularly suitable for beginners who are looking for a wallet with which several cryptocurrencies can be managed. Therefore it is also our Top 2 recommendation. You can download the wallet under this link.
4.Jaxx Bitcoin Desktop wallet test
The Jaxx Liberty wallet is one of the best multi-join desktop wallets on the market. The operation is very simple and the wallet supports more than 80 different cryptocurrencies (besides Bitcoin). You can also use the wallet via your mobile phone or web browser. It is available for both Android, iOS and Google Chrome. There are also desktop versions for Mac and Windows that are very easy and quick to download and use.
One reason for the popularity of the wallet is that it is developed by the company of Anthony Di Iorio, a co-founder of Ethereum. There are, however, several other reasons why the wallet enjoys a good reputation in the crypto industry.
The safety of the Jaxx Liberty wallet is very good. Furthermore, the developers do not have access to your “private keys”. Only you have access to your private key. In addition, the Jaxx wallet offers a quick and easy way to create a backup. The support team, which is available around the clock, is also particularly praiseworthy.
This link will take you to the official website where you can download the Jaxx Liberty wallet.
5.Bitcoin Core Desktop wallet test
The Bitcoin Core wallet should not be missing in any list. It was the very first Bitcoin wallet on the market and the only way for Bitcoin investors of the first hour to manage, send and receive Bitcoins. It is a collaborative project that was created under the MIT license and is therefore usable for everyone. The complete source code is open source and can therefore be checked and viewed by anyone.
This desktop wallet downloads the complete Bitcoin blockchain and connects as a full node to the Bitcoin network, taking up a lot of space on your hard drive. You should have at least 200 GB free for everything to work properly. If required, you can also provide your own bandwidth for the network to support the Bitcoin network.
Ultimately, the Bitcoin Core wallet is definitely not suitable for beginners, as the high memory requirements and the constantly running synchronization represent a major hurdle. Users who want to operate a full node are very well served with the Bitcoin Core wallet. Nevertheless, it can have its charm to use the “original” Bitcoin wallet. In addition, it also offers an outstanding safety standard.
The wallet is available for: Windows, Mac OS X, Linux, ARM Linux and Linux Snap Store. Click here to download the wallet.
6.Coinomi Desktop wallet review
The Coinomi wallet is a Multi-Coin-Wallet that offers, besides Bitcoin, more than 275 cryptocurrencies for administration! The wallet was launched in 2014 and is the oldest multi-join wallet with millions of active users.
In addition to the large number of coins, the Coinomi Bitcoin wallet scores particularly well in the area of privacy. Most people who own cryptocurrency attach great importance to their privacy. This is where Coinomi has his strength. The wallet does not collect any personal data and encrypts the IP address of its users.
The wallet can be run on your desktop as well as on your smartphone. The wallet does not currently offer 2-factor authentication, but the developers of the wallet are considering implementing this feature.
The wallet is also connected to the Coinomi exchange, so users can trade cryptocurrencies directly from the wallet. This feature works in practice very simply and reliably and can save the detour via an exchange, such as Coinmerce or Coinbase.
You can download the wallet on the official website (click!).
7.Armory Bitcoin Desktop Wallet
The Armory Bitcoin wallet was launched in 2015 and is one of the best Bitcoin wallets for the desktop PC. It is based on an open-source Python code that can be controlled by any person. This is one of the reasons why it is considered to be one of the safest Bitcoin wallets. However, there’s one little catch you should know: The original developers of the wallet have left the project. Nevertheless, it is continuously being further developed!
The wallet is aimed at advanced users who place great emphasis on security and advanced features, such as a variety of encryption and cold storage options (including Multisig). It is important to know that the wallet was developed exclusively as a storage solution. An outstanding feature of the Amory Bitcoin wallet is the possibility to use it as a cold wallet. This means that the Bitcoins can be stored very safely. For larger customers, the wallet provider even offers a consulting service in which experts provide advice and assistance.
The Armory wallet is also available for all common operating systems. That includes: Windows, Linux, Ubuntu and also Mac. The use of the wallet is completely free of charge and possible without further registrations. You can download the wallet here and install it.
In the following box, we have briefly summarized the most important things about Bitcoin Desktop Wallets:
Bitcoin Online wallets review
Bitcoin Online wallets are usually operated by cryptocurrency exchanges. This offers the great advantage that they are very easy to use. Moreover, you can trade very easily and quickly, as the wallets are connected to the exchanges. The resulting disadvantage, however, is that cryptocurrency exchanges are very popular targets for hacker attacks. However, there are also web wallets that are not operated by cryptocurrency exchanges.
Compared to hardware wallets and desktop wallets, online wallets offer a lower security standard. Nevertheless, they also have advantages, as the following overview shows.
1.Our test winner: The Binance Web Wallet
Binance, one of the largest exchanges in the world, offers a wallet service in addition to the pure trading of cryptocurrencies. More than 100 different cryptocurrencies can be traded and stored on the exchange. Binance is regarded as one of the world’s safest exchanges, which has been the victim of only one hack to date. A total of 7,000 BTC were stolen in May 2019. However, Binance took responsibility for the hack and did not pass the loss on to its customers, but compensated for it itself.
However, our recommendation is that you only use the platform for trading cryptocurrencies. If you want to store your Bitcoin for a long time, you should send the BTC to an external wallet. Nevertheless, in our opinion, Binance offers the best possible protection in this category. If Binance is responsible for a loss, you can expect compensation from the exchange. Still, you shouldn’t rely on it. You can register an account on Binance by clicking on this link*.
2.BTC.com hot wallet
The BTC.com wallet is developed by Bitmain, the leading manufacturer of Bitcoin Mining Rigs (Antminer), and is a solution that combines security and ease of use. The BTC.com wallet is available online via the BTC.com website and for the smartphone via Android and iOS version. It offers good basic protection and privacy.
Unlike other online wallets, BTC.com never has access to the private keys. In addition, 2-factor authentication can be activated, thus increasing security. Another practical feature of the wallet is that it makes dynamic fee suggestions. This feature can be especially useful for beginners.
You can download the wallet from the official website. Click on this link.
3.BitGo Web Wallet
BitGo is a Bitcoin online wallet that stands out from other wallets due to various features. The wallet is designed to help companies that regularly use Bitcoins and send many transactions. The wallet offers the possibility to use multiple signatures. The multisignature feature allows multiple users to use one account. On the other hand, it offers additional security features that are very useful for businesses. This allows different users to access a single account if they have been granted permission to do so. You can also define payout limits.
The BitGo wallet is particularly suitable for companies and a very practical solution for jointly managing Bitcoin in one company. There are better alternatives for private investors! The official website of BitGo can be reached via this link.
4.eToro Desktop wallet test
Our second choice is eToro, which, however, only appeals to residents outside of the US and UK (as of 01/2021). eToro is one of the largest CFD providers in the world and offers various cryptocurrencies in “physical form” as well as CFD (outside of the two aforementioned regions). Due to its high security standards and reputation, eToro can be a good option for custody in our view.
**68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
5.Litebit Online Wallet
The Bitcoin Broker Litebit offers a Bitcoin wallet in addition to the purchase and sale of BTC and other Altcoins. This corresponds to the definition of a web wallet, since Litebit takes care of the storage of your Bitcoins. For the account (and thus the wallet) Litebit offers the possibility of a 2-factor authentication in order to protect the account in the best possible way. In contrast to Binance, Litebit does not offer a web wallet for every cryptocurrency that can be purchased from the broker. Litebit currently has web wallets for Bitcoin and 30 other Altcoins.
Storing Bitcoin on Litebit is an easy way. However, we recommend that you rather use a free desktop wallet or buy a hardware wallet. If you want to create a Bitcoin wallet on Litebit, just click on this link*. You will be taken directly to the home page where you can register.
6.Coinmerce hot wallet
Like Litebit, Coinmerce is a Bitcoin broker from the Netherlands, which enables the direct purchase and sale of cryptocurrencies per euro. In addition to trading, Coinmerce offers its users the option of storing Bitcoin and other cryptocurrencies on the exchange.
In this case, the exchange takes over the task of taking care of your private key. Again, Coinmerce has never been hacked, but there is a potential for hacking. If you want to buy and sell cryptocurrencies, you can definitely try Coinmerce. Coinmerce has a platform’s own stable coin, the Coinmerce Coin, which can be used effectively to secure profits or cash out quickly and easily. If you click on this link*, you will be taken to the official website of the exchange where you can create an account.
We summarize for you the most important things about Online / Web Wallets:
Mobile Bitcoin Wallets
Mobile Bitcoin wallets can be used directly on your mobile phone, so you have direct access to your Bitcoins from anywhere in the world. However, just like your PC or laptop, the mobile phone is another possible point of attack that hackers could exploit. You are only effectively protected against hacker or phishing attacks with a hardware wallet. Nevertheless, we present 5 different mobile Bitcoin Wallets that have proven themselves in practice. Below we have summarized an overview of the advantages and disadvantages of a mobile wallet:
1.Electrum Mobile wallet – again test winner
The Electrum wallet was already our test winner in the Desktop wallet category. The mobile Bitcoin wallet is focused on speed and simplicity. When using it, your phone needs little resources because it uses remote servers that can handle the workload. You can restore your account using a secret phrase if your phone breaks down or other events occur. You can also protect your account with 2-factor authentication.
You also have full control over transaction fees. The wallet suggests the transaction fees according to the current load on the Bitcoin blockchain so that the transaction is executed promptly. This function can prevent beginners in particular from paying excessive transaction fees.
You can download the wallet for Android here.
As with desktop wallets, the Atomic wallet takes second place in mobile wallets, as it places great emphasis on security, anonymity and decentralization. Everything we have written for the desktop version also applies to the mobile version of the wallet.The private keys and transaction data are only stored on your device. In addition, the wallet can be used to perform Atomic swaps, allowing cryptocurrencies within the wallet to be exchanged peer-to-peer for a small fee.
From our point of view, the Atomic wallet, whether in the desktop or mobile version, is particularly suitable for beginners who want to manage several different cryptocurrencies with one wallet. Therefore it is also our Top 2 recommendation. You can download the wallet under this link.
3.Bither mobile Bitcoin wallet review
The Bither mobile wallet is a simple but safe Bitcoin wallet. The wallet can be adapted to the personal needs, so that the range of functions depends on the use. The wallet offers a cold and hot wallet function to manage and track Bitcoin online and offline. The cold wallet runs in offline mode, so no internet connection is required. The Private Keys are securely stored on your device and protected by a password.
The wallet also has a backup and restore function. Using the hot wallet function you can connect it to the Bitcoin network and check your balance as well as send and receive Bitcoins. The private keys used for transactions can be imported using the QR code.
Furthermore, the wallet offers the possibility to use multi-signatures. This means that several people can manage the wallet and send and sign transactions. The wallet is available for both your smartphone and desktop, so you can use it across devices. You can download the wallet from the official website (click here!).
BitPay offers both a desktop and a mobile Bitcoin wallet. The wallet was developed by the payment service provider BitPay to protect the credit balances of its users. Thus, a serious and established company as a provider stands behind the wallet.
BitPay is one of the largest Bitcoin payment companies in the world. This is also the main purpose of the wallet, which is to be understood as an additional service from BitPay to the other services. The BitPay wallet offers a prepaid card with which the company’s vouchers can be purchased. Practically, you can load your credit from the BitPay wallet onto the BitPay prepaid card to pay anywhere VISA credit cards are accepted.
In addition, it is possible to use multi-signatures. Thus the wallet can be used by several persons. In addition, payout limits can be defined. In addition, the wallet can be secured by 2-factor authentication. Exceptionally, a BWS node can be used to significantly increase security and privacy.
You can download the wallet on this website (click!).
The Bitcoin Edge Handy wallet offers the possibility to manage numerous other assets in addition to Bitcoin and Ethereum. Furthermore, Fiat currencies can be transferred to the wallet (EUR, USD) and Bitcoin can be purchased directly. The wallet is available for both Android and iOS. In addition to the ability to enable 2-factor authentication, your account can be protected with a PIN or Touch ID. The wallet can also be used with several end devices.
You can download the wallet on the official website of the provider (click!).
We summarize the most important things for you:
Bitcoin Offline wallets / Bitcoin Paper Wallets
Bitcoin Paper wallets are considered particularly secure in the Bitcoin community because the password, address and recovery seed are stored offline on a piece of paper. However, it should be noted that a web wallet such as Blockchain.info must be used to view the account balance as well as to send transactions.
There are different possibilities to use a Paper wallet in practice. You can get even better protection by combining the Paper wallet with the use of a hardware wallet. This means that all important login information is displayed on the sheet of paper and there is no further digital copy of it.
Bitcoin offline wallets are especially useful if you will not be accessing your account for a long time. You can store your Bitcoin wallet paper in a safe place, e.g. a safe deposit box or a safe. When creating paper wallets, it is important that your PC and printer are free of viruses and malware. Although it is quite rare, this can be a possible weak point of the Bitcoin Paper wallet. Newcomers in particular should inform themselves in advance about the respective opportunities and risks.
If you use Bitcoin Paper wallets, you should note the following:
Further important information
With all our recommendations, always note that you do your own research and inform yourself independently. There are countless Bitcoin wallet suppliers on the market offering different products at low and high prices. The best way to protect your Bitcoins is to use hardware wallets. Currently there is no better way to keep your cryptocurrencies safe than on a Ledger Nano X or Trezor Model T.
If you are a beginner and prefer a wallet that offers deposit protection, eToro may be the right choice for you. eToro offers up to €20,000 per customer protection. In the event of a hacker attack, your deposits are protected against the insolvency of the stock exchange. Click on this link to create an account with eToro*.
If you have any questions or suggestions regarding our Bitcoin wallet review, please feel free to leave us a comment. We’ll be glad to help you!
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