Cryptocurrency has been a buzzword in tech for quite some time, but not everyone can easily understand how it works, so it actually helps when articles on cryptocurrency for beginners clarify the most basic information about crypto. This article aims to list the top 5 crypto wallets you can consider for your own cryptocurrency needs. To start, you need to understand what crypto wallets are and why you need them.

What Is a Crypto Wallet?

Though called a wallet, the function of a crypto wallet is different from the traditional one, where we keep our cards, IDs, and cash. Instead of these valuables, a crypto wallet, like an XMR wallet, manages the digital codes called "keys" to make cryptocurrency transactions possible.

Since cryptocurrency stays in the blockchain network even during transactions, you don't really need to keep them in a crypto wallet, like the cash you keep and give away. "Sending" and "receiving" cryptocurrency does not necessarily mean having them on your device or anywhere else, but they come and go to an address where only you got the keys. So instead of keeping the cryptocurrencies, you keep the keys that secure them from unauthorized use.

Keys allow you to access a given address, provide digital signatures, and purchase cryptocurrencies. Only then could crypto transactions take place. Thus, you need a crypto wallet for key management. Crypto wallets, like the XMR wallet, could also be software, devices, or even paper. They could be a web-based, mobile, desktop (hot wallet), or offline hardware (cold wallet). They could also involve third-party privacy and security (custodial) or not. Some wallets can also allow interaction with Dapps or decentralized apps.

Some crypto wallets are dedicated to one coin or network, while others allow multiple chains. If they are specific to one coin, you can choose to add other networks manually. There is much more to discuss about crypto wallets, their types, your needs, and which one suits you. But for now, let's have our picks for the top 5 best cryptocurrency wallets in 2023:

1 NOW Wallet

NOW Wallet takes pride in its top performance that can outdo even well-established crypto wallets. Thanks to their developer, ChangeNOW Crypto Exchange Service, this secure, fast, and non-custodial crypto wallet app for mobile can deliver instant exchange service. This includes instant crypto-to-crypto and fiat-to-crypto exchanges.

NOW wallet, also an XMR wallet, is a non-custodial cryptocurrency wallet that leaves complete control of funds to the user. You can manage your crypto on your own privacy and security terms. There is no need to worry about the reliability of a third-party app. Being a non-custodial crypto wallet, NOW Wallet maintains the privacy of users and does not collect personal data. No one would say no to ultimate security and privacy, right?

Being a decentralized wallet, NOW Wallet can easily help you store crypto in mobile and desktop apps. You can keep, exchange, buy, and stake your money securely. You can also purchase and sell off crypto using bank accounts and credit cards. The ChangeNOW platform enables this feature and is currently available for NOW Wallet. It also allows quick fiat-to-crypto operations. Advanced settings available to its users also include ETH transaction account nonce. On top of that, with ChangeNOW Pro, users can also get cashback for every transaction.

NOW Wallet supports 40+ blockchains and thousands of tokens on 7 networks while providing excellent service. The blockchains that NOW Wallet supports include ETH, BTC, DOGE, XMR, etc. Users can also manually add custom tokens on the supported networks if they can't find it in NOW Wallet. Then, they can securely and safely store, receive and send this token.

Here are more cryptocurrencies that NOW wallet caters to:

• XMR wallet

• Avalanche wallet

• Polygon wallet

• Monero wallet

• Ethereum wallet

• Ravencoin

NOW Wallet also connects to dApps. WalletConnect integration connects via QR code to any decentralized apps or Dapps on Ethereum, Algorand, Polygon, AVAX C-chain, BSC, Optimism, and Fantom.

With their support team available 24/7, this XMR Wallet is readily available to assist you in anything you need to learn about crypto and how you can best manage your money.

Other Features

• Conduct transactions right inside the app thanks to the built-in exchange service from ChangeNOW

• Supports over 500 cryptocurrencies and 70,000 trading pairs across more than 40+ blockchain networks

• Many staking options, including BNB, NOW, TRX, ATOM, SOL, ADA, and XTZ;

• Storing, transferring, and receiving NFTs

• 0.1% cashback for ChangeNOW Pro users

• Custom token addition options

Pros

• Versatility

• User-friendly interface

• Free to use

• Censorship-resistant since it's non-custodial and the user controls the keys

• Full compatibility between mobile and desktop versions

• Instant crypto-to-crypto and fiat-to-crypto exchanges right in the app

Cons

• No native support for hardware wallets (Ledger, Trezor)

• A newer product that is yet to gain wider recognition

NOW Wallet is relatively new with more than just a year from its release, NOW Wallet has already marked its spot in the cryptocurrency market. With its trade rate better than initial estimates, 50% of its users receive more than expected, thanks to its smart exchange engine. The surplus goes to the customers while they maintain transparency and fairness in operations.

2 Crypto.com Defi Wallet

Crypto.com is a popular crypto wallet offering reliable digital assets and investment self-storage. It takes pride in its rigid security, which is rare among online non-custodial crypto wallets.

Aside from the standard two-factor authentication that keeps a lot of online access secure, it is also open source, allowing for code checking. However, multi-signature is not available.

Its availability on desktop, mobile, and browser makes it one of the easily accessible crypto wallets. This can help you manage your money even through your phone, laptop, or browser. Aside from accessibility, Crypto.com makes it easy to use decentralized applications even if you are not an expert on them. The catch? You need to pay for that service.

Despite the wide range of information available for Crypto.com, this helpful feature is unavailable on the app. Crypto.com has outstanding components, including security, cryptocurrency support, and integrations with NFT, Web3 capabilities, staking, etc. It also provides for storage via a hot wallet and desktop connection.

Pros

• Robust security, including two-factor authentication, open-source

• Provides for mobile, desktop, and web-based extensions

• 1000 cryptocurrencies supported

Cons

• Lacks information and educational materials

• Lacks tools to analyze data

• Charges a specific amount for DeFi rewards

3 Coinbase Wallet

Coinbase Wallet is a crypto wallet considered best for beginners since it can easily transfer assets to Coinbase, the most prominent U.S.-based exchange. It is easy to use, and you can opt for custodial or non-custodial wallets depending on your preference, whether for better-managed third-party service or ultimate privacy.

Coinbase Wallet is available for web-based and mobile, with thousands of cryptocurrencies supported and built-in access in dapps. Its dapps interaction includes NFTs, staking, and yield farming. Its support for muti-currencies, integration with a lot of digital assets, and easy conversion from hot wallet to dedicated offline storage are Coinbase Wallet's strengths.

Other factors like functionality and available tools are considered average for data analysis tools and mobile and browser extensions but need a desktop app. Its security also needs improvement due to the lack of two-factor authentication.

Pros

• Easily transfers assets to Coinbase

• Supports a wide selection of cryptocurrencies

• Staking tools and NFT marketplaces are part of the decentralized application (dapp)

Cons

• Not available for desktop

4 Metamask

Metamask is a software crypto wallet meant to cater to the Ethereum blockchain, so it supports ERC-20 coins, Ethereum-supported assets, and its decentralized apps.  Just like Coinbase Wallet, it is also available in web browser extensions and mobile applications, but not for desktop app. You can use Matamask to swap, buy and sell, and access decentralized apps like Crypto.com.

Directly from the Metamask wallet, staking tools and integrations with NFT marketplaces were already made available. Metamask offers Web3 functionality, allowing trade while earning rewards on crypto and NFTs. Also, its tokens can be easily converted from software to hardware wallets, from hot to cold. Meanwhile, its security includes open-source software.

Metamask is a good pick unless you store non-Ethereum tokens since it only caters to the Ethereum blockchain. If you need a multi-currency crypto wallet, you can always go for NOW Wallet instead. The best features of Metamask highlight its storage versatility, support for more than 500000 selections of Ethereum-based tokens, and direct third-party software integration for staking and NFTs.

Pros

• Supports purchases using credit cards and digital wallets like NOW Wallet.

• ERC-20 coins and dapps compatibility

• Third-party integrations

Cons

• Only Ethereum coins

• Lacks desktop application

• Open-source but lacks two-factor authentication

5 Trust Wallet

Trust Wallet is a crypto wallet that offers simple self-storage that helps users to take control of their security while supporting various digital assets. However, it is too simple that it lacks the features that other crypto wallets already offer.

Developed by Binance, Trust Wallet offers its availability on mobile, desktop, and web-based extensions, which other crypto wallets above lack. This is a plus considering that this wallet is simple with limited connections for dedicated storage.

Its strengths lie in selection and integration since a selection of millions of digital assets is not usual, while it is at par with other crypto wallet apps when it comes to staking, swaps, buy and sell, and NFTs. Its security gets points for using open-source software, two-factor authentication, and supporting multi-signature.

It just needs improvement on storage since hot wallets without the option for offline conversion could be vulnerable to ransomware.

Pros

• Available on mobile, browser, and desktop

• Compatibility with a wide range of digital assets

• Works with Binance

Cons

• Cannot convert to offline storage

These top 5 best crypto wallets in 2023 give you options based on what you need. Are you a beginner? Do you prefer faultless features despite the price? Do you need multiple-currency support? What about for exclusive Ethereum blockchain?

Always assess security, speed, functionality, integrations, selections, and storage when looking for the best crypto wallet that would suit your cryptocurrency needs. Since features vary and there are gains and drawbacks, you can best decide which crypto wallet would be best.