21 Best Crypto Wallets in the UK 2024 – Safest Wallets Revealed

After buying crypto from an exchange or broker, most investors in the UK will store their tokens in a private wallet.

There are many different options in this regard, so this comparison guide reviews the 21 best crypto wallets in the UK.

Read on to select the best crypto wallet for safety, user-friendliness, features, fees, and more.

1. Best Wallet – Top Wallet with Unique Multi-Chain Token Swaps, DEX Features, and NFT Gallery

One of the most popular crypto wallets for UK investors is Best Wallet. This all-encompassing Web3 app aims to be more than just a platform for storing cryptocurrencies – instead, offering a comprehensive solution that simplifies the management of various digital assets into a single mobile app.

Users can store their coins, tokens, and NFTs on the Best Wallet mobile app safely. Alongside robust cryptographic methods, Best Wallet also boasts two-factor authentication and biometric identification, ensuring users’ digital assets are as safe as possible.

What makes Best Wallet stand out the most is the upcoming market insights feature, where you get advanced price charts as well as token analytics, including trending tokens, token sentiment, and more. No other crypto wallet has these features.

Another strength of Best Wallet is its $BEST token. $BEST holders who stake their tokens will receive various benefits, including early access to crypto presales, staking rewards and more. Stakers will even benefit from zero gas fees when making transfers, which is ideal for active market participants.

Stay up-to-date with new information on the Best Wallet Telegram channel and follow Best Wallet on X. 

2. Exodus – Established Crypto Wallet Provider With Support for Multiple Devices

Exodus is an established crypto wallet provider that was founded in 2015. Its wallet supports more thousands of cryptocurrencies across multiple networks, including Bitcoin, Ethereum, Solana, and Binance Smart Chain.

Another benefit of Exodus is that its wallet can be downloaded on several different device types. This includes Windows, Mac, and Linux for desktops and iOS and Android for mobile phones. There is also a browser extension for Chrome and Brave.

Exodus is compatible with Trezor, which is one of the best crypto hardware wallets. This enables users to store the tokens on Trezor but view balances via the Exodus app. We also like the portfolio dashboard offered by Exodus, which can display the real-time value of each token.

Exodus connects to several third-party DeFi apps such as Compound Finance, so Exodus users can earn interest on idle crypto investments. With a built-in cross-chain swap, users can seamlessly exchange their cryptocurrencies regardless of the blockchain.

Follow Exodus Wallet on X and join their Discord channel to get the latest updates.

3. Ellipal Titan – State-of-the-Art Crypto Wallet With Air-Gapped Security 

There are two types of ELLIPAL Titan wallets: the main air-gapped cryptocurrency wallet and its mini version, which is simply smaller and more affordable. Its air-gapped design ensures Ellipal functions without a direct internet connection to mitigate the risk of malware or remote hacking attempts.

ELLIPAL Titan hardware wallet is equipped with dual-layer defence and CC EAL 5+ certification of security. It further offers security features like password, PIN, and 2FA, in addition to being anti-tamper, anti-disassembly, and self-destructive. 

The device is actually metal-sealed to protect your wallet against physical supply chain attacks. For advanced security, the wallet has no Bluetooth, NFC, Cellular, or Wi-Fi connectivity but features a 4-inch full-lamination IPS display and super quick-touch response.

Follow the company on X or join the community on Telegram to get more information about the crypto wallet provider. 

4. Ledger Nano – Preferred Crypto Wallet Among Long-term UK Investors

Ledger Nano is one of the best crypto wallets in the UK for long-term investors. The reason for this is that Ledger Nano is a Bitcoin hardware wallet. As such, the crypto tokens are stored in a physical device for safekeeping.

Crucially, Ledger Nano remains offline at all times, so the threat of a remote hack is reduced. In order to transfer tokens from Ledger Nano, the user needs to enter their PIN. This ensures that if the Ledger Nano device is stolen, the user can recover the wallet remotely.

Ledger Nano supports over 5,500 tokens across multiple blockchain networks. Through the Ledger Live desktop software or mobile app, users can buy and sell crypto.

Users can also connect to third-party DeFi apps, such as 1Inch and Lido. Depending on the chosen model, Ledger Nano costs between $70-$140. Users are advised to only purchase the device directly from the Ledger Nano website.

5. Trezor – Leading Crypto Wallet With Secure and Versatile Storage Options

One of the original hardware wallet brands, Trezor, has two options for UK crypto users: the advanced Trezor Model T and the affordable Trezor Model One. Developed by Satoshi Labs, this wallet provides you with an efficient and secure way to store your crypto.

Importantly, these hardware wallets utilise open-source technology to ensure there are no hidden vulnerabilities and allow anyone to analyse its code.

These devices feature a touchscreen, two-button pad, support for more than 8,000 tokens, and are Secure Element protected with certified Chip EAL6+. You can verify and physically confirm each transaction independently directly on the device. 

Trezor also puts a special focus on user privacy through Coinjoin to anonymize Bitcoin transactions online, Coin Control to have full control over your coins, and Tor support for anonymous communication.

Stay up-to-date with new information about Trezor through its Blog section or follow it on X (previously Twitter). 

6. Bybit Wallet – High-Security Wallet With Multi-Signature Technology And 2FA

The Bybit Wallet is a secure, versatile digital wallet integrated into the ByBit crypto exchange platform. The wallet is built to be user-friendly, allowing beginners to easily manage, transfer, and trade a variety of cryptos like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many more.

The wallet’s integration with the Bybit exchange, extremely high security, and beginner-friendly interface help make it one of the best crypto wallets in the UK.

ByBit Wallet uses multi-signature technology and two-factor authentication (2FA) to secure users’ funds and personal information. It also stores most of its user assets in cold storage, further increasing the wallet’s security.

The app is available for iOS and Android devices.

7. Ngrave – UK’s Renowned Crypto Wallet With Unrivaled EAL7 Security Certification

Ngrave Zero boasts of being the first crypto hardware wallet with the highest security certification in the world, EAL7. This crypto wallet generates your private keys offline and calls it the Ngrave Perfect key.

Instead of giving a predetermined set of keys, Ngrave uses a 64-character hexadecimal equivalent, making it impossible to trace them online. Hence, these keys are never taken online, making this hardware wallet one of the most secure options on the market.

Furthermore, Ngrave offers a backup solution called Graphene, which is made of stainless steel plates the size of an A5 paper 148x 210x 3mm for utmost protection. It comes with a pen, which you use to mark your 64 hexadecimal phrase characters on the plate.

This hardware wallet currently supports a limited number of coins, but according to its roadmap, expansions such as Trust Wallet integration and support for ADA and Binance Smart Chain (BSC) are underway.

For more information about Ngrave, follow the hardware wallet provider on X or YouTube, or join its Discord channel.

8. Blockstream Jade – A Highly Regarded Crypto Wallet Among UK Bitcoin Enthusiasts 

Created by Bitcoin technology company Blockstream, this hardware wallet focuses primarily on Bitcoin. Additionally, it supports Liquid assets, which are tokens issued on the Liquid Network.

Blockstream Jade is a lightweight, plastic-made device featuring a green power button and includes a rechargeable, non-removable battery. It boasts a relatively small screen with a color IPS LCD display, offering a resolution of 240 x 135.

You can connect the device to your desktop, laptop, or phone using its USB-C port or through Bluetooth. Notably, it also offers the option to operate in air gap mode, utilizing only its camera and QR code functionality, though it lacks a microSD card slot or NFC.

This hardware wallet is compatible with several software wallets, including Electrum, Sparrow, Nunchuk, Specter, BlueWallet, Keeper, Bitcoin Core, and BTCPay Server. Meanwhile, its own dedicated app, Blockstream Green, facilitates sending and receiving BTC and liquid-based assets independently of your device.

For real-time information about Blockstream Jade, join the company’s Telegram channel and follow it on X. 

9. Bitbox – A Widely Recognized Swiss-Made Hardware Wallet Among Security-Conscious UK Users

Zurich-based Shift Devices AG’s flagship product, BitBox, is a hardware wallet that you can use to store your crypto fortune. This minimalist wallet comes as a portable USB device that you can simply plug into your computer.

It is compatible with Windows, Linux, and Mac operating systems in addition to being integrated with mobile apps through iOS and Android.

The BitBox hardware wallet uses AES-256-CBC encrypted USB communication in combination with a micro SD card meant for backup. There is no need for connecting cables here.

BitBox uses a dual-chip system with a secure chip and is password protected in addition to manual transaction confirmation and 2-factor authentication.

For seed storage, the fully open-source wallet uses a microcontroller that stores three secrets that are needed to access the encrypted wallet seed: a random secret on the secure chip, a random secret on the microcontroller, and a random secret not on the device, i.e., your device password.

Join BitBox’s Telegram channel and follow the company on X to stay up-to-date with new information.

10. SafePal – UK’s Stand Out Crypto Wallet Known for its Budget-Friendly Pricing and Rich Features

If you are looking for a hardware wallet, SafePal has three options for you: S1, X1, and S1 Pro. All of these devices have a D-pad button and the CC EAL5+ secure chip and are compatible with iOS, Android, Windows, and MacOS. They support 100-plus blockchains to give you access to tons of tokens. 

Both S1 and S1 Pro have a 1.3’ full colour screen and 100% air-gapped signing mechanism, while X1 features a 1.8’ monochrome screen and high-speed Bluetooth 5.0 signing mechanism.

These wallets are designed for completely offline security with QR scanning and no WiFi connectivity, NFT, or USB connection. Moreover, features like a true random number generator, multiple layers of security sensors, and an anti-tampering self-destruct mechanism provide an extra layer of safety.

SafePal offers a mobile app that allows users to securely send and receive coins, manage crypto and NFTs, buy crypto thanks to the platform’s integration with MoonPay, cross-chain swap thanks to built-in DEX, explore DeFi, and stake right within the app.

To know more about SafePal and get up-to-date information, join its Telegram group or Discord channel. You can also follow the company on X or subscribe to their YouTube channel.

11. SecuX – Favorite Among UK Crypto Users for its User-Friendly, Large Touch Screen 

This hardware wallet is built by a Taiwanese company that has three options for you. These are SecuX V20, W20, and W10, which utilises a secure element chip to protect your crypto assets.

In addition to Infineon SLE Solid Flash CC EAL5+, SecuX Wallets also have Bluetooth 5 chip with OTP requirement and AES encryption to add an extra layer of safety. 

All of these products are compatible with MacOS and Windows 11. SecuX V20 and W20 are also supported on iOS and Android devices.

Different hardware wallets offered by SecuX are easy to use, with its app coming with a sleek design for a user-friendly experience. Create account, wallet sync, and QR code scanner are commonly used functions on the app.

You can follow the company’s account on X to stay up-to-date with new information, or you can join other community members on its Telegram channel or follow them on YouTube.

12. CoolWallet: A Biometric-Authenticated Crypto Wallet, Great for On-The-Go UK Users

CoolWallet is not only for cold storage of your crypt assets but also NFTs. It comes with robust security features in the form of advanced encryption and usage of the EAL6+ Secure Element chip. 

This wallet manufacturer has two models — CoolWallet S and CoolWallet Pro. CoolWallet S is ultra-thin and lightweight, with Secure Element Chip EAL5+, AES-256 Bluetooth for confidential data transfer, and support for NFT and DeFi, whereas CoolWallet Pro has the same size and qualities as S except for a Secure Element Chip EAL6+ and built-in staking feature. 

Both these wallets are credit card-sized, which makes them very portable. Moreover, they are waterproof and tamper-proof, ensuring secure storage of your assets. The app supports more than 10 main chains and over 12,000 tokens while offering real-time scanning, alerting, and advanced visibility. 

Stay up-to-date with new information on the company’s Discord or Telegram channel. You can also follow the company on X. 

13. Coldcard – Top Pick Among the UK’s Bitcoin Enthusiasts for its Exceptional Air-Gapped Security

Created by Coinkite, the ColdCard cold storage wallet is only for Bitcoin lovers with no support for any other altcoin.

For security, this Bitcoin hardware wallet uses strong encryption, dual secure elements (Microchip’s ATECC608B and Maxim’s DS28C36B), PIN entry, and 2FA, in addition to being completely air-gapped. 

The Bitcoin-focused cold storage is open source and supports PSBT (Partially Signed Bitcoin Transactions) for those who want to collaborate with others on a transaction without exposing the private key. It also allows for full-node integration, offline address verification via QR code scanning, and the ability to connect to the Tor network for privacy.

Coldcard wallet is pretty lightweight with its plastic casing and features a full-sized numeric keypad and a high-resolution OLED display. It’s also compatible software wallets including Bitcoin Core, BlueWallet, Casa, Coldcore, Electrum, Sparrow, Fully Noded,  Specter, Unchained,  Wasabi Wallet, and Nunchuck. 

Follow the company on X or join Coldcard’s Telegram channel to get real-time information about its latest developments.  

14. Coinbase – Large and Well Regulated User-Friendly Exchange With Self Custodial Wallet

Coinbase is one of the world’s oldest and most well-known exchanges, started all the way back in 2012 by Brian Armstrong. It’s a secure, regulated, and beginner-friendly exchange, with a large array of products and services for users.

The Coinbase Wallet has support for hundreds of thousands of tokens and decentralized applications, and is available as a mobile app, as well as a Chrome Browser extension (similar to how MetaMask operates as a Mozilla extension). This is a self-custodial wallet, meaning you will be responsible for storing your private keys securely.

Through a Coinbase One subscription, it’s possible to earn 10% APY on your crypto along with zero trading fees. In the UK, Coinbase also provides faster payments and a large variety of withdrawal deposit options to its crypto wallets.

In terms of storing and sending crypto, Coinbase is an integrated ecosystem. The mobile application is also very easy to use with a nice UI. The only real downside with Coinbase is the 3.99% fee for purchasing a crypto with a debit card. 

15. OKX – Decentralized Wallet With DeFi Yields and NFTs

OKX is the best crypto wallet in the UK for those seeking noncustodial storage. Put simply, this means that the investor is the only person that has access to the wallet’s private keys. Therefore, the OKX wallet allows investors to retain full control over their crypto tokens.

The OKX wallet is accessible in two forms. First, investors that prefer using a desktop device can install the OKX wallet extension to Chrome or Firefox. Alternatively, the OKX wallet can also be downloaded as a mobile app for iOS and Android. In terms of supported tokens, the OKX wallet is compatible with other 30+ blockchain networks.

This includes everything from Bitcoin, Ethereum, and Binance Smart Chain to Algorand and Solana. Additionally, OKX also offers one of the best crypto wallets in the UK for DeFi. This enables investors to earn interest on the crypto tokens stored in their OKX wallet through savings accounts, staking, and more.

The OKX wallet also supports an NFT marketplace and offers access to hundreds of trading pairs. Commissions amount to just 0.1% per slide and UK investors can also deposit funds with a debit/credit card or e-wallet.

16. Binance – Popular Crypto Wallet for Active UK Traders

Binance offers another excellent crypto wallet for UK traders. Binance’s web wallet operates alongside its crypto exchange – which supports hundreds of pairs. It’s very onvenient for active traders that regularly buy and sell crypto.

Binance also offers a proprietary app that connects to the web wallet. Both options enable users to deposit and withdraw crypto on a wallet-to-wallet basis. Moreover, the Binance wallet is compatible with DeFi services. This includes yield farming, staking, and savings accounts.

But where Binance really stands out is its exchange platform. For instance, some popular pairs can be traded at 0% commission. All other pairs attract a commission of just 0.1%.

Both the Binance web and mobile app are protected by two-factor authentication. Binance also has a safe asset fund for users (SAFU). This is an internal treasury fund to compensate users in the event of a hack.

17. Trust Wallet – Crypto Wallet App Supporting 4.5+ Million Digital Assets

Trust Wallet is backed by Binance, but operates independently from the exchange. In fact, unlike the Binance web and mobile wallets, Trust Wallet offers non-custodial storage.

Trust Wallet is available as a mobile app for iOS and Android. A recently launched browser extension for Chrome, Edge, and Brave is also supported. Trust Wallet is compatible with more than 65 blockchains, which translates into over 4.5 million digital assets. As such, Trust Wallet is one of the best wallets for UK investors that are looking to diversify.

Trust Wallet is also compatible with DeFi apps, such as PancakeSwap. This enables wallet users to buy and sell tokens on the Binance Smart Chain.

Investors can also use Trust Wallet to earn interest on their idle tokens. Yields are competitive, with BNB and Kava offering an APY of 11% and 10% respectively. Finally, Trust Wallet is also a great option for storing NFTs.

18. Metamask – Leading Crypto Wallet Extension for Web Browsers

With more than 30 million users, Metamask is one of the most popular crypto wallets. Metamask offers noncustodial storage across its iOS and Android app. It also offers a browser extension for Chrome, Edge, and Firefox.

There are no fees to pay when using Metamask, other than standard network charges for transferring crypto. The Metamask wallet is particularly popular with beginners, as its interface is simple to navigate.

By default, Metamask is initially only compatible with the Ethereum network. Users can, however, add Binance Smart Chain, Polygon, Avalanche, Optimism, and Arbitum manually. Metamask connects to many third-party DeFi apps, including AAVE, Uniswap, Maker, OpenSea, Compound, and Axie Infinity.

19. Crypto.com – Store, Buy, and Earn Crypto via a Single Wallet App

The Crypto.com app for iOS and Android offers a wide range of services. In addition to storing crypto, the app also supports trading, NFTs, and DeFi yields.

Users can earn interest on over 25 tokens, including ATOM, VVS, and CRO. Additional yields can be earned by connecting to a third-party DeFi app, such as Uniswap or AAVE.

The Crypto.com app also enables users to swap more than 1,000 tokens without leaving the wallet interface. This includes multiple blockchain networks, including Ethereum and Cosmos. The Crypto.com wallet is non-custodial, so users will need to keep their private keys safe.

Crypto.com also offers a popular exchange that is used by over 80 million traders. Commissions are very competitive, starting at just 0.075%. Finally, Crypto.com also offers a noncustodial wallet for browser extensions and desktop software.

20. Electrum – One of the Oldest Bitcoin-Only Wallets in the Market

Launched in 2011, Electrum is one of the oldest crypto wallets in this space. Unlike the other wallets discussed so far, Electrum only supports Bitcoin.

Electrum can be downloaded as desktop software for Windows, Mac, and Linux. There is also support for Android mobiles, but Electrum is not compatible with iOS. As a noncustodial wallet, Electrum does not have access to the user’s private keys.

Instead, the private keys are encrypted on the user’s device. Electrum also provides a secret phrase when setting up the wallet. This enables users to regain access to Electrum if the device is lost or stolen.

Electrum also offers watch-only wallets. This allows users to keep their private keys offline at all times. Another feature offered by Electrum is multi-sig permissions. This requires multiple wallets to authorize a transaction before the funds are sent.

21. iToken – Noncustodial Mobile Wallet Providing Access to Web3 Tools

iToken is a mobile wallet app backed by the popular Huobi exchange. The app is available for both iOS and Android devices and is used by over 10 million people.

iToken offers access to a wide range of Web3 tools. For example, iToken supports most third-party DeFi apps, enabling users to earn interest via staking and savings accounts. Moreover, the iToken wallet is compatible with over 30 blockchain networks.

This includes Ethereum, Binance Smart Chain, and Solana, meaning the wallet supports over one million tokens. In addition to NFTs, the iToken wallet also supports crypto trading services.

The wallet connects to the primary Huobi exchange, which supports over 500+ tokens. Trading commissions are competitive at just 0.2% per slide. Moreover, via Huobi, the iToken wallet also supports debit/credit card deposits. Finally, iToken comes with 24/7 customer support.

Top UK Crypto Wallets Compared

What is a Cryptocurrency Wallet?

While dollars are deposited into bank accounts, crypto assets are stored in wallets. There are many different types of wallets to choose from across multiple devices. For example, while some investors in the UK prefer storing their crypto on a mobile app, others opt for desktop software.

It is also possible to store crypto in a hardware wallet. Unlike other wallet types, this is a physical device that stores crypto offline. Another metric to consider when searching for the best crypto wallet in the UK is custodianship. For instance, when opting for a custodial wallet, this means that the crypto is safeguarded by a third party.

Alternatively, noncustodial wallets like the Best Wallet offer full control over the stored crypto. This is because the private keys are only known by the wallet owner, rather than a third party. Some crypto wallets also come with additional functionality.

For example, the Best Wallet enables users to buy and sell crypto with a card, trade tokens from multiple blockchains, and even trade NFTs. OKX also offers plenty of features, including crypto savings accounts, loans, and other DeFi services. Ultimately, choosing the best crypto wallet in the UK requires investors to consider a wide range of factors.

Read on for more information on how crypto wallets work.

How do Bitcoin Wallets Work?

The easiest comparison to make when learning about crypto wallets is with a standard current account. For example, current accounts in the UK enable people to store money. This is also the case with a crypto wallet, but for storing digital assets like Bitcoin.

Furthermore, currency accounts enable people to receive money. This is achieved by providing the current account number and sort code. This information can safely be provided to others, as it is simply a means for receiving deposits.

Similarly, this is also how crypto wallets work. But instead of an account number and sort code, crypto wallets have a ‘public address’.

Public Addresses

Each public address is unique to the specific wallet. Moreover, most public addresses are between 26 and 35 alphanumeric characters.

Here’s an example of a Bitcoin public address:

34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo

The above public address belongs to the Binance exchange. Due to the transparency of the Bitcoin blockchain, we can see that Binance’s wallet holds nearly $7 billion worth of BTC tokens.

This means that when giving someone a public address, they can view how much crypto is being stored. This isn’t possible when having access to a current account number and sort code. As such, investors in the UK should only share their public addresses when necessary.

Private Keys

Now that we have established that public addresses enable a wallet to receive crypto, we now need to discuss ‘private keys’. Back to our current account comparison, private keys are similar to online banking passwords.

This is because in order to transfer funds to another person online, the current account owner must enter their password credentials. If somebody else knows the password, they can log in to the account and make an unauthorized transfer.

This is much the same as how private keys work in a crypto wallet. That is to say, private keys enable the user to access the wallet and transfer crypto to another public address. If unauthorized access happens, the transaction cannot be reversed.

Nor can the wallet provider help recover the tokens, as blockchain transactions are immutable. As such, it is crucial that the wallet’s private keys are never shared with anyone.

Private keys are even longer than public addresses. For instance, Bitcoin private keys are 64 characters, covering both letters and numbers. This is why the best Bitcoin wallets in the UK support ‘backup phrases’.

Backup Phrases

Instead of needing to enter a long string of 64 characters, private keys can be represented by a backup phrase. This will vary depending on the wallet provider but is commonly 12 words.

The 12 words must be entered in the correct order to access the wallet. This is why users are advised to write down the backup phrase when setting the wallet up and keeping it somewhere safe.

Fortunately, the backup phrase is only required if the user forgets their wallet login details. This is usually just a PIN or a standard password.

Furthermore, the backup phrase will enable the user to recover the wallet if the device is lost or stolen. In this instance, the user can download another wallet and enter the backup phrase. The user can then transfer the tokens to another wallet address.

Seed Phrase Security 

Since the loss of your backup/seed phrase means permanently being unable to access your private keys, it is vital to properly secure it on a storage device. One such device is Cryptotag, which stores all your seed phrases on its aerospace-grade titanium plates. 

The device is water and heat-resistant, and compatible with crypto wallets such as Metamask, Ledger, Trezor, and Trust Wallet. The cheapest storage device that Cryptotag offers costs just €129.

Why You Need a Crypto Wallet

There are several reasons why wallets are required when getting into crypto.

This includes:

Storage

Crypto tokens are stored on the blockchain. But in order to communicate with the blockchain, a wallet is required. As such, wallets enable users to safely store their tokens remotely.

Investors can choose from a custodial or noncustodial wallet, depending on the level of control sought.

Viewing Balances

Crypto wallets are also useful for checking the value of an investment. This is because the best crypto wallets in the UK display balances based on real-time prices.

For example, let’s say the investor buys Bitcoin at $20,000 and it’s now trading at $30,000. If the original investment was $1,000 – the wallet would now show a value of $1,500.

Receiving Crypto

As noted above, UK crypto wallets enable users to receive tokens from an external source.

This requires the user to send their wallet’s public address to the sender. Depending on the blockchain, the tokens will arrive in the wallet in a matter of minutes.

Sending Crypto

Similarly, a wallet is also required to send crypto to another person. In this instance, the sender needs to enter the public address of the receiver’s wallet.

Types of Crypto Wallets

In this section, we cover the main types of UK crypto wallet options in the market.

Software Wallets

Software wallets enable users to store, send, and receive crypto remotely. There are multiple options in this regard. First, some wallets can be downloaded as desktop software. Support is often provided for Windows, Mac, and Linux.

The more popular option is to download a wallet app for iOS or Android. This is because the user can check their crypto investments on the move, simply by opening the app. It also makes them ideal for payments to providers, such as crypto casinos in the UK.

Both desktop and mobile wallets come with various safety nets, but this will vary depending on the provider. For example, some wallets offer two-factor authentication, while others come with multi-sig permissions.

Additionally, web wallets are also software-based and usually backed by crypto exchanges or brokers. This can be a convenient option when choosing the right provider.

Finally, some software wallet providers offer a browser extension for Chrome and Firefox. This enables users to send, receive, and store their tokens via a laptop device.

Hardware Wallets

The safest option when storing large amounts of crypto is to opt for a hardware wallet. The crypto will be stored in a physical device that remains offline at all times.

The two leading hardware wallet providers are Ledger Nano and Trezor, which we reviewed earlier.

Here’s how a crypto hardware wallet works:

• After purchasing the hardware wallet, the user will need to choose a PIN
• The PIN needs to be entered whenever the user wishes to send crypto to another public address
• The user will also need to write down their backup phrase
• This is used to recover the wallet if the device is lost, stolen, or damaged

While hardware wallets are secure, they are far from convenient. After all, the only way to send funds is to have access to the device, as the PIN needs to be entered for authorization.

Nonetheless, Ledger Nano or Trezor could be the best Bitcoin wallet for UK investors that have a serious amount of money invested.

Paper Wallets

Paper wallets offer even less functionality but unlike Ledger Nano and Trezor – are free to operate.

• Put simply, the user will generate a random wallet address and private key.
• Next, the user can transfer the tokens to the wallet address.
• Finally, this information will be printed and safely stored.

The user will need to manually import the private wallet to another wallet should they wish to access the funds.

On the one hand, paper wallets are ultra-secure, as there is never a connection to the internet. However, if the paper is lost or damaged, access to the wallet is impossible. In this instance, the crypto funds are lost forever.

How to Pick a Crypto Wallet

Still not sure how to select the best crypto wallet for UK investors?

Follow the checklist below to get started with a suitable UK Bitcoin wallet today:

Custodianship

First, consider whether the crypto wallet offers custodial or noncustodial storage.

• Users that wish to take full control over their private keys should opt for a noncustodial wallet.
• A custodial wallet, on the other hand, is safeguarded by a third party, such as an exchange or broker.

Neither option supersedes the other, as it all depends on the preference and experience of the crypto investor.

Wallet Type

After choosing between a custodial or noncustodial wallet, consider the preferred device type.

As noted above, options include:

• Mobile wallet app
• Desktop software
• Browser extension
• Web wallet
• Paper wallet
• Hardware wallet

Each wallet type comes with its own balance of security, convenience, and features. Scroll back up to review how each wallet type works.

Supported Blockchain Networks

When choosing the best crypto wallet for UK traders, consider what blockchain networks it supports.

For example, if the wallet supports the Ethereum network, then it will likely store all ERC-20 tokens. Similarly, if the Binance Smart Chain is supported, it will accept all BSC tokens.

Fees

The best crypto wallets in the UK are usually free to download, install, and maintain.

However, fees will need to be charged when sending crypto tokens to another wallet address.

In this regard, make sure that the wallet provider does not charge a mark-up. Instead, the fee should mirror what the blockchain network is currently quoting.

Exchange Features

The best crypto wallets in the UK double up as an exchange. For example, the Best Wallet enables users to buy and sell cryptocurrencies on the Ethereum, Polygon and BNB blockchains.

This makes it super convenient to invest and store crypto via the same platform.

DeFi Tools

We also came across crypto wallets that support DeFi tools. For example, the OKX wallet enables users to earn interest on idle crypto tokens.

Several options are available, including crypto savings accounts and staking. The OKX wallet also enables users to connect to third-party DeFi apps, such as Uniswap and 1Inch.

Security

Top crypto wallets in the UK offer a range of security features.

This may include the following:

• Cold storage of client digital assets of at least 95% (custodian-only)
• Two-factor authentication
• IP address and device whitelisting
• Multi-sig permissions
• KYC
• Withdrawal timelocks
• Regulation

The more secure features a wallet offers, the better.

User Experience

UK investors should also ensure that they are choosing a crypto wallet that aligns with their skill set.

For example, those buying crypto for the very first time will likely be more suited for a custodian wallet. Seasoned traders, however, might prefer a noncustodial wallet that comes with advanced security protocols.

As noted above, most crypto wallets are free to download and install. This enables users to try the wallet out before transferring any crypto.

Are UK Bitcoin Wallets Safe?

Whether or not a Bitcoin wallet is safe depends on various factors. This is why it is important to research the credentials of a wallet provider before depositing any crypto.

Here’s what to consider when evaluating the safety of a crypto wallet:

Noncustodial Wallets

The first point to consider is who has custodianship over the crypto tokens.

If using a noncustodial wallet, then the user must take full responsibility for the safety of their crypto. This is because the wallet is always at risk of being compromised by a remote hacking attempt.

• Hackers are becoming more and more sophisticated, so it is crucial to choose a noncustodial wallet that comes with sufficient security controls.
• For example, two-factor authentication requires an additional device to authorize access to the wallet.
• This is usually via an SMS code sent to a mobile phone.
• In this instance, a hacker would find it difficult to access the wallet without the required code.

With that said, if a hacker has access to the private key (or backup phrase), two-factor authentication will be of little use. This is why it is also imperative to keep the private key offline and stored somewhere safe. If the private key is stored in an email or notepad file, it is vulnerable to a remote hack.

Another security feature to look for when using a noncustodial wallet is multi-sig permissions. Put simply, this requires more than two wallets to authorize an outgoing transaction. For example, the user might have one wallet on a desktop device and another on their mobile phone.

Custodial Wallets

When using a custodial wallet, a third party is responsible for safeguarding the tokens. This option will suit beginners that do not feel comfortable taking responsibility for their own private keys. However, choosing the right custodian is crucial.

This has never been more important after the recent collapse of the FTX exchange, which owns customers several billion dollars worth of crypto.

UK investors should also consider whether IP address and device whitelisting are offered by the wallet provider. For example, if a login attempt comes from a new laptop or mobile phone, additional authorization will be required.

Conclusion

Crypto wallets enable UK investors to store, send, and receive tokens. While many options exist, choosing a secure wallet is crucial to ensure the crypto investment remains safe and away from hackers.

Best Wallet offers the best crypto wallets in the UK as it provides full support for over 10,000 tokens and NFTs along with airtight security.

FAQs

How does a cryptocurrency wallet work?

Cryptocurrency wallets are required to send, receive, and safely store digital assets like Bitcoin. Wallets can be downloaded via a mobile app or desktop software. Some wallets also support browser extensions and even a physical device.