Best 7 Web3 Wallets in 2024: Comparison and Review

10 min read
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Web3 wallets have revolutionized the way we manage and monetize our content, identity, and assets as we transition to the next generation of the internet. These wallets, whether hardware or software, allow you to access funds, interact with decentralized applications, use bankless financial services, collect NFTs, create on-chain identities, and collaborate with communities. They offer far more features than traditional wallets.

In Web3, various types of wallets are available. Each has its use cases and benefits, depending on how you want to manage your data and funds. It’s best to try different types to see which one suits you best.

To help you find the right wallet, Pink Brains has reviewed the top options and selected the best 7 Web3 wallets available, with a detailed review and comparison table to make your search easier.

Best 7 Web3 Wallets For Crypto: A Comparison Table

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What is a Web3 Wallet?

Just as we use physical wallets to store paper money, Web3 wallets store access to your digital currency. They also store digital assets like NFTs and enable interactions with decentralized apps (dApps) without a middleman.

While wallets don’t store cryptocurrency directly, they hold the information needed to access your funds, which are digital cryptocurrencies.

A Web3 wallet has three main components:

  • Public Key: This is an address where you can send and receive transactions.
  • Private Key: This must be kept secret. It is used to sign new transactions and access funds.
  • Seed Phrase: This generates multiple private keys. It acts as a root key, providing access to all keys and addresses in your wallet and can create new private keys.

Types of Web3 Wallet

Just like picking the right footwear for different terrains, choosing the perfect Web3 wallet depends on your needs and risk tolerance. Here’s a quick breakdown of the two main types:

Hot Wallets

Hot wallets, often called software wallets, are hosted on internet-connected devices, making them highly convenient for storing, sending, receiving, and viewing tokens. They offer the highest utility among Web3 wallets. However, because they are connected to the web, they are more vulnerable to hacks compared to cold wallets.

  • Desktop Wallets: Desktop wallets are applications downloaded and executed locally on your laptop or desktop. They are considered the safest type of hot wallet.
  • Web Extension Wallets: Web extension walltes are installed on a third-party server, allowing access through a browser interface without needing to download or install anything. They have the same features as desktop wallets and use the same blockchains and block explorers.
  • Mobile Wallets: Mobile wallets function similarly to desktop wallets but are specifically designed as mobile apps for smartphones. They offer convenient access to funds on the go, though they are often more simplistic due to limited space and a focus on usability.

Cold Wallets

Cold wallets are a safer option for storing cryptocurrencies as they are not connected to the internet. This offline storage method, known as cold storage, makes them highly resistant to hacks, making them ideal for long-term investors.

  • Hardware Wallets: Hardware wallets are physical electronic devices (often resembling a USB stick) that generate public and private keys using a random number generator (RNG). These keys are stored offline, making hardware wallets one of the safest options. They are best suited for long-term investing and large sums of money due to their high security and lower accessibility.
  • Paper Wallets: A paper wallet is a physical piece of paper with a blockchain address and private key printed as QR codes. Funds can be sent by scanning these QR codes. However, paper wallets are less commonly used today and are often discouraged due to their flaws, such as the inability to send partial funds and the risk of losing the physical paper.
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7 Best Web3 Wallets in 2024

With numerous Web3 wallets available, selecting the best one can be daunting. Here are some popular options and their features, pros, and cons:

1. MetaMask

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MetaMask is our top choice for the best crypto wallet for Ethereum due to its user-friendly interface, which provides quick and easy access to thousands of tokens and dApps within the Ethereum network. With over 100 million users, MetaMask’s straightforward design makes it ideal for beginner investors.

The wallet’s compatibility with various blockchain networks and NFT marketplaces further enhances its functionality. Additionally, MetaMask’s open-source nature and local encryption offer robust security, making it a reliable choice for managing Ethereum-based assets.

Pros:

  • Intuitive Design: Easy-to-use interface on both browser extension and app.
  • NFT Marketplace Links: Can be linked to NFT marketplaces.
  • Supports dApps: Compatible with thousands of dApps.

Cons:

  • High Fees: Fees to buy ETH can be high.
  • No Direct Bitcoin Storage: Cannot directly store Bitcoin.
  • Online Risk: Higher risk of being hacked compared to cold wallets due to their online functionality.
  • Browser Dependency: Relies on browser extensions, which can be unstable.

2. OKX Wallet

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OKX Wallet stands out as the best cross-chain Web3 wallet due to its extensive support for multiple chains and devices. This non-custodial wallet allows users to manage their private keys, providing complete control over their crypto assets. It supports a wide range of blockchains, including both EVM and non-EVM chains, making it a versatile tool for exploring different DApps and blockchain networks.

The wallet’s built-in DEX and NFT marketplace features offer a comprehensive solution for trading and managing digital assets. OKX Wallet’s automatic network switching and compatibility with various chains make it a convenient and powerful tool for both beginners and experienced users.

Pros:

  • Complete Control: Users have full control over their crypto assets.
  • Extensive Asset Management: Supports managing assets across 40+ networks.
  • Accessible: Available on iOS, Android, and browsers.
  • DApp Integration: Access to over 1,000 DApp protocols.
  • Multi-Chain Management: Manage assets and explore networks without switching wallets. Cross-chain swaps are made possible in-app.
  • NFTs supported: Integrated into a top-notch NFT marketplace, the OKX NFT Marketplace. Users can trade top NFT collections on multiple blockchains with no secondary market selling fees.

Cons:

  • Hot Wallet Risks: As an online wallet, it is vulnerable to hacks.
  • Complexity for Beginners: Might be overwhelming for new users due to its extensive features.
  • Regulatory Risks: Possible regulatory challenges as it evolves.

3. Rabby Wallet

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Rabby Wallet is the best Web3 crypto wallet for EVM-compatible chain usage because of its smooth user experience and strong security features. Created by DeBank, it supports many EVM chains and crypto, making it perfect for users who are farming on prominent DeFi trends. With automatic chain selection for dApps and advanced security features like transaction previews and risk scanning, Rabby Wallet simplifies use and offers peace of mind. Therefore, this is a highly recommended Web3 wallet from some of the top DeFi influencers.

Pros:

  • Free Gas Transaction: You can sign transactions smoothly with no gas fees for up to 58 chains.
  • Automatic Chain Selection: Rabby Wallet automatically selects the appropriate chain for DeFi dApps, eliminating the need for manual switching between chains.
  • Comprehensive Multi-Chain Support: Supports Ethereum, EVM chains (including Polygon, Arbitrum, Optimism), and has integrated 101 chains and testnets.
  • Advanced Security Features: Offers transaction previews, risk scanning, security alerts, scam transaction detection, and transaction simulations.
  • Incentive Point System: Users can earn points for certain activities, with potential future benefits like token airdrops.
  • Gas Top-Up: Allows instant purchase of gas tokens using other assets, ensuring transactions can be completed without running out of gas.
  • Cross-Platform Accessibility: Available on Android, with an iOS version under review, and also as a browser extension.
  • Multiple wallet importing options: If you’re a current users of Metamask, or other Web3 wallets, you can easily import your existing wallet to Rabby with seed phrase without any restriction.

Cons:

  • Limited Mobile Features: Some features are not yet available on the mobile version.
  • Uncertainty Around Point System: Full details and benefits of the point system are not yet clear.
  • Reliance on User Vigilance: Security features depend heavily on user awareness and action.

4. Coinbase Wallet

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Coinbase Wallet is our top pick of Web3 wallets for US citizens. Its strong connection to Coinbase, the largest U.S.-based cryptocurrency exchange, and robust security features make it stand out. As a non-custodial wallet, it gives users control over their assets with advanced security like biometric protection and PINs. It supports over 100,000 digital assets and connects to most major bank accounts, offering comprehensive functionality.

While it supports a limited number of digital assets, Coinbase Wallet excels in compatibility with various Ethereum Layer-2 solutions and decentralized exchanges. Its integration with Ledger for cold storage further enhances security.

Pros

  • Intuitive Design: User-friendly interface that is easy to navigate.
  • Wide Asset Support: Supports over 100,000 crypto assets and NFTs on Bitcoin, Solana, Dogechain and all EVM-compatible chains
  • Strong Security: Multi-signature and two-factor authentication support.
  • Reputable Backing: Backed by a well-known exchange, offering some assurance in terms of support and reliability.
  • Smart Wallet Available: allows social login, account abstractions, and gasless transactions on many supported chains.

Cons

  • Security Risks: Similar security issues and weak points as other hot storage options due to being online.
  • Device Limitation: Only available on mobile and tablet devices, except for the Chrome extension.
  • Regulatory Compliance: High compliance features, such as KYC rules, due to company policies.
  • Limited Asset Recovery: Will not recoup stolen assets.

5. Trust Wallet 

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Trust Wallet is our first choice for the best Web3 wallet for mobile due to its extensive range of supported assets and user-friendly design. It supports a wide range of assets and has a user-friendly design. As Binance’s official mobile app, it offers great functionality while letting users control their private keys. With support for over 100 blockchains, it can store many different digital assets.

The built-in Web3 browser makes accessing dApps and blockchain games easy, and its integration with Binance DEX simplifies token purchases. Despite its strong ties to Binance and some regulatory issues, Trust Wallet’s features and ease of use make it a standout for mobile users. However, be aware of the risks associated with hot wallets and the lack of desktop or web versions.

Pros:

  • Vast Asset Support: Supports a wide range of blockchains and tokens.
  • Earn Interest: Ability to earn interest on various cryptos.
  • Simple Interface: Easy-to-use, clean app interface.
  • Web3 Browser: Built-in browser for dApps and NFTs.
  • High Ratings: Highly rated on both Apple and Google marketplaces.

Cons

  • Binance Ownership: Owned by Binance, which has faced regulatory issues in the U.S.
  • As an online wallet, it is still vulnerable to hacks.

6. Phantom

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When it comes to Solana wallets, Phantom Wallet is the most trusted choice. It has over 3 million users on Chrome, 1,000+ ratings on the App Store, and 1 million+ downloads on Google Play, and secures in top 10 most-downloaded apps in Cryptocurrency category.

Phantom is a top-notch Web3 self-custodial browser extension and wallet that works with major browsers like Firefox, Chrome, Brave, and Edge. It’s also available on iOS and Android, allowing users to manage various tokens across different blockchains, such as ERC-20, SPL, and ERC-721.

The wallet prioritizes security with features like integration with Ledger hardware wallets and biometric authentication on mobile devices. This ensures users have exclusive control over their private keys and funds.

Its user-friendly interface makes it easy to collect NFTs, send and receive crypto, and swap tokens while exploring other Solana projects. Phantom supports Solana staking, allowing users to delegate SOL tokens and earn rewards. Additionally, it has a built-in token swap function that offers competitive rates by leveraging liquidity from various DEXs.

Pros

  • Full Control: Users have complete control over their funds and private keys, ensuring maximum autonomy.
  • Early Access: Direct interaction with DeFi platforms allows early access to new tokens and projects before they appear on exchanges.
  • Robust Security: Features such as hardware wallet integration and biometric authentication provide strong security.
  • Multi-Chain Support: Supports Ethereum, Polygon, and Solana networks, offering a versatile and comprehensive wallet solution. It is working to integrate more, including the Bitcoin network.
  • Solana-native Liquid Staking Tokens: Phantom has collaborated with Jito, the leading liquid staking protocol on Solana, to support converting SOL into jitoSOL directly on the Phantom wallet with up to 15% APY.

Cons

  • User Responsibility: The security of funds relies entirely on the user’s ability to safeguard their seed phrase and avoid scams.
  • Complexity: Navigating DeFi and Web3 safely requires a higher degree of technical understanding.
  • Limited dApp Integration: Phantom supports fewer dApps and blockchains compared to some competitors like Rabby or Metamask.

7. Ledger

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Last on our list is the best hardware Web3 wallet, Ledger. This wallet is known for its top-notch security, storing private keys offline to protect against hacking. It supports a wide range of cryptocurrencies and has an easy-to-use interface with multiple backup options, usually using a recovery seed. This ensures you can regain access to your wallet if the device is lost, stolen, or damaged.

Ledger offers three devices: the flagship Nano X, the affordable Nano S, and the updated Nano S Plus. The Nano S models are cheaper but have fewer features, making them great for beginners.

The Ledger Live app is essential for managing your coins and tokens. It allows secure crypto purchases through partnerships with Coinify and MoonPay, with additional options for US residents via Wyre. You can buy, sell, and manage your crypto assets within the app, which supports over 5,500 coins and tokens. Ledger Live is available on the App Store, Google Play, and as a desktop application for Windows, macOS, and Linux.

Pros

  • Heightened Security: Offline storage of private keys offers significant protection against hacking and malware.
  • Multiple Cryptocurrency Support: Supports over 5,500 coins and tokens, including staking for popular Proof-of-Stake assets.
  • User-Friendly Interface: Easy to use, with comprehensive support through the Ledger Live app.
  • Backup and Retrieval: Options for backing up and restoring data using a recovery seed ensure access to funds if the device is compromised.
  • Web3 and DApp Integration: Industry-leading support for Web3 and decentralized applications.

Cons

  • Cost: Not the cheapest option for hardware wallets.
  • Bluetooth Functionality: Some security experts express concerns over Bluetooth as a potential attack vector.
  • Physical Vulnerability: Hardware wallets can be lost, stolen, or damaged, risking fund loss without proper backup measures.
  • Learning Curve: New users may need time and effort to understand the device’s features and security protocols.
  • Centralized Backup Controversy: The introduction of the “Recover” feature has raised concerns about compromising privacy and security.

Conclusions

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Choosing the right wallet for your cryptocurrency needs is essential for both security and convenience. In this article, we’ve highlighted some of the best Web3 wallets available in 2024.

MetaMask is the most popular Web3 wallet, offering easy access to most of available tokens and decentralized apps. Trust Wallet is great for mobile users, supporting a vast range of cryptocurrencies with a simple interface. Coinbase Wallet stands out for beginners, combining ease of use with strong security backed by a well-known exchange.

OKX Wallet offers an all-in-one solution with extensive multi-chain support, making it versatile for managing various digital assets. Rabby Wallet excels in providing a smooth multi-chain experience and strong security features for DeFi users. Phantom Wallet is ideal for managing NFTs and engaging with DeFi projects, especially on Solana, Ethereum, and Polygon. Lastly, Ledger Wallet is the best choice for those who prioritize security, with its offline storage of private keys.

Each wallet has its own strengths and is designed to meet different needs. Whether you’re new to crypto or a seasoned pro, there’s a wallet on this list that’s right for you. Choose the one that fits your needs best and start exploring the exciting world of Web3 and crypto.

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Disclaimer: This article serves informational purposes only and does not constitute financial advice. Conduct your own research before making investmendecisions.