As a new entrant into the cryptocurrency ecosystem, it gets very hectic for you to settle on a wallet considering the number of options available. 

In this article, we narrow down the best cryptocurrency wallet options into a list of applications that are best suited for beginners.

What is a cryptocurrency wallet?

A cryptocurrency wallet is an application that allows you to store, send, and receive digital assets like Bitcoin, Ethereum, Litecoin, Monero, etc. It is very important for you to use a trusted crypto wallet to avoid losing your funds. Moreover, we advise you to always chose a decentralized wallet for which you hold the private keys. Always remember: “Not your keys, not your crypto!”.

What's more, you should refrain from keeping your cryptocurrency on an exchange to prevent loss of funds in case the exchange's security gets breached. 

Here are the top 5 cryptocurrency wallets for beginners:

1. Exodus Wallet

Exodus wallet is a hybrid cryptocurrency wallet that is available on desktop and mobile. The wallet also has a built-in exchange feature that allows you to exchange one cryptocurrency for another quickly.

Further, Exodus allows you to store your private keys on your device. The generated back up seed will enable you to recover or move your wallet. The platform also has a one-click email recovery method in case you misplace your seed.

Exodus is a great wallet option for beginners because of its intuitive and easy to use interface, especially on mobile. Also, the application allows you to keep several cryptocurrencies on the same platform.

2. FreeWallet

Launched in 2016, Freewallet is one of the most popular cryptocurrency wallet applications. Initially, the platform had just a standalone wallet for every cryptocurrency but has developed a unified app for all.

For new users, you should use the Freewallet Crypto wallet, which supports several cryptocurrencies in one app available on mobile devices.

The Freewallet Crypto app supports 45+ coins and a vast range of ERC20 tokens. Moreover, the app and website are translated into multiple languages. 

You can also buy eight cryptocurrencies directly in the application with a bank card. Freewallet also supports crypto to crypto exchanges inside the app.

It is an excellent application for new users who want to buy Bitcoins directly into a wallet and have the option to exchange several cryptocurrencies. 

Quick note: Although FreeWallet is a centralized cryptocurrency wallet, it is very suitable for beginners who want to get used to the crypto world quickly. 

3. Bitgo

Unlike the other wallets on this list, Bitgo is a web-only cryptocurrency wallet. The wallet initially started as a bitcoin-only web wallet and expanded to include other digital currencies.

Bitgo supports 14 cryptocurrencies. The web wallet also supports two-factor authentication, which grants another layer of protection to your coins.

You get full access to your private keys when you use Bitgo. The app also has a backup and restore functionality alongside an easy to use interface that makes it good for new users.

4. Trust Wallet

Trust Wallet is a platform backed by the popular exchange platform, Binance. It is a wallet available on Android (closed-source) and iOS (open-source).

The app supports several cryptocurrencies, including Ethereum ERC20 and ERC223 tokens. You get to store your private keys on your device and can back up your wallet for the future.

Trust Wallet has a decentralized exchange built-in that allows you to sell cryptocurrencies more securely. This cryptocurrency wallet is a good alternative for first-time cryptocurrency users.

5. Ledger Wallet

Finally, the Ledger Wallet is a hardware wallet for new users who want to have the highest grade of security. 

Hardware wallets are devices that are built solely to store cryptocurrencies with a focus on security. Most hardware wallets are complex to use for new users.

If you are looking for a hardware wallet option that is easy to use, Ledger Wallet is a good option.

The Ledger Nano X supports several cryptocurrencies and comes with Bluetooth functionality. It allows you to access your funds on a mobile or desktop device through a Ledger application interface.

With Ledger Wallet, you get absolute control of your funds. All the wallets on this list are free except this one, which will cost you $119.