As you dive into the world of cryptocurrency, choosing a crypto wallet is very important, as you can practically do nothing without it. However, choosing the right wallet to store your digital assets is not an easy feat, especially considering the different types of crypto wallets in the market.
Nevertheless, if you are a beginner crypto investor from the UK, there are lots of crypto wallets for UK users that will help you keep your cryptos safe and secure.
In this article, we are highlighting the best crypto wallets in the UK, with a focus on their user-friendliness, supported tokens, security, and fees.
What Is A Crypto Wallet And Why Do You Need It?
A wallet for cryptos operates similarly to a physical wallet, where you can hold and access your “fiat currency” or credit/debit cards.
However, a crypto wallet does not directly store your cryptos. It only provides you with an interface to access the blockchain where your crypto is kept.
In a nutshell, the wallet keeps the private key, which is the privileged credential needed to access the blockchain for your cryptocurrency and sign your cryptocurrency transactions.
To better understand what a crypto wallet is, consider the crypto wallet as a bank app, which grants you secured access to your funds in the bank, which can be likened to the blockchain. Just that you can’t visit the blockchain as you would to the bank.
The bank app does not keep your funds, the bank does, but you can access your funds in the bank via the bank app. Similarly, the crypto wallet does not keep your digital assets, the blockchain does, but you can access your digital assets on the blockchain via the crypto wallet.
That being said, why do you need a crypto wallet?
You need a crypto wallet to secure any of your crypto assets and sign your crypto transactions. Without the wallet, you can’t validate your cryptocurrency balance or send and receive cryptocurrency transactions.
Best Crypto Wallets in the UK
As stated earlier, you need a crypto wallet to access and secure your digital assets. There are lots of wallets for cryptocurrency in the UK marketplace from which you can choose. In this section, we will review the top crypto wallets for safeguarding your digital assets.
We carefully selected these wallets via thorough research on their user-friendliness, security, durability, and so on.
Coinbase Wallet
The first mobile wallet on our list is the Coinbase Wallet.
While Coinbase is a centralized exchange, Coinbase Wallet is a completely decentralized wallet and independent of the Coinbase exchange. That said, this wallet does not share any of your data with the Coinbase exchange, and the exchange cannot access your wallet.
It supports 1000+ tokens and is available as a mobile app for Android and iOS. At setup, this wallet gives you your encrypted private key, which you must keep safe.
This wallet allows you to seamlessly access DeFi apps, such as Yearn.finance and UniSwap. You can use it to buy and store NFTs, and you can also swap your tokens right on the app. However, you will be charged 1.49% per trade.
The wallet has two-factor authentication (2FA) for additional security. Users are limited in their weekly transactions until they verify their account by completing several of the following steps:
- Verifying your phone number
- Providing your personal details
- Providing photo ID
- Establish a purchase history by buying and selling through the exchange
Pros
- Coinbase Wallet has a user-friendly interface
- Available for both Android and iOS devices
- It easily connects to DApps
- It does not share users’ data with the Coinbase exchange
Cons
- This wallet offers no support for Bitcoin Cash (BCH), Ripple XRP, and Stellar
- It does not have a browser extension
Exodus
Exodus is another amazing decentralized wallet that supports more than 250 crypto assets, including BTC and ETH. The wallet easily allows you to switch between different cryptos within it.
Although Exodus is fully decentralized, it lacks the 2FA. But this is not a problem if you keep your device and private key safe.
This wallet offers you the opportunity to earn passive revenue by staking some crypto assets like Cardano (ADA), Solana (SOL), and Algorand (ALGO).
If you need help, you can easily contact customer service via email or live chat at any moment.
Pros
- Exodus wallet comes with a user-friendly interface
- It offers multi-currency support
- It has a built-in exchange
Cons
- It has no 2FA security feature
eToro
eToro is also one of the best wallets in the UK. This multi-cryptocurrency wallet offers a versatile platform where you can securely save, trade, and invest a wide range of digital assets.
Although eToro is a custodial wallet, you need not fear because eToro is operating as a fully licensed and regulated firm, holding licenses to provide crypto services from reputable authorities, including the UK.
This desktop wallet supports a wide range of digital assets, which makes it an ideal choice for diversified cryptocurrency portfolios. Whether you are a beginner or a seasoned trader in the world of cryptocurrency, eToro crypto wallet provides a secure and user-friendly platform to meet your needs.
Pros
- Easy integration with the eToro trading platform
- Multi-cryptocurrency support.
- Lost private key recovery service
- In-app conversion of different cryptocurrencies.
Cons
- High transaction fees for certain transfers.
- No full control over private keys
- Limited to eToro users
- Lacks complex crypto management tools.
In a nutshell, the best wallets for crypto in the UK are Coinbase Wallet, Exodus, and eToro.
Coinbase Wallet is user-friendly with strong security features, which makes the wallet a popular choice for those who wish to buy, sell, and store crypto.
Exodus is also user-friendly and offers a wide variety of cryptocurrencies. However, it is ideal for users who prefer a desktop or mobile interface. eToro offers an all-in-one trading platform and supports a wide range of digital assets.
Other top wallets in the UK include:
Ledger Nano X
Here is another hardware wallet with top-notch security features. The Ledger Nano X wallet comes as a portable USB stick that is very easy to keep and carry.
Like the Ellipal Titan 2.0 wallet, the Ledger Nano X wallet is always offline to eliminate any possibility of cyber theft. It also keeps your private keys offline, giving you complete control over your cryptos.
Although Ledger Nano X is not strictly a decentralized wallet, it is an offline, non-custodial cold wallet that stores your private keys or recovery phrases.
To enable transactions on this wallet, you need the Ledger live app and a 4—to 8-digit PIN. Transactions require connecting the wallet to the Ledger app via Bluetooth or a USB type C cord. In case you misplace your private keys, you can easily request a backup passphrase.
Ledger Nano X wallet offers access to other DeFi and NFT apps. It also supports over 1500 virtual assets and several blockchain networks, including Solana, BNB Chain, Cardano, Ripple, TRON, Polkadot, Dogecoin, Avalanche, Bitcoin, and Ethereum.
Pros
- Ledger Nano X is safe and secure as it requires a 4- to 8-digit PIN to authorize transactions
- It offers remote recovery in case the wallet is lost, damaged, or stolen
- It comes with a user-friendly interface
- It offers offline private key storage
- Premium DApp offerings
Cons
- Being a hardware wallet, its price may not be affordable for everyone.
- Not completely decentralized
- Recent events have undermined user trust
- It is vulnerable to physical damage
Trezor Model One
If you consider both Ellipal Titan 2.0 and Ledger Nano X expensive, there is a less expensive hardware wallet for you—the Trezor Model One.
Despite being affordable, this cold wallet is still very safe and secure, allowing you to keep your assets and private keys offline. Unlike the other two hardware wallets above, Trezor Model One transactions don’t require an app. You only need to key in your PIN on the device to authorize the transaction.
In case of loss or theft, you can also easily retrieve this decentralized wallet remotely.
While Trezor Model One has excellent security features, it supports a smaller number of blockchain networks, including Bitcoin, Bitcoin Cash, Ethereum, BNB Chain, Dogecoin, Stellar, etc.
Pros
- Trezor Model One touted itself as one of the most affordable Bitcoin wallets
- It supports Bitcoin, Ethereum, Bitcoin Cash, and other well-known coins
- It offers excellent security features
- It can be quickly recovered in case of loss or theft
- This wallet allows users to stake crypto easily.
Cons
- It does not support Ripple, Cardano, and Ripple.
Safepal S1
Here is another decentralized hardware wallet for 2024. It has a 1.4-inch colour screen and a five-button keypad.
It helps you to keep complete ownership of all your assets and does not require any KYC registration.
Transactions on Safepal S1 are completely offline but require scanning QR codes with the Safepal app. More so, this wallet utilizes a signature technique for transactions that are 100% air-gapped.
Safepal S1 gives users access to over 100 blockchain networks and all the tokens available on them.
For maximum security, private keys are generated by a random number generator to authorize transactions. It features an anti-tampering technique and will auto-destroy itself if it detects any external threat.
Aside from cryptocurrencies, SafePal S1 allows users to store NFTs and communicate with other DApps.
Pros
- SafePal S1 offers complete control of your asset
- It does not require KYC registration
- It generates private keys randomly using a random number generator.
- It grants access to 100+ blockchains.
- It is affordable
Cons
- It does not have any staking functionality.
Trust Wallet
Trust Wallet is another popular decentralized crypto wallet. It remained a decentralized wallet despite being acquired by the Binance cryptocurrency exchange in 2018.
Private keys are only shown during wallet setup as a 12-word passphrase. That means you need to copy the passphrase and keep it safe.
Trust Wallet is available as an app that you can easily download on your Android or iOS device or as a browser extension, whichever version you wish to use. It also easily integrates with other DApps.
The wallet is free and supports over 70 blockchains and assets under them. It also offers a staking mechanism at no cost for several cryptocurrencies like Cosmos, Tezos, Tron, BNB, and Algorand.
Despite being a decentralized wallet, this wallet requires MoonPay and Simplex to process its credit/debit card payments, which may not appeal to many users.
Pros
- The Trust Wallet’s inbuilt staking tool is free.
- It is compatible with over 4.5 million NFTs and cryptocurrencies
- It allows easy access to DApps like Uniswap and OpenSea
Cons
- Its browser extension is not supported on Firefox browsers
- It links with MoonPay and Simplex to process credit/debit card payments
MetaMask
Metamask is one of the best decentralized crypto wallets for storing Ether and other ERC-20 tokens. It is free, and users can download either the mobile app or the web browser extension, which is available for Chrome, Brave, Firefox, and Edge.
Just like Trust Wallet, MetaMask gives users a 12-word backup passphrase at sign-up, which they must keep safe. Users must also supply a password at each wallet launch to safeguard their assets.
By default, the MetaMask wallet connects to the Ethereum network, but users can connect manually to other networks. MetaMask offers inbuilt staking tools for Rocket Pool and Lido and centralized token trading.
For better exchange rates, MetaMask integrates with DApps like PancakeSwap and UniSwap.
Pros
- Metamask is one of the best decentralized crypto wallets
- It facilitates NFT storage
- It comes with an inbuilt feature for token staking and swapping
Cons
- Metamask is not compatible with tokens like Bitcoin, Solana, and Cardano
- It charges a 0.875% fee for token swapping
- It supports only Ethereum staking
Blockstream Jade
Blockstream Jade is another cold wallet you should try if you consider decentralized trading.
Being a fully decentralized crypto wallet, Blockstream Jade does not need to connect to the internet to allow users to store their assets. Instead, it uses offline QR codes to authorize transactions.
However, this wallet allows users to manage their cryptocurrencies online using a compatible wallet app called Blockstream Green. Blockstream Green uses Multisig Shield technology and a recovery phase to ensure continuous security.
Currently, Blockstream Jade supports only Bitcoin, Bitcoin Liquid (L-BTC), and Tether USDT.
Pros
- Blockstream Jade is an affordable hardware wallet
- It offers a virtual secure element
- Transactions are verified with offline QR codes
- It utilizes a Multisig Shield technology
Cons
- This wallet supports a limited number of cryptos
How to Choose the Best Crypto Wallet in the UK?
When choosing a crypto wallet, you need to consider the following:
- Strong security: Choose a wallet that offers strong security, such as strong encryption, two-factor authentication (2FA), and so on. A non-custodial wallet is fine but if you are not a frequent trader, a hardware wallet or any wallet that offers offline storage for your virtual asset is fine.
- Your specific needs and preferences: What exactly do you need the crypto wallet for, trading or long-term storage? If you are a trader, you need a hot wallet like MetaMask or Trust Wallet, which offers easy and quick access to your digital assets and is ideal for frequent trading. However, if you are storing your assets for a long time, you need a cold wallet like Ledger or Trezor for greater security.
- Price: This consideration is important. Find out if there is any cost associated with using the wallet before you venture into it. Some crypto wallets are free, some come with a one-time fee, and some may charge you monthly, yearly, or per transaction. Whether you are looking for versatility, security, or convenience, by considering these factors, you can choose the cryptocurrency wallet that best fits your needs in the UK.
- Online reviews and reputation: Take your time to go online and read reviews, users’ experiences, and feedback to know the wallet’s reputation. Doing this can give you valuable insights into the pros and cons of the wallet.
- Compatibility: This is very important. Make sure that the type of wallet you want to choose is compatible with your mobile device – Android, iOS, Linux, Windows, macOS, and so on.
- Additional features: Aside from receiving, storing, and sending cryptocurrencies, some wallets offer additional features like staking, farming, and swapping capabilities, crypto purchases, and DApps integration with other platforms. You should consider these extra features when choosing a wallet.
- Community support: Does the wallet have strong community support and active engagement? Having a strong and active community like Trust Wallet can provide users with additional resources, updates, and assistance.
- Development team behind the wallet: Research the development team behind the wallet. A good wallet should have an active development team, and an active team means that the wallet will receive regular updates and security enhancements.
- Backup and recovery: Consider a wallet with robust backup and recovery options. You should be able to restore your wallet and gain access to your crypto in case you lose your mobile device and reinstall the wallet app, or your hardware wallet is lost, stolen, or damaged.
- User experience: Different crypto wallets offer different user experiences. So, try as much as possible to consider the ease of use and user interface of the wallet you are choosing. A good crypto wallet should have a friendly user interface and intuitive features.
- Supported tokens: Make sure that the wallet you are choosing supports the virtual assets you intend to trade or save. This will help you to manage your diverse cryptocurrency portfolio effectively without any limitations.
Conclusion
Choosing the best cryptocurrency wallet in the UK is very critical to securing your cryptocurrencies effectively. However, when choosing a wallet, don’t forget to consider factors like supported tokens, user-friendliness, security features, customer service, and reputation.
If you need an all-in-one wallet solution, eToro wallet, Coinbase Wallet, or Exodus is worth considering. These wallets support a wide range of digital assets and offer robust security features.
If you are also interested in using a crypto exchange in the UK, make sure to check out our ultimate guide on the 5 Best UK Crypto Exchanges.
Frequently Asked Questions (FAQs)
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What is a crypto wallet address, and how can I find mine?
A wallet address is a unique string of numbers and letters that enables you to receive a particular type of cryptocurrency in your wallet. Different cryptocurrencies have different wallet addresses in a specific wallet. To find your wallet address for a specific virtual asset, click on the asset and select “Deposit” or “Receive,” depending on the wallet. The wallet address will be displayed on the wallet’s interface.
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Are crypto wallets safe?
All the wallets discussed above are considered safe to use. Nevertheless, always do your best to keep your wallet safe by keeping your private keys and password to your wallet secure. Note that hardware wallets like the Ledger wallets are safer than software wallets.
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Do your cryptocurrencies grow in a wallet?
The cryptocurrencies you keep in your wallet can grow (increase) in value following its market valuation. However, note that the cryptocurrencies could also decrease in value. Note that the cryptocurrencies you keep in your wallet cannot grow in quantity unless you are given a bonus or interest.
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Can I use Coinbase Wallet to store cryptocurrencies other than BTC and ETH?
Yes, you can use Coinbase Wallet to store a wide range of cryptocurrencies beyond BTC and ETH. Coinbase supports many ERC-20 tokens and other popular digital assets.
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Are cryptocurrency wallets free?
Most of the best wallets in the UK are free to use to receive and store digital assets. However, some wallets charge fees for providing similar services. Also, you may have to pay gas fees when sending cryptos to another wallet. More so, some wallets that offer crypto purchases via credit/debit cards may charge you when you buy crypto. Hence, it is important to research if there is any fee associated with the wallet you are choosing and ensure that you are fully aware of how much you would be charged for certain services.
