The 5 Best Cryptocurrency Wallets in the UK — Review 2024
If you are an aspiring crypto investor or trader in the UK, then finding a secure and user-friendly crypto wallet is one of the first things you must do, and it's essential to select a wallet that aligns with your specific needs—whether it's top-notch security, ease of use, or compatibility with different crypto assets.
However, finding the best crypto wallet is easier said than done as the market is flooded with a multitude of different products, with each claiming to be the best. What's more, many of these wallets have numerous positive reviews online, and quite often many are paid for, making it even harder to identify legitimate sentiment. The good news is that many experienced crypto users can be found on social media, and it's common to see their genuine opinions regarding products; including the best hardware and software wallets for crypto.
For this reason, we’ll explore the top 5 crypto wallets in the UK for 2024 according to a solid sample size collected from social media, and will carefully evaluate each in order to provide you with some useful information.
Let’s dive in!
What Is a Crypto Wallet?
Put simple, a crypto wallet is an essential tool for securely storing, sending, and receiving digital assets such as Bitcoin and Ethereum; to name a few.
At its core, a crypto wallet manages two key components — private and public keys. The private key acts as your personal access code, giving you control over your assets, while the public key serves as your wallet's address, allowing others to send crypto to you.
There are two primary types of wallets — hot wallets and hardware (cold) wallets.
Hot wallet
A crypto hot wallet is a software wallet that remains connected to the internet, and offers users the convenience and speed necessary for frequent transactions on crypto exchanges. These wallets are ideal for individuals who need quick access to their crypto assets in order to conduct activities such as buying and selling on exchanges. These wallets are usually easy to use, and are often available as mobile wallets or browser extensions, and allow you to access your funds from multiple devices.
Hardware (cold) wallet
A hardware wallet (also known as a cold wallet), is a physical crypto wallet that is designed to store your private keys offline, and provide a high-level of security for your digital assets. Unlike hot wallets, hardware wallets keep your keys in a secure and offline environment, which removes the threat of online attacks like hacking and malware. For this reason, hardware wallets are ideal for long-term storage, and for those holding significant amounts of cryptocurrency.
Why Do You Need a Wallet for Crypto
As can probably be gathered from the above, having a crypto wallet is essential for anyone who is looking to manage and store digital assets securely. Unlike leaving your coins on a cryptocurrency exchange (where your assets are vulnerable to hacking, or even being frozen), a wallet ensures that you have complete control of your funds, meaning you are not at the mercy of a third party custodian.
So by using a crypto wallet, whether a hot wallet for daily transactions or a hardware wallet for long-term storage, you reduce dependency on external platforms and protect your investments from unauthorised access, fraud, and potential loss. Choosing the right wallet for your needs—be it for trading, holding, or everyday use—ensures that your crypto assets are secure and accessible only to you.
How to Set up a Crypto Wallet UK
Setting up a crypto wallet begins with selecting the right type of wallet for your specific need; whether you are looking for security, ease of use, or want compatibility with particular cryptocurrencies (i.e. the best Bitcoin wallet). While there are various wallets available, most follow similar best practices for setup.
For hot wallets, the process usually involves downloading the wallet on the provider's website, creating a new wallet, and then securely storing the recovery phrase (which is crucial for accessing your funds if you lose access to the wallet). This phrase should be stored offline in a secure location.
When it comes to hardware (cold) wallets, there is a tiny bit more work setting things up. This usually involves turning the device on, generating and storing the recovery phrase securely, and then connecting the wallet to your computer to install the necessary software. Once this is done, you should always back up your recovery phrase, and consider additional security measures; such as enabling two-factor authentication (2FA) and using strong passwords.
5 Best Cryptocurrency Wallets in the UK (Hot & Cold)
Using a solid sample size of genuine feedback from crypto users on social media, combined with our own analysis, we have come up with 5 best crypto wallets for UK investors and traders.Please note, the opinions are those of the author, and do not reflect the views of ICONOMI.
1) Ledger Nano S Plus
Ledger is a French crypto company that was founded in 2014, and is renowned for its secure crypto hardware wallets. Trusted by both beginners and experts, Ledger is widely seen as the best wallet provider for crypto hardware storage, and its flagship product is the Ledger Nano S Plus.
Pros:
- Strong emphasis on security, highlighted by its secure chip (CC EAL5+) which ensures excellent protection for one's private keys.
- Over 5,500 cryptocurrencies (including Bitcoin and Ethereum) are supported, making it ideal for those who want to diversify their portfolios.
- A robust hardware wallet with an easy-to-use interface, making it ideal for novices.
- There are regular updates that enhance security, and which also allow for new features to be included.
- DeFi compatible.
Cons:
- Due to the Ledger Nano S Plus having 1.5 MB of storage space, some apps may take up a lot of room, meaning users will have to be careful with what applications they install. This can be a bit of an inconvenience.
- For those who prefer a wireless connection, there is unfortunately no Bluetooth support.
- Setting up this hardware wallet can be a bit challenging for those who are new to crypto.
2) Trezor Model T
Trezor was the world's first hardware wallet, and was created by SatoshiLabs back in 2014. This company is known for its commitment to open-source technology and robust security, and its flagship product the Trezor Model T is another wallet that offers enhanced protection for digital assets, making it a preferred choice for those who prioritise privacy and security.
Pros:
- The wallet offers a touchscreen interface that ensures secure and streamlined transactions.
- Trezor operates around open-source software, which allows for community audits and greater transparency.
- Supports a wide range of cryptocurrencies, making it suitable for diverse crypto portfolios.
- Provides Shamir Backup for enhanced recovery options, adding an extra layer of security.
Cons:
- Is more expensive than other hardware wallets, which may not be ideal for those on a budget.
- The hardware wallet is quite bulky, and less portable than other wallets.
3) MetaMask
First developed by ConsenSys in 2016, MetaMask is one of the most used crypto hot wallets in the world, and is especially popular for interacting with Ethereum-based dApps and DeFi platforms. MetaMask is without a doubt one of the best crypto web wallets currently on offer.
Pros:
- An incredibly user-friendly interface that is ideal for beginners.
- Seamless integration with popular Ethereum-based dApps and DeFi platforms (as well as other EVM compatible networks)
- Available as a browser extension and mobile app, offering flexibility in access.
- Open-source code, which is regularly audited for security.
- Supports integration for 5 hardware wallets.
Cons:
- Hot wallet vulnerabilities, making it susceptible to phishing attacks and malware.
- No multi-signature support, which may be a concern for users seeking extra security layers.
4) Trust Wallet
Acquired by Binance in 2018, Trust Wallet is a mobile wallet known for its user-friendly interface and wide support for various cryptocurrencies. Like MetaMask, it is compatible with many different cryptocurrencies, and also boasts some unique features, making it one of the best online crypto wallets in the world.
Pros:
- Supports a wide range of cryptocurrencies, including BEP-2, BEP-20, and ERC-20 tokens.
- Integrated DEX (Decentralised Exchange) for easy in-app trading.
- User-friendly mobile interface, making it accessible for on-the-go transactions.
- Regular updates and strong community support, ensuring continuous improvement and security.
- Built-in Web3 browser for accessing dApps directly from the wallet.
Cons:
- As a hot wallet, it is exposed to potential online threats and hacking.
- Is owned by Binance, which has had its fair share of controversies over the years.
5) Atomic Wallet
Atomic Wallet, launched in 2017, is a non-custodial crypto wallet supporting over 500 cryptocurrencies, and offers a secure and decentralised way to manage and exchange digital assets.
Pros:
- All-in-one solution with support for over 500 cryptocurrencies, including staking options for certain coins.
- User-friendly desktop and mobile interfaces, catering to different user preferences.
- Non-custodial, ensuring users retain full control of their private keys.
- Built-in exchange service for convenient swapping between cryptocurrencies.
- Regular security updates and a responsive support team to address user concerns.
Cons:
- Being a hot wallet, it is vulnerable to online security risks such as phishing and malware attacks.
- Lack of hardware wallet integration, which may limit security options for more cautious users.
- Occasional bugs and technical issues reported by users, although these are often quickly resolved.
Conclusion
As can be seen, choosing the right crypto wallet is essential for securely managing your crypto assets, and failure to choose the right one can lead to some inconveniences and even risks.
For this reason, we have provided an overview of 5 reputable crypto wallets that have garnered positive reviews on social media, and from our own research, caters to a wide range of needs. There’s a suitable option for every type of user, ranging from the robust security of hardware wallets like Ledger and Trezor, to the convenience of hot wallets like MetaMask and Trust Wallet. But each wallet also has its own unique qualities and drawbacks, so taking the time to weigh these up, and to also conduct further research is highly recommended.
But one thing is for sure — the 5 reviewed wallets are some of the most used and lauded within the crypto space, and can be trusted to provide a great service. However, as mentioned in this article, no matter how good a crypto wallet is, there will always be some potential risks. So whatever wallet you decide to go with, always remain vigilant, and keep informed on the wallet's latest updates.
If you enjoyed this article, you may be interested in our other titles:
Crypto Business Accounts You Should Know About [2024]
Best Crypto Fund Option in the UK [2024]
4 Best Crypto-Friendly Banks in the UK [2024]
Ready to start your journey with us?
Trusted by over 100,000 users from around the world.
