Free Crypto Wallets: Are They Really Free?
Crypto wallets are the only way to store Bitcoins and other cryptocurrencies. Fortunately, there are thousands of different wallets available on the market.
However, for the best possible experience, and to keep your cryptos safe, you should take the following into account and then click here to read more about the best free crypto wallets.
What to Look For In A Free Crypto Wallet
Coins supported. This is largely dependent on what you intend to use your wallet for. If you’re primarily investing in mainstream coins, then most free wallets would be more than enough.
But if you’re into more niche altcoins, then you may want to consider looking at a crypto wallet that supports a larger selection of coins.
Security procedures. Security is one of the most important factors that you should take into account when choosing a wallet. The most reputable free crypto wallets utilize features such as multi-factor or even biometric authentication to keep your coins safe.
Others utilize non-custodial storage meaning that your private crypto keys are stored locally and not on the site’s servers, thus providing you with an added layer of extra protection.
Is it free to use? Most hot wallets are free-to-use but charge you fees for performing transactions of any kind. So always read the fine print before committing to a particular wallet.
Past performance. Does your chosen wallet have a good track record? Have there been incidences of hacks or any type of questionable behavior?
Equally important is the company that provides the crypto wallet. Are they well-known or is the company a newcomer?
These are all traits you should keep a lookout for when selecting your wallet.
Free Crypto Wallets You Can Try
Having tested hundreds of different free crypto wallets, my team and I have shortlisted the 4 best free crypto wallets you can try now.
1. Exodus Wallet — Free to use and compatible with hardware wallets
- Useable with Trezor cold wallets
- Intuitive, user-friendly interface
Exodus wallet combines the flexibility of a hot wallet with the security of a hardware wallet. Thanks to a partnership with Trezor, you can now interface with selected Trezor hardware wallets.
More importantly, it’s also free-to-use and is compatible with a decent selection of cryptocurrencies. This coupled with its intuitive, easy-to-understand interface makes it a great choice for new users.
2. Binance Wallet — Excellent free wallet for non-US users
- Backed by a reputable company: Binance
- Good selection of coins for non-US users
Binance Wallet is backed by one of the world’s most reputable cryptocurrency exchanges; Binance. So that way, you can rest easy knowing that your coins are stored in a safe space.
Additionally, Binance Wallet is 100% free-to-use with no terms and conditions. And if you’re a non-US user, you can get access to thousands of different cryptocurrencies.
3. Coinomi — Free wallet that charges zero fees for transactions
- Does not charge fees on incoming or outgoing transactions
- Built-in exchange
One of the oldest crypto wallets on this list, Coinomi is not only free-to-use, but also charges zero fees on incoming or outgoing transactions. This means that you won’t have to pay a single Satoshi to use the wallet.
Its built-in exchange lets you trade a variety of cryptocurrencies in-app without having to use a third-party platform, thus making the wallet extremely convenient.
4. Coinbase Wallet — Great free wallet backed by a reputable exchange
- Provided by Coinbase
- Easy-to-use interface
Coinbase Wallet is another hot wallet provided by a reputable crypto exchange. But instead of Binance, it’s Coinbase. This wallet is 100% free-to-use and has a decent interface which makes navigation a cinch.
Besides that, the wallet also gives you access to a variety of decentralized apps (dApps) on a variety of different blockchains. So if you’re into that, then Coinbase wallet is definitely the one for you.
Free crypto wallets are the real deal and some even offer you zero fees when you perform transactions.
So, the key here is to keep a lookout for the different features offered by these services.