You are currently viewing 6 Crypto Wallets Reddit Loves – Motley Fool

6 Crypto Wallets Reddit Loves – Motley Fool

Credit Cards
Banks
Check out our top picks of the best online savings accounts for August 2021.
Get Started!
Brokers
Mortgages
Insurances
Loans
Before you apply for a personal loan, here's what you need to know.
Get Started!
Knowledge
by Emma Newbery | Updated July 21, 2021 – First published on March 28, 2021
Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
Image source: Getty Images
We've scoured Reddit to find the most talked-about crypto wallets.
If you need somewhere to store your crypto, you may be looking for a crypto wallet. A wallet is a program to help you manage the keys you need to access your cryptocurrency. Most of the top crypto exchanges have built-in wallets, but you may want the extra security and flexibility of having your own.
You may have heard the crypto chant, “If you don’t own the keys, you don’t own the crypto.” Your private keys let you access your crypto, and if you store your keys in a place you don’t control, your investment is at risk.
The two main types of crypto wallet are hot wallets and cold wallets. A cold wallet is kept offline and is a super-secure way to store your crypto. It’s a bit like putting your currency into a safe deposit box at the bank. You can’t access it easily for everyday activities, but it is a lot safer.
Hot wallets are connected to the internet. This makes them convenient if you want to trade and spend your crypto, but not as safe. Treat your hot wallet like a physical wallet — use it to carry only the crypto you might want to spend. Web, desktop, and mobile wallets all fall under this umbrella.

One email a day could help you save thousands

Tips and tricks from the experts delivered straight to your inbox that could help you save thousands of dollars. Sign up now for free access to our Personal Finance Boot Camp.

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

Tips and tricks from the experts delivered straight to your inbox that could help you save thousands of dollars. Sign up now for free access to our Personal Finance Boot Camp.
By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.
Cold wallets usually store your keys on a piece of hardware. Make sure you buy your cold wallet directly from a reputable source, ideally the supplier. There’s no point in putting your crypto in a secure vault if someone else already has the keys.

6 Crypto Wallets Reddit Loves - Motley Fool

The Ascent’s picks for the best online stock brokers

Find the best stock broker for you among these top picks. Whether you’re looking for a special sign-up offer, outstanding customer support, $0 commissions, intuitive mobile apps, or more, you’ll find a stock broker to fit your trading needs.

See the picks

Find the best stock broker for you among these top picks. Whether you’re looking for a special sign-up offer, outstanding customer support, $0 commissions, intuitive mobile apps, or more, you’ll find a stock broker to fit your trading needs.
Ledger still has firm fans on Reddit, in spite of security breaches. Its user data has been hacked more than once. Over 250,000 records were leaked, putting users at risk of phishing and even home invasion.
Ledger enthusiasts argue that the hardware wallets themselves can’t be hacked — that’s the point of them. So even if user data got leaked, the wallets remain secure. They aren’t connected to the internet, and are protected by your password and the seed words that safeguard your account.
Its most recent model, the Nano X, looks a bit like a sleek USB drive. It has a Bluetooth connection, and you can use your cellphone or computer to manage your crypto with its Ledger Live software.
Reddit quote: “You can inadvertently flush the Nano X down the toilet, and it doesn’t matter. Get another one, use your seed recovery, and connect to Ledger Live, and you’re back in business.” — Jethroe1
Cost: $119 (Nano X) $59 (Nano S)
You can’t get far on Reddit without reading about Trezor. Ledger and Trezor are among the most popular Reddit hardware wallets. Trezor holds a good mix of cryptocurrencies and gets high marks for customer service.
Some Redditors complain that Trezors are less user-friendly, and raise concerns about the lack of a secure element chip, an additional layer of security in many kinds of devices. Others point out that Trezor hasn’t been hacked, and praise its open-source security credentials. You need to plug your Trezor into your computer to move funds around.

Buying your first stocks: Do it the smart way

Once you’ve chosen one of our top-rated brokers, you need to make sure you’re buying the right stocks. We think there’s no better place to start than with Stock Advisor, the flagship stock-picking service of our company, The Motley Fool. You’ll get two new stock picks every month, plus 10 starter stocks and best buys now. Over the past 17 years, Stock Advisor’s average stock pick has seen a 686% return — more than 4.5x that of the S&P 500! (as of 11/18/2021). Learn more and get started today with a special new member discount.

Start investing

Once you’ve chosen one of our top-rated brokers, you need to make sure you’re buying the right stocks. We think there’s no better place to start than with Stock Advisor, the flagship stock-picking service of our company, The Motley Fool. You’ll get two new stock picks every month, plus 10 starter stocks and best buys now. Over the past 17 years, Stock Advisor’s average stock pick has seen a 686% return — more than 4.5x that of the S&P 500! (as of 11/18/2021). Learn more and get started today with a special new member discount.
Reddit quote: “TREZOR keeps your private key far from the hands of hackers. But also it is fair to say that Trezor T is not a cheap crypto toy.” — markopolo91
Cost: $159 (T) $59 (One)
Several hardcore hardware Redditors recommend Coldcard. It is highly secure and has a lot more features than some competitors. Coldcard boasts a true air gap — meaning you don’t need to connect to a computer to use it — which makes it more secure.
But, as one user commented, it looks a bit like a 40-year-old solar-powered calculator. The main gripe is that it isn’t as easy to use. Plus it’s more expensive, and can only store Bitcoin.
Reddit quote: “Coldcard has the best security of all wallets, but takes longer to learn and use.” — Safehodl
Cost: $119.97. You may need additional accessories such as a MicroSD card and a power cable.
When it comes to hot wallets, most users have a personal preference, and many Reddit threads recommend having different hot wallets for different purposes. Here are three that crop up regularly:
Exodus is a highly rated hot wallet for beginners. It pairs with Trezor, and its range of currencies and its customer support get kudos. It is non-custodial — you control the keys. It works on desktop and mobile devices, but does not use two-factor authentication. Exodus’ main criticism is that it’s closed-source. Reddit users are generally fans of open-source code, because anyone can check the code and make sure it’s secure.
Reddit quote: “Exodus is a great wallet. Its interface is easy to use. It’s user-friendly and easy to navigate on.” — honeycombB82
Cost: Free to install, variable per-transaction fees
Edge is a solid mobile-only wallet that works on Android and iOS devices. Unlike a lot of hardware wallets, it stores multiple currencies. It’s non-custodial and open-source, and has two-factor authentication. You can also exchange crypto through the wallet.
Reddit quote: “I find the Edge Wallet user interface to be very intuitive, extremely easy to navigate, and all the advanced settings are easy to find as well (but slightly out-of-sight so as not to confuse or overwhelm beginning users).” — scotty321
Cost: Free to install, variable per-transaction fees
Wasabi has its share of fans and critics. It only works for Bitcoin, but its big selling point is privacy. It uses something called CoinJoin to add an extra layer of anonymity; it joins coins from different people to hide any identifying information. This wins plaudits from privacy-focused Redditors, and raises questions from others about the potential to mix with coins that came from illegal activities.
Reddit quote:It’s great. Mixing coins does take a little while since you need other participants to queue their coins for mixing, so the more people use it the faster. The wallet itself seems reliable and secure.” — sreaka
Cost: Free to install, variable per-transaction fees
Don’t be afraid to experiment with different wallets to find the one that’s right for you. As you build up your crypto assets, you may opt for a cold wallet. But if you’re just starting out, you may find a hot wallet is enough for now.
Over the long term, there's been no better way to grow your wealth than investing in the stock market. But using the wrong broker could make a big dent in your investing returns. Our experts have ranked and reviewed the top online stock brokers – simply click here to see the results and learn how to take advantage of the free trades and cash bonuses that our top-rated brokers are offering.
Emma owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to The Ascent since 2019.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
Related Articles
Best Online Stock Brokers for 2021
How to Open a Brokerage Account: A Step-by-Step Guide
Best Online Stock Brokers for Beginners in 2021
Best Online Stock Brokers for IRAs in 2021
Best Online Stock Brokers for 2021
How to Open a Brokerage Account: A Step-by-Step Guide
Best Online Stock Brokers for Beginners in 2021
Best Online Stock Brokers for IRAs in 2021
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 – 2021 The Ascent. All rights reserved.
By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

source

Leave a Reply