Best Hot Wallets 2024
If you are a cryptocurrency holder, then you need to ensure the security of your funds. To do this, you need to choose a reliable and convenient crypto wallet. In this article, you will learn all about the best hot wallets in 2024 that will help you keep your crypto savings safe.
Cryptocurrencies have become very popular in recent years. They attract the attention of many people around the world due to their safety and reliability.
Storing cryptocurrency is one of the most important aspects of using cryptocurrency. Crypto wallets are usually used to store cryptocurrencies. Crypto wallets can be hot and cold.
However, many users are more likely to choose hot wallets. Next, you will find out why it happens.
What are Hot Wallets?
Hot wallets are wallets for storing cryptocurrency that work only when connected to the internet. Hot wallets can be custodial hot wallet and non-custodial hot wallet. Most often, this type of wallet is used to conduct quick transactions with cryptocurrency and store small amounts for current expenses. The hot wallet options transfer transactions to the blockchain, and they are recorded in the registry.
The hot wallet is an interface that makes it possible to interact with the blockchain in real-time. That is, a hot wallet for users creates the necessary information for conducting transactions with cryptocurrency. The information is represented by several pairs of public and private keys.
The Top of the Hot Crypto Wallets 2024
When choosing hot wallets for security, it is necessary to take into account many factors, such as the level of security, ease of use, supported cryptocurrencies, etc. By choosing a suitable hot wallet, you will be able to safely store and manage your digital assets. To save time and money on searching, choose a crypto wallet from the top 10 best hot wallets in 2024.
1. Trust Wallet
One of the largest exchanges Binance has released its own wallet in the form of an application for Android and iOS devices. Its peculiarity is the lack of personal information about users due to the operation of the Kyber Network protocol, i.e. it is a decentralized wallet. At the same time, the application supports more than 100,000 coins and tokens, and interest transactions are carried out as quickly as possible.
2. Blockchain Wallet
One of the oldest hot wallets on the market, which appeared in 2011. During this time, it has registered more than 37,000,000 users from 200 countries. You can log in to your account through a smartphone app or browser. Blockchain Wallet is part of a large exchange Blockchain.com.
3. BitGo Wallet
Another old-timer hot wallet in the market is BitGo Wallet, which has been operating since 2013. According to statistics, this hot cryptocurrency wallet accounts for about 15 percent of all Bitcoin transactions fees. People already know about it and actively use it because of cooperation with popular platforms: Bitstamp, BitBay, Orbit, and dApps.
4. Atomic Wallet
Atomic Wallet is a popular hot wallet that supports more than 500 cryptocurrencies. It also has a high level of security and is easy to use. Atomic Wallet also has a built-in exchanger that allows you to quickly and easily exchange one cryptocurrency for another.
5. Exodus
Exodus is a hot wallet with an attractive data and user–friendly interface that supports more than 100 cryptocurrencies in a hot wallet, including Bitcoin, Ethereum and Litecoin. Exodus also has a high level of security and is easy to use.
6. CoinPayments
There is one old-timer hot wallet in the market who has been working for 10 years. Supports more than 2,000 coins with the ability to access the account through a smartphone app, a PC program, or a website (via a browser).
The transfer of different coins goes to unique addresses, which minimizes the chances of getting confused and making a mistake. There is a blocking option of hot wallet that “freezes” access to your coins for a specified period. To increase the level of security, we recommend installing two-factor authentication, as well as setting up notifications about any actions in the wallet.
7. StormGain Wallet
The Storm GainWallet hot crypto wallet is known because it is embedded in the exchange of the same name. Of all the options considered, this is the most versatile — there are separate applications for smartphones, a PC program, as well as a web version. The Storm GainWallet security service monitors any suspicious user activity in real time.
8. KeepKey
KeepKey is a hot crypto wallet that offers a simple and user–friendly interface, as well as a high level of security. It supports more than 40 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. KeepKey also has a built-in display for confirming transactions.
9. MetaMask
MetaMask is a popular hot wallet and a window into the application’s blockchain, which is very convenient. A few seconds of simple installation, and you have a wallet for coins and tokens at your disposal. Connect to Web 3 in one click. More than 15 million users worldwide have chosen MetaMask.
10. Jaxx
Jaxx Liberty is a multi-currency hot wallet storage that operates on all operating systems, including mobile ones. The private key is generated on the wallet owner’s side, which, combined with the need to confirm entry with a PIN code, guarantees additional security. Work with more than 90 crypto assets is supported.
Crypto Wallets Ranked
| Name | Rank | Link |
| Trust Wallet | ★★★★★ | Start here |
| Blockchain Wallet | ★★★★★ | Start here |
| BitGo Wallet | ★★★★★ | Start here |
| Atomic Wallet | ★★★★★ | Start here |
| Exodus | ★★★★★ | Start here |
| CoinPayments | ★★★★☆ | Start here |
| StormGain Wallet | ★★★★☆ | Start here |
| KeepKey | ★★★★☆ | Start here |
| MetaMask | ★★★★☆ | Start here |
| Jaxx | ★★★★☆ | Start here |
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The Main Types of Hot Wallets
There are three types of hot crypto wallets:
- desktop;
- mobile;
- online.
A desktop is a program that is installed on a user’s computer. When installing it, a removable hard drive can be used, on which the wallet will store all data about transactions with cryptocurrency.
The mobile wallet looks like an application on a phone or tablet. The private keys of such a wallet are stored on the device of its owner in encrypted form, and transaction data is stored on third-party servers.
The online hot wallet works through a browser that can be accessed from any device.
Also, it can be custodial hot wallets and non-custodial hot wallets.
Cold Wallets vs. Hot Wallets (Hot or Cold Wallets)
The first difference between the two types of wallets is internet access. A hot wallet works only online, whereas a cold wallet can be used offline.
The need to access the internet for a hot wallet makes it more vulnerable to hackers. At the same time, private keys from a cold wallet are stored offline, so a cold wallet is considered safer for storing cryptocurrency.
However, hot wallets also, unlike cold ones, can be used to work with decentralized exchanges (a platform that allows cryptocurrency owners to conduct transactions without an intermediary) and smart contracts (a computer protocol that is used to ensure the operation of decentralized projects).
FAQ
How does a hot wallet work?
A hot wallet is an application that accesses the blockchain over the internet. It gives the owner access to tools for conducting transactions and also stores private keys that give access to cryptocurrency. That is, the cryptocurrency is not stored in the wallet itself.
The wallet has an address that is created based on public and private keys. The address itself consists of letters and numbers that indicate the location of the wallet in the blockchain. When making transactions with cryptocurrency, such an address is always used. It can be sent to other users for operations, unlike a private key.
Is it possible to hack a hot wallet?
There is not a single 100% less secure hot wallet. Computer hackers are constantly picking up new tools that developers may not be ready to use. Therefore, it is recommended to choose other hot wallets of crypto exchanges for everyday payments.
How to choose the best hot wallet?
In order to choose the best hot wallet, you need to choose a reliable platform secure hot wallets with a good reputation. You can open a wallet on one of the major exchanges.
Many crypto owners use a hot wallet in conjunction with a cold one. This provides an optimal combination of convenience and security when conducting transactions and storing cryptocurrencies.
The pros and cons of a hot wallet
Hot wallets offer a convenience in use. This type of wallet usually has a convenient mobile or computer application that gives you quick access to your personal account. The interface of such an application is also clearly designed, similar to other user-defined financial applications.
Due to its convenience, the hot wallet is suitable for daily use, if we are talking about small amounts, for performing frequent small transfers.
However, there is a big disadvantage: using a hot wallet is unreliable in terms of resisting attacks by computer hackers.
Conclusion: Which Hot Wallet to Choose?
There are many decent and reliable offers on the cryptocurrency wallet market, the most popular ones were listed in this article.
However, the security of the best crypto hot wallet depends only on you, so do not forget to take all necessary measures to protect your funds and choose only the safest and best hot wallets to work in 2024.
