5 Best Hot Wallets of November 2023
1. Coinbase Wallet
Coinbase is a leading crypto exchange, and it offers three different crypto wallets. The Coinbase Wallet is one of the exchange’s hot wallet products. The other two wallets offered are the Coinbase dApp Wallet and the storage available via Coinbase Exchange.
According to the company, Coinbase Wallet supports “hundreds of thousands” of crypto assets. But there are a few caveats. Most notably, Bitcoin is only supported through the wallet’s mobile app.
The Coinbase Wallet seamlessly connects to its native crypto exchange and many other major decentralized crypto exchanges (DEXes) such as Uniswap (UNI), Sushiswap (SUSHI), 1inch (1INCH) and TraderJoe, among others.
If you’re looking for cold wallet compatibility, Coinbase Wallet has teamed up with cold storage pal Ledger. Users can combine Ledger’s offline crypto storage with Coinbase Wallet’s assortment of features.
Pros
- Connects to several DEXes
- Compatible with Ledger for cold storage
- Scores of coins are available for staking
- Supports Ethereum- and Polygon-based NFTs
Cons
- Will not recoup stolen assets
- Bitcoin is only supported through Coinbase Wallet’s mobile app
2. Crypto.com DeFi Wallet
Crypto.com is another leading crypto exchange, and the Crypto.com DeFi Wallet is dedicated to storing decentralized finance (DeFi) crypto assets. Users can easily access Crypto.com from their wallet to buy and sell crypto.
If you’re looking for the right place to park Bitcoin, Ethereum and USD Coin (USDC) under one roof, this might be the wallet for you. The wallet supports more than 800 types of crypto assets, including popular stablecoins and the top 20 cryptocurrencies by market capitalization.
While Ethereum staking isn’t available, you’ll be able to stake other coins like Cosmos (ATOM) and Crypto.com’s native token Chronos (CRO). You can even earn rebates on select tokens.
Crypto.com DeFi Wallet’s security features entail two-factor authentication (2FA), password encryption and biometric authentication. Note that parent company Crypto.com experienced a hack in January 2022, but the company said no funds were compromised. The security incident impacted the exchange, and it was not related to the DeFi Wallet.
Pros
- Designed for storage of DeFi products in addition to crypto
- Earn rebates on 25+ tokens
- Integrated with Crypto.com exchange
- Offers storage for NFTs
Cons
- Lacks phone support
- Ethereum staking isn’t available
3. SafePal Crypto Wallet
SafePal is a hot wallet that serves more than 6 million users across more than 190 countries. It supports all major cryptocurrencies, including popular stablecoins like Dai (DAI) and TrueUSD (TUSD).
One major perk of SafePal is its integration with crypto exchange Binance. This means you can seamlessly connect to Binance for the buying and selling of crypto via your SafePal wallet.
Another plus is that you get the best of both worlds with SafePal: cold and hot crypto storage. The SafePal hardware cold wallet is relatively inexpensive, costing about $50.
On the downside, customer service on SafePal is limited. Users have to fill out a “submit a request” form for support.
Pros
- Hot wallet integrates with the company’s hardware cold wallet
- Integrated with Binance DEX
Cons
- Not intuitive for beginners
- Limited customer support
4. Exodus Crypto Wallet
The Exodus crypto wallet supports more than 225 cryptocurrencies. For those new to crypto, Exodus offers a plethora of educational materials and explanatory videos to enhance your knowledge of specific cryptos.
You can also trade and stake cryptocurrency directly from your wallet with Exodus’ built-in exchange, which functions as a DEX. Compared with centralized exchanges, DEXes tend to be less regulated with lower liquidity. The benefit of a DEX is it allows crypto trading through decentralized apps, and it may not require tons of credentials for signing in.
If you’re looking for storage offline, the Exodus wallet is integrated with Trezor, a highly-ranked cold storage option. Exodus is also a leader in cryptocurrency education with a wealth of explanatory 101 videos.
Pros
- Exodus will recoup stolen assets
- Good educational materials
- Staking is available for Ontology (ONT), Cosmos, Algorand (ALGO), Tezos (XTZ), Solana (SOL) and more
Cons
- Ethereum staking is not available
- Not integrated with any centralized exchanges
5. Coinbase dApp Wallet
“Coinbase” again?
The Coinbase dApp Wallet is an Ethereum-centric storage solution built into the Coinbase mobile app. The wallet makes trading tokens only found on DEXes easier for users, allowing them to interact with DEXs and various decentralized applications, known as dApps.
Given this hot wallet’s focus on Ethereum, many major cryptos aren’t supported. You can’t store Bitcoin, Avalanche (AVAX), Tron (TRON) or Ethereum Classic (ETC), among many others using this solution.
Pros
- Access to DEXes to trade numerous tokens
- Staking on Ethereum, Polygon and The Graph
Cons
- No support for Bitcoin
- Only supports ERC-20 and Ethereum-based projects