Choosing the right Bitcoin wallet is crucial. It’s like picking a bank to safeguard your money. If you’re looking to find the best wallet for your crypto investing needs, read on. This guide helps you select a wallet that matches your needs in India for 2024.
We review the best wallets across several criteria.
Best Bitcoin Wallets in India for 2024
| Wallet | Wallet Type | Price | Accessibility |
| Trust Wallet | Non-custodial hot wallet | Free | Beginner-friendly |
| MetaMask | Non-custodial hot wallet | Free | Beginner-friendly |
| Exodus | Non-custodial hot wallet | Free | Beginner-friendly |
| Ledger Nano S Plus | Hardware wallet | ₹8,473.73 | Hard to use for beginners, but great for tech-savvy users |
| Trezor Model T | Hardware wallet | $179 | Hard to use for beginners, but great for tech-savvy users |
Trust Wallet
Trust Wallet is one of the most popular non-custodial wallets in the world. Non-custodial means you have full control over your funds. Although it’s offered by top crypto exchange Binance, it can’t see how much you have, freeze your assets, or otherwise block access to your account.
Trust Wallet is available as a mobile app on both iOS and Android and as a browser extension for Chromium browsers. It’s simple to use and is probably the best choice for beginners when it comes to non-custodial wallets.
One of Trust Wallet’s USPs is its support for over 100 blockchains. No other non-custodial wallet has this kind of blockchain support. And being a DeFi/Web3 wallet, it also allows users to use a wide variety of dApps. Just connect your wallet to the dApp and you’re good to go.
| Wallet Type | Supported Cryptoassets | Price | Security Features | Accessibility |
| Non-custodial hot wallet | Over 4 million tokens across 100+ blockchains | Free | Encrypted could backups; independent security audits; proactive security warnings; strong encryption | Beginner-friendly |
Pros & Cons
| Pros | Cons |
| Decentralized and Secure: Trust Wallet is a non-custodial wallet, giving users full control over their private keys and funds, ensuring high security and privacy. | Dependence on User for Security: As with any non-custodial wallet, the security of your funds depends on how safely you handle your private keys and recovery phrases. |
| Wide Cryptocurrency Support: Supports millions of assets across 100+ blockchains, making it versatile for various cryptocurrency needs. | Limited Earn Features for Some Cryptos: Not all cryptocurrencies supported by Trust Wallet have ‘Earn’ features available, limiting options for earning through staking or similar activities. |
| User-Friendly Interface: Designed for ease of use, Trust Wallet provides a seamless mobile and desktop experience for managing crypto assets, buying, selling, swapping, and accessing dApps. | Third-Party Services for Buying Crypto: While Trust Wallet allows buying crypto, it relies on third-party providers for these transactions, which might introduce additional steps or fees. |
| Privacy Focused: No personal information is tracked, including IP addresses or wallet balances, ensuring user privacy. | No Direct Fiat Conversion: Direct conversion of crypto to fiat is not available within the app; users must transfer assets to an exchange that supports fiat conversion. |
| Community Support: Offers a vibrant community forum for users to connect, share insights, and get help. | |
| Educational Resources: Provides comprehensive guides and FAQs for new users, making it easy to start and navigate the crypto space. |
MetaMask
MetaMask is another highly popular non-custodial wallet, but unlike Trust Wallet, it is what we call an Ethereum-style wallet. It was made mainly to interact with Ethereum and other EVM-compatible blockchains. Although this seems like a restriction, MetaMask does what it does really well. Besides, you can connect it to non-EVM networks through its “Snaps” feature.
Like Trust Wallet, it is available as a browser extension and a mobile app. It currently has support for eight blockchains, including heavyweights like Ethereum, Polygon, and Binance Smart Chain.
MetaMask supports the buying and selling of cryptocurrencies from directly within the extension or app. You can use a credit or debit card, a digital wallet like Google Pay, bank transfer (US and Europe only), or local payment methods depending on your region.
| Wallet Type | Supported Cryptoassets | Price | Security Features | Accessibility |
| Non-custodial hot wallet | All tokens on Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom, Celo, Optimism, and Arbitrum. | Free | Independent security audits; bug bounty program; strong encryption | Beginner-friendly |
Pros
- User control of data and keys owing to it being a non-custodial wallet
- Broad dApp ecosystem access.
- User-friendly interface
- Strong community and developer support
Cons
- Target for phishing attacks due to its popularity
- Only supports Ethereum out of the box; other networks need to be added manually
- No Bitcoin support
- Users have to manage the keys and Secret Recovery Phrase themselves
Exodus
Among the first movers in the non-custodial wallet scene, Exodus has established itself as a leading player. There’s a desktop app besides being available as a browser extension and a mobile app, which is rare.
Exodus has support for thousands of tokens across 16 networks. And like Trust Wallet and Mudrex, it allows you to connect to dApps and offers DeFi services like staking and buying NFTs. Other useful features include a built-in exchange and the creation and tracking of multiple portfolios.
| Wallet Type | Supported Cryptoassets | Price | Security Features | Accessibility |
| Non-custodial hot wallet | All tokens across 16 blockchains including Bitcoin, Ethereum, and Solana | Free | Team of world-class security experts; bug bounty program in association with HackerOne; manual audits of all open-source dependencies | Beginner-friendly |
Pros
- Supports over 16 networks and thousands of assets
- Available on mobile, desktop, and as a Web3 extension
- Integrates with Trezor hardware wallets for enhanced security
- Offers live charts, portfolio management, and 24/7 customer support
Cons
- As a hot wallet, it might be more exposed to online threats compared to purely offline wallets.
- While user-friendly, advanced users might find features limited compared to specialized wallets.
Ledger Nano S Plus
The Ledger Nano S Plus is a highly secure, versatile hardware wallet designed to keep your cryptoassets safe. It features a certified secure chip (CC EAL6+) to protect against hackers and supports over 5,500 coins and tokens.
Because it is a hardware wallet, it’s non-custodial, meaning you have full control over your funds. The wallet comes in the form of a fairly small USB-C device that you can plug into your computer or phone. Your private keys are stored on the device.
In addition to storing crypto, you can use the Nano S Plus to manage your NFTs safely through Ledger Live.
| Wallet Type | Supported Cryptoassets | Price | Security Features | Accessibility |
| Hardware wallet | Over 5,500 coins and tokens | ₹8,473.73 | CC EAL6 + certified secure chip | Hard to use for beginners, but great for tech-savvy users |
Pros
- Supports a wide variety of cryptocurrencies
- Certified secure chip to keep your crypto safe
- Can manage NFT transactions directly through Ledger Live
- Recover your wallet remotely if the device gets lost or stolen
Cons
- Not convenient for frequent crypto transactions (like in trading)
- The cost may deter beginner crypto enthusiasts
Trezor Model T
The Trezor Model T hardware wallet is a pinnacle of crypto security, blending sleek design with cutting-edge features. Its 1.54-inch color LCD touchscreen allows you to confirm every transaction directly on the screen itself. Supporting over 9,000 coins and tokens, it allows you to manage your crypto (send, receive, trade, and track) through the Trezor Suite app. You can even track your portfolio balance here.
The Model T’s approach to security includes passphrase and PIN entry, open-source code, and identity protection with Tor. And if it ever gets lost or stolen, you can recover your funds using the 12-word Standard Backup. Or you can choose to back up your wallet with the advanced Shamir Backup, which uses several word lists instead. Priced at $179, the Trezor Model T embodies a robust solution for cryptoasset management and security.
| Wallet Type | Supported Cryptoassets | Price | Security Features | Accessibility |
| Hardware wallet | Over 9,000 coins and tokens | $179 | Shamir Backup; passphrase- & PIN-entry access; transparent, open-source code; two-factor authentication & FIDO2 standard | Hard to use for beginners, but great for tech-savvy users |
Pros
- Supports almost every cryptocurrency or token out there
- Trezor Suite app to send, receive, trade, and track your crypto
- Approve crypto transactions directly on the screen
- Exceptional security features
- MicroSD card slot
Cons
- Not convenient for frequent crypto transactions (like in trading)
- The high cost may deter aspiring crypto enthusiasts
How to Choose the Right Bitcoin Wallet for You
There are different types of Bitcoin wallets out there. And among them, there are two main classifications:
- Custodial and non-custodial wallets
- Hot and cold wallets
There can be an overlap between these two classifications. For example, MetaMask is a non-custodial hot wallet.
Custodial Wallet
A custodial wallet is a type of cryptocurrency wallet where a third party, like an exchange or a service, holds your private keys for you. This setup means that the third party has control over your funds. When you use a custodial wallet, you trust this third party to manage your cryptocurrencies securely. It’s like keeping your money in a bank. The bank has the keys to your safe, and you trust them to take care of your assets.
Custodial wallets can make transactions easier and offer recovery options if you forget your password, but they also mean you have less control over your digital assets. The company behind the wallet may freeze your funds, lock you out of your account, etc. Centralized exchange wallets like those on Binance and Bybit are examples of custodial wallets.
Non-custodial Wallet
Unlike a custodial wallet, a non-custodial wallet grants you complete control over your funds.
Conclusion
– Recap of the key points covered and encouragement to choose wisely based on personal needs.
H2: References
– Citing sources and additional reading materials.
Frequently Asked Questions (FAQs)
– H3: What is a Bitcoin wallet and why do I need one?
– H3: Are Bitcoin wallets safe?
– H3: Can I use multiple Bitcoin wallets?
– H3: How do I recover my Bitcoin wallet if I lose it?
– H3: Are there any fees associated with Bitcoin wallets?
