Top 10 Decentralized Crypto Wallets For 2024

Although traditional investment channels have traditionally been preferred by investors, there is currently a noticeable shift towards decentralized cryptocurrency investments. The proliferation of digital currencies around the world has fueled a spectacular surge in cryptocurrency exchanges. These platforms make the purchasing and selling of digital assets easier. However, investors need to pick trustworthy decentralized wallets to store and manage their crypto assets securely. Users have complete control over their private keys while using decentralized crypto wallets, often known as non-custodial or self-custody.

In this blog, we’ll examine how the top decentralized crypto wallets are changing traders’ interactions with digital assets. We will discuss decentralized hardware wallets that might be of interest to long-term investors. 

The Top 10 Decentralized Crypto Wallets

1. Best Wallet

Best Wallet is a brand-new self-custody software wallet that is currently one of the top decentralized wallets. However, Best Wallet offers a lot of special and improved features that set it apart from competitors in the market, so it’s more than simply a wallet for storing and transferring tokens.

With Best Wallet’s multi-chain capabilities and integrated decentralized exchange, users may safely and anonymously buy, trade, transfer, and keep thousands of different tokens. It is a great choice because of its native token, $BEST, which enables a variety of special uses. Holders of $BEST tokens can receive benefits for staking, lower trading and gas costs, and first access to innovative cryptocurrency projects with a lot of promise.

Best Wallet offers users the freedom to buy, send, and store NFTs without requiring KYC information. Security features include fingerprint ID or two-factor authentication. The platform also features a gallery for collections and a cryptocurrency news feed, providing exclusive insights into new coins and airdrops.

Pros

• DEX and multi-chain functionality
• Staking the native $BEST token unlocks additional functionalities.
• Fast registration without KYC validation
• Increased security
• Early access on new initiatives and NFTs
• Fresh viewpoints on emerging cryptos

Cons

• Some functionalities are not operational yet.

2. Exodus

Over 250 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, are supported by Exodus decentralized wallet. A built-in exchange allows you to switch between different cryptocurrencies within the wallet. Additionally, staking some Exodus cryptocurrencies, such as Cardano, Solana, and Algorand, can generate passive revenue.

Exodus has good customer service but lacks sophisticated security features like 2FA. Help is available at any moment via email or live chat.

Pros

• User-Friendly Interface
• Multi-Currency Support
• Built-in Exchange

Cons

• No Two-Factor Authentication

Related Article: What Are The Latest Trends In Cryptocurrency Wallet Development?

3. Zengo

The Zengo self-custody wallet eliminates the need for industry-standard seed phrases to back up and recover cryptocurrency wallets. This is replaced with three-factor authentication (3FA), which recreates a wallet on a new device using an email address, a recovery file, and a 3D facial scan.

Multiple patents in consumer wallet security are held by the organization that maintains the world’s largest open-source library of multi-party computation (MPC) cryptography, which is used to secure crypto wallet. Zengo has had over 1 million customers since its 2018 inception and, because of their commitment to security, they conduct annual software audits. They have also never received a report of a hack. Zengo wallet is packed with features, which include:

• Buying and selling of 120+ cryptocurrencies in-app
• Buying and selling of NFTs on multiple blockchains
• NFT gallery
• 24/7 customer support
• dApp marketplace
• Secure dApp connections via WalletConnect

Pros

• 120+ cryptocurrencies
• Buy, sell, and trade cryptocurrencies and NFTs
• High customer ratings on app stores and Trustpilot
• Annual software audits
• Over 1 million customers and no reports of a hack
• 24/ customer support

Cons

• No support for many Ethereum Layer 2s
• Crypto prices are marked up compared to market prices

4. Ellipal Titan 2.0

ELLIPAL Titan 2.0 is the most secure decentralized wallet on this list. It is delivered as a hardware item that is never online. This implies that your cryptocurrency funds are kept in “cold storage,” so you won’t have to be concerned about phishing or internet hacking.

When transferring money, the ELLIPAL Titan 2.0 doesn’t require a USB or Bluetooth connection, unlike other hardware wallets. This provides an additional degree of security, particularly if you’re carrying a sizable sum. This specific cold wallet features a CC EAL 5+ secure element chip and provides dual-layer defense. This guarantees the cryptocurrency wallet’s total security. 

The Ellipal Titan 2.0 is a metal-seared hardware wallet that is resistant to tampering and disassembling. It features a 4-inch IPS full-lamination display and a touch response feature for easy transactions. Users can purchase, sell, and store over 10,000 currencies and tokens for $169. To transfer coins, users need to use the ELLIPAL device and the Android or iOS app for scanning a QR code.

Pros

• Fully metal-seared hardware wallet
• 100% offline transactions
• Supports 41 blockchain networks
• Anti-tampering and anti-disassembly elements
• Access 10,000+ cryptos
• 4-inch IPS display

Cons

• Price may be on the high side at $169
• Only 5 staking coins are supported

5. Ledger

The Ledger Nano X, a premier hardware wallet with unmatched security features, is the next item on this list. This little gadget is easy to keep and carry along because it resembles a USB stick. To eliminate the possibility of hacking attempts, the wallet is always offline. As your private keys are kept offline, giving you complete control over your digital assets, Ledger devices are referred to as “non-custodial hardware wallets” or “cold hardware wallets” even if they aren’t strictly decentralized wallets.

The Ledger company smoothly integrates the fundamental idea of self-sovereignty with their economic objectives, and they are strong proponents of the decentralized power of cryptocurrencies. Ledger is an offline storage solution that stores recovery phrases and private keys, making it a popular choice for cold storage. 

Users must enter a 4-to-8-digit PIN for transactions, and the Ledger app requires a USB type-C or Bluetooth connection. Ledger Nano X users receive a backup passphrase for theft or misplacement. It supports over 1500 cryptocurrencies and supports various blockchain networks, including Avalanche, Dogecoin, Polkadot, TRON, Bitcoin, Ripple, BNB Chain, Solana, Ethereum, and Cardano. It also allows access to other DeFi and NFT apps.

Pros

• Comes as a small USB-like device
• Requires a 4-8 digit PIN to authorize transactions
• Remote recovery if the wallet is lost, damaged, or stolen
• Supports the best meme coins – including Dogecoin
• Offline private key storage
• Premium dApp offerings
• User friendly interface

Cons

• Retail costs $149, so it might not be affordable for everyone.
• Not as safe as a wallet that is air-gapped
• Recent events have undermined user trust.
• Hardware drives are vulnerable to physical damages

6. Trezor Model One

Trezor is one of the least expensive options, even though it is safe and secure; the manufacturer’s website lists it at just $59 in retail price. Please be aware that shipping costs can vary based on your location. 

Trezor Model One hardware wallets allow offline storage much like any other. A PIN is needed for outgoing transfers and must be entered on the device. The Model One decentralized wallet can be remotely retrieved in case of loss or theft, but it supports a smaller number of blockchain networks than other Trezor variants, including Dogecoin, BNB Chain, Stellar, Ethereum, Bitcoin Cash, and Bitcoin, and every sub-token on every network, excluding Cardano, Ripple, and Solana.

Pros

• One of the most affordable Bitcoin cold storage wallets
• Support for Ethereum, Bitcoin Cash, and other well-known coins
• Just $59 at retail on the manufacturer’s website
• Excellent security features paired with an easy wallet recovery method
• Allows users to easily stake crypto.

Cons

• No support for Solana and Ripple
• Shipping fee can be on the high side 

7. Safepal

One of the best crypto wallets to use in 2024 is the SafePal S1. Users can keep complete ownership of all of their digital assets with the S1.

This cryptocurrency wallet does offline transactions via QR codes and employs a signature technique that is 100% air-gapped. You can obtain your private keys—which were generated by a random number generator—with the SafePal S1.

This decentralized wallet connects to more than 100 blockchains and grants access to all coins available on these networks. The physical wallet has a five-button keypad and a 1.4″ colour screen. SafePal S1 has anti-tampering features and will destroy itself if it detects outside threats.

Moreover, wallet owners can use the SafePal S1 to store NFTs and communicate with other DeFi (Decentralized Applications). Interestingly, you may use this decentralized wallet without having to fill out a KYC form.

Pros

• Complete control of every asset
• No mandatory KYC forms
• Private keys are generated using a random number generator.
• Get access to over 100 blockchains.
• Only $49.99 in price

Cons

• No staking mechanism

8. Trust Wallet

Trust Wallet is one of the most widely used crypto wallets available, with over 60 million users. Despite being acquired by Binance in 2018, Trust Wallet is still a decentralized wallet. Private keys are only accessible to the user and are shown as a 12-word passphrase during wallet setup.

You can download the Trust Wallet app or use the browser extension. Operating platforms that are supported are Chrome, iOS, and Android. You may download the wallet for free and it supports more than 70 blockchains. This indicates that more than 4.5 million digital assets are supported, according to Trust Wallet.

Trust Wallet provides a staking mechanism for a number of different coins, including Algorand, BNB, Tron, Tezos, and Cosmos. There are no costs associated with use the staking function or exchanging tokens within the wallet. On the other hand, it links to dApps for competitive exchange rates and APYs, such as UniSwap and SushiSwap.

Pros

• Over 60 million cryptocurrency investors users
• Compliant with more than 4.5 million NFTs and cryptocurrencies
• Access dApps with ease, such as OpenSea and Uniswap
• Utilizing the built-in staking tool is free of charge.

Cons

• Uses Simplex and MoonPay to process debit and credit card payments.
• Firefox browsers are not supported

9. Metamask

One of the greatest DeFi cryptocurrency wallets for keeping Ethereum and other ERC-20 tokens is MetaMask. Over 30 million people use MetaMask, which is available for free download. Users have the option of selecting a web browser extension or the iOS and Android mobile app. The latter consists of Firefox, Edge, Brave, and Chrome.

When creating a wallet, MetaMask gives users a 12-word backup passphrase. The passphrase is only known to the user, guaranteeing MetaMask’s perpetual decentralization. When opening the wallet, a password must be supplied to safeguard it.

MetaMask connects to Ethereum by default but may be connected to other networks by hand. With built-in staking tools for Lido and Rocket Pool, it offers 4.3% and 3.8% annual percentage yields on Ethereum deposits, respectively. For centralized token trading, it also features a platform for trading tokens, while dApps like UniSwap and PancakeSwap offer better exchange rates.

Pros

• A free browser add-on and software for decentralized wallets
• A top-notch decentralized cryptocurrency wallet
• Facilitates NFT storage
• Built-in features for token swapping and staking

Cons

• A 0.875% fee is applied to token swaps
• For staking, only Ethereum is supported.
• Incompatible with cryptocurrencies like Cardano, Solana, and Bitcoin

10. Blockstream Jade

Blockstream is a global leader in Bitcoin technologies. Blockstream Jade is one of the top hardware wallets users can purchase for a decentralized trading experience. Without connecting to the internet, Blockstream Jade allows investors to store Bitcoin. Other storable assets on Blockstream Jade include Bitcoin Liquid (L-BTC) and Tether Dollar (USD-T).

Blockstream Jade is a non-custodial wallet that uses offline QR codes for transactions, allowing users to access their private keys. Users can manage their digital assets online using Blockstream Green, Blockstream’s compatible wallet application, which uses Multisig Shield technology and offers a recovery phase.

Pros

• Affordable hardware wallet
• Verify purchases with offline QR codes
• Wallet app compatible
• Technology Multisig Shield 
• Offers a virtual secure element

Cons

• Supports a limited number of cryptos

How Do We Rank The Top Decentralized Crypto Wallets

1. Security: Depending on the type of device, decentralized wallets may or may not have sufficient security protections. Hardware wallets, for example, are the safest choice because private keys are never stored online. MPC and air-gapped security can also be obtained with hardware wallets. Other security measures seen in software wallets include biometrics and two-factor authentication.

2. Total Decentralization: Every wallet on the list provides a decentralized experience, at the very least. This indicates that the private keys are only accessible by the wallet user. Additionally, users are able to transfer and receive money without needing permission from an outside custodian. This guarantees that customers have complete control over their cryptocurrency holdings.

3. Supported Coins: Decentralized wallets that facilitate a large variety of coins, including Bitcoin, Ethereum, BNB, and Solana, were given top priority. On each network, wallets that supported custom tokens were given extra consideration. For example, the wallet ought to support all ERC-20 tokens if it supports Ethereum.

4. Fees: To accommodate investors on a tight budget, we have provided a range of free software wallets. Hardware wallets with different price tags were also ranked by us. The Trezor Model One, for example, is only $59. We also looked at the costs associated with add-on functionality like fiat purchases, staking, and token swaps.

5. User-friendliness: Some wallets are very easy for novices to use, requiring little to no prior knowledge of storing cryptocurrency. Nevertheless, for more experienced and intermediate users, we have also incorporated decentralized wallets. This guarantees that every skill level is taken into account.

6. Operating Systems and Device Types: We provide decentralized wallets for desktop applications, mobile apps, and browser extensions on any kind of device. Included are the most widely used operating systems, including Windows, Mac, Linux, iOS, and Android.

Related Article: Top 10 Crypto Wallet Companies

Which Crypto Wallet Should I Pick?

It’s important to start by asking yourself the following questions before choosing your preferred crypto wallet:

How frequently do I trade? Do you plan to trade cryptocurrencies on a daily basis or very infrequently? Because of their quickness and usefulness, hot wallets are preferable for traders who are active. But, by utilizing a cold wallet as a type of savings account and storing the majority of their currencies there, active traders may also find it advantageous.

What am I hoping to exchange? Do you want to purchase and own Bitcoin, or are you more interested in other cryptocurrencies, such as stablecoins and altcoins? The cryptocurrency wallet you choose should be able to hold the coins you want to trade as well as any other cryptocurrencies you might want to trade in the future.

What is my spending limit? Do you intend to amass a sizable cryptocurrency collection? Hardware wallets are perfect for this, but they require an initial payment to be owned, in contrast to hot wallets, the majority of which are free. While some hot wallets offer faster transactions or more functionality, they may come with higher cryptocurrency trading fees.

What features should a wallet have for me? Do you plan on doing anything specific with crypto beyond simply trading it? For instance, traders should search for wallets that support deposits, staking, and lending of cryptocurrency if they wish to profit passively from their holdings.

Conclusion

For long-term investors, decentralized cryptocurrency wallets are the ideal choice. They let users send, receive, and store cryptocurrency assets without requiring the help of a middleman. This implies that users won’t have to worry about blocked transactions or frozen accounts because they can function as their own cryptocurrency bank.

But since every decentralized wallet is unique, users ought to think about what their basic needs are. Examine cost, supported networks, security measures, and user-friendliness in addition to ancillary features like staking and token swapping.

As the landscape of decentralized wallets evolves, partnering with an expert can be invaluable. Having deep expertise in blockchain technology and a proven track record in developing secure, user-friendly decentralized applications, Debut Infotech, a leading cryptocurrency wallet development company ensures you stay ahead of the curve and outpace the competition. Whether you’re looking to integrate cutting-edge security features or need tailored solutions for your cryptocurrency projects, our team offers unparalleled support and innovation to help you make informed decisions and maximize the potential of your digital assets.