Hot wallets refer to cryptocurrency wallets connected to the internet to allow active access and transactions. They differ from cold wallets which store assets offline for enhanced security. Hot wallets tradeoff greater accessibility and usability for lower security. This article will explore the top 10 hot wallet options.
As a browser extension Ethereum wallet, MetaMask provides quick access to decentralized applications through a simple user interface. It also supports ERC-20 tokens while enabling users to switch between different blockchain networks. MetaMask is widely used in the DeFi ecosystem.
2. Trust Wallet
Trust Wallet is a highly secure open source hot wallet that supports dozens of cryptocurrencies alongside ERC-20 tokens. It offers multi-chain flexibility alongside a clean intuitive design and robust feature set including trading and staking integration.
3. Coinbase Wallet
Coinbase Wallet makes it easy for users to store, send, and receive Ethereum-based tokens and collectibles. It also supports Web 3 DApps through WalletLink connectivity. As a standalone product, Coinbase Wallet is separate from the main Coinbase exchange.
MyEtherWallet is an open source client-side Ethereum wallet accessible through browsers. Users control private keys locally while enjoying a user-friendly interface. MyEtherWallet also supports interacting with exchanges and EVM-compatible networks.
Exodus provides a clean designed hot wallet with intuitive visualization and support for over 100 cryptocurrencies including Bitcoin, Ethereum, and popular altcoins. Advanced security measures include encrypted private keys and sensitive data.
6. Jaxx Liberty
Jaxx Liberty is a free multi-chain wallet with desktop, mobile and browser integration. Its unified dashboard gives users one place to manage BTC, ETH, LTC and dozens of other coins with additional features like portfolio management.
Popular Bitcoin wallet Electrum offers advanced functionality alongside security and privacy. However, its focus on Bitcoin makes it less suitable for altcoins. Electrum allows control over servers and full transaction verification through its lightweight SPV wallet.
Formerly known as Airbitz, Edge is an advanced multi-currency hot wallet focused on security, privacy and usability. Edge offers secure encryption, 2FA, password recovery, and integrates with Ledger hardware wallets. It is hierarchical deterministic and supports many top coins.
9. Atomic Wallet
Atomic Wallet’s decentralized architecture and atomic swaps make it a popular choice to store Bitcoin, Ethereum and over 500 other assets. Custom token creation, decentralized exchange access, staking services and robust security round out its offering.
Dharma is a non-custodial Ethereum wallet designed for integrating with DeFi apps and protocols to enable digital asset management alongside lending, borrowing and trading services in a user-friendly way.
While crypto hot wallets carry inherent risks over cold storage, they provide the speed and accessibility needed for active crypto trading and usage. Carefully assess your priorities to determine the ideal hot wallet based on supported currencies, features, platform compatiblity and security model.