7 Best Bitcoin Wallets (UK & Worldwide) of 2023 [Compared & Reviewed]

Our Pick of Top Bitcoin Wallets for 2023

1. Best Bitcoin Wallet for Beginners: Coinbase
2. Fastest Bitcoin Wallet: Coinmama
3. Best Multi Cryptocurrency Wallet: Uphold
4. Best Physical Crypto Wallet UK: Trezor
5. Safest Bitcoin Wallet: Ledger
6. Cheapest Bitcoin Wallet: Coinomi

Comparison Chart of the 7 Best Bitcoin Wallets (UK & Worldwide) of 2023

If you’ve been reading any of our latest articles about the growth of cryptocurrencies, such as Bitcoin, then you’ll undoubtedly be aware of the need for a digital bitcoin wallet.

This is a secure online location where you can store your private key (the secret number for each bitcoin) in a safe space, with resilient checks to prevent cyber theft.

This article will help you understand more about the importance of bitcoin wallets and how to select the most suitable one for you.

The 7 Best Bitcoin Wallets of 2023

Now we know more about the rationale behind bitcoin wallets, we will share the best bitcoin wallets for 2023.

This article is designed to be used as a simple guide and should be read with the caveat that the information is correct at time of going to press and has been written with desk research rather than personal experience. At WikiJob, we are not financial advisors and any information provided throughout this article is for educational purposes only.

When you are choosing a specific bitcoin wallet you should undertake your due diligence and research to ensure that you are finding the right bitcoin wallet for you.

Best for: Ease of use, good for beginners
Type: Web

Coinbase has become one of the largest online platforms where you can buy or sell bitcoin securely. Therefore, it comes as no surprise that Coinbase has its own digital bitcoin wallet.

Coinbase provides an intuitive and user-friendly interface, making it accessible even for those new to cryptocurrency. This ease of use simplifies the process of buying, selling and managing Bitcoin.

Coinbase implements robust security measures, including two-factor authentication (2FA) and cold storage of the majority of users' funds. This helps protect your Bitcoin holdings from unauthorized access and hacking attempts.

Coinbase provides insurance coverage for its hot wallet (online funds), offering an additional layer of protection in case of a security breach.

Coinbase offers a mobile app that allows you to manage your Bitcoin on the go. This provides convenience and accessibility to your funds from your smartphone.

Coinbase offers a 'Vault' feature that allows you to store your Bitcoin in a more secure and delayed withdrawal account. This adds an extra layer of protection against unauthorized transactions.

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Best for: Ease of use
Type: Web

Coinmama is an exchange and wallet in one. The exchange allows users to purchase bitcoin in increments of $100 quickly and easily from the homepage.

Unlike other exchanges that buy and sell on the open market, Coinmama funds trades from its company holdings; it is also a registered money business service in the US.

It could be argued that this added security for users does come at a price, with Coinmama’s fees being on the high side compared to other platforms.

You can buy bitcoin through Coinmama but it’s important to note that you cannot sell it back. This isn’t necessarily a negative; this company will be well suited to those who simply want to buy bitcoin but don’t need an exchange.

Best for: Diverse asset support
Type: Web

Uphold was launched in 2015, and since then it has handled more than $4 billion in transactions, trading in 184+ countries with more than 30 currencies.

Uphold allows clients to trade directly between different asset classes in one transaction – so you can trade anything to anything.

With Uphold, you can trade 58 digital currencies, precious metals like gold, silver, platinum and palladium, as well as fractional equities in shares of US companies like Amazon, Tesla and Apple.

Uphold has several wallets suitable for different currencies, with no custody costs, which is great for traders who buy through the exchange.

There are separate wallets for:

• Bitcoin
• XRP
• Ethereum
• Litecoin
• Bitcoin Cash
• Dash
• Bitcoin Gold

Is Uphold safe? The Uphold crypto wallet has rigorous safety standards built in, and around 90% of all crypto held by Uphold is stored offline in cold storage.

You can use Bitcoin wallets on Uphold to make payments to vendors as well as storing and transferring funds.

Best for: Security
Type: Hardware

Hardware wallets are often seen as the best bitcoin wallet due to their security processes.

Trezor wallet is a physical device that you will need to plug into your computer giving you confidence that it cannot be attacked or stolen.

It has a strong focus on password security, having a two-factor authentication process. The sole purpose of this Trezor wallet is to ensure that your bitcoin cannot be stolen.

Best for: Optimal security, multi-currencies, sleek design
Type: Hardware

The Ledger wallet is designed to be used with multi-currencies and can be managed easily on your desktop as well as integrating with many mobile apps.

The Ledger hardware wallet, often referred to as the Ledger crypto wallet or cold wallet Ledger, is a cutting-edge solution for securely storing and managing cryptocurrencies.

As a physical device, the Ledger hardware wallet offers enhanced security by keeping private keys offline, safeguarding them from potential online threats and hacking attempts.

This Ledger cold wallet approach ensures that sensitive information remains isolated from internet-connected devices, significantly reducing the risk of unauthorized access or theft.

With its user-friendly interface and robust encryption mechanisms, the Ledger wallet provides crypto enthusiasts with a reliable and convenient method to access, send, and receive their digital assets while maintaining the highest level of protection against cyber vulnerabilities.

Best for: Multi-chain wallets, versatile – can be used in 25 languages
Type: Mobile

The Coinomi wallet is relatively new to the market, having been developed in 2014.

It can be used on mobile and desktop and has been designed to be used with multi-chain wallets. It is multi-lingual and has superb security – its track record proudly boasts of never being hacked.

What Is a Bitcoin Wallet?

A Bitcoin wallet is a digital tool or software that allows users to securely store, send, and receive Bitcoin. It consists of a private key for accessing the funds and a public address for receiving transactions on the Bitcoin network.

Unlike traditional currencies, bitcoins do not have a physical presence therefore it can be difficult to know how to keep track of what you have purchased. When you complete a bitcoin transaction, you will have a public bitcoin address and a private key.

A private key is a secret number attributable to a specific bitcoin which is saved in the BTC wallet of the purchaser.

The private key is vital for any future transactions. Therefore, you need to feel comfortable that you are holding that information in a secure setting that can handle any potential cyber theft.

Unfortunately, if a bitcoin is stolen it is almost impossible to recover. So it is important to try and find the safest bitcoin wallet for your assets.

What Types of Bitcoin Wallets Are Available?

There are several distinct types of bitcoin wallet:

• Paper. This is a written document which details your public bitcoin address as well as the private key which allows you to conduct transactions. Many bitcoin paper wallets use software such as QR codes to allow you to quickly scan in the information when you want to buy/sell bitcoins. The offline function of the wallet makes it extremely resilient against cybercrime, although you would need to take precautions to ensure that the document is held securely.

• Desktop. Bitcoin desktop wallets are directly installed onto your PC. Because they don’t rely on any third parties to handle the data, they do have a strong security element. They give users complete control over their bitcoins, making them a popular option for people who only wish to invest small amounts of money. However, because they are only accessible on desktop PCs, they do limit the flexibility of bitcoin transactions.

• Mobile. Bitcoin mobile wallets usually function in the format of dedicated apps that you can download onto your smartphone. This means that you can trade bitcoins wherever you are; however, it should be noted that some mobile wallet apps may not be transferrable between mobile or android and if a cyber hacker gains access to your phone, then your security could be at risk.

• Web. E-wallets are managed and maintained by third-party agencies. Although they can replicate both desktop and mobile variations, you are reliant upon that third party’s security processes. If they are hacked, you would lose everything.

• Hardware wallets. These are generally felt to be the most secure bitcoin wallet. It uses an external piece of hardware (such as a USB stick) to secure the private key of the bitcoin. This means that they are resilient against threats and can be immune to the prospect of computer viruses.

Each digital wallet has its advantages so we always recommend undertaking your own research before you decide which is the best bitcoin wallet for you.

Should You Have One or Multiple Bitcoin Wallets?

We’ve previously talked about how the term ‘bitcoin’ covers a myriad of currencies, from bitcoin itself through to Bitcoin Cash and Bitcoin Gold.

Although they may have started in the same way, they have forked off to become currencies in their own right.

Therefore, it may be advisable to choose to have more than one bitcoin wallet. Many investors choose to use individual crypto wallets for each currency to facilitate easier transactions and for added security.

Some people may choose to use multiple Bitcoin wallets to store their bitcoin private keys to have added security – for instance, they may like the flexibility of a mobile wallet but enjoy the security levels of a hardware wallet option.

Many Bitcoin wallets will integrate with others to allow this added flexibility. However, it should be noted that each crypto wallet has its own maintenance which could add to the time that you spend on your Bitcoin accounts.

If you’re new to bitcoins then you may need something basic to help you get to grips with it, whilst experienced bitcoin users may need something a little more comprehensive to help them maximise their investments.

When you choose the best bitcoin wallet for you there are many things you may need to consider:

Frequently Asked Questions

Final Thoughts

As you can see, there is much to consider when choosing the best bitcoin wallet for you. This article has given you some initial guidance into the types of crypto wallets available and who they are suited for.

As we previously mentioned, we would highly recommend that, before choosing a specific bitcoin wallet, you do as much research as possible and think about what you want to use it for and how.

WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.