What Is a Crypto Wallet?
Crypto wallets are not exactly a wallet but rather code on the blockchain that associates your funds to a specific identity, much like a ledger.
When you send funds from your wallet to another wallet, you are not sending money from one wallet to the other.
Rather, you are signing off ownership of the crypto and specifying the new owner of the funds. All crypto wallets come with two sets of keys, a private and a public key.
Both are vital to the transaction and overall security of the cryptocurrencies you hold.
How We Ranked the Best Crypto Wallets
We have already answered the question “what is a crypto wallet”, so let’s now look at how we rank the best types of crypto wallets. You are not short of options in this area of crypto betting, which is why ranking the best crypto wallets is a key part of the process.
- Security – it must be an official wallet and accepted by approved betting sites.
- Reputation – the wallet should have a history of secure transactions.
- Costs – you should not be charged over-the-top fees when using the wallet.
- Flexible – we like to see wallets accessible across several crypto exchanges.
What Are the Different Types of Crypto Wallets?
Hot Wallets
Hot wallets are software programs that are always connected via the internet. These types of crypto wallets must stay online to be functional.
They can be thought of as an app or program that gives you access to your funds almost instantly. A big part of hot wallets is their convenience to the user, as they can be used from most PCs or mobile devices.
Cold Wallets
Cold wallets are physical devices that store both public and private keys. These devices usually look like USB sticks but, in some cases, be printed pieces of paper with a QR code or a code.
These are also much harder to hack. The person trying to steal the funds needs to get their hands on the cold storage device before even being able to attempt to crack the wallet.
What Is the Best Crypto Wallet for Betting?
Not all types of crypto wallets are created equal. Some wallets are more suited to specific scenarios than others since their features and safety profiles differ.
Additionally, not everyone requires the same functionality in a wallet and would rate some aspects higher than others. Therefore, we compiled a list of the best crypto wallet in each area.
Blockstream – Best & Beginner Friendly
Blockstream is one of the best crypto wallet for betting options, especially if you are new to the crypto gambling scene. This wallet can be downloaded and used on Android and iOS as well as desktop PCs.
It offers security features that will keep your digital assets safe, so you can use it to bet on your favorite sporting event. As an added feature, this wallet supports popular cold wallet options such as Ledger and Trezor.
This wallet stands out because it is very user-friendly for those who do not know much about crypto wallets. But, at the same time, it comes with a wide variety of features that more experienced crypto bettors can use.
BRD – Mobile Friendly
The BRD wallet is one of the best crypto wallet for betting directly from mobile phones. This hot wallet has great security features and is still easy to use, especially for anyone new to cryptocurrencies.
The BRD wallet supports over 70 crypto coins and lets you keep your NFTs secure. Still, the use of sports betting is one feature that stands out.
Electrum – Safety First
The electrum wallet is known for being one of the safest to date and capable of working with cold wallets. This wallet is open source, meaning the code can be reviewed anytime to ensure that nobody has built any backdoors into the program.
If you are looking for an anonymous wallet that does not require users to be registered, then Electrum is a good option.
Trust Wallet – Mobile Wallet
Trust wallet is a useful crypto wallet for betting options. It made our list because of its clean user interface, the huge number of supported coins, and NFTs.
This very popular wallet is the official app of the popular Binance exchange. It does not keep your private keys, so you always control your assets. However, it is your responsibility to keep those important keys safe.
Exodus – Desktop Wallet
Exodus wallet has several features that make it the best crypto wallet for betting on desktop. This easy-to-use wallet has amazing transaction speeds and many different functions.
Formerly a desktop-only wallet, it now offers iOS and Android apps and is compatible with Trezor wallets. One of the largest drawing points of this hot wallet is the sheer number of coins that it supports.
MetaMask – Ethereum Wallet
If using Ethereum is your coin of choice for betting online, then MetaMask is the best crypto wallet for you. The MetaMask app sports an easy-to-use interface and access to thousands of dApps on the Ethereum network.
The fact that MetMask has 30 million active monthly users should speak to its popularity across Ethereum users.
Ledger Nano S Plus – Best Hardware Wallet
The Ledger Nano S Plus is one of the best crypto wallet solutions available to those who want to securely store their funds in a cold wallet. This wallet has a phenomenal security profile that seems almost unbreakable.
It comes with the Secure Element chip, which is designed to restrict access to secure confidential documents and crypto information. You can rest assured that any winnings you withdraw from the betting platform are going to be safe.
Trezor – Beginner Hardware Wallet
If you are starting to understand crypto, then Trezor Wallet is one to consider. Using the built-in app, you can buy bitcoin with fiat or exchange it all without having to register on any exchange.
Although we recommend using a separate exchange when betting. For one of the cheapest cold wallets, Trezor has an impressive number of supported coins.
For security, your private keys are stored on the device, which can only be accessed via a pin code.
SafePal S1 – Binance-Linked Hardware Wallet
The SafePal S1 is another great hardware wallet and is also backed by Binance, one of the best crypto exchanges available.
This wallet comes with a camera with which you can scan a QR code to verify offline transactions. It also has a self-destruct feature should it detect malware or a virus, so it is imperative that the seed phrase be stored securely.
The SafePal S1 supports Bitcoin, Binance Coin BEP20 tokens, Ethereum, and ERC-20 coins.
Final Thoughts On Crypto Betting Wallets
With so many types of crypto wallets out there, it might not be that easy to pick the wallet that will tick all your boxes for crypto betting.
First, you need to know what is a crypto wallet, and then you should follow our recommendations for the most trusted option for you. It is best to first consider what is most important in the wallet you are looking for.
Should it be easy to use? Do you want it to be available on your mobile? Or do you put desktop access as the biggest priority? Do you want the benefits of hot or cold wallets?
We hope we have given you deeper insight into crypto wallets and ideas for the best crypto wallet for betting. As always, a lot of sports betting comes down to preferences.
However, you can put your trust in our recommendations. Our lists of wallets, betting sites, and cryptocurrencies all help you to enjoy the best crypto betting experience possible.