Best multi cryptocurrency wallet: how to compare options
The best multi cryptocurrency wallet depends on hot or cold key storage, not coin count. Coin and network support changes, so check the maker's list.
Vahe HakobyanEditor-in-chief
Updated Oct 5, 20263 min readFact-checked
On this page
- Hot software wallets are quick to use and exposed to online threats.
- Hardware devices keep keys offline and can be lost or tampered with.
- Coin and network support changes, so check the maker's current list.
- Store the recovery phrase offline; it is not a password.
A multi-coin wallet manages keys for more than one network, so you can view and sign for several assets in one place. A cryptocurrency wallet stores the public and private keys used for transactions.
How do hot and cold wallets compare?
Hot wallets include apps, browser extensions, desktop programs and online services. Many keep keys on a connected device, while some online wallets store credentials with a provider. Cold wallets include hardware devices from manufacturers. A hardware cold wallet holds private keys inside and signs transactions on the device.
Which coins and networks does each support?
Support depends on the maker and changes over time, so an old comparison may list a coin or network the wallet no longer handles. Most multi-coin wallets cover the Bitcoin blockchain and the Ethereum blockchain, and some cover many more. A software maker can add support with an update, while a hardware maker usually lists assets device by device.
What risks come with each wallet type?
Hot wallets face malware and phishing because their software runs on an online device, and some online wallets store credentials with the provider. Hardware wallets reduce that online exposure but face device loss and tampering, including altered firmware. Neither type makes phishing or seed phrase theft impossible.
How do you protect keys and recovery phrases?
Write your seed phrase on paper or another offline medium and store it safely, because it is the only way to recover your wallet. Keep a second copy in a separate secure location, do not type the phrase into a website or unverified app, and skip cloud notes and screenshots.
Frequently asked questions
No. A wallet works only with the networks its software supports, and support varies by maker. Some let you add custom networks and some do not.
If you wrote down the seed phrase, you can usually restore the wallet on a new device and reach the same accounts. Without that phrase, funds are usually not recoverable.
Both are hot wallets, so both face malware and phishing. A browser extension adds exposure from other extensions you install, and a mobile app adds exposure from fake apps in stores.
