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Whether you are still trying to figure out where to sign up for a free Bitcoin account or weighing your options for another digital wallet for crypto ventures, you have plenty of options! The best thing about the most popular apps is that they are free to use and install. The ChangeHero team reviews the best software crypto wallets for beginners and pros alike.
Key Takeaways
- Creating and downloading most crypto wallets is free, though transaction fees (gas fees) are typically charged when moving or trading cryptocurrencies. Wallets do not collect this expense but rather it is a feature of the blockchain.
- Users have many free options, such as MetaMask, Trust Wallet, and Coinbase Wallet, for different devices. Most are acceptable online crypto wallets for beginners, and the best choice depends on user needs.
- Because it is not up to the wallet to charge a blockchain fee, covering it for their users is uneconomical, although it makes a compelling marketing point.
Are crypto wallets free to use?
Before you start choosing digital wallets for cryptocurrency, make sure you know how to get a crypto wallet and which types are there. If you find yourself unfamiliar with some concepts described below, don’t be shy to catch up with the linked guides!
The good news: the vast majority of cryptocurrency wallets come in the form of free software. Although there are special devices to secure crypto, called hardware wallets, they are not a requirement. With appropriate security measures, software and hot wallets are not worse than any expensive device.
While these digital crypto wallets are free to install and use, blockchain transactions have network fees. Normally, the wallets do not charge anything for sending and receiving cryptocurrency. The fees go to miners or validators who support the blockchain — in other words, it is not the wallet provider who collects those but the network itself.
Online Wallets
For a lot of users, especially beginners, online wallets are their first crypto storage option. Online wallets are also called hot wallets after the data storage term. They have occasional or constant Internet connectivity to synchronize with the blockchain network and broadcast transactions.
There is also another important distinction to make for online wallets: hot decentralized or self-custodial wallets and custodial wallets. It depends on which party manages the public and private cryptographic key pair that entitles the user to ownership over the assets.
A search for a “Bitcoin account” is most likely to lead you to a cryptocurrency exchange login, where you can generally sign up for free. What you need to know from the get-go is that exchanges keep and manage user funds on their behalf. Another thing is that instead of accounts Bitcoin and many other crypto assets use addresses or wallets.
Most cryptocurrency wallet apps are self-custodial because it is considered the best practice for security. However, custodial crypto wallets also have their benefits. They are generally more user-friendly, often providing a more familiar user experience (e.g. a user account instead of crypto-specific credentials). A trusted custodian can also secure the funds against hacks and social engineering attacks and provide recovery options.
Popular custodial options include the Coinbase Exchange Wallet and Binance Web Wallet. They share a few features: Web-based account login with extra security features such as 2FA, full custody over funds, and high liquidity for trading and DeFi. Funds stored with the Coinbase Exchange are insured and can be recovered if you forget the password. Likewise, Binance is a regulated entity in multiple jurisdictions.
Keep in mind that exchanges can limit your access to digital assets in your account so it is best not to store large amounts.
Software Wallets
Account-based login or password in the wallet app does not always mean it is custodial. Some non-custodial wallets use them to improve the user experience (synchronization across devices or simplification) and security.
For example, accounts are used in popular wallet products such as MetaMask and Atomic Wallet. Although they require email and password to create one, the private keys remain in the user’s control.
Other wallets such as Argent and Zengo use novel security mechanisms that do not require you to store and manage the private keys or recovery phrases. Before you use these online crypto wallets, though, take a moment to unpack what you will need to do to keep funds safe.
Top 10 Free Crypto Digital Wallet Apps
Before reviewing individual products and brands, let us remind you about a few important considerations.
Always download wallet apps from official sources (App Store, Play Store, official websites). Different wallets support different cryptocurrencies, so it is a good idea to check compatibility according to your needs.
Moreover, most of the selected apps are non-custodial crypto wallets, so if you are new to crypto, take a moment to educate yourself on how it works and how to keep your keys secure.
MetaMask
MetaMask is a popular iOS, Android, and browser extension crypto and digital currency wallet for Ethereum and ERC-20 tokens, known for its extensive dApp integration capabilities and a built-in DEX aggregator for token swaps.
Although it is an Ethereum-first product, the extensiveness of this ecosystem makes it one of the best software crypto wallet options. Despite being a hot wallet with most features requiring an active Internet connection, MetaMask provides secure private key management with seed phrase recovery.
Beginners and avid blockchain enthusiasts alike choose MetaMask for its solid design foundation with advanced capabilities. It includes testnet support, token swaps, NFT support, transaction and network customization, and hardware wallet compatibility.
Non-custodial by design, MetaMask is probably the best open-source crypto wallet option in the market. It has phishing detection mechanisms and transaction simulation before confirmation to assist users in securing and managing their crypto funds.
Trust Wallet
Trust Wallet is a mobile-only app for iOS and Android with multi-blockchain support (Ethereum, Binance Smart Chain, 50+ other networks). Despite the name, it is also a non-custodial wallet with full user control that does not require your trust in any middleman.
In addition to more networks and assets (almost 160 thousand), Trust Wallet is even more loaded with features. You can track prices and the performance of your portfolio, view and manage NFTs, and buy or trade cryptocurrencies. Trust Wallet has access to DeFi capabilities with an integrated DApp browser, swapping and staking capabilities for various tokens.
As far as security is concerned, Trust Wallet is on the industry standard level. It is an open-source crypto wallet as well, and the app has biometric login options. The private key is always stored on the user’s device but there is an option to connect a hardware wallet to manage with the software.
Coinbase Wallet
Not to be confused with the Coinbase Exchange, the wallet by the same company is a multi-platform non-custodial Ethereum and multi-chain wallet. This mobile app and browser extension has a user-friendly interface for beginners and gives full user control of private keys with strong security features.
The best part about Coinbase Wallet is that you do not need a Coinbase account to use it. It still keeps some data locally to enable biometric login and recovery phrase protection but you can be sure it remains within your devices.
Like other popular hot wallets, Coinbase Wallet is widely appreciated thanks to its multitude of features. It is a Web3 wallet with decentralized application interactions, easy QR code asset transfers, portfolio tracking, token swapping, and crypto purchase options. Robust feature coverage and security make it one of the best crypto wallets for beginners.
Exodus
For managing crypto assets across multiple platforms, for example, desktop and mobile devices, Exodus is one of the best online wallets. This non-custodial desktop and mobile multi-cryptocurrency wallet supports over 100 cryptocurrencies and lets you manage the private key on your devices.
Exodus’ user-friendly, design-focused interface can be used as both a hot wallet and to manage a hardware crypto wallet. The Internet connection gives you access to live price tracking and market data, as well as detailed transaction history. Other extra features include NFTs on multiple blockchains, staking for select cryptocurrencies, and a built-in exchange feature (which incurs a service fee).
Mycelium
Mobile wallet Mycelium for Android and iOS is one of the oldest open-source Bitcoin wallet apps. Today it has expanded to include other popular blockchain networks but remains Bitcoin-focused. Users can use multiple Bitcoin address types and networks and customize transaction settings.
Mycelium has a reputation for its advanced security features such as Tor network support, hardware wallet integration, and a seed phrase backup mechanism. For user experience, this free Bitcoin wallet offers a local trading marketplace integration and requires no ID to create.
Blue Wallet
Another free BTC mobile crypto wallet with Lightning Network support and advanced features for power users is Blue Wallet. The LN integration makes it one of the most economical free Bitcoin wallets.
Like most of the highlighted apps, Blue Wallet does not require you to create an account or share sensitive information. You can set a password to secure the software and create a watch-only wallet to keep Bitcoin or altcoins away from online crypto wallet vulnerabilities.
Binance Wallet
Briefly touched upon previously, Binance Wallet is another option that comes in custodial and non-custodial varieties. It is important to understand the distinction, especially since the exchange and wallet apps are supported on the same platforms. Mobile apps and browser extension Binance Wallet are non-custodial, while there are also applications for the Binance exchange for iOS, Android, and desktop.
One of the reasons this app is so popular is its integration with the Binance exchange and access to its high liquidity trading for token swapping and crypto purchasing with fiat. Although the user funds are kept in cold storage managed by the exchange, you should always account for the risks of entrusting them to a third party.
Atomic Wallet
This desktop and mobile multi-cryptocurrency wallet with 300+ assets supported takes its name from the built-in atomic swap feature. Atomic Wallet is a popular non-custodial multiplatform crypto wallet that leaves private key management to the user, offering password encryption. In any case, they also provide 24/7 customer support.
In Atomic Wallet, users can stake select supported cryptocurrencies and swap tokens on integrated decentralized exchanges or with the atomic swap feature. Like in other cases, while this app for managing Bitcoin and altcoins itself is free, these additional features can charge a fee.
Zengo
Although Zengo is not the only wallet app to use MPC (Multi-Party Computation) technology to secure access to funds, it is known for its unique security model that relies on biometric authentication.
Instead of a private key or recovery phrase that is easily lost, Zengo splits the secret into several parts kept on users’ devices and their servers in encrypted form. Only the user can access all of them with facial recognition to sign transactions. Zengo also gives social recovery options for rare cases where authorization kit parts are lost.
When it comes to the user experience, Zengo strives to be a beginner-friendly and easy-to-use wallet for Bitcoin and altcoins. This mobile wallet supports multiple blockchain networks and lets you make instant crypto purchases.
Argent
Last but not least, Argent is an Ethereum and Layer 2-focused non-custodial extension wallet with social recovery options and built-in DeFi integrations.
Through the built-in dApp browser, users can access the Starknet and Ethereum ecosystems and manage NFTs. As a smart contract wallet, Argent also uses a different system from the standard private key management. You can recover access to a wallet through the on-chain guardian system (trusted accounts) or off-chain cloud and encryption backup feature. The on-chain method uses smart contract calls so you will need to pay the Ethereum gas fee, while the latter is free.
Are There Crypto Wallets With No Fees?
Is a free crypto wallet with no fees a thing? Network fees, or gas fees, are generally not covered by wallet providers since they are blockchain costs paid to network validators or miners. However, there are a few scenarios where the wallet provider subsidizes or reduces the blockchain fees. And most certainly, a free Bitcoin wallet with money is too good to be true.
A good indicator for a crypto wallet with the lowest fees is Layer 2 support. Argent is built on Layer 2 (Starknet), making Ethereum and token transactions much cheaper than on the mainnet. The way L2s work, though, is you will have to bridge the necessary assets first. Blockchain fees are also the reason some alternatives to Bitcoin or Ethereum still thrive — look no further than the success of Solana (SOL).
Custodial wallets can offer promotions to cover trading and withdrawal fees by limiting the time or absorbing the costs otherwise. This is another reason to not dismiss this type of wallet, although security should be always kept in mind.
Web3 and DeFi apps and wallets have other ways to cover the network fees: gas abstraction (paying fees in other tokens) or meta-transactions (a third party bears the gas cost). The former still constitutes an expense and the latter is often conditional.
After all, some “gas-free” solutions may still have hidden costs built into exchange rates or spreads. The most obvious examples of this are trading fees or withdrawal fees for exchanges. Due to the way blockchain works, eliminating the fees altogether is often not possible and definitely not up to the wallet provider.
Bottom Line
Finding which crypto wallet is free to install is not the hard part. Because there are so many options, choosing the right personal crypto wallet can be tough. Isn’t it great that you can try many different apps and wallets precisely because it’s free?
Get to know more about using crypto from the ChangeHero blog! Follow ChangeHero on X, Facebook, and Telegram for daily updates, tips, and more content.
Frequently Asked Questions
Is there any free crypto wallet?
Yes, there are many free crypto wallets available. Most popular cryptocurrency wallets like MetaMask, Trust Wallet, Exodus, and Coinbase Wallet are free to download and install across mobile and desktop platforms.
Which wallet is free?
Several wallets are free, including MetaMask, Trust Wallet, Exodus, Atomic Wallet, and Coinbase Wallet. These wallets are free to download and use, though they will display network transaction fees when you send cryptocurrencies.
Is creating a crypto wallet free?
Creating a cryptocurrency wallet is typically free and can be done quickly through mobile apps or browser extensions. You won’t even need an email address or phone number for most wallets, and the initial setup process costs nothing.
Is Coinbase a free wallet?
Coinbase offers two free wallet options: the Coinbase Exchange Wallet (custodial) and the Coinbase Wallet (non-custodial mobile app). Both are free to create and use, though transaction fees apply when sending or trading cryptocurrencies.
