2.1.3. Recommended Tools
Now that we have covered the main wallet types and how to keep them secure, you should have a good idea on which ones you will be using, so it's time to get a bit more practical.
In this article I will go over some wallets and tools we recommend you use based on my personal experience with them.
These tools are chosen with a focus on three key factors: Security, Usability, and Accessibility.
In the next article, you’ll also learn how to set up these tools and start testing them.
Let's get started.
a) Wallets
i) Non-Custodial Software Wallets:
To serve as a quick reminder:
A non-custodial wallet is a wallet where you hold your private keys yourself.
You are fully in charge of your crypto, and no one else can move or freeze your funds without your approval.
These are my personal favorite, as you're able to control your money with full and unsupervised authority.
Phantom is an excellent wallet for users using multiple blockchains, offering a very user-friendly interface that makes operating on Solana, Ethereum, Polygon, Bitcoin, Base, and Sui, much more intuitive.
Apart from that, it has all the necessary security standards and is available on mobile and as a desktop extension.
Phantom is one of the most popular non-custodial wallets in the market.
I’ve found TronLink to be a solid wallet when interacting with the Tron network.
The mobile and browser extension options make it easy to switch between devices, which can be very useful.
Setting it up was simple, and I’ve enjoyed its ability to handle both Tron and EVM-compatible chains like Ethereum and BSC for cross-chain transactions.
The wallet’s security features, like 2FA, are easy to set up and gave me peace of mind.
If you’re looking for something straightforward, fast, and reliable for Tron, TronLink is you're best option.
ii) Non-Custodial Hardware Wallets
To serve as a reminder:
A hardware wallet is a physical device that securely stores your private keys offline.
It is a noncustodial wallet, meaning you control your crypto and no third party has access to your funds.
Because it stays offline, it provides strong protection against hacks and malware.
Trezor is a pioneer in hardware wallet security, offering great products for managing your crypto on chains like Bitcoin, Ethereum, Polygon, and many more.
Its open-source firmware makes it stand out from competition, allowing for community audits, which adds a layer of trust not found in many other hardware wallets. This level of transparency gives users peace of mind, knowing their security measures are regularly reviewed and updated by the community.
Trezor also offers excellent multi-signature support, making it a great choice for families or teams managing shared funds.
In addition to its security features, Trezor Suite is an intuitive and clean interface for managing your crypto. The simplicity of the suite ensures that new users can easily navigate their wallet and interact with dApps.
For users focused on security, simplicity and transparency, Trezor is often the preferred choice.
Ledger, on the other hand, shines for its hardware security and extensive cryptocurrency support.
The unique Secure Element (SE) chip in its devices provides advanced protection for your private keys, making it one of the most secure options on the market.
Ledger supports over 1,800 cryptocurrencies, giving users more flexibility in managing a diverse portfolio. This makes it particularly appealing for users who require a broad range of supported assets.
While Trezor Suite offers a great user experience, Ledger Live adds extra functionality with its real-time portfolio management and integrated staking services, allowing you to manage not just your assets, but also participate in DeFi directly from the app.
Ledger's experience is more geared toward those who need a complete financial ecosystem, offering deeper integration with various DeFi protocols and the ability to directly stake assets.
For those who need a high level of functionality and asset support, Ledger provides the most comprehensive and user-friendly experience in the hardware wallet space.
iii) Custodial Software Wallets(CEX)
To serve as a reminder:
A custodial wallet is a wallet where a third party, usually an exchange(CEX), holds and manages your private keys for you.
Popular examples include: Binance, Coinbase, Kraken, etc.
I personally don't have much experience with CEX's, so the following information is sourced from internet research:
Coinbase is often the first choice for beginners in the crypto space.
The platform is simple, and the wallet integrates seamlessly with Coinbase’s trading tools, so you can buy, sell, and stake assets directly from the app.
What makes Coinbase stand out is its simplicity and security.
The platform offers two-factor authentication, FDIC-insured USD balances((which means that the US dollar funds you hold in Coinbase's partner banks are protected up to $250,000), and regular security audits.
If you’re looking for a straightforward, beginner-friendly way to store and manage your crypto, Coinbase is a solid option.
Binance offers a more advanced custodial wallet for users who want to do more than just hold their crypto.
The wallet is integrated with Binance’s expansive trading tools, providing access to spot trading, futures, and margin trading.
It's a great fit for anyone who wants to actively trade crypto or explore other options like staking and yield farming.
Binance's strengths lie in its varied trading options and its enhanced security measures like cold storage and multi-signature wallets.
If you’re seeking a one-stop shop for both trading and wallet management, Binance is the wallet for you.
Kraken is known for its security-first approach.
While Coinbase is more focused on beginners and Binance offers extensive trading features, Kraken stands out with its emphasis on trust and reliability.
The wallet gives you access to staking and provides strong security features like encryption and proof of reserves.
For those who prioritize security and transparency, Kraken is an excellent choice.
The wallet is intuitive enough for beginners while offering advanced features for experienced traders.
b) Decentralized Exchanges(DEX’S)
To serve as a reminder:
A decentralized exchange(DEX) is where you trade crypto directly with others from your own wallet.
It runs on code that automatically matches and processes trades without a company or middleman.
You stay in full control of your funds, and nothing is held on your behalf.
Uniswap is one of the most well-known and widely used DEXs, operating primarily on the Ethereum blockchain and other EVM-compatible chains.
It allows you to easily swap a wide variety of tokens on these networks directly from your wallet.
Uniswap’s user-friendly interface makes token swaps quick and accessible, and it offers deep liquidity, meaning you can often get better rates for your trades.
Jupiter is a DEX aggregator built on the Solana network.
Instead of just using one exchange, Jupiter pulls liquidity from multiple Solana-based exchanges, which helps you find the best prices for your trades.
Jupiter is perfect for users that want to trade on Solana’s fast and cost-efficient network.
It offers lots of features on top of just token swaps, such as: perps, limit orders, dollar cost averaging(DCA), loans and more.
PancakeSwap operates on Binance Smart Chain (BSC) and is known for its low fees and quick transaction speeds.
It allows for seamless trading of BSC-based tokens and offers a ton additional features like yield farming and staking, letting you earn rewards while trading.
PancakeSwap is ideal for users interested in exploring the BSC ecosystem and engaging with decentralized finance (DeFi).
c) 3rd Party Tools for Wallets
By "3rd Party Tools", I am referring to optional tools you can use on your wallet for additional security or comfort.
i) Revoke.cash
Whenever you, for example, go to a DEX and send a transaction, you need to grant the smart contract managing the trade permission to access your tokens so it can complete the swap.
These are called 'Token Approvals'. Although this approval is necessary to complete swaps and other actions, it can be exploited.
To serve as a reminder:
For example, a scammer might build a website that looks exactly like Uniswap.
Usually they will create similar link, let's say "app.uniswop.org" instead of "app.uniswap.org"
When you connect your wallet and approve a "token spending limit" for a swap, it goes to them, meaning they can move tokens from your wallet.
That’s where Revoke.cash comes in. It lets you see all the apps and contracts that still have access to your wallet.
You can review and remove (revoke) any permissions you don’t trust or no longer need.
Their browser extension also warns you before you sign something, showing exactly what permissions you’re about to give. This helps you understand what you’re agreeing to and avoid risky approvals by accident.
In addition to that, revoke.cash also keeps and updates a long list of fake sites so you are instantly warned when you do click on one.
So, if you want to feel reassured that your wallet is safe, make sure to check your permissions, and if you happen to approve a permission which you feel might be dodgy, it never hurts to quickly revoke.
Keeping track of your permissions gives you control and keeps your tokens safer.
ii) Cointracker
Tracking your crypto portfolio and understanding your gains, losses, and taxes can be overwhelming, as you often have funds scattered across different wallets for different purpose.
CoinTracker is a fantastic tool that simplifies this process by helping you manage and track all your crypto transactions.
With CoinTracker, you can connect your wallet or exchange accounts, and it will automatically import and categorize your transactions.
This means you don’t need to manually record every trade or purchase.
It can track transactions from over 500 platforms and wallets, making it perfect if you’re trading on multiple exchanges or using various dApps.
What makes CoinTracker so essential is its tax report feature. Instead of pulling your hair out at tax time, CoinTracker generates reports that make tax filing much easier.
Another useful feature is tax-loss harvesting, a strategy where you sell crypto at a loss to reduce the taxes you owe. It automatically identifies these opportunities for you so you don't have the hassle of tracking it.
If you’re an active trader or just want a better view of your portfolio, CoinTracker provides an easy and reliable way to track your holdings, stay on top of your profits and losses, and make sure you’re prepared when tax time comes around.
Now that you've learned about the most popular wallet options and some helpful tools, you should have a solid understanding of what works best for you.
The key is to pick tools that match your preferences for security, ease of use and accessibility.
It's paramount to feel confident in how you store and manage your crypto.
In the next article, we’ll walk you through the setup process, so you can start using these tools with confidence.
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