Mobile cryptocurrency wallets for Android and iOS: a list of the best wallets to store cryptocurrency on your phone

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With the development and adoption of cryptocurrencies, more and more companies are starting to accept payments in BTC or other coins. Hence, users need easy access to their cryptocurrency accounts anywhere and anytime. Mobile wallets are perfect for this, and this explains their growing popularity. The editorial staff of Profinvestment.com reviewed the features, pros and cons of mobile wallets for cryptocurrencies, and also highlighted the best of them.

Features of mobile wallets

Cryptocurrency wallets for mobile devices differ from each other mainly in three ways:

✅  the number and types of coins supported;

✅  security measures;

✅  additional functions.

The main advantage is ease of use when checking balances or making transactions. Most developers of popular wallets release versions for mobile operating systems (at least iOS and Android) to maximize their potential audience.

The main risk when using these wallets is damage, loss or theft of the device. So, no matter how convenient it is to use them, it is unwise to store large sums there. Only negligible funds to make quick deals. You also need to pay attention to additional steps to protect your account – for example, linking it to a hardware wallet, many applications support this function.

One way or another, it is safer than storing capital on a cryptocurrency exchange. The point is that the private key will be stored on the mobile device offline and you do not need to trust it to third parties. Thus, the protection of funds is reduced mainly to ensuring the safety of the device itself.

If the phone was lost or stolen, then you can still restore access to the wallet using the seed phrase. However, the problem is that an attacker can gain access to your wallet faster than you can recover it. Therefore, it is still worth storing only small amounts on your mobile device, and for the rest, choose a more reliable method, such as a hardware wallet.

What is a seed phrase?

The seed phrase consists of twelve random words generated by the wallet. All private keys used to verify ownership of funds and conduct transactions are generated based on this passphrase. The phrase will help to restore access to the account in case of loss or breakdown of the device.

It is important to keep the seed phrase completely safe, as anyone who gets hold of it can steal funds by entering it on their device. It is NOT recommended to store it by any digital methods, for example:

✅  text file on the computer;

✅  draft by email;

✅  file hosting;

✅  cloud storage;

✅  picture;

✅  USB flash drive or other storage device.

Anything on the Internet can be hacked. The best solution is to write down the phrase manually on paper or print it out.

It is advisable to have several copies hidden in different places – this will reduce the risk of loss in case of fire or flood. Check several times that you have not made any spelling mistakes and have written down the words in the exact order in which they were given.

The wallet does not store the mnemonic phrase on its servers; it is stored in encrypted form on the mobile device where it is installed. This gives the owner of the private keys full control over their funds. It also provides a guarantee of security in case of hacking of servers – an attacker will not find any information there that gives access to user coins.

This imposes a certain responsibility on the user: if he loses the secret phrase and loses the phone or forgets the password, he will never be able to restore access to the coins.

Best mobile wallets for cryptocurrencies

Among the best cryptocurrency wallets for mobile devices are those that combine reliability and ease of use. The user makes the final choice based on his needs – the number and type of stored coins, a specific supported platform, additional features.

For Android

Coinomi wallet

https://play.google.com/store/apps/details?id=com.coinomi.wallet

A wallet with which the keys are stored in a securely encrypted form on the phone under the user’s control. You do not need to go through KYC to use, transactions are not tracked. Additionally, the servers anonymize the user’s requests, hiding his IP from tracking. The service has been operating since 2014 and there are no cases on its account when clients have lost money due to the fault of Coinomi.

Support for bitcoin and most major tokens and altcoins is built in. New promising altcoins are constantly being added. When sending transactions, only a commission is paid to miners, the wallet does not charge additional fees. There is a built-in exchange that allows you to instantly exchange assets one for another, everything is strictly confidential.

Jaxx wallet

https://play.google.com/store/apps/details?id=com.liberty.jaxx

The mobile version of the Jaxx cross-platform wallet allows you to securely control Bitcoin, Ethereum and 90+ other cryptocurrencies. No registration required. Immediately after installation, you can accept and send transactions, view detailed information about each coin, track market data on the assets of interest (rate, market capitalization, etc.).

The wallet has built-in ShapeShift and Changelly applications to sell, buy and exchange all supported assets. Portfolio management tools allow you to track the balance of all coins, monitor changes in value for the last hour, day, week, month. A blockchain explorer is also available to obtain information about transactions on the network.

Cryptopay wallet

https://play.google.com/store/apps/details?id=me.cryptopay.android

Cryptopay allows you to send and receive BTC, ETH, LTC, XRP without commissions (other currencies are planned to be added in the future). Fiat accounts in dollars and rubles are supported, and it is possible to exchange currencies and cryptocurrencies among themselves without creating any orders within one account.

It is possible to buy cryptocurrency for fiat from a card with a relatively small commission, as well as withdraw funds to a bank account in euros and GBP. Residents of the Russian Federation can order a prepaid debit card, thanks to which they can spend cryptocurrency on various goods and services.

For iOS

Edge wallet

https://apps.apple.com/us/app/edge-bitcoin-wallet/id1344400091

A very comfortable and simple mobile wallet for over thirty coins. Supports direct exchange between digital and fiat assets, as well as working with one account from multiple devices at once. You can set a PIN or fingerprint identification. Numerous project partners provide additional functions – gift cards, crypto exchange, etc.

All data is encrypted on the client side, the company does not have access to his account and no knowledge about the user. No personal information is required to get started – email, passport details, phone number. It is noteworthy that if you wish, you can configure password recovery using e-mail and two secret questions.

BRD wallet

https://apps.apple.com/app/breadwallet/id885251393

One of the most popular wallets for mobile platforms. This is a decentralized wallet that connects directly to the blockchain in the process using a seed phrase. No accounts or passwords are required for setup. There is also no danger of hacking servers and stealing user information.

The app is designed from the ground up and simplified as much as possible to be easy for newbies to use without compromising the security and privacy that experienced customers value. BRD wallet allows you to buy bitcoins in different ways, including from a card, as well as convert them to Ethereum, Bitcoin Cash or any ERC-20 token.

Trust Wallet

https://apps.apple.com/app/apple-store/id1288339409?mt=8

Trust Wallet supports over 40 blockchains with 160,000+ assets located on them. Purchased by the Binance exchange. It is also available for Android devices. Allows you to track the charts of the currencies of interest in real time, convert funds into stablecoins to protect against volatility, and make money on staking. Coins are stored anonymously and securely, only the user himself has access to his personal data.

It is possible to buy cryptocurrency directly from the card. Also, the mobile wallet is equipped with a built-in exchange for exchanging assets in a matter of seconds and at the best rate. No verification is required to get started with the wallet. There is a browser for using decentralized applications from various developers.

Advantages and disadvantages

Pros: ✅

✅  Access your crypto assets anytime, anywhere.

✅  Ease of use.

✅  Simple controls, accessible even to a beginner.

✅  Keys are stored directly on the phone or tablet, rather than on servers, which increases protection against hacker attacks.

Cons: ❌

❌  If there is a risk of losing the device or forgetting the password, then access difficulties may arise.

❌  The functionality is usually less than that of the desktop options.

Questions and answers

What is a mobile cryptocurrency wallet?

A mobile application with which you can store, send and receive bitcoin or other digital assets.

What is the advantage of mobile wallets over desktop ones?

Mainly in mobility. You can conduct a transaction or check your balance in any situation – on the subway, in line, at a party – where there is no access to a computer.

Why are mobile wallets worse than desktop wallets?

They are generally less secure. Although the developers of modern applications have already reached heights in ensuring the reliability of storage of funds, and therefore the risks are reduced mainly to the safety of the phone itself.

How do I create a wallet?

In most cases, it is enough to download and install the application, you don’t even need to create an account with your email or phone number.

Can developers steal cryptocurrency?

If you choose wallets from time-tested companies that provide maximum transparency, then this risk is minimal. The fact is that private data (keys and seed phrase) in this case are stored on the device itself, and not on the server. And there is no need for a company to spoil its reputation by stealing money from users. Only one-day firms do this, which is why the choice of a mobile wallet must be approached responsibly.

What are the most reliable wallets?

There are a lot of options. We suggest paying attention to applications from Cryptopay, Jaxx, Coinomi, Trust Wallet, BRD, Edge.

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