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Best Web3 Wallet 2023 | Not What You Expected!

Is there such as thing as the BEST Web3 Wallet or does it depend?

JULIAN, Andrei Rotariu

Aug 20, 2022 • 8 minutes read

As of 2023, there are already dozens of web wallets to choose from, and depending on your circumstances, the type of currency you'd like to utilize, and the purpose behind using a web wallet, the best Web3 wallet will very likely be based on your requirements. That may not be what you want to hear, but let us explain.

The term Web3 has been tagged as the future version of the internet, poised to disrupt several industries the same way web2 disrupted web1 or the same way Netflix impeded Blockbuster movies. This new wave of technology has been firmly rooted in decentralized applications making extensive use of blockchain technology, as well as machine learning and artificial intelligence (AI), to help improve smart and adaptive applications.

Hence, with the massive adoption, many DApps, Defi, wallets, and other innovations are being developed to ease the mode of entry. Web3 wallets essentially grease the wheels of Web3; helping individuals, as well as companies, manage their digital assets conveniently. It provides accessibility and scalability.

What Is a Web3 Wallet?

In Web3, a wallet is really more like a keychain, a holder for a password (private key) of 64 characters that functions as your digital identity. It’s built on decades of computing research, where if you combine that password with digital data (such as a transaction or a file), the password adds a verifiable signature that lets anybody confirm that data really came from you.

Fundamentally, wallets are secure at a technical level, and thanks to cryptocurrency, enable us to send and receive digital money safely. On the blockchain, your wallet confirms any transactions you do there as coming from you. To my mind, this is a provable and immediately powerful use case for Web3, no matter how much some evangelists might find it difficult to explain its broader applications.

Here Are Some of the Major Terms Associated With Web3 Wallets

Public Key
This is an alphanumeric string that allows you to deposit and receive crypto transactions.
Private Key
Similar to passwords, it is a large number used to confirm transactions. Everyone has access to web3 wallet public keys, but a private key allows you to claim ownership to access your funds.
Seed Phrase
It is a list of 12–24 random words used to retrieve a crypto wallet.

You can use your Web3 wallet from anywhere in the world as long as you have an internet connection and are using a supported browser.

Best Web3 Wallets

No. 1 Metamask

Metamask is one of the most widely used wallets to store crypto on the Ethereum network, which you can also use to transact on the network, i.e. purchase NFTs, trade crypto, etc. The wallet is a browser extension that you can install on firefox or chrome. You can also have it as an app on your phone.

In regards to Web3 browsing - instead of having a user name/login, you connect your wallet which has a unique public address. So for instance if you want to sign in to your account on the Foundation.app NFT platform, you would hit connect wallet, and ‘sign’ the transaction by hitting the button which would then connect your wallet and all of the info associated with your account on that site.

It’s a lot to get your head around at first but with some time you’ll get the hang of it. My only caution would be to only connect your wallet to reputable/secure sites as scams are rampant in the space. Also never under any circumstances give your private keys (you get these when you set up your wallet) to anyone.

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Metamask wins Best Web3 Wallet in our eyes purely based on ease of use and network effects. Detractors will argue that because it does not support Bitcoin it is an inferior option but this is trivial in our opinion.

No. 2 Coinbase Wallet

This is another self-custody wallet that offers access to thousands of tokens and DApps, allowing you to store your NFTs (ERC-721 tokens) all in one place.

The wallet offers seamless access to decentralized finance (DeFi), and you can link your Ethereum tokens to many DeFi projects. In addition, users can partake in legitimate online airdrops, which increases their chances of getting free crypto coins.

You can also use DeFi liquidity pools to lend or borrow and swap assets on the available decentralized exchanges. Notably, the wallet supports ICOs, which helps users explore new coins at the best possible prices. Furthermore, you can harness the decentralized web on your phone or browser and explore the available crypto-friendly stores.

With Coinbase wallet, you can also become a DAO member and participate in big web3 projects.

The wallet is keen on securing users’ details as it stores the private keys locally and employs 2FA to maintain access. In addition, the Coinbase wallet uses a four-digit security PIN, which can unlock the wallet and help in confirming transactions.

No. 3 Trust Wallet

Now owned by Binance, Trust Wallet is a Web3 wallet that provides diverse access to millions of cryptocurrencies and NFTs hosted on different blockchains, including Ethereum, and Binance Chain. You can fund your wallet directly via third-party providers, including Mercuryo, MoonPay, Ramp Network, Simplex, Transak, and Wyre.

It works well on mobile devices, and it is effortless to find your way around the app. It only requires a few minutes to set up. Trust Wallet also allows users with other wallets like Metamask or MyEtherWallet to import their details using their secret phrases or private key.

Users can earn rewards on their holdings by locking up their funds directly from their wallets. Some of the few tokens available for staking are BNB, Cosmos, and Tezos.

Trust Wallet also provides an inbuilt browser for DApps, so you have direct access to your favorite DeFi products and discover new ones, all within one/two dashboards.

In terms of security, the wallet is secured by a 12-word recovery phrase and accessible on both Android and iOS using PIN or biometrics. Perhaps one setback to this wallet is that it doesn’t support 2FA, meaning if someone intrudes on your account, you can’t entirely stop their access as you can’t set up a confirmation code to email or text message.

No. 4 Argent Wallet

This wallet allows you to buy, earn, stake, and trade on Ethereum Layer 2 with low fees. Ultimately, Argent wallet is developed to integrate Ethereum DApps into a single application with a comprehensive interface. It goes all-in for Ethereum, supporting only all Ethereum-based tokens and NFTs.

Users only need their phone number and then create a username. This username can be used to send and receive cryptos similar to traditional payment platforms like CashApp.

Argent wallet offers “Bulletproof security,” meaning users can easily recover their wallet without a seed phrase. Instead, it uses a “social recovery” method, which revolves around nominating close relatives “Guardians” to help confirm a user’s account in case of a lost or new device.

The wallet integrates many of Ethereum’s platforms, such as Compound and Kyber, letting you earn by staking tokens within the app, with no in-app browser. Argent combines them into its mobile app, easing the whole process of investing. It also supports WalletConnect, for tokens that are not directly integrated into the Argent wallet.

No. 5 Rainbow Wallet

As stated on its website, Rainbow is a non-custodial, fun, easy-to-use, and secure wallet that allows users to create an Ethereum wallet, collect NFTs and explore the new world of web3.

It currently works well on iOS and Android mobile devices.

The wallet comes with a series of innovative features, such as NFT support, WalletConnect integration, and much more.

Rainbow wallet offers an easy-to-use platform that provides users an inbuilt swap functionality. This allows you to transact between multiple ERC-20 tokens without an external exchange. This wallet also ensures you don’t fall victim to scam projects, so it has an approved list of verified tokens safe to swap.

Rainbow wallet prioritizes security, as it allows users to store their encrypted private key in iCloud for seamless account recovery. If you have a problem keeping your seed phrase secure, Rainbow wallet allows you to back it up, so you don’t lose access to it.

No. 6 ZenGo Wallet

ZenGo supports over 70 assets and is known as the “keyless wallet” because it doesn’t need access via private keys like other wallets.

Instead of private keys, ZenGo uses advanced cryptography on its website. The ZenGo security system also uses 2FA to ensure that the safety of your assets is shared between your mobile device and their website.

The most unique ZenGo feature is its keyless login. The wallet is secured by encrypted biometrics. It is also a multi-functional wallet where you can store, buy, and earn crypto by staking coins.

As mentioned, ZenGo secures your crypto with the help of a 2-Factor authentication, but you can add additional security to your wallet with face mapping and even add the face of a trusted person.

Conclusion

One of the most essential factors to consider before getting involved in the Web3 space is that you must have a suitable Web3 wallet in place. They store your private keys securely, allowing you to send and receive crypto assets like Ethereum, bitcoin, Solana, and much more, as well as enable access to Web3 platforms and services.

There are now dozens upon dozens out there, but the above ones are the best (in our opinion) and most reliable platforms to start with. They offer various tools to help you manage and store your assets securely, they have huge user bases which means that should you ever get stuck with something there are many forums to ask questions in, and their technology is proven.

While there is not one single Web3 wallet that can be crowned King and celebrated as the best, there are various good options and the likely best choice for you will depend on what it is you need to do because decentralized apps, websites, and services that utilize Web3 wallets will have specific wallets that they support and ones that they do not. Anyone trying to convince you that one wallet is the best very likely has a motive such as receiving affiliate commissions.

As always, do your own research (DYOR).