Gateway To Crypto: Top Web3 Wallets Compared

Web3 wallets double as digital IDs in the world of crypto and blockchain, but picking one can be tricky with so many options available. Here are the pros and cons of the top five wallets to help users jump into Web3 through an informed decision.

In the dynamic world of crypto, tools to manage and interact with digital assets are just as essential as the investments themselves. In this context, Web3 wallets operate as the gatekeepers to the crypto universe. Each wallet boasts its unique set of features, security measures, and user experiences, making choosing the right one a crucial decision.

From simplistic and user-focused solutions to comprehensive but complicated storages, there is a massive selection of Web3 wallets —each claiming to offer the best. This guide lists five of the most popular Web3 wallets to explore their strengths, weaknesses, and special features to help users decide the right wallet for digital assets.

MetaMask

MetaMask is an open-source crypto wallet that aims to facilitate user interactions with tokens. A well-known crypto wallet, MetaMask enables users to buy, sell, and swap coins and access decentralized applications (dApps) through its mobile app and browser extension.

The list of MetaMask’s supported blockchain networks does not include Bitcoin. Users must use a wrapped version of Bitcoin (WBTC) within the MetaMask platform. Wrapped tokens represent the original asset’s value from a different blockchain, but they are infamously prone to hacks and exploits.

MetaMask is known for its significant learning curve, particularly for DeFi newcomers unfamiliar with concepts like private keys and gas fees. Private keys represent wallet ownership, and gas fees are transaction costs generated on the blockchain. MetaMask offers educational resources on its website to ease this learning process. Still, the provided information remains basic, compelling users to seek more in-depth answers online.

While the wallet prioritizes user security through password protection and backup features, MetaMask lacks two-factor authentication or multi-signature access. Its reliance on centralized nodes for specific functions also introduces a degree of centralization.

Users should exercise caution against phishing attempts, a prevalent risk in online platforms affecting MetaMask more than others due to the popularity of the Web3 wallet.

Kresus

Web3 SuperApp Kresus is an easy to use non-custodial digital wallet with multi-chain support. It offers simple and reliable storage for consumers and institutions seeking an all-in-one app for low-cost digital asset transactions.

With its comprehensive structure, Kresus supports staking -earning yields by holding cryptos- and swapping, as well as connects the fiat and crypto worlds with its on-ramp and off-ramp features.

Kresus supports native Bitcoin transactions —a feature notably absent from many Web3 wallets. It means that Kresus wallet users no longer need to use cross-chain bridges and the wrapped version of BTC.

Kresus welcomes Web3 newcomers by removing seed phrase requirements and offering a user-friendly experience through an email-based signup process. It allows NFT transfers and offers free perks like NFT minting and a free Web3 “.kresus” domain for crypto-savvy users.

Advanced security standards like biometric authentication found in Kresus remove the need for passwords. With its distinctive, “goof-proof” security architecture, Kresus allows users to recover assets under every circumstance — even if they lose access to their email.

Kresus has recently secured nearly $25 million in funding from diverse investors such as Liberty City Ventures, the Winklevoss twins, and JetBlue Airlines. The developers of the digital wallet intend to use this investment to create the vault feature, aiming to bolster Kresus’s competition with hardware wallets. The vault will incorporate trust and estate features, ensuring the transfer of assets to heirs upon the holder’s decease.

Zengo

Zengo is another self-custodial crypto wallet with multi-chain support. The wallet’s mobile app connects to platforms for trading, gaming, and trading NFTs — and also allows it to connect to any platform that uses Ethereum or Polygon. However, the processing time can be surprisingly prolonged, even for simple transactions.

The Zengo digital wallet stores users’ seed phrases -randomly generated codes to recover lost data- on cloud-based services. While recovery files for Apple users are stored on iCloud and for Android users on Google Drive, the wallet backup process remains complicated, especially for newcomers.

The biometric face scan feature in Zengo simplifies the recovery process, making it as easy as resetting an online password, but there is a catch. Zengo provides extensive security features exclusively available with the pro plan, which comes at a cost. This pricing structure renders robust security standards relatively expensive for everyday users.

Zengo lacks support for in-wallet DeFi and direct dApp access. Users from around the web ask for more asset support and the ability to extract their private keys.

Argent

Argent is a wallet dedicated to Ethereum, designed to store cryptos and NFTs, and aims to integrate Ethereum dApps into a unified application. Argent does not support popular cryptos such as Bitcoin (BTC) or Bitcoin Cash (BCH). Consequently, users aiming to hold or transact non-Ethereum tokens must choose the wrapped versions rather than the native ones.

Users possess the private keys to their Argent wallets and control their crypto assets independently. This design provides users with a heightened sense of security and autonomy. Only users can access their assets — there is no need to write down recovery phrases and passwords.

The Argent Wallet’s smart contract allows users to recover their funds with some help from other users, called Guardians. But this is a make-or-break situation because users must choose their guardians wisely. Guardians cannot steal users’ funds, but they can freeze them and cause inconveniences.

Despite its easy-using structure, Argent users may face and hurdle high transaction fees — especially when using the built-in credit card purchase tool.

Nevertheless, limiting support to only the Ethereum blockchain introduces obstacles for crypto users aspiring for greater freedom.

Coinbase Wallet

Coinbase Wallet is a self-custody service crafted to empower users with control over their cryptos. The wallet is the brainchild of Coinbase. The wallet supports a variety of cryptos and integrates with decentralized applications for non-fungible tokens or NFTs. Users can buy, trade, or earn rewards with Coinbase wallet, which includes a mobile app and a browser extension.

The private keys representing ownership of the Coinbase Wallet’s digital assets are stored directly on users’ mobile devices. So, users maintain control over their cryptos when a service provider fails, or a security breach occurs. However, users must safeguard their security information, such as passwords and seed phrases, as losing those data could result in the inability to access their digital assets. 

Notably, Coinbase Wallet does not incorporate two-factor authentication or multi-signature support.

While Coinbase Wallet offers an open-source protocol for developers to create applications that work with it, the software is not open-source. Consequently, users must trust the security of the code implemented by Coinbase.

Choosing the right Web3 wallet is a blend of personal preference and practicality. Robust security and ease of use are essential requirements that should be supported with further learning and engagement opportunities across the Web3 universe. As the blockchain landscape continues to evolve, staying informed and adaptable will ensure a secure and efficient crypto journey.