Top 12 Best Bitcoin Wallets for UK Traders

Did you know that $4.5 Billion worth of cryptocurrency was lost to cybercrime in 2019? Keeping your Bitcoin asset safe is a top priority as the mega coin brought about the advent of other cryptocurrencies and is valued way above the rest.

It is no secret that Bitcoin, considered the mother of cryptocurrency by an unknown person known as Satoshi Nakamoto,” is very valuable and still hoping to do better as it’s been adopted by different organizations and countries.

Imagine losing such a valuable asset because of an incompetent wallet or exchange server.

An insecure wallet can cause major problems for some people. This article provides you with a list of the best Bitcoin wallets in the UK, considering security and ease of use as the key factors in helping you decide.

First, I would like to discuss a few things to check for in a wallet beforehand to determine its worthiness.

Characteristics of a Good Bitcoin Wallet

Privacy and Security: Security must always be the first thing to check for in a Bitcoin wallet.

Make sure you find out how often they upgrade their security server, their experience with cyber hacking, and how they handled it. We all know that hackers are always looking for prey and engage in tricks to loot your assets.

One major trick they use is “phishing” which has been effective in their evil deeds.

Security entails your action as well. Even the best crypto wallet will allow you full access to safe-keeping your assets. So a wallet that allows you to backup your keys and offers multi-factor authentication is rock solid.

However, the best way to securely keep your Bitcoin is to keep large amounts of it in an offline wallet. This gives hackers zero chance.

Ease-of-Use: Most wallets are just too difficult to navigate and decode. You should understand the flow of a wallet and how to operate it, whether it is online or offline.

A wallet should be convenient and not full of mysteries; with this in place, transactions will be quite easy to execute. 

In short, ensure that the wallet offers a user-friendly interface and easy applicability. You do not need a wallet that doesn’t provide enough information causing you to keep browsing the internet to check how to use it.

Multi-coin Support: If you know that you won’t be dealing with Bitcoin as the only crypto asset in your wallet, getting a wallet that supports other assets will be a wise decision.

Actually, almost all wallets support major crypto investments, but some are more diversified than others. It’s a known fact that new coins are created day by day and may hold good projects. It’s notable to check for a wallet that supports such coins and Bitcoin, which is the primary subject we are treating in this write-up.

Now that we have discussed what to check for in a Bitcoin wallet, Here’s a list of the best Bitcoin wallets available on the market:

Best Bitcoin Wallets in the UK

We should know that the best UK wallet will incorporate the UK’s fiat currency (EUR or GBP) in purchasing Bitcoin. Below you will find a list of the best wallets in the UK that we have compiled from our search:

Hardware Wallets

Otherwise known as cold or offline wallets. These devices are used to store your cryptocurrency with optimum security.

They operate without data and hence you are less likely to be hacked; that’s why they are referred to as offline wallets. They are suitable for diverse crypto assets, worth over $1000, and secured for a long-term investment.

Ledger Nano X

Price: £92

Incorporated exchange: Yes

The Ledger Nano X offers an incredible security technology that meets diverse security certifying companies.

This device was certified by organizations such as the French cyber security certifying company ANSSI (National Agency for Information Systems Security) and the CC EAL5+ security, the highest form of common criteria for computer security certification and an international-based security system.

Simply put, they adopt the best form of security service you can ever think of.

Pros

  • It supports a variety of coins and is hence multi-purposed.
  • It’s known to be the most advanced secured crypto wallet.
  • It supports crypto transactions, either buying or selling with GBP via Coinify.
  • The device is portable and can be carried easily from place to place with a Bluetooth connection.
  • Easy to use as long as you follow the rules in the user’s manual.

Cons

  • It comes at £92, which is costly, unlike the online wallet and the other version, Ledger Nano S, which is cheaper or free.
  • The device requires pairing via Bluetooth with other devices or applications.
  • It’s prone to damage if not properly taken care of since it is made from plastic or light steel.
  • The wallet could adopt an easier user experience.

Trezor Model T

Price: 149 EUR

Incorporated exchange: Yes

Pros

  • The device supports the purchase of bitcoin and other cryptos with GBP.
  • It has an impressive touchscreen innovation with a colourful LCD of 240×240.
  • The device is handy and can be easily carried from place to place.
  • It offers an awesome user experience as you follow through with the manual.
  • The device activates any transaction based on visual confirmation.
  • It possesses additional features to ensure adequate security, such as; a password manager, Universal 2nd Factor (U2F), GNU Privacy Guard, etc.

Cons

  • Usage is limited to the screen touch and is said to be small according to some users’ complaints.
  • The device can also obtain your personal information, such as your IP address and transaction history unless a Tor browser is installed.

Mobile Wallets

These are wallets that store Bitcoin on your mobile phone using apps or certain websites hence called mobile wallets.

They require an internet connection to function and access your crypto tokens. It’s suitable for short-term investment and is easily used for regular transactions.

Trust Wallet

Devices: Android & iOS

Supports DApps: Yes

Incorporated exchange: Yes

Pros

  • It supports the purchase of thousands of crypto alongside Bitcoin using GBP or EUR.
  • They incorporated awesome useful features for investors, such as DEXs, DeFi apps, DApps, and Ethereum-based decentralized applications.
  • It offers a simple and clean interface that is easy to browse by new and existing users.
  • It serves as a native wallet for some top crypto exchanges such as Binance, supporting major large-cap crypto and worthy new tokens.

Cons

  • It lacks enough security as it doesn’t offer multi-factor authentication and is prone to hacks and other cyberattacks.
  • It doesn’t support using diverse addresses for a single token, only one can be used.

Coinomi

Devices: Android and iOS

Supports DApps: Yes

Incorporated exchange: Yes

Pros

  • To enhance users’ functionality, the app is free of charge and ads.
  • Coinomi allows buying Bitcoin for GBP with certain exchange servers like Simplex, BTC Direct, and Gift cards.
  • It offers enhanced security, e.g., IP masking and HD algorithms.
  • It offers specific features that provide a better user experience, such as incorporations with Changelly and Shapeshift for trading crypto tokens.
  • It also supports various crypto tokens and ensures users only access private keys.

Cons

  • Despite its high security, mobile data usage makes it vulnerable to malware attacks.
  • It doesn’t support the direct purchase of crypto with fiat currency instead of using a certain currency exchanger.
  • It is not regulated.
  • It could offer a simpler and clearer interface.

Online Wallets

These are Bitcoin wallets that involve the constant use of internet connections to function. Major examples are cryptocurrency exchange platforms.

Blockchain.com

Incorporated exchange: Yes

Supports DApps: No

Blockchain.com is one of the most renowned, reliable and oldest forms of Bitcoin wallet dating as far back as 2012 with over 40 million users. It offers a simple user interface that is quite adaptable for new users.

Pros

  • It is proven to be a worthy exchange platform for creating a bitcoin account.
  • It supports tens of coins to be traded but only supports five tokens for receiving and sending transactions which are Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Stellar Lumens (XLM), and most ERC-20 tokens.
  • Users also have exclusive access to passphrases, which you can use to recover crypto assets in the event of a mishap.
  • It supports the purchase of bitcoin with credit/debit cards.
  • It also offers the added advantage of earning interest for qualified users on deposited crypto.

Cons

  • They offer a poor customer service system.
  • There are increased fee charges as the platform doesn’t incorporate Segwit addresses.
  • It offers limited crypto tokens.

Liquality Wallet

Incorporated exchange: Yes

Liquality Wallet is one of the latest online wallets that can be accessed as a browser extension. It is particularly useful for investors constantly transacting with bitcoin as a business or engaging in decentralized apps for swapping.

Pros

  • Like most mobile and online wallets, it’s known to be a non-custodial wallet.
  • It supports bitcoin and diverse crypto tokens functional on DApps (Decentralized Apps).
  • It offers atomic swaps, i.e., converting a crypto token or asset to another, such as Bitcoin, Ethereum, and Erc-20 tokens.
  • The user interface is simple, but the transaction execution is difficult.
  • In addition, it offers a no-registration policy that is quite distinguishable compared to most other wallets.

Cons

  • Its existence is quite early and can’t be detected as a reliable platform, especially for new users and crypto enthusiasts.
  • It is highly vulnerable to being hacked since it’s an online wallet.
  • It is only accessible via a browser extension.

Desktop Wallets

Desktop wallets are derived from their functionality. They are wallets that enable you to keep and monitor your seed phrase or private keys on your laptop or desktop devices hence the name desktop wallet.

Exodus

Incorporated exchange: Yes

The platform was founded in 2015 to achieve a haven for your crypto tokens and an awesome user experience. Aside from its availability on desktops, you can also use it on mobile phones.

Pros

  • It offers one of the easiest and simplest user-friendly experiences.
  • It supports over a hundred crypto tokens, including Bitcoin and built-in exchange.
  • It ensures awesome customer service and online support for users.
  • It allows for staking only secluded to proof-of-stake tokens.

Cons

  • It attracts exorbitant fee charges for transactions.
  • It’s prone to hacks and cyberattacks based on experience with breaches and attacks.
  • It doesn’t support one of the most powerful security measures available: two-factor authentication.

Electrum

Incorporated exchange: No

Pros

  • This wallet is one of the oldest (if not the oldest) decentralized Bitcoin wallets.
  • It offers a seamlessly secured asset by ensuring the storage of crypto assets in cold storage. At the same time, users can only check for their asset value using an internet connection, unlike almost all other desktop and online wallets.
  • It is convenient and easy to set up.
  • It collaborates with a hardware wallet to strengthen security.
  • The platform supports multi-signature, allowing the wallet to be permissible on several wallets.

Cons

  • It supports only bitcoin and thus isn’t a multi-purpose wallet.
  • Its interface isn’t top-notch enough, unlike advanced wallets.
  • Phishers can easily manipulate it if users don’t access it through the right platform or website

Paper Wallets

Bitcoin Paper Wallet

Simply put, a paper wallet is a means of storing or keeping your cryptocurrency wallet safe offline. It involves printing out your public and private keys for a new bitcoin address and keeping it safe before funding such a wallet with your Bitcoin.

This method is worthwhile for long-term Bitcoin investors. Some crypto enthusiasts and experienced crypto users said it to be a very safe method of storing your Bitcoin because you are personally responsible for their safety.

Two of the most common Bitcoin paper wallet generators are:

To ensure adequate security, it is advisable to generate your Bitcoin paper wallets with an offline device and then laminate the print-out key phrase to avoid paper damage.

Pros

  • It is a very safe method of securing your Bitcoin asset for a long time.
  • It is cheap and very simple to set up.
  • It can be a very good option for gifting an individual Bitcoin since it’s known only to you and the person.

Cons

  • The printer might be jammed or lose ink at times, leading to the permanent loss of assets within minutes.
  • Access to this paper to anyone automatically means total loss of the coin.

Choosing the Best Crypto Wallet

To start with, deciding on choosing a wallet depends totally on how you plan on using your crypto assets. 

  • For long-term investors, it’s advisable to make use of a paper wallet since you won’t be making use of Bitcoin for a very long time.
  • For short-term investors, since you are selling your Bitcoin gradually and within a period, it’s highly recommended to stick with hardware wallets as they are feasible and easy enough to transact with, e.g., the ledger Nano X or Trezor. These platforms also support trading directly on a decentralized exchange available on them.

While desktop online and mobile wallets are good and swift enough for traders, it is quite easy for them to transact on this platform within a go. Also, ensure to choose a platform that is secured enough to perform these transactions.

However, if you fall in all the categories of these investors, the best bet is to go for multiple crypto wallets and ensure you understand and know how to use each wallet. It all comes down to prioritizing your needs for your use.

How to Acquire a Bitcoin wallet

Bitcoin wallets are quite easy to acquire, but might be a little tasking for new users; however, we will discuss the major difficulties faced when opening a new wallet and how to overcome them.

  • Sign up or download if need be the Bitcoin wallet directly from the official website provider. (Links on how to start up with the Bitcoin wallets are already listed in this article for your safety). 
  • After you have downloaded the Zip file for the paper wallet, follow the guidelines provided to get the keys using an offline device. Afterward, please print out the generated keys, which are comprised of the public and private keys, and keep them in a secure and memorable place.
  • Online, mobile, and desktop wallets always come with seed phrases commonly composed of either a 12-word or 24-word seed phrase. They are always shown during the wallet set-up or registration. You are expected to write it down for its safety as it is necessary to recover your crypto asset on another device.
  • After you have done this, proceed to confirm your phrases and finish up with the registration.
  • If it’s a multi-coin wallet, it provides certain addresses and portfolios for each coin and ways to transact with their details.

Privacy and Security Tips  

As stated earlier in this article, billions of crypto are lost to cyber-attacks and will continue if certain measures are not put in place to ensure the safety of our assets.

Just as safety is based on the wallet being used, so is some of the safety placed in our stead. We are the sole custodian of our assets, and we should do our best to ascertain security. Here are a few tips on how to keep your cryptocurrency safe:

  • Ensure your private keys are known only to you; that’s why it’s tagged private keys, and avoid keeping them online as they are prone to hackers and cyber attackers.
  • Double-check the recipient’s address before executing the transaction.
  • Avoid being phished, Do not regard information that you find suspicious or improper. And if possible, confirm on legit servers any information sent to you.
  • Avoid greedy offers that are too good to be true; they are legit scams, e.g., a website ensuring double profitability of your Bitcoin assets within minutes, hours, or days.
  • Use complex passwords for your wallet and ensure you use different passwords for different wallets if you are a multi-wallet user.
  • And to cap it all, avoid leaving your major assets on the crypto exchange; it’s automatically not yours once it’s there. Ensure the largest percentage is in your wallet.

Conclusion

So far, through this article, we’ve been able to go through a list of the best and recommended bitcoin wallets with ways you can make purchases of Bitcoin with GBP and various features of each wallet.

We also gave tips on choosing the best Crypto wallet, getting a Bitcoin wallet, and keeping your cryptocurrency safe. In the end, it is up to you to decide which security measures are best for you based on your investment requirements.

With this in mind, you can be proud of having high-level security and enjoy the future predictions on Bitcoin if it attains a great high.

Team

Our UK-based team writes articles to help beginners understand the world of cryptocurrency. We are firm believers that Blockchain technology has great application in our future.

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