Which is the Best Crypto Wallet Singapore in 2023?
This article reviews the best crypto wallets in Singapore. We looked at each wallet individually and studied its pros and cons, features, cost, security, and much more.
The article is built on expert opinions, over 500+ user reviews, first-hand experience, and years of experience in the cryptocurrency industry.
At the end of the article, you should be able to confidently choose the right wallet for your digital currencies. Every aspect covered for each wallet is the key consideration you need to know to make the best decision.
That said, based on exhaustive research, we picked Trezor as the best crypto wallet in Singapore. This is primarily due to its in-depth security features and access functions which are the determining factors of a great wallet.
Let’s dive into the best crypto wallets in Singapore.
Trezor - Best for Security
Trezor is famed for its security features and rightly so. The hardware wallet allows you to store, manage, and trade over 1,000 cryptocurrencies offline. It even offers security for hardware loss via an offline backup. Trezor offers 2 models: Trezor One and Trezor Model T. The Model T is the wallet’s most recent offering and it provides more advanced features than the Trezor One.
Trezor is our pick because not only does it cater to your cold storage needs but it offers an intuitive touchscreen interface for managing your assets without having to connect the device. The hardware wallet also integrates with numerous cryptocurrency exchanges, which makes its features extendable to your preferred crypto exchanges. That said, because its Suite App integrates with many crypto exchanges at once, you’ll be served varying trading fees at the point of purchase.
Features of Trezor Model T
- Full-colour touchscreen
- Pin Entry on your Trezor device
- Passphrase entry on your Trezor device
- Device Recovery on your Trezor device
- Supports over 1,000 cryptocurrencies
- Bitcoin only firmware
- microSD card extension
- Storage on cloud
- Shamir Backup
- U2F authentication
- FIDO authentication
- Supports integration with many cryptocurrency exchanges
- Encrypting via GPG
page that you can check out.
Trezor hardware wallet offers the various security measures as listed below:
Ultrasound Hardware Seal
The hardware case of the Trezor device is ultrasonically welded which makes it difficult to be restored after damage.
Trezor’s bootloader continuously verifies the firmware signature. And the firmware will run only if correctly signed by SatoshiLabs. If this isn’t the case a warning sign will be shown.
Secure Update Procedure
This security feature ensures that the bootloader wipes the device memory if the firmware signature is invalid. Also, if it is downgraded to a vulnerable version the memory is erased.
Trezor’s Bootloader is write secured with the JTAG disabled. This ensures that bad actors cannot replace it.
Backup and Recovery
As with most self-custodial cryptocurrency wallets, you will have access to a recovery seed phrase that you can use to restore your wallet.
All Trezor devices support BIP39 passphrases which are not remembered or stored on the device. This secures your device against local hardware attacks.
The hardware wallet also has an open list of all its previous security issues and vulnerabilities identified. This measure helps users understand the security vulnerabilities of previous systems and to be on guard against them.
Ledger offers 2 models Nano X and Nano S plus that cost $154.94 and $82.16 respectively without any extra accessories added.
Ledger - Best for Multi-asset Storage
Ledger is a hardware wallet that offers more than asset storage. The wallet enables you to exchange, grow, buy, and manage your cryptocurrencies and NFTs. In general, Ledger is great for managing various types of assets. For instance, the Ledger Nano S model is built to be Defi and NFT friendly and can help you manage more than 5,500 cryptocurrencies. It even has additional memory that allows you to have over 98 apps installed at the same time.
Ledger made it on our list of the best crypto wallets in Singapore because it offers multi-asset support from one location (Defi apps, NFTs, crypto, etc).
- Compatible with Windows, Linux, Android 7, iOS 13+ and MacOS
- Buy, exchange, and lend functions provided by third-party partners on Ledger Live
- Send and sign NFT transactions
- Manage over 5,500 assets
- Manage up to 100 apps
- Support for Defi transactions
- Integrated Ledger Live app
- Bluetooth connectivity with mobile devices
Ledger was one of the first hardware wallets to be certified for its security features by ANSSI, a French cyber security brand. The wallet also features a Secure Element, which is considered one of the most secure chips.
Ledger wallets have a custom OS (BOLOS) to safeguard against bad actors and isolate apps from one another. They also have an in-built genuine check authentication process to make sure your device has not been compromised or tampered with by a third party.
Ledger offers 2 models Nano X and Nano S plus that cost $154.94 and $82.16 respectively without any extra accessories added.
Exodus - Best for Beginners
The Exodus wallet enables its users to exchange, receive, buy, and send over 225 cryptocurrencies and NFTs through mobile, hardware, and desktop devices. Exodus is completely non-custodial, which means that you have total control over the assets on the platform.
You can also stake your assets and earn interest on them via the wallet. The wallet is accessible via a mobile app, browser extension, and desktop app.
Exodus made our list of the best crypto wallets in Singapore because it is seamless to use for beginners and connects with other popular third-party crypto solutions.
- Exodus DeFi Apps
- Desktop wallet
- Mobile wallet
- Browser extension
- Trezor hardware wallet integration
- Earn staking rewards on held assets
Exodus is a non-custodial wallet, which means you have complete control over your private keys and wallet in general. But that’s about it. The wallet does not offer any special security measures like two-factor authentication. If you want additional security beyond the typical safety that comes with a non-custodial wallet you can integrate Exodus with your Trezor hardware wallet. This will link all the security measures of the Trezor device to your Exodus wallet.
Exodus is completely free and you only have to pay blockchain transaction fees. And according to the wallet, 100% of the network fees go to the network. They don’t charge users trading fees or withdrawal fees, for sending or receiving crypto or using the platform.
MetaMask - Best for Exploring Blockchain Apps
With over 30 million users, MetaMask is a popular non-custodial crypto wallet that not only allows you to manage your cryptocurrencies but acts as a gateway to numerous blockchain apps.
The wallet is available as a mobile app and browser extension and allows you to store, send, swap, and buy tokens. MetaMask provides a token exchange, key vault, secure login, and token wallet.
That said, MetaMask supports only ETH and ETH-based tokens. So you won’t be able to manage Bitcoin in the wallet.
MetaMask made our best crypto wallet list because it provides seamless access to numerous decentralized platforms.
- Manage NFTs
- Buy, sell, receive, send and swap cryptocurrencies
- Connects to numerous decentralized apps
- Recovery seed phrase
- Private keys
MetaMask offers the typical security you can expect from a non-custodial hot wallet – private keys and a recovery seed phrase, that’s it. You won’t find security features like two-factor authentication, multi authentication, cold storage, insurance, etc.
So in actuality, the security of the wallet is dependent on the user’s practices. For example, if you give out your recovery phrase and private key to a hacker, they can access your funds and even take control of your account and MetaMask will be unable to recover your account as they don’t store your data. All private keys and the recovery phrase are generated on your device alone.
MetaMask charges a service fee of 0.875% for each swap. Asides from the swap cost, users will have to pay network fees for blockchain transactions.
Trust Wallet - Best for Instant Cryptocurrency Purchases
With over 25 million users, Trust Wallet allows you to store, buy, and collect NFTs and earn and exchange cryptocurrencies. The wallet is available via Android download, Google Play Store, Apple App Store, and the Huawei AppGallery. It connects with third-party payment merchants to ensure its users buy cryptocurrency instantly. You can also earn interest on the assets in your wallet. Trust Wallet, just like MetaMask, offers a browser for decentralized apps where you can search for relevant platforms to interact with.
- Browser for decentralized apps
- Third-party integrations for buying crypto with credit card
- Buy, store, and collect NFTs within the app
- Earn interest on your crypto
- Exchange crypto within the app
- Track prices and charts within the app
Trust Wallet is completely free to download and use. There are no usage costs associated with their products but you’ll need to pay network or trading fees when carrying out transactions.
Wallets Comparison Table
|WALLET||BEST FOR||COSTS||AVAILABLE CRYPTOCURRENCIES|
|Ledger||Multi-asset Storage||Product Price||5500|
|Exodus||Beginners||No fees except network fees||220+|
|MetaMask||Exploring blockchain apps||0.875% swap fees and network fees||450,000|
|Trust Wallet||Instant cryptocurrency purchases||Network fees||1,000,000+|
What is a Crypto Wallet?
A cryptocurrency wallet is a device, application, software, or program used to store the private and public keys for cryptocurrency transactions.
Crypto wallets are used to store, receive and send digital assets. Crypto wallets do not hold the cryptocurrencies; rather what they hold are the passkeys used to sign for cryptocurrency transactions.
How Does It Work?
Every crypto wallet consists of two keys: private keys and public keys. Private keys are the passwords that give you access to the wallet. Anyone who has the private key of a crypto wallet can access the assets in the wallet. A private key is used to initiate all transactions in the wallet.
A public key, on the other hand, is derived from a private key. It is the address used to send cryptocurrencies to the wallet. Wallets can have many public keys. This enables users to give a different public address and receive funds into one wallet with them.
Crypto wallets make the blockchain accessible to everyone. The wallet accesses the blockchain network for the cryptocurrency being used via an internet connection.
It is important to note that cryptocurrencies are bits of data scattered all over the database. Cryptocurrencies are not stored in an exact location, not even in your crypto wallet. The crypto coins exist on a blockchain. All the wallet does is allow you to interact with balances in the blockchain. The wallet points out the location of your assets on the blockchain.
The blockchain is a public ledger that stores data in blocks. Blocks are the records of all the transactions conducted and balances held for every address and the custodian of the key to those balances. The blockchain stores and authenticates all transactions for a cryptocurrency. Your crypto wallet stores the blockchain addresses of your crypto and enables you to move your assets to a different address.
Types of Crypto Wallets
There are different types of crypto wallets. But before we proceed to examine each type of wallet, it is important to note that there are two categories of crypto wallets.
Crypto wallets can be custodial or noncustodial. Custodial wallets are wallets whose private keys are held by a third party. This means that the user does not have full control of their tokens because the private keys required to sign for a transaction are held by the crypto exchange that owns the wallet.
With custodial wallets, the service provider or crypto exchange is responsible for the security of the user’s assets. Most exchanges have strict security measures in place to prevent unauthorized access to the assets in the wallet.
Non-Custodial wallets, on the other hand, give the user full control over their crypto. With this type of wallet, there is no need to entrust your private keys to a third party or a cryptocurrency exchange. You are solely responsible for the security of your crypto. Noncustodial wallets can be browser-based or can come as software but in most cases, they are hardware devices.
Having understood the categories of crypto wallets, let’s take a look at the types of wallets. Each type of wallet is either custodial or noncustodial.
Software wallets are also known as hot wallets. They are desktop programs or browser applications that enable users to store, send and receive crypto. Software wallets store the crypto funds online. This makes the funds more susceptible to hackers than funds stored offline.
Software Wallets can be web-based wallets, desktop wallets, or mobile wallets. The private keys are encrypted and stored on the app or software.
Crypto funds stored on software wallets are easily accessible. You can send and receive crypto funds as easily as you would when using a bank account app for fiat transactions.
Despite the convenience, storing a large amount of crypto on software wallets on a cryptocurrency exchange is not advisable. This is because computer networks are vulnerable and can be easily targeted by malware programs and hackers.
A hardware wallet is a USB or Bluetooth device that enables you to store your private keys. Hardware wallets are also known as cold wallets. Most hardware wallets are not directly linked online to any crypto exchange
Hardware wallets are more secure than software wallets. This is because physical possession of the wallet is needed to be able to access the assets in the wallet. Transactions can only be signed when the wallet device is connected to a computer.
Depending on the brand, hardware wallets can interact with a computer in one of three ways: a company-created app, a separate software wallet, or a web-based interface. Newer models of hardware always have Bluetooth capabilities. It is, however, advised that you use this feature with caution because Bluetooth is a wireless signal and can be easily accessed by hackers when it is turned on.
Hardware wallets are not as convenient as software wallets. They are ideal for storing large quantities of crypto assets or funds that you intend to save up for future use.
Because there is no third party or cryptocurrency exchange involved in the holding of your funds in the hardware wallet, the security of your funds is your sole responsibility. It is advisable to store your public and private keys and your wallet device in separate places to boost the security of your funds.
A paper wallet is also a type of hardware wallet. It is a physical location usually a paper, where the private and public keys are written or printed.
Storing large amounts of cryptocurrency in paper wallets is highly discouraged. This is because, while paper wallets are almost impossible to hack, they have their risks. The paper can be destroyed or get lost. If this happens and the user does not have a backup, their funds will be lost forever. The user can also make mistakes when writing down the keys. If this error occurs, the funds will be irrecoverable.