(10min read)
Crypto Mobile Wallets are apps that allow you to store, send, and receive your crypto directly from your Android phone. They are a fast and easy way to access your crypto, and you can carry it nearly everywhere with you!
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You can simply download and install these wallet apps on your phone from the Google Play store.
We look at how the different mobile wallets on offer stack up against the risks.
Note: If you are new to crypto wallets do head over to our Crypto Wallet Guide for everything you need to know, before choosing the right crypto wallet for you!
Mobile Wallets
One of the biggest benefits of a mobile wallet is its ease and convenience. If you don’t have regular or private access to a computer then a Mobile wallet is probably the way to go.
Even so, we recommend you only keep a small amount of crypto in a mobile wallet.
Large amounts should be kept in a more secure wallet, such as a Hardware wallet, Desktop Wallet or failing that held in a Custodian wallet.
Key Security Factors for Mobile Wallets:
- Mobile Wallets are connected to the Internet whenever your phone is connected to the internet.
- This means your wallet and crypto are vulnerable when you are online. If you are not using your wallet, close it and log out. It would also be wise not to keep your crypto login details saved on your phone.
- Never use your mobile wallet or other crypto accounts from public Wi-Fi.
- As tempting as it may be to have a quick peek whilst you are in a cafe or on a train just don’t do it. Look around you and pretty much everyone will be looking at their phone. What you don’t know is if any of those people are able to hack your phone, steal your crypto and disappear. If you regularly access shared wifi at home or at work it may be wise to use a vpn when using a crypto mobile wallet for added protection.
- Mobile phones have a habit of getting lost or broken.
- If you lose or break your phone you will lose access to the Private Keys stored on it. Don’t lose your crypto too! Your crypto wallet can still be recovered, on another device, using your Seed phrase, so make sure you keep a copy of this phrase in a safe place (NOT on the PHONE!).
- If your phone is stolen or lost, an experienced hacker may be able to gain access to your crypto very quickly.
- Treat this like you have lost a credit or debit card, the quicker you act the better.
Let us look at some of the popular mobile crypto wallets on the market and see how they compare.
Android Mobile Wallet Comparison
Full Description:
Download & Setup:
Users can download Trust Wallet for free from the Google Play store.
It is easy to set up and use.
Security & Privacy:
Funding:
By Apple Pay / Google Pay account
By Credit / Debit Card – via Moonpay: Min 100 USD/KYC required / fees 4.5% ( min $3.99) By Credit Card – via Simplex: KYC required/ fees 3.5%-5% (min $10)
By Bank Transfer via Moonpay: Min 100 USD/KYC required / fees 1% (min $3.99)
Withdrawal to Bank:
It is not possible to withdraw funds directly to your bank. You will need to move your funds to an exchange to withdraw fiat.
Fees:
- You pay 0% fees for sending and receiving crypto (though network fees apply)
- There are also no subscription charges for using the wallet’s services.
- The Trust Wallet offers a transaction fee system with 3 categories, Cheap, Regular & Fast
Crypto Supported: Trust Wallet supports around 160,000 coins/tokens and 33 blockchains. It is an Etherium based wallet and has support for popular crypto such as Bitcoin, XRP, Monero, Binance Coin, Stellar Lumens, Zcash, Dogecoin, Bitcoin Cash, Dash, Litecoin, and others.
Services:
- Trust wallet has Uni-swap and Pancake-swap trading supported directly within the wallet.
- Users can easily purchase coins through Trust Wallet’s partnership with the Kyber Network’s native decentralized exchange (DEX).
- Trust wallet is owned by Binance and thus is very easy to use if you have, or plan to have, an account with the Binance Exchange
- Trust wallet has good customer support through a ticketing system.
Full Description:
Download & Setup:
It is FREE to download and set up takes less than a minute. It has a straightforward interface that’s easy to understand for new crypto users
Security & Privacy:
Funding:
By Apple Pay / Google Pay/ Samsung Pay account
By Credit Card – via Moonpay: min 100 USD/ KYC required /fees 5.99%
By Bank Transfer – via Moonpay : min 100USD / KYC required / fees 1.99
Via Coinmamma (SWIFT / SEPA)
Withdrawal to Bank:
It is possible to withdraw fiat cash via Moonpay – but do check which currencies are supported. It can take up to 2 business days to receive your funds and fees apply.
Fees:
- You pay 0% fees for sending and receiving crypto (though network fees apply)
- You can choose a custom network fee for your transactions (economy, regular and fast).
- Fees vary for selling and trading crypto using the wallets third-party services
Crypto Supported: The wallet supports a wide range of different cryptocurrencies on the following Blockchains: Bitcoin, Ethereum, Tezos, and Terra (Luna) (click here to see the 70+supported currencies)
Services:
You can buy, trade, and stake crypto directly through the wallet via Third-Party Apps only.
Full Description:
Download & Setup :
It is FREE to download and straightforward to set up. The interface is easy to understand for new crypto users.
Security & Privacy:
– Coinomi is a non-custodial wallet.
– You control your private keys that are stored on your mobile device. The Coinomi wallet generates a Seed phrase that you must keep safe to restore access to your wallet.
Coinomi does not require KYC to use it.
There is no two-factor authentification (2fa) for the wallet, just a simple password to log in.
Coinomi uses IP address masking to hide your I P address and there is no transaction tracking.
To date, there is no reported history of hacking or loss of funds.
Funding:
You cannot add fiat such as USD or EUR directly to your Coinomi wallet.
You can buy, sell and trade crypto via Third-Party Apps only.
Withdrawal to the bank:
It is not possible to withdraw fiat such as USD or EUR from the wallet. You must send your crypto to a third party to withdraw fiat to your bank.
Fees:
You pay 0% fees for sending and receiving crypto (though network fees apply)
You can choose a custom network fee for your transactions
Crypto supported:
Coinomi supports a wide variety of cryptocurrencies on 125 different blockchains including:
Bitcoin, Ethereum, Binance, and Tron
Services:
Coinomi has built-in exchanges offered by ShapeShift and Changelly for crypto trading.
Coinomi allows you an unlimited number of password-protected wallets, each with its encryption settings.
Coinomi has good 24/7 access to customer services
Full Description:
Download & Setup:
The Edge wallet is free to use and download from the Google Play Store. It is designed to be easy to use and has an easy-to-understand interface.
The wallet is suitable for experienced traders and beginners and setup only takes a few minutes.
Security & Privacy:
Edge is a non-custodial wallet.
You control your private keys that are stored on your mobile device.
Edge Wallet does not require your email, phone number, KYC, or any other personal information to create an account.
Wallet password recovery requires an email address and two questions that only you know the answer to.
The Edge wallet uses Google 2-factor Authentication (2FA) to log in. Edge users are kept completely anonymous
Funding:
You cannot add fiat such as USD or EUR directly to your Edge wallet. You can buy, sell and trade crypto via Third-Party Apps only.
Withdrawal to the bank:
It is not possible to withdraw fiat such as USD or EUR from the wallet. You must send your crypto to a third party to withdraw fiat to your bank.
Fees:
You pay 0% fees for sending and receiving crypto (though network fees apply) Edge does, however, collect a small fee on all exchange transactions, using the third-party in-app exchange service.
Crypto supported:
There is still only a limited selection of cryptocurrencies supported on this wallet compared with some others. Edge supports Bitcoin(BTC), Ethereum(ETH), Litecoin(LTC), Bitcoin Cash(BCH), Dash(DASH), Augur(REP), Wings(WINGS)
Services:
The Edge Wallet offers a third-party exchange service provided by ShapeShift and Changelly for crypto trading.
Full Description:
Download & Setup:
Users can download Exodus Wallet for free from the Google Play store and there is no registration and personal information required. The Wallet offers a one-click, easy-to-use layout.
Security & Privacy:
Funding:
You cannot add fiat such as USD or EUR directly to your Exodus wallet.
You can buy, sell and trade crypto via Third-Party Apps only.
Withdrawal to Bank:
It is not possible to withdraw fiat such as USD or EUR from the wallet. You must send your crypto to a third party to withdraw fiat to your bank.
Fees:
- You pay 0% fees for sending and receiving crypto (though network fees apply)
- The Exodus Wallet offers an Automatically Adjustable transaction fee system.
- This is an advantage for beginners who are not confident with fixing the correct transaction network fee
Crypto Supported: The Exodus Wallet has support for more than 100 cryptocurrencies, including Ethereum, Bitcoin, Stellar, Bitcoin Gold, Tether USD, Bitcoin Cash, Monero, Litecoin, Dash, Stella.
Services:
- Exodus has good customer service should you need it.
- The Exodus Wallet offers a third-party exchange service provided by ShapeShift for crypto trading.
- Exodus supports Trezor Model T and Trezor One hardware wallets where cryptocurrencies can be moved from the Exodus wallet to cold storage safely.
There are a growing number of Android crypto wallets available on the market and those we have covered are just some of the most popular ones to date.
Keep in mind that not every wallet advertised in the Google Play store is verified. This means some people can create malicious wallet like apps in an attempt to steal your coins once you send them to your mobile wallet.
Beware of fakes! This article shows how careful you need to be!
That’s why it’s important to download only known apps and make sure that they are the official app version with, Google Play Protect enabled, rather than a clever copy!
If you do decide to opt for a Mobile Crypto wallet please remember the following advice:
- Always set up at least pin code protection for your wallet, if possible. If your wallet has added security features, use them and set them up at the start.
- Never store large amounts of Bitcoin on your mobile wallet.
- Write down the 12-24 word seed you get when you set up your wallet and keep in a safe place.
Do you have any experience using these Android Wallets?
Let us know how you found them!
