The Best Crypto Wallets for Storing, Sending, and Receiving Crypto

Choosing the right crypto wallet for secure business transactions

Crypto is redefining the way your business’s money moves, offering faster, more global, and more accessible currency power than ever before. However, some of the old rules still apply, and keeping your money secure remains a necessary and instrumental part of any crypto exchange.

Crypto wallets offer that protection for more secure access to your cryptocurrencies, like Bitcoin or stablecoins like USDC. The right crypto wallet will give you control over your private key while providing the security and accessibility you need for the operations you do most. With Slash, Global USD accounts, and stablecoin on/off-ramping, your business can manage crypto alongside wallet tools and fiat banking. Before we get there, let’s first unpack what a wallet actually is and how to navigate those options currently out there.

Keep reading to unlock the power of crypto wallets and learn how Slash can help power this next business move:

What Are Crypto Wallets?

A crypto wallet works a lot like a digital bank account, allowing you to store, send, and receive cryptocurrencies. However, your crypto doesn’t live in a crypto wallet in the same way your cash lives in your checking account. Rather, your crypto assets live on the blockchain, and your wallet gives you access:

What your wallet actually stores are private keys, long, encrypted codes that prove you own specific coins or tokens on a given blockchain. Losing your private key means losing access to your crypto assets, so private keys must be kept secure and private through crypto wallet options.

Your cryptocurrencies are also accessible through public keys, which act like a bank account number or address used for other individuals and businesses to send you crypto. Crypto wallets can keep a record of both, so you can easily send and receive crypto securely.

Breaking down what actually lives in your wallet:

• Private key = validates personal ownership of a crypto asset and must be kept secure to mitigate loss or theft of your cryptocurrencies.
• Public key = public address, used by others to send you crypto.

Wallets are secured through layers of encryption, passwords, and increasingly, biometric authentication like Face ID or fingerprints. For businesses, those protections matter because your digital assets represent real, high-value assets that can be used to make payments, invest, and more.

Types of Cryptocurrency Wallets

There are different types of crypto wallets, differentiated by convenience and security, with variations in how your private and public keys are made accessible to you and others. Here’s a breakdown of the key cryptocurrency wallet categories:

Hot Wallets

Hot wallets are wallets connected to the internet through mobile, desktop, or web wallets. This type of wallet is ideal for quick and frequent transactions; however, because hot wallets live on the internet, they are susceptible to scams or hacks that other types.

Examples of hot wallets include MetaMask, Coinbase Wallet, Trust Wallet, and Exodus. Slash can also be considered a hot wallet, with access to stablecoins and fiat banking in one mobile- or desktop-accessible dashboard.

Cold Wallets

Cold wallets live offline, meaning they store your private keys on a device not connected or linked to the internet. This solution offers a more protected option useful for long-term holdings or treasury-like crypto storage, but is much less convenient for frequent and recurring transactions. Additionally, if the hardware used for your wallet is lost, you’ve lost access to your crypto. Ensuring you have correct backups and precautions is crucial.

Custodial Wallets

A custodial wallet is any third-party wallet, such as an exchange or payment provider. Custodial wallets can be helpful for their user-friendly access, which is often built into crypto exchanges and DeFi platforms. However, they may be less secure because they live online and are managed by a third-party provider, requiring trust in the custodial site you choose.

Non-Custodial Wallets

A non-custodial wallet means you have full access and control over your private keys; you manage them directly without any middleman or third party. Despite full ownership, non-custodial wallets can be limiting by not integrating with exchanges or offering quick access to payment networks; additionally, they require you to personally secure your keys from being lost or stolen.

The choice between crypto wallet types often depends on your level of comfort with security and how frequently you need to move funds. Businesses using crypto actively for payments, settlements, or business transactions may lead to third-party sites like Slash that offer quick, easy access to stablecoins for seamless business operations.

How to Choose the Best Wallet for Cryptocurrency

Picking the right wallet will mean finding the right balance between security, access, and integrations with existing tools and business cash flows. Here’s a breakdown of some of the key features to look for in a crypto wallet:

Security

Security is one of the most important features when considering a crypto wallet. It means the difference between protected assets and potential risk. Look for encryption, multi-factor authentication, hardware security modules (HSMs), and cold storage options.

Usability

You shouldn’t feel like your crypto wallet doesn’t work with the actual use you’re hoping to get out of your crypto assets. The best crypto wallet apps can make transfers simple and easy to access while also offering security through multi-factor authentication or other permissions.

Integrations

For businesses conducting fiat operations or simply looking for a way to transact in crypto while accounting properly, integrations can help. Platforms like Slash connect crypto with your banking and accounting (QuickBooks, Xero), so you can issue and receive stablecoin payments for easier, faster, cheaper, and more global transactions through digital assets.

Supported Cryptocurrencies.

Different wallets will support different coins or tokens. Choose a wallet that supports what you use, like USDC, Bitcoin, Ethereum, USDT, and other Altcoin or stablecoin cryptocurrencies.

Regulatory Compliance

Choosing a wallet or platform that follows KYC, AML, and regulatory standards helps prevent issues with audits or reporting. Slash can help you stay compliant while also integrating with accounting and banking for all-in-one tax reporting, real-time transaction history, and more help come tax season.

What are the Best Wallets for Cryptocurrency?

There are many options out there, so here are some of the top wallets on the market and how they compare:

Slash

Slash is a crypto wallet option built specifically for business operations. While not a traditional wallet, Slash combines crypto wallet functionality so you can quickly on/off ramp and transact with stablecoins, including USDC, USDT, and USDSL. For business operations, this means faster, easier cross-border transactions without straying too far from traditional fiat business models and operations. With Slash, these crypto interactions also exist right alongside your fiat banking.

Plus, with multi-entity management, accounting integrations, and up to 2% cash back corporate cards, Slash makes it easy to conduct, account, observe, and remain compliant with all your crypto and non-crypto transactions.

• Great for: Companies that manage crypto as part of their broader financial operations.
• Why it matters: Slash connects your crypto wallet features to everything that matters after the fact, including reporting, cash flow management, and business banking.

MetaMask

A browser-based or hot wallet built for Ethereum and DeFi applications (Dapps).

• Great for: Connecting to decentralized apps and networks, making frequent transactions easier with more access.
• Less great for: Storing large balances and internet-related risks.

Trust Wallet

An easy-to-use mobile wallet owned by Binance, supporting thousands of cryptocurrencies, including BTC, ETH, SOL, DOGE, and 100+ more.

• Great for: New crypto users wanting quick access to crypto assets and transactions.
• Less great for: Large-scale storage, and internet susceptibility.

Exodus

A desktop and mobile wallet with built-in exchange functionality.

• Great for: Users who want to manage everything in one interface.
• Less ideal for: Advanced features or large corporate storage.

Zengo

Uses biometric login (no passwords) and “keyless” cryptography for added security.

• Great for: Simplicity and user experience.
• Less great for: Businesses needing multi-user access or detailed reporting.

Ledger & Trezor

Both are hardware wallets, often safe options for crypto wallets with offline storage.

• Great for: Long-term storage and maximum protection.
• Cons: Slower access and higher setup complexity.

Manage Crypto with Slash: Banking and Wallets in One Place

Slash combines everything, including wallets, banking accounts, and corporate cards, so you don’t have to switch between crypto wallet apps or take on a dozen financial tools. Instead, access Slash’s all-in-one dashboard for all your business finance needs, all in one place.

With Slash:

• On- and off-ramp USDC, USDT, and USD directly.
• Pay vendors, track expenses, and sync everything to QuickBooks or Xero.
• Manage access securely across teams with built-in permissions and security layers.
• Transact with up to 2% cash back corporate cards.
• Manage everything, all in one place.

For businesses, Slash is the option that gives you access to all of your cash flows and tools, rather than making you settle or having to navigate multiple accounts.

Learn more about Slash as a crypto wallet and banking platform at slash.com.

Frequently Asked Questions

Is it secure for businesses to use more than one crypto wallet?

Yes. Companies may use a combination of hot and cold wallets to balance convenience and security. Just ensure each is properly secured and tracked in your records.

How does a crypto wallet compare to a traditional fiat wallet?

A fiat wallet holds physical or digital currency in a bank; a crypto wallet holds your private keys on the blockchain. Both represent access to money, just through different systems.

Which offers stronger protection: hot wallets or cold wallets?

Cold wallets are best for security since they’re offline, but hot wallets offer easier accessibility.