The supply of Bitcoin Cash (BCH) wallets is huge, making it all the more difficult to choose the best wallet. To help you keep track and find the right wallet for your investment, we have created this guide, which introduces you to the best Bitcoin Cash wallets in a short and concise order according to the type of wallet.
In order to understand the advantages and disadvantages of the various wallets, it is essential to have a basic understanding of cryptocurrencies and cryptocurrency wallets. Therefore we would like to give you a short theoretical introduction to the topic.
You can imagine a wallet, like a virtual wallet, which stores the access keys for the cryptocurrency, e.g. Bitcoin Cash. Basically, all wallets can be divided into two categories:
- cold wallet or
- hot wallet.
The distinguishing feature is the connection to the Internet. While hot wallets are connected to the Internet, Cold wallets are not connected to the Internet. hot wallets are therefore considered to be considerably less secure because hackers can gain access to the cryptocurrencies via the Internet connection. cold wallets doesn’t have this point of attack.
This is also the reason why large investment companies and cryptocurrency exchanges store a large part of their cryptocurrencies on cold wallets. You should take this as an example! In recent years, many crypto exchanges got hacked and Bitcoin and other coins have been stolen. Therefore a cold wallet definitely makes sense also for private customers, in the form of a hardware wallet or a paper wallet.
You should also know that hot wallets can be divided into three subcategories. These types have in common that the “Private Keys” are connected to the Internet. The distinction is made on the basis of the storage medium. The subcategories of hot wallets are:
- Bitcoin Cash desktop wallets
- Bitcoin Cash mobile wallets
- Bitcoin Cash online wallets
What is the Private and Public Key?
Asymmetric cryptography is used to encrypt data in cryptocurrencies. This means that a key pair consisting of a private key and a public key is used for encryption.
The private key is a randomly generated string that represents the ownership of the cryptocurrency. Therefore the Private Key must never be passed on to third parties. If you have the private key, you can access the BCH address and send the cryptocurrency.
The BCH wallet address is a hash version of the public key, which cannot be reversed thanks to cryptography. In contrast to the private key, the public key or wallet address is not secret.
Before you go on reading, we’d like to give you two words of advice: Even before you buy Bitcoin Cash (click here to read our guide), you should decide which wallet you want to use. This allows you to enter your own wallet address during the purchase process and save some additional fees.
Secondly, you should know in advance that cryptocurrency exchanges and brokers are the least secure and worst way to store Bitcoin Cash (BCH). If you choose to do so, you give control of the Private Key to the company behind the trading platform. Our clear recommendation is therefore to set up one of the wallets presented below and to manage the Private Key yourself.
The best Bitcoin Cash hardware wallets
As mentioned earlier, cold wallets in the form of hardware wallets are the safest and best option for storing cryptocurrencies. Compared to all other wallet types, they have the highest safety standard and are also more practical than a paper wallet. The reason for this is that the Bitcoin Cash Private Key is stored exclusively on the hardware wallet.
Thus, even if a BCH transaction is released, the Private Key is not connected to the Internet because the transaction is confirmed by a Private Key on the device. This means that hackers have practically no way of intercepting the private key (e.g. via keylogger or phishing attack), since only other components of the hardware wallet are connected to the Internet. A theft of Bitcoin Cash is thus almost impossible.
In addition, hardware wallets also offer very good protection against theft of the device. Each of the hardware wallets presented by us requires the entry of a PIN to activate the device. Good hardware wallets also support the ability to set up 2-factor authentication to enable a second security measure. This makes it very difficult to steal the stored private keys from the hardware wallet even in the event of physical theft.
From our point of view the purchase of a hardware wallet is always the best choice, no matter how high your investment is! Especially if you want to buy larger amounts of Bitcoin Cash, you should always consider buying a hardware wallet. The price (of 120 Euro) for our test winner, the Ledger Nano X, is very fair and compared to your investment probably rather low.
In the following box we have compiled a summary of the advantages and disadvantages of hardware wallets:
The advantages of Bitcoin Cash hardware wallets:✅ Highest security standard
✅ Storage of private keys offline
✅ hardware wallets mostly support numerous cryptocurrencies
✅ Regular updates by the renowned hardware wallet manufacturer
✅ Physical confirmation is required on the device for each transaction.
✅ Very good customer support with the renowned manufacturers
The disadvantages of hardware wallets are:❌ Not free of charge
❌ No deposit insurance as offered by eToro
In the following we introduce you to five Bitcoin Cash hardware wallets. If you would like to know more about the individual wallets, we can recommend our detailed test reports on the individual hardware wallets.
1.Ledger Nano X
The Ledger Nano X is our test winner out of 8 different hardware wallets, which we tested personally. The wallet was only launched in May 2019 as the successor to the Ledger Nano S and has numerous new features. Our favourite among the new features is the Bluetooth function, which allows the Ledger Nano X to be connected to a smartphone. Using the Ledger Live App, the Nano X can be used like a mobile smartphone wallet while maintaining the security standards of a cold wallet.
In addition to the Bluetooth function, Ledger has also added a new and improved security chip to make the hardware wallet even more secure. In addition, the Ledger Nano X has received two other major upgrades. The Nano X has a much larger memory than the Nano S, which allows it to manage up to 100 cryptocurrencies simultaneously. In addition, the display has been enlarged so that the Bitcoin Cash addresses can be shown on the display without scrolling before release. This makes it much easier to check the BCH address.
Conclusion: From our point of view there is currently no better hardware wallet than the Ledger Nano X! Ledger sets a standard in terms of both functionality and operation that the competition must first outperform.
The Legder Nano X can store the private keys of over 1,100 different cryptocurrencies. Within the Top 100 by market capitalization there is hardly a cryptocurrency that is not compatible with the Nano X. In addition, new cryptocurrencies are constantly being added.
Another advantage of the Nano X is that up to 100 apps can be installed on the device at the same time (instead of only 5 apps on the Nano S) and thus up to 100 cryptocurrencies can be managed simultaneously.
The operation of the Ledger Nano X is very simple and intuitive and is done via the 2 buttons on the top. In addition to the hardware the Ledger Live App is required. With this you can view your account balance in real time and the performance of your portfolio as well as send and receive cryptocurrencies.
Transparency & Fees
The Ledger Software is Open Source and therefore accessible to everyone. However, the code for the hardware is secret. Ledger says it chose this architecture because it is not possible to “reach the level of physical security with generic chips”.
The fees incurred for a Bitcoin Cash transaction are transparent and can be adjusted. They correspond to the network charges. Ledger itself does not charge any fees.
Ledger’s technology is considered the industry leader. This applies not only to the private customer segment, but also to the corporate segment. The French company has numerous cooperations, including with Neufund, blockchain.com and Switcheo. In addition, the global Samsung Group announced a 2.6 million investment in April 2019.
Although there was initially a big outcry in the crypto community that the Bluetooth feature was not secure, it is not a security hole. Ledger explained that only non-critical data (not the private key and not the recovery seed) is transferred via Bluetooth. Furthermore, a release with the Ledger Nano X is always necessary to send transactions. So you can use the Bluetooth function without hesitation.
2.Ledger Nano S
Even if the Ledger Nano S is no longer the latest Ledger model, there are still good reasons to buy the successful Ledger model. The Nano S has already been sold more than 1.3 million times worldwide, which speaks for a very strong and reliable security of the wallet. In particular, the current low price of 59 euros makes the Nano S an absolute bargain.
If you live without the new functions of the Ledger Nano X and only want to manage a small number of cryptocurrencies, e.g. only Bitcoin Cash and Bitcoin, you will receive a hardware wallet whose price/performance ratio is unbeatable.
Just like the Legder Nano X the Nano S is operated with the Ledger Live Software. This allows the Nano S to store over 1,100 different cryptocurrencies. Because of the smaller memory only 5 apps can be installed at the same time. This means that users must always install and uninstall the various cryptocurrency apps (the data / account balances are not lost!). If you don’t mind this small effort, the Nano S is the best choice for you.
The operation of the Ledger Nano S is also very simple and intuitive. This is done via the 2 buttons on the device. Additionally the Ledger Live App is required. Both Nano S and Nano X use the same Ledger Live software. The software allows you to send and receive cryptocurrencies and view your account balance and portfolio in real time.
Transparency & Fees
The Ledger Live Software is open source software whose source code is publicly available. However, the operating system of the ledger devices is (still) a trade secret, which according to Ledger will only be revealed in the future.
The fees for a transaction (network fees) are listed in the Ledger Live software are transparent and can be customized. Ledger itself does not charge any additional fees.
Ledger’s technologies are industry-leading and are not only implemented in Ledger’s hardware wallets, but are also used by various companies to store the private keys of cryptocurrencies.
3.Trezor Model T
Also in May 2019, SatoshiLabs, Ledger’s largest competitor, launched a new hardware wallet with the Trezor Model T. The new Trezor Model T is the latest addition to Ledger’s range of wallets. Just like Ledger, SatoshiLabs has completely redesigned its long-standing success model, the Trezor One, and presented a hardware wallet that offers numerous new features and improvements:
- Touchscreen: The Trezor Model T has received a touch screen that is required for the release of transactions on the device.
- Firmware Upgrade: In addition, the firmware (Trezor Core) has been completely renewed and improved from a security point of view.
- Faster processor: In addition, the new model has a faster processor, which makes operation even smoother.
- Micro SD card slot: A Micro SD card slot has also been added that can be used for data encryption.
- USB-C port: The old computer port has been replaced by a modern USB-C port.
Compared to the Trezor One, the Model T can thus be classified as a premium version of SatoshiLabs. In a direct price/performance comparison to the Ledger Nano X, however, this performs better. So the Nano X is much cheaper than the Trezor Model T. In addition, the Nano X has a few more functions and is somewhat more intuitive to use.
Conclusion: Nevertheless the Trezor Model T is one of the best hardware wallets on the market and has some advantages over the Nano X. Due to the higher price, the Trezor Model T, in our ranking, but only ranked 3rd.
The Trezor Model T can manage more than 1,000 different cryptocurrencies. It is a pity that not all coins can be sent and received directly with the Trezor Bridge software (currently only 51 cryptocurrencies, including Bitcoin Cash). The remainder must be managed via third-party software, e.g. MyEtherWallet. You can find a complete list of all coins under this link.
The Trezor Model T is much higher quality than its predecessor. In addition, the new Trezor Bridge software offers numerous new, useful functions.
Transparency & Fees
The Trezor software and hardware is largely open source and publicly available on GitHub. The code was designed by Trezor with third-party extensibility in mind.
Before sending a transaction, the amount of the transaction fee can be set according to priority. There are no additional fees (other than network fees) for using the Trezor software.
Ledger and Trezor are the best known and most popular manufacturers of hardware wallets worldwide. There is a good reason for this. With the Trezor One, Trezor has the longest experience in the development of hardware wallets.
The Trezor One was already released in 2014 by SatoshiLabs. This makes it the oldest hardware wallet on the market! SatoshiLabs claims that it is the most trusted and secure hardware wallet. It remains to be seen whether this statement is really true.
The fact is that the Trezor One has proven to be very safe over the past few years. This is also reflected in the sales figures for Trezor One. The hardware wallet has been sold over a million times worldwide. Due to the low price the Trezor One, as well as the Ledger Nano S, can be a very inexpensive and nevertheless very good alternative, especially for newcomers, as the first hardware wallet.
With the hardware wallet more than 1.000 cryptocurrencies can be managed. You can send and receive the following cryptocurrencies directly with the Trezor software: Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, ZCash, DASH, Namecoin, Litecoin, Ethereum Classic, Bitcoin Gold, Ubiq, NEM, Expanse and all ERC20 tokens. For all other cryptocurrencies you need the software of third party providers like Electrum, bitwala or the MyEtherWallet.
The Trezor One is very easy to use, even for beginners, because the user interface is very clear. In addition, there are numerous explanations within the application that provide good guidance.
Transparency & Fees
Most of Trezor’s hardware and software is publicly available on GitHub. The transaction fees are just as transparent. Before you complete a transaction, you can determine how much the transaction fee should be. There are no additional fees for use.
Ledger and Trezor are the best known manufacturers of hardware wallets. This is certainly also due to the fact that they have the longest experience in developing hardware wallets. Accordingly, Bitcoin Cash hardware wallets from both companies are considered to be very secure.
5.Digital Bitbox 01
The Digital BitBox is a cheap hardware wallet which supports a rather small selection of cryptocurrencies. This includes Bitcoin Cash as well as Bitcoin, Litecoin, Ethereum, Ethereum Classic and all ERC20 tokens. The minimalist device generates a wallet (bip32) during the starting process by the integrated microcontroller. A very useful security feature is the slot for a micro SD card, which can be used to create an offline backup for recovery if you lose the wallet or your device breaks down.
Currently, the bitbox 01 supports: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and all ERC20 tokens, the latter requiring a third-party app (the MyEtherWallet).
Operation is basically simple when it comes to functions such as “Send” and “Receive”. However, the setup is a bit more complicated than Ledger or Trezor.
Transparency & Fees
The Digital Bitbox software is open source, so the code is publicly viewable and tested. There are no additional fees for using the Opendime wallet (as with all other hardware wallets.
The Digital Bitbox itself has no display, so the transactions have to be verified on the screen of a computer. This mode of operation is somewhat less secure than the Ledger and Trezor hardware wallet, which require confirmation on the device.
You should know this about hardware wallets:
If you are looking for the best possible protection for your Bitcoin cash, hardware wallets are the right choice for you. Since the private keys never connect to the Internet, Bitcoin Cash hardware wallets are virtually unhackable (although there is no absolute security). The only real disadvantage from our point of view is that they are not free. Especially for larger investments the purchase of a hardware wallet is highly recommended!
The best Bitcoin Cash Desktop- and mobile wallets
In contrast to hardware wallets, desktop and mobile wallets are hot wallets. These are programs that are installed on a computer or smartphone to manage, send, and receive Bitcoin Cash. Mobile wallets in particular also have the advantage that you can access and send your Bitcoin Cash from anywhere in the world where there is an Internet connection via your smartphone.
If the security standard is generally considered and ranked, the two types can be placed between hardware wallets, which are more secure, and online wallets, which are considered less secure. Compared to online wallets, they offer the significant advantage that the private keys are not stored on a company server but on the user’s own computer. This gives you and no third party control over Bitcoin Cash.
However, this also means a certain responsibility. Since the private keys are stored (encrypted) on your own computer, it is very important to keep your computer or smartphone up to date with updates and good anti-malware software. Due to the (presumably) permanent connection to the Internet, there is an increased risk of malware. This topic is exacerbated even further with smartphones, because many users use public hotspots in cafés and restaurants, for example, where data is usually transmitted unencrypted.
Nevertheless, the protection is significantly higher compared to online and web wallets. Desktop as well as mobile wallets are the best alternative from our point of view if you are looking for a free wallet for Bitcoin Cash. Below we have compiled an overview of the advantages and disadvantages:
The advantages of Bitcoin Cash Desktop and mobile wallets:✅ Sole control over the Private Keys
✅ Higher security standard than with online wallets
✅ No acquisition costs – use is free of charge
✅ Mobile wallets: Access to Bitcoin Cash via Smartphone
✅ More cryptocurrencies than just BCH are often supported.
✅ Regular updates
The disadvantages of Bitcoin Cash Desktop and Mobile wallets:❌ Less security than with a hardware wallet (more vulnerable to hacker attacks)
❌ No deposit insurance, e.g. with the eToro Wallet
❌ Be careful when choosing an unknown wallet: There are known cases of fraud.
Below you will find our top recommendations for secure and reputable Bitcoin Cash desktop and mobile wallets:
The best Bitcoin Cash Desktop- and Smartphone wallets (iOS und Android)
- Electron Cash (Desktop Wallet)
- BTC.com (mobiles Wallet)
- Atomic wallet (Desktop- und mobiles Wallet)
- Jaxx Liberty (Desktop- und mobiles Wallet)
- Exodus wallet (Desktop- und mobiles Wallet)
Electron Cash is a fork just like Bitcoin Cash itself. The wallet, as the name suggests, was forged by the Bitcoin Electrum Wallet, one of the best known and best wallets for Bitcoin. The release of the Electron Cash wallet took place relatively soon after the Bitcoin Cash Hard Fork in August 2017. With the Fork, the entire code of the Electrum wallet was copied. This means that Electron Cash can also offer a very wide range of functions:
- SPV technology: SPV stands for “Simplified Payment Verification” and is a concept originally described in the Bitcoin Whitepaper, and a method to provide a wallet with increased security without having to download the entire blockchain. The Electron Cash wallet is a “light client” and therefore does not have to download the entire blockchain.
- Multi-Sig: The multi-signature function adds an additional permission level to the wallet by requiring each Bitcoin Cash transaction to be signed by multiple private keys.
- Cold Storage: The wallet offers the possibility to leave the private keys offline and go online in a pure view mode (“watching only”). This allows you to monitor incoming transactions and balances without compromising your private keys.
- No “Lock-In”: You can export your private keys and use them in other Bitcoin Cash Clients.
A further advantage of the Electron wallet is the security which can be classified as very good. So with Electron Cash you can take control of your private keys and create a mnemonic seed backup phrase. The Private Keys are only stored on your computer and never leave the device. They will also not be sent to the Electron Cash Remote servers. These are decentralized and redundant, so that you have no downtimes.
The Electrum Cash wallet only supports Bitcoin Cash (BCH).
Both the installation and the operation are very simple. This makes the wallet ideal for newcomers.
Transparency & Fees
The code is open source and has been reviewed and verified by the community. There are no fees for use, other than the usual BCH network fees.
For a desktop wallet, the Electron Cash wallet offers excellent security through the functions described above. In our comparison, there is no desktop or mobile wallet that offers better security.
BTC.com’s open source wallet was released in 2016 by Bitmain (the mining giant behind the highly acclaimed Antminer mining rigs) and gives Bitcoin and Bitcoin Cash owners the ability to manage their cryptocurrencies via a web wallet and mobile version (Android and iOS). From our point of view, the BTC.com wallet is primarily recommended as a Bitcoin Cash Wallet. This is because Bitmain is a well-known advocate of Bitcoin Cash (as “true Bitcoin”).
Due to this controversy, the ratings in the App Store and Google Play Store are also not so positive. But don’t be fooled by the partly bad evaluations of the app. These were mostly awarded because the manufacturers of the app promote Bitcoin Cash as “true Bitcoin” and refer to Bitcoin (BTC) as “Bitcoin Core”. Don’t let yourself be fooled! From our experience, the app works technically flawlessly and is also very simple and clearly designed.
As usual with other mobile wallets, the BTC.com wallet stores the private keys on your smartphone. Neither the developers nor other third parties have access to them at any time. Another advantage of the wallet is its multi-sig functionality, which creates an additional authorization level for each Bitcoin Cash transaction. In addition, two-factor authentication and a backup function per seed are also available.
All in all, we have had very good experiences with the mobile wallet from BTC.com. If you want to download the app, you can do so via this link (click!) or via the App Store of your smartphone.
With the BTC.com wallet both Bitcoin Cash (BCH) and Bitcoin (BTC) can be managed.
The BTC-Wallet is designed to be safe and yet easy to use. This makes it ideal for beginners.
Transparency & Fees
The BTC.com App can be downloaded and used for free. Users will not be charged any fees for sending and receiving Bitcoin and Bitcoin Cash. In addition, the wallet offers the possibility to set the transaction fees itself, depending on how fast the transaction is to be processed.
Due to the numerous security functions: Two-factor authentication, multi-sig, backup by seed and the fact that the private keys are only stored on your smartphone, the security of the BTC.com wallet is very good..
The Atomic wallet is a multi-coin-Wallet, which is aimed at users who are looking for an all-in-one solution for all their cryptocurrencies. With over 300 cryptocurrencies, the Atomic wallet can manage the largest number of coins (in our comparison) and is available both as a desktop and mobile version for iOS and Android.
Although the wallet was only released in 2017 by Konstantin Gladych, who is also CEO and co-founder of the popular crypto exchange platform Changelly.com, it is one of the most popular wallets on the market. This is probably not only due to the popularity of Gladych, but also to the focus of the wallet. The developers have focused their development on three central requirements in the crypto industry:
- Anonymity and
In accordance with these guiding principles, the private keys and transaction data are stored in encrypted form on the user’s terminal devices. Neither the developers nor other third parties have access to this sensitive data. A very useful function, which corresponds to the decentral character of the wallet and from which the wallet gets its name, are the Atomic Swaps.
These enable the direct exchange of cryptocurrencies, peer-to-peer, without a third person or institution being involved as an intermediary. For coins whose exchange via Atomic swaps is not yet supported, the wallet provides another option. The Atomic wallet integrates the services of Changelly and ShapeShift to exchange cryptocurrencies.
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Overall, the Atomic wallet is therefore our top recommendation among the multi-coin wallets. You can download the wallet from the official website. It is available for Windows, Mac, Ubuntu, Debian and Fedora. The mobile versions for iOS and Android are also available in the respective App Store.
Currently the Atomic wallet supports over 300 cryptocurrencies, including all known cryptocurrencies and all ERC20 tokens.
The installation of the wallet is done with a few clicks. At least as easy to use is the user interface, which should be self-explanatory even for absolute beginners.
Transparency & Fees
The Atomic wallet is a community-based product that uses open source libraries, block explorers, and other components. However, in order to ensure the security of the wallet, some of the developments will be kept secret.
There are no fees for using the Atomic Wallet, except the usual network fees. However, the additional features (Atomic Swaps, Changelly and ShapeShift) may incur fees
The Atomic wallet offers very good security. The wallet – as a decentralized solution – does not request any personal data from its users. In addition, all data is transmitted in encrypted form. The control of the Private Keys lies exclusively with the user, so that nobody else has access to your cryptocurrencies. In addition, each user can create a backup phrase to restore the Wallet.
4.Jaxx Liberty Wallet
The Jaxx Liberty is another multi-coin Wallet, which can manage 80 different cryptocurrencies and also enjoys a high reputation in the crypto industry. The wallet, which has been labeled “Liberty” since a major upgrade in 2019, was developed by Anthony Di Iorio, a co-founder of Ethereum, and is available in desktop and mobile versions.
However, the obeseness of the wallet cannot only be justified by the known name. Instead, the wallet can also stand out due to its wide range of functions. In addition to the usual functions (send, receive and portfolio overview), the wallet offers additional features such as current news, market data and a multi-chain block explorer.
In addition, the wallet also offers very good security. As with the Atomic Wallet, neither the developers nor other third parties have access to your private keys. These are only stored encrypted on the user’s device. With regard to the security of the wallet, it is also possible to create a backup in case your computer or smartphone breaks down. Another advantage of the wallet is its outstanding support, which is highly praised in online forums and is available around the clock.
To download the wallet, you can follow this link to the official website where you can download a Mac and Windows version, as well as a browser extension for Google Chrome. You can also download the mobile versions for your Android or iOS from the App Store.
More than 80 cryptocurrencies: 0x, Aion, Aragon, Augur, Bancor,Bankex, Basic Attention Token, BCH, Binance Coin, Bitclave, Bitcoin, Bitcoin Cash, Bitcore, Blockmason, BOXX, Brickblock, Civic, Cofoundit, Creditbit, Dash, Dentacoin, DigiByte, DigixDAO, Dogecoin, DomRaider, DPP, Edgeless, Enjin Coin, ETC, Ethereum, FirstBlood, Flixxo, Fuel, Gnosis, Golem, GRS, Helbiz, Huobi, Iconomi, iExec, Insureum, LIF, Link, Litecoin, Loom, Maecenas, Matchpool, MCI, MCO, Melonport, Metronome, Mithril, MobileGO, Monaco, NEO, OmiseGo, Paypie, Po.et, Polymath, Presearch, RCN, RLC, RBCH, Santiment, Scanetchain, Sense, SHIP, Shivom, SONM, Status, Storj, Storm, Stox,SWT, TenX, Tokencard,Ucash, Unikoin, Viberate, WAX, Wings, Worldcore, Zap, Zcash
The installation and operation is very easy even for beginners! In addition to the usual functions, the user interface also offers a few practical features, such as the latest news, market data and a multi-chain block explorer.
Transparency & Fees
There are no separate transaction fees for the Jaxx Liberty Wallet.
The security of the Jaxx Liberty wallet is very good. Neither the developers, nor a third party has access to your “Private Keys”. These are stored on the device used for access. Users can also create a backup phrase. If your PC or smartphone breaks down or gets lost, you can use it to restore it.
5.Exodus Desktop Wallet
Just like the Atomic and Jaxx Liberty, the Exodus wallet is a multi-coin Wallet. Currently, the Exodus wallet can send and receive more than 100 cryptocurrencies and display their values in over 30 different Fiat currencies. The wallet is one of the oldest multi-coin wallets on the market and was released in July 2016 by Daniel Castagnoli and JP Richardson. Since then the Exodus wallet has firmly established itself in the crypto market and gained a large user base.
The wallet has three main components that are very easy and intuitive to use:
- the multi-coin wallet,
- a portfolio tracker (in 30 fiat currencies)
- and an integrated exchange service from ShapeShift.
In addition to these functions, the Exodus wallet also offers good security for your Bitcoin Cash. Neither the developers nor other third parties have access to your private keys, as they are stored locally and encrypted on your computer. A very big advantage of the Exodus wallet is also the very good customer support. In addition to an extensive FAQ section (including tutorial videos), you can contact the Exodus team via email, Twitter, Facebook and Slack.
Despite these positive aspects, however, there are two points of criticism in the crypto community about the wallet. On the one hand, the backup function via e-mail is criticized because the sending via e-mail is classified as potentially insecure. On the other hand, the Exodus wallet does not offer two-factor authentication. Both “problems” are critical, because hackers “only” have to crack the password via e-mail and then already have full access to the wallet.
If this is not a knockout criterion for you, you can follow the link below which will take you directly to the official website of the wallet (click here!). The wallet is available as desktop version for Windows, Mac and Linux. Smartphone versions for iOS and Android are also available.
The Exodus wallet supports over 100 cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, EOS, Monero, Binance Coin, Tron, Stellar, XRP, Vechain and Monero as well as a variety of ERC20 tokens.
The wallet is known for its ease of use and intuitive design. In particular, the navigation through the wallet addresses, the portfolio and the exchange service are very simple. On the dashboard, users can view current market trends and developments in their own portfolio. A special feature of the wallet is that the portfolio balances can be displayed in over 30 fiat currencies.
Transparency & Fees
Within the crypto community the Exodus wallet has one (further) big criticism: The wallet is not open source. Accordingly, the users of the wallet must trust the developers and rely on the trustworthiness of the developers of the Wallet.
In principle, there are no additional fees for the Exodus Wallet. Only if you use the built-in service of Shapeshift to exchange cryptocurrencies, you have to pay a variable fee of 2-5 percent.
During the initial installation, the users are prompted to create a 12-word recovery seed phrase. In case your computer breaks down, the wallet can be restored. Beyond that no personal data of the users are stored on the servers of Exodus. The private keys and transaction data are encrypted and stored locally on the mobile devices.
The best Online wallets for Bitcoin Cash
Online wallets have the decisive advantage that they are the wallet type that is the easiest and fastest to use. No installation or backup is required. All users have to do is create an account. This is also the reason why online wallets are very popular, although security is the lowest of all wallet types.
Basically, online wallets can be divided into two types. The first type are wallets of cryptocurrency exchanges and brokers. They offer the advantage that the user has absolutely nothing to worry about. However, this also brings with it a major disadvantage. For example, the users of a wallet must be confident that the provider will not disappear with the customer’s money and that the cryptocurrencies will be stored securely in cold storages.
In addition, a secure IT infrastructure and the employees who have administrative access (to the private keys) must be trusted. Well-known exchanges and brokers generally have very good security measures. However, for the above reasons, exchange wallets are less suitable for storing Bitcoin Cash over a longer period of time.
The second type are online wallets specialized in Bitcoin Cash. In this category, the BTC.com Online Wallet, which was specially developed for Bitcoin Cash, should be mentioned first and foremost. The following overview summarizes the advantages and disadvantages of online wallets:
The advantages of Bitcoin Cash Online wallets:✅ Access from anywhere in the world where an Internet connection exists
✅ Exchange wallets enable trading out of the Wallet
✅ In the case of exchange wallets, there is no installation work required.
✅ You can define limits for maximum payouts per transaction.
✅ The user interface is often very simple and intuitive.
✅ Often very good customer support
The disadvantages of Bitcoin Cash Online wallets:❌ Lower security standard as hardware and desktop and smartphone wallets
❌Die Management of private keys (often) transferred to a third party
❌ Greater likelihood of hacking or phishing attacks
❌ Some web wallet vendors have turned out to be scam in the past
The best Bitcoin Cash Online wallets
- BTC.com Online wallet
1.BTC.com Online Wallet
This version of the BTC.com wallet is technically very similar to the Blockchain.info Wallet. It is a hybrid, hierarchically deterministic (HD) wallet. This means that the Bitcoin Cash and the Blockchain are accessed via a web browser.
However, the private keys to the wallet are stored on the user’s computer so that neither the developer of the Wallet, nor other third parties have access to them. The transactions are also signed on the user’s computer.
In addition, the online version of the wallet also offers the Multi-Sig functions, whereby an additional authorisation level can be added to the wallet by requiring each Bitcoin Cash transaction to be signed by several Private Keys. It is also important to know that the wallet is open source software that can be viewed by the public.
Based on these facts, the BTC.com Wallet can offer a very high level of anonymity and security compared to other online wallets. Accordingly, it is our top recommendation among the online wallets.
With the BTC.com wallet both Bitcoin Cash (BCH) and Bitcoin (BTC) can be managed.
The BTC-Wallet is very easy to use. An installation is not necessary, because only a login has to be done.
Transparency & Fees
The source code is publicly available and thus verified by the crypto community.
Users will not be charged any fees for sending and receiving Bitcoin and Bitcoin Cash. In addition, the wallet offers the possibility to set the transaction fees itself, depending on how fast the transaction is to be processed.
As described above, the BTC.com wallet provides the highest level of security for online wallets. Nevertheless, you should look at other safe wallets for longer term and larger investments. The best protection is provided by hardware wallets.
As with all exchange wallets, we do not recommend that you store your cryptocurrencies on an exchange for a longer period of time, even with Binance. Nevertheless, Binance can be a good and reliable option for an exchange wallet if you intend to trade cryptocurrencies.
Binance is not only one of the world’s most popular exchanges, it is also one of the safest. Nevertheless, you must be aware that the Binance wallet is an online wallet – with all the disadvantages we have described above. The Private Keys are owned by Binance and stored by the exchange. So you have to trust that the private keys are kept safe for you.
In May 2019, Binance experienced one of the biggest market hacks (after Mt. Gox) in Bitcoin’s young history when 7,000 BTCs were stolen. Even though Binance took responsibility for the hack, did not pass the loss on to its customers and significantly increased its security measures after the hack (according to its own statements), this clearly demonstrates the vulnerability of online wallets.
We therefore recommend that you only use the Binance wallet as long as you are actively trading cryptocurrencies. For long-term storage, you should store Bitcoin Cash on an external wallet, preferably a hardware wallet.
If you would like to register an account on Binance, you can do so via this link*.
Over 150 cryptocurrencies: All cryptocurrencies that can be traded at Binance can also be stored via the Web wallets.
The handling of the platform can be a bit complicated and confusing for beginners. In our Binance review we therefore explain in detail how you can make full use of the platform.
Transparency & Fees
Use of the Binance wallets is free of charge. Trading fees are charged, as you can read in our Binance review.
Binance is considered one of the safest exchanges in the world. However, you should only keep your Bitcoin Cash on the exchange as long as you are actively trading.
Our second choice is eToro, which, however, only appeals to residents outside of the US and UK (as of 01/2021). eToro is one of the largest CFD providers in the world and offers various cryptocurrencies in “physical form” as well as CFD (outside of the two aforementioned regions). Due to its high security standards and reputation, eToro can be a good option for custody in our view.
For more information, you can read our eToro review. If you want to sign up for the wallet, you can use this link (click here*) to create an account with eToro.
**68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
15 cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), Dash (DASH), Ethereum Classic (ETC), Cardano (ADA), MIOTA (IOTA), Stellar Lumens (XLM), EOS (EOS), NEO (NEO), Tron (TRX), ZCash (ZEC), Binance Coin (BNB)
For beginners as well as advanced traders eToro offers a very clear and intuitive trading platform, with numerous advanced trading options.
Transparency & Fees
As described above, eToro charges fees. These can add up, especially when holding for a longer period of time. You can read in detail in our eToro test report when they occur and how high they are.
You should keep in mind that the private keys are managed by eToro.
Litebit is our top recommendation for the direct purchase and sale of Bitcoin Cash (BCH) via Euro. The trading platform is very easy and intuitive to use, even for newcomers. In addition, it is an established broker based in the Netherlands and regulated under European law. Besides buying and selling Litebit also offers a wallet to store Bitcoin Cash.
From our point of view Litebit is a reliable platform for trading cryptocurrencies. However, we cannot recommend the wallet from Litebit because you have to hand over the management of the private keys to Litebit (according to the classical definition of an online wallet) and trust in the security of the platform.
Although Litebit (according to its own statements) stores large portions of customer funds in cold storages (offline) and offers a 2-factor authentication for user accounts. Nevertheless, you should at least buy a free desktop wallet, or better still, a hardware wallet, in order to achieve better security for your investment.
If you want to buy Bitcoin Cash through Litebit, you can follow this link* which will take you to the official Litebit website.
Over 30 cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ripple, Cardano, DASH, Dogecoin and many more.
In the past years we made very good experiences with Litebit, because it offers a very easy to use user interface, which is understandable even for beginners.
Transparency & Fees
There are no fees for using the Litebit Web Wallet! In all other respects only fees for the purchase and sales result. Details on the amount of the fees can be found in our Litebit review.
Even if we don’t know a hack and the majority of Litebit’s customer money is kept in cold wallets, we recommend you use a desktop wallet or a hardware wallet.
In the following we have summarized the most important aspects of the use of Web wallets:
Online wallets can be divided into two categories: Exchange wallets and Bitcoin Cash specific developments. The former only provide basic protection, but are very convenient and easy to use since no installation is required. On the other hand, they have the decisive disadvantage that you do not have the Private Keys and exchanges are popular targets for hacking attacks.
Bitcoin Cash specific online wallets (the BTC.com wallet) have the advantage that you are in possession of the private keys. Nevertheless, the Private Keys are connected to the Internet. It is therefore very important that you install anti-virus software on your computer so that you do not become a victim of a hacker attack.
Basically you should remember that online wallets offer the least protection and should therefore not be used permanently.
The best Bitcoin Cash paper wallets
Bitcoin Cash paper wallets are a very good choice if you want to save BCH offline and don’t want to buy a hardware wallet. Since you “store” the password, address and private key on a piece of paper, hackers cannot access these data. Only when you want to send a transaction do you have to use another wallet. Receiving BCH also works “offline” because you only have to give your (public) BCH address to the sender.
Selecting a trusted Bitcoin Cash paper wallet Generator is essential. The number of fraud cases and scams is very large. Fake paper wallets often “camouflage” themselves with similar domains to reputable providers (e.g. cashadress.org). If you fall for one of these scams, the creators of the website can easily send your Bitcoin Cash via private key to their own wallet addresses. Therefore, please make sure that you only use reputable and well-known providers.
Since your private key is connected to the Internet when you send it, you should always create a new paper wallet afterwards. Since this process can be somewhat cumbersome for numerous transactions, a paper wallet is always useful from our point of view if you do not want to access the Bitcoin Cash (BCH) for a longer period of time.
The advantages of Bitcoin Cash paper wallets are:✅ Storage of Private Keys offline
✅ Best suited for beginners
✅ Easy and fast to create
The disadvantages are as follows:❌ Sending of transactions is not possible with paper wallets
❌ Very high Scam danger! Only reputable providers such as cashadress.org should be used.
❌ Not 100% safe from hacker or phishing attacks (as soon as you use another wallet)
CashAddress.org is a trusted paper wallet service that generates a Bitcoin Cash Private Key and an address for you. The project is based on the code of bitaddress.org. In addition, the code on GitHub is visible to everyone. The generation works in such a way that you either enter as many random characters on the website or move your mouse until the generation of the Bitcoin Cash address is 100%.
After the generation you can print out the key and the address and keep the note offline so that no hacker can gain access to your Bitcoin Cash (BCH). When creating the Wallet, make sure that your PC is free of malware.
More important information about the Bitcoin Cash wallet test
Please allow us one last hint: The information in this article has been compiled by us to the best of our knowledge and experience. However, despite all efforts, you should always gather further information and test different wallets to find the best wallet for you.
If you have any questions or suggestions about our Bitcoin Cash wallet review, please feel free to leave us a comment. We’ll be glad to help you! If you enjoyed this entry for the best Bitcoin Cash wallets, we would love to hear from you!