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This rating describes our personal assessment of the user-friendliness of the product. How easy is the onboarding process? How modern is the user interface and is it easy to use? Are all the important functions quick and easy to find? We ask ourselves all these questions in order to give a personal rating from 1 to 10 points.
For products or services in the crypto space, trust and security should be the biggest factors in the selection process. Since we could not seriously evaluate the technical security of a platform or product, we analyze publicly available factors such as security features, location, regulation, certifications, audits, team/company, general reputation and, of course, track record.
Crypto doesn't have to be cryptic. Especially for beginners, the first contact with the crypto world can be overwhelming. With this rating, we give our assessment of how easy it is for beginners to find their way around: from the onboarding process to using the most important functions.
Customer support is an important factor for many users. A long wait or no response at all in the event of problems can be frustrating, especially when it comes to sensitive topics such as finances. With this rating, we give our assessment of the quality of customer support. In order to provide as balanced an assessment as possible, we also include user opinions from other platforms in our evaluation.
Some exchanges and brokers are regulated by financial supervisory authorities in certain countries/states. This often entails strict financial regulatory requirements and compliance requirements to which the company must adhere. Regulatory clarity can contribute to greater transparency and thus also greater trustworthiness.
Do you have ideas or suggestions for changes? Then we look forward to your feedback! We make every effort to keep all metrics and information as up-to-date as possible. However, if you discover an error or outdated information, we would be delighted to hear from you.
Feel free to write to us:
A wallet that is “open source” makes its software code public (e.g. on Github). Either the entire program code or at least significant parts of it are publicly accessible. This has the advantage that many parties can review the code and security gaps or other vulnerabilities are discovered and improved more quickly.
The so-called "private key" is a unique sequence of numbers and characters and the private key that gives you direct access to and control over your cryptocurrencies. The private key is used to sign transactions. In simple terms, it can be seen as a digital fingerprint that proves that you are the owner of the cryptocurrencies. If you store your cryptocurrencies on so-called "custodial wallets" (e.g. crypto exchanges), you are not the owner of your private keys.
The anonymity of “non-custodial wallets” is generally relatively high. However, there are differences between providers when it comes to collecting and storing user data. There can also be differences in the ordering process for hardware wallets as to which user data is stored and for what period of time
The so-called “secure element” is a chip (microprocessor) that stores your private key and is separated from the rest of the hardware. This special chip gives the hardware wallet significantly more protection against local, physical attacks. Depending on the chip, a different level of security can be offered. Some chips can be compromised with less effort, while with others this is only possible with special equipment and is extremely complex.
The so-called “secure element” is a chip (microprocessor) that stores your private key and is separated from the rest of the hardware. This special chip gives the hardware wallet significantly more protection against local, physical attacks. Depending on the chip, a different level of security can be offered. Some chips can be compromised with less effort, while with others this is only possible with special equipment and is extremely complex.
The overall rating is the average of our individual ratings. Our ratings do not constitute investment advice, but merely our personal opinion. You are welcome to use them as rough indicators and additional perspective. In the dynamic and fast-growing crypto sector, parameters can often change from one day to the next, so we cannot guarantee that the rating data is up to date. Therefore, please never use our ratings as an isolated basis for decision-making and not as a substitute for your own research.
Some wallets offer an integrated trading function within the wallet to buy and sell cryptocurrencies directly. This functionality is usually made possible by a connection to the web interface of an exchange. The integrated trading function in wallets offers enormous advantages: cryptocurrencies can be bought in the same place where they are to be stored. The manual transfer of cryptocurrencies from an exchange to your own wallet is therefore no longer necessary, which can save time and money.
Multisignature wallets or multisig wallets are wallets that require at least two private keys to sign a transaction. This additional process makes it possible to greatly increase security against unwanted access, for example through personal threats. This security mechanism is particularly useful when storing particularly high assets.
If the hardware wallet or the device with the corresponding software wallet is lost or damaged, there is no need to panic. As long as you have your private key or recovery seed (also called “seed phrase”) in your possession, you can restore your wallet at any time. The recovery seed is a combination of 12-24 words and is the most common backup method for wallets. Important: Keep your recovery words and private keys secret and never share them with other people!
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MetaMask vs Ledger Nano X in comparison
Overview
MetaMask is a leading software wallet for Ethereum-based (EVM) blockchains, serving as both an interface and browser for Web3 applications. MetaMask's browser extension and IOS / Android app is the most popular method for connecting and interacting with decentralized apps (dApps), including Web3 gaming, DeFi, and NFTs.
- Popular interface for Web3 applications
- Compatible with hardware wallets
- Ability to purchase cryptocurrencies within the app
- Slightly complicated for beginners
- User interface could be more intuitive
- Does not support Bitcoin storage
- Only supports EVM blockchains
- Some tokens need to be added manually
- Excellent build quality and high security standards.
- Bluetooth connectivity for easy smartphone integration.
- Ledger Live software allows asset management and supports up to 100 apps.
- Reliable and trusted brand with a strong reputation.
- Higher price compared to the Ledger Nano S.
- Some users may find Bluetooth connectivity unnecessary.
- Beginners may find the additional features and cost unnecessary.
- Requires periodic firmware updates for optimal security.
Information
Hardware
Features
- Access to Web3 apps
- Browser extension
- Connection to hardware wallets
- Bluetooth connection
- Ledger Live App
- Up to 100 apps
Wallet Rating
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About
Our Review
The MetaMask wallet is one of the most popular wallet providers on the market, supporting all blockchains compatible with the Ethereum Virtual Machine (EVM). MetaMaks is often seen as an interface to most Web3 applications, rather than a wallet to manage your crypto portfolio. While MetaMask has improved its portfolio feature, full EVM support and app, it still lacks clarity and intuitiveness when compared to other software wallets. While MetaMask is a solid wallet choice and has been the go-to wallet for many users in the crypto space, we see other wallets trying to take its place e.g. Trust Wallet, Rainbow Wallet, and Coinbase Wallet.
The Ledger Nano X, the flagship product, impresses with its excellent build quality, high-security standards, and easy handling thanks to its Bluetooth functionality. The accompanying software, Ledger Live, allows users to buy and sell assets and connect up to 100 apps. In recent times, Ledger the company started rolling out features that might be controversial e.g. the storing / recovering of a user's crypto seeds. While this might not be a concern for beginners, more advanced users started to migrate to Trezor. While we are big fans of Ledger products we are increasingly concerned about the direction the company is taking when it comes to user security and privacy. While the Nano X is undoubtedly a great choice for most users, we started to migrate to Trezor products such as the Trezor Model T or Model One.
About the author
At Exchange Flow, Ethan is recognized as the resident crypto expert. With 10+years of experience navigating the waters of global crypto exchanges, Ethan is a trusted voice in the ever-evolving world of digital currencies. He tests and scrutinizes exchanges so you don’t have to, offering reviews and articles that newbies and seasoned traders alike find invaluable. When he’s not coding, Ethan likes to travel and play retro games. He uses his crypto earnings to fund his trip around the globe.
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