Hot wallets give you always-on access to crypto and NFTs—great for daily DeFi, swapping, or minting. The trade-off is responsibility: you control the keys, so you must handle backups and avoid phishing. U.S. investor guidance boils it down simply: protect your seed phrase and never share it; it restores your wallet and anyone who sees it controls your funds.
1. MetaMask
Best for: EVM DeFi power users who live in a browser and need broad dapp compatibility.
Why it stands out: MetaMask is the default gateway to EVM networks (Ethereum, Arbitrum, Polygon, BNB Smart Chain and more). It’s available on mobile and as a browser extension, lets you connect to thousands of dapps, and supports NFT interactions. It’s a self-custody wallet: you hold the keys, interact with Web3, and can add custom networks as needed.
Watch-outs: Browser extensions are convenient but exposed to phishing. Keep it updated, revoke dapp approvals you don’t use, and be aware of known issues the team discloses publicly (e.g., a 2025 Chromium extension bug that caused excessive disk writes, later addressed).
2. Coinbase Wallet (non-custodial)
Best for: Users who want a self-custody wallet with helpful guardrails and EVM coverage.
Why it stands out: Coinbase Wallet (separate from the Coinbase exchange app) is self-custody—your keys are local, not held by Coinbase. It offers biometric and password locks, and it adds dapp blocklists that warn you before connecting to known-malicious sites. It also supports EVM networks and NFTs.
Watch-outs: As with any hot wallet, the recovery phrase is on you. Apple/Android platform policies can sometimes affect features (for example, previous NFT-related frictions on iOS).
3. Trust Wallet
Best for: Mobile-first users who want a big multichain roster in one app.
Why it stands out: Trust Wallet positions itself as a self-custody, multi-chain wallet supporting 100+ blockchains and “millions of assets,” from Bitcoin and Ethereum to Solana, Cosmos, and more. It bundles a built-in dapp browser (mobile) and staking flows for select assets.
Watch-outs: The benefit of one app for everything also means you should double-check the network before sending—Bitcoin, EVM tokens, and Solana addresses are not interchangeable.
4. Exodus
Best for: Beginners who want a polished interface and the option to pair with hardware.
Why it stands out: Exodus is self-custody (you hold the 12-word secret phrase and private keys) with desktop, mobile, and a Web3 extension. It supports 50+ networks and lists thousands of assets and swapping pairs, with a strong emphasis on usability. A standout feature: native integration with Trezor and Ledger hardware wallets—you can view and send from the hardware account inside Exodus, keeping keys offline.
Watch-outs: Verify downloads from the official site only and consider pairing with hardware for larger balances.
5. Phantom
Best for: Solana users who also dabble in Ethereum and Polygon—especially NFT collectors.
Why it stands out: Phantom started as a premier Solana wallet and now offers multichain support across Solana, Ethereum, and Polygon with a unified experience on mobile and browser. It’s popular for minting, managing NFTs, and interacting with Solana dapps, while giving you a single wallet workflow across chains.
Watch-outs: If you bridge assets, always verify the token address on the destination chain before signing.
Quick comparison
| Wallet | Self-custody | Platforms | Multichain focus | Notable extras |
| MetaMask | Yes | iOS/Android, Browser extension | EVM networks (Ethereum, L2s, sidechains) | Massive dapp ecosystem, custom networks. |
| Coinbase Wallet | Yes | iOS/Android, Extension | EVM networks + NFTs | Biometric locks; dapp blocklist warnings. |
| Trust Wallet | Yes | iOS/Android, Extension | 100+ blockchains | Built-in dapp browser (mobile), staking. |
| Exodus | Yes | Desktop, iOS/Android, Extension | 50+ networks | Trezor/Ledger hardware integration. |
| Phantom | Yes | iOS/Android, Extension | Solana + Ethereum + Polygon | NFT-friendly UX, unified accounts. |
Staying safe with hot wallets
- Back up your seed phrase offline and never share it. The SEC’s investor bulletin is blunt: your seed phrase restores the wallet; protect it like the keys to your home. Consider metal backups; never type the phrase into a website or “support chat.”
- Beware of phishing. Fraudsters spoof wallet pop-ups, Twitter/Discord DMs, and fake airdrop sites to trick you into signing or revealing your phrase. FTC guidance: if someone demands crypto or rushes you to act, it’s a scam.
- Use hardware for larger balances. Several hot wallets (e.g., Exodus) let you connect a hardware device so keys never touch an internet-connected computer. It adds one extra click and a lot of safety.
- Review permissions. Periodically revoke dapp approvals and double-check token contracts before signing swaps—especially on new chains.
- Keep apps/extensions updated. Developers patch bugs and improve guardrails; staying current reduces risk.
Which hot wallet should you choose?
No wallet is “safest” for everyone; the right choice matches your chains, devices, and security habits. Whatever you pick, treat hot wallets as your daily-spend account—pair them with a hardware wallet or custodial cold storage for longer-term holdings.