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Keeping the cash and cards in your physical, old-fashioned wallet secure nearly entirely comes down to you, the user. Beyond RFID protection to keep your cards safe from attackers, it’s all about situational awareness.

Web3 crypto wallets are different. That’s not just because that wallet can be opened practically anywhere, but also because many new crypto users remain in the dark about the factors that impact wallet security. Ignorance isn’t bliss in this case.

Not sure where to get started? We’ve ranked the most secure Web3 wallets for you.

Staying On the Right Side of the Double-Edged Sword Built into Web3 Wallets

Web3 wallets — hot wallets that let you access your crypto from anywhere in the world — are nothing if not flexible and firmly within your control. Cutting out the middleman (a centralized system that routes your transactions and watches for threats) also comes with risks and responsibilities, though.

Phishing attacks rely on social engineering — something we’re all vulnerable to. Malware and ransomware can, if you’re not careful, run in the background, stealing your crypto assets. 

DApps, at the center of how Web3 wallets work, aren’t invulnerable. Besides bugs and exploits, blockchain and smart contract threats can leave that wallet empty.

“User error” related to managing your funds is your responsibility, but staying on the right side of the double-edged sword of crypto wallets (freedom vs risk) starts with picking a reputable, secure wallet provider.

How We Chose the Most Secure Crypto Wallets

Pay attention to all the things that go into determining how secure a crypto wallet is — not just to understand the Coinspect Wallet Security Ranking process, but also so you know what to look for in a Web3 wallet. Coinspect checked all these factors, and you should, too.

DApp Permission Management

Coinspect checks if a Web3 wallet:

• Asks users to unlock it before it processes dApp requests
• Needs user confirmation to give dApps access to different RPC methods
• Requests active confirmation to switch to a different blockchain network
• Lets users list and revoke permissions to dApps and token approvals
• Rejects requests to sign EIP-712 data with a chain ID that differs from the active one or unusual requests by default — and alerts users

Device-Level Physical Access

Physical access restrictions make the difference between losing your funds and keeping your assets secure even if an attacker gains control of your devices. That’s why Coinspect looks for wallets that:

• Lock automatically after a set time (ideally within user control) and allow users to manually lock the wallet
• Warns users when screenshots are taken or seed phrases are copied
• Allow for (or insist on) strong authorization methods — strong passwords, biometrics, hardware tokens for 2FA, and login rate limiting
• Demands authentication before giving access to seed phrases or private keys while warning users about the risk

Verifying Intent

Clear transaction summaries prevent mistakes and unauthorized transactions. Coinspect looks for:

• Transaction tracking through links to blockchain explorers
• Simulated transactions to preview outcomes
• Clear displays for ERC-20 Approve and EIP-712 signature requests from dApps
• Full and clear signature request details — with a requirement to scroll through to sign
• Warnings upon inputting addresses with invalid EIP-55 checksums

Real-Time Threat Prevention

Crypto threats move quickly. Coinspect looks for wallets that help you stay one step ahead by:

• Showing the dApp URL and checking its authenticity when connecting
• Alerting users trying to interact with known malicious blockchain addresses or URLs — or preventing access
• Informing users about permissions granted to dApps
• Warning users about unknown addresses and URLs

The Most Secure Hot Wallets On the Web Today

1. MetaMask

MetaMask is a veteran Web3 wallet that’s been around since 2016 — and for good reason. It’s ironclad on dApp permissions (top marks on all counts!), and with strong intent verification, attackers have a hard time getting past MetaMask’s protections.
Because it’s slightly weaker in the facer of attackers with physical access to your devices, you’ll want to harden your phone or computer locally.

2. Rabby

Rabby is a newer wallet that’s quickly become a fan favorite. The fact that it’s a joy to use might be its main selling point, but Rabby is strong on security, too. MetaMask ticks more boxes, but Rabby is a great pick for users who want a wallet that detects threats, prevents attacks, and makes sure they have control over the permissions they set.

3. Coinbase

Coinbase has a well-earned reputation for being user-friendly, reliable, and secure. Because it’s the first wallet many crypto beginners try, that’s just as well. Coinbase’s dApp permissions, threat detection, and intent verification measures all give you peace of mind. It’s even stronger in blocking access to attackers who gain possession of your devices because it supports biometric authentication.

4. Rainbow

If you’re looking for solid protection with regard to dApp permissions, Rainbow is one of the most secure wallets you can choose. This user-friendly wallet is a little unbalanced, though. It’s weaker on threat detection, preventing physical attacks when an attacker has control of your device, and verifying intent — but still much stronger than many lesser-known Web3 wallets.

5. OKX

OKX is a secure Web3 wallet that’ll help you manage your crypto safely and securely, especially in terms of decentralized app permissions, physical access controls, and verifying intent. It’s a shame that OKX’s real-time threat detection lags behind its other security measures — but for more experienced users who prefer to manage threats in other ways, it’s an excellent choice.

What Now?

If you’re looking for a security-focused wallet that’s also easy to use, the Web3 wallets in Wallet Security Ranking Top 5 will help you cover all your bases — even if you’re brand-new to crypto. Because we’ve already put each one through the ringer, this list is a handy starting point if you’re committed to managing your crypto securely but aren’t sure where to start.

They’re far from the only reputable and secure wallets, though. If you decide to continue your search, you’ll bump into a massive variety of wallets. Most are strong in the dApp permission department (although less strong than the Top 5), but hit-and-miss in terms of other security measures.

Not every hot wallet that’s been around for years is equal, so make sure the wallet you choose has earned your trust!

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