Ratings Methodology for Cryptocurrency Wallets
NerdWallet’s overall ratings for cryptocurrency wallets are weighted averages of ratings in the following categories:
Number of cryptocurrencies supported.
Integrations, which includes swaps, staking and defi, purchases and NFTs.
Platforms available, such as whether the wallet operates on desktop, a web browser or mobile app.
Capacity to convert between online and offline storage.
Security, which includes two-factor identification, multisignature sign on and open source code.
Tools, which includes educational content and market analysis.
Data collection and review process
NerdWallet reviews 11 products that allow U.S. customers to send, receive and store cryptocurrency.
We collect data by using these products, gathering information from their websites, and following up with providers with questions that aren’t answered as part of our user experience. Our process is structured to elicit both favorable and unfavorable results equally. It is not designed or prepared to produce any predetermined results. The collected information, combined with our specialists’ hands-on research, makes up our proprietary assessment process that scores each provider’s performance.
The final output produces overall star ratings from poor (1 star) to excellent (5 stars). These overall star ratings appear on roundup pages and the provider’s review. We then undergo an additional evaluation process to create lists of the best crypto wallets for particular consumers. This evaluation adjusts the weighting of factors (and occasionally considers other criteria) to emphasize features that matter most to the consumer targeted by the list. For example, a list of the best hardware wallets may take pricing information into account, whereas pricing isn’t a factor for free online wallets. Because of this, a provider’s overall star rating is not always the primary factor determining inclusion in lists or NerdWallet’s awards program.
We collect data by using these products, gathering information from their websites, and following up with providers with questions that aren’t answered as part of our user experience. Our process is structured to elicit both favorable and unfavorable results equally. It is not designed or prepared to produce any predetermined results. The collected information, combined with our specialists’ hands-on research, makes up our proprietary assessment process that scores each provider’s performance.
The final output produces overall star ratings from poor (1 star) to excellent (5 stars). These overall star ratings appear on roundup pages and the provider’s review. We then undergo an additional evaluation process to create lists of the best crypto wallets for particular consumers. This evaluation adjusts the weighting of factors (and occasionally considers other criteria) to emphasize features that matter most to the consumer targeted by the list. For example, a list of the best hardware wallets may take pricing information into account, whereas pricing isn’t a factor for free online wallets. Because of this, a provider’s overall star rating is not always the primary factor determining inclusion in lists or NerdWallet’s awards program.
Information updates
Our writers and editors conduct crypto wallet reviews on an annual basis. Throughout the year, we update the reviews with any changes to product offerings.
Factor weightings
The weighting of each rating factor is based on our team’s assessment of which features are most important to consumers and which impact the consumer experience in the most meaningful way. Providers earn an overall score based on the factors and weightings detailed on this page. However, as described above, the factors considered and how heavily those factors are weighted are then adjusted to create lists targeting specific consumer types.
The review team
The review team comprises seasoned writers, journalists and editors who cover stocks, bonds, mutual funds, index funds, exchange-traded funds, alternative investments, socially responsible investing, financial advisors, retirement, and investment strategy. In addition to appearing on NerdWallet, the work of our team members has been published in The New York Times, The Washington Post, Forbes, USA Today, Bloomberg News, Nasdaq, MSN, MarketWatch, Yahoo Finance and other national and regional media outlets. Each writer and editor follows NerdWallet’s strict guidelines for editorial integrity.
The combined expertise of our investing editorial team is infused into our review process to ensure thoughtful evaluation of products and services from the customer's perspective. Our writers and editors have over 50 years of combined experience writing about finance.
The combined expertise of our investing editorial team is infused into our review process to ensure thoughtful evaluation of products and services from the customer's perspective. Our writers and editors have over 50 years of combined experience writing about finance.
Number of cryptocurrencies offered
We consider how many cryptocurrencies each provider supports during the period considered. Wallets that offer 1,000 or more receive the highest rating, while those that support 50 or fewer get the lowest rating.
Integrations and features
This category considers the following, weighted equally:
Purchases and swaps: If a wallet allows users to buy and trade/swap crypto from their wallet, it earns the highest rating. Those that offer one or the other have lower ratings, and those with neither option receive the lowest score.
Support for NFTs: Wallets that store NFTs get the highest rating, and those that cannot get the lowest rating.
Web3 integrations: Products with features that include browser extensions allowing users to connect their crypto with decentralized “web3” applications receive the highest ratings. Wallets that do not support such functionality get the lowest ratings.
Purchases and swaps: If a wallet allows users to buy and trade/swap crypto from their wallet, it earns the highest rating. Those that offer one or the other have lower ratings, and those with neither option receive the lowest score.
Support for NFTs: Wallets that store NFTs get the highest rating, and those that cannot get the lowest rating.
Web3 integrations: Products with features that include browser extensions allowing users to connect their crypto with decentralized “web3” applications receive the highest ratings. Wallets that do not support such functionality get the lowest ratings.
Platforms
Mobile app: This category reflects how users review each provider’s Android and iOS mobile app in the respective app stores. If a provider’s user reviews average at least 4.5 stars, it earns the highest rating. If a provider’s user reviews are less than 2 stars, it earns the lowest rating.
Desktop app: The highest ratings for desktop apps are for those with downloadable desktop versions. Those without any form of desktop usability are assigned the lowest rating, while those that can be accessed on a desktop via a browser extension or other third party receive partial credit.
Desktop app: The highest ratings for desktop apps are for those with downloadable desktop versions. Those without any form of desktop usability are assigned the lowest rating, while those that can be accessed on a desktop via a browser extension or other third party receive partial credit.
Storage conversion
Wallets that can convert between online and offline, or “hot” and “cold,” storage receive higher ratings. Those that offer no conversion get lower ratings.
Security
Our security ratings considers the follow criteria:
2FA: Two-factor authentication, or 2FA, requires an individual user to authenticate access on different devices.
Multisignature transactions: Requires transaction authentication from more than one party.
Open source: Open source software development lets any user look under the hood to see how a program operates.
2FA: Two-factor authentication, or 2FA, requires an individual user to authenticate access on different devices.
Multisignature transactions: Requires transaction authentication from more than one party.
Open source: Open source software development lets any user look under the hood to see how a program operates.
Tools
We consider the following two factors, weighted equally:
Trading data and analytics: Providers whose software provides advanced data, such as price comparisons of multiple digital assets, will receive the highest scores. Conversely, those with only basic price histories will receive lower ratings, and wallets with no data offerings will get the lowest scores.
Education: Providers with detailed explanations of cryptocurrency concepts or separate sections of their website devoted primarily to education will receive the highest ratings. Those with only information relevant to their products get lower ratings, and those without significant educational resources receive the lowest ratings.
Trading data and analytics: Providers whose software provides advanced data, such as price comparisons of multiple digital assets, will receive the highest scores. Conversely, those with only basic price histories will receive lower ratings, and wallets with no data offerings will get the lowest scores.
Education: Providers with detailed explanations of cryptocurrency concepts or separate sections of their website devoted primarily to education will receive the highest ratings. Those with only information relevant to their products get lower ratings, and those without significant educational resources receive the lowest ratings.
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