Best Multisig Crypto Wallets in 2024: Secure your Crypto
The best multisig wallets should offer everything a regular crypto wallet does—security, useful features, and a good reputation. But for multisig wallets, it’s even more important that they are easy to set up and use.
This is why multisig wallets are perfect for big investors, high-stakes decision-makers in companies, and DeFi enthusiasts. While they might be a bit more complex, the extra security is worth it. With multiple keys assigned to different users, the risk of a single point of failure, theft, or compromise is greatly reduced.
In this guide, we’ll look at the best crypto multisig wallets available today. We’ll explain how these wallets work, what makes them special, and what to consider when choosing one.
What are Multi-Signature Crypto Wallets?
Multisig (multi-signature) wallets are a type of crypto wallet that adds an extra layer of security by requiring multiple private keys to authorize a transaction. Think of it as a safe with several locks, each controlled by different people.
Unlike regular wallets that need just one key, multisig wallets work on an “M-of-N” system. This means M is the minimum number of signatures required, and N is the total number of participants.
For example, in a 3-of-5 multisig wallet, five people hold private keys, but at least three must sign off to authorize a transaction.
The main advantage of multisig wallets is the increased security and control compared to single-key wallets. If a single key is compromised in a regular wallet, your funds are at risk. Multisig wallets reduce this risk by requiring multiple keys to approve a transaction, making unauthorized access very difficult.
Check out our in-depth guide on multisig wallets to learn more.
When choosing the best crypto multisig wallets, consider several factors. First, look at the threshold number of signatures the wallet offers and see if it fits your needs.
Also, consider the setup process and user interface. Some wallets are open-source and require a complex setup, which might be too hard for the average person. If you’re not very technical, you might prefer a more centralized, easy-to-use wallet.
Ultimately, the right wallet for you will depend on your specific security needs and technical comfort level.
Learn all about crypto wallets here.
The Best Best Multisig Crypto Wallets of 2024 –
Electrum
Electrum is a popular and secure Bitcoin wallet with over 10 years of experience. Electrum supports multisig wallets, allowing for setups like 2-of-3, 3-of-5, and up to 15 cosigners. It also works with hardware wallets like Ledger, Trezor, and COLDCARD. So, you can keep your private keys offline for maximum security.
Electrum is a light client wallet, which means it doesn’t download the full blockchain. Instead, it uses external servers to verify transactions. This saves on resources but might compromise privacy since servers can track transactions and possibly give inaccurate data.
Setting up a multisig wallet on Electrum can be a bit technical. Plus, it’s mainly a desktop wallet with limited support for mobile use, only available on Android.
If you’re looking for the best crypto multisig wallets, Electrum is a solid choice, offering strong security features with some trade-offs in convenience and privacy.
Sparrow Wallet
Sparrow Wallet is a highly regarded, open-source Bitcoin wallet for desktop users. Some key features of Sparrow Wallet include full support for single-sig and multisig wallets and compatibility with most hardware wallets in both USB and air-gapped modes, catering to beginners and advanced users alike.
Sparrow offers detailed transaction information, fee control, coin selection, and other advanced tools that give users more control over their Bitcoin.
One standout feature is the built-in transaction editor, which functions as a blockchain explorer. This allows users to modify all aspects of a transaction and review the raw transaction data before sending it. Sparrow can be used with popular hardware wallets like Ledger and ColdCard.
If you’re looking for the best crypto multisig wallets, Sparrow Wallet stands out for its comprehensive features and high level of security.
Safe Wallet
Safe Wallet, formerly known as Gnosis Safe, is a popular multi-signature smart contract wallet. It lets users co-manage crypto assets with multiple private keys. You can connect almost any Ethereum-compatible wallet, like Metamask, and hardware wallets, like Ledger and Trezor, to act as signers. It’s used by many major DeFi protocols and notable figures like Vitalik Buterin, managing over $100 billion in assets.
The smart contract on Safe Wallet is immutable, meaning it can’t be changed or taken away. If the wallet or front-end goes down, you can still access your funds through tools like Etherscan. The funds are always secured by the multisig setup. Plus, it’s a self-custodial wallet, so you keep ownership of your crypto at all times. The code is transparent and has been extensively audited for security.
The main drawback is its complexity. Managing multiple devices and seed phrases securely can be tricky. But for those handling large amounts, the extra security provided by one of the best crypto multisig wallets is worth it.
Blue Wallet
Blue Wallet is a popular and efficient Bitcoin wallet that offers a multisig “Vault” feature for enhanced security. With this feature, you can set up a 2-of-3 or 3-of-5 multisig wallet, meaning multiple private keys are needed to authorize a transaction. Like other multisig wallets, it also supports hardware wallets like Ledger and Trezor for added security.
One thing to note is that Blue Wallet generates the keys for the multisig wallet itself, so you need to trust their entropy. To enhance security, you can store the extra keys in different locations, reducing single points of failure.
The setup process is relatively easy thanks to Blue Wallet’s user-friendly interface. Plus, it’s open-source, so the community can audit the code. If you’re searching for the best crypto multisig wallets, Blue Wallet provides a good balance of security and ease of use.
Specter Solutions
Specter Solutions is an open-source, secure Bitcoin self-custody solution offering both a desktop wallet and a DIY hardware wallet called the Specter Shield.
Assembling the Specter Shield yourself requires some technical skills, but it adds an extra layer of security and customization. All of Specter’s firmware, hardware, and software are open-source, and you don’t need to provide any personal information (KYC) to use it. Plus, you can connect it to your own Bitcoin node for better privacy.
Specter supports 2-of-3 or 3-of-5 multisig wallets, which means you need multiple hardware wallets to approve a Bitcoin transaction. The Specter Desktop wallet works with major hardware wallets like Ledger, Trezor, ColdCard, Bitbox02, and Jade.
Overall, Specter Solutions is one of the best crypto multisig wallets for those who value open-source options. It offers a great mix of security, privacy, and flexibility, making it a top choice for serious Bitcoin users.
Totalsig
TotalSig is a non-custodial multisig Web3 wallet that supports multiple blockchain networks, including Bitcoin, Ethereum, Tron, Binance Smart Chain, and Dogecoin. It handles various tokens like ERC20, BEP20, TRC20, TRC10, and ERC721 NFTs, and lets you create multiple wallets within the same account for better organization.
TotalSig aims to simplify digital asset management across different chains while boosting security. It offers two main types of multisig: P2SH (Pay-to-Script-Hash) and MPC (Multi-Party Computation).
P2SH multisigs are based on the Bitcoin protocol and support multiple setup combinations. However, they can be complex to set up, require technical knowledge, and incur higher fees due to the larger transaction size.
MPC multisigs use cryptographic algorithms to split the private key among parties. This method, often used by banks and financial institutions, provides enhanced privacy and security. MPC transactions appear as single-user transactions but are actually co-signed by multiple parties, resulting in lower fees compared to P2SH. With TotalSig, you can pay up to 20 times less in network fees for multisig transactions.
While MPC multisigs are relatively new for retail users and fewer solutions support them, TotalSig remains a strong contender among the best crypto multisig wallets, especially for those managing assets across multiple blockchains.
FAQ
Can Multisig wallets be hacked?
Multisig wallets are more secure than regular wallets because they need multiple keys to approve a transaction. This makes it much harder for hackers to break in. However, no system is perfect. If a hacker gets enough of the required keys, they could hack a multisig wallet.
To stay safe, keep each key secure and in different places. Always follow good security practices, like using hardware wallets and keeping your software up to date.
Is MetaMask a Multisig wallet?
No, MetaMask is not a multisig wallet. It is a popular Ethereum wallet used for managing cryptocurrencies and interacting with decentralized applications (dApps). While MetaMask is great for single-signature transactions, it does not support multisig functionality.
What is the maximum Multisig?
Most multsig wallets allow up to 5 signatures. However, the exact number depends on the wallet and the blockchain it supports. For example, Bitcoin’s standard multisig setup can allow up to 15 keys, but not all wallets support that many. Ethereum-based multisig wallets might have different limits.