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The Ethereum network and its Ether token is the second-largest cryptocurrency globally, with a current market capitalization of $371 billion. As Ethereum continues with the process of making a transition from Proof of Work (PoW) to Proof of Stake (PoS) to solve several network inefficiencies and introduce staking, ETH prices will certainly reach the moon.
If you’re thinking of investing in ETH 2.0, you should move your tokens out of your trading platform or exchange them into a private Ethereum wallet. Wallets do not only guarantee you the security of your tokens, but they also make token management and transfers seamless. Nonetheless, not all crypto wallets are viable or support Ethereum tokens. Therefore, we look at what an Ethereum wallet is and the best Ethereum wallets you can consider in this guide.
What is an Ethereum Wallet?
An Ethereum wallet is essentially a software program, physical device, or service that stores users’ public and private keys allowing them to interact with their Ethereum account. Think of a wallet as an internet banking app with your wallet’s public keys functioning as your “coin address” to your bank account number for Ethereum.
The private keys of your Ethereum wallet function like a password to your Ethereum bank account, and you can use them to send Ethereum (ETH) from your wallet to another. In essence, your wallet is a tool for managing your Ethereum account by allowing you to initiate transactions, view your account balance, etc.
There are different Ethereum wallets, including online wallets, software wallets, mobile wallets, full node wallets, and paper wallets. Ethereuem wallets have different degrees of security plus differ in cost.
What are the Best Ethereum Wallets?
Type: Desktop Wallet/ Mobile Wallet
Best For Beginners
Other Coin Support- Yes, All ERC-20 tokens
MetaMask is a top-ranking, extremely user-friendly Ethereum wallet. The wallet is available as a browser extension and a mobile app. It offers users a key vault, token wallet, and secure login to manage their tokens from anywhere globally. The wallet can easily be installed as an extension on Google Chrome or an add-on on the Firefox browser.
The setup and installation process is straightforward. Once installed, the app generates passwords and keys on your device, meaning that you only have to access your data unless you choose to provide personal information over the network.
Apart from allowing users to manage their ETH, MetaMask makes connecting with decentralized applications directly from their browser exceptionally easy. Furthermore, MetaMask allows developers to interact with several Ethereum test networks making it an essential tool in the Ethereum ecosystem.
MetaMask features an intuitive design allowing users to seamlessly switch between a test network and the main Ethereum network. Another outstanding feature of MetaMask is the abstraction feature which lowers the entry barrier for individuals interested in Ethereum. You can easily access Ethereum dApps via your browser through this feature, plus you don’t need to download the full Ethereum node to operate it.
MetaMask is quite secure and encrypts users’ private keys before storing them on their machines. It also features a secure identity vault which allows anyone to manage identities across different websites. In addition, it can use the identities to sign block transactions via an intuitive interface.
- Extremely user friendly
- Allows users to connect to decentralized applications from their browser
- Supports the storage of any ERC-20 token
- Available free of charge
- It can be slow at times.
- Cases of fake download links. Not as secure as paper wallets and hardware wallets for prolonged storage
Type: Desktop Wallet/ Mobile Wallet
Best For Desktop users
Other Coin Support: Yes, All ERC-20 tokens and others
Atomic Wallet is a desktop-based cryptocurrency wallet supporting many tokens, including Ethereum, Bitcoin, and many more. The wallet is also directly connected with two coin exchanges, i.e., Changelly and ShapeShift, giving users more comprehensive access to in-wallet purchases. Better yet, the wallet enables users to buy ETH with a credit card.
One of Atomic Wallet’s outstanding features is its ability to “atomic swap” cryptocurrencies allowing users to seamlessly convert one token into another directly without using crypto exchanges. Ethereum is among a handful of tokens that it can purchase directly via Atomic Wallet. However, you’ll need to hold the minimum amount of Ethereum in your wallet ($50) before clicking through the ‘Exchange’ tab to initiate the transaction.
Atomic Wallet also offers staking features allowing users to earn cryptocurrency while keeping their tokens secure. The wallet allows you to stake a wide range of coins, including Zilliqa, Band, Cosmos, Tron, ICON, Tezos, NEO, Komodo, Algorand, VeChain.
The wallet is quite secure despite being available on the web through desktop and mobile devices. It’s secured with 128-bit SSL encryption, making it one of your Ether tokens’ most secure wallets. In addition, users’ passwords, private keys are generated locally and stored on a selected device rather than a centralized platform.
- Integrates two exchanges
- Allows you to instantly convert between tokens with the “atomic swap” feature.
- Good customer support
- Supports fiat currency
- Atomic swaps are supported on a few tokens.
3. Trezor Model T
Type: Hardware Wallet
Best For Offline storage
Other Coin Support: Yes
The Trezor Model T is an excellent Ethereum wallet for offline storage. The hardware wallet is more secure compared to online storage wallets. Thus, it’s suitable for users who require solutions to store and manage their ETH tokens on the go but don’t prefer a hot wallet that requires an internet connection. The wallet supports multiple cryptos, including Litecoin, Ethereum, Bitcoin, Dash, Ethereum Classic, etc.
The primary highlight of the Trezor Model T is its top security. It features a PIN code system that makes a brute-force attack almost impossible. Moreover, if you enter a wrong PIN, the wallet increases the waiting time by a multiple of two.
Another outstanding feature of the Model T is its unique touch-screen design, allowing users to access their tokens without connecting to the internet. In addition, the wallet is compatible with Android devices and crypto apps such as Mycelium, Multibit HD, and Trezor Wallet.
Trezor has developed a secure, isolated ecosystem for offline transaction signing. Better yet, the wallet reduces the risk of private key discovery, even if the PC is infected by malware. The entire wallet is also backed up with the 24 words generated offline upon setup. Thus, if the wallet is lost, it can recover with the 24-word seed and passphrase.
- Cold storage with the highest level of security
- Features a unique touch screen display
Type: Full Node Wallet
Best For Advanced ETH storage
Other Coin Support: ERC20 Tokens only
Mist is the official Ethereum digital wallet created and supported by the team behind Ethereum. The wallet offers a vast array of security and anonymity, the reason it’s considered one of the best Ethereum wallets. It’s worth noting that Mist is a full node wallet meaning that you’ll have to download the entire Ethereum blockchain, which is >1TB. The wallet is compatible with Windows (32- and 64-bit), Mac, and Linux (32- and 64-bit).
Mist is open-source and available for free. The wallet is completely decentralized and doesn’t store any users’ information on the platform. Users remain in complete control of their keys, with the multi-sig feature offering an added layer of protection.
Mist also integrates with ShapeShift, conferring added benefits. On the platform, you can easily buy ETH via fiat currency or BTC with the wallet. Furthermore, the wallet supports 16 languages making it more appealing to non-English speakers. Besides, it provides enhanced privacy and security features that appeal to advanced users.
- Open-source wallet
- It comes with advanced security features.
- Fully decentralized. Doesn’t collect users’ personal information
- Available in 16 languages
- Quite challenging to set up
Ledger Nano X
Type: Hardware Wallet
Best For Advanced security
Other Coin Support: Yes
Ledger Nano X is among the most popular crypto wallets providing maximum security for storing tokens offline. The wallet supports multiple tokens, including ETH, Bitcoin, Litecoin, and many more. Since all tokens are stored offline, there’s no risk of hacking. In addition, the Nano X runs on BOLOS meaning the developers can integrate a secure chip on their platforms. As a result, most Ethereum enthusiasts consider the Nano X the best hardware wallet.
The Ledger Nano X stores tokens offline. In addition, it offers Bluetooth connectivity allowing users to purchase tokens and download over 1,000 supported decentralized applications directly to your device’s hardware. It also comes with a long-lasting battery, making it quite mobile.
Ledger Nano X allows you to manage several coins simultaneously. In addition, ledger to Ethereum integration is currently available via MyEtherWallet, making it easier to manage your ETH tokens. Another additional advantage of the Nano X is that it lets you run third-party apps. In essence, the Ledger Nano X is the most secure wallet to store ETH.
- Connectivity with over 1,000 decentralized applications
- Bluetooth connectivity features
- Allows users to manage tokens simultaneously.
- Quite expensive
Ethereum wallets allow you to store and manage your ETH tokens effectively. However, each Ethereum wallet discussed in this guide has its pros and cons. For example, while Ledger Nano X offers uncompromised security levels, Mist is open-source and designed specifically for Ethereum. Similarly, MetaMask is beginner-friendly but doesn’t offer outstanding security. Eventually, the best Ethereum wallet depends on your storage requirements and preferences.