Ethereum is a blockchain technology with one of the most popular cryptocurrencies to date, Ether. In fact, Ethereum holds the second-largest place in the market , immediately after Bitcoin.
If you are interested in investing in Ethereum you will need a crypto wallet in order to store and manage your Ether investment. With a wide variety of Ethereum wallets to choose from, selecting the best one to securely store and manage your crypto can be a daunting task. To simplify the process, we put together this guide, introducing you to the best Ethereum wallets and their features.
What is an Ethereum Wallet?
An Ethereum wallet is an application that supports the Ethereum blockchain network and in simple terms interacts with your Ethereum account allowing you to receive, send and trade Ether. While Ether can be kept by any of the exchanges used to purchase crypto, most investors are wary of allowing a third-party to keep and control their private keys. Crypto wallets are the norm for secure storage and management of cryptocurrency.
Ethereum Wallet Types
There are many types of Ethereum wallets to choose from including hardware wallets or cold storage devices that securely store your Ether offline. You can also store Ether on desktop wallets using software that is installed directly on your computer. Other types of wallets allow you to store your ether on mobile apps or on the web.
Each wallet type has its own advantages and disadvantages, with many different options within each category. Ultimately, the best wallet type varies for each investor, depending on their priorities and needs.
A hardware wallet is a small portable device that stores cryptocurrency offline. Typically, these devices are plugged into a desktop or linked to a phone
These wallets are also referred to as cold storage wallets, since they store Ether in a device that isn’t connected to the Internet and prevent others from remotely accessing your data and private keys. Being offline, hardware wallets greatly reduce the number of possible attacks and security breaches.
Software wallets are programs that run on your computer, phone or browser to store your private keys and interact with blockchain technology.
Desktop wallets store your crypto’s private keys in software that is installed directly on your computer. These wallets make it easy for you to manage your crypto on a user-friendly interface. In terms of security, your funds and private keys will remain protected as long as your computer is malware free. If your computer is connected to the internet this also exposes your crypto from being accessed by third-parties.
Mobile wallets store your crypto’s private keys on your mobile device and give you access to complete transactions on-the-go . With this wallet type, you must consider that phones are at frequent risk of being lost, stolen or damaged, and can be affected by viruses or hackers, therefore it is always recommended to take additional security measures with your mobile wallets, such as enabling two-factor authentication.
Web wallets run completely online and are considered custodial wallets, since they are managed by a third-party. The major advantage offered by web wallets is their accessibility, since you can access your Ether from anywhere as long as you have an internet connection.
Best Ethereum Wallet
Ledger Nano X Wallet (Hardware)
Ledger’s second generation wallet, the Nano X, is a cold storage device allowing you to store a wide variety of crypto including Ethereum. Your Ledger wallet integrates directly with the Ledger Live platform where users can monitor and exchange their assets.
The small Ledger wallet can be connected to your desktop using a USB connection or even be linked to the mobile app on iOS or Android devices via Bluetooth.
Trezor Model T Wallet (Hardware)
Trezor is another leader in the hardware wallet market. Its newest device, the Trezor Model T has become a favorite among crypto investors. This wallet supports a large number of cryptocurrencies, including Ethereum. It is also conveniently designed with a color touchscreen for easy navigation. In terms of security, Trezor stores your crypto offline and the device requires a personal PIN to access and confirm transactions, directly on the wallet. The device can connect to
Trezor’s desktop application with a user-friendly interface to monitor and manage your investments. It also comes with a MicroSD card slot and USB-c connectivity.
Atomic Wallet (Desktop and Mobile)
Atomic Wallet is a crypto wallet available for desktop and mobile devices with extensive coin and token support, allowing you to store and trade over 300 different coins. Atomic Wallet also provides users with a strong sense of security by safely storing and encrypting your assets directly on your device. Users also have a 12-word passphrase that can be used to recover data in case you lose possession of your device. Using this passphrase, you can sync your wallet to a new device.
The Atomic Wallet also allows you to purchase crypto directly from the wallet and directly exchange crypto with others, without involving any third-party exchanges.
Exodus Wallet (Desktop and Mobile)
Exodus is a crypto wallet available as a mobile app for iOS and Android as well as a desktop wallet. You can use either the mobile or desktop app to easily receive, buy and sell crypto. One of its major advantages is that it supports over 150 cryptocurrencies. including Ethereum. Additionally, Exodus implements strong security measures such as providing encryption for private keys and other transaction data. Users also have a personal 12-word backup phrase to protect their wallets.
MyEtherWallet (Web and Mobile)
MyEtherWallet (MEW) is an open source wallet specially created to allow its users to interact with the Ethereum blockchain platform. You can access your wallet directly from the web or on your mobile phone through an app for convenient on-the-go transactions. MEW gives you full control over your Ether private keys, ERC20 Tokens and NFTs, allowing you to send and receive crypto and even complete cross-chain swaps.
Additionally, MEW offers support for the most popular hardware wallets including Ledger and Trezor, allowing you to safely store your crypto offline, while conveniently managing it in its user-friendly interface.
Metamask (Browser and Mobile)
Metamask is a non-custodial software wallet created to allow users to interact with the Ethereum network and store Ethereum private keys. It is available as a web browser extension for Chrome, Firefox, Edge and Brave and as a mobile application. When using Metamask you’ll be in full control of your assets, since data is stored locally and the wallet is password protected. Additionally you’ll get a Secret Recovery Phrase, which can be used to recover your wallet. What’s best is that Metamask browser wallet can be linked to a Trezor or Ledger hardware wallet to store your private keys offline.
Metamask allows you to store, send and receive Ether, ERC-20, ERC-777, collectibles and other Ethereum compatible tokens. You can also swap tokens on the wallet or through linked exchanges and purchase Ethereum right from the wallet with a debit card or Apple Pay. Metamask also allows you to interact with smart contracts or dApps.
Best Ethereum Wallet: The Verdict
As the second most popular cryptocurrency on the market, Ethereum investors have a wide variety of wallets at their disposal. In terms of security, hardware wallets, such as the Ledger and Trezor wallets, are the strongest choice, but can be less user-friendly, especially for beginners. Other wallet types, such as desktop and mobile wallets offer a balance between security and accessibility features. At the end of the day, the best wallet for Ethereum will be the one you feel more comfortable with.