Beginning
There’s hardly any crypto enthusiast out there that hasn’t heard about Ethereum, the world’s second-biggest cryptocurrency. This blockchain, which includes smart contract functionality, was created by Vitalik Yeterin in July 2015.
Ethereum is one the most innovative digital projects worldwide. It is a cryptocurrency that can be used as a payment system, and it can also serve as a platform to host a multitude of exciting digital projects. Many of these are innovative in their own way. Ethereum is the project that sparked the DeFi/NFT crazes, and it has many other amazing plans.
Ethereum’s incredible usability is what makes it so popular among both retail and professional investors. It is a great asset to invest in. We’ve already talked about how you can buy it and mine it, and now it’s time to discuss how you can store it.
What is Ethereum?
Before we get into the best Ethereum wallets, let’s first take a look at what Ethereum is.
Ethereum is a distributed platform that runs smart agreements. These smart contracts allow applications to be executed exactly as they were programmed, without the possibility of fraud or interference from third parties.
Ethereum is unique in the fact that developers can create their own tokens. This tokens can be used for virtual shares, assets and proof of membership.
The Ethereum blockchain is powered by Ether — ETH — the native cryptocurrency of the platform. Ether can be used to pay transaction fees and gas costs on the Ethereum blockchain. It can also be used as a payment option both inside and outside the network.
Why you need an Ethereum wallet
To use Ethereum, you need a place where you can store your ETH coins. An Ethereum wallet is the answer. An ETH wallet, a piece software that allows you interact with the Ethereum Blockchain, is what it is.
An ETH wallet allows you to send and get ETH, ERC-20 tokens, as well as non-fungible tokens. To interact with the Ethereum network’s decentralized applications (dApps), you can use your ETH wallet. Even if you only want to use your Ethereum account to trade and speculate on the coin’s value, you will still need a crypto wallet that supports Ether — it is not safe to store your investments and funds on exchanges.
This is the number one rule for crypto investing. Source: OKX
Some wallets offer more than just storage for your crypto. They also provide lending and staking options.
Types of Ethereum wallets
There are many types of wallets. Which one is best for you will depend on your goals and values (e.g. usability vs privacy), and what price you are willing and able to pay. Here’s an overview of the different types of crypto wallets you can get to store Ethereum.
Cold Wallet
Hardware wallets are USB stick-like devices, which aren’t connected to the Internet. Many modern cold wallets include small interfaces that enable you to send or receive crypto from them.
It doesn’t matter which hardware wallet is used, your digital assets will remain safe. Even though some wallets can be cumbersome and expensive, they are well worth the investment if you need to store large amounts.
Hot Wallet
Software crypto wallets can be described as apps that you download to your computer or mobile device. They are extremely easy to use and many have intuitive interfaces.
Software wallets often offer many different features such as in-wallet purchases or exchanges. Software wallets make it easy for you to manage your portfolio and communicate with the crypto world through the aggregation of crypto news and prices.
Although they are more secure than traditional hardware wallets because they are connected to the Internet (which makes them less secure), many software wallets offer top-notch security that will ensure your funds are safe.
Hot Ethereum Wallet vs Cold Ethereum Wallet
Hot and cold wallets are different in that they are both connected to the Internet. Although this makes hardware wallets a little more secure, it makes them somewhat harder to use for everyday transactions.
Nowadays, hot wallets don’t have to be as secure as physical ones. Cold wallets also offer features that make transactions easy and allow you to manage your portfolio. At the end of the day, it’s up to you to decide whether you prefer the safety of having your crypto and keys stored on a physical device or the ease of making transactions that the hot type of wallet can offer.
Modern crypto investors often use both cold and hot crypto wallets to manage their portfolios. Some crypto investors store long-term investments in a Trezor hardware wallet, while day trading and daily transactions are done on a hot wallet.
Paper Wallet
Paper wallets are exactly what they sound like — pieces of paper with your public and private key written on them, often in the form of a QR code. While this is most secure type of wallet, it’s not the easiest to use. This wallet is best for crypto enthusiasts who plan to store large amounts of cryptocurrency for a long time. Find out more information about them.
Top 10 Ethereum Wallets
There are tons of good Ethereum wallets on the market right now — after all, this cryptocurrency has been around for quite some time now, and both its own popularity and overall popularity of crypto ensure there are lots of companies out there that want to create products for it.
You can always use the best Ethereum wallet if none of the wallets mentioned in this article suits you. this handy tool on the coin’s website. Just pick the features you’d like to see in your crypto wallet, and then choose one of the wallets from the list presented to you.
Metamask
No Charge
Type: Hot wallet (Web or Mobile)
Metamask is a popular hot ETH-wallet and the perfect gateway into the world of DeFi or the Ethereum network. It is extremely easy to use with a simple interface and the ability to manage multiple wallets simultaneously. It also allows for in-app purchases, and exchanges like the other Ethereum wallets. You can download it both as a browser extension, and as a mobile app.
This digital wallet is rightfully regarded as one of the most powerful software Ethereum wallets. You can read more about it here.
Exodus
No Charge
Type: Hot wallet, Desktop, Mobile
Exodus is one the most popular hot wallets. The intuitive and sleek design makes Exodus a great choice for both novices and experts.
Exodus allows users to access a number of cool features like portfolio monitoring, live price charts and portfolio monitoring. You can also exchange and purchase crypto in-app. Exodus allows you keep 100+ cryptocurrencies all in the same place.
Exodus uses the latest technology to ensure your funds are safe and secure. Trezor is the hardware wallet manufacturer that has been partnered with Exodus. This allows you to use all of the Exodus features while your funds are stored securely on a trusted cold wallet.
Trezor
Price: $79 (Nano S Plus), $149 (Nano X)
Type: Cold wallet
Trezor’s two most popular models are Model One and Model T. They both offer great security and are very easy to use.
Trezor Model One is a cheaper version of Trezor’s flagship wallet, Trezor Model T. This small crypto wallet is insanely reliable and powerful and is known to be highly secure. Compact and lightweight, Trezor Model One is sized at just 2.4 × 1.2 × 0.2 inches, which makes it perfect for traveling — it can be easily carried in a bag of any size.
Trezor Model T is Model One’s big brother. It’s an advanced cryptocurrency hardware wallet that is perfect for anyone who plans on storing a large amount of crypto. Your private keys won’t leave the device and your funds are safe from online threats. The wallet has an additional layer of protection. One must confirm every transaction on the device. Trezor Model T has a touchscreen interface with an intuitive, easy-to-use interface. This allows you to view all information regarding your crypto purchases and exchanges.
Trezor Model T protects you from other mundane threats as well: even if your keys are lost, you can still recover your funds. Your 12-word recovery key phrase will be required for this. Be sure to keep it safe and easy to find. It is the best Ethereum wallet.
Ledger
Price: $79 (Nano S Plus), $149 (Nano X)
Type: Cold wallet
Ledger offers two types of hardware wallets: Ledger Nano X or Ledger Nano S Plus.
Both Ledger hardware wallets look and function like USB sticks, but they offer more than just a place for crypto. You will also have access to Ledger Live which is a desktop application that allows you to easily purchase and trade crypto. The Bluetooth feature on Ledger NanoX X allows you to connect it to your smartphone or tablet easily.
Ledger Nano S is a budget alternative to the company’s flagship product, Nano X. However, don’t let its (relatively) cheap price fool you: this device is unbelievably powerful, durable, and reliable.
Connect your Ledger with your PC to access Ledger Live. It is a user-friendly application that allows you to buy, sell, and exchange crypto. Both Ledger wallets support the storage of multiple cryptocurrencies at once, so you won’t have to worry about looking for a separate wallet for each coin or token in your crypto portfolio.
MyEtherWallet
No Charge
Type: Hot wallet (Web or Mobile)
MyEtherWallet, a cryptocurrency wallet, supports Ethereum, ERC-20 tokens and Ethereum-compatible networks (ETC and BSC, Polygon and many more). It was specifically designed for this purpose. With just a few clicks, you can send funds anywhere in the world to any person, any time. There are no minimums or limits.
MyEtherWallet has partnered with a wide variety of crypto services to make your experience even more smooth and enjoyable — for example, its in-wallet crypto exchanges are powered by Changelly!
MyEtherWallet allows you to easily interact with all things Ethereum. This includes NFTs, dApps, and all tokens that are built on the Ethereum blockchain. It is widely considered to be the best Ethereum wallet application. After all, it has the cutest acronym in the world — MEW!
Freewallet
No Charge
Type: Hot wallet (Web or Mobile)
Freewallet, an Ethereum wallet app, is available as both a mobile application and a browser extension. The wallet supports more than 100 cryptocurrencies. It is easy to use and does not require registration or verification. With a debit or credit card, you can also purchase crypto within the Freewallet app.
Freewallet offers many features such as transaction history, in-wallet price charts, and price charts. To be notified when prices change for your favorite cryptocurrency, you can set up price alerts.
Anyone who needs to store multiple cryptocurrency in one location will find Freewallet a great choice. It’s one of the most popular Ethereum wallets. It can be used as both a mobile application and a browser extension.
Trust your wallet
No Charge
Type: Hot wallet Mobile
Trust Wallet, an extremely feature-rich and simple-to use Ethereum wallet, is available. It’s a mobile wallet that allows you to store, buy, trade, and earn cryptos and NFTs.
This software wallet doesn’t offer Ethereum staking. The app allows you to purchase crypto with either a debit or credit card. Trust Wallet supports a large number of DeFi protocols. This allows you to easily manage your crypto portfolio.
Trust is rightfully considered to be one of the top Ethereum wallets available for mobile devices.
Argent
No Charge
Type: Hot wallet Mobile
Argent, a multisig Open-Source Layer 2 Ethereum wallet, makes it easy to interact with DeFi. Argent allows you to access dApps as well as DeFi with just a few clicks.
This smart contract wallet offers a high level of security. It utilizes features like remote locking and biometrics in order to keep funds safe. Argent lets you stake your assets to earn 20%+ interest with Yearn or Aave and Compound.
Jaxx
No Charge
Type: Hot wallet, Desktop, Mobile
Jaxx Liberty is the best Ethereum wallet on the market. It provides everything that a crypto user may need: high levels of security, excellent support staff, an intuitive, user-friendly interface, as well as a user-friendly interface.
The cross-platform Ethereum wallet is a great option for those who want everything in one place. Jaxx is a single app that provides crypto news, price updates and crypto exchanges. It also offers a safe and reliable way to store many cryptocurrencies.
Jaxx wallet stands out from other mobile wallets by providing access to a simple-to-use, block explorer. This allows users to easily check balances and transaction information across multiple blockchains.
Guarda Wallet
No Charge
Type: Hot wallet (Website, Desktop, or Mobile)
Guarda Wallet is a non-custodial, secure cryptocurrency wallet that supports more than 50 blockchains. It is among the most popular Ethereum wallets. Guarda allows its users to stake their favorite tokens and coins, in addition to all the usual features such as exchanges and in-app purchases. At the time this article was written, their APY to ETH was 4%.
Guarda can be used on more operating systems than other wallets. It has apps for Linux and Debian as well as Ubuntu.
FAQ
What is the best Ethereum wallet to use?
The best Ethereum wallet for you depends on your preferences and needs. If you’d like to pick an easy-to-use wallet that supports a wide range of features, then a hot wallet like Metamask, Atomic Wallet, or Exodus might be the best choice.
Which wallet is the most secure?
The best wallets are those that are not connected to the Internet. Hardware wallets are always safer. Trezor and Ledger are good options for safe Ethereum wallets.
Are Ethereum wallets available for free?
Software wallets are usually free — that includes mobile, desktop, and web wallets. Hardware Ethereum wallets are usually around $100.
Is there an official ETH wallet available?
No, there’s no such thing as an official Ethereum wallet.
Which mobile wallet is best for Ethereum?
MyEtherWallet and Metamask are some of the most popular Ethereum wallets that you can download as mobile apps.
How can I get an Ethereum wallet
It’s easy to create an Ethereum account. In most cases, you will just have to download an app (if it’s a mobile or a desktop wallet), an extension (if you want to use a web wallet), or buy it (if it’s a hardware wallet). Once that’s done, just follow the instructions provided by that wallet.
What are the best ERC-20 wallets for you?
Multiple wallets can be added to the list of excellent storage options for ERC-20 coins. MetaMask and MEW are good options for both iOS and Android users.
How can I create an Ethereum wallet
It’s easy! MetaMask is an app that will help you create a wallet.
What is the best Ethereum wallet that supports NFTs?
Trezor, Exodus, and Argent are all excellent wallets for Ethereum.
Disclaimer: The contents of this article do not constitute financial or investment advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. This information is not guaranteed to be accurate, reliable or complete. High volatility and occasionally arbitrary movements are common in the cryptocurrency market. Before making an investment, any investor, trader or regular crypto user should investigate multiple perspectives and learn all applicable regulations.