When you start using cryptocurrency the number one problem is to find a secure wallet. In this article, we will introduce the most popular Ethereum wallets.
We start with hardware wallets. These wallets provide offline storage for cryptocurrency. This kind of Ethereum wallet is considered to be the most secure.
Originally Trezor was developed for Bitcoin. Now it supports more different cryptocurrencies including Ethereum. This ETH wallet will work in tandem with your MyEtherWallet.
Trezor is famous for the features that make it very secure. It provides 2-factor authentication, advanced cryptography and the opportunity to check transaction details before you confirm.
On the other hand, there are a couple of disadvantages. Such as the cost: the Trezor wallet is pretty expensive. If you are not a regular user you probably should consider cheaper wallets. Also, it takes time to access your holdings with this wallet.
Thus using Trezor as Ethereum wallet may be a little inconvenient if you are a common user.
The Trezor wallet website: https://trezor.io
- Ledger Nano S
Ledger Nano S is also a hardware wallet. It connects with any computers via USB. The most important feature of this wallet is security. As well as Trezor it provides 2-factor authentication. Aside from this, this Ethereum wallet has a PIN code to secure the device itself and also you can back up your account on the recovery sheet. Ledger Nano S gives users an opportunity to check details of transactions before the confirmation.
The main disadvantage of the Ledger Nano S wallet is the price. It is cheaper than Trezor, but it is still pricey.
The Ledger Nano S wallet website: https://www.ledger.com/products/ledger-nano-s
KeepKey is a hierarchical deterministic (HD) wallet. It is also in the group of hardware wallets. KeepKey supports a lot of cryptocurrencies.
The fact that this is an HD wallet allows users to generate private keys in an unlimited quantity. Undoubtedly this adds to the security level. Moreover, with the help of this device, you review and confirm every transaction. You can also set up a PIN code and a recovery sentence to make sure your holdings are secured enough.
It is easy to start using the KeepKey wallet. You need to download a couple of applications. One is to create a wallet. And with the help of the second one, you will be able to connect to KeepKey through Chrome.
Talking about the disadvantages we should mention the price. It is one of the most expensive wallets on the market to use it as ETH wallet.
The KeepKey wallet website: https://shapeshift.io/keepkey
The great thing about web wallets is that you can easily access them. All you need is an internet connection.
Unlike the most part of hardware wallets, MyEtherWallet is free. Nonetheless, it provides a high level of security by allowing users to store their keys on their own computers. There is no necessity to give any private information when creating a wallet.
This Ethereum wallet interrogates with some hardware wallets such as Ledger Nano S and Trezor. Also, this platform gives an opportunity to write smart contracts.
In addition, MyEtherWallet provides automatic back up. So users should not remember about this by themselves.
Moreover, it’s possible to get a paper Ethereum wallet by going to the “Wallet Info” section.
The MyEtherWallet wallet website: https://www.myetherwallet.com
First of all, Coinbase is an exchange platform. Usually, it is not recommended to store cryptocurrency on the stock platforms. But Coinbase is often considered to be an exception. This platform has a wallet that is suitable for use as ETH wallet. It is easy to use and has an intuitive interface.
One of the major drawbacks of this wallet is that users don’t control their private keys.
The Coinbase website: https://www.coinbase.com
MetaMask is not just a popular Ethereum wallet. It is a browser extension. It can be installed on a number of browsers such as Chrome, Firefox, and Opera. This form allows accessing your holdings easily.
The good thing is that you don’t need to provide personal information for the registration. Also, there is an opportunity to store the private key on your computer.
The MetaMask wallet website: https://metamask.io
There are wallets that are made in the form of a software program. They can be installed on your device. Such wallets are called Desktop Wallets.
The security level of these wallets is not as good as of hardware ones.
Exodus is a multicurrency wallet. So it can become your ETH wallet.
It is famous for its user-friendly interface. It is a good wallet for those who only start their journey into the cryptocurrency world. Exodus supports ERC20 tokens.
Users store their private keys on their computers. This increases the security level. Exodus has a backup feature.
The drawbacks of Exodus are that there is no possibility to add any custom tokens and a small list of ERC20 tokens.
The Exodus wallet website: https://www.exodus.io
- Atomic Wallet
Atomic Wallet has a very convenient interface which is suitable even for the beginners. It supports Ethereum and all the ERC20 tokens.
The wallet supports atomic swaps. So you can not only have one wallet for Ethereum and all the ERC20 tokens but also exchange them with another user.
Unfortunately, it doesn’t have a hardware wallet yet. So the level of security may not be very high.
The Atomic Wallet website: https://atomicwallet.io
Mist is the official Ethereum wallet. So it is a full node wallet. Full node wallet downloads the whole Ethereum blockchain on users’ computers. In other words, it downloads all the data about the ETH network. This type of wallet makes any user a full-fledged member of the blockchain.
Mist has developed the way to allow users to interact with their ETH storage easily. It is free. Users don’t provide private information during the process of registration. The only way to access your wallet is to use a password. Your private keys are stored on your computer.
The Mist wallet supports smart contracts.
The Mist wallet website: https://github.com/ethereum/mist/releases
Sometimes it is more convenient to use a mobile wallet, which can be installed on your mobile devices. This type of wallets provides quicker access to your storage wherever you are. Mobile wallets are easier to use than desktop ones, but it is riskier.
- Jaxx Liberty
Jaxx is free. It supports a lot of cryptocurrencies including ETH. It can work on different platforms such as Linux, Windows, and OSX. There is also an extension for Chrome browser. The interface of Jaxx wallet is simple and good to use.
However, the security of this wallet raises some questions.
The Jaxx wallet website: https://jaxx.io
Coinomi is an Android app. It is easy to use and supports a wide range of cryptocurrencies. With this wallet, you don’t have to think about backup. Coinomi has a feature that helps you to keep all the information. It is secure enough. Your private keys are nowhere but on your device. Coinomi protects the user’s identity when they sign up.
Unfortunately, so far there is only an app for Android.
The Coinomi wallet website: https://www.coinomi.com
Paper wallets allow printing private keys on paper. And this printed document is used as a wallet. These wallets are not that easy to access. Although the level of security is relatively high.
In case you are looking for a way to store your ETH in the most secure Ethereum wallet, but you are not ready to pay for a hardware one, try ethaddress. This wallet is free. It provides a high level of security.
The ethaddress wallet website: https://github.com/ryepdx/ethaddress.org
The core of this key-generating wallet is 99% identical to the well-considered bitaddress.org.
First of all, it’s necessary to download this website from Github, unpack and open the index.html file directly from your computer. The code version control allows to significantly simplify the mutual verification of the executable code. For more security, disconnect from the Internet at the time of creating your wallet.
The WalletGenerator.net website: https://walletgenerator.net
How to keep your wallet in security?
Whatever wallet you choose you want it to be as secure as possible. Here are some ideas on how to achieve this:
- Choose a wallet that suits your requirements
All wallets are aimed at different goals and ways to use. Some of these wallets offer high security, some provide you with easy access for fast trading. Therefore, you should choose exactly what suits your needs best.
- Keep your private key safe
Always make sure that your private key is secure and is stored in a safe place. Moreover, do not share your private keys. No, not with friends. Not even with your parents.
- Set up 2-factor authentication
Some wallets offer this feature to increase the security of your coins. Do not ignore 2-factor authentication, set it up for extra confidence in protection against theft.
- Backup, backup, and backup
Nothing protects you better from unforeseen accidents than a good old backup. This way you can keep access to your coins.
- Store your funds offline
With all the security levels offline wallets are still the most secure ones. Therefore, it is better to keep large amounts of ETH coins only on offline wallets.
To sum up, you should choose the best Ethereum wallet by yourself based on your needs. All wallets have both advantages and disadvantages. Simply decide which feature is more important to you.
We wish you an easy choice of the best ETH wallet and the safe storage of coins 🙂
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