The Ethereum digital currency, used by thousands of merchants worldwide, is growing rapidly. As with paper money, it requires a digital wallet to keep and secure. This is similar to the way paper money works.
According to market capitalization, Ethereum is currently the second-largest cryptocurrency, behind Bitcoin.
This has led to a large number of investors flocking to Ethereum. This has led to a rise in the demand for more secure Ethereum wallets.
Ethereum has many wallets available; we’ve chosen the best ones. Throughout this post, we will outline the key features of each of the best Ethereum wallets.
Ethereum wallets make it easy and seamless for users to interact with the Ethereum network. While it’s easy to get lost in the sea of Ether wallets available, it’s crucial to comb through each one to find one that meets your specific requirements and expectations.
There are many options for Ethereum digital wallets, but deciding on the best one can be difficult, especially if you’re new to the world of cryptocurrency.
To assist you in selecting the top cryptocurrency wallet for keeping your cryptocurrency cash, I will guide you through the ten greatest and most reliable wallets presented in this article.
Overview of Ethereum Wallets
The Ethereum wallet is typically categorized as a method of storing Ethereum-based cryptocurrencies securely so that hackers cannot access them.
Ethereum is a risky investment since it is always possible for the exchange to be hacked or even shut down, resulting in the theft or loss of your money.
The most reliable and secure way to store cryptocurrency is to store it in your wallet.
A wallet for Ethereum has two critical keys — private and public — required to conduct transactions.
A public key is associated with a wallet address so that other users can send you bitcoins. You can share your wallet address with anyone without worrying about the wallet’s security.
On the other hand, a private key is your wallet’s password, which means it cannot be shared with anyone. Your wallet is unlocked, and you have access to its contents.
Anyone with access to your private key will be able to steal your cryptocurrency. This issue can only be resolved by creating a new wallet with a new private key and moving your money into it.
When sending ETH tokens to another user or exchange, you must enter the recipient wallet’s address and authorize the transaction using your private key.
Ethereum Addresses and Accounts
To use an Ethereum wallet, it’s essential to understand that Ethereum offers two kinds of accounts: externally owned accounts (EOAs) and contract accounts.
Externally Owned Accounts
The majority of Ethereum accounts are privately owned accounts, abbreviated EOA. A private key protects the Ethereum address associated with it. An individual may open an unlimited number of EOAs. Furthermore, accounts that the user doesn’t own can also build and activate smart contracts.
A contract deployed on the Ethereum network is associated with a unique Ethereum address.
A private key controls an EOA, but a contract account is not. It contains code containing predefined triggers instead, which handle the management of the account.
Contract accounts, like EOAs, are capable of receiving Ether and sending it and can even launch other contract accounts (if preprogrammed that way).
A contract cannot be amended once it has been designed. The contract creator needs to use caution and consistency when creating trigger conditions.
What are Hot and Cold Ethereum Wallets?
Ethereum wallets can be divided into two groups: hot and cold.
Your private keys can be kept online in a hot wallet, enabling you to access them from almost anywhere with an Internet connection. While they may seem like a secure option, they are susceptible to being hacked by crooks intent on stealing your money.
The key advantage of a cold wallet is that its keys are never held in custody and can be stored offline. They are linked to the Internet only when necessary for a transaction. This makes them less vulnerable to hackers and greatly increases their reliability.
Security Measure: Two-Factor Authentication (2FA)
A two-factor authentication system is the most effective approach for immediately increasing your security, which is essential for custodial wallets.
The wallet will be accessible only after two authentication steps have been completed: entering a password and submitting a numerical number received on a mobile device.
Adding 2FA significantly decreases the likelihood of your account being compromised, as a hacker would need access to both your physical phone and password.
What Types of Ethereum Wallets are available?
Furthermore, the type of Ethereum wallet you choose will affect the level of protection your funds receive. Some of the Etereum wallets are more practical than others. Your security and convenience can be combined in the most effective way for you. Consider each alternative thoroughly.
Online Ethereum wallets are the least secure sort of wallet. The services they offer are centralized on cryptocurrency exchanges. They face the risk of losing all their cryptocurrency if they fail to handle it properly.
Online wallets should be used with caution to avoid fraudulent websites. They may appear legitimate, but they are capable of stealing your personal information, including your account and password. A fraudster can then access your account and steal your cryptocurrency.
According to most experts, an Ethereum paper wallet provides the most effective and secure way to store your Ether. You can think of it as a scrap of paper with a code on it.
The biggest advantage is that no Internet connection or computer storage is needed. This keeps your funds protected from hacker attacks or even physical theft, as long as they are well concealed.
You must fill out a manual entry form or scan a QR code provided with a printed piece of paper containing the private and public keys to gain access to your digital assets.
Paper wallets have the following advantages: they are extremely safe when used correctly, making them ideal for holding large amounts of Ether.
When it comes to the disadvantages, you should remember that the transaction is recorded in the transaction history once you withdraw funds from a digital wallet. So you will need to create a new paper wallet to maintain unbreakable security.
Most of these wallets are intended to be used as a personal vault, not for everyday transactions.
Some Ether holders store their digital currency in mobile wallets, which simplify and streamline cryptocurrency management.
A mobile wallet is sometimes referred to as a “light” client since it does not need to download the full blockchain to work.
However, they may also be more prone to hacking because of this “lightness.”
You can also extract the private key of your Ethereum wallet if you know the PIN of your mobile phone. For this reason, beginners are advised to keep as little Ether in their mobile wallets as they can.
Software wallets allow users to strike a balance between convenience and security. When it comes to repeat transactions, this type of wallet is much more convenient than paper wallets.
The most significant advantage is that you are the sole owner of your private key, which minimizes the possibility of being hacked. Although they are cheaper, they are not as secure as a metal or paper wallet.
There are numerous variants of software wallets available. You should select the one that has open-source code when choosing one for yourself.
A bitcoin community member can thereby verify your wallet’s security and test it for vulnerabilities. Software wallets also include an intuitive user interface, so transferring and receiving Ether should be a breeze.
Desktop wallets are compatible with both computers and laptops. You can either download a complete Ethereum client or use a lite client.
Even though the latter seems to be simpler, the former provides greater security. Since a complete client can validate transactions, it can operate independently of miners and nodes that normally transmit transaction information.
There are a variety of advantages to using a desktop wallet. However, they are still dependent on the Internet, and you must be careful not to have your computer hacked or infected with malware, as this will have undesirable consequences.
The most secure way to store Bitcoin is on a hardware wallet, which looks like a USB drive. It allows you to store your private keys physically.
You can access them by connecting the pen drive to a desktop or laptop computer and entering a four-digit PINand.
The primary benefit is that hardware wallets are extremely secure. As a result, if a third party attempts to access your assets, they will be unable to do so since they will require physical access to the device.
Browser wallets enable users to conduct and sign blockchain transactions directly within web browsers such as Chrome. A browser wallet is also an excellent tool when communicating with Web3-based Ethereum applications.
The browser wallet is undoubtedly useful for accessing Ethereum-based applications; however, it is not the best option for storing an individual’s assets.
Best Ethereum Wallets in 2021
Anyone who owns Ether needs a secure Ethereum wallet. If you are new to the crypto ecosystem and Ethereum, it may be difficult to choose a wallet, especially with so many choices available.
You may set your concerns aside, as we’ve compiled a list of the Best Ethereum wallets so that you can familiarize yourself with their features and other technical details to understand better how they work.
Ledger Nano X
Ledger Nano X is the most advanced ETH hardware wallet on the market. They support Ethereum and all tokens related to the Ethereum chain, and they are a pioneer in the hardware wallet sector.
MyEtherwallet currently supports Ledger Ethereum integration, which simplifies the management of your Ethereum cryptocurrency. Apart from Ethereum, you can store a variety of other cryptocurrencies.
It is the successor to the highly successful Ledger Nano S. The main difference is that it includes a battery and Bluetooth, increasing mobility. You can also handle several coins simultaneously.
Ledger Nano X is just as easy to use as Ledger Nano S. It costs $119 and includes free future firmware updates in the future. Furthermore, there is free shipping included.
The Trezor wallet is the first hardware Bitcoin wallet. An easy-to-use UI makes this SatoshiLabs product convenient for users. Unlike other wallets, Trezor does not let its PIN code leave the wallet, making it incredibly secure.
You will not have to worry about your wallet being compromised even if you connect it to a compromised computer. Some consider it the best Ethereum wallet available.
Trezor One’s key selling point is its security. The PIN code method prevents brute-force entry. The waiting time is increased by a factor of two when you enter the PIN code incorrectly. A thirty-year-old could make thirty predictions in seventeen years.
When you connect your wallet to your computer, you will be asked to enter your PIN. When connected to a computer, Tresor generates a random PIN code at random intervals.
You would then need to input a passcode, which is only known to you.
Trezor One supports a wide range of cryptocurrencies (over 1,000, in fact), including Litecoin, Ethereum, Bitcoin, Dash, and Ethereum Classic.
Trezor, on the other hand, does not accept Ripple, Monero, Cardano, or Tezos as cryptocurrencies. Linux, Mac OS X, and Windows are all supported.
MyEtherWallet, launched in 2015, is one of the most popular online wallets for storing ETH and ERC-20 tokens. It is an open-source wallet that can be used on Macs and Windows computers without installing anything.
You can also access your wallet almost anywhere with the mobile MEW app, which is available for Android and iOS.
Additionally, MyEtherWallet integrates with hardware wallets such as Ledger Nano S and Trezor so that you can use it on a PC as well.
The wallet’s other features include support for smart contracts, the option to convert ETH to BTC, and the ability to store your Ethereum private keys on your computer, which surely provides a higher level of security than other wallets of the same type.
Exodus is a platform for securely managing and exchanging blockchain assets. The platform can store, move, and exchange a wide range of currencies, including Augur, Litecoin, Bitcoin, Dash, Dogecoin, Ethereum, Golem, and Dash. Exodus, however, does not support Ethereum Classic.
I loved its uncluttered and well-organized UI, which gives the impression that you’re in control of your coins. As its private keys are stored locally on your computer, it is more secure than cloud-based wallets.
This feature, however, causes your wallet to be at risk if your computer crashes, so it is important to backup your wallets.
Thanks to its built-in interaction with Shapeshift, Exodus makes exchanging digital assets a breeze.
In terms of security, it encrypts all of your data (including your private keys) and provides a 12-word backup phrase that you can use to restore a lost wallet with the backup wizard effortlessly.
You should choose this option if you aren’t familiar with the Ethereum network. Metamask is a program that is also available as a Chrome extension!
Metamask keeps your Ethereum wallet accessible via your browser, and if you’re a developer, it also gives you access to Ethereum test networks.
Metamask abstracts its users, making Ethereum easier to access for a large number of people. Metamask provides browser-based access to Ethereum DApps.
As long as you don’t mind switching between the leading network and a test network, switching between the two is pretty easy.
Metamask protects your private keys, and they are stored on your computer for export at any time. The wallet also has the advantage of not requiring you to install a full Ethereum node to utilize the functionality.
Metamask enables you to manage many wallets from a single location. However, you should be aware that it is not as safe as a hardware wallet or a paper wallet.
Jaxx offers both mobile and desktop wallets that allow you to store multiple coins. The software is compatible with many well-known cryptocurrencies, including Bitcoin, Ethereum, Ethereum Classic, Dash, Augur, Litecoin, Zcash, and RSK.
Its simple functionality, intuitive interface, and cross-platform compatibility have quickly made it one of my favorite crypto wallets.
You can also backup and restore your wallet by using a backup phrase, import funds from a paper wallet, and set up a security PIN, among other features.
This wallet performs flawlessly for day-to-day transactions, but it must be backed up regularly as its private keys are stored locally, which may be accidentally lost.
Additionally to its easy and appealing design, it has the advantage of being compatible with multiple platforms and being designed to work with the ShapeShift exchange. You can rapidly exchange your crypto assets using the same method directly from the Jaxx wallet.
Ledger Nano S
The Ledger Nano S, undoubtedly the most popular hardware wallet, deserves to be on this list. You can physically store your private keys in a hardware wallet.
The location of a key is extremely important in bitcoin, so hardware wallets are so popular.
The wallet stores bitcoins offline, so there is no risk of hacking. The best way to protect your bitcoin is to use a hardware wallet if you are not a programmer.
Ledger Nano S uses BOLOS as its operating system, which is integrated on a secure chip. Several people consider this company’s Ethereum wallet to be the best available.
The wallet’s main selling point is its security.
Hardware wallets are completely secure and cannot be hacked.
You must remember the PIN when you turn on the device.
When you forget your PIN, they provide a document that you need to keep safe.
There are over 1000 cryptocurrencies supported by the Ledger Nano S wallet, including Eos, Bitcoin, Cardano, Dash, Dogecoin, Litecoin, and Ethereum. The lightweight design makes it easy to carry.
Additionally, this wallet allows you to run applications created by third parties. It does not require any technical knowledge, so even a total newbie will be able to use it.
Atomic Wallet (Desktop and Mobile)
Atomic Wallet is the ultimate Ethereum wallet and ERC20 token wallet. The wallet allows you to store, exchange, and buy Ethereum using your debit card or credit card.
Atomic Swaps will soon make Ethereum available for swapping, making it a completely decentralized method of exchanging cryptos without the need for any middlemen.
The Atomic Wallet is a cryptocurrency wallet that supports over 300 cryptocurrencies and has an interface for all ERC20 tokens.
With Atomic Wallet, you simply need to input a contact address, and your unique coin will become part of your Atomic Wallet. Your private keys are securely stored on your smartphone, and you have full control and access to your assets.
The Atomic Wallet software is compatible with virtually all desktop operating systems and is soon available for Android and iOS smartphones.
Ethereum developers have established this wallet, and it’s the only official wallet for Ethereum available on the market.
Furthermore, it has been rated as one of the most trusted wallets for Ethereum. Mist will only work if you are familiar with blockchain technology. That is because it is quite difficult to utilize.
You can use it for free since it is open-source. Mist can only be used once the Ethereum node is installed on your device, which measures more than 1 TB in size.
Once the download is complete, you will be able to access the whole Ethereum blockchain.
Mist’s developers have merged it with ShapeShift, which gives it a significant advantage.
You can easily purchase ETH using fiat currency and Bitcoin through this wallet. It does, however, have some disadvantages.
Compared to other wallets, it requires a lot of bandwidth to load as it syncs with the blockchain. It is also limited to ERC20 and ETH.
Guarda (Desktop + Mobile)
Guardian is an Ethereum wallet that is not custodial. Guarda’s wallet features an intuitive design and high levels of security. The wallet is available on desktop, mobile, and via the web.
Guarda wallets give you complete control over your private key. The Ethereum coins you hold on Guarda remain fully under your control, as do any extra funds you wish to deposit.
Guardian wallet, one of the leading Ethereum wallets, does not require users to provide any personal information.
Coinbase is a popular Ethereum wallet with around 100,000 daily users that launched in 2012. It offers a cost-effective and convenient way to hold Ether and other cryptocurrencies, as long as they can be exchanged in your country.
You must first register on the Coinbase website by providing your email address and other personal information before using the wallet.
Your cryptocurrency coins will be sent to a public address after that. However, the private key is stored on a Coinbase server and cannot be managed by you.
It is a free and open-source Ethereum wallet. The XETH UI is simple and functional and incorporates various useful features, including BitProfile support, stealth transactions, and an address book.
The lack of compatibility between XETH and Bitcoin, and other cryptocurrencies makes it unsuitable for everyone.
One feature that intrigues me about its stealth payments function, which adds a layer of secrecy and anonymity to transactions, is to conduct transactions without disclosing your data to the world.
Moreover, the wallet’s support for BitProfile enables you to share your user profile across many decentralized applications (DApps) without compromising your privacy.
Argent is the most advanced mobile Ethereum wallet available. This wallet has a unique design and is not custodial, but you cannot store private keys within it. You can set and retrieve your wallet using your email address and cell phone number.
One feature that makes this wallet unique is that it allows you to lend your Ethereum, earning interest, and integrates with compound finance.
Also, the wallet has a DAPP browser, so it can be a good tool for teaching your non-techie family members and friends how to use an Ethereum wallet.
KeepKey (Hardware wallet)
KeepKey is the most expensive Ethereum hardware wallet currently available ($120). It secures your ETH offline and has the same functionality as the Ledger Nano S or Trezor.
The screen is larger, and it’s heavier (i.e., not easy to carry around).
KeepKey’s plastic casing makes it vulnerable to damage if dropped, but if you like its interface, it might be the wallet for you.
You can store your cryptocurrencies with a Coinomi wallet in addition to exchanging and purchasing over a thousand different coins straight from the app.
It’s a multi-chain wallet that is available on mobile and desktop. Security and a user-friendly design are the driving forces behind Coinomi’s success.
It is non-custodial, which means that your private keys are encrypted on your device, and you retain full control over your funds. The wallet is easy to set up and use, even for newbies.
ETHAddress is an open-source wallet project that uses web-based and offline methods to cold storage Ethereum paper wallets.
ETHAddress creates an address and private key, which can be printed or handwritten for additional security.
This process will protect your money against hackers by moving the funds from your wallet to this new address.
It’s amazing how many paper wallets have been introduced for Bitcoin over the years. Still, I like most about ETHAddress because the private key can also be encrypted, strengthening security even more.
For future access to these funds, you simply add the key to a software wallet, such as Exodus, Jaxx, or another application of the same type.
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Final Words on Best Ethereum Wallet in 2021
This article describes various Ethereum wallets, each of which has a set of advantages and disadvantages. Ledger Nano S is a highly secure and resilient hardware wallet, but Mist is an open-source project.
Exodus is also easy to use and compatible with various devices, though it is less secure than Trezor One.
Finally, the best Ethereum wallet depends on your personal preferences and needs.
If you’re concerned about the security of your digital funds, I recommend using hardware wallets.
No matter whether you move a single Ethereum or millions, they provide the highest level of security.
If you’re serious about crypto and don’t want to run into any issues, just buy a Ledger Nano S or TREZOR.
If you don’t want to invest in a hardware wallet – which is often the case for beginners and enthusiasts – you can opt for software wallets such as Jaxx or Exodus.
It is important to note that a software wallet is only as safe as the computer on which it is running, so you need to be mindful of malware and other assaults that could access the information in your wallet.
You should regularly scan your computer for viruses to make sure you don’t have any harmful software in it.
The simplest solution is to install an antivirus program and a firewall.
Finally, here’s some advice: put your long-term investment in a paper wallet; it will be the wisest decision you’ll ever make in your cryptocurrency career.
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