Having the second largest market cap makes Ethereum one of the most desired and used cryptocurrency. This eventually increases the need for Ethereum wallets in the market. If you are also planning to invest in Ethereum, then this guide can help you find the best Ethereum wallets for you. If you don’t know about crypto wallets or if you are a complete beginner in the industry, then you must check out our guide “What to Look For Before Purchasing or Investing In Cryptocurrencies” first.
A crypto wallet is where you store the public or private keys of your assets and manage its transactions. Whether you are investing or trading in cryptocurrencies, you need to have a wallet to store your coins securely. Wallets also prevent your assets from hackers and thieves. While looking for Best Ethereum Wallets, you must consider various factors such as:
- Security of your private keys
- User-friendly interface
- Advanced security features such as backup and restore
- Supported for multiple cryptocurrencies
So, now that you are looking for the Best Ethereum Wallets keep these aspects in mind and get them. For your help, we have listed down some of the most popular Ethereum wallets. Check it out and find the one ideal for you.
Best Ethereum Wallets 2020 By Categories
Unless you are a complete beginner, you must be aware that there are various types of crypto wallet. The best among all is the Hardware wallet (cold-storage wallets) which is a small USB type device. Other types of crypto wallets are Browser wallet, Desktop wallet, Mobile wallet and paper wallet. If you are also wondering where to store ethereum coins or how to get an Ethereum wallet, then you’ve come to the right place.
Before you get started, we must mention that every crypto wallet has its pros and cons. For example, in Hardware wallet, the downside of it is that it can get corrupted, stolen, broken, or you could also end up losing it. The disadvantage of a browser wallet is that it works online. So all your private keys would be stored online and can be hacked. The downside of a Desktop wallet is that it cannot be used on the go. There are not many mobile wallets out there that can be trusted in terms of security. Furthermore, there’s always issues of battery, software compatibility etc.
Paper wallets are no longer considered safe because of various reasons. Unless you are a fan of paper wallets and believe that you can not end up losing your keys, we won’t stop you from using it. Considering all the above factors and disadvantages of various wallets, in our opinion Hardware wallet is best among all. However, it’s your decision to make which wallet you want to use and what is your priority. Let’s find out the best Ethereum wallets of 2020 by its categories.
Best Ethereum Hardware wallets
Hardware wallets are the most secure wallets because of its features. Your private keys are stored in a separate and hard to crack hardware device instead of servers or your computers. This makes it difficult for hackers to get access to your private keys. The two best Ethereum Hardware wallets are Ledger Nano S and Trezor One.
Ledger Nano S
Ledger Nano S is the most used hardware wallet because of its security features. Because the private keys are stored offline as well as the use of Ledger’s secure chip technology, there’s no risk of getting it hacked. Moreover, it supports the majority of cryptocurrencies, including Bitcoin, Ethereum, Litecoin etc. One of the best things about this wallet is that it is simple to use, so you won’t need any such technical knowledge to set it up or manage your cryptocurrencies. The relatively small size of Ledger Nano S hardware wallet makes it easy to carry anywhere. As it looks like a pen drive, you can also use it mysteriously, and no one will know. It also supports software wallets which makes it easy to connect with other crypto or Ethereum wallets. Coming to the cost, as compared to the features the wallet is offering, it has a decent price tag.
Trezor One was the first-ever Crypto hardware wallet developed by SatoshiLabs in 2014. It allows you to send, receive and keep your cryptocurrencies safely in the wallet. Although our first choice is Ledger Nano S, if you can’t get that in the market or want an alternative, Trezor One is your best bet. The only limitation of the Trezor wallet is that it is not as inconspicuous as Ledger. It resembles a small calculator with an OLED screen which is why it’s not safe to use in public. You can use the wallet with your android device and link it to many wallet apps such as Mycelium, Multibit HD etc.
The wallet has a PIN system according to which no one else can use your wallet. Even if the computer that is connected to your wallet gets compromised, there’s no way anyone else can get access to that PIN.
Best Online Ethereum Wallets (Browser Wallets)
A browser wallet or a web wallet is an online wallet. We don’t recommend using a browser wallet because it is less secure. Your private keys are stored online, which makes it easy to get hacked. Although, some browser wallets are safe in a way they don’t keep your private keys on the server but only in your browser.
Two of the best online Ethereum wallets are Metamask and Mist.
Metamask wallet is specially built for Ethereum tokens and to keep your private keys secure. It’s a browser extension that you can install on any browser including Chrome, Opera, Firefox and Brave Browser. It allows you to access your Ethereum and ERC20 tokens directly from your browser and is even secure as compared to other web wallets. Furthermore, the wallet doesn’t ask for your private keys as well as keep you safe from malicious websites.
Ethereum Mist Wallet
Mist is the built-in wallet of Ethereum blockchain. It was created in 2017 by Ethereum’s developers along with other dApps of Ethereum. Despite the fact, Mist wallet is developed by Ethereum developers; it cannot sync with Ethereum’s network and other dApps.
Best Ethereum Desktop Wallet
Desktop wallets store the private keys of your cryptocurrencies on your device only, which is why it is recommended as the safe option after hardware wallet. You can use the desktop wallet to store your Ethereum private keys and manage your transactions if you can’t afford hardware wallets. The best thing about desktop wallets is that they are mostly free to install and use. So, let’s know what are the best Ethereum Desktop wallets available in the market at the moment.
Exodus wallet is recommended for new investors and traders. This wallet allows you to store multiple cryptocurrencies, including Bitcoin and Ethereum and is considered as one of the most secure options out there.
Although, if you are looking for a wallet with an advanced security feature, this is not the one for you. The only downside of Exodus wallet is that it is not entirely open source as well as it lacks custom network fees.
Mobile Ethereum Wallet
Mobile wallets are nothing else but software wallets in the form of apps that can be downloaded on your mobile devices. The upside of these kinds of wallets is that it is simple to use. And as you keep your mobile phone with yourself all the time, the wallet would stay with you all the time. It also has additional features like a QR code scanner that allows you to pay using your cryptocurrencies in a beat. Mobile wallets are at least more secure than online wallets, but still, they are vulnerable to hacks. Mobile wallets can get hacked because your mobile is continuously connected to the internet as well as someone can end up stealing your device and get access to your wallet.
Edge is the best Ethereum mobile wallet that provides you with top-notch security. Your private keys are stored on your device, allowing only you to have the complete control of your cryptocurrencies. Edge wallet supports multiple cryptocurrencies including Ether, Bitcoin, Bitcoin Cash and many more. The best thing about Edge wallet is that it also supports the ERC-20 tokens and there are no charges on receiving crypto in your wallet. However, you would still have to pay gas fees for sending your coins to another wallet.
Paper wallets were considered the most secure way to store cryptocurrencies offline as there was no risk of hackers. It means saving your private keys on a piece of paper but in the form of QR code. It indeed allows you to get complete control over your cryptocurrencies, but as there are more secure and user-friendly methods available such as hardware wallets, it is not used anymore. There are many disadvantages of paper wallets too such that someone can steal it, or you can lose it, or there are many instances of ink damage also. It’s better you go with either Hardware wallets or desktop wallets.
If you still want to try the paper wallet, you can use MyEtherWallet. Visit MyEtherWallet.com and create your own paper wallet. You can find out the way to create a paper wallet in the help tab.
So, these were the best Ethereum wallets 2020 by categories. Now it’s up to your choice, which wallet you want to use to store your Ethers. If you want to be on the safe side and don’t want to end up losing your cryptocurrencies, choosing a secure crypto wallet would not be enough. You would also need to consider other factors, such as having an account in one of the most reputable crypto exchanges. Read more of our crypto guides to get tips about keeping your cryptocurrencies secure and be a successful investor.
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