The popularity of digital currency is getting more and more and people want to invest in these cryptocurrencies to get huge profit. Ethereum has the second largest market cap making it the most popular cryptocurrency after Bitcoin. With the investment and popularity, there is also the risk of security to store these cryptocurrencies safe. As they are at high risk of getting hacked or getting lost if secured Ethereum wallets are not used or if they are kept in exchanges.
Why Do You Need Wallets?
Wallets in the digital world are like a bank account that you own and you have the full control over your money. They are simply software which stores your cryptocurrency safely.
Digital wallets store your public and private key; a public key is like a bank account and another is a private key which is like a PIN number to your bank account. The private key of your wallet should not be shared with anyone and must be kept safe.
Ethereum Wallet will allow you to trade and store your coins safely and monitor your balance. They also provide you back up to your coins so that you can also restore them if any damage to the devices occurs or lost.
And you can only invest in ICOs if you own a wallet. So it is very much important to have a wallet, as keeping your coins in exchanges is unsafe and at high risk of being hacked or maybe they get shut down resulting a huge loss to your cryptos.
Before start best Ethereum wallets you need to know some popular wallets categories.
- Hardware Wallets
Hardware wallets are also the cold storage (offline) and safest way to store your Ethereum coins. These wallets encrypt your private key inside them and are impossible to hack. Even when you use a compromised computer, you can perform the transaction without any fear of getting hacked.
You can also restore your coins using the backup phrase if they are damaged or lost. However, they are not free like paper wallets. These hardware wallets might cost you around $60-$100.
- Desktop Wallets
Desktop Wallets are the most popular wallets available to store your coins in your PC. Desktop wallets are connected with internet that is why they are considered as hot wallets.
Desktop wallets store your private key on your hard drive and are insecure if your computer is infected with malware or viruses. It is better to store only a few amounts of coins in hot wallets as they have the high risk of getting hacked or lost due to damage of computer or hard drive.
Desktop wallets can only be used with one device and that’s why it should be properly backed up. Since there are many desktop wallets available, here we have provided you with a list of the best and most trusted Ethereum wallets to store your coins.
- Web Wallet
Web wallets take the control over your public and private keys. If you are planning to store your coins for a long time, then we would highly recommend you to use hardware or paper wallet for better safety to your coins.
- Mobile Wallets
Mobile wallets are the application for mobile devices which can store your coins in a wallet.
They have quite an easy User Interface to use. Mobile wallet provides you mobility to keep your wallet with you wherever you go.
Mobile wallets are not considered to be much safer as mobile phones can be hacked. It is recommended to store only a few amounts of coins in mobile wallets as the mobile device can be lost or hacked easily.
- Paper Wallets
Paper wallets are the safest wallet to store your Ethereum. They are the cold storage which is the best option for security and the cheapest option to store your funds for a long run.
Top 10 Best Ethereum Wallets
Are you unsure which is the best wallet to use for Ethereum? Here we have shortlisted the 10 best Ethereum wallets according to their types:
- KeepKey [ Hardware Wallet ]
KeepKey is a hardware wallet that provides advanced security to your Ethereum coins against theft or loss. It was launched in 2015 at the price of $239 but to make it affordable for more customers, it has lowered its price to $99 only.
So it is a big competitor to Trezor. Keepkey has slightly larger OLED screen which gives clarity than other hardware wallet and better design with ease of use. It is also multi-currency wallet and supports Ethereum with other cryptos. It is compatible with Windows, Mac OS, Linux, and Android.
The Keepkey is itself secured with a PIN to access and can be restored with 12 words backup phrase if accidentally damaged lost or theft.
It secures private key within the device itself so it is not possible to hack or get affected by malware as each transaction are approved and confirmed through the keys and display of OLED screen in Keepkey.
Keepkey also provides a four-digit PIN to protect your wallet from unauthorized access. It also allows you to exchange your cryptocurrencies using its shapeshift integration in combination with any software wallets like Electrum, Mycelium, MultiBit or with its own chrome extension.
- ETHAddress [ Paper Wallet ]
ETHAddress is an open source project which is used to create a paper wallet.
It provides the address and private key to the paper wallet which can be printed on a paper.
You can keep the multiple copies of printed paper as a backup so that if the one paper is damaged or lost, you still could use other. The private key is available as a QR code which should not be shared with anyone.
ETHAddress also provides you with an option to encrypt your private key with a password which makes it most secure platform to store your Ethereum coins. However, you will need an online wallet like Exodus or Jaxx to send your Ethereum coins to someone else.
Check also: Bitcoin Price Prediction: Why Bitcoin for 2018?
- Coinbase [ Web Wallet ]
Coinbase is one of the most popular exchange as well as web wallet.
It is very much cheaper to store your Ethereum coins in the exchanges as well as very much risky. The private keys of your web wallets are not in your control as they are stored in their hosted servers. Coinbase is a reliable wallet if you want to store your few coins for short time.
To use the Coinbase services first you need to register at Coinbase via email and other personal information is required. You will be provided with a public address to transfer your ETH coin to your Coinbase wallet. Coinbase is available as web wallet, Android, and iOS apps.
- MyEtherWallet [ Web Wallet ]
MyEtherWallet is a web wallet but it is quite different from traditional web wallets as it provides you full control over your private key which is kept in the machine rather than its server. It is open source web wallet. When you generate a wallet in the MyEtherWallet, it will create you a pair of private and public key file which can be downloaded. You can also choose a password too to keep your keys safe. You can easily send your Ethereum coins from the wallet by simply uploading the file with the password.
You can send the coins from the website itself or by using any supported hardware wallets like Trezor or Ledger Nano S. MyEtherWallet is a better option than most of the web wallets because it also allows you to write and access smart contracts.
- MetaMask [ Desktop Wallet ]
MetaMask is a browser extension that not just send or receive your ETH coins but also provide a platform to run decentralized applications (dApp) without the need to run a full Ethereum node. The interface of the wallet is quite intuitive and currently, it is only available for Firefox, Chrome and Brave browser.
It provides a password to encrypt the private keys and is only stored in the machine, so it is quite safe to use and you can manage your private keys.
It does not require any personal identification and information to use the wallet. It is free to use but as the wallet is a web-based wallet, still there is the risk of viruses and malware.
It is the best wallet to use for the people who are looking for some advanced features in their Ethereum wallets.
- Mist [ Desktop Wallet ]
Mist is an official desktop wallet for Ethereum project, so it is one of the wallets that can be trusted to store your ETH coins.
It provides you full control over your keys, as they are safely stored in the device that you used to download Mist. Mist is considered as the hybrid wallet which provides you web interface.
Mist also has the built-in shapeshifting to exchange ETH with other currencies within itself.
When the software is installed on your desktop, it syncs and asks you to create a password which cannot be changed after that.
So it is really important to write it down in a safe place and to keep your password memorizable and safe. It stores private key within the device so it is also safe to use this wallet as it does not send your private key on the internet.
You can use the wallet for free and no need to provide any kind of personal information. The wallet is available for Windows, Mac, and Linux operating systems.
- Jaxx [ Mobile Wallet ]
Jaxx is a multi-platform wallet which even supports multi-currencies.
It is compatible with nine platforms that are Windows, Mac, Android and iOS mobiles and tablets, Linux and also can be added as an extension in Google Chrome and Firefox.
It supports multi-platform as well as can be synced easily in all platform to view and manage your account. Jaxx does not control over the private key and give you full control of it. It currently supports more than a dozen of tokens and altcoins along with Ethereum.
Jaxx has many useful features like the built-in shapeshift which allows users to exchange their coins easily within the wallet itself.
It does not require any personal information or verification to sign up in the wallet and can be easily downloaded from the Google play store.
Jaxx also provides you 12 words backup phrase to restore your ETH coins if accidentally device is lost or damaged.
- Exodus [ Desktop Wallet ]
Exodus is one of the first multi-currency desktop wallets with built-in shapeshift feature for exchanging cryptocurrency within itself.
It is attractive and eases to use interface. The Exodus wallet doesn’t store your private key on an external server but on your own machine. So although it is always connected to the internet, your private key is always safe from hacking.
It also supports a huge range of cryptocurrencies to store along with Ethereum and Bitcoins. You can also recover your coins with the help of one-click recovery link email and backup seed keys. It does not require any personal information to use Exodus.
Exodus is free to use a wallet, but transaction fees may be applied according to the cryptocurrency. The main advantage of Exodus wallet is its shapeshift feature which allows you to exchange coins itself in your wallet. Exodus is available for Windows, Mac, and Linux operating systems.
- Trezor [ Hardware Wallet ]
Trezor is one of the first hardware wallet initially designed to store bitcoins offline but now it is a multi-currency hardware wallet and also stores Ethereum.
It is compatible with Windows, Mac, Linux, and Android also which gets connected using a USB. It also has an OLED display to show necessary information.
Trezor provides a high-level security to your Ethereum and cannot be hacked. It requires a password for performing transaction so it is also safe from theft.
You can even restore your Ethereum with 24 words backup phrase if the wallet or computer is lost. You need to connect to an online wallet like Mycelium, Myetherwallet, etc for the transaction of Ethereum coins.
It is available at the price of $149 which is quite affordable and best price with the security it provides.
- Ledger Nano S [ Hardware Wallet ]
Ledger Nano S is one of the best cold storage to store Ethereum coins.
It is even better than Trezor in price and its design and appearance. It has a shape like a pen drive and also has an OLED display to show necessary information about transactions and other important things.
Ledger Nano S is a multi-currency wallet which supports more than a dozen of altcoins to store in it. It is compatible with Windows, Mac, Linux, and Android.
The Ledger Nano S stores your coins offline or in the hardware itself and even requires a four-digit PIN to access the device itself. It comes with the attractive interface which is also user-friendly.
It has a USB to connect to computers and transaction can be performed even in the compromised computer as it is immune to malware and completely safe to use.
If the Ledger Nano S is lost or damaged, you can also restore your Ethereum coins with the 24 words backup phrase. You can buy The Ledger Nano S at $100.
These are best 10 Ethereum wallets chosen by our team. So which one is your best wallet? Please leave us your feedback.