Best Ethereum Wallet: Which ETH Wallet to Choose?

An Ethereum wallet is an important tool for protecting and storing your ETH tokens. These wallets can store and exchange your ERC-20 tokens. In this article, we present the best wallets for storing your Ethereum.

What Is an Ethereum Wallet?

An Ethereum wallet is a digital wallet that lets you store your ETH. After buying Ethereum, it is important to store it somewhere safe and secure so you don’t lose it. That is where Ethereum wallets come in, letting you store, receive and send ETH securely.

To go further, also read our guides “Exodus Wallet Review” and “Freewallet“.

Best Ethereum Crypto Wallets

Above is the list of the best platforms for storing your Ethereum.

How to Choose an Ethereum Wallet?

To choose your Ethereum wallet, you first need to know the different types of wallets that can store Ethereum. Each has its own pros and cons, as well as features suited to different needs.

Below is the list of Ethereum wallet types, with examples for each.

Online Ethereum Wallets (Ethereum Hot Wallets)

Online Ethereum wallets, also known as Ethereum hot wallets, are available in your web browser. One example is the eToro platform, where you can store your ETH directly. But online wallets are not limited to trading platforms.

The difference between a platform for storing your Ethereum and a simple online wallet is security. Platforms take stronger security precautions than other online wallets. Even so, security on online wallets should not be underestimated given how popular they are. Here are the pros and cons of using an online wallet to store your ETH tokens.

Pros

• Ease of use
• Access to your ETH tokens at any time via the Internet
• Ability to make transactions from the wallet
• No installation needed on exchanges
• Often very good customer service, including in French

Cons

• Ethereum stored online and potentially vulnerable to hacking
• Below are the best wallets for storing your Ethereum online

MyEtherWallet

MyEtherWallet is a decentralized online platform for storing your ETH, ETC and ERC-20 tokens. In other words, it is built to manage and store your Ethereum wallet.

It is a free wallet that lets you interact directly with the Ethereum blockchain. You keep control of your private key and the funds in your account. The wallet is free, and no personal information is required when creating your ETH wallet. On top of that, there are no account management fees.

The wallet also gives you access to all cryptocurrencies built on the Ethereum blockchain, letting you take part in ICOs and airdrops. The MyEtherWallet hot wallet keeps your wallet secure by not handing your private keys to a third party. You simply need to keep your private key secret to avoid hackers and scammers.

Besides its security, one of MyEtherWallet’s advantages is its easy-to-use interface. For Ethereum investors, it is the best possible choice for a simple online wallet.

MetaMask

MetaMask is an online wallet that works as a web browser extension. It is available on Chrome, Opera, Firefox and Brave. It supports several types of cryptocurrencies, especially ERC-20 tokens. The extension is completely free and can be downloaded to your browser. The wallet also has a simple interface, with free access via your private key.

Many investors use MetaMask together with MyEtherWallet to protect their ETH and their Ethereum wallet, since private keys can be stored in MetaMask for quick access to your wallet. The wallet also lets you run dApps and interact with Ethereum smart contracts from your browser. It can also protect you from phishing sites offering identical-looking but fake copies of MyEtherWallet.

Software Ethereum Wallets (Ethereum Desktop Wallets)

Ethereum desktop wallets are software wallets downloaded to your computer or mobile device. They are also called desktop wallets and cannot be accessed through a web browser.

You are then fully responsible for your wallet’s security, because, unlike online wallets, private keys are stored on your device. However, these wallets fall into the hot wallet category, since your computer or mobile device has to be connected to the Internet.

Pros

• Ease of use
• Control of private keys
• Manual confirmation of transactions
• Good level of security

Cons

• Tokens vulnerable on a connected device
• Requires downloading and installing software
• Not quickly accessible from any device

Exodus

Exodus is a software wallet with very responsive and knowledgeable customer service. Created in 2016, it quickly became a favorite among users and investors, and its users have given it a very good reputation.

It is simple software, available on Windows, macOS and Linux. Its advantage lies in its built-in exchange option, which lets you easily swap one cryptocurrency you own for another. But despite this option being popular with users, the fees for these transactions are high. Overall, it is an easy-to-use software wallet that is very well suited to beginners.

Jaxx Liberty

Jaxx Liberty is an open-source Ethereum desktop wallet that is very popular among ETH investors. It is simple and easy to use, and available on several platforms: Windows, macOS, Linux, Android and iOS.

Jaxx Liberty stands out from other Ethereum software wallets thanks to its security system. Like all desktop wallets, the private key stays in the software, but you can also access your wallet with a passphrase. Beyond these advantages, Jaxx Liberty also offers the many options and strengths of software wallets: it is available on computer and mobile for easy storage and management of your Ethereum.

Physical Ethereum Wallets (Ethereum Cold Wallets)

Ethereum cold wallets, also called physical Ethereum wallets, are the most secure wallets ever created. They are also called hardware wallets, highlighting the wallet’s security.

Compared with the wallets above, there is no need to connect to the Internet. ETH is stored on the device itself, and transactions are validated manually. The only way to lose your crypto is to lose the device.

However, physical wallets are not free, and many investors are sometimes put off by their price.

Pros

• High security
• Offline storage of private keys
• Every transaction must be confirmed manually on the device
• Device protected by a PIN code

Cons

• Purchase cost
• Sometimes difficult to get to grips with
• Full responsibility for the stored cryptocurrencies

Ledger Nano X

The Ledger Nano X is the best hardware wallet for storing your Ethereum. It is an upgraded version of the Ledger Nano S, offering robust security and features that users really appreciate.

The Ledger Nano X is expensive, priced at €119, more than 100% higher than the Ledger Nano S.

The wallet is used through the Ledger Live interface and has to be plugged into a computer. One of its most innovative features is built-in Bluetooth, which lets you use the device with a smartphone and the Ledger Live mobile app. This latest version has become a very practical mobile wallet for checking your crypto anywhere.

The Nano X’s advantages don’t stop there. Its display has also been greatly improved: you can easily view 100 cryptos at once when navigating the device, and Ethereum addresses are displayed in full without scrolling in the menu.

On top of these advantages, the device’s memory has been greatly expanded. And Ledger is a French product with very satisfactory customer service for using the wallet.

Trezor T

The Trezor T is one of the Ledger Nano’s direct rivals. It was created by SatoshiLabs and succeeds the very first hardware wallet, the Trezor One. The security offered by the Trezor T is on a par with Ledger’s for storing your Ethereum offline.

The Trezor T is the most expensive Ethereum hardware wallet on the market. It costs €159, but its touchscreen interface makes it more attractive and pleasant to use. Its predecessor (the Trezor One) costs the same as the Ledger Nano S (€59).

This wallet stands out above all for its reinforced security thanks to its Trezor Core software. Despite its high price, it remains a very good alternative to Ledger.

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KeepKey

The KeepKey wallet is a physical Ethereum wallet competing with Ledger and Trezor, although it is not as popular as those two. It costs €79 and is also easy to use.

KeepKey has the same functions as other hardware wallets, but the number of cryptocurrencies it supports is very limited compared with other physical wallets.

Ethereum Paper Wallets

Ethereum paper wallets are wallets in the form of a piece of paper on which your private keys are written. They are classed as cold wallets, since you can access your wallet at any time. But you risk losing your ETH tokens if you lose the piece of paper.

Your public and private keys are written on this piece of paper. It is very useful for investors who do not want to access their Ethereum for a long period. It is mainly intended for long-term investors, as well as experienced investors.

Pros

• Take your Ethereum anywhere with you
• Store it safely for the long term

Cons

• You are responsible if the wallet is lost or stolen
• Anyone who has the paper has direct access to the keys written on it

ETHAddress

ETHAddress is one of the best paper storage options for Ethereum. On top of the features of an Ethereum paper wallet, you can add extra protection by encrypting your private key.

To get this wallet, however, you need to go to GitHub to download the code and open the index.html file. After that, all you have to do is generate your Ethereum address. Freewallet is also among the secure and reliable wallets.

MyEtherWallet

MyEtherWallet can also provide an Ethereum paper wallet, as it can easily generate ETH keys. This wallet can therefore be classed both as an online wallet and as a paper wallet.

How Does an Ethereum Wallet Work?

For an Ethereum wallet to work, several elements come into play: on one side, the public key, and on the other, the private key. These two elements are essential for any wallet to work properly.

Public Key

This is a long sequence of numbers and letters used as the wallet address. The Ethereum wallet address is what users use to exchange and send crypto between two people. It can be thought of as a card or bank account number for sending and receiving money.

Private Key

This is the key that gives you access to the ETH in your wallet. It lets you secure, control and freely manage your Ethereum. Its owner must keep it secret to prevent crypto theft. However, some wallets cannot give you full access to your private keys, which is why some scammers still manage to hack crypto wallets.

Blockchains

The way the Ethereum blockchain works makes the wallets used to store ETH very specific. ETH tokens are ERC-20 tokens and make it possible to create smart contracts, which execute on the network when predefined conditions are met.

You can also mine ether to get some. Miners play an important role in how Ethereum works: they perform mathematical calculations with their computer hardware to confirm and secure transactions on the network. The Ethereum blockchain also uses a consensus algorithm to ensure agreement among all network participants.

Which Wallet to Choose for Ethereum?

As presented above, several wallets are available for storing your Ethereum. To help you choose, we have listed the wallets with their strengths and the devices that support them.

How to Store Your Ethereum?

To store your ETH, you have a wide range of choices depending on your needs and how you use your Ethereum. If you store it on a platform such as eToro, you can store your crypto immediately once your purchase is complete.

If you choose to store it in a physical wallet, you can keep your Ethereum for longer, which lets you build long-term strategies for your ether. So you have a wide range of choices for your crypto wallet. All you have to do is choose your wallet based on your needs and your experience in the cryptocurrency market.

How to Get an Ethereum Wallet?

To get an Ethereum wallet, you first need to choose the wallet that suits you. Once you have chosen, you can either store your ETH tokens directly in the online wallet, or have your wallet delivered if it is a physical one. In every case, your wallet becomes yours when your public and private keys are created.

How to Protect Your Ethereum?

To protect your Ethereum, as with your Bitcoin, there are several solutions depending on the type of wallet you choose. If you have chosen an online wallet, such as a platform, you can enable two-factor authentication. This adds a double layer of security to your platform to avoid losing your ether.

If you have chosen a desktop wallet, it is essential to protect your Ethereum from viruses and keep your computer secure. For paper wallets, you just need to keep the piece of paper with your public and, above all, private keys safe.

For complete protection of your ETH, you can choose a hardware wallet. Hacking rates on these devices are very low, even zero. The only risk is losing the device (which takes the form of a USB stick). What strongly guarantees the security of an Ethereum hardware wallet is the fact that your crypto lives on the blockchain.

Conclusion: Which Wallet for Your Ethereum?

To choose a wallet for storing your ETH, consider your needs, your experience and the wallet’s features. Seasoned investors can use cold wallets for their Ethereum, which lets them follow a long-term investment strategy.

Novice investors with a lower appetite for risk are advised to turn to hot wallets such as the eToro platform, which will help them easily understand the basics of trading. It is also possible, and highly recommended, to have both types of wallet for your ETH tokens. You can then vary your trading strategies depending on the state of the Ethereum market.

Read also: Where to Buy Ethereum Classic?