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Crypto World
The crypto trading world is flooded with various wallets, but which one should you choose? Read our review to see the best ETH wallets and their advantages!
Today’s cryptocurrency world is evolving at a fast rate, and Ethereum has firmly established itself as a serious player in the industry. It is a crypto with the second-largest market capitalization – right after Bitcoin.
For that reason, investors are seriously attracted to the prospect of investing in Ethereum. Therefore, the demand for Ethereum wallets seems to have surged to unprecedented levels.
So, to truly immerse yourself in the exciting blockchain universe and ensure that your digital assets are stored safely, you need to choose a 100% reliable wallet. Let’s take a look at your options.
An Ethereum wallet is a digital tool, an app or hardware that you use to store, manage, send and receive your ETH tokens or other Ethereum-based cryptocurrencies. Of course, wallets are essential tools for anyone who wants to participate in the Ethereum blockchain ecosystem.
So, with that in mind, there are two distinct categories of Ethereum wallets:
Let’s check them out in more detail.
A Hot wallet is a wallet that is software-based or online. It is a wallet that is constantly connected to the internet, making it easily accessible and suitable for everyday transactions.
If you want quick access to your ETH assets, then hot wallets are ideal. You can use these wallets to make online purchases, participate in decentralized exchanges and interact with various decentralized apps.
How wallets have advanced security mechanisms to protect your tokens, but as they are connected to the internet, the chance of being victims of hacking attempts will always be there.
The second type of wallet that you can use for your ETH tokens is a Cold wallet. When we talk about cold wallets, we man hardware devices that don’t need internet access to function. Hardware wallets are great ideas for long-term ETH Storage.
Due to the fact they don’t rely on an internet connection to function, cold wallets’ risks of being subject to hacking attempts are practically non-existent.
Even though cold wallets are safe and reliable options for ETH assets, they are not great options for everyday traders. If you have large amounts of ETH that you plan on keeping for a longer time, then hardware wallets are your pick of the bunch.
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Now, we can dive into the juicy part of this review – practical examples of top-class wallets from both categories mentioned above, alongside the advantages and disadvantages that come with them.
No discussion about ETH wallets can go without at least a mention of MetaMask. It works as both a web wallet and a mobile app, so you can use it on all devices, whatever your preferences may be.
MetaMask allows you to manage, store and interact with all decentralized apps and it is one of the few ETH wallets that supports a wide range of Ethereum-based tokens. You can store, send and receive various assets such as ETH, ERC-20 and ERC721 through the wallet.
At the start, MetaMask was crafted to support Ethereum, but it has evolved over time to include other blockchains like BSC and Polygon. Lastly, MetaMask works with all browsers – Chrome, Mozilla Firefox, Opera, and Edge, so you won’t have any difficulties using it.
Binance offers a crypto wallet within the platform where you can safely store your ETH assets. Its biggest advantage is obvious – the connection with the crypto exchange platform, meaning that you can conveniently trade coins at any time.
Binance is the largest crypto exchange in the world, as it supports 385 different assets and tokens. Its reputation itself should be enough of a commodity for you to choose it as the place to store your ETH holdings.
You can navigate the Binance wallet as a web extension that is available for Google Chrome, Firefox, Brave and Edge.
Moreover, its ease of use is one of the main reasons why Binance Wallet is so highly sought-after. You can send tokens through a QR code, making it ideal for newbies to grasp the trading essentials without making costly errors.
The Binance wallet also seeks to launch a new swap feature that will allow users to swap their tokens without going through other crypto exchanges. This feature will also have DEX aggregators and market makers which means that you will be able to access tokens and low prices.
As the wallet is interconnected with the Binance exchange platform, you can instantly send your funds from the wallet to the exchange and trade in no time.
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Now, we can switch our focus to a great example of a hardware wallet – The Ledger Nano X. It is compatible with all mobile devices via Bluetooth, and as you would expect from a hardware wallet, it is a safe place for ETH assets.
Moreover, The Ledger Nano X allows you to store more than one crypto at the same time, and your private keys are stored offline, so the wallet is immune to hacker attacks.
Bluetooth connectivity is one of the most important features of Ledger Nano X. It is a convenient option that empowers users to connect their devices through the Ledger Live app, so it is a nice way to store and manage assets on the go.
As for the Ledger Live app, it also boasts a user-friendly interface, and you can download it on all devices – Android, iOS, Windows and even Linux!
Nonetheless, note that as a hardware wallet, Ledger Nano S and X comes with a price. The price can range, but expect values between $100 and $150, depending on where you buy it from.
We continue our list with another completely reliable hardware wallet – Trezor Model T. It is one of the most used hardware wallets that offers a user-friendly way to store your ETH-based tokens.
It goes without saying that your private keys are stored offline, and Trezor Model T has a secure element chip to protect your private keys from potential threats.
Trezor Model T has a touchscreen interface, so you can easily navigate through your assets directly on the device.
Its compatibility with an array of wallets and apps that support Ethereum-based tokens is another advantage we can mention. Popular corresponding wallets include Exodus, MyEtherWallet and MyCrypto.
Safety and convenience do not come without a price, though. Trezor Model T is slightly more expensive than Ledger Nano X with a price of up to $230.
Moving on, the Coinbase Wallet is another top-notch non-custodial solution for your ETH assets. This wallet operates independently on the Coinbase exchange platform, and as a DeFi wallet, it doesn’t require users to create an account at the exchange.
Coinbase is one of the better-suited wallets for novices in the crypto world. It has a simple, user-friendly interface, as well as advanced security features.
Apart from ETH, Coinbase supports a wide range of other cryptocurrencies, such as Bitcoin, Litecoin, and Dogecoin, alongside ERC20 tokens. So, as a DeFi wallet, it allows individuals to have full control over their assets and private keys, making self-custody its unique selling point.
We begin our list with a specially designed mobile wallet that offers the complete package. You can take full advantage of various financial services, such as buying or selling crypto, virtual IBAM, onramps and offeramps, and you will even get a crypto card!
All of these reasons combined make CryptoWallet.com one of the most reliable wallets for storing and more importantly – spending ETH directly.
In addition, CryptoWallet.com has a built-in crypto exchange feature. It means that you can trade one currency for another directly within the wallet, which further simplifies the whole process of users managing their portfolios.
MyEtherWallet is an open-source ETH wallet that allows users to manage their ETH assets and interact in the blockchain. Of course, you can send and receive your tokens through the wallet.
The best news about MyEtherWallet is that it is a non-custodial wallet – users have full control over their ownership and private keys.
At the moment, MyEtherWallet supports Ehereum and Ethereum Classic, but you can interact with other Ethereum-based tokens like ERC20 and ERC721.
You can use MyEtherWallet through its official website or you can download an offline version of it. As you can imagine, the offline version allows you to manage your private keys without being connected to the internet.
Exodus was primarily developed and crafted as a Bitcoin wallet for desktop use, but it has evolved so much in the meantime. It is a wallet with several standout features:
Even though initially, it was only eligible for desktop users, Exodus has expanded its portfolio of services to accommodate iOS and Android platforms.
One of the most notable Exodus features is its extensive support for cryptocurrencies and NFTs. In total, Exodus accepts more than 260 digital assets for users to store and trade, which of course, includes Ethereum.
Finally, Exodus has several interesting functionalities that make it a versatile wallet that is visually appealing for all crypto enthusiasts:
Jaxx is a crypto wallet that is compatible with various cryptocurrencies, including, but not limited to ETH, BTC, USDT, LTC, XRP, and TRX.
Thanks to Jaxx’s user-friendly interface, all beginners won’t face any difficulties accessing it. This is both a desktop and a mobile wallet that works perfectly fine on any device – you can also use it as a browser extension on Chrome and Firefox.
When using Jaxx as your ETH wallet, you can add custom tokens to it by providing the token’s address, symbol and decimals of precision.
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OKX is one of the best ETH wallets that allows you full access to the Web3 ecosystem. It is completely secure to use and it offers a wide range of DeFi services.
You can use it on all devices – including Android, iOS, and it is also possible to access it through a Chrome extension.
One of OKX’s strongest points is that it offers top-class security to its users. It has a KYT system that monitors any potential fraudulent activity, and thanks to its 200 million labels, the wallet protects users from any fraud risks.
As one of the most universal crypto wallets out there, OKX supports over 50 decentralized networks and native tokens like ETH, Polygon and Bitcoin. Additionally, OKX has a nicely crafted Web3 dashboard that gives good information about users’ investments.
Among other significant advantages OKS has, we can mention its stake-to-earn services. It provides all users staking, farming and pooling services that can significantly boost their portfolio.
Additionally, OKS acts as a one-stop NFT aggregator. That way, it allows users to create and trade NFTs on various networks and you get access to the biggest brands like Wrapped Cryptopunks.
Trust is another reliable wallet that supports all Ethereum-based tokens, decentralized apps and NFTs. Trust is a mobile-first crypto wallet that has outstanding features and impressive versatility. It supports all the major coins like BTC, ETH, as well as tokens like ERC20, BEP2, and BEP20.
Another benefit that attracts many users to Trust is its strong connection with Binance. Of course, Binance has a strong reputation among crypto enthusiasts, so crypto traders are incentivized through the platform to choose Trust as their best ETH wallet.
Up next, we can present a multi-currency, non-custodial crypto wallet that you can use to store your ETH tokens. As is the case with the vast majority of wallets in this list, you can use Guarda as a web wallet, extension, and application for desktops and smartphones.
Besides supporting Ether, you can use the Guarda wallet to trade with various other cryptocurrencies like Bitcoin, Ripple, Litecoin and other popular coins and tokens.
If you want to actively interact with Ethereum-based decentralized apps online, then Guarda is the best option for you, alongside MetaMask.
Finally, we finish our list with Zengo, a highly-reputable self-custody mobile wallet for Ethereum that is known for arguably the best user interface of all options here.
At the moment, Zengo has more than 1 million active users, which is a testament enough about its reliability. Moreover, regular independent software audits that occur on a yearly basis at Zengo ensure that it always adheres to the highest security standards in the industry.
Of all the security features you will encounter as a Zengo user, one that we would highlight is the 3-factor authentication, instead of a seed phrase.
Zengo sees seed phrases more as a liability than a security protocol, so it has replaced them with another layer of authentication. Instead of using a list of words that you would write down, Zengo will only allow you access if you pass the 3D face scan, a recovery file and an email address.
Apart from its security features, Zengo allows you to buy, sell, and trade over 120 different tokens, including ETH. Of course, you can also access dApp marketplaces and connect to Web3 dApps.
Note that you can have more security features if you are ready to spend a bit of money. One package of $69,99 per year allows you to use a Web3 Firewall, among other things.
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As you can see, the number of Ethereum wallets in the market is never-ending, and it doesn’t look like the introduction of new options will stop.
Although this is a comprehensive list that will surely help you narrow down your search for an ETH wallet, you need to remember a few things that will help you make better-informed decisions:
Choosing your ETH wallet should not be a light-hearted decision. As you can see, there are numerous aspects in play, but hopefully, this article will prove to be a great starting point for anyone new to the crypto trading world!
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An Ethereum wallet allows you to store and manage your ETH digital assets. You can use the wallet to trade seamlessly on exchange platforms.
Well, it depends on your preferences on what type of wallet you are after. You can install software wallets with just a few clicks, while hardware wallets require you to buy them.
Yes, the options we have included in our list are free of charge. You can download them or install them at any time and on any device.
The price can vary, depending on the type of hardware wallet and its functionalities. For example, Trezor Model T and Ledger Nano X cost upward of $150.
Thankfully, there is not just one name here! All of the ETH wallets we listed above are world-class, both in terms of security and trading functionalities, so go ahead – compare them and choose whichever you see fit!