Cryptocurrency is rapidly gaining popularity in the world. Already many versatile services accept virtual money as payment for their goods or services. Many users are interested in digital assets as an investment. Some people earn their first coins by performing simple actions on the network.
Ethereum (ETH) holds the second position in the ranking of the most capitalized cryptocurrencies after Bitcoin. Against the background of the transition of the digital asset to the new protocol version 2.0, the coin attracted the interest of new investors.
Having bought Ethereum, a market participant thinks about how and where to store Ethereum. Unfortunately, many of the recommendations that can be found on the net are outdated or not entirely true. To solve the problem, in this article we have compiled the list of the top Ethereum wallets that are worth paying attention to.
What is an Ethereum wallet?
Digital money is software code. Each coin corresponds to its own record, called a hash. To bind the code to a specific user, you need an address or, more simply, a crypto wallet. The hash has no material expression, it is written to the blockchain and mapped to the wallet address. So the system remembers to whom and how much money has been sent.
At the same time, the crypto wallet is a full-fledged program adapted for people. Instead of complex mathematical records it displays information about recent transactions, current balance, and exchange rates. Many wallets have a built-in function to exchange one cryptocurrency for another.
A reliable and inexpensive e-wallet is the key to successful work with ETH cryptocurrency. If you have ETH and want to transfer it to someone, you need to know the recipient’s address. It’s like an envelope going to the post office. But the recipient will not be able to get it without having the key.
Types of Ethereum (ETH) wallets
You can group ETH wallets according to several different criteria. Further, we will give all the possible classifications. Let’s start with the number of supported currencies:
- Multicurrency wallet
- Single (ETH) currency wallet
Depending on whether the blockchain is being downloaded or not, there are:
- Thin wallet when blockchain is not downloaded;
- Thick wallet when the entire blockchain is loaded onto the PC, the data volume reaches hundreds of gigabytes. It is not always convenient, and the download speed leaves much to be desired. A thick crypto wallet is good, reliable, but it will not work for installation on a tablet, a laptop with a small amount of memory.
As for the advantages, transactions are carried out a little faster from the thin wallet, but the reliability is lower. On the other hand, a thin crypto wallet can be stored even on a USB flash drive. In addition, it can support multiple currencies. If a thick wallet worked with several crypts, then the amount of downloaded data would easily exceed 1 TB.
Depending on the method of work, wу will single out the following types of crypto wallets:
- Hardware wallets are the most reliable and the safest Ethereum wallet of all. It is issued as a separate device, in which the private key is stored. The device issues a ready-made transaction, and attackers simply cannot get the private key. Even if the device is stolen, it will be impossible to use it without the personal presence of the owner;
- A cold wallet for storing crypto coins is ranked second in terms of reliability. This is a separate program, it is installed on a PC and the keys are stored in it. In terms of reliability, it can be compared with hardware, but only if you have not performed a single transaction from it;
- Hot or online wallets have the main drawback that the private key is not located on your PC, but on a remote server. The lack of binding to a specific PC is its advantage, you only need access to the Internet.
- Another option for storing digital assets is directly on your account of some crypto exchange.
What to Look for in an Ethereum Wallet?
Looking for the best ETH wallet it is worth considering the following nuances:
- You always have to choose between maximum reliability and comfort.
- If you only need to store one cryptocurrency, then the best choice is to use the development of the authors of the cryptocurrency;
- If you need to store a lot of different electronic coins, take a look at third-party multicurrency solutions.
- If we are talking about small amounts, and you often trade on the exchange, then the account of the crypto exchange is the best storage option. But it is still desirable to have a wallet for withdrawing digital money;
- Be sure to read reviews from other users;
- Comfort is also important. It is desirable that the appropriate language, ease of navigation and additional functions are supported, for example, the possibility of setting a commission manually is also taken into account.
- Transparent terms of service. The user agreement should not contain hidden fees and other unpleasant points written in small print.
The difference between cold and hot wallets
The main difference lies in the method of storage and network connection.
ETH cold wallets work autonomously: these are offline Ethereum wallets that guarantee security, are not afraid of hacker attacks, and are suitable for large volumes.
A hot wallet is always online. It can be on our PC, smartphone, in the browser and therefore be accessible from any device. It resembles a banking app. Hot wallets provide more usability, but we risk losing money. It should be like a pocket bag.
Ethereum Hardware Wallets: Pros and Cons
Hardware cryptocurrency storage resembles USB devices, popularly referred to as “flash drives”. They are considered the most reliable wallets among all existing ones at the moment. The supply of such storage facilities on the market is limited. With their help, you can create and confirm transactions without using the Internet.
- Support for almost any type of wallet
- Ability to connect to any OS, including IOS, Android.
- Ease of use.
- Most hardware wallets are vulnerable to a falsified recipient address. The wallet cannot determine if the address is fake.
- Software and firmware errors are possible.
- There is a high degree of compromise of a device during development, assembly or delivery.
- High-quality crypto wallets are quite expensive. Their price depends on additional features and design.
- Currently, there is not a single case of theft identified from such wallets.
Ethereum Desktop Wallets: Pros and Cons
A software (desktop, local) wallet is an application for a stationary PC or laptop. In theory, any software wallet can be used for cold storage as long as it supports file backup when the network is offline.
After installing the software on your PC, you need to encrypt the wallet before using it. The password can contain random characters or words. Then you can replenish the wallet and perform the necessary operations. After completing all operations, it is necessary to disconnect the PC from the Internet, restart the program, change the password and make backup copies of dat-files, also encrypting them additionally. If you plan to further connect your PC to the Internet, it is recommended to delete dat-files and then use their copies on external media.
- High degree of secure storage (if the software is official);
- Low cost.
- Requirement for pro skills and great PC performance;
- Long installation and synchronization process;
- High risk of hacker attacks when the PC is connected to the Internet.
- Requirement for constant save backups.
Ethereum Web Wallets: Pros and Cons
An easy way to create the best online Ethereum wallet is to register it on the online service. It is very convenient when traveling, for small purchases on the Internet or donations. Such a wallet is also useful for working with little credibility services for example, casinos, HYIPs, faucets and other places where you do not want to highlight your main wallet.
- No need to download additional software;
- Access from any device connected to the Internet.
However, attackers can intercept the data and then use it to withdraw coins from the account.
This can be avoided by:
- using only trusted ISPs;
- not connecting to public Wi-Fi access points;
- not saving passwords;
- clearing the cache after each session.
Ethereum iOS and Android Wallets: Pros and Cons
Mobile cryptocurrency storage works like desktop wallets. This is inconvenient for beginners, so the developers have come up with an alternative that combines the advantages of online services and has no flaws of classic desktop applications.
In this case, personal data is stored on the mobile device, but the server is located at the developer. You do not need to constantly monitor your Internet connection and have the technical knowledge to work with your wallet.
But such storages do not guarantee 100% protection of the funds of the wallet owner. Crypto investor’s pockets can be cleaned by means of special virus programs, mobile phones can be damaged or stolen. To protect yourself, you should encrypt your mobile crypto wallet with a strong password and create a backup of your private key password.
These wallets do not require a lot of free space and time-consuming synchronization. Poor security is a big drawback that can be improved by using the cold key storage method.
What is the best Ethereum wallet?
There are leaders among ETH wallets that deserve special attention and trust.
It is a product developed back in 2013. Its features include small size, the presence of a screen and control buttons. The advantages of Trezor include the protection of information with a password, an affordable price, the ability to work with other wallets and cryptocurrencies. The body of the product is reliably protected from moisture and mechanical stress. If necessary, access to money can be easily restored.
Ledger Nano S
This wallet is a hardware wallet for Ethereum of a French manufacturer that looks like a flash drive. On the front side there is a display for easy use of money and buttons. The body is made of metal. The advantages of the device include inconspicuousness for intruders, the ability to store different cryptocurrencies, affordability and ease of restoring access to money if the device is lost.
It is a cold wallet designed and launched in 2015. Externally, the product looks like a solid screen framed in an aluminum casing. The advantages of hardware storage are the following: work with or without an Internet connection, integration with the Chrome browser, availability of data recovery in case of a password loss and ability to store various virtual coins (Litecoin, Dogecoin, Ethereum and others).
This mobile crypto wallet is available exclusively for Android and iOS users. The wallet also has a multicurrency add-on -the ability to exchange supported cryptocurrencies within the wallet. Unlike many other wallets, Coinomi has integrated not only the popular ShapeShift exchanger, but also the similar Changelly service for this purpose. Initially, Coinomi was open source, but at some point, the developers suddenly stopped publishing new versions, justifying this by the fact that the code was no longer published for security reasons.
This wallet is a product of the Coinbase cryptocurrency exchange which offers official apps for both Android and iOS. All funds of users of the wallet are insured for an amount that fully covers them. This means that in case of proven theft, attacks, etc., Coinbase clients will be reimbursed for losses. The Coinbase wallet has its own distinctive feature, i.e. an affiliate program. Registration using a referral link gives an additional 10 $ to the account. The main disadvantage of Coinbase is that it is fully operational today in 42 countries..
The wallet allows you to create new wallets, so you can keep your Ether on your own and not on the exchange. This process takes place entirely on your computer. Therefore, when you create a new wallet, you are personally responsible for keeping it safe and backed up.
Jaxx is an Ethereum wallet for Linux (being also Ethereum wallet for Mac OS, Windows), closed source, so its reliability cannot be verified, you entrust your money to a third party. All wallet files are stored strictly on the client side, which means that Jaxx does not have a central point of failure. As long as you have a written 12 word copy of your wallet phrase, you will be able to back up or restore all wallets indefinitely. If you lose your device or download malware to a computer, attackers can gain access to your wallet. Check your computer for malware on a regular basis, take advantage of your device’s built-in security features, and use the PIN option that protects all functions that can be used to obtain funds or keys.
It is an open-source mobile multi-currency crypto-wallet with a built-in exchange service, i.e. an ideal solution for safe storage and operational management of your crypto assets.
- It allows you to buy and sell cryptocurrencies from any Visa / MasterCard bank card, electronic payment systems Perfect Money, AdvCash and Payeer.
- You can convert some cryptocurrencies to others directly in the application with the choice of the most profitable exchange provider.
- It does not require verification, KYC / AML procedures and it is completely anonymous.
- It has Cashback and a two-tier affiliate program.
- It supports all popular cryptocurrencies and hundreds of different tokens.
- It has a unique Trustee Booster Kit technology to speed up incoming and outgoing transactions in Bitcoin and Ethereum blockchains.
Ethereum Wallet by Freewallet
This client is a mobile application from the freewallet.org multicurrency online platform. You can download it for free in the App Store and create an account without having a profile on the main resource. The main features of this program are:
- Logging into your profile via Facebook, email or Google +.
- Replenishing the Ether balance by sending coins from wallets of other cryptocurrencies.
- Tracking the price of Ethereum in real time (the cost will be displayed in the fiat currency of your choice).
- Setting a pin code and Touch ID to log into your account.
- Forwarding your public address via social networks (Twitter, Facebook).
- Having a function responsible for sending a letter to e-mail, which will inform about changes in the balance or confirmed transactions.
- Setting up two-factor authentication to properly protect your profile from unauthorized logins.
WallETH Ethereum Wallet
WallETH is one of the best Ethereum Wallet Android. Among the main features of this program are the following points:
- Ability to import private keys from other profiles.
- Option to display profile balance in fiat currency (US dollars, euros). The value of digital assets on the account changes in real time depending on the current exchange rate.
- The function of creating multiple accounts on one phone or tablet. Thus, you can better distribute funds and ensure yourself complete anonymity on the network.
- Ability to conduct offline transactions. In this situation, the translation request is made online, and the signature is already placed offline.
- Supports synchronization with the TREZOR hardware wallet.