Ethereum Wallets: We Guarantee That You Will Choose The Best With This Guide
Ethereum is right on the heels of Bitcoin. It would be a terrible mistake to underestimate this cryptocurrency, and we know that you don’t make this mistake because you are reading these lines: you are here because you want to know more about this coin. If you are interested in getting an Ethereum wallet and do not want to waste hours reading an endless number of articles each dedicated to one wallet only - please, have a seat and take your time. Our long, yet complete Eth wallets’ guide will give you everything you should know before making any steps closer to this cryptocurrency.
What do we provide in this article?
What to pay attention to when choosing a wallet;
How you can get a wallet using different platforms;
Types of modern coin storages with detailed descriptions;
Full list of the modern wallets, from pioneers to good old ones.
There will be a lot of words. But, one should better make sure that he knows literally everything about what’s going on in the market when it comes to cryptocurrencies.
What You Should Consider When Choosing Ethereum Wallet
First of all, ask yourself these questions:
Do you want a coin "vault" that will allow you to store only Ethereum or you would better have a multicurrency one? For traders who want to focus only on Eth, there are tons of variants, as they can use both, Eth-based storages and those that allow users to trade different currencies. Those of people who would like to have all their currencies at hand, there are fewer available wallets.
Do you plan to trade often? Some wallets are perfect for regular trading, such as mobile ones, while others focus on safe and rare funds transfers.
Wanna have the possibility to access your wallet anywhere and anytime? Or, maybe it is okay for you not to have such a possibility? There are mobile and web wallets that will be available for you everywhere. At the same time, they are not as safe as hardware storages that are just a bit more troublesome, for example. We will discuss each type later.
After that, have a look at the most popular wallets (well, you can just scroll down and see them all) and choose, paying attention to:
Developers. If you are a “young” trader, choose the oldest and most trusted companies that offer stable and safe wallets and promise stable (yet slow) development.
Interface. No one wants to get angry when using anything on the web in 2020 - it is ridiculous to suffer from user-unfriendly interfaces this century.
Safety. The harder it is to access your own funds, the harder it will be for hackers and common thieves. But, try to find the balance: you do not need to fume with rage because your wallet is too troublesome, but if there are any small inconveniences that you can stand to get the highest security level - stand them. Remember that a few years ago hackers have stolen the sum of cryptocurrency equivalent to 1.2 billion dollars. Do not let dishonest people touch your money.
Fees. No comments.
Documents that are needed for verification. All of us have different thoughts on how open they can be with different organizations and companies that provide users with the possibility to get coin storage. Check the verification steps before starting to create new coin storage.
How To Get An Ethereum Wallet: Instruction
Wallets offer plenty of ways to set them up, and their list is endless. Our team decided to provide you with just one instruction - the one that can be used on the official Ethereum platform “MyEtherWallet”. It is not a universal instruction, but it will give you an understanding of how the digital wallets actually work. Additionally, it is the simplest way to get a wallet for a newbie to the blockchain sphere.
Wanna get storage for your coins on this platform? Here is how you can do it:
First, you should read all the safety reminders the website provides: all this info is very helpful and even vitally important, especially if you set up a wallet for the first time. There will be everything on what you should and should not do when using your tokens’ storage.
Once you’ve done reading the reminders, you will see an option to create a solid passcode for your future wallet. Then the platform will show you the download link with your Keystore file.
You should save your private key. Remember, please: you will never restore the access to your Ether storage if you lose your key. No one will help you - there is no possibility to ask a support team to reset your passcode.
Short Guide On All The Existing Wallets Types
Now you know how you can get your persona coins storage. It is high time to familiarize yourself with the types of the digital and physical wallets that are now available to use.
This type uses cloud storage and works much faster than any other type of wallet. Additionally, they can be accessed from any device and at any place; the only thing you will need is an Internet connection. However, the keys of users are stored online, which makes them almost defenseless against hackers, malware, and any other types of cyber-attacks. Moreover, if you get a web wallet provided by a company, you will not be even able to strengthen the protection of your coins: you will use only the ones that the company provides.
“MyEtherWallet” offers web wallets, but this platform provides users with a bit higher degree of security. It allows them to store the keys on their devices and transfer, buy, and change coins without getting stressed because of the high theft chance.
The risky traders who want to multiply their funds as soon as possible can try custodial wallet. Some cryptocurrency exchanges offer such service as storage and protection of your crypto funds. The good news is that the companies that offer such services can protect your coins; the bad news is that you cannot protect them personally by any additional means.
Users of custodial wallets have a unique possibility not to pay for transactions (but sometimes there comes a small fee on some platforms) and enjoy easy-to-use wallet interface, as well as have the backup of their storage made by the provider. However, all these pros may be erased by one con: any exchange can be hacked (although, there are veterans that can boast of the never-being-hacked reputation).
There are exchanges that allow traders to lend other users coins. Well, generally, custodial wallets are designed to use them not to store cryptocurrency: they are for active trading, exchange, and purchases. If you want only to store your coins or manipulate them rarely, choose any other type of Ethereum wallets.
As it comes from the name, the hardware wallets are like popular portable HDDs, but they can store only cryptocurrencies. Some people even plug their hardware wallets into their laptops (if there is a place for one) to carry them to any place without showing them in public and access their tokens in a bit more convenient way.
It is the best wallet type for the people who want to have the possibility to generate the keys offline, have access to their cryptos on the go, and have their coins completely protected from cyber-attacks. Usually, a hardware wallet comes with a backup option (which is a rare and very useful function) and a PIN code. By the way, some of the HWs have a screen: it will come in handy if you do not want to open up your laptop to sign up for transactions.
The only thing that can prevent you from getting such storage is price. However, you will pay a lot more if you are an experienced trader who deals with great amounts of money and who can lose it all because of tricky thieves: they can easily access a regular web wallet. Do not think about saving some dollars from the very beginning, especially if you are going to trade a lot; otherwise, you will pay afterward and a lot more significant sum.
A desktop wallet is literally a software that you need to download to your PC; i.e. you will have to download an entire Blockchain client. If you do not want to have tons of gigabytes on your device, you can use a light client, but remember that it is less secure than the full one. A light client needs miners or nodes to send them accurate information and validate transactions - it will make your computer more “accessible” for hackers who can get the transmitted info about the operations with the wallet.
To be honest, it is not the safest type of Eth wallet. Thieves can steal your laptop, hack it, or it is can be just damaged, and you will have huge troubles with accessing your tokens. You will have to protect your PC from any malware and keep an eye on modern ways to hack devices. Still, if you care about your computer and are attentive to possible attacks, an Ethereum desktop wallet will be a good choice, especially if you want to have constant access to your crypto funds and keep your laptop with you all times.
If you need faster and lighter storage for your currency, try mobile wallets. It is the best variant for people who need to have access to their coins anytime and anywhere.
The major negative feature of this wallet type is its vulnerability to hacks: a smartphone should have a working Internet connection to allow its owner to operate his funds. Additionally, the private keys never leave the device, which makes its owner take additional safety measures. Usually, mobile wallets allow users to store different coins and tokens, and it is great for people who don’t want to trade only Ethereum.
A good old variant for conservative and careful people. Conservative - because there are a lot of more modern and secure ways, and careful... Well, to watch a paper wallet is a hard task for a busy person. Still, PW is among the safest variants to store the coins.
A paper wallet is literally a piece of paper with a code on it. It is not connected to the web, so no one will hack it or prevent you from accessing your storage in any way. In the modern world, technologies make our lives easier but vulnerable to virtual attacks, so those who want complete safety a paper wallet is a good choice (however, people who use such wallets are not protected from physical thefts).
To get a paper wallet on the “MyEtherWallet” platform, you need only to download your key storage and print your keys with QR-code to scan those keys.
Best Ethereum Wallets: You Need To Know Them
Taking into consideration the fact that there is a huge variety of wallets for cryptocurrency, we can say that it may be difficult to choose just one. We highly recommend familiarizing yourself with our detailed guide on each of the most famous coin storages that are now on the market and try several of them.
There are only two types of wallets: hot and cold. Cold wallets do not need an Internet connection - you can generate addresses offline or can turn off the connection to protect your coins. People who value the highest speed of executing transactions and any other operations with cryptocurrencies choose hot wallets; Ethereum cold storage, in its turn, is the best for those who value security more than speed ease of use.
Below you will find a complete list with the most popular companies and brands that offer their services and products to crypto traders.
Ledger Nano S
Solid wallet with minimalistic design and a wide range of functions is an example of how modern technologies should look and operate like. This small flash-drive-like powerful thing will provide you with the highest security level, so if you are seeking for it - try Ledger Nano S, which is, among other things, one of the cheapest Ethereum hardware wallets: its price is only $59.
To start working with this cold Ethereum wallet, you should connect it to your computer with a USB cable, create a PIN code and think about the special phrase that will help you to restore the access to your wallet if you forget the PIN (it’s really cool to have such a backup). To operate your funds through PC, you can use the Ledger Live browser or mobile app. Interesting fact: even if your laptop or smartphone has any viruses, they will never damage your hardware wallet because it has a two-factor security system.
What are the cons? The owners of Ledger Nano S can connect their devices using Bluetooth to their PCs to operate them. It is a useful function but hackers may use Bluetooth connection as a way to access the funds. But, it is still a rare case, so just turn off this option and don’t be lazy - use USB cables.
Ledger Blue is the result of more than two years of research. It differs from the typical hardware wallets with its design and interface - it looks like a little tablet rather than a flash drive. It has a 3.5-inch color display and it is great for people who get used to touch-screens.
Traders can connect this wallet to their devices using Bluetooth and USB. No matter what device and OS you use: Ledger Blue is compatible with all the popular operating systems. Those who need a device that allows storing various cryptocurrencies can try Ledger Blue (besides, it costs $267). It supports 11 applications to use simultaneously and over 30 cryptocurrencies to store and trade.
This hardware Ethereum wallet allows users to make backups and restore access to the storage if the PIN is lost. Additionally, it guarantees the complete safety of the private keys: they will be are safely isolated inside the device.
Trezor Model T
SatoshiLabs is one of the most famous and trusted companies offering Trezor hardware wallets. There are a lot of SatoshiLabs wallets you can purchase, but we are going to talk about the most popular one - Trezor Model T.
This wallet supports a lot more coins than its “predecessors”, has a touch screen, and supports microSD cards. Its interface is intuitive, so you will not have any problems with the configuration of your new device. There are hundreds of cryptocurrencies available to store on this wallet - you can store different ones on TMT.
To start using Trezor Model T, you should connect it to a PC with a USB cable and install Trezor Bridge - this app is needed for a proper work of your wallet and its connection to the browser. By the way, Model T supports only Google Chrome and Mozilla Firefox. You can install a backup of your device - and we recommend to do it, as well as to save your recovery seeds.
It is a good variant for people who can spend €149 and wants their Ethereum to be completely protected from any kind of cyber-attacks. But, honestly, this very wallet is not so great for such a price: to have a cool screen and 2FA is not enough for a wallet to be so expensive. There is another configuration - Trezor One and costs €69; try it if you want to use wallets by this brand only.
KK is a multicurrency aluminum hardware wallet, that has a huge OLED display. It is compatible with Windows, Mac, and Linux OS. Even though it is not as popular as Ledger and Trezor, it is still a good device to store cryptocurrency.
KeepKey is the heaviest wallet among all the wallets in this article, but it is still lightweight like a flash drive and looks elegant. To confirm any transaction, a person should use physical buttons on the device. KK supports BIP44 and therefore it works with several accounts. It can store several keys, and their number is not limited. Owners of KeepKey can trade Bitcoin, TestNet, Ethereum, Litecoin, Dash, Dogecoin, and other cryptocurrencies or just store them.
Some time ago, KeepKey bought Shapeshift, a popular cryptocurrency exchange platform. Owing to this collaboration, users can transfer tokens directly to their wallets without sending them to the exchange.
If you are ready to spend $99 to a fully open-source wallet, try KeepKey, but remember that this wallet does not allow users to save progress when they set up it. In other words, if you start to initialize your device, finish this process, otherwise you will have to start again.
Ledger Nano X
Ledger Nano X is your ultimate aluminum weapon to store and protect your Ethereum. It is the youngest hardware Eth wallet on the market. It is the brother of Ledger Nano S, but it is faster, more stylish, has a better display and an improved ST33 secure element, and offers encrypted Bluetooth connection to protect your coins from the attackers. But, you cannot connect this hardware wallet to a PC; only to a smartphone.
LNX allows to store 100+ applications and supports 1000+ cryptocurrencies, can be used on the go, and great protection of the microchip will keep your private keys safe and sound (even if you throw it in water - it is waterproof). All these features make Ledger Nano X one of the most convenient and best Ether wallets that now exist.an
Coinbase is an American cryptocurrency exchange; one of the largest cryptocurrency exchanges in the world. The exchange operates under two different brands - Coinbase and GDAX. The majority of Coinbase clients usually work with Bitcoin (and change it to fiat currencies).
Only a few coins are available on this exchange - BTC, BCH, ETH, and LTC are among them. This means that the service’s target audience is individuals who feel insecure with cryptocurrency trading and do not want to dive into the world of 1000+ cryptos. They can get their online wallets, use a mobile app to operate them, and feel completely secure with the insurance that Coinbase provides. Additionally, there are small fees for US residents.
Among the negative features of this platform, there are limitations that the administration puts on the people outside the US, detailed verification, and storage of the members’ private keys on the Coinbase’s servers.
Do you hate fees? Welcome to Robinhood, one of the most popular platforms that offer comfortable trading and web wallets, and where you will not spend even a penny on fees.
This company launched the crypto exchange first, and then there came wallets. If you use Robinhood, you can trade coins and use your wallet within one platform; but you cannot send coins to and from the other wallets. By the way, if you decide to get a wallet by RH, you should know that it will be mobile-based storage. It has all the lacks that a typical mobile wallet has, but it is still very convenient to use and... Well, it is free and it is #1 reason why people choose Robinhood over the other services.
“My Ethereum Wallet” was already discussed at the very beginning of this guide. Anyone who wants to start its crypto journey, should know about this platform and maybe even start with.
To get your web storage of coins, you should only go to the “MyEtherWallet” website, register there, and then download the private keys. Re-read our "how to get a wallet" paragraph to find out how to start working with this platform
Bitcoin Wallet is among the most convenient wallets to use on the go: it is a mobile wallet. Its developers made everything for it to work fast, simple, and provide users with all the basic protection measures.
To use it, download the official app, sign up, and start trading. It is the easiest way to get a wallet and some cash then, as the fees on this platform are not high. However, you need an Android device - only Android OS supports Bitcoin Wallet.
Remember that a mobile “crypto bank” is among the least secure storages for your coins. Use it at your own risk, if you are going to deal with large sums of money.
It is a software wallet and it means that you need to download a set of encrypted files to your PC. If you suppose that this storage has some security breaches, you can take a hardware wallet and get both, the flexibility in using a coins storage and the complete safety of your funds.
The good thing is that you can enjoy lightning-speed and smooth wallet operation. The bad thing is that your funds depend on the computer you use when accessing your wallet. If it crashes, hacked or stolen, you can lose not only the access to your coins but the coins as well. There is a backup option and the possibility to create cold storage by printing your private keys.
If you want to get a multi-currency software wallet with an intuitive interface, try Exodus wallet. It looks a lot like Electrum, but it has a bit more attractive and simple interface. Each of your coins will look like a portfolio with charts and graphs, and it is great for the newbies: the info that is presented in graphic form is a lot easier to perceive. If you have some investing experience and want to dive into the crypto world, you will feel comfortable using the Exodus wallet.
You can download software for both desktop and mobile. Besides, Exodus is one of those rare kind wallets that have a backup option - in other words, you can easily restore your passcode or seed phrase. Another positive thing about this platform is that it is compatible with Trezor devices, so if you fall for the elegant design of Exodus bit need a bit more security, you can combine it with one of the Trezor hardware wallets.
We have done everything in our power to help you to find out everything on modern Ethereum wallets. Now it is your turn to decide. Follow our instructions on what to pay attention to when making the final choice, re-read the descriptions to popular wallets and take additional protection measures by yourself. Don’t rely on software; using your mind is still the best way to do things the best way, to protect yourself, and multiply your funds.