Wallets are critical for any cryptocurrency - without wallets you won’t have a place to store your currencies.
Ethereum, which currently has the second largest market cap, next only to Bitcoins, is a booming industry and a large number of people are attracted towards it. Investments in Ethereum are at an all-time high and an overwhelming number of people are investing in it. If you too, plan to invest in Ethereum, the most basic requirement that you need to get fulfilled is that of a good Ethereum wallet.
Here’s a list of some of the best Ethereum Wallets - we have personally gone through each one of them to ensure you get the best of the best. Let us take a closer look
Also Read: How to Buy Ethereum
We have gone through many ethereum wallets before we made this list. However we finalized on the names in this list after comparing them on the following factors:
Security: Security is our primary concern. A good ethereum wallet needs to be secure and safe. Especially at a time when hacks are common.
Ease of Use: How easy are they to use for a novice user.
These have been two of our primary parameters. However, other than this we have kept in mind a number of other factors too, such as: how active is the team of developers that updates the wallets, how compatible is it, the kind of control it gives to you over the keys and more. Let us now take a look at the best Ethereum Wallets:
Coinbase is, without the shadow of a doubt, one of the best ethereum wallets of all times. The platform is a web wallet and it offers a large number of feature as well as ample security. It has been featured in Time, Bloomberg and other major publications because of its credibility and trustworthiness.
The coinbase wallet is very easy to set up and use. The wallet offers the users with insant currency conversions and many other unique features. Coinbase also has a mobile app for Android and iOS users. It supports Bitcoins too. However, while everything at hand is good here, the Coinbase wallet does have a few drawbacks, primarily the key control.
The key to your wallet is held by Coinbase and the company can decide to shut down your account any time they want (PS: they generally don’t). However there have been cases in the past that Coinbase did shut down some user wallets over illegal activities. Coinbase supports Ethereum (ETH) but does not support Ethereum Classic (ETC).
Another of the most popular options when choosing between the best Ethereum wallets, Ledger Nano S is a major name in the industry. It is one of the most trusted Ethereum wallets when it comes to hardware wallets. What makes it even more attractive for users is the fact that it comes out at a very low price compared to other alternatives. It allows you to store Ethereum as well as Ethereum Classic.
This is a very secure wallet. Your private key is stored in the device itself and so is your Ethereum. The ledger Nano S comes out into the markets with a combination of a PIN and a physical key which ensure that your transactions can be approved only by you.
Interestingly, this hardware Ethereum Wallet also comes out with a small OLED screen which gives you tidbits of information on your transaction. The Ledger Nano S supports not only Ethereum but also the likes of Bitcoins and Litecoins as well as many other altcoins. It provides multiple wallet addresses and is one of the best hardware Bitcoin wallets.
If you are looking for a wallet that offers you a great user interface and easy to use features, Exodus has got to be your choice. Exodus is without a doubt, the best looking wallet for Ethereum as well as other cryptocurrencies. It has been created for all three major Operating Systems - Windows, MacOS as well as Linux.
It supports multiple cryptocurrencies and when you log into it, it shows you all the currencies that you hold in a colorful pie chart along with various statistics around it. Moreover, since this is a desktop wallet, your private key is stored in your PC and not on a third party server. However this means that you need to ensure that your PC is always safe.
The User Interface offered by Exodus is great for beginners as well as advanced users. Moreover it is the first ever desktop wallet which comes with ShapeShift support, which makes it possible to trade altcoins and bitcoins. However when choosing Exodus as your Ethereum wallet, keep in mind that while it supports Ethereum (ETH), it does not support Ethereum Classic (ETC).
MyEtherWallet is a web based wallet - while this might make you think that it is similar to Coinbase, it is actually a little different. Unlike other web based wallets which store your private key with them, MyEtherWallet does not do so and the control of the private key of the wallet lies in the user’s machine.
Basically what MyEtherWallet does is that it allows you to set a password and creates a downloadable file which is only with you. This file acts as the ‘key’ that you will have to upload every time you want to spend your Ethereum stored here. The website allows you to create wallet as well as create smart contracts. It is an open source technology and can also be paired with hardware wallets such as Ledger Nano S to view your funds stored in your hardware wallet in the MyEtherWallet UI.
The biggest drawback with using MyEtherWallet is that it isn’t beginner friendly. This is a wallet fit for experienced users and pros. While it is indeed among the best Ethereum Wallets, it is probably best to consider other wallets if you are a newbie.
Also Read: How to Mine Ethereum
Trezor is another popular hardware wallet and can be compared with Ledger Nano S. Both the wallets are equally matched when it comes to safety and giving control to the user. Interestingly, it was the first ever hardware wallet created for storing Bitcoins. However Trezor now supports Ethereum as well. Not just Bitcoins and Ethereum, it supports Dashcoin, LiteCoin, and a number of other alternative cryptocurrencies.
Trezor can be paired up with the aforementioned MyEtherWallet to use it in a web view. The device is durable and water resistant which ensures that it is safe. It has been constructed in a manner that it cannot be hacked. Similar to the Ledger Nano S, Trezor too, comes with a built-in display which allows you to take a quick look at your transactions.
Trezor is light and portable and truly one of the best Ethereum Wallets. It is a little more expensive than Ledger Nano S and comes out in three color variants: Black, White and Gray.
Our final name on this list of Best Ethereum Wallets, the Jaxx wallet offers the users with support for multiple currencies. It supports 13 cryptocurrencies and comes out for Desktop as well as Mobile. What makes Jaxx secure is that your private key is stored in your device itself. Moreover, even when it comes to design and UI of the app, Jaxx ranks high.
The Jaxx wallet comes out for a large number of operating systems. It supports Android, iOS, Mac OS, Windows and Linux. There are also plans to soon release a Jaxx hardware wallet. Moreover, it also gets a good rating when it comes to privacy. The Jaxx wallet does not need personal information from the users. It supports ETH as well as ETC.
This is an up and coming name and is expected to become a major player over the years to follow.
We hope this list of the best Ethereum Wallets helped you to decide the best wallet that suits your needs!