Best Ethereum Wallets

Ethereum is the second biggest cryptocurrency by market cap and has been for almost six years. It is second only to Bitcoin, but it fulfils a completely different role in the cryptocurrency ecosystem. Ethereum is a decentralized computing platform that serves as the backbone for many of the applications that have rapidly risen in popularity, such as the decentralized finance (DeFi) boom, and, more recently, the NFT movement. Knowing how to store your ETH and your Ethereum NFTs has never been more important, so here’s our rundown on the top Ethereum wallets on the market today.

What is an Ethereum Wallet?

Ethereum wallets come in two forms – hardware and software. Hardware Ethereum wallets are physical ones that hold your Ethereum offline, while software ones are digital and hold your coins online. In many ways an Ethereum wallet is the crypto equivalent of a traditional internet banking app. With an Ethereum wallet you can check your account balance, send and receive ETH and in many cases Ethereum-based NFTs, and carry out a variety of other functions.

Coinbase Wallet

Coinbase is one of the most recognized names in the cryptocurrency world. The exchange also has a wallet service that supports over 4,000 tokens and a variety of decentralized apps. This is very beneficial if you want to convert your ETH into other currencies. The Coinbase Wallet is free to use but attracts transaction fees that range from 1.49% up to 3.99%.

According to Coinbase, the Coinbase Wallet is a “self-custody crypto wallet, putting you in control of your crypto, keys, and data.” In terms of Ethereum, it allows you to store your ETH and NFTs conveniently and safely.

The  Coinbase Wallet has the added benefit of allowing users to leverage DeFi liquidity pools to supply or borrow crypto, and join a DAO (Decentralized Autonomous Organization) to shape the future of a Web 3.0 project – such versatility is rarely found among other Ethereum wallets.

The key advantages of using the Coinbase Wallet are:

 

There are a couple of things you should consider before opening a Coinbase Wallet however:

Coinbase Wallet is one of the best Ethereum wallets because it is safe, easy to use, functional, and comes backed by a reputable name in the crypto space. However those seeing long term storage may want to look elsewhere.

MetaMask

MetaMask is a very popular wallet with cryptocurrency purists for a number of reasons. MetaMask is a software wallet that supports the Chrome, Firefox and Brave browsers and has a handy add-on. On supported browsers, MetaMask uses JavaScript to connect websites to the Ethereum platform. Using the wallet is free, but you pay a service fee of 0.875% to support the development of MetaMask.

With a MetaMask Wallet you can manage, send, and receive Ethereum and even Ethereum NFTs. You can also manage and transact a variety of other cryptocurrencies by linking your MetaMask wallet to blockchains such as BSC Testnet BSC, AVAX, Polygon, Harmony, Fantom, Expanse, and EOS.

Features and benefits of MetaMask include:

 There are some things to bear in mind before you open a MetaMask wallet:

MetaMask’s open-source architecture is more akin to what true decentralization should be. So for Ethereum users who want a wallet that matches its ethos of being completely free from the control of any one individual or corporation, MetaMask will make a good choice.

Trust Wallet

Trust Wallet is a decentralized crypto wallet that was acquired by Binance in 2018. It is an open-source software wallet available for Apple and Android devices that supports a variety of cryptocurrencies and also supports connecting to other Ethereum-based DeFi apps.

Trust Wallet’s simple user interface makes the platform easy to understand and use. This will be of great benefit to users who are just getting into crypto and are still learning how to store Ethereum safely, while more advanced users can take advantage of the more complex DApps.

For those interested in staking crypto, Trust Wallet allows staking for a variety of platforms, including Tron (TRX) and Tezos (XTZ), with Ethereum (ETH) staking possible when it launches. Other strong suits of Trust Wallet are:

 While Trust Wallet is a great option, it is not without its flaws:

Trust Wallet stands out as a top wallet for Ethereum by being totally committed to simplicity without sacrificing functionality. Trust Wallet is a great choice for a wide range of users, although carrying your crypto wallet around with you might not be a tempting thought for everyone. 

Ledger Nano S

Hardware wallets like the Ledger Nano S are deemed superior to software wallets because they store users’ private keys offline, only connecting them to the internet to complete transactions. Functionality has improved in recent years, making them much quicker to use than previously. 

The Ledger Nano S has proved to be one of the most popular hardware wallets yet, with its LED display serving up information about the holder’s accounts and is used for payment validation. Ethereum storage is naturally offered, with sending ETH through the Ledger Live software very easy. Strong features of the Ledger Nano S wallet include:

The Ledger Nano S may be popular, but it has its limitations:

It is also worth noting that Ledger suffered a series of data breaches in 2020 which saw millions of customer email addresses leaked as well as the names, home addresses and phone numbers of 292,000 customers. This does not reflect on how the Ledger Nano S performs as an Ethereum wallet, but it is important to know. 

Trezor Model T

Another hardware wallet for Ethereum, this time from the other big player in the space. The Trezor Model T is a wallet that can store a large number of cryptocurrencies, including Ethereum and all ERC-20 based currencies, with all the safety features hardware wallets possess.

The Trezor Model T was launched in 2018 as an improvement on the Trezor One and is an open-source system that is renowned for being very secure and flexible.

The Model T supports more cryptocurrencies than the Trezor One, and features other benefits such as an SD card slot for extra storage and an RGB color touchscreen. Advantages of the Trezor Model T are as follows:

There are some considerations you should factor in before you go getting a Trezor Model T:

The Trezor Model T builds on what its predecessor did well, and also what the Ledger Nano S does well, and does it better, with added features and great customizability. For those who want to splash the cash on a reputable hardware Ethereum wallet, this is one of the best.

Conclusion

Each of our top Ethereum wallets has its own advantages and disadvantages, and they have been designed to suit the needs of different audiences. This makes it hard for us to pick a definitive best wallet for Ethereum users.

However, it is clear that for those who are new to cryptocurrency and want a simple user interface that allows them to experiment with the Ethereum ecosystem, the Trust Wallet is probably the best software option right now. For the absolute first timer however, you can’t go wrong with the Coinbase Wallet.

MetaMask is probably the best option for those who are ready to dive full steam into the Ethereum ecosystem, while those who want to safeguard their Ethereum and NFTs for the long haul are better off with a hardware wallet like the Trezor T – although they will be paying a premium for this.

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