The crypto industry has much more to offer than Bitcoin if you take your time to dive deeper. An excellent example is Ethereum, the second most traded crypto whose ecosystem impacted more sectors.
So, if you are planning your crypto investments for this year, make sure that you keep Ethereum on top of your mind because ETH has been set on an upward trend and shows a strong investment potential. To put this into perspective, Ethereum has shown an increase of 9.85% in the past seven days with a TVL of $24.67b.
So, to keep your ETHs secure, finding the best Ethereum wallet that will serve your needs and offers you peace of mind is crucial for any crypto investor, regardless of the experience.
In today’s article, we discuss the best ETH Wallet to secure your digital assets, addressing security aspects, supported cryptocurrencies, transactional fees, and other vital factors that need to be considered.
What is an Ethereum Wallet?
Depending on your preferred choice, the Ethereum Wallet may consist of a software wallet or a hardware one that allows users to interact with the Ethereum blockchain. The wallet also allows users to securely manage their Ethereum account, thus performing transactions, enabling the creation of smart contracts, engaging with dApps, and many other activities.
The Ethereum Wallet is managed via a private key only the owner can access, and sharing it or poorly storing it may result in theft or fraud. Usually, the Ethereum Wallet setup process involves downloading or writing down the private key, enabling users to manage their crypto wallets and digital assets.
It is important to remember that crypto wallets, either for Ethereum, Bitcoin, or any other crypto, do not hold your currencies but a pass or code that you will use to access your assets. And this brings us to point no 2; how many types of Ethereum wallets are there?
By understanding the several types of Ethereum wallets, you can securely store your digital assets, thus enjoying your journey without being held back.
Types of Ethereum Wallets
Depending on your crypto management style, there are two types of crypto wallets: hot and cold. The hot ones need a secure internet connection, rather than the cold ones, which are offline, usually hardware or paper.
We have to give credit to the hot ones for their accessibility and ease of use compared to the cold wallets. But, the offline ones are more secure due to their nature: it limits access to malware attacks.
Now that we’ve learned the two main categories, we can divide them further: hot wallets can be mobile, desktop, browser, and web, yet the cold ones are only hardware and paper. Also, we recommend the complete guide to pick your cryptocurrency wallet for a more comprehensive overview.
What Makes a Good Ethereum Wallet?
Usually, there are several things that you must consider before making up your mind on the best Ethereum Wallet, but for now, we are discussing the most important ones:
- Safety: As you check all the critical terms and conditions before buying a gadget or choosing a bank, you must go through all the safety protocols the best ETH wallet follows.
- Compatibility: A few wallets still do not support ETH, so you must go through the list of supported cryptocurrencies the wallet offers in advance. Otherwise, the wallet will not be helpful in your case.
- User Interface: The best Ethereum wallet for you will be the one that offers an excellent user interface that is easy to understand and provides seamless usability.
Recommendations for the Best Ethereum Wallets in 2023
1. Best Ethereum Wallet for Beginners: Exodus
Exodus is a user-friendly and intuitive multichain Web3 wallet that connects thousands of Web3 apps and dApps across many networks, including Ethereum. Also, crypto investors can manage Ethereum-based tokens and NFTs (Non-Fungible Tokens) in one place.
Supported coins: Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), Tether USD (USDT), and Dogecoin (DOGE).
The number of supported cryptocurrencies: 367.
Type of wallet: A software wallet.
Price: Free.
Fees: Exodus only charges the network fees upon sending, not while receiving. Yet, you can set custom fees for Bitcoin, Ethereum, and ERC20 transactions on the desktop and mobile, while the Web3 wallet supports setting custom fees for ETH and ERC20 transactions.
Customer Service: Exodus Wallet offers in-app, email, Twitter, Facebook, and Exodus Support+, a 30 min Zoom call, but this will be charged.
In-App Features: Crypto users can buy, sell, swap, and convert assets within the Exodus app.
Hardware Compatible: Yes – Trezor.
Mobile App: iOS and Android.
2. Best Ethereum Wallet for Security: Guarda Wallet
Developed in 2017, Guarda is a secure multi-platform cryptocurrency wallet designed to hold, manage, swap, buy, and stake cryptocurrencies, including Ethereum. Also, a new feature has been added – Prepaid Visa Crypto Cards.
Supported coins: Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), Tether USD (USDT), and Dogecoin (DOGE).
The number of supported cryptocurrencies: 400k+.
Type of wallet: A multi-platform wallet.
Price: Free.
Fees: Upon transfer, users will pay the network fee, but for exchanges, there is a 0.5% commission per transaction. However, depending on the traffic volume, their fiat-to-crypto, and crypto-to-fiat partners charge up to 2%.
Customer Service: Email, support tickets, and live chat.
In-App Features: Buy, sell, swap, stake, borrow, and spend.
Hardware Compatible: Yes – Ledger.
Mobile App: iOS and Android.
3. Best Ethereum Wallet for Accessibility: MetaMask
MetaMask is a self-custodian crypto wallet to access blockchain applications and Web3. Trusted by over 30 million users worldwide, MetaMask supports all Ethereum tokens and NFTs but does not support Bitcoin.
Supported coins: ETH and any ETH-based token: Shiba Inu (SHIB), Uniswap (UNI), Aave (AAVE), and Dai (DAI).
Type of wallet: Non-custodial wallet.
Price: Free.
Fees: The transaction fee is 0.875%.
Customer Service: Live customer support, email, ticket system, and community board.
In-App Features: Buy, sell, swap, and convert assets.
Hardware Compatible: Trezor, Ledger, Lattice, Keystone, AirGap Vault on web extension, and the mobile app supports Keystone.
Mobile App: iOS and Android.
4.Best Ethereum Wallet for Smart Contracts: MyEtherWallet
MyEtherWallet is a popular choice for ETH holders that appreciate enhanced accessibility without sacrificing security. It is a web wallet with a unique approach toward safety, as it allows you to control your private keys by storing them on your device and not on an online server.
It integrates with Ledger Nano S and Trezor, two of the most popular hardware wallets. Other advantages include an inbuilt ETH to BTC swap feature and support for all types of ERC-20 tokens.
Supported coins: Ethereum (ETH), Tether USD (USDT), Dai (DAI), Shiba Inu (SHIB), and Wrapped Bitcoin (WBTC). The browser extension supports additional coins.
Type of wallet: Multi-platform software wallet.
Price: Free.
Fees: Customizable.
Customer Service: Help center, email, chatbot.
In-App Features: Buy, sell, swap, and exchange.
Hardware Compatible: Yes.
Mobile App: iOS and Android.
5. Best Ethereum Cold Wallet: Ledger Nano S
Ledger Nano S is one of the oldest and most popular crypto hardware wallets on the market. It combines a minimalist design with top-notch security features and ease of use.
Besides the security features, such as two-factor authentication, a secure PIN code to lock the device, and excellent backup and recovery options, the hardware wallet impresses through its support for over 1100 crypto assets.
Supported coins: Ethereum (ETH), Bitcoin (BTC), XRP Ripple (XRP), Tether (USDT), NFTs, and many more.
The number of supported cryptocurrencies: 5000+.
Type of wallet: Cold wallet.
Price: $80, but might vary depending on the location or vendor.
Customer Service: Support page and chatbot.
Features: Buy, swap, stake, and manage.
Compatibility: Compatible with smartphones (Android 10+) and 64-bit desktop computers:
- Windows 10 / 11;
- macOS Big Sur / Monterey / Ventura;
- Ubuntu LTS 20.04 / 22.04 (both excluding ARM Processors).
6. Best Ethereum Wallet for Ease of Use: Argent Wallet
Argent Wallet has a very easy-to-understand user interface, making it an excellent choice for professional and novice traders. On security, Argent is a non-custodial wallet that uses private keys stored locally on your device with heavy encryption.
This wallet supports Android and iOS devices, so you can continuously track market trends. Argent Wallet allows users to explore the DeFi (decentralized finance) sector efficiently.
Supported coins: Ethereum (ETH), Dai (DAI), USD Coin (USDC), Basic Attention Token (BAT), and Wrapped Bitcoin.
The number of supported cryptocurrencies: 240+ Ethereum-based tokens.
Type of wallet: Non-custodial.
Price: Free.
Fees: 0.5% commission for crypto swaps.
Customer Service: Email, support tickets, and live chat.
In-App Features: Buy, earn, stake, and trade.
Hardware Compatible: Ledger Nano S, Ledger Nano X, and Trezor.
Mobile App: iOS and Android.
7. Best Ethereum Wallet Overall: Coinbase Wallet
Coinbase Wallet allows users to transfer their digital assets free of cost, and you do not have to pay a single penny while downloading the application. But it charges a small fee when buying and selling crypto using the wallet interface.
The security system Coinbase uses is extremely rigid due to the Security Enclave Technology. You can also use the 2-factor authentication method and provide an extra layer of security to all your cryptocurrencies. Also, be sure to verify your mobile number and email address before storing your assets.
So far, it could be one of the best Ethereum wallets available for people who want to hold and invest in the crypto world this year.
Supported coins: Every ERC-20 from Aave to ZRX, including Ethereum (ETH), Bitcoin (BTC), Cardano (ADA), Solana (SOL), and many more.
The number of supported cryptocurrencies: all ERC-20 tokens and all tokens on EVM-compatible chains, such as Avalanche C-Chain and Polygon.
Type of wallet: Self-custodial wallet.
Price: Free.
Fees: Coinbase Wallet charges a 1% transaction fee on all cryptocurrency transactions.
Customer Service: Email, 24/7 support, and Coinbase Help Center.
In-App Features: Store and manage your crypto and NFTs.
Hardware Compatible: Yes – Ledger.
Mobile App: iOS and Android.
Best Wallet for Ethereum | Final Thoughts
Upon reviewing all these, we cannot decide which is the best wallet for Ethereum since it all comes down to your crypto strategy. Yet, a browser extension like MetaMask or Guarda might be helpful if you constantly interact with decentralized apps.
Moreover, if you manage your crypto portfolio and want to connect with thousands of Web3 apps and dApps across multiple networks, Exodus could be your partner in crime.
For experienced crypto traders, MyEtherWallet could be the option as it allows you to deploy Ethereum smart contracts, besides the beneficial in-app features.
So, to sum this up, it all goes down to your crypto needs and strategies, but it is best to look up the security features, transaction fees, and supported currencies as the main differentiators.
FAQ | Best Wallet for Ethereum
Is there an official ETH wallet?
There is yet to be an official ETH wallet, as it all comes down to your crypto investment strategy. Each of the best ETH wallets offers distinctive features to serve your crypto needs.
Which Ethereum Wallet is free?
Almost all hot Ethereum wallets are free, yet transaction fees may be applied within the app. It is best to check each wallet’s transaction fee before embarking.
What is the safest Ethereum wallet?
One of the safest Ethereum wallets could be the software Guarda Wallet, which offers extensive efforts to avoid security breaches that could lead to a loss of funds.
On the other hand, cold wallets, such as Ledger Nano S, could be considered the safest, as they minimize the potential thefts and fraud associated with an online connection.
* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
Source: https://coindoo.com/best-ethereum-wallet/