Ethereum is currently the second-largest crypto network following Bitcoin. With the Ethereum 2.0 update in line, there are chances it could even rise to the top in no time. This along with the many benefits offered by the Ethereum network are single-handedly dragging the attention of many investors in the crypto space towards Ethereum. The network provides a smoother user experience to its users and allows them to interact with the network freely. With the recent surge, Ethereum has seen within the DeFi space, many users are very eager to join the network. With the rise in the number of users, the need for secure crypto wallets also rises so that users can store their tokens safely.
There are plenty of Ethereum wallets available for the users, but choosing the right one might be difficult as you have to consider several factors that can make the wallet safer to store your tokens. Deciding which wallet to use can be one hell of a task if you are not aware of what you need to look for while choosing the right one. First of all, you need to be aware of what you plan to do with your tokens or coins. Do you trade coins often? Or do you plan to store them for a long time? Depending on what kind of storage you want, you can decide on the wallet, which lets you exchange coins easily or stores them safely for you.
There are different types of Ethereum wallets that can enable you to store your Ether like paper wallets, online wallets, software wallets, mobile wallets, hardware wallets, browser wallets and desktop wallets, each different in some aspects and similar in some others. But overall, while choosing the right wallet for you, you need to check if the wallet serves your purpose and if it is safe. Any good wallet should have the following properties, Private key, Ease of use, Backup and Security, Development community, Compatibility. But cross-checking all the wallets can be a tiresome task. To help you ease the process, we have compiled a list of the best Ethereum wallets for you to choose from. Let’s get started and have a look at the collection. Hopefully, by the end of the article, you might as well find the right wallet to store your ETH.
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Ledger Nano X
Ledger, a pioneer in the hardware wallet industry, is one of the modern hardware wallets to store ETH. Ledger Nano X supports Ethereum and all the tokens of its chain. It is the 2nd generation of the hardware wallets of Ledger. You can use it on laptops and personal computers with a USB cable or you can use it on your android or iOS devices through Bluetooth.
With the Ledger Nano X, you can easily buy, lend, swap and even track your portfolio. The wallet supports over 1000 tokens most of which are ERC20 tokens and more than 37 coins. It is integrated with myEtherWallet, which makes it easy to store and exchange ERC20 tokens. It has an attractive design and is highly secure and easy to use. Another highlight of the wallet is the DeFi functionality. It lets you secure your crypto and also put it to work both at the same time. You can lend Ethereum compatible assets and get rewarded for adding liquidity to the network. It also lets you exchange one crypto asset for another one. You can also use the Ledger Nano X on all the Ethereum DeFi platforms like Uniswap.
Trezor One
Trezor, one of the popular names you hear every day in the crypto space. Though it initially was introduced for Bitcoin, it later also proved to be effective for Ethereum as well. It was also the first legitimate bitcoin hardware wallet and was developed by SatoshiLabs. You can use this wallet with Android devices and also with apps like MyCelium, Trezor wallet and Multibit HD. One of the advantages of using a Trezor one wallet is that it uses a PIN that is unique for the wallet and never leaves the Trezor. This feature makes it safer from hackers and malware. Even if the device you are using gets corrupted, your PIN will be safe.
It also has an inbuilt system to prevent forceful login attempts. With each failed attempt by the hackers, the waiting time increases by the power of 2. So making wrong guesses will ultimately put the hackers years away from getting to your wallet. It is affordable and very easy to use. The wallet will never expose your private key and is very safe and sleek compared to other similar ones. The Trezor claims that it supports 1064 coins.
Metamask
While the above two are hardware wallets, Metamask on the other hand is a desktop wallet. It is a well known Ethereum wallet for desktops. It works as an extension on different web browsers like Chrome, Opera, Firefox and Brave. You can use Metamask through an extension or through a mobile application, which further interacts with DApps or Decentralized applications which are located within the Ethereum Blockchain.
Metamask stores your private keys in an encrypted form within the browser but never ever transfers them to the servers of the browser. It also keeps itself regularly updated on the phishing sites and also warns you if you by any chance have interacted with any of them recently. You can easily access your Ethereum wallet right from your browser just by installing an extension. Even the setup is very easy too. Just because it all seems very simple to look at, some might question the safety of the wallet too. But it is both simple and secure to use.
Metamask works with Javascript. It works by injecting a web3 object into the page you are using thereby adding a functionality that allows you to access the Ethereum platform. This doesn’t alter any other properties or functionality of the web page the object is injected into.
Atomic Wallet
Being created back in 2017, Atomic Wallet has managed to make quite a positive impact among the crypto wallets. But you might already have come across this wallet if you were actively searching for the best crypto wallets to store Ethereum. It is a software wallet and is free to use. So even if you are a beginner this can be the right choice for you. The wallet currently supports over 500 tokens and coins along with a few major ones including Bitcoin and Ethereum.
Unlike many other wallets, Atomic wallet allows you to buy cryptocurrency within the wallet using your bank card and you can also exchange any coins using the wallet. All your assets will be stored on a Blockchain as it is a decentralized exchange. And for your private keys, they are all stored on your device with a twelve-word recovery phrase providing it protection in case you lose your device.
All your data, whether it is stored on your device or the one sent while making transactions is fully encrypted. The wallet uses both TLS and AES encryption to protect your data. Apart from security, the wallet also lets you have full control over all your funds. The wallet lets you effectively manage your Ethereum, exchange it and also stock it or buy all from the same interface.
Ellipal Titan
Remember we mentioned different types of wallets at the beginning of the article. But there are two main categories of wallets that we didn’t introduce to you there. They are Hot wallets and cold wallets. The hot wallet is the one that stores your private keys online, so that you can access them from anywhere, provided you have a stable internet connection. A cold wallet on the other hand is the one that lets you store your keys offline. They are non-custodial and are safe from the grasps of the hackers or scammers that may attempt to steal your keys. Ellipal is also an air-gapped Cold wallet, so this makes it more safe and secure from hackers.
All transactions on Ellipal are signed using offline QR codes. It also lets you import your accounts and private keys from other wallets. Setting up the device is also pretty easy and you can also connect the wallet to its app for extra security. In any case, any breach is detected, its anti-tamper feature deletes all information data to protect it from both online and offline attacks. It also goes unusable if the hacker forcibly tries to crack it open, you can still recover it later and restore your access to your coins. The wallet currently supports over 7000 tokens and 38 plus blockchains.
Wrapping Up
Ethereum, though relatively new in the crypto space, has managed to reach the top in no time. Due to its user-friendly interface and the flexibility of the ecosystem, it has been the point of attraction for many, despite the popularity bitcoin is gaining. This article mentions the 5 best wallets for you to store and manage your ETH. Though you might come across a few others elsewhere, while choosing the right Ethereum wallet, keep in mind the attributes that a good crypto wallet should have. Hope this article has helped you figure out the right wallet that suits your needs. To read more such articles visit Zeen.
