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Ethereum Wallets operate differently from traditional wallets. Ethereum isn't actually stored in your wallet or anywhere else. Ethereum, like all other cryptocurrencies, doesn't exist in any tangible form. Everything that exists is records on the Blockchain, and your wallet only interacts with the Blockchain to perform transactions.
Wallets have public addresses, random strings of numbers and uppercase and lowercase letters. If someone wants to send you some Ethereum, they will send it to this address, also known as the 'public key', essentially transferring ownership of the coins. What's stored in your wallet is the 'private key', the password you'll need to log in when making transactions and unlock the coins sent to you. The public key and private key are concatenated together, meaning that to perform any transaction, the two strings of numbers and letters must match. In this article, Mytour will share with you some useful information on how to choose an Ethereum wallet and the most reputable Ethereum wallets available today, a topic that many people are interested in when joining Ethereum (ETH) communities.
I - Guide to Choosing an Ethereum Wallet
1. Using a Third-party Ethereum Wallet or Creating Your Own Ethereum Wallet
The easiest way to store your Ethereum coins is by using a third-party Ethereum wallet, such as a wallet provided by an exchange. Of course, this way, you can easily access your funds, and keeping your tokens on an exchange may speed up the trading process. However, if you choose this method, essentially, you will hand over full control of your funds to the exchange, as it is the third party storing your private keys. Moreover, the history of cryptocurrency is full of cases where exchanges have been hacked and users' funds stolen.
The Ethereum platform allows you to create your own personal wallet, and you can choose from various options. By doing so, only you have the right to control your private keys and access your funds. Creating your own wallet is relatively easy, especially since the Ethereum platform provides an official wallet service called MyEtherWallet.
- Learn more: How to create an Ethereum wallet
2. Full node or not
Using a Full Node allows you to directly access the Ethereum Blockchain. If you don't have one, you'll need to connect to another node to receive all the necessary information and verify your transactions.
A Full Node wallet requires you to download the entire Ethereum Blockchain to operate. Essentially, this turns your computer into a node, a entity that supports the entire network by updating the Blockchain through achieving consensus on the legitimacy of transactions with other nodes. This can only be done if using a wallet on a computer, as the Blockchain is several gigabytes in size and continuously growing.
3. Hot or Cold Wallet
There are 2 main types of Ethereum wallets: hot and cold. Hot wallets store your keys online so they can be accessed easily from almost anywhere in the world as long as you have an internet connection. However, they are certainly not the best option as they can be hacked and your funds can be stolen.
On the other hand, cold wallets store keys offline and only connect online when you want them to. Clearly, this makes them safer and less susceptible to hacker attacks.
II - Best and Most Reliable Ethereum Wallets Today
1. Paper Wallet
The Ethereum paper wallet is perhaps the safest option available today for storing your Ethereum coins. Essentially, it's just a piece of paper with the codes written on it. The biggest advantage is that it's not connected to the internet and doesn't need to be stored on your computer. That piece of paper can be with you anytime, anywhere. It can be in a safe deposit box or even buried somewhere in your backyard. It makes your money immune to hacker attacks, as well as most types of theft depending on how well you hide it.
To get a paper wallet, you need to create a new wallet on MyEtherWallet, download the keystore file, and print it out. Then, you'll have a piece of paper containing both the public and private keys as well as QR codes to scan them.
2. Best Ethereum Wallets for Mobile
Mobile wallet apps are often considered 'lightweight' clients because they don't require you to download the entire Blockchain to function. Instead, they rely on miners or nodes to send accurate information about the current state of the network. These wallets are great for use on the go, essentially allowing you to access your Ethereum anytime, anywhere, as long as you have an internet connection. Here are the top ETH wallet apps for mobile:
2.1. Jaxx Liberty
Jaxx Liberty has versions available for Windows, MacOS, Linux, iOS, and Android. The most important feature of Jaxx Liberty wallet is that the private keys never leave the device. Users don't need to register or provide any personal information.
Download Link for Jaxx Liberty Wallet:
2.2. Coinomi
Coinomi is another highly rated cryptocurrency wallet app. It keeps the keys on your device and allows you to store 18 different types of coins, as well as 214 tokens. Additionally, it enables instant cryptocurrency conversions. Coinomi is currently available for Windows, Linux, MacOS, iOS, and Android.
Download Coinomi Wallet:
Download Lumi Wallet:
Lumi Wallet is a rapidly growing cryptocurrency wallet app, known for its high anonymity, support for multiple currencies, and intuitive design. High anonymity means all your personal information is stored only on your device. Lumi Wallet supports BTC, ETH, EOS, and over 1,000 ERC-20 tokens. Additionally, users can buy and exchange cryptocurrencies directly within the wallet. The wallet is available on Android and iOS.
Get the Latest Lumi Wallet:
2.4. Atomic
Download Atomic Wallet:
Atomic is a popular Ethereum wallet, supporting over 500 cryptocurrencies and tokens. Atomic Wallet is available for both iOS and Android platforms. You can manage, exchange, and buy ETH on a user-friendly interface protected by Mnemonic seed. Private keys are encrypted on your device, giving you exclusive access.
3. Top Ethereum Wallets on Desktop
Desktop wallets run on PCs or laptops. You can download the full software with the entire Ethereum Blockchain or use a lightweight version. Although the latter option is more convenient, the former is safer because it doesn't rely on miners or nodes to send accurate information. They self-validate transactions.
Setting up and using desktop wallets is easy and convenient, they are quite secure as they are only accessed from your computer. However, they are connected to the Internet, so you need to ensure your computer is not hacked or infected with malware. Moreover, if your computer is stolen, the risk of losing money is significant.
3.1. Exodus
Exodus is a cryptocurrency wallet that supports multiple cryptocurrencies with a user-friendly interface, storing keys only on your computer. Exodus integrates ShapeShift, so you can instantly exchange your cryptocurrencies.
Download the latest version of Exodus wallet:
3.2. MetaMask
MetaMask is a Google Chrome browser extension, but it stores your keys on your computer, essentially making it a desktop wallet. It's very user-friendly and allows you to store, send, and receive Ethereum quickly. Moreover, MetaMask enables you to use other decentralized applications within it.
Download MetaMask wallet:
3.3. Atomic
Atomic is available for Windows, MacOS, Linux, iOS, and Android, supporting over 500 different cryptocurrencies and tokens in a smooth interface. Your keys are encrypted and stored on your computer. Additionally, Atomic offers instant exchange service and Buy crypto option.
Download Atomic wallet:
4. Top Ethereum wallets on the web
Web wallets or online wallets use cloud storage and can be accessed from anywhere. Moreover, they are often much faster than other types of wallets. However, because your keys are stored online and on third-party servers, they are highly susceptible to attacks by dangerous malware, online scams, and hackers.
4.1. MyEtherWallet - Access Link
MyEtherWallet is essentially a web wallet, but it's safer than other wallets because it's entirely decentralized and stores keys on your device.
4.2. Lumi Wallet - Access Link
Lumi Wallet functions similarly to its mobile counterpart, allowing you to transfer, exchange, and purchase all available cryptocurrencies within the app. And it's as secure as a mobile wallet because all private keys are user-side.
5. Best Hardware Wallets for Storing Ethereum
Hardware wallets, not connected to the Internet, make your funds entirely immune to any network attacks and hacks. Most come with backup options to ensure you won't lose Ether and are further secured with two-factor authentication and PIN code. Modern hardware wallets also feature a screen for signing transactions directly on the device.
Of course, they're not free. You'll definitely have to spend a bit more to purchase a hardware wallet compared to what you'd spend on a software wallet, but they'll be worth it, especially if you're storing a large amount of Ethereum. Moreover, as they're purpose-built devices, they're not mass-produced, making them quite hard to come by. Here are some of the best hardware wallets available today for storing ETH:
- Ledger Nano S priced around $99.
- TREZOR priced around $99.
- KeepKey priced around $99.
6. Custodial Wallets
Custodial wallets are third-party services that provide the ability to store and protect your cryptocurrencies. Customers always retain access to their accounts because these wallets are backed up by the provider's servers. For example, Freewallet's Ethereum wallet oversees private keys and stores customers' funds in cold storage. So, in case you forget your password or lose your phone, you can always recover your Ethereum from any other device.
In other aspects, Custodial wallets are no different from mobile and desktop cryptocurrency wallets, and they also offer the same range of features. If you don't mind transferring control and protection of your funds to a company in exchange for convenience and easy access, Custodial wallets might be suitable for you.
Ethereum is one of the cryptocurrencies with the highest market capitalization in the cryptocurrency world, so it's no surprise that there's a significant spotlight on it. The increasing attention brings about a demand for a secure place to store Ethereum. Here are the most widely used Ethereum wallets that you can consider for storing your ETH.
