Since the beginning of cryptocurrency world in 2009, Bitcoin has been the undisputed king of cryptocurrencies. But it was until 2014 when Bitcoin saw a close competitor.
Yes! You guessed it right! I’m talking about one of the most popular cryptocurrencies having the 2nd highest marketcap after Bitcoin – Ethereum.
Recently, Ethereum has reached ATH of $1300 which has attracted a lot of eyeballs towards it. Also, In my article about various ways to Buy Ethereum with Debit/Credit Card, I found that a lot of people were actually confused about storing their ETH. In fact, people are still actively looking for the Best Ethereum Wallets to store their ether safely.
Surprisingly, when I was purchasing Ethereum for the first time, I had a really tough time searching for a reliable Ethereum(ETH) Wallet. In no time, I actualized that why people still fear and don’t trust upon cryptocurrencies. Half knowledge is dangerous! Is’nt it?
Then I realized that instead of just hovering around different ways and means to buy Ethereum, it is important for me to first figure out the basic of storing the same in a reliable wallet. Only then I can also make you guys believe that yes you should invest in it without any despair.
#CageTip: If you do not keep your Ether safely then you might end losing them. This happens especially with the beginners who store their Cryptocurrency on some Exchange/Web Wallets, usually where they buy it from.
Best Ethereum Wallet for 2017
My hunt for Ethereum wallets got me some really interesting stuff that I would share with you as well. It’s like finding a pandora box of some really amazing and trusted wallets where you can keep your money safe.
However, let me tell you that although there are different types of wallets, each is different in terms of security and ease.
|Ledger Nano S||Hardware Wallet||High|
|Keep Key||Hardware Wallet||High|
Appended below are the Top Ethereum Wallets that you can trust:
- Hardware Wallet
- Online Wallet
- Desktop Wallet
- Mobile Wallet
- Paper Wallet
First of all, I will discuss the most secure and safest way to store your cryptocurrencies i.e. Hardware Wallets.
But before you get started let me tell you that all these wallets are categorized into two types:
- Hardware Wallet
- Software Wallet
These wallets are the most secured cryptocurrency you can ever get as they offer more security to your funds. Hardware wallets are USB like devices which can be connected to your computer and still stay safe from malware and hacks.
In order to send the funds, you need to connect the device to the computer and log in with your passcode. As a result, hardware wallets are not much easy to use all the times.
These wallets are not free but a great choice if you wish to keep your cryptocurrencies for a long term.
These wallets come in 3 varieties i.e. Mobile, Online, and Desktop. While the former is known as cold wallet, these are known are cold wallets because they can be connected to the internet.
Mobile Wallet – As the name depicts, you can simply download these wallets apps on your mobile phone. Being on mobile device, it gives quick access to check, receive and send funds.
But the sad part is, you can lose your funds if your phone is hacked by a malware, lost or damaged.
Online Wallet – These wallets use cloud/servers and can be accessed by the company or hackers. These wallets are very fast compared to other wallets.
If you want to store a small amount of cryptocurrencies for a short duration of time, then online wallets are desired.
Desktop Wallet – Similar to Mobile wallets, Desktop wallets are the apps that can be downloaded on the computer. These wallets are quite safe as the private keys are stored on your computer itself. However, if your computer is hacked or attacked by malware, then you might end up losing your precious cryptocurrencies.
Without any further delay, let’s now have a detailed look at all the ETH wallets along with their features, pros and cons.
Ledger Nano S
Undoubtedly, Ledger Nano S is the most popular and affordable hardware wallet currently available in the market. You can easily store your ETH, BTC, ETC, Zcash, XRP, DOGE, STRATIS etc. without much of a hassle.
While using it for the first time, you will have to choose a PIN to protect this device. Then you will get a 24-word seed, that you can use to create your private keys. Needless to add, this device, therefore, becomes a very secure one as you own the Private Keys yourself.
This device looks like a USB with an OLED on the top which allows to carry out transactions quickly. This device will not be harmed even if you connect it with a malware affected computer.
#CageTip: Don’t forget to note down the 24-word seed as it will be used, in case you forget the PIN. Also, write it on a paper not on the computer as this seed controls your cryptocurrencies.
You can also go ahead and read my complete review of Ledger Nano S.
Then comes another Hardware(HD) wallet which is widely used around the world. Infact, this was the first known HD wallet used to store Bitcoin. However, later it started supporting Ethereum as well and became the preferred choice to store the latter too.
Now, how do this works?
Simple! If you want to send your BTC or ETH, you need to connect your Trezor with Trezor web page. You can definitely rely on this device as it is really a safe one to store your Ethereum for a longer period of time. Similar to Nano S, you own the private keys of your wallet hence your funds could not be stolen.
Also, you can select it amongst the 3 different colors – White, Black, and Grey – at quite a cheap price of just $99.
My personal choice is White indeed 🙂
Moving next, we have “Coinbase“, with which most of the people start their cryptocurrency journey. Earlier, this one was also famous for selling Bitcoins, however, recently they have started with Ethereum as well. I guess the credit goes to ETH’s rising popularity. Is’nt it?
A unique characteristic of Coinbase is that it’s an Online Wallet, wherein you do not own the private keys.
Yes, you thought it right, in case if the wallet is attacked by the hackers then you might lose your Ethers.
Getting started with Coinbase is very simple as you just need to create an account and complete the verification process.
And yes, before planning to buy Ethereum, don’t forget to check the list of the countries where Coinbase gives its services.
Once again, I would want to make a note of it – please send your ETH to Ledger Nano S, if you have a large amount of it. I want my readers to always make a smart decision when it comes to the crypto world. Afterall, I have been collecting all this gyaan and sharing with you all so as to make more and more people aware and smart during their crypto-filled journey.
You must also read my Coinbase review and guide to know about it.
Coinomi is a Multi-asset mobile wallet which allows you to store 18 coins and 214 tokens.
With this wallet, your private key is stored on the mobile device itself which makes this wallet pretty safe.
Coinomi is available in various language likes Spanish, Russian, French, German, Chinese etc.
Though Coinomi wallet is not so old, it has gained a huge reputation and adoption among the crypto community.
Further, we have “Exodus”, which is a very popular Multi-currency Desktop Wallet. I am sure if you are already into Bitcoins then you might have heard about it.
Multi-currency simply means that you can hold multiple currencies in this wallet-like BTC, BCC, ETH, DOGE, Neo, Golem etc. To simplify it further, above mentioned is the Pie-chart smartly depicts all the currencies as well their real-time value. It also has Shapeshift.io integrated into it, hence you can instantly exchange your currencies without any hassle.
Also, this wallet is absolutely Free to use and has a very attractive interface. Excited?
Now, since it is a Desktop wallet, it saves the Private Key on your Machine itself. Therefore, you can easily connect your PC/Laptop to the Internet without any security concerns.
What makes this is one of the Best Ethereum Wallet is its security and an amazing user interface. However, Exodus is not 100% open source, hence many of the codes cannot be fully reviewed by the community.
MetaMask is often ‘considered’ as a Desktop Wallet for Ethereum. Surprisingly, it not much popular, but its really worth a try.
Let me tell you that this is not really a Desktop Wallet, in fact, a chrome extension which saves your keys on your machine itself. Truly, it is very simple and easy to use – all thanks to its seamless technology. You can not only store your Ethereum but also send or receive to other addresses instantly.
Also, being a decentralized one, it also allows you to use other dApps within. Interestingly, they might soon be available for Firefox, Internet Explorer and beyond. Big Relief!!
Jax is a multi-currency wallet which supports 13 cryptocurrencies including ETH.
With Jaxx, Private keys are stored on the device itself either be a Mobile or Desktop. Also, you get a seed key which lets you restore your funds anytime.
Currently, Jaxx wallet is available on:
- Android (mobile and tablet)
- iOS (mobile and tablet)
- OS X
- Chrome (extension)
This wallet is absolutely free and you can also have a look at our Jaxx Review. Although, Jaxx is a popular wallet I prefer Coinomi because of it’s easy to use UI and large no. of supported token.
Being the official Ethereum wallet, Mist tops the priority list of the crypto-Nazis since you do not have to worry much about the security with this.
Being a Desktop Wallet, this wallet is similar to Exodus but a bit more complicated for a common man to grasp altogether. Don’t worry, I’ll guide you step-by-step on How Mist works?
- Download Mist on your Device
- Select “Use The Test Network”
- Now set your Password
- You can now see your Ether Wallet
#CageTip: Write Down your Password somewhere or Remember it, as you can not change your Password again. There is no way to use the account with the password.
I know that’s a tough job but you have to do it. Afterall, your security is in your hands first!
For a non-techy user, it might look like bit tricky but trust me it’s a super secure and safe way to store your Ethereum. Strikingly, the keys can be stored on your Machine itself, making it all the more safer 🙂
“Please note that you can instantly exchange currencies as it has shapeshift built in for you”.
Different, tricky, yet extremely popular “MyEtherWallet” is a place where you can Create, Send and Receive Ethereum without compromising your private keys. It is an open-source Desktop wallet where you can write and access smart contracts.
Additionally, it also has an inbuilt BTC to ETH and ETH to BTC exchange feature. Not just this, you can also connect it with Hardware Wallets like Ledger Nano S and Trezor to access your cryptocurrencies. Here you go on how to do it:
- Visit MyEtherWallet
- It will ask you to Enter a Password and create a New Wallet
- Now Download the Keystore File & Generate Wallet
- You can access your Ethereum Wallet anytime now.
Note: The password you enter only encrypts your private key. You will need this password and your Private Key to unlock the wallet. Remember – It’s double authentication!
Further, we have “Keep key” which is one of the costliest amongst the Hardware Wallet.
It was started before Ledger and recently been acquired by the Ledger itself. The price of each wallet is around $120 and this isn’t much handy.
Keepkey, certainly has a bigger screen than its competitor but that makes it a bit heavy. Although it has a good reputation and name in the Hardware Wallet market, keepkey is considered as the last option for the Ethereum wallets amongst the users.
Thence, comes another popular and secure cryptocurrency wallet i.e. Paper Wallet.
If you are good at safekeeping a piece of paper then trust me ETHAdress is the one for you. ETHAdress is an open source project that will create a Private and Public key for you with a single click. You can then print it on a paper and keep it safe.
This is the best if you want to store your Ethereum for a long term. There is no way that you can lose your Ethers unless you lose that paper.
Not only this, if you want to add another layer of security, then you can encrypt the private keys also.
It will only take a few minutes to get started with this cold storage Ethereum wallet.
If you are planning to make a Paper wallet, then you must follow our Bitcoin Paper wallet guide as making a paper wallet for cryptocurrencies is almost similar.
So which Ethereum Wallet is the best?
If you want my clear cut suggestion, then I would suggest you go for a Hardware wallet. As already mentioned, we have 3 popular Hardware wallets (Ledger Nano S, Trezor, Keepkey) and all of them are really very secure. It would cost you something around $60 – $100 and then you do not have to worry about losing your hard earned, large amount of money.
To be very very specific, I would prefer Ledger Nano S as it is the latest, cheapest and most robust Hardware wallet that I had ever come across.
Now, before I wrap up this exclusive list of the Top Ethereum Wallets for you, I would like to spare a moment to tell you the key fundamentals that a wallet should have, which you must keep in mind
Security: Make sure that if you are storing a large amount of Ethereum, then you should control the private keys. As mentioned, most of the online wallets store Private keys on their servers and in case they are hacked then your money will vanish into thin air.
Compatibility: As per your usage, you need to make sure if the wallet is compatible with different systems like Mobile and Desktop.
Ease: Ease of usage is also a major factor. Make sure the wallet has an easy to understand interfaces like Exodus or Ledge Nano S have.
So that was it for today, I hope you like this article and by now you must have got a fair idea of selecting a Ethereum Wallet for yourself.
If you found this article helpful, then don’t forget to share it with your Crypto enthusiast community.
Moreover, Feel free to drop a comment and tell us which Ethereum wallet do you use and what is your experience with it, we would love to hear that!
If you want to know more about Cryptocurrencies then you can have a look at:
- How to Buy Bitcoin with Credit Card
- Easy Way to Convert Ethereum To Altcoin
- Best Ways to Instantly Buy Bitcoin with Paypal
- Best Bitcoin Debit Cards to spend your cryptocurrency anywhere