The best Ethereum wallets not only support ETH – but all ERC-20 tokens. You’ll also have access to the broader Ethereum ecosystem, covering decentralized finance, NFTs, and staking.
Read on to discover 14 trusted Ethereum wallets that offer a secure and convenient user experience. I cover multiple wallet types, including cold and hot storage for mobiles, desktops, and browsers.
The Top Ethereum Wallets Ranked
The 14 best Ethereum wallets are listed below, alongside their unique selling points:
- Best Wallet – The overall best Ethereum wallet for self-custody of tokens, offers cross-chain interoperability
- Exodus – Multi-device wallet solutions for desktops, smartphones, and web browsers
- Zengo – Decentralized mobile wallet offering the perfect balance between security and functionality
- ELLIPAL Titan 2.0 – Top Ethereum wallet for safety, offers cold storage with air-gapped security
- Ledger Nano X – Established cold wallet with institutional-grade security supporting 5,000+ coins
- Trezor Safe 3 – Trusted hardware wallet with multi-chain support retailing for just $79
- NGrave Zero – Highly secure, fully offline hardware wallet with biometric access and recovery options
- Binance Wallet – Versatile exchange wallet with access to a wide range of networks and decentralized applications
- OKX Wallet – Comprehensive wallet offering built-in DEX, DeFi access, and advanced security features
- ByBit Wallet – Features both custodial and non-custodial wallet options, leveraging MPC technology for security
- MetaMask – Great option for storing Ethereum on a browser extension, used by over 100 million people
- Trust Wallet – Top-rated wallet for diversified portfolios with over 100 network standards supported
- MyEtherWallet – Specialist Ethereum wallet app with staking APYs of 3.6% and no minimum requirements
- Atomic Wallet – Non-custodial wallet with staking, swaps, fiat purchases, and cashback rewards
The Best Ethereum Wallets Reviewed
Read on to learn more about the 14 best wallets for Ethereum. Discover how each wallet compares for security, user-friendliness, device support, compatible networks, pricing, features, and more.
1. Best Wallet – The Overall Best Ethereum Wallet in 2024
I found the Best Wallet to be the #1 Ethereum wallet in 2024. This is a mobile wallet for Ethereum and all ERC-20 tokens. It also supports tokens on the BNB Chain and Polygon networks. Additional networks will be added in the coming months, including Bitcoin. The Best Wallet app is available for iOS and Android and is free to download.
The interface is user-friendly and navigating the wallet is seamless. Best Wallet offers solid security features, including two-factor authentication and biometrics. A PIN also secures the wallet. You’ll also be provided with a unique backup passphrase. This ensures the wallet can be recovered securely.
Best Wallet also offers an in-built decentralized exchange. This enables users to swap tokens instantly without leaving the app. No additional fees are charged. The exchange rate is determined by liquidity pool providers, so you’ll be matched with the most competitive option. Best Wallet also offers a fiat on-ramp, so you can buy coins and tokens with a debit/credit card.
| Ethereum Wallet | Type of Wallet | Other Supported Networks | Mobile App? | Fee to Buy Ethereum | Ethereum Staking? |
| Best Wallet | Software (Hot) | BNB Chain and Polygon | Yes | Determined by the partnered fiat gateway | No – but connects with decentralized staking platforms |
Pros
- The overall safest wallet for Ethereum in 2024
- Supports all tokens on the Ethereum standard
- Also compatible with BNB Chain and Polygon
- Offers an in-built decentralized exchange
- Seamlessly connects with the best crypto staking platforms
Cons
- Currently lacks support for Bitcoin and Solana
- No browser extension or desktop software
2. Exodus – Multi-Device Wallet Solutions for Desktops, Smartphones, and Web Browsers
Exodus is a multi-device Ethereum wallet that covers all bases. This includes desktop software for Windows, Mac, and Linux. There’s also a mobile app for iOS and Android. Not to mention a browser extension for Chrome. What’s more, Exodus connects with the Trezor hardware wallet. This offers a safe way to access Web 3 products while keeping the private keys offline.
Not only does Exodus support Ethereum but over 50 other blockchains. This includes Bitcoin, BNB Chain, Solana, XRP, Dogecoin, Polygon, TRON, and Cardano. Custom tokens can also be added, meaning Exodus is ideal for investing in new cryptocurrencies. Exodus also supports NFTs on multiple network standards.
In terms of security, Exodus offers self-custody storage. Wallets are protected by a PIN, password, or biometrics, depending on the chosen device type. Unlike many wallet providers, Exodus is open-sourced. This enables the blockchain community to view its underlying code and report any potential bugs. Exodus is free to use, although third-party services will attract fees.
| Ethereum Wallet | Type of Wallet | Other Supported Networks | Mobile App? | Fee to Buy Ethereum | Ethereum Staking? |
| Exodus | Software (Hot) | Bitcoin, BNB Chain, Solana, XRP, Dogecoin, Polygon, TRON, and more | Yes | Determined by the partnered fiat gateway | No – but supports other staking coins |
Pros
- Supports desktops, smartphones, and web browsers
- Compatible with over 50 network standards
- User-friendly interface is ideal for beginners
- Portfolio management tools with customized features
- Connects with the Trezor hardware wallet
Cons
- While staking is available, this doesn’t include Ethereum
- Doesn’t support Firefox
3. Zengo – Decentralized Mobile Wallet Offering the Perfect Balance Between Security and Functionality
Next on this Ethereum wallet list is Zengo. This option is ideal for mobile users who want the perfect balance between functionality and security. Starting with safety, Zengo is a decentralized wallet that does away with private keys and backup passphrases. It instead leverages MPC (multi-party computation) cryptography; a safer option with no single point of failure.
In simple terms, MPC cryptography distributes management keys across multiple servers. Each trusted but unrelated server holds a small segment of the key. This alleviates the risks of remote hacks, as the hacker would need the remaining segments. Put otherwise, the full management key is never stored in the same location, so there is no single point of failure.
Zengo also offers conventional security features, such as biometrics and PINs. While Zengo is a great option for Ethereum and ERC-20 tokens, it also supports Bitcoin, Dogecoin, and BNB Chain. Support for Solana and other popular networks is currently in development. Zengo also supports token swaps and debit/credit card purchases. These are provided by third parties.
| Ethereum Wallet | Type of Wallet | Other Supported Networks | Mobile App? | Fee to Buy Ethereum | Ethereum Staking? |
| Zengo | Software (Hot) | Bitcoin, BNB Chain, and Dogecoin, plus respective network tokens | Yes | Varies depending on the fiat gateway, currency, and payment type | Yes – APYs of up to 4.2% |
Pros
- The most secure Ethereum wallet app
- Single private keys are replaced by MPC cryptography
- Also leverages biometrics and PINs
- Users can buy Ethereum with a debit/credit card
- Stake Ethereum without leaving the wallet
Cons
- Lacks support for many networks, including Solana and Cardano
- Doesn’t offer a desktop interface
4. ELLIPAL Titan 2.0 – Top Ethereum Wallet for Safety
ELLIPAL Titan 2.0 is a hardware wallet that offers cold storage, meaning the private keys are never exposed to live servers. This means your ETH coins are safe from remote hacks, viruses, and other online threats. ELLIPAL Titan 2.0 takes safety to the next level via air-gapped security.
Unlike other hardware wallets, transactions don’t require a USB cable or Bluetooth connectivity. Instead, the ELLIPAL Titan 2.0 device generates a unique QR code. This should be scanned via the ELLIPAL app. To finalize the transaction, the ELLIPAL device should then scan a QR code generated by the app – ensuring unparalleled security controls.
While the ELLIPAL Titan 2.0 retails for $169 – it’s worth every cent to keep your investments safe. In addition to ETH, the wallet supports all ERC-20 tokens. It also supports other blockchain networks, including Bitcoin, Litecoin, Bitcoin Cash, BNB Chain, Dash, Cardano, TRON, and Avalanche.
| Ethereum Wallet | Type of Wallet | Other Supported Networks | Mobile App? | Fee to Buy Ethereum | Ethereum Staking? |
| ELLIPAL Titan 2.0 | Hardware (Cold) | Bitcoin, Solana, Cardano, XRP, BNB Chain, and more | Yes | Determined by the partnered fiat gateway | No – but supports other staking coins |
Pros
- Air-gapped security with cold storage
- Also supports Bitcoin, Solana, XRP, and other leading networks
- Add custom ERC-20 tokens via the contract address
- Comes with a mobile app for increased functionality
Cons
- Costs $169 – which is more expensive than other hardware wallets
- Doesn’t support Ethereum staking
5. Ledger Nano X – Established Cold Wallet With Institutional-Grade Security Supporting 5,000+ Coins
Ledger Nano X is another top-rated hardware wallet offering cold storage solutions. It supports multiple network standards, including Ethereum and all ERC-20 tokens. It’s also compatible with Bitcoin, Solana, BNB Chain, XRP, Cardano, Dogecoin, TRON, Avalanche, and more. Custom tokens can easily be added via the smart contract address.
Ledger Nano X stores your private keys within the device. It’s a small device that’s easily transportable, making it ideal for active traders. Simply type in the wallet’s PIN to authorize transactions. Ledger Nano X is protected by a 24-word backup passphrase. This ensures the wallet can be recovered remotely in the event it’s lost, stolen, or damaged.
Ledger Nano X also comes with Bluetooth functionality. This enables you to connect the wallet to the Ledger Live app. Ledger Live supports many features, including real-time token swaps, staking, and access to decentralized finance platforms. Ledger Nano X costs $149. This is the mid-range model offered by Ledger.
| Ethereum Wallet | Type of Wallet | Other Supported Networks | Mobile App? | Fee to Buy Ethereum | Ethereum Staking? |
| Ledger Nano X | Hardware (Cold) | Bitcoin, BNB Chain, Solana, XRP, Cardano, Dogecoin, and more | Yes | Determined by Changelly in real-time | Yes – APYs average 7% when staking via Kiln |
Pros
- A safety-first Ethereum wallet offering cold storage
- Secured by a 24-word backup passphrase
- Private keys are stored within the device
- Supports more than 5,000 coins
- Average Ethereum staking APYs of 7%
Cons
- Fiat on-ramp fees are built into the exchange rate
- Costs $149 plus shipping fees
6. Trezor Safe 3 – Trusted Hardware Wallet With Multi-Chain Support, Retailing for Just $79
Trezor Safe 3
is one of the best decentralized hardware wallets for those on a budget. While slightly more expensive than the Trezor Model One, the Safe 3 supports considerably more networks. In addition to Ethereum, this includes Solana, BNB Chain, Cardano, Dogecoin, XRP, Litecoin, and Monero.
The Trezor Safe 3 is also a lot more user-friendly than the Model One. For example, it uses USB type-C rather than the less common type-A. What’s more, Trezor Safe 3 comes with more advanced security features. This includes a ‘Shamir’ backup recovery, which enables users to choose an extra security word at the end of their passphrase.
The Safe 3 wallet connects with the Trezor Suite. This increases the wallet’s functionality. For example, users can buy crypto with fiat money, swap tokens, earn staking rewards, and trade NFTs. The Trezor Safe 3 can also securely connect with hot wallets like MetaMask. This supports Web 3 integration without putting the wallet’s private keys at risk.
| Ethereum Wallet | Type of Wallet | Other Supported Networks | Mobile App? | Fee to Buy Ethereum | Ethereum Staking? |
| Trezor Safe 3 | Hardware (Cold) | Bitcoin, Solana, Monero, BNB Chain, Dogecoin, Litecoin, Polygon, and more | Yes | Up to 7.49% | Yes – but goes through Rocketpool or Lido |
Pros
- Secure hardware wallet with open-sourced code
- Excellent value at just $79
- Comes with a Shamir backup tool for increased security
- Supports Ethereum, Bitcoin, Solana, and more
- Comes with a desktop and mobile app
Cons
- Fees of up to 7.49% when buying Ethereum with fiat money
- Charges up to 2% on token swaps
7. Ngrave Zero: Fully Air-Gapped Hardware Wallet With Biometric Security Features
If you are looking for the ultimate protection for your ETH, then Ngrave is your best choice. It is a fully air-gapped hardware wallet that comes with the highest security certification (EAL7) in the blockchain industry and doesn’t rely on any network connection capability. Instead of USB, WiFi, Bluetooth, NFC, or 4G, it communicates via QR codes.
Yet another layer of security is added to Ngrave ZERO through biometric sensors, which are used for authentication and making transactions. From unlocking your device to signing transactions and creating your private key, your fingerprint is used in combination with a solid 8-digit PIN code. For backup, Ngrave offers an encrypted and recoverable solution called Graphene, which is a stainless steel plate the size of an A5 paper. This backup solution, designed to encrypt your key, is made to withstand extreme conditions like a house fire.
There’s also a mobile app, LIQUID, that allows you to manage and track ETH as well as 3,500 other coins. Ngrave is currently working on adding support for software wallets like MetaMask and Rabby.
| Ethereum Wallet | Type of Wallet | Other Supported Networks | Mobile App? | Free to Buy Ethereum? | Ethereum Staking |
| NGrave | Hardware Wallet | MultiversX network, along with hundreds of crypto | Yes | Ability to buy crypto with fiat in process | No |
Pros
- Completely air-gapped
- Custom OS
- Passphrase to create hidden wallets
Cons
- At €398, it’s the costliest option in the market
- No ETH staking & dApp integration is limited
8. Binance Wallet: The Best Exchange-based Wallet to Manage Ether
Now, for those seeking the convenience of buying, selling, and managing ETH and related assets, the Binance wallet could be the ideal option. Binance, the world’s leading crypto exchange, allows you to use its wallet to access not only the Ethereum ecosystem but also the BNB Smart Chain (BSC) and several other networks.
As a CEX wallet, it enables you to trade ETH and other cryptocurrencies while utilizing advanced trading tools through its user-friendly interface. The exchange also offers additional benefits such as futures trading, options trading, copy trading, trading bots, earning opportunities, loans, and more that you can take advantage of.
In addition to securing your crypto and NFTs, the Binance wallet can be used to connect to thousands of different projects across various blockchains. The wallet also supports browsers like Chrome, Firefox, Edge, and Brave, making it easier to engage with decentralized applications.
| Ethereum Wallet | Type of Wallet | Other Supported Networks | Mobile App? | Free to Buy Ethereum? | Ethereum Staking |
| Binance Wallet | Exchange Wallet | Over 45 networks, including Bitcoin, Polygon, Arbitrum, Solana & more | Yes | 0.1% Maker and taker fees for buying in the spot market | Yes |
Pros
- As a leading CEX, it offers easy accessibility and high liquidity.
- Supports a wide range of blockchain networks.
- Includes a variety of additional features like staking, swapping, and earning.
Cons
- Registration and KYC verification are a must.
9. OKX Wallet: Wallet with Built-in DEX and DeFi, Featuring Enhanced Security Measures
While this wallet carries the brand name of the popular centralized exchange OKX, the wallet works independently from it. It is a non-custodial wallet and gives you complete control over your ETH. Here, you can get access to several networks and explore the NFT world through its OKX NFT Marketplace.
On OKX Wallet, you gain built-in access to DEXs, DeFi, and Web 3.0. For yield-earning opportunities, it offers a 2.98% APY on your ETH through Lido. Additionally, using its yield aggregator, you can maximize your earnings for various cryptocurrencies. The Wallet has integrated with thousands of dApps and allows you to swap a wide range of crypto at the best prices across over 20 networks and more than 20 cross-chain bridges.
In terms of security, OKX Wallet ensures exclusive access to your funds, has passed Slowmist’s Security Key Audit, and is ranked highest in cybersecurity among 43 of the most popular wallets by the blockchain security firm CertiK.
| Ethereum Wallet | Type of Wallet | Other Supported Networks | Mobile App? | Free to Buy Ethereum? | Ethereum Staking |
| OKX Wallet | Non-custodial | More than 70 networks covering established and new blockchains | Yes | Depends on the payment methods you’re using | Yes |
Pros
- Non-custodial gives you complete control over funds
- Several staking and earning options
- Advanced security features
Cons
- Smart contracts risks related to particular token or dApp you are using
- Customer support may be a bit slow
To learn more about the OKX Wallet, be sure to check out our OKX Wallet Review.
10. Bybit Wallet: Dual-Option Wallet Offering Custodial Simplicity and Non-Custodial Security
This is yet another exchange wallet by the popular centralized crypto exchange, Bybit. Using this wallet, you can connect to Web3 and explore the vast world of DeFi, DEXs, NFTs, and dApps. It only takes a click to connect, and you can get started within minutes.
As an exchange wallet, Bybit Wallet is custodial, meaning you entrust the CEX to manage and keep your private keys safe. Exchange wallets are generally suitable for holding only a small percentage of your funds, as they offer the convenience of trading and managing your assets but come with the risks associated with an online environment.
In addition to a custodial cloud wallet integrated with the exchange account, Bybit also provides a non-custodial keyless wallet that utilizes MPC technology to secure your private keys. Additionally, there is a non-custodial Seed Phrase Wallet that can be imported into the Bybit Wallet using a private key.
| Ethereum Wallet | Type of Wallet | Other Supported Networks | Mobile App? | Free to Buy Ethereum? | Ethereum Staking |
| ByBit Wallet | Exchange Wallet | A lot of different networks supported | Yes | 0.1% Maker and taker fees for buying in the spot market | Yes |
Pros
- High-leverage trading options
- Earnings options via staking & promotions
- User-friendly and varied crypto support
Cons
- Centralized security risks
- Requires KYC to get started
11. MetaMask – Great Option for Storing Ethereum on a Browser Extension, Used by Over 100 Million People
MetaMask is one of the best Ethereum wallets for desktop users. It offers a user-friendly wallet extension for popular web browsers, including Chrome, Firefox, and Edge. It also works with the Brave browser, which offers tokenized rewards when viewing ads. MetaMask is protected by a password and a 12-word backup passphrase.
It lacks advanced security features like you get with a hardware wallet, so ensure your credentials are safely guarded. That said, MetaMask is best used when actively buying and selling tokens. It’s supported by the leading decentralized applications, including Uniswap, SushiSwap, OpenSea, and Compound.
MetaMask also offers a mobile app for iOS and Android, meaning you can easily transfer tokens on the move. In addition to Ethereum, MetaMask also supports BNB Chain, Polygon, and layer 2 chains like Base and Arbitrum. These networks must be added manually, although it’s a simple process. MetaMask also offers in-built staking and swap tools.
| Decentralized Wallet | Type of Wallet | Other Supported Networks | Mobile App? | Fee to Buy Ethereum | Ethereum Staking? |
| MetaMask | Software (Hot) | Avalanche, Aurora, Fantom, BNB Chain, Harmony, and selected layer 2 chains | Yes | 1% commission, plus third-party fees | Yes – APRs of 3.1% |
Pros
- One of the best ETH wallets for desktop users
- Compatible with Chrome, Edge, Firefox, and Brave browsers
- Also comes as a mobile app for iOS and Android
- Used by over 100 million people
- A great option for active crypto traders
Cons
- Isn’t compatible with the Bitcoin network
- Weak security features when compared to hardware wallets
12. Trust Wallet – Top-Rated Wallet for Diversified Portfolios With Over 100 Network Standards Supported
Trust Wallet is the best option for crypto investors with diversified portfolios. No matter the network standard – you’ll find it’s supported. More than 100 blockchains are compatible with Trust Wallet, including Ethereum, Bitcoin, Solana, XRP, Cardano, BNB Chain, and Avalanche. Not to mention Dogecoin, Base, Arbitrum, and Polygon.
Trust Wallet also supports custom tokens on all supported networks. It also imports prices from CoinMarketCap, allowing you to keep tabs on your portfolio in real-time. However, there is often a slight delay in pricing feeds, so they’re not always accurate. Trust Wallet is available as a mobile app for iOS and Android, plus a browser extension for Chrome.
Security features are basic, consisting of a PIN or biometrics. Wallet recovery is available via a 12-word passphrase. In terms of features, Trust Wallet connects to the decentralized finance space, with hundreds of platforms directly supported. It also offers in-built staking tools, token swaps, and support for NFT collections.
| Ethereum Wallet | Type of Wallet | Other Supported Networks | Mobile App? | Fee to Buy Ethereum | Ethereum Staking? |
| Trust Wallet | Software (Hot) | Bitcoin, BNB Chain, Dogecoin, Litecoin, XRP, Base, Solana, Cardano, and more | Yes | Determined by the partnered fiat gateway | Yes – APRs of 3.38% |
Pros
- Supports over 100 different blockchains – including Ethereum
- Comes with in-built staking tools
- Compatible with hundreds of decentralized applications
- Available as a mobile app or browser extension
- Allows users to buy Bitcoin with a credit card
Cons
- Limited security features
- Doesn’t display the estimated fiat amount when transferring coins
13. MyEtherWallet – Specialist Ethereum Wallet App With Staking APYs of 3.6%
MyEtherWallet, more commonly known as ‘MEW’, is a popular wallet app designed specifically for the Ethereum blockchain. It was released in 2015 – just after the Ethereum mainnet launch. It supports any token on the ERC-20 standard; simply provide the contract address.
MEW – which supports iOS and Android devices, is one of the best Ethereum wallets for staking. There are no minimum requirements and you’ll earn APYs of 3.6%. MEW also enables users to become an Ethereum validator. However, this requires a minimum staking outlay of 32 ETH.
Crucially, MEW is a decentralized wallet, so you’re in full control of the private keys. There are no fees to store or receive ETH. Outgoing transfers mirror Ethereum GAS fees, meaning there are no additional charges. MEW supports in-app token swaps via DEX AG. Simplex provides a fiat on-ramp for debit/credit card purchases, so fees will be high.
| Ethereum Wallet | Type of Wallet | Other Supported Networks | Mobile App? | Fee to Buy Ethereum | Ethereum Staking? |
| MyEtherWallet | Software (Hot) | None (unless the Enkrypt extension is installed) | Yes | Determined by Simplex | Yes – APRs of up to 3.6% |
Pros
- The best ETH wallet for staking
- Earn APYs of 3.6% without minimum requirements
- Also enables users to become Ethereum validators
- Supports all tokens on the ERC-20 standard
- Established in 2015 and built specifically for Ethereum users
Cons
- Other networks are only supported when installing Enkrypt
- Customer support is only available via email
14. Atomic Wallet – Non-Custodial Wallet With Staking, Swaps, Fiat Purchases, and Cashback Rewards
The final option to consider is Atomic Wallet. This is a non-custodial wallet that supports multiple device types. This includes an app for Android and iOS, plus desktop software for Windows and Mac. Used by over 5 million people globally, Atomic Wallet supports a wide range of networks.
This includes Ethereum, Solana, Bitcoin, XRP, BNB Chain, Polygon, and Avalanche. Although Atomic Wallet offers decentralized storage it also comes packed with third-party features. This includes Ethereum staking tools with APYs of 5%. No minimums are required. Atomic Wallet also supports debit/credit card purchases.
However, fees are high. For example, a $100 purchase gets you just 95.24 USDT. Atomic Wallet also offers instant swaps on over 60 crypto pairs. You’ll receive cashback rewards of 1% on each swap. The cashback is paid in AWC tokens, which are native to Atomic Wallet. Unlike many other Ethereum wallets, customer support is available 24/7 via live chat.
| Wallet | Type of Wallet | Other Supported Networks | Mobile App? | Fee to Buy Ethereum | Ethereum Staking? |
| Atomic Wallet | Software (Hot) | Bitcoin, Solana, XRP, BNB Chain, Polygon, Avalanche, and more | Yes | Approximately 5% | Yes – APYs of 5% |
Pros
- Supports Ethereum and many other popular networks
- Used by over 5 million people globally
- Available as a mobile app or desktop software
- Competitive Ethereum staking APYs of 5%
- Earn 1% cashback when swapping tokens
Cons
- Fiat purchase fees average 5%
- Doesn’t offer a browser extension
Why Do You Need an Ethereum Wallet?
While Ethereum wallets often come with additional features, their primary purpose is to store ETH. This ensures the ETH coins are kept safe until you’re ready to cash out. Ethereum wallets also support incoming and outgoing transactions. This means you can easily send and receive ETH to and from other wallets.
At first glance, Ethereum wallets are not too dissimilar to bank accounts. After all, they allow users to store, send, and receive funds. However, the best Ethereum wallets are non-custodial. This means that, unlike a bank account, only the user can access the wallet. No third parties are involved when transacting, so you have full ownership of your ETH coins.
In addition to storage and transacting, some Ethereum wallets allow you to swap tokens. For instance, you might want to swap ETH for BTC or SOL. This means you can trade crypto without using a traditional exchange. It’s sometimes possible to stake ETH directly in a wallet, meaning you’ll earn passive rewards. This averages 3-5% depending on the wallet provider.
What’s more, Ethereum wallets also support ERC-20 tokens. These are cryptocurrencies built on the Ethereum network. Popular examples include USDT, UNI, AAVE, DAI, and LINK. Some Ethereum wallets also support coins and tokens from other blockchains, such as Bitcoin, Solana, and BNB Chain.
Different Types of Ethereum Wallets
Understanding the different types of Ethereum wallets will help you choose the right option.
For a start, you’ll need to choose between a custodial or non-custodial wallet.
- Non-custodial wallets are the best option if you want to control your private keys, meaning you won’t need to trust a centralized entity.
- If you buy Ethereum from an exchange and keep the coins there – you’re using a custodial wallet. This means the exchange is responsible for keeping the ETH coins safe, so you don’t have access to the private keys.
In addition, you’ll need to consider cold or hot storage.
- Cold wallets are ideal for long-term investors who prioritize safety, as the private keys are always offline. This means the wallet can’t be hacked remotely.
- Hot wallets are aimed at active traders, as they seamlessly connect with exchanges, decentralized applications, and other platforms. However, only keep a small amount of ETH on a hot wallet, as security features are limited.
Another consideration is whether to choose a software, hardware, or paper wallet. I’ll discuss how each works in the following sections.
Ethereum Software Wallets
Software wallets are the most popular option. They support multiple device types and are usually free to use. Simply download the software wallet to your preferred device, and it’s good to go. That said, you’ll need to consider what device type is right for you.
For example, some investors prefer using a desktop device when storing ETH. Options often include desktop software for Windows, Mac, and Linux. Alternatively, you can add a wallet extension to your web browser. Chrome is usually supported, although some Ethereum wallets are also compatible with Firefox, Edge, and Brave.
Another convenient option is to download a wallet app. This means you can easily control your ETH coins from a smartphone device. Security features include your usual screen lock, plus a PIN or biometrics. Ethereum wallet apps are ideal for regular transacting. And, if you lose the smartphone device, you can easily recover the wallet via its backup passphrase.
However, just remember that software wallets are less secure than hardware wallets. They’re always exposed to the internet, meaning remote hacks are possible. As explained by CNBC, best practices in keeping a crypto wallet secure include using a password manager and storing backup passphrases on paper.
Ethereum Hardware Wallets
The safest way to store ETH is in an Ethereum hardware wallet. Unlike software wallets, this option isn’t free. You’ll be purchasing a hardware device that comes with advanced security features. Prices vary depending on the manufacturer and model.
For example, the most secure option is the ELLIPAL Titan 2.0, which retails for $169. Not only does the ELLIPAL Titan 2.0 keep private keys offline at all times, but it also offers air-gapped security. This means external connections – like Bluetooth and USB cables, aren’t required when authorizing transactions.
Instead, the user must scan two unique QR codes; one from the device and the other from the ELLIPAL app. This makes it almost impossible for the wallet to be comprised.
A more affordable hardware wallet is the Trezor Safe 3, which retails for $79. While it doesn’t come with air-gapped technology, it’s a highly secure wallet with cold storage solutions. The Ledger Nano X is also popular but costs $149, plus shipping fees.
Regardless of your chosen hardware wallet, you’ll also benefit from loss, damage, and theft protection. This is because hardware wallets come with a backup passphrase, which is usually 12 or 24 words. You can import the passphrase into another wallet (software or hardware), which means the old device is no longer needed.
Ethereum Paper Wallets
While less popular, you might also consider an Ethereum paper wallet. It’s a free alternative to hardware wallets, as you’re simply storing the private keys on a sheet of paper. This means the wallet credentials are always offline and there’s no risk of being hacked.
- However, you first need to create a new wallet so that you can generate a unique address and private keys.
- Always use a trusted wallet provider, such as Atomic Wallet, MetaMask, or Trust Wallet.
- After creating the wallet you’ll need to transfer ETH coins to the deposit address.
- Then, you can write down the backup passphrase on paper. This represents your private keys in a more readable form.
- Finally, delete the wallet app so that the ETH coins benefit from cold storage.
The main drawback with Ethereum paper wallets is they’re inconvenient when transacting. Unlike a hardware wallet, you won’t be able to connect to a decentralized platform, like SushiSwap or OpenSea. Instead, you need to import the private keys into a new wallet by typing in the backup passphrase. Nonetheless, paper wallets are free and highly secure.
How to Pick a Safe ETH Wallet
Safety should always be the main priority when choosing an Ethereum wallet. Even if you’re planning to transact regularly, you’ll need to ensure that the ETH coins are safe from hackers. The only surefire way of staying safe is to use a hardware wallet. This is because the ETH coins are kept in cold storage, meaning online hacks are impossible.
What’s more, ETH can only leave the hardware wallet when a PIN is entered on the device. Or, if you’re using an air-gapped wallet like ELLIPAL Titan 2.0, a QR code must be scanned. In contrast, software wallets are always at risk of being hacked. This can happen in a variety of ways, such as keyloggers, viruses, malware, or phishing.
Scammers also use deceptive methods. For instance, they might impersonate a wallet support agent, and convince the user to reveal their private key. This is similar to fraudsters tricking bank account holders into revealing their password and two-factor authentication code. However, unlike bank account fraud, there is no means of recovery if your ETH wallet is hacked.
Ultimately, it’s wise to learn about wallet security, risks, and safety prevention methods. Otherwise, you might be tempted to keep ETH on a centralized exchange. This is the riskier option, as you’re trusting a third party to keep your funds safe. Many crypto exchanges have collapsed, meaning client-owned deposits are often lost.
How I Ranked the Best Ethereum Wallets
I’ll now explain how I chose the 14 best Ethereum wallets for this guide. I employed a ranking system based on key factors, such as security, features, pricing, accessibility, and support for other networks. Read on for more information about my wallet methodology.
Supported Networks and Custom Tokens
Ethereum is just one crypto asset in a huge marketplace. The majority of Ethereum investors will also have exposure to other popular coins. Now, it doesn’t make sense to hold multiple wallets, as managing them can be cumbersome. Instead, it’s best to use a multi-chain wallet that supports all of your investments.
As such, I prioritized Ethereum wallets that are compatible with other leading networks. For example, the ELLIPAL Titan 2.0 not only supports Ethereum but also Bitcoin, Solana, XRP, BNB Chain, and Avalanche. What’s more, you can also add custom tokens on supported networks.
For example, suppose you buy a brand-new ERC-20 token. You can transfer the ERC-20 tokens to your main Ethereum wallet address. You can then provide ELLIPAL Titan 2.0 with the token’s contract address. The token balance will then appear in your wallet.
Available Devices
My list of Ethereum wallets included every device type imaginable. This includes desktop wallets for the main operating systems; Windows, Mac, and Linux. Smartphone users are also catered for, with multiple wallet providers offering an app for iOS and Android.
I also included Ethereum wallets offering an extension for Chrome, Firefox, and other popular browsers. Several hardware wallets were also included, ensuring that security-conscious investors have multiple options at various price points.
Security Features
The best Ethereum wallets keep your coins safe and secure. You’ll need to know what security features to look for when selecting a provider. As I’ve established, the safest option is to use a hardware wallet. Even better, a hardware wallet with air-gapped security.
If you prefer the convenience of software wallets, explore what security steps are required. For instance, most software wallets are secured with a PIN or password. However, a safer option is biometrics, such as fingerprint ID or facial recognition. Two-factor authentication is also a solid security tool – especially if it’s set up on an alternative device.
For example, you could have an Ethereum wallet on a desktop device. And have the authentication code sent to a smartphone. This means that without both devices (and the respective PIN/password), hackers wouldn’t be able to access the wallet. I also like the MPC technology employed by Zengo, which distributes management keys on multiple servers.
Fees
Fees should also be considered when choosing an Ethereum wallet. While software wallets are usually free this won’t be the case with hardware wallets. Ensure prices align with your budget and always check shipping costs before ordering.
Fees will also be charged when transferring ETH to another wallet. I only considered wallet providers that mirror real-time GAS fees. This means 100% of the transaction fees go to miners, so there’s no markup. Receiving and storing ETH is free. You should also check fees for third-party services, such as swaps and staking.
Web 3 Integration
I also prefer Ethereum wallets that offer Web 3 integration. This means the wallet can connect with decentralized applications. In turn, you can use your wallet balance to access Web 3 products like decentralized exchanges, lending protocols, liquidity farming, and NFT marketplaces.
Any transactions made will be reflected in your wallet balance, so there’s no requirement to manually transfer funds. What’s more, using Web 3 applications is a cheaper way to swap tokens. This is because the wallet provider won’t add a commission or a spread. For example, you can easily swap tokens by connecting the wallet with Uniswap.
Staking Tools
Another feature to look for is staking. I found that the best Ethereum wallets offer competitive staking APYs without minimum requirements. This means you can avoid the 32 ETH minimum, which is required when going direct with the Ethereum network.
For example, MyEtherWallet offers Ethereum staking APYs of 3.6%. Even more competitive is Atomic Wallet, which offers APYs of up to 5%. This is a seamless way to increase your ETH holdings. Staking rewards are often paid daily, so you’ll have a constant flow of incoming payments.
How to Get an Ethereum Wallet
Setting up an Ethereum wallet takes minutes. That said, beginners should ensure they follow the right steps, as mistakes can be costly. Here’s an overview of how to get started with a new Ethereum wallet:
- Step 1: Choose an Ethereum Wallet: First, make sure you choose the right Ethereum wallet for you. If you’re investing larger amounts then a hardware wallet is the best option. Make sure you purchase the device directly from the manufacturer’s website. If you’re looking to start with smaller amounts, opt for a software wallet. These are free and can be downloaded to your preferred device, such as a smartphone or laptop.
- Step 2: Create an Ethereum Wallet: Once you’ve obtained an Ethereum wallet you’ll need to set it up. This means generating a wallet address. There’s no requirement to write this down. The address can be copied from within the wallet interface at any time.
- Step 3: Secure the Wallet: Next, you’ll need to secure the Ethereum wallet. This step varies depending on the wallet type. For example, hardware wallets typically require a PIN, which needs to be entered on the device. Software wallets can be protected by a PIN, password, and/or biometrics. Follow the on-screen instructions to complete the process.
- Step 4: Write Down the Backup Passphrase: This step is very important. The wallet will display a unique backup passphrase, which is often 12 or 24 words. You must write this down on a sheet of paper. What’s more, the words must be written down in the correct order. If you lose access to the wallet, the backup passphrase will help you recover it. Never share the passphrase with anyone.
- Step 5: Transfer ETH: The final step is to transfer ETH to the wallet. As mentioned in Step 2, the deposit should be made to your unique wallet address. Ethereum addresses always start with 0x. If you don’t own ETH, some wallets allow you to buy some with a debit/credit card. The ETH will then be added to the wallet. Ensure you’re aware of fees when using this option.
Conclusion
Having explored the best Ethereum wallets in the market, my top pick is Best Wallet. This is a top Ethereum wallet with unprecedented features such as market insights and token analytics. With the Best Wallet, investors can also access cross-chain interoperability to trade any tokens on the Ethereum and Binance Smart Chain.
FAQs
What is the Best Wallet for Ethereum?
Is there an Official Ethereum Wallet?
What is the Easiest Simplest Ethereum Wallet?
Should I Use a Hot or Cold Wallet For Ethereum?
References
- What Is Web3? (Harvard Business Review)
- You could be leaving your crypto wallet open to hackers—here’s how to protect it (CNBC)
- The crypto market bears the scars of FTX’s collapse (Reuters)
- Holding the keys to your digital future (Ethereum Foundation)
