Knowing which are the best wallets for Ethereum is essential if you want to trade this cryptocurrency on a regular basis. Here we explain why, the different types and the best available options. Let’s get to it.
Do I need a wallet for Ethereum? Why?
Good question, when we talk about a cryptocurrency wallet, we are referring to virtual or cold wallets, those spaces where our cryptocurrencies are stored. And yes, it is necessary to have a wallet for Ethereum and I’ll explain why:
- You improve the level of security, since the wallet has access and identification keys to enter. In addition, current encryption systems have further improved this issue.
- You can trade directly from the wallet, and do so with several cryptocurrencies. Wallets, as a rule, are generally configured for Ethereum and for other top cryptocurrencies. Of course, you may come across some wallets that are specific to Ethereum.
- You have complete information about cryptocurrencies available to you. You will not only know (obviously) the available options and quantities, but also the operation log. This data will help you make decisions.
- Leaving your cryptocurrencies on an exchange means exposing yourself to theft and hacking.
Having a cryptocurrency wallet is essential, and that goes for any cryptocurrency and specifically for Ethereum. We are highlighting Ethereum because it is one of the safest and most popular cryptocurrencies to invest in today. Therefore, it should be stored in a safe place.
Types of Ethereum wallets
There are several types of wallets for Ethereum, each with its own specific characteristics. Take note:
Software wallets, also known as hot wallets work through cloud hosting. In this way, there is no physical support and you will enter your wallet through your personal passwords. This modality allows, due to its structure, it to work from any type of device, fixed or mobile.
Hardware wallets or cold wallets work by means of an external physical device, similar to USB sticks, which is inserted into your computer. The advantage of this option is that you improve your privacy and the possibility of attacks is greatly reduced. In addition, there are non-electronic wallets, further increasing security.
Desktop wallets are computer programs that are downloaded to your computer or device. From there, and with an internet connection, any cryptocurrency can be traded normally. They are also called desktop wallets, and you can find several variants, depending on the type and cryptocurrency.
Paper wallets are, in reality, a piece of paper that includes the keys to trade. This method is recommended for small quantities or one-off operations, but is perhaps not ideal for other quantities. More importantly, it is one of the least secure systems available, because writing down a password on a piece of paper is not recommended.
Wallets for cell phones
Finally, reference should be made to wallets for cell phones. In this case, we are referring to specific apps that you can download to trade from your mobile device. The main advantage, if the security systems are adequate, is the possibility of opening it from anywhere. The downside is that they are much more susceptible to hackers, like desktop and hot wallets.
What is the best wallet to store Ethereum?
Undoubtedly, if what you are looking for is a security guarantee, it is preferable to opt for a hardware wallet, also known as a cold wallet. They usually cost no more than €100, and if it’s your crypto, it’s worth it. However, keep these two points in mind:
- It must be made of high-quality material so that it does not deteriorate prematurely. In this sense, opting for steel is a good way to go because it provides these guarantees. Also make sure that the manufacturer provides written warranties.
- Check that the company that sells it is reliable. Check that it is covered by a regulated entity.
Consequently, once you have assessed these points, it will be much easier to choose the right wallet for you. And remember that Ethereum is a blockchain platform but it has its specificity. It is designed primarily as a transaction payment network.
5 best wallets for Ethereum
This list of the 5 best wallets for Ethereum can help you make a decision. We have included wallets of different types. Because of their track record and performance, we believe you should give them a try:
1. Material Bitcoin, one of the best wallets for Ethereum
Material Bitcoin is a hardware wallet for Ethereum and Bitcoin that provides several advantages for those who use it. Firstly, it consists of a small device made of AISI 304L steel of Spanish manufacture with a 100-year guarantee. It is also very small (86mm x 54mm x 2mm), and has a unique, non-transferable key on the device. It is anti-hacker, shockproof, fireproof and floodproof. Therefore, if you want to prioritize security and privacy in your trading, this wallet is of interest to you.
Metamask is one of the most popular Ethereum wallets. It works as an online wallet and the main advantage is that it is free of charge. For this reason, it has become popular, especially for small investors or people who are just starting out. In addition, it serves as a tool for use with other cryptocurrencies and integrates easily with major browsers. As it is connected to the Internet, its security is fragile for storing large amounts.
MyEtherWallet is one of the tools that, in recent times, have gained traction. It should be noted that, unlike other wallets, this one is for Ethereum only, although it has recently been expanded to work with other cryptocurrencies. It is an open-source wallet, so it is suitable for desktop and mobile. The same as the previous one goes in terms of security
4. Best wallets for Ethereum: Ledger Wallet
Ledger Wallet is one of the go-to options if you are interested in a hardware wallet that supports multiple cryptocurrencies. With this tool it is possible to buy, sell, withdraw money and, in short, carry out various operations. What you have to keep in mind is that this is an electronic hardware wallet, so you must be mindful of shocks and water.
5. Trust Wallet
Trust Wallet is a wallet for cell phones, but it is no less significant. It is backed by cryptocurrency trading company Binance and, thanks to this, it is possible to make all kinds of operations, transactions and move high volumes of cryptocurrencies. However, you should be careful, as it is susceptible to hacks or viruses on your phone.
Tips for choosing the best wallets for Ethereum
There are several guidelines to keep in mind when choosing the best wallets for Ethereum. These are the most important ones:
- Security: this is a central point, and has to do with keys and encryption systems. When it comes to a hardware or paper wallet, the important thing is that they are unique. When the wallet is online, encryption and encryption systems are essential.
- Functionalities: the number of functionalities that can be performed is also an element to be considered. In most cases, it is possible to buy, withdraw and consult the transaction history.
- Compatibility: compatibility with browsers, devices or operating systems is another feature to be assessed, according to your preferences. But you also have to check if your wallet will only work for Ethereum or if it can work for other cryptocurrencies.
- Frequency of use: frequency of use is another factor to consider. For example, a paper wallet can be useful for sporadic use, but for continuous use you should opt for other methods.
- Cost: there are paid solutions and others that are free of charge. However, remember that a paid solution usually provides more guarantees than a free one.
In the end, it is no secret that, depending on what you prioritize, you will be more or less interested in a certain type of wallet for Ethereum. Choosing the best wallets for Ethereum is a subjective point, but, even so, with this information it should make that choice a little easier.
My personal experience
From my personal experience, in this list of best wallets for Ethereum I can highlight the case of Material Bitcoin for its quality and security guarantees when trading. In addition, the company is officially registered with the Bank of Spain in order to be able to offer 100% legal cryptocurrencies in Spain Do you want to know more about this product? I encourage you to learn more about it here.