Ethereum is one of the fastest rising cryptocurrencies in the world right now. With expanded scale and a developmental ecosystem around it, Ethereum is a highly popular form of alternative currency. With more than 100 million Ether in circulation right now, the total market cap well exceeds $22 billion.
The challenge with the currency is managing the funds inside a wallet. There are multiple options out there, but few have the technology and scale built-in for customers. The perfect Ethereum wallets should allow users to hold and secure ether, as well as write and deploy smart contracts.
How to Choose an Ethereum Wallet?
There are both hardware and software wallets available, which make for a handy selection if you’re in a rush. There are even mobile apps that allow you to transact securely through your smartphone. There are a few points to consider before making the right decision.
- Are there security & privacy tools designed into the system?
- What is the financial backing of the wallet company itself? (Binance, Ethereum Org, etc.)
- How many users have downloaded or used it so far?
- How has it been received within the Ethereum community?
- How many transactions can it handle over time?
Here are 4 of the best Ethereum wallets available:
The Ethereum Wallet
If you’re just starting out and don’t have a clear understanding of technology, then the Ethereum wallet is a good one to keep. You can install the Windows file on your desktop and manage your Ethereum funds securely. With a rise in spyware apps and fake wallets in the ecosystem, The Ethereum Wallet is a great tool for savvy investors. You get a unique private key, a user-friendly UI and security assurance provided by the company.
The dashboard provides basic statistics on the market and how your funds have been performing over a defined period of time. It’s simple and offered exclusively by the official Ethereum developers. The trust-factor is key here, and its functionalities aren’t limited in any way. As online wallets go, this one is quite good.
Ledger Nano S
As hardware wallets go, the Ledger Nano is a sturdy one. It is one of the best hardware wallets in the marketplace right now, with a simple USB plug & play model built-in. You can access your funds anywhere and pay via the hardware stick. It’s easier to carry around, and a private key ensures that only you are able to log-in.
You can get the special edition, 10-year anniversary of Satoshi Nakamoto’s White Paper model for $99.99 right now. This is a handy hardware wallet because of the simplicity of use. Similar to a credit card or a bank account, the Ledger is protected by a pin code and a security chip. This means that an unauthorized individual can’t access your account unless they have your pin. The wallet also supports up to 40 different types of cryptocurrencies.
Metamask is one of the few wallets for desktop that has been funded by the Ethereum foundation and ConsenSys (a blockchain software company). It’s also one of the most popular wallets for the desktop, and you can easily store Ether and ERC20 tokens in it. It’s also a secure alternative to many open wallets out there and has just released comprehensive privacy tools to protect users.
When users click on “privacy mode” all apps will need permission to use your account. This includes any programs, DApps, and websites. It’s been downloaded over 1.3 Million times, has a helpful mobile client and an extensive marketplace. In terms of Ethereum ecosystem development, Metamask has taken the lead.
TrustWallet is a convenient mobile app that allows users to review and exchange their funds from their smartphone. It was acquired this year by Binance, the world’s largest crypto exchange, and has many security tools built-in. It can handle a large number of transactions and doesn’t require any maintenance.
Setting up is simple and users don’t have to provide too much information upfront. It’s got a unique UI that is distinctive and easy to use. There is also a myriad of tools available within the app that help users make better decisions. The app is available on both Android and iOS, and you can send tokens with an easy address in a QR code format.
Keeping your cryptocurrencies in an Ethereum wallet is much safer than storing your coins in an exchange. Exchanges can be hacked easier and your crypto is technically the company’s property. Wallets allow you to choose cold storage (offline wallets) and give you ownership of your private key. So, when choosing where to keep your investment, look for the best Ethereum wallet to store your Ether and ERC20 tokens.