This guide will explain some of the best wallets for Ethereum. This guide mentions hardware wallets, desktop wallets and more.
What Is Ethereum?
Ethereum is the second largest cryptocurrency by market cap. It was created in 2015 by Vitalik Buterin to create a network for decentralized applications.
You can learn how to buy Ethereum in 3 easy steps by clicking here.
Choosing A Wallet
There are many different Ethereum wallets to choose from. It’s easy to feel overwhelmed when making a decision. This decision is not something to take lightly. Your money is at stake.
No wallet is immune to poor security decisions. Don’t store your private keys or seed phrase in the form of a screenshot or upload your keys to Google Drive. One option is to write it down and store it in a safe place. If you lose your keys you will lose access to your ETH. If somebody has your private key then they have access to your funds.
Don’t get duped by downloading a fake version of a wallet. Make sure you always download from an official website.
Remember that ERC20 tokens can be stored in any Ethereum wallet if you have possession of the private keys. This is true even if the user interface doesn’t allow you to interact with them.
The best wallet for Ethereum combines security and usability. A hardware wallet is generally the best option. If you have any significant amount of crypto, you should get a hardware wallet.
A hardware wallet, such as the Ledger Nano S, is among the most secure ways to store your ETH. This is a dedicated piece of hardware that can be purchased on the Ledger website.
This is the best option for its combination of security and ease of use. It’s sleek design also has an aesthetic appeal. The user interface is easy to understand and allows users to seamlessly send or receive cryptocurrency. If your device is lost or stolen you can easily gain access to your funds by using your seed phrase.
Ledger is a multi cryptocurrency wallet. This means it supports many other cryptocurrencies. You can store your Bitcoin on Ledger as well as DASH, LTC and many others.
You can also use Ledger in conjunction with MyEtherWallet and Metamask. This is especially useful if you want to send a token that Ledger doesn’t have an application for.
Paper wallets can also be a secure but are not deal for beginners. Paper wallets can have security risks depending on how the private keys are generated.
A desktop wallet is software that you download to your computer. A desktop wallet is more convenient than a hardware wallet but less secure.
Exodus is an example of a trusted desktop wallet that also has a great support team. You can download the Exodus wallet from the official website. This is one of the best wallets for new users.
Exodus has a wide variety of other crypto assets if you want to swap your Ethereum for a different cryptocurrency. You don’t need to have a different application or wallet software for each crypto you want to own. This feature makes using Exodus a breeze.
The design is easy to understand and the portfolio feature displays all your wallets in one place.
The Jaxx cryptocurrency wallet is also another example of a trusted desktop wallet. The Jaxx wallet also has a mobile application and a Chrome Extension.
Mobile wallets have the advantage of convenience but are less secure. Any significant amount of crypto should be stored elsewhere. This is also the case for web wallets. Don’t store crypto here that you aren’t willing to part with.
Bread Wallet is an open-source mobile wallet initially created for Bitcoin. Bread Wallet now supports Ethereum and other cryptocurrencies. It has been around for a while and has a good reputation.
TrustWallet is another example of an open-source mobile wallet. The Binance exchange owns it and they will integrate the Binance DEX in the future. They do not collect personal information from users.
Coinfy is open-source and doesn’t store user information. Coinfy doesn’t have access to your private keys. It’s one of the most secure web wallets because of these attributes. Coinfy is easy to use for beginners.
MyEtherWallet is another reputable web wallet. It has hardware wallet compatibility and doesn’t store your private keys on a server.
Monedero is a web wallet aimed at Spanish speakers. You can hold ETH and ERC20 tokens. You can also manage assets like Bitcoin, Litecoin, and DASH.
This is a different kind of web wallet, it’s added as a browser extension. Metamask is open-source and is available on Chrome, Opera and Brave. Metamask can be used with the Ledger Nano S hardware wallet.
Using a Ledger hardware wallet is your best bet. Ledger is famously secure with an interface that beginners can understand.
Exodus is a good option but not as secure as a hardware wallet. Make sure that you store your private keys safely.
Web wallets and mobile wallets have their uses but it generally isn’t a good idea to store a large amount of crypto on them.
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