Educational guides

The 15 Best Ethereum Wallets for 2020 – Store ETH Safely

In this article we take a look at the most prominent ETH wallets that dominate the market in 2020.

Ethereum has quickly become one of the best investment opportunities of the 21st century. But, not all ETH wallets will ensure the safety of your funds. Storing Ethereum should be your top priority. 

For this reason, we have compiled a list of the best Ethereum wallets on the market. We’ll explain how these wallets work, explore several wallet categories and state their pros and cons. 

By the end of the article, you should have enough information to decide which wallet suits you best. 

What is an Ethereum Wallet

An Ethereum wallet is a digital access point that allows you to use or “store” your ETH. 

When you receive Ether, whether, from an exchange platform or an individual, you will need to provide an address to indicate where your tokens should be delivered. Now, there’s a multitude of different wallets, but they all work on a similar principle. 

Before we go further, let’s quickly discuss the different aspects of an Ethereum wallet.

How does an Ethereum Wallet work

Unlike cash or gold, Ethereum tokens are not tangible. They are digital representations of value on the Blockchain. As such, you’re unable to literally “store” them.

Instead, when creating a crypto wallet, you are essentially generating a point of access to your coins. 

Ethereum wallets consist of two unique addresses, each comprised of a given number of alphanumeric characters:

  • A Private Key – which allows you to access and use your coins. It’s made of 64 random hexadecimal characters ( 0 to 9 and A to F). 
  • A Public Address – used to receive ETH when other people send it to you or when buying from an exchange. 

It goes without saying that the Private Key should be kept secret as it allows you to access your Ethereum Balance. 

How to choose the best Ethereum Wallet?

Now that you know how Ethereum wallets work, we should go through all the different types of wallets and the purposes they serve. There are five main categories:

  • Mobile Wallets – these wallets are mobile applications that are installed on your phone. While providing great accessibility and decent security, they can be considered a liability if your mobile device is lost or stolen. 
  • Online wallets – these wallets can come in the form of a web browser or a mobile app. They are a convenient way to access your cryptocurrencies on the go, through any internet-enabled device of your choice. 
  • Desktop wallets – these wallets store the keys on your computer. They require the installation of specific software and are much more secure than online wallets as they don’t rely on a third party to safeguard any of your data. 
  • Paper wallets – these don’t cost anything and are the most secure type of wallets, as they are entirely off the grid. They are simple pieces of paper where your keys are printed on. 
  • Hardware wallets – these devices are specifically designed for the safekeeping of public and private keys. They are very popular as they don’t compromise on security, while still keeping some form of convenience while transferring crypto. 

1. Best Ethereum Mobile Wallet – Jaxx

best ethereum wallets

Number of supported coins: 69
Access: Mobile, Google Chrome extension, Desktop.
Mobile OS: Android and iOS

Jaxx is a digital wallet that allows you to send and receive a range of different cryptocurrencies. 

It was created in 2014 by Anthony Diiorio, the co-founder of Ethereum.

But what makes it the best mobile wallet available? Let’s check out its main features.

Why you should consider Jaxx over other mobile wallets

Jaxx offers a range of advantages that other mobile wallets do not and these include: 

  • Multi-platform support – Jaxx is available to download on most device types, desktops and mobile alike. Furthermore, the wallet is also available to use as a Google Chrome extension.
  • Cross-Platform Pairing – this feature enables you to link all your crypto wallets. This way, you can access your Ethereum on every wallet that the platform supports. 
  • Internal Cryptocurrency Exchange – Through its partnership with ShapeShift, Jaxx is able to exchange cryptocurrencies directly in the app. 
  • User-friendly interface the app’s user experience has been tweaked for better visibility throughout the years. It’s now one of the best interfaces that show relevant transaction information at a glance, suitable for both beginners and experienced crypto enthusiasts. 

How to install and create your Jaxx wallet

Here’s a short video on how to install the mobile version of the wallet: 

2. Best Ethereum Web Wallet – Metamask

metamask wallet

Number of supported coins: All Ethereum-based tokens
Access: Google Chrome, Opera, Brave extension
Mobile OS: Android and iOS (beta)

MetaMask is more than just an Ethereum and ERC-20 tokens wallet. This browser extension allows you to build decentralized applications and communicate with the Ethereum Blockchain. 

The private keys are encrypted and stored in your browser data storage, which you can export at any time. So here, you don’t rely on a 3rd party for storing your data. 

Why Metamask is one of our favorite Ethereum wallets:

  • Keys are stored offline – Acting like a desktop browser of sorts, MetaMask doesn’t store your private keys online but encrypts them locally. They are hidden away in the browser program data and can only be accessed through the option of exporting your private key with the app. 
  • Very user-friendly – The app is very easy to use and makes receiving and sending Ethereum a breeze. 
  • Easy to manage multiple wallets – the interface allows you to switch between different wallets. 
  • Supportive developers – An active team that corrects every bug thrown at them and listens closely to their users. 

How to install and create your Metamask wallet

You should follow this guide to see what are the necessary steps you need to take to install Metamask in your browser: 

 

3. Best Ethereum Desktop Wallet – Atomic Wallet

best ethereum wallets

Number of supported coins: 300+
Access: Desktop, Mobile
Mobile OS: Android and iOS (beta)

Atomic is a multi-cryptocurrency wallet that supports more than 300 different cryptocurrencies through its user-friendly application.

The wallet focuses on security, anonymity, and decentralization, while also offering a myriad of features. 

Apart from being just a wallet, Atomic can also be used as a fee-free decentralized exchange using the Atomic Swaps smart contracts. 

Let’s check the main benefits of Atomic wallet and why we think its the best Ethereum wallet for desktops: 

Why you should choose Atomic Wallet

  • Non-custodial keys – Your private keys are stored and encrypted on your machine, preventing phishing attacks. 
  • Atomic Swaps – Atomic allows you to swap one coin to another using smart contract technology. 
  • Supports additional decentralized trading platforms – the wallet has integrated exchanges like Changelly and Shapeshift for those coins that don’t have Atomic Swap support yet. 

How to set up your Atomic Wallet

This short 3-minute video will guide you through the necessary steps when starting out with Atomic Wallet. 

4. Best Ethereum Hardware Wallet – Ledger Nano S

best bitcoin wallets - hardware wallets

Number of supported coins: 1250+
Access: Ledger Nano S device

Hardware wallets are very popular nowadays, as they provide the best security and convenience in their use. Not only they are easy to handle and carry, but they provide the utmost level of security.

So let’s talk about the Ledger Nano S. This hardware wallet was one of the first physical crypto wallets to hit the market. To this day, it remains a worldwide best-seller.

Here’s why we think the Nano S stands out against the competition and should be your first hardware wallet choice.

Why you should pick the Ledger Nano S

  • Highest level of security – Ledger hardware wallets are made with state-of-the-art cryptographic Secure Element chips which allow users to store their funds in the “cold storage”. 
  • Large number of supported cryptocurrencies – Ethereum included, of course. If you are planning on storing more currencies, there’s a good chance the Nano S supports them. You can see the whole list of supported currencies here.
  • Ledger Live – the official Ledger app lets you check and manage your cryptocurrency balances on different devices. At the same time, it doesn’t compromise on security, as it’s linked to your hardware wallet. 

How to set up your Ledger Nano-S

The following video will help you go through the necessary steps when setting up your Ledger Nano S for the first time:

5. Best Ethereum Paper Wallet – Generatepaperwallet

ethereum paper wallet

A paper wallet is an offline mechanism for storing Ether. In short, you print a new set of private keys and a public address onto paper. These often include a scannable QR code for more convenience. 

We chose GeneratePaperWallet as one of the most convenient ones. This website allows you to generate a random private and public key in a matter of seconds. From that moment,  all you have to do is print and store the information.

Why consider creating a paper wallet?

  • True Cold storage – Paper wallets are not meant to be used on a daily basis for small transactions. They don’t allow partial spending of your Ethereum for example. But this disadvantage can actually be a great benefit.

It makes them perfect for long term investors that don’t want to sell their ETH unless it’s really necessary. 

  • Unhackable – As these are never connected to the internet or any device, they are virtually impossible to crack. 
  • Budget option – For the high security they provide, the only cost you can attach to them is the price of the paper they are printed on. And maybe, the lamination process, which keeps them protected from water.

How to create your Ethereum paper wallet?

Step 1: Visit GeneratePaperWallet and move around your mouse to allow the algorithm to randomly generate your keys. 

generation of address

Step 2: Write down the mnemonic words that will help you recover your private key in case you lose it. 

keys

Step 3: Print out the wallet using the “Print Wallet” button. 

Step 4: Get creative, laminate your paper wallet, put it in a safe place and remember to keep it private.

Other Great Ethereum Wallets

  1. Enjin Wallet – Enjin is a mobile wallet for Ethereum-based tokens, Bitcoin, Litecoin and Enjin Coins. Similarly to Atomic Wallet, it includes built-in exchanges and supports gaming tokens created on the Enjin network. 
  2. Coinomi – one of the most popular mobile wallets out there. It supports a good number of cryptocurrencies (120+) and allows you to manage your crypto through a modern and user-friendly interface. 
  3. Guarda Wallet – This multi-platform wallet offers good security and relative ease of use. The fact that you can access it through most digital devices available makes it a great choice for anyone. 
  4. Ledger Nano X – the big brother to the Nano S. It offers the same security advantages, it goes one step further by including a larger battery and storage capacity. These additional features allow it to last longer and run even more applications. 
  5. Edge – another popular mobile wallet, it gives the users the ability to simplify the wallet creation process. For this purpose, it uses a unique security model that relies on a Username+Password sequence which is used to create the private key.  
  6. Lumi Wallet – this mobile wallet allows you to handle your crypto securely through a simple, but feature-rich interface. Additionally, helps you manage and store your Ethereum collectibles like Cryptokitties or gaming tokens. 
  7. Exodus – this desktop wallet incorporates the Exodus Exchange, which allows users to exchange cryptocurrencies directly within the application.
  8. Trezor One – the second best hardware wallet that trails only a step behind the Ledger Nano S. The only thing that puts him in second place is that Ledger’s Live app is much more user-friendly. 
  9. Argent – Another mobile wallet, Argent keeps track of your crypto tokens, plus lets you make transfers and transactions against other tokens. It also allows the creation of an easy to read address (ENS) that you can send to whoever wants to send you ETH. 
  10. MyEtherWallet – Last on our list, this web-based wallet has become one of the favorites for Ethereum enthusiasts. It allows you to create a wallet in seconds, using a slick and user-friendly interface. 

Wrapping up

Now that we took a more detailed look at these 10 wallets, let’s conclude with picking a winner. Here are the top wallets: 

  • Mobile wallet – Jaxx
  • Web wallet – Metamask
  • Desktop Wallet – Atomic Wallet
  • Hardware Wallet – Ledger Nano S
  • Paper wallet – GeneratePaperWallet

Our winner here is the Ledger Nano S. We recommend getting this hardware wallet, as it offers unmatched security paired with a great user interface and live app. 

If you are looking for something more budget-friendly, all of the entries on our list are free to use and remain viable choices for storing your ETH.

— Frequently Asked Questions —

Below, we have compiled a list with the most commonly asked questions regarding Ethereum wallets.

What is Ether and how do I get it? 

Ether or ETH is the native currency of the Ethereum network and fuels all the transactions on the Blockchain. You can send it over the internet as digital money or use it on the network, in decentralized applications. 

The best way to get ETH is to purchase it from an exchange. You can do this on Paybis using a variety of payment methods. 

What is an Ethereum wallet’s public address?

Your wallet’s public address is the address that stores your ETH on the Ethereum blockchain. This is the address that you will be using when you want to receive ETH. The sender will use it as the destination of the coins they are sending you. 

What is an Ethereum wallet’s private key?

A private key is a wallet’s passcode. It helps you use your ETH tokens. Without it, you won’t be able to access your balance or spend any of your Ethers. Remember to always keep it safely stored and don’t share it with anyone. 

What is the safest way to store my Ethereum tokens?

Hardware wallets are the safest and most convenient method of store your ETH. 

Here are some of the best hardware wallets and where you can buy them: 

How long do ETH transfers take?

Ethereum confirmation times vary depending upon the amount of gas (transaction fee) one is willing to spend. You can check the average wait times at ethgasstation.info.

Can someone hack into my Ethereum wallet?

The cryptocurrency wallet’s goal is to store money, making them a prime target for cybercriminals. But if you follow the necessary safety precautions, you will find them quite safe to use and will store your keys securely. 

Online wallets are the most targeted type as they are vulnerable to phishing and scam techniques. On the other hand, hardware wallets are virtually unhackable and certainly the most secure. 

Remember that with cryptocurrencies, you are your own bank. This gives you a lot of freedom, but at the same time, you are entirely responsible for how you secure your private keys. 

I’ve lost my ETH wallet’s private key. What now?

Most Ethereum wallets will ask you to write down a mnemonic phrase when creating your wallet. This string of random words is very important, as it will help you recover your private key in case of a loss. 

Make sure you keep it in a separate safe place from your Ethereum wallet, just in case something happens to it. 

What are ERC20 Tokens and where can I store them?

ERC-20 tokens are cryptocurrencies that run on the Ethereum blockchain. These tokens try to improve on the Ethereum protocols. Most online and hardware Ethereum wallets support ERC-20 tokens, and they can be stored using your Ethereum wallet of choice. 

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close