List of Best Ethereum Wallets To Store Ether Cryptocurrency
What is Ethereum?
Ethereum is an open source platform that uses Blockchain technology. The developers use Ethereum platform to build decentralized applications (DAPPS), which runs a programming code. The Ethereum network has also it’s own native tradable cryptocurrency called “ETHER”, which can be mined using GPU’s.
On the Ethereum Network, Ether is used to pay the transaction fees. The platform has the capability to run smart contracts or in other words the codes to carry out transactions over Blockchain ledger. (Read in full details about What is Ethereum?)
At the time of publishing this article, Ethereum (ETH) was the second most valubale cryptocurrency after Bitcoin with a price of $967 and a market cap of $93,988,964,403. Ethereum has a very bright future ahead and the price of Ethereum is expected to rise till $5000 by the 2018 year end.
How does Ethereum wallets work?
An Ethereum wallet is used to store ETH coins. There are various types of wallets, which can be used such as:-
- Online wallets,
- Paper wallets,
- Hardware wallets,
- Desktop wallets,
- Mobile wallets and
- Web wallets.
The above kinds of Ethereum wallets are used to store,send and receive Ether cryptocurrency
When we talk about storing cryptocurrency, all the cryptocoins exist on the Blockchain, which is an online ledger. These crypto wallets will act as a medium between the Blockchain technology and user for carrying out the transactions i.e. sending and receiving the cryptocurrency. There are two keys i.e. a Public key one that can be seen by other users and a Private key which is only visible to one user.
If the keys are stored in an online medium, then it is known as a “../protecting-cryptocurrencies/” target=”_blank” rel=”noopener noreferrer”>“Hot wallet”. They can be accessed anytime with an Internet facility but one must be aware of the cyber crimes, as it’s a little risky to keep things online. If the keys are stored offline, then they are known as “../protecting-cryptocurrencies/” target=”_blank” rel=”noopener noreferrer”>“Cold Wallets”, which are less subjected to hacking as they are not connected to internet.
What are the different types of Cryptcurrency Wallets?
There are mainly three broad categories of cryptocurrency wallets i.e. Paper wallets, Hardware wallets and Software wallets. Software wallets are again subcategorized into online wallets, mobile wallets, and desktop wallets.
Here are some of the details about each kind of cryptocurrency wallets:
Hardware wallets are much safer than software wallets as they are not connected online every minute. They can be plugged in like a USB and once online they tend to generate keys. There are various benefits of using these wallets such as easy storage, securing the device with a pin, easy backup, convenient to use, user-friendly interface etc. But few disadvantages are also associated such as cost. They are expensive and are hard to find. Hardware wallets are also known as Cold Storage Wallets.
Software wallets are always online and are less secure than hardware wallets. They are also referred as Hot Storage Wallets. They are sub-categorized further as:
- Desktop wallets: The software for wallet has to be downloaded and can run only on one computer. These are vulnerable when it comes to cyber theft. To make it secure, users can use TOR network. Since the keys are also not generated through an intermediate server the user must keep a backup.
- Mobile wallets: Mobile wallets are mostly in the form of the mobile app. The user connectivity is most convenient as the wallet is available on the phone. They can be accessed for any information related to crypto. A user need to backup the private keys and keep it safe and secure in other place. These private keys are used to restore the wallet balance in case of mobile damage,theft or any other physical/software loss. If the private keys are not backed up, the user may loose his funds in case of any kind of mishappening.
- Online wallets: Online wallets use the cloud space to store information. Even the keys are stored online thus it is susceptible to viruses.Generally, a third part maintains the wallet.
In paper wallets, private keys and public keys can be printed on a paper. The paper can then be stored in a safer place. Paper wallets are best option when a cryptocurrency holder has to just store cryptocurrecny for long term.
Key features for Ethereum wallets
There are multiple wallets available in the cryptocurrency market but a user must look for following essential features before making an investment. Here is a list of key features that a user must keep a track of:
- A Private Key: The private key is like the password of the ATM card. Those who have the private keys are eligible to control the wallet balance. The best wallet are those which gives the user, the private key of the wallet and does not stores it on it’s server.So a user must ensure that he get’s access to the private keys before buying any kind of ethereum wallet to store ether.
- User Interface: Wallets are handier if they are user-friendly. A wallet must provide an easy and smooth user interface so that it suits the requirements of both the expert and newbie. A simple UI will help the consumer operate its transactions easily.
- Support and Assistance: When it comes to using the wallets there might be instances where an additional assistance is required such as transfers, adding currency, or any other technical support. Thus, one must choose a wallet who provides 24*7 customer support and has experts in their team to assist the consumers.
- Security: Before choosing any Ethereum wallet, ensure that it provides a secure platform. In case one forgets the password then the platform must also provide the backup and recovery options.
List Of Best Ethereum Wallets To Store Ether Cryptocurrency
Ethereum can be considered as a very new addition to the existing crypto as it has only been 3 years since the cryptocurrency has hit the market. It has already created an impact and now holds a great significance when it comes to market value. Currently, there are limited wallet options to store Ether but even those works exceptionally well. There are hardware wallets, web wallets, paper wallets, and desktop wallets to store Ether. Only some wallets support smart contracts and the compatibility for operating systems is different for each wallet.
Here is a list of best Ethereum wallets to store Ether which are available in the market:-
Ledger Nano S
The Ledger Nano S is one of the hardware wallets for Ethereum that costs around 79.00 € . It is a cheaper option when compared to other hardware wallets. Ether is stored in an offline mode and the user must log in to access. The screen size is small, which makes it portable. A user can control the transaction in a much easier way. The wallet is highly robust and secures the stored currency in every possible way.
Trezor is one of the hardware wallets for Ethereum that uses the interface of MyEther wallet (A web wallet). It is portable due to its lightweight and is greatly designed. For the reasons of security, Trezor stores the cryptocurrency in an offline mode inside an electronic chip. A user can access the wallet only after a successful login. There are color options available such as white, black and grey. Trezor costs €89.
KeepKey is one of the most expensive hardware wallets to store Ethereum, which costs around $130. It weighs a little more than other Ethereum hardware wallets and has exceptional features and design. It stores the currency offline for security purposes. It causes a sense of discomfort when it comes to carrying around, as the size of the screen is really big and is made up of the plastic body. The interface is simple and easy to understand.
Bitlox is one of the major hardware wallets selling in the market.Though it supports storage of only Bitcoins at the time of publishing this article ,it has mentioned on it’s website that it will introduce Ethereum and other altcoins soon.
Exodus is a desktop wallet for Ethereum that can have multi-cryptocurrency storage options. It can store seven different cryptocurrencies including ETH. In case you have stored other cryptocurrencies apart from Ether, the wallet will show a pie chart for all the stored cryptocurrences. It has the shape shift feature for carrying out currency exchange.
The UI is attractive, simple and user-friendly. As far as security is concerned, it is easy to take the backup of wallet through seed keys. For recovery, email feature is available. Thus, a user must submit its personal Email ID. The platform does not support smart contracts and is compatible with iOS, Linux, Windows.
Mist is official desktop wallet for Ethereum. The platform supports the feature of shape shift, which allows currency exchange. For installation, it synchronizes with Ethereum nodes after which the user can set a password.
It is very important to remember the password, as there is no way to retrieve the wallet balance in case of any mishappening. To carry out the transaction, every individual gets a private key. The wallet is compatible with iOS, Linux, and windows and supports smart contracts. Also, a user is not required to register or submit any kind of personal information.
MestaMask is a desktop wallet for Ethereum that enables a user to transact Ether. It can be used for recieving,sending and storing ETH. Another interesting feature is that MestaMask allows a user to browse and access decentralized apps of Ethereum.
For a switch between the main network and test network, an intuitive design is present in the wallet. The private keys encrypted with passwords and can be stored on the desktop itself. MestaMask has a browser extension and works on Google Chrome and Firefox but it does not support smart contracts. For using this wallet, a user need not register or share any personal information with the platform.
Jaxx is a Canadian based mobile wallet for Ethereum which was created in 2014 by Ethereum co-founder Anthony Diiorio. It supports 12 other cryptocurrencies and is a multi-asset wallet. Designed by Decentral, the wallet has a premium design and exceptional features when it comes to security. The wallet is compatible with different operating systems such as Android, iOS.
JAXX also provides Desktop wallet functionality which is available on Windows, Mac and Linux as well as have it’s own browser extention for Google Chrome.
The company is planning to launch a hardware wallet soon. The developers at Jaxx provide unlimited support and assistance for product maintenance. There is the feature of seed keys that enables a user to restore funds if required.
Coinomi is a mobile wallet for Ethereum that is compatible with Android. The version for iOS shall be launched soon. The currency exchange is possible within the app itself. The wallet is highly secure along with easy setting up of backup and recovery options. Apart from Ethereum, it supports other cryptocurrencies too. The transaction fee is low as compared to other wallets.
Eidoo is a mobile wallet for Ethereum that is compatible with both Android and iOS. When it comes to backup, it has single passphrase. Besides Ethereum, it supports multi cryptocurrencies. The private key is present on the device and is encrypted for security reasons.
Freewallet is a mobile-based Ethereum wallet that runs on both Android and iOS. It supports multiple currencies such as Doge, Monero, Dash, zCash etc. The User Interface is easy to use and simple to understand. There is individual assistance provided to every user. The assets are in cold storage to protect it from any virus or cyber theft. In case the device is lost, the user can freeze the account and login from any other device therefore keeping a backup is not necessary. Additional security can be added through email or phone.
Lunary is one of the open source mobile wallets for Ethereum, which has strong privacy and is compatible with Android. The users need not register or signup for using the wallet. The UI is simple and wallet design is exceptional. The payments can be sent and also requested.
Trust is an Ethereum mobile wallet that has intuitive interface. It does not access any user information thus offering privacy. The private key carries the security level of a bank. Any interaction on this platform has military grade encryption. The Ethereum can be sent and requested. The platform is quick and complete transactions instantly.
Blockchain is the most popular mobile wallet to store Bitcoins. Due to high requests, the wallet provider has now launched the facility of storage of Ethereum as well. Blockchain is available both on Android and IOS. It also provides the user to backup the wallet by creating a 12 word phrase which is used to recover wallet balance in case of any mishappening.
IM token, another mobile wallet to store Ethereum and other ERC-20 tokens which is available both on Android and IOS.
MyEther Wallet (MEW) is an open source wallet that allows a user to access smart contacts. Using this platform the swapping of Bitcoin to Ethereum and vice-versa is possible. This wallet is different than traditional wallets when it comes to its features.
For instance, a user can control the private key. My Ether wallets do not contain any intermediary servers and allow access to other hardware wallets such as Trezor in a browsing environment. This wallet does not require any registration or personal information of the user.
A user must backup the private keys as it is used to recover wallet balance in case of mishappening as well as to access the wallet from any device. It is like the password to access the e-mail account.
NOTE: Many phishing links and websites were created which looked similar to MyEtherWallet. KryptoMoney advises it’s readers to correctly check the spelling of the links as well as ensure the HTTPS and padlock before the url. The above mentioned link is the original and correct link to MyEtherWallet (MEW).
If a user is looking for cheaper and short-term options to store Ethereum then Coinbase can be one of the best options available in the crypto market. Coinbase is an online wallet that provides its services in 32 countries. It is also a popular wallet for Bitcoin.
To set up a Coinbase wallet, a user must register its information to get a public address. The user can then perform an ETH transaction to send it to the Coinbase public address where it is stored. The private key is not under user’s control and is stored in servers of Coinbase. Coinbase does not support smart contracts.
ETHAdress is one of the best open source paper wallets available for Ethereum, which does cold storage. The paper wallet is one of the cheapest forms of wallet to store digital currency, which does not support smart contract.
ETHAdress wallet has a public and a private key, which are printed on a paper. The platform can provide additional security by encrypting the private key. For using this wallet, a user need not register or submit any personal information with documents.
MEW or MyEtherWallet also provides an option of creating a paper wallet where public and private keys gets printed. We have already published a step by step guide on “How to make a Paper Wallet for Ethereum”.
Click here to read the guide.
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Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.