In our previous post, we talked about various different types of wallets and the Pros and Cons of Hot and Cold Storage wallets.
When talking about Cryptocurrencies, the first name that comes to everyone's mind is undoubtedly Bitcoins, but the very next thing you will hear about is Ethereum.
Ethereum is very different from Bitcoin, in terms of what they are trying to achieve, their purpose as well as how they work. Hence they need to be stored in a different manner as well.
- 1 Top Ethereum Wallets to use - ETH Wallets
- 2 1. MyEtherWallet (Web Wallet)
- 3 2. Mist (Desktop Wallet)
- 4 3. Ledger Nano S (Hardware Wallet)
- 5 4. Exodus (Desktop Wallet)
- 6 5. Jaxx (Mobile Wallet)
- 7 Special Mentions:
- 8 Which Ethereum wallet should I use?
Top Ethereum Wallets to use - ETH Wallets
So what are the easiest and safest ways to store (and also use) your precious Ether?
1. MyEtherWallet (Web Wallet)
MyEtherWallet or commonly known as MEW is possibly the simplest place to store, transfer and access your Ethereum. Unlike any of the other wallets mentioned below, it does not require any downloads. You can access it by using a browser. Since it is a Web Wallet which only requires your private key to access. You can create a new wallet on MEW in less than a minute.
It is open sourced and no third party is involved. You can even connect your Trezor or Ledger Nano to access your funds using MEW. As it connects to the Ethereum network itself, it automatically supports ALL ERC-20 Tokens such as OMG, TenX(PAY) etc.
2. Mist (Desktop Wallet)
Mist is the official Ethereum wallet.
When you first install Mist, it has to synchronize with all Ethereum nodes, which can take some time. After the sync is completed, you to set a password for the wallet. You need to store this password in a safe location as there is no other way to access Mist if you lose it. Unlike MEW on Mist, you can have multiple Ethereum addresses in a since location, so it is easier for you manage your accounts. The private key is stored in your system itself so you do not need to worry about its security.
3. Ledger Nano S (Hardware Wallet)
The Ledger Nano S is a multiple currency hardware wallet. It is one of more pocket-friendly hardware wallets out there, priced at around 65$. Here, Ether is stored offline on the device. If you send to spend Ether, Ledger signs it using the private key which stored on it, which is locked behind a PIN code. No one can tamper the transactions and they are physically verified on its built-in display.
Ledger Nano S includes Bitcoin, Litecoin and many other blockchain-based cryptocurrencies. It is possibly one of the best purchases for someone who wants to store their cryptocurrency for the long term.
4. Exodus (Desktop Wallet)
Exodus is one of the best multi-asset desktop wallet. It supports 18 different currencies as of 28th October 2017, but they are always expanding their support, which can be seen on their Roadmap.
It only requires your personal email to register and has an email recovery to keep your funds secure in case you lose the password. Exodus also has Shapeshift built into it for you to convert one currency to the other with ease. It also have a good UI helps you keep track of your portfolio as well. The private keys are always stored on your system which reduces security risks.
5. Jaxx (Mobile Wallet)
Jaxx is another multi-asset wallet, but this one meant for mobile devices and has support for most operating systems. It has really gained a lot of popularity recently, it had a pretty good design and is well secured. Even though their code is not open sourced, it audited and you can view it on their website. All your keys are created on your device and never sent to any servers, It has a decent development team behind it and is really easy to use.
MetaMask (Browser Plugin)
MetaMask is a browser plugin to access the Ethereum network. It allows you to store and send Ethereum very easily. It also allows you to interact with decentralized Ethereum apps without having to expose your private keys. This extension is available for both the Firefox and Chrome Browsers. Your private keys are stored on your system. One of the coolest features of MetaMask is how easy it is to switch between the actual network and test network. Many ICOs and decentralized exchanges require you to use MetaMask for access.
ETHAddress (Paper Wallet)
ETHAddress is an open source project that allows you to create Ethereum paper wallets. This a great option for those like to store their Ethereum offline in a printed paper wallet. You can also encrypt your private key so that if you or anyone else wants to use the coins they will need to know the password to decrypt it. If you want to transfer your Ethereum to someone else you will need to import this private key into one of the wallets above to do so.
Which Ethereum wallet should I use?
You need to choose a wallet that serves the purpose of what you want to do with your Ethereum. If you want to store it for the long term, a Hardware or Paper wallet is probably your best option. Want to be able to spend Ethereum on the fly? A mobile wallet may suit your needs the best. If you do a lot of transactions on the Ethereum network or access Decentralized applications often, a Web wallet if what you are looking for.