A lot of people make the mistake of leaving their Ethereum digital coin on the exchange they bought it from. Several occurrences have shown that such a decision could turn to be a dangerous one as the assets could be lost in the event of a hack or a shutdown. The best thing to do after purchasing ETH tokens appears to be storing them in a secured cryptocurrency wallet.
In this article, we discuss some of the best Ethereum wallets to educate readers of the choices involved in the selection process.
Ethereum Hardware Wallets
Hardware wallets are physically available for the crypto owner to hold and store in a safe and secure location. One fact that crypto holders might have to hold is that the level of security offered by hardware wallets cannot be matched by that of software and online wallets. Below are some of them:
Ledger Nano S
The Ledger Nano S is the most preferred crypto wallet. The device cannot be accessed by an unauthorized person because a PIN Code known only to its owner will be required first before access is granted. If after multiple tries the correct PIN Code is yet to be typed, the device is “wiped.”
The “wipe” does not affect the funds stored in the device; the funds can still be accessed through the backup phrase. The safest place to buy a Ledger Nano S is only from its official website.
Trezor is another quality hardware wallet which offers top-notch secure cold storage by holding the private keys of crypto owners offline. It makes use of a secure electronic chip. Trezor works on Android, Windows, and macOS. Trezor’s price is tagged at $99.
Ethereum Web and Online Wallets
The convenience provided by online wallets makes them attractive to users but at the same time can be risky as users’ funds can be attacked at any moment by hackers.
Some of top Ethereum web wallets include:
Coinbase takes the top position on the list of exchanges. Users can buy and store Ethereum, Bitcoin, Litecoin, and Bitcoin cash on the exchange. The popular crypto trade platform has built-in wallets for each currency, and users can send and receive Ethereum tokens via the system.
Coinbase wallet may be accessed through the Coinbase mobile app on Android and iOS or through a browser.
myEtherWallet is a free online cryptocurrency wallet which interacts with a user’s wallet through a web interface. This wallet affords its users the opportunity of connecting with Trezor or Ledger Nano S to access their Ether on MyEther platform.
Ethereum Software Wallets
These are applications that are downloaded to a mobile device or a computer to store cryptocurrency. It is advised that software wallets be used to store only small amounts of cryptocurrency.
Here are examples of Ethereum software wallets:
Exodus is equipped to hold multiple cryptocurrencies including Ethereum. It is constantly connected to the Internet, making it less safe compared to hardware wallets. It supports Mac, Linus, and Windows. Exodus offers backup seed keys, one-click email recovery, etc. It makes trading Ether a whole lot easier.
Jaxx, like Exodus, is also a multi-asset wallet. Its user interface is simple, and it also features Shapeshift capabilities. Jaxx has good security which is made possible by seed keys, PIN requirement, etc.
Users can use Jaxx on Mac, Linus, and Windows desktops as well as on iOS and Android mobile. It is also available via Firefox and Chrome extensions.
Paper wallets can be compared to hardware wallets in terms of security because they can be created without sensitive data being exposed to the internet.
Nevertheless, paper wallets have downsides such as:
Backing up: The piece of paper can be lost; therefore a backup is a necessity.
Phishing: One would have to be careful while using this means because private keys of users are vulnerable to phishing initiated paper wallet generators.
ETHAdress is a well-known open-source paper wallet. It can be used for the creation of paper wallet for Ethereum. One major merit of the ETHAdress platform is that it affords users the cheapest cold storage available for Ether.