Apart from Bitcoin, there is another digital currency, which seems to have great potentials. This digital currency is growing rapidly among all cryptocurrencies. This digital currency is Ethereum.
Ethereum is becoming more and more popular, and the price has spiked from $8.22 to around $50 since the beginning of 2017.
Ethereum currently has the second largest market cap after Bitcoin, and because of this, many investors are now flocking to Ethereum. There is quite a bit of software support for this new cryptocurrency. Of course, that means you’ll need more secure Ethereum wallets.
Here are some factors that you should consider when choosing the best Ethereum wallets to suit your needs:
- The level of security that you need.
- The other currencies that you will be investing in or trading.
- Convenience? How quickly you need to trade?
This is what all secure cryptocurrency wallets need to have:
- Compatibility – They need to be compatible with different operating systems.
- Backup and security – They should have backup and restore features.
- Development community – They need active development community.
- Ease of use – Clean and slick UI for ease of use.
- Private keys –You need wallets where you control your private keys.
I believe that your coins could be at risk and you could give yourself a major headache if a wallet doesn’t have any one of these things. When looking for a perfect wallet, make sure that the above requirements are met.
These 10 best Ethereum wallets are among the most widely used and trusted wallets of 2017. They all meet the above requirements, and should contain something for everyone involved in the ether crypto-scene–from beginner to expert.
Here is the list of the top 10 best Ethereum wallets:
- Trezor (Hardware Wallet)
- Ledger Nano S (Hardware Wallet)
- Jaxx (Mobile Wallet)
- Exodus (Desktop Wallet)
- MetaMask(https://metamask.io/) (Desktop Wallet)
- Mist(https://github.com/ethereum/mist/releases/) (Desktop Wallet)
- Coinbase (Web Wallet)
- MyEtherWallet(https://www.myetherwallet.com/) (Web Wallet)
- KeepKey (Hardware Wallet)
- ETHAdress(https://ryepdx.github.io/ethaddress.org/#/) (Paper Wallet)
The Top 10 Best Ethereum Wallets Available
Trezor is a hardware wallet that supports ether as well as Bitcoin, LiteCoin, Dashcoin, and more. The device can be used for password management, supports two-factor authentication, and can also function to sign documents and other files as proof of ownership.
Trezor is touted for being durable, is water-resistant, is a very light and portable. The device has been created so as to remove any elements that could be easily hackable. It comes with a feature that allows users input a secret word in other to regain the access to one’ emails, accounts, keys, money, and so on. The device also features the built-in display that allows users to review transactions.
Trezor costs $99 and comes in 3 colors – black, gray, and white.
Ledger Nano S
The Ledger Nano S comes with both the Ethereum and Ethereum Classic apps. This popular hardware wallet offers up support for Ether, Litecoin, Bitcoin and various alt-coins. It also supports multiple addresses for each currency within a single device. This wallet is not all that expensive when looking at what you get in return. The Ledger Nano S uses a PIN and a physical button to confirm transactions, which means that this wallet is highly secure against malware such as Adylkuzz.
The Nano S also supports backups, and user-created software. It even supports FIDO Second Factor authentication for GitHub, Dropbox, Google, and more.
Here, Ether is stored offline on the device, and whenever you want to spend Ether, Ledger S signs it using the private key stored on the device. The device comes with an in built display, which makes checking and confirming of transactions better for users. It supports Ethereum out of the box, without the need forcustom software or third-party plugins. Ledger Nano S comes with a strong security that secures users private information, and the security is so robust that Nano S device can be used even on a hacked computer.Buy Ledger Nano S
Jaxx is a multi-asset wallet that supports 13 cryptocurrencies (including ETH). The wallet was created by the Canada-based company, Decentral (http://decentral.ca/), and has an elegant design with robust security features. Jaxx also allows its users access their wallet without having to do any form of verification-
Also, your private keys are safely stored on your machine and are never shared with Jaxx’s server. Jaxx has an awesome development community that looks after maintenance and innovation of the wallet. Jaxx is accessible on all platforms – Linux, Windows, Mac OS, iOS, and Android. It is important to note that Jaxx is also launching hardware wallet in coming months.
Thanks to its ease of use and convenience, Jaxx is well-suited for both beginner and experienced cryptocurrency users.
Exodus is the world’s first multi-cryptocurrency desktop wallet, and also the first desktop wallet to have ShapeShift built in for exchanging cryptocurrencies. However, one needs to always be connected to the internet while using Exodus. However, you need not worry as your private keys never leave your machine.
This wallet features beautiful design and an intuitive interface. A pie chart will show your entire portfolio of coins as soon as you open the Exodus wallet. Its aesthetically-pleasing UI is easy to use. This makes Exodus super user friendly for both crypto experts and beginners alike. Features like backup seed keys for restoring your wallet and one-click email recovery ensure the security of your funds.
Exodus supports seven cryptocurrencies (including Ethereum, Bitcoin, Litecoin, Dash, etc.) It is built for Windows, Mac, and Linux.
Exodus is an independent wallet that stores the private key on your machine and not on any external server, which means that you have full control (and full responsibility) for your coins.
Download the Exodus wallet
MestaMask is one of my favorite Ethereum wallets, and it is like a browser to access the Ethereum network.
MetaMask is more than just an Ether wallet, and it not only enables you to store and send Ethereum, but also allows you to access decentralized Ethereum apps. It allows you to interact with Dapps and Smart Contracts, and all without the need to install any software or download the blockchain. You can just install it as a Google Chrome Extension!
MetaMask features an intuitive design where you can quickly switch between the main Ethereum network and a test network.
When we talk about privacy, it is important to note that no registration or personal information is needed. The private keys are password encrypted. They are stored on your machine, which you can export at any time.
MetaMask is built for Firefox and Chrome extensions.
Mist is the official Ethereum wallet, and is also a wallet client that supports multisignature addresses. This can be quite convenient for advanced users. It is important to note that it does require you to download the entire Ethereum blockchain. This can be a bit of an issue for people using computers with less free hard disk space. When Mist is installed, it takes a while to get started because it synchronizes with all Ethereum nodes. After the sync is completed, it prompts you to set a secure password, which you are required to remember. If you forget this password, there is no other way to access Mist.
After that, the process is pretty typical as in any other wallet, and in the wallet, you will have access to a pair of public and private keys to perform transactions.
Your private keys are on the device itself, which means that you don’t need to worry about security. Supported platforms are Windows, Linux, and Mac. Mist also has ShapeShift built in. This allows you to exchange other currencies.
Coinbase’s wallet is simple to set up and very easy to use, and is one of the most popular Bitcoin web wallets. Coinbase has served 8.2M customers in more than 32 countries and has appeared in major publications such as Bloomberg and Time.
Coinbase has also included Ethereum support this year. One important thing to note is that they do not support Ethereum Classic (ETC).
Coinbase is a well-established option that offers instant currency conversions, recurring investments, and multi sig support. It is a cheap and fast way of storing Ethereum, and Coinbase’s mobile wallet is available on Android and iOS.
Follow these steps to use Coinbase:
- Register at Coinbase, and once you open a Coinbase account you’ll immediately see an ETH wallet appearing under the “accounts” tab.
- Click on “wallet address” in order to get your Ethereum public address.
- Transfer your ETH to the wallet’s public address.
- Store ETH on Coinbase.
Check here if their service is available in your country.
It is important to note that the private keys are not in your control because they are stored on Coinbase’s hosted servers. This is a huge drawback.
Coinbase is a decent way to store your ETH for short term. However, you should use a hardware wallet like Ledger Nano S or use Paper wallet method if you planning to hold Ethereum for long term.
MyEtherWallet is an open-source client-side wallet that does not rely on third-party servers to operate. Instead, everything takes place on the user’s computer. This means the service will always be accessible. You can create secure paper wallets for your ether holdings by running MyEtherWallet on an offline computer. MyEtherWallet is different from other traditional web wallets because no one is controlling your Ethereum balance other than you.
It has an inbuilt BTC to ETH (and vice-versa) swap facility, and you can also connect your Ledger Nano S (https://coinsutra.com/go/LedgerNano/) or Trezor (https://coinsutra.com/go/Trezor/) to access your funds in MyEther’s browser environment. MyEtherWallet also has a Chrome extension (https://chrome.google.com/webstore/detail/myetherwallet-cx/nlbmnnijcnlegkjjpcfjclmcfggfefdm/) in beta. This feature adds a better user interface for sending and receiving transactions.
If you’re unsure about how to backup a wallet, they do offer a tutorial (https://myetherwallet.groovehq.com/knowledge_base/topics/how-do-i-save-slash-backup-my-wallet).
MyEtherWallet is a great option if you need to create a quick wallet.
KeepKey costs $120 and is the most expensive Ethereum hardware wallet available. It sports a sleek design with a well-illuminated screen. KeepKey has a larger screen than its other two competitors. It is also a bit heavy (i.e. not easy to carry around).
KeepKey supports most major coins besides Ethereum including Bitcoin, Dogecoin, Dash, Namecoin, and Litecoin. It works on major operating systems including PC, Android, Mac, and Linux.
It is important to note that Keepkey allows a direct exchange of assets with the use of ShapeShift.
KeepKey’s plastic body makes it vulnerable to damage if it is accidentally dropped. However, if you like its interface, it may be the right wallet for you.
If you are comfortable with paper wallets, you can create an Ethereum paper wallet using the open-source project ETHAdress (https://99bitcoins.com/ethaddress). These paper wallets are printed out for use in cold storage.
Paper wallets contain both private keys and public keys printed on paper, and you can store this information in a safe place so no external hacker will be able to get your coins.
You can opt for additional privacy which encrypts even the private keys, so that if you or anyone else wants to use the coins they will need to know the password to decrypt it.
Also, if you ever want to send your coins to someone else you will need to import the keys into an online wallet (e.g. Jaxx, Exodus). Only then you will be able to use them.
It is important to note that ETHAdress does not support Ethereum Classic (ETC).
ETHAdress is the cheapest form of cold storage currently available.
As you can see, there are several Ethereum wallets for a user to decide. These wallets perform similar functions, so it’s very important only to choose the wallet that is not complicated, easy to use, that has more security functions and comes with the best reviews from other users.
It is important to note that Ethereum is still pretty young in the market (only 3 years old) and it’s not as popular as Bitcoin (yet), so the wallet ecosystem has very limited options right now.
However, since Ethereum’s price is on the rise lately I guess new Ethereum wallets will be available for each type of user.