Investing in cryptocurrencies typically involves buying them and holding onto them for a certain period, hoping to sell them at a higher price when the time is right. However, this investment can be jeopardized if the storage system becomes faulty, which is one of the biggest concerns for investors.
Therefore, it’s crucial to carefully choose where to store your assets. In this article, you’ll discover the top 10 wallets for Ethereum token holders.
Our Top Ethereum Wallets
| Wallet Type | Supported Cryptos | Platform | |
| eToro Money (eToro Wallet) | Hot Wallet | More than 20 | iOS, Android, Linux, Mac, Windows |
| Exodus | Hot Wallet | More than 100 | iOS, Android, Linux, Mac, Windows |
| Trust Wallet | Hot Wallet | More than 20000 | iOs et Android |
| MyEtherWallet (MEW) | Hot Wallet | ETH and ERC-20 | iOs et Android |
| Ledger Nano X | Cold Wallet | More than 1500 | iOs et Android |
| KeepKey | Cold Wallet | More than 50 | iOS, Android, Linux, Mac, Windows |
| MetaMask | Hot Wallet | ETH and ERC-20 | Extension |
| Jaxx | Hot Wallet | More than 85 | iOS, Android, Linux, Mac, Windows |
| Trezor | Cold Wallet | More than 1600 | iOS, Android, Linux, Mac, Windows |
| Binance Wallet (Binance) | Hot Wallet | More than 500 | iOS, Android, Linux, Mac, Windows |
eToro Money
eToro Money (eToro wallet) is a product of the online trading platform eToro. It syncs with the trading platform and allows you to transfer your cryptocurrencies after purchasing them. This is a significant asset for cryptocurrency investors using eToro.
To follow the simplest method of purchasing ETH, you can use eToro’s platform, which allows you to buy Ethereum without needing a separate wallet.
eToro
- Simplified Accessibility
- Supports 120+ cryptocurrencies
- Integration with eToro
eToro
Exodus
As one of the most popular wallets on the market, Exodus is user-friendly and easy to access. Highly secure, it offers visually appealing presentations of all the tokens in your portfolio and includes many other interesting and practical features. Its software allows easy transitions between different digital currencies, a feature greatly appreciated by Exodus users.
Trust Wallet
Trust Wallet is a wallet that makes it easy to buy cryptocurrencies with a credit card. This feature was designed to attract as many users as possible, and it’s been successful, with over 25 million clients. It’s also the wallet recommended by the world’s largest exchange, Binance, as they’ve been its owners since 2018.
MyEtherWallet (MEW)
MyEtherWallet is a user-friendly and secure platform designed to allow users to create and manage Ethereum wallets. It acts as an intermediary between users and the blockchain of the second-most popular cryptocurrency, Ethereum, after Bitcoin. However, this interaction does not prevent users from maintaining control over their tokens.
Ledger Nano X
The Ledger Nano X wallet is considered a model for offline storage of ETH, keeping it safe from malicious software. It is pricier than its predecessor, Ledger Nano S, but comes with Bluetooth functionality and improved storage capacity. This ultra-secure physical wallet can be connected to its web version, Ledger Live.
Ledger
- Portability and durability
- Integration with applications and services
Ledger
KeepKey
With a reasonably large display screen, KeepKey is an ergonomic solution for offline Ethereum storage. It is easy to use, secure, and has a sleek design with an anodized aluminum back. It allows for the unlimited generation of private keys and supports their storage.
MetaMask
MetaMask stands out from other wallets in our comparison as one of the most sought-after options. MetaMask is free and can be downloaded from the web using browsers like Firefox, Brave, Opera, or Chrome. Operating as a web wallet, its interface is user-friendly. There’s also a mobile version available.
MetaMask
- Multi-platform access
- Non-custodial wallet
- Multi-network interoperability
MetaMask
Trezor
Trezor is a physical wallet for offline storage of ETH. Their latest model is the Trezor T, which succeeds the Trezor One. The wallet’s software has been redesigned for increased security. Trezor T is pleasant to use, thanks to its color touchscreen and lack of physical buttons.
Binance
Binance is a good alternative for ETH token holders looking to store their assets. This crypto exchange offers online wallets and clients’ cryptos are also stored in cold wallets. Generally, this a custodial wallet, unlike the other wallets on this list, meaning the exchange manages your private keys.
What Is an Ethereum Wallet?
An Ethereum wallet is a device that allows you to store ETH coins. It can either store them online or offline, i.e., physically. This kind of wallet allows you to interact with the Ethereum blockchain. You can check your balance and send and receive ETH.
In addition to storing your ETH, this wallet is used to manage various ERC-20 tokens. An Ethereum wallet only supports ETH, but it can store all tokens launched on the Ethereum blockchain.
Cold Wallets vs Hot Wallets
Depending on the storage solution, there are two types of Ethereum wallets: the cold wallet and the hot wallet.
| Hot Wallets | Cold Wallets | |
| Defining Feature | Hot wallets are connected to the internet. | Cold wallets are not connected to the internet. |
| Way of Operating | Crypto transactions are carried out online. | Although transactions begin online, asset storage is always offline. |
| Ideal Users | Users who frequently perform transactions. | Users who want to store their assets long-term with maximum security. |
| Forms | Web wallet, desktop wallet, mobile wallet. | Paper wallet, hardware wallet. |
| Security | Hot wallets are vulnerable to cyberattacks due to their exposure to the internet. | Cold wallets offer enhanced protection because they have minimal exposure to the internet. |
What Is a Hot Wallet?
In simple terms, a hot wallet is a software or a storage application connected to a web server. As long as the owner has an internet connection, they can buy and store cryptocurrency and Non-Fungible Tokens (NFTs) anywhere in the world.
However, there are distinctions between different forms of hot wallets.
- Web Wallet: This type of wallet is typically a browser extension. The only way to access it is through a web browser. Generally, this type of wallet doesn’t require software installation. MetaMask is an example of a web wallet.
- Desktop Wallet: It’s more secure than a web wallet and can be downloaded to a desktop computer or laptop. Exodus is an excellent desktop wallet.
- Mobile Wallet: This type of wallet functions similarly to a desktop wallet. You can download and use it on Android or iOS devices, making it more convenient than a desktop wallet. You can access it almost constantly from your smartphone. eToro Money and Trust Wallet are examples of mobile wallets.
Advantages of Hot Wallets for Ethereum
- They are convenient and easy to use.
- Ideal for users who perform cryptocurrency transactions regularly.
- They are free and easily downloadable from the internet.
- They allow you to store and access your tokens from anywhere in the world.
- Some hot wallets offer cryptocurrency conversion features, market updates, advanced reports, and more.
Disadvantages of Hot Wallets for Ethereum
- Security can be a concern due to their constant exposure to the internet, which discourages users from storing large amounts of ETH in them.
What Is a Cold Wallet?
The defining feature of a cold wallet is that it’s not connected to the internet, at least not all the time. These wallets come in physical form and are small and easy to transport.
Cold wallets are much more secure than hot wallets, as they are immune to internet-based hacking. They also come in various forms, including:
- Paper Wallet: It contains public and private keys and QR codes printed on a piece of paper. With it, you can receive, withdraw, and store digital currency, essentially performing various basic transactions. This type of wallet can’t be accessed via the web, making it more secure. However, it is vulnerable to damage from fire and water. Additionally, if it’s not kept safe from physical theft, there’s a risk of losing your funds.
- Hardware Wallet: A physical device that stores the user’s private keys offline. It protects assets from cyber threats and allows for direct transactions from the physical wallet.
Advantages of Cold Wallets for Ethereum
- They are more secure than hot wallets, making them suitable for long-term storage.
- They are compact and easy to carry.
- They provide access to a broader range of cryptocurrencies.
Disadvantages of Cold Wallets for Ethereum
- They are less accessible than hot wallets.
- You must physically have them to make transactions.
- They often come with a cost.
How to Create an ETH Address with Trust Wallet?
Trust Wallet is the most beginner-friendly wallet in our comparison. Let’s find out how to create an Ethereum (ETH) address to receive ETH using Trust Wallet.
To generate an ETH address with Trust Wallet, follow these steps:
- Open the application to access your wallet.
- Tap on “Ethereum” within the wallet. If the cryptocurrency is not already in your wallet, you’ll need to add it manually. To do this, click on the “Settings” tab in the upper right corner of the wallet, then select “Search for tokens.” Next, choose Ethereum from the list that appears to add it to your wallet and proceed to the next step.
- Click on the “Receive” tab.
- Copy the displayed ETH address and share it with your sender or exchange. On Trust Wallet, Ethereum (ETH) is the address for the corresponding blockchain. Binance-Peg Ethereum (BEP 20) is the address for ETH on the BNB Chain. It’s crucial to double-check the network you are sending or receiving ETH on.
