And, last and perhaps most importantly, have they had prior incidents of insider hacking and cryptocurrency losses? Generally, your best bet to get answers to your questions is by reading reviews about the best Ethereum wallets and doing some serious homework. Remember to keep this in mind, because things can go wrong when you least expect them. Below we present the 7 best Ethereum wallets for storing and protecting your Ethereum-based tokens.
Ledger Nano S Hardware Wallet Security is the most important factor when it comes to choosing a wallet to store your Ethereum. Hardware wallets provide the best standard of security for the everyday user. Hardware wallets apply a high level of encryption that provides strong protection to funds stored. The private key for the wallet is stored on the device itself so the funds are secure even if the wallet is used on a compromised device.
Hardware wallets leverage the benefits of both cold storage and hot storage. Funds are stored offline in the wallet when it is disconnected. Users can connect the device to a computer to check the balance and send transactions. Ledger is one of the leading providers of hardware wallets. The Ledger Nano S supports over cryptocurrencies including many Ethereum-based tokens. Ledger Nano S is priced lower than both of these and supports a wider variety of cryptocurrencies.
The wallet comes with a seal so that users know if the wallet is after being tampered with before arrival. Ledger Nano S Review Instructions also come with the wallet explaining the set-up process. The recovery process requires close attention as it is necessary to retrieve the wallet if the device is lost or stolen.
Users will be provided with a recovery phrase that they can use to recover the funds from the wallet. It is important that this is secured safely as if anyone accesses it, they will be able to access the wallet via another Ledger Nano S device. To send transactions or to check the account balance on Ledger Nano S, the device needs to be connected to a computer. Ledger has a Chrome application which users can use to send transaction and manage their account. Users can monitor the account balances of different cryptocurrencies from this interface and also send transactions.
Some mobile wallets support being able to import the Ledger Nano S to create a watch-only wallet. This enables the user to be able to monitor the balance and receive payments through their mobile phone. Exodus Desktop Wallet Exodus is a desktop wallet that has support for almost cryptocurrencies many of which are Ethereum-based tokens. The private key is stored on the users hard drive and encrypted providing a high level of security.
The wallet is hierarchical deterministic enabling users to generate multiple pairs of public and private keys for the supported assets. Exodus Review The wallet has a well-designed interface enabling users to view their portfolio holdings and value at one glance. Users can view a pie chart which splits their holdings into percentages and shows the value of each. Users can also easily navigate to either send or receive cryptocurrency.
A QR code can be generated to receive transactions. One of the main features of the wallet is that exchanging between cryptocurrencies is also supported. Exodus integrates with ShapeShift exchange so that users can easily switch between Ethereum and Ethereum-based tokens. Data such as the private key is not stored on servers as is the case with web-based wallets.
Users can easily create new wallets on MEW. MEW has a strong emphasis on security. Users are presented with slides explaining how MEW operates when they arrive on the website. The wallet is open-source ensuring that the security has been assessed by the Ethereum development community. It is a browser-based wallet that enables users to interact with DApps built upon the Ethereum blockchain straight from their browser. The wallet is available in both the Chrome browser and the Brave browser.
Users are provided with a twelve-word phrase upon creating the wallet. This phrase enables users to recover any accounts the user creates within MetaMask. The wallet is hierarchical deterministic meaning that users can generate numerous public and private key pairs. Users store the private key in their browser but it is encrypted so that the information is not revealed to the servers. The wallet provides the standard functions of a wallet enabling users to send, receive, and store Ethereum and Ethereum-based tokens.
The key benefit of MetaMask is enabling users to visit websites built upon the Ethereum blockchain and interact with them. Users can also interact with the DApps on a test network to make sure they understand the DApp before interacting with it on the main network. More advanced users have the option set up MetaMask on their own RPC server which puts the user in full control of their connection to the blockchain.
The Coinbase exchange platform is one of the most popular choices among users but Coinbase also offers other services. One of their products is Coinbase Wallet. Coinbase Wallet is a mobile wallet which enables users to interact with the Ethereum ecosystem. Users can send, receive, and store Ethereum and Ethereum-based tokens. It is available for desktop, mobile, and web interface.
While setting up a Guarda wallet, you remain the only one to control your private key. This way, you are in complete control of your Ethereum and other coins. No personal information is required to use Guarda wallet, which has become a De facto standard among all top Ethereum wallets. Download Guarda Wallet 7. Argent Argent is an advanced non-custodial ETH wallet that does not let you store the private key. The wallet is configured using your Email address and mobile number and can be recovered using the same.
The unique feature of this wallet is integration with compound. The wallet also has a dAPP browser. If you want your non-techie family or friend to use an Ethereum wallet, Argent is the easiest one of all. Download Argent Wallet 8. As you open the Exodus wallet, a pie chart will show your entire portfolio of coins. It supports seven cryptocurrencies including Ethereum and is the first desktop wallet to have ShapeShift built in for exchanging cryptocurrencies.
You must always be connected to the internet to use Exodus but need not worry as your private keys never leave your machine. Features like one-click email recovery and backup seed keys for restoring your wallet ensure the security of your funds. Update: Exodus now supports close to cryptocurrencies! They also have multiple exchange partners including ShapeShift , which means they can offer more exchangeable assets.
Sourcing liquidity from various partners has made exchanging in Exodus faster and more reliable. They also do not require a personal email — this is an option for those who wish to receive the email backup link. Any email address can be used — or none at all! The email is only used once to send the backup link.
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