Best Ethereum Wallets in 2023

The only way to securely store your cryptocurrency is through a cryptocurrency wallet. Being the number two coin by market capitalization, Ethereum (ETH) attracts interest globally. According to a Bankless Times study, Ethereum is the second most popular crypto in the US. The rapid emergence of Non-fungible-tokens (NFTs) has also made ETH a popular network as many of these digital arts reside in this ecosystem.

An Ethereum wallet can be compared to a traditional cash wallet or a bank account that essentially lets you store your money safely. The fundamental reason for getting a wallet is to store your cryptos securely.

There are two main types of crypto wallets; hot and cold wallets. They differ in price, capabilities, and effectiveness. In this article, we’ll highlight the prominent ETH wallets. Discover the best Ethereum wallets for Ethereum and learn how to store your ETH tokens securely.

What Types Of Ethereum Wallets Are There?

An ETH wallet is a software or hardware program that facilitates interaction with the Ethereum blockchain. The primary function of this wallet is to help you store and access your ETH funds securely.

The wallet will help you track your ETH balances, and transaction history while giving you a way to send and receive ETH.

Essentially, crypto wallets don’t store anything physical. They comprise alphanumerical addresses known as public and private keys. The public address can be shared to receive ETH coins. Private coins are like the password to your bank account and are never to be disclosed.

Apart from secure storage of crypto assets, wallets enable the collection of NFTs and connection to decentralized Ethereum apps (dApps).

There’s also a rapid evolution of crypto wallets, growing in features and sophistication. Some incorporate features that enable investors to buy, sell, exchange, and stake cryptos.

A crypto wallet is typically categorized as either an online wallet (hot) or an offline wallet (cold). We discuss these two types in the next section.

Hot Wallet - Best For Beginners

Hot wallets store ETH keys using a software solution that operates online. These types of wallets require internet connectivity for operation.

A hot wallet is easy to access, set up, manage, and many are free to use. However, using a web wallet, for example, can be susceptible to online attacks.

Most hot wallets can store hundreds of cryptos like Bitcoin, Dogecoin, Litecoin, and XRP.

Here are the different types of hot wallets:

• Desktop & Laptop Wallets: A desktop wallet is an application that is downloadable to your Windows or Mac computer. The data file holding your private and public keys are stored locally on your PC. A desktop wallet example is Exodus.

• Web Wallets: A web wallet works straight from the browser. Some web wallets come as extensions that you simply attach to your working browser. Access is through a password and recovery is through a key phrase, e.g., Metamask

• Mobile Wallet: These apps can be downloaded on your android or IOS phone. You can use them to track your portfolio and send and receive cryptos, e.g., Trust wallet.

• Apps: These are multi-platform wallet apps that work on desktop, web, and mobile, e.g., Exodus wallet.

• Wallets Provided by Exchanges/brokerage Platforms: Exchanges and brokerages provide inbuilt wallets. Once you buy your crypto on a crypto provider, the assets are deposited into the wallet, e.g., eToro wallet.

The above wallets can further be categorized as custodial and non-custodial wallets. Custodial wallets are centralized wallets mostly operated by crypto providers and store private keys for you.

Such wallets give the user easy access and management of their funds minus the stress of managing their private keys. Beginners and non-technical users prefer them.

However, a popular phrase across the crypto circle dictates that “Not your keys, not your coins.” The risk with storing your crypto assets on custodial wallets is that can lose your assets if the exchange goes bankrupt or is hacked. A prime example is the Mt. Gox incident where investors lost Bitcoin worth millions.

Non-custodial wallets let crypto owners have custody of their private keys. Crypto owners don’t have to rely on crypto providers to keep their crypto assets secure. The user takes full responsibility for their private keys and the management of the wallet.

Using either category of wallet to send crypto assets requires absolute attention. Sending the crypto to the wrong address can mean losing your funds forever.

Cold Wallets - Best For More Experienced Users

These wallets store private keys offline, offsetting the dangers of storing keys online. They are mostly used by institutional investors, HOLDers, and individuals with substantial crypto investments. There are two types of cold wallets:

• Paper Wallets: They store public and private keys on a printed piece of paper. Others have QR codes printed on them. They are not as popular now considering all the digital alternatives available at present. Additionally, paper wallets need to be imported into the software at some point.

• Hardware Wallets: Ethereum hardware wallets are small devices that help users safeguard their private keys. These hardware wallets store the private keys offline to prevent malicious actors from accessing them.

Top Hot & Cold Ethereum Wallets

There are numerous wallets compatible with Ethereum, each with a different design and intent. However, the foundation blocks of top wallets are security and ease of use. In the next section, we check out some of the top ETH wallets you should consider.

Best Ethereum Wallets Overall

After evaluating the fundamental features of Ethereum wallets, we made it simple for you to select one by compiling the best Ethereum wallets below.

Our evaluation focuses on several key aspects including security, user experience, and price. To help you find the best Ethereum wallet, here we are listing the top 5 ETH wallets.

Here’s a more in-depth look at each of these wallets:

eToro money crypto wallet

Best for: Beginners

eToro is a leading multi-asset platform popular for its social trading feature. The wallet service offered by the eToro supports multiple cryptos, including ETH. Here are some pros and cons of the eToro money crypto wallet

Coinbase wallet

Best for: Multi-assets

Coinbase is a globally reputable centralized exchange that serves millions of customers monthly. The exchange supports hundreds of cryptoassets and is easy to use.

The Coinbase wallet is a self custody wallet that lets you keep control of your private keys. It has multi-platform support and can be installed as a Chrome website extension.

Metamask

Best for: Multi-assets

Available as a browser extension or as a mobile app. The app is trusted by over 30 million people globally to securely store their tokens. It also serves as a gateway to other blockchain applications.

Ledger Nano X

Best for: Portable offline Storage

Ledger is a reputable Ethereum hardware wallet designed to operate offline. It makes your cryptoassets wallet harder to hack and exploit. It takes the shape of a small USB device with buttons and a small screen.

Trezor Model T

Best for: Secure Long-term holding

Trezor model T is another trusted hardware wallet. It also comes as a small device but with a small screen.

If you’re looking for a comprehensive list of ETH wallet options, look at the section below for rankings by each type.

Best Ethereum Wallets By Type

Securing your ETH coins require conscious and smart ways of storage. When it comes to finding the best Ethereum wallet, there are several options available depending on your technical expertise, amount of investment, and your intentions.

Best software Ethereum wallets

Software wallets are the go-to option for investors who want a compromise between easy access and security.

We’ve listed some of the best software Ethereum wallets in order of user experience and security.

Best hardware Ethereum wallets

The main emphasis for hardware wallets is security. These wallets are also evolving rapidly offering a more intuitive experience while maintaining security.

Our list orders hardware wallets compatible with ETH coins by price and level of security offered.

Best mobile application Ethereum wallets

Mobile phones have been a pertinent medium for crypto adoption. A mobile wallet makes it easy to manage your crypto portfolio on the go.

Here are some of the best ETH mobile wallets.

Top Free Ethereum Wallets

ETH is a valuable cryptoasset. Secure storage is therefore paramount. Investors without a budget for a hardware wallet or those who frequently trade cryptos prefer free wallets.

Here are the top free ETH wallets

What To Consider When Choosing A Wallet?

Choosing secure storage for your ETH coins is a vital step in your cryptoasset investment journey. With many candidates out there, you’ll have to consider factors like price, security, and ease of use.

Here are some of the standout considerations you should evaluate.

Ethereum Support

Before downloading or buying a crypto wallet, ensure it’s compatible with ETH coins. There are wallets that support a limited number of digital assets. An excellent example is Mycelium wallet which currently supports Bitcoin only.

You can use the list of top ETH wallets we’ve listed above. Other than ETH coins, these wallets support multiple digital assets like Dogecoin, Cardano, and Litecoin. You can always expand your portfolio in the future without the need of using multiple wallets.

Security

Security is one of the main things to consider when looking for the best Ethereum wallet. Due to the nature of hot wallets, there are more vulnerable to attacks. Wallets operating from browsers are more exposed to attacks compared to hardware wallets. Substantial ETH investment should always be stored offline in hardware wallets. So, if you're looking to hold some serious value, we recommend a hardware wallet as these are the most secure.

Additionally, When looking for a secure cryptocurrency wallet, you should keep an eye out for the following four features: Private keys: You want to have a private key that only you possess. This is essentially the private key to accessing your coins, and security here is non-negotiable.

Nature of Code

The question of whether a crypto wallet is open or closed-source is vital. Leading wallets always ensure that their code is open-source. The community and other third parties can then point out any weaknesses in the code. Examples of wallets that have made their code public include Ledger and Exodus.

Ease of Use

Wallets come with different interfaces, some overly complex while others simple. The user interface of a wallet will impact the usability and operations of the wallet.

Simple designs make it easy for successful operations on the wallet. Wallets like Exodus and Trust Wallets are simple to use while others are reserved for advanced users.

Do Ethereum Wallets Support NFTs?

NFTs are a digital representation of assets uniquely defined on a blockchain. Good NFT examples include in-game items, music, arts, and collectibles.

Many NFT projects are based on the Ethereum blockchain. This is possible because of smart contracts, ERC721, and ERC1155 standards. NFTs based on Ethereum can be supported on Ethereum wallets. Trust and Coinbase wallet support ETH coins and NFTs.

Some wallets allow you to connect to marketplaces such as Opensea where you can buy NFTs. A good example of such a wallet is MetaMask.

Is Staking Possible With An Ethereum Wallet?

Staking provides a way to put your ETH coins to work earning you passive income. It can be imagined as an interest-bearing account where you’ll earn some interest on your ETH coins.

Some of the best Ethereum wallets like Exodus and Coinbase wallets support staking. Please note that interest rates from staking vary from wallet to wallet.

Can I Use The Same Wallet For Multiple Exchanges?

It’s possible to use a single Ethereum wallet for multiple exchanges. You can send ETH coins from a wallet to different exchanges according to your needs. However, the exchange needs to support Ethereum.

Always double-check the receiving address. Sending to the wrong addresses may result in losing your funds.

Can I Trade On Decentralized Exchanges Using An Ethereum Wallet?

Decentralized exchanges(DEXs) are non-custodial digital exchanges that offer peer-to-peer cryptos services.

Many wallets also offer DEXs integrations. This means that you can transfer funds, buy and sell cryptoassets using the DEXS like Uniswap and Pancakeswap e.g., MetaMask wallet seamlessly integrates to Uniswap.

Can I Buy Ethereum Using A Wallet?

Many top Ethereum wallets provide the option of buying cryptoassets. They connect to established crypto exchanges where users can easily buy cryptoassets.

The experience of buying cryptoassets from exchanges and brokerages eclipses the use of wallets. Using a wallet essentially means that you’ll be using a third-party app to buy crypto.

Let’s look at how you can buy Ethereum from the MetaMask wallet.

Prerequisite: Download and Complete the MetaMask setup.

How Do You Cash Out And Spend Ethereum From A Wallet?

You’ll need an exchange to successfully cash out your ETH coins from a wallet. Here is a step-by-step process to accomplish this.

We’ll use Trust wallet and Binance as the exchange.

Top Tips For Ethereum Wallet Users

• Never login to your wallet using public internet.

• Create multiple copies of your seed phrase and keep them separately

• Never enter your seed phrase on a website as it could be a scam/phishing site

• Always double and triple check your wallet address before making a transaction. An incorrect address may lead to loss of funds forever

• Crypto customer Service staff will NEVER ask for your seed phrases. Anyone asking for your seed phrase is possibly scamming you.

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