HomeHow to buy Ethereum in the UKBest Ethereum Wallets in the UK 2022

Best Ethereum Wallets in the UK 2022

Last updated 27th Jul 2022
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Ethereum (ETH) is the second-largest cryptocurrency in the world, ranking only behind Bitcoin in terms of market capitalization. Crypto adoption in the UK has increased significantly over the past few years, leading to a massive demand for cryptocurrency wallet services.

The wallets used for storing Ethereum come in all shapes and sizes, but not all of them have the same features. It always depends on what your needs are, for example you may need a specific crypto wallet if you are storing a big amount of tokens, but you may need another cryptocurrency wallet if your goal is to sell cryptocurrency very quickly.

Most crypto platforms will provide you with a wallet for free when you register for an account. However, you can buy Ethereum in the UK and store the digital assets in a crypto wallet that no other entity has access to in what is known as a private crypto wallet.

In this guide, we will be going through all the various Ethereum wallets on the market today so you can decide on the best Ethereum wallet. But, in case you are interested, we created some other Ethereum guides on how Ethereum works, how to trade Ethereum, and the best Ethereum brokers.

What Types of Ethereum Wallets Are There In The UK?

Ethereum wallets come in all shapes and sizes and vary on things like security and ease of use. Wallets provided by crypto platforms tend to be the most beginner-friendly option.

Private crypto wallets on the other hand require more technical knowledge but come with additional features. For example, staking, which is earning interest on your crypto holdings and the ability to send and receive non-fungible tokens (NFTs).

When you set up a private wallet, you are presented with two strings of letters and numbers.

The shorter string is known as your public key and this is the address you would share to receive digital assets from exchanges, other users or even yourself from a different wallet.

The other string is known as the private key and this serves as the password to your entire cryptocurrency wallet. Keep this private key safe as you would the pin code to your bank card. It is worth making a copy of this code somewhere safe so that if the original gets destroyed, you have a backup to rely on.

When a crypto wallet reveals the private keys to the user, this is known as a non-custodial wallet since the user has sole access to the funds.

Wallets provided by crypto platforms, on the other hand, are known as custodial wallets as the company holds the private keys and simply allows the user to send and receive assets from the wallet.

These wallets are typically the most user-friendly however if the exchange gets hacked, the funds may be stolen. The digital assets may also get seized if the exchange goes bankrupt.

This would not be the case for non-custodial wallets as no one but the user has access to the funds.

Hot Wallets - Best Ethereum Wallets For Beginners in the UK

What is the best Ethereum wallet for beginners? There are various types of Ethereum wallets but they can all be classified into two distinct groups: Hot and Cold wallets.

A hot wallet is a wallet that is always connected to the internet. Some examples include:

  • Desktop wallet and laptop wallet. A laptop or desktop wallet is a downloadable app for your Windows or Mac computer.

  • Web wallet or browser extensions. Bookmark your wallet. If you use a web wallet, bookmark the site to protect yourself against phishing scams.

  • Smartphone applications. A good hot wallet example, mobile wallets are a great option when you want to check your stored assets on your phone.

  • Wallets provided by exchanges or brokerage platforms

Cold Wallets - Best Ethereum Wallets For More Experienced Users in the UK

A cold wallet on the other hand is not connected to the internet which means there is a lower risk of it being compromised or hacked by online attackers. Examples of cold wallets include:

  • Paper Wallets.

  • Hardware Wallets. A hardware wallet lets you store your private keys in a physical device. If you're looking to hold some serious value, we recommend a hardware wallet as these are the most secure.

Cold wallets are typically used for larger amounts of money and long-term holdings. As a private key is everything in cryptocurrency, where you store them is crucial, and hardware wallet options are widely popular.

Note: Never enter your private keys/seed phrase on any website as it may be a scam or a phishing attempt to steal your assets.

Top Hot & Cold Ethereum Wallets in the UK

Best Ethereum Wallets Overall

The are a few things to consider before choosing the best Ethereum wallet. The table below contains a list of the top wallets overall for users of all experience levels, starting with the one that is preferred by beginners.

Wallet NameWallet TypePriceBeginner Friendly?Best Feature
eToroPlatform (Hot wallet)FreeYesIntuitive user interface.
MetaMask WalletBrowser extension/mobile app (Hot wallet)FreeYesA wide range of assets supported
LedgerHardware (Cold wallet)$59 - $119+YesPrivate keys secured on the device

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

eToro

Best Ethereum wallet for Beginners in the UK

eToro is a multi-asset trading platform that offers markets for several cryptocurrencies including Ethereum. The platform provides a secure free wallet for all the cryptos on its platform with security features that include 2-factor authentication, and data encryption. This is considered one of the best Ethereum wallet options for beginners.

Pros

Quick account registration
Avoid the technical side of crypto
Easy to use
Great for beginners

Cons

Customer service can be slow sometimes
Withdrawal fees may apply
Inactivity fees after 12 months

MetaMask Wallet

Best Ethereum wallet for More Experienced Users in the UK

MetaMask is a cryptocurrency wallet that supports thousands of tokens and enables users to access decentralized applications. If you have experience investing in crypto, MetaMask can be the best Ethereum option.

Pros

Can hold numerous cryptos including Ethereum
Can be used to store NFTs
Can connect with Decentralized Finance platforms (DeFi)

Cons

Users are responsible for the safety of their own assets
Not as safe as hardware wallets

Ledger

Best Ethereum wallet for Advanced Users in the UK

Ledger is a very popular secure Ethereum hardware wallet. Ledger wallets are hardware wallets that are used to store private keys offline. Hardware wallet options offer an added level of security over software wallets since transactions require physical authorization on the device.

Pros

Provides a higher level of security than software wallets
Ledger Live app comes with crypto management tools
Thousands of coins supported

Cons

Not free
Not as beginner-friendly as other wallets
Set-up process takes a long time

If you’re looking for a more extensive list of Ethereum wallet options then have a look at the section below for rankings by each type.

Best Ethereum Wallets In The UK Reviewed By Type

Best Software Ethereum Wallets in the UK

Below we have listed a variety of different software wallets, beginning with the most beginner-friendly one to help you make a more informed decision.

Wallet NameWallet TypePriceBeginner Friendly?Best Feature
ExodusSoftware walletFreeYesIntuitive user interface
MyCryptoSoftware walletFreeYesSecurity
Atomic WalletSoftware walletFreeYesPortfolio Management Tools

Best Hardware Ethereum Wallets in the UK

In this section, we have listed the top hardware wallets on the market that support the Ethereum coin.

Wallet NameWallet TypePriceBeginner Friendly?Best Feature
LedgerHardware wallet$59 - $119+YesPrivate key encryption
TrezorHardware wallet$85+YesA large variety of assets supported
SafePalHardware wallet$49.99NoCheaper than competition

Best Mobile Application Ethereum Wallets in the UK

One of the disadvantages of a mobile wallet is that it is easy to hack and if your mobile device is lost, you may lose access to your Ethereum funds. However, having backups can keep you safe from any loss arising out of hacks or unintentionally losing your keys. A very popular mobile wallet that supports Ethereum is eToro wallet. Additionally, there are other good Ethereum wallets such as Trust Wallet, Coinbase wallet, and Exodus. You can start using an Ethereum wallet app by downloading the app and filling in your details

In the following table, we have listed the top mobile app Ethereum wallets to help you manage your assets on the go.

Wallet NameWallet TypePriceBeginner Friendly?Best Feature
eToro walletMobile AppFreeYesVariety of coins
Trust WalletMobile appFreeYesEasy setup
Coinbase WalletMobile appFreeYesBeginner-friendly
ExodusMobile appFreeYesA variety of coins supported

Best Free Ethereum Wallets in the UK

Have a look below for the best Ethereum wallet examples on the market that can be used for free. eToro is a good free Ethereum wallet example, it is a hot wallet and it supports many coins. If you're looking for more security, you can use a paper wallet. Paper wallets are considered cold wallets. If you are looking for a very simple user interface, Trust wallet is a good hot wallet example.

Wallet NameWallet TypeBest Feature
eToroHot walletMany coins supported
Trust WalletHot walletSimple user-interface
Paper walletCold walletSecurity

What to Consider When Choosing A Wallet in the UK?

Do Ethereum Wallets Support NFTs?

Non-fungible tokens (NFTs) are digital assets stored on the blockchain. They can exist in various forms such as digital art, certificates, music, virtual land, and more. Ethereum was the first blockchain to support non-fungible tokens and remains to be the most popular platform for storing NFTs. Most Ethereum wallets including MetaMask and Trust Wallet support NFTs — only exchange/brokerage platform wallets that do not.

Is Staking Possible With An Ethereum Wallet?

Staking is the process of “locking up” your tokens for a period of time and earning interest on your holdings — similar to how a bank pays interest on your savings account. This feature is offered by many platforms such as eToro, Binance, and Coinbase.

Please note that Ethereum is scheduled to go through a network upgrade sometime in the latter half of 2022 in what is called The Ethereum Merge.

ETH that is staked cannot before this event cannot be “unstaked” until the merge event happens, whenever that may be. This event has been delayed multiple times before so it’s worth following this link here to learn more.

Can I Use The Same Wallet For Multiple Exchanges?

There are no limitations on how many exchanges you can use per cryto wallet. Each user can create as many wallets as they wish, and hold an unlimited number of crypto assets. The same wallet can be used to send assets to multiple different exchanges and wallets.

When making transactions, it is important to double-check the sender and recipient addresses as there is no way to recover assets sent to the wrong wallet. If you are sending Bitcoin, ensure that the recipient address belongs to a Bitcoin wallet. If you send Ethereum to a Bitcoin wallet, the digital assets will be lost forever.

Notably, the first few characters of the wallet address typically give an indication to which blockchain it belongs.

For example, a typical Bitcoin wallet address on Binance looks like this:

34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo

Whereas a typical Ethereum wallet address looks like this:

0xbe0eb53f46cd790cd13851d5eff43d12404d33e8

Note: ALL Ethereum wallet addresses begin with 0x — it’s good to make a mental note of that.

Can I Trade On Decentralized Exchanges Using An Ethereum Wallet?

Some cryptocurrency wallets give users access to decentralized exchanges (DEXes) directly from the app itself. This enables users to trade and manage their assets in a decentralized way, without any intermediaries. Many of the wallets we have talked about today offer this feature including MetaMask, Trust Wallet, and Coinbase Wallet.

Can I Buy Ethereum Using A Wallet in the UK?

It is common now to find wallets that offer users the ability to buy crypto directly from the app using third-party providers. This is a feature that is offered on Trust Wallet for example.

Simply open the app, search for Ethereum, click ‘buy’ and follow the onscreen instructions to complete the transaction.

Note: using this service may incur higher fees than using a cryptocurrency exchange or brokerage platform.

Do I Have to Pay Tax on Ethereum Stored in My Wallet in the UK?

You may be liable for taxes when dealing with cryptocurrencies in the UK, as per the guidelines provided by HMRC. It is important that you keep up to date with the latest regulation to ensure that you stay compliant with the law.

Crypto companies may be required to provide information on their customers to the relevant authorities if requested.

How to Set Up an Ethereum Wallet in the UK

Follow these simple steps to set up an Ethereum wallet:

Step 1: Sign up for an account
Step 2: Verify your identity
Step 3: Your Ethereum wallet is now ready

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

To cash out your Ethereum holdings from a wallet, you can follow these steps below:

Step 1: Open the wallet
Step 2: Provide the recipient's wallet address
Step 3: Sign in to your account
Step 4: Click ‘Deposit’
Step 5: Paste the address
Step 6: Click confirm
Step 7: Sell your ETH
Step 8: Withdraw the money

Top Tips For Ethereum Wallet Users

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

  • Double and triple-check wallet address before making a transaction. An incorrect address may lead to a loss of funds forever. Remember, the blockchain is decentralized so there is no customer service that can help to retrieve your assets.

  • Make a copy of your seed phrase / private key and keep it safe in case you forget your password. One of the best ways to keep it safe is to print it out on a piece of paper and store this in a safe place.

  • Crypto platform staff will NEVER ask for your seed phrases. If someone does, they may be a scammer so beware.

FAQs

What is the best Ethereum wallet provider in the UK?
Is buying Ethereum legal in the UK?
Is it safe to provide your Ethereum wallet address for crypto giveaways?
Do I need a wallet for Ethereum faucets?
Do you need a wallet for Ethereum betting in the UK?
What are the best wallets for ICOs?
What are the best multi-currency wallets in the UK?
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Khashayar Abbasi

Khashayar Abbasi