To date, there is a huge selection of purses where to store cryptocurrency Ethereum. How to choose the best wallets for storing Ethereum and be calm for your investments?
As you know, the more choices, the more difficult it is to determine what is right for you. Therefore, we have selected for you a list of the best purses for storing Ethereum.
Making this list, we, first of all, analyzed the reliability of the wallet, since the safety of investments is the main task of any cryptocurrency purse. But no less important is the usability and other parameters.
The essence of the hardware purse is that in order to spend your cryptocurrency, you need to first connect it to a PC, smartphone or tablet.
The Ledger Nano S is one of the most inexpensive Ethereum hardware wallets available ($65). Here, Ether is stored offline on the device. Whenever you want to spend Ether, Ledger signs it using the private key stored on the device. You can store both ETH & ETC. Harsh has made few videos guide about Ledger Nano S that you must check out. This will help you to learn everything about Ledger Nano S.
The best thing about the Ledger Nano S is that it comes with a small OLED screen which allows you to control your transactions. The security is so robust that you can use your Nano S device even on a hacked computer.
Trezor was the first hardware wallet invented for Bitcoin. However, now Trezor can be used for Ethereum too with the MyEtherWallet web interface.
It also stores Ether offline on a secure electronic chip which can be activated only when you log in with your password. It is a very light and portable device. It comes in 3 colors – white, gray, and black – and costs $99.
KeepKey is the costliest Ethereum hardware wallet available ($120). It keeps your ETH in a secure offline environment and offers the same features as the Ledger Nano S or Trezor.
It has a bigger screen than its other two competitors and is a bit heavy (i.e. not easy to carry around). KeepKey’s plastic body makes it vulnerable to damage if it is accidentally dropped, but if you like its interface, it may be the right wallet for you.
Such wallets are installed on a personal computer in the form of a separate program. They are quite safe and easy to use – the best option for people who constantly work at the computer.
Exodus is the world’s first multi-cryptocurrency desktop wallet. It is free to use and has an attractive UI. As soon 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.
However, while using Exodus, one needs to always be connected to the internet, but you 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.
Mist is the official Ethereum wallet. When you install Mist, it takes a while to get started as it synchronizes with all Ethereum nodes. After the sync is completed, it prompts you to set a secure password. You are required to remember this password as there is no other way to access Mist if your forget this password.
After that, the process is pretty typical as in any other wallet. In the wallet, you will have access to a pair of public and private keys to perform transactions. You need not worry about security as your private keys are on the device itsel. fMist also has ShapeShift built in for exchanging other currencies.
MestaMask is one of my favorite Ethereum wallets.
It is like a browser to access the Ethereum network. It not only enables you to store and send Ethereum, but also allows you to access decentralized Ethereum apps.
It has an intuitive design where you can switch quickly between a test network and the main Ethereum network. The private keys are password encrypted and are stored on your machine, which you can export at any time.
Special websites that store codes. Most online purses support a large list of crypto-currencies and charge a relatively small commission. The downside of such wallets is that the user does not have direct control over savings.
MyEtherWallet is different from other traditional web wallets. Why? Because unlike other web wallets, here you control Ethereum’s private key on your machine.
It is an open-source wallet, with no third-party servers, where you can write and access smart contracts. It has an inbuilt BTC to ETH (and vice-versa) swap facility. You can also connect your Trezor or Ledger Nano S to access your funds in MyEther’s browser environment.
Coinbase is one of the most popular Bitcoin web wallets. This year, they have also included Ethereum support.
It is a cheap and fast way of storing Ethereum, provided that they serve your country.
If it is, follow these steps to use Coinbase:
- Register at Coinbase.
- Get your public address.
- Transfer your ETH to Coinbase’s public address.
- Store ETH on Coinbase.
However, the drawback is that the private keys are not in your control because they are stored on Coinbase’s hosted servers.
That said, it’s a decent way to store ETH for short term. If you planning to hold Ethereum for a long term, you should use Paper wallet method or use a hardware wallet like Ledger Nano S.
A reliable way to store cryptocurrency in offline mode. Such a wallet is a normal printout of QR codes that need to be scanned in order to gain access to cash savings and transaction history
If you are comfortable with paper wallets, you can use the open-source project ETHAdress to create an Ethereum paper wallet. Paper wallets contain both public keys and private keys printed on paper.
You can opt for additional privacy which encrypts even the private keys. This is the cheapest form of cold storage available.
Programs for operating systems iOS and Android. More reliable than online wallets, because on most of them the user is invited to enter and save a verification phrase. Most suitable for use by novice traders and crypto enthusiasts.
Jaxx is a multi-asset wallet created by the Canada-based company, Decentral. It supports 13 cryptocurrencies (including ETH) and has an elegant design with robust security features.
On Jaxx, private keys never leave the device, and features like seed keys enable you to restore your funds whenever required.
It has an amazing development community which looks after innovation and maintenance of the product.
Jaxx wallet is available for Android, iOS, Mac OS, Windows, Linux. They are also launching hardware wallet in coming months.
What do you choose?
Before setting you free into the world of Ethereum wallets, let’s go over a few closing words of advice. Make sure you pay attention because these tips could end up saving you a ton of time (and coins) in the future.
- ALWAYS back-up your wallets. Many of the above wallets present the option to use a pneumonic or seed phrase just in case something happens to your wallet. This is pretty standard, but be sure to check if it’s not explicitly stated. It’s silly to lose all your coins because you lost your phone or fried your hard drive.
- Add extra security. Simple extra security measures such as 2 Factor Authentication through Google Authentication could save you from being hacked in the future. Keep in mind that text message verification isn’t as secure a method since phones can be cloned.
- Keep your software updated. This is why it’s important to look for an active development community for whatever wallet you choose. These communities are dedicated to not only making wallets more robust and user-friendly, they prioritize security. Take advantage of this. Make sure your software is up to date.
Be sure to keep up with the latest in Ethereum security. The more you know, the better off you will be in investing and protecting your cryptocurrencies.