The Crypto world has been making rapid progress and investors from various industries are growing keen to make a profit and financial transactions through these digital currencies.
Considering our point of discussion in focus, I guess you have heard about “Bitcoins” and “Ethereum” too! Just after Bitcoin, Ethereum has secured the second largest market cap. Well, I won’t start introducing it to you any further for I assume that by now, you must be owning some cryptocurrencies as well.
With the increasing number of investors flocking towards Ethereum, the surge in security measures has been growing consequently. Keeping funds in an exchange could never be classified as a wise idea. So, you need to pick an Ethereum wallet to preserve your funds safely!
What’s an Ethereum wallet?:
Before we move into the discussion about the different kinds of Ethereum wallets, let me make the term clear to you at first.
An Ethereum wallet is basically a software that allows smart contracts with the blockchain. The transaction of funds requires a feature that sets the gas price to make easy payments and transactions. This is particularly more useful on occasions of high traffic. Ethereum wallets are presently at their young ages and developments are all going on for making things better and useful.
What kind of wallets are available?:
- Plenty of options are available to hold cryptocurrencies. Knowing the categories would give you a fair idea about your demand so that you are able to make your selection even more wisely.
- Most of the crypto exchanges are seen to offer on-site wallets commonly known as Exchange-based online wallets. They are even featured in the mobile version.
- Desktop wallets with a user-friendly interface and a higher level of security.
- Independent online wallets are also quite common. They come in mobile versions as well.
- Hardware wallets that are mainly classified as cold storage.
- Paper wallets, wherein the security level varies from desktop to online accounts.
Just as you are sure about keeping money in your bank account and that you know, you would be getting the value of it no matter what happens to the bank; the same goes for digital currencies as well. When you are keeping your funds in Ethereum wallets, you must be confirmed about its security and terms of encryption. Thus, here I have mentioned five most popular Ethereum wallets, go through and select the one that suits the best for you!
Five best Ethereum wallets:
When you have purchased Ethereum, it is obviously important for you to know where you would store them. Follow the guide to learn about the top 5 Ethereum wallets on the market:
Are you searching for a good Ethereum wallet to store your coins? Then, this is certainly the best one in the lot if you want to get a hardware wallet. It is an amazing offline wallet and is thus, known for cold-storage. It will secure your Ethereum coins, and you can make transactions even when you are not connected to the internet. The funds are stored offline with the help of an electronic chip, and you can activate it only when you provide the password. It is quite flexible and easy to use. Being small and portable, one can carry it even in the pocket or with the keychain. It costs around $99 and is available in mostly three colors, white, grey and black.
Best alternative to Trezor: Ledger Nano S Hardware wallet.
The best part of MyEtherWallet is its safety concerns. It ensures controlling the private keys within the machine, so your funds remain secure and you do not need to worry about it. There are no third-party servers, and this open source wallet supports smart contracts. MyEtherWallet has got an amazing feature where you get an inbuilt BTC to ETH swap facility. My Ether’s browser environment offers you the provision to access your hardware wallet (Trezor or Ledger) at ease. Just as you generate a wallet here, you would be receiving a downloadable file with the public and the private key paired with it. Whenever you would be making transactions or sending Ethereum, you can easily choose to upload the file and feed in the password.
If you are looking for an Ethereum wallet with a beautiful and intuitive interface, Exodus is certainly the best and the most secure one among all the other. This is an independent wallet that stores the private key in the system or the machine instead of an external server. Talking about the limitations of this wallet, it is not 100 % open source (not all but some components are open sources) and is still not available in the mobile version. Another limitation of it is that it only supports ETH and not ETC. Being the world’s first multi-crypto desktop wallet, the interface is quite attractive for your entire portfolio of coins will be showed in the form of a pie-chart just as you open Exodus wallet. It has also got ShapeShift built in a while exchanging Cryptocurrencies.
If you are looking forward to storing your Ethereum in the offline mode, ETHAddress offers the best cold storage options. It is an open source project that creates ETH wallets for you. It creates a public and a private key pair, and it also offers you the option to encrypt your private keys so as to protect your funds from the greedy hackers. However, ETHAddress comes with a limitation, that is, it supports ETH and not ETC. Besides, if you want to send coins, you will have to import the fund to an online wallet and then make the transaction.
It is another simple Ethereum wallet that has been growing amazingly popular among the investors. The private keys are never shared with Jaxx’s wallet, so your funds remain absolutely safe and secure and are stored only on your machine itself. When you first install the program, make sure you have currently set up so that you can deal with ETH without any trouble. You can recover your funds using seed keys, and the best part of Jaxx wallet is you get a wide range of robust security features. The development community has been looking forward to improving and maintain it as well as launch a hardware wallet in the coming days.
If you are scrolling down reading the whole of the post above, I am sure you would have had a good idea about the various kinds of Ethereum wallets available and to make things simple for you to understand, I have segregated them in different categories so that you choose your wallet appropriately. However, I would be interested to hear from you about which would wallet did you pick up! Comment below and I will surely update it in the content!