8 Best ERC20 Wallets for 2023 – The Complete List

While there are thousands of ERC20 tokens in the market, they can also be stored on the same Ethereum blockchain address.

This means that investors have dozens of ERC20 wallets to choose from. But which is best?

In this guide, we review the 8 best ERC20 wallets for security, features, custodianship, user-friendliness, supported device types, and much more.

What is an ERC20 Wallet? The Basics Explained

ERC20 wallets allow users to store tokens that operate on the Ethereum network. Most ERC20 wallets come pre-loaded with support for large-cap tokens, such as Tether, Shiba Inu, Aave, USD Coin, and Uniswap. That said, the best ERC20 wallets allow users to add custom tokens. This means that any ERC20 token can be added – simply by providing the project’s contract address.

In addition to storage, ERC20 wallets also allow users to send and receive tokens. Just remember – ERC20 transaction fees require GAS fees – which must be paid in ETH. As such, the user will need a small quantity of ETH in their ERC20 wallet to process transfers. ERC20 wallets come in various forms, from hardware devices and mobile apps to desktop software and browser extensions.

Some investors will also consider paper wallets to store their ERC20 tokens offline. Software-based wallets usually come packed with additional features, such as staking and savings accounts. This enables users to earn income on their ERC20 investments. What’s more, the best ERC20 wallets allow users to swap tokens.

For instance, users can swap UNI for USDT or USDC for SHIB without leaving the wallet interface. Importantly, some ERC20 wallets offer non-custodial storage – meaning users control their private keys. While other wallets operate as full custodians, meaning the provider keeps the ERC20 tokens safe.

We explain all of these functions and considerations in more detail later in this guide.

Why You Need an ERC20 Wallet

ERC20 token investors need a suitable wallet for various reasons. Not only in terms of storing, sending, and receiving ERC20 tokens but to access other features – such as decentralized exchanges, staking, and swapping.

Read on to find out more about the necessities of an ERC20 wallet.

Store ERC20 Tokens 

ERC20 tokens must be stored in a wallet that supports the Ethereum network. Not only does this allow users to transact, but it provides a safe haven for ERC20 token investments.

Wallet security will vary depending on various factors, such as the device type and custodianship.

Send and Receive ERC20 Tokens 

To send and receive ERC20 tokens, a wallet is needed. All transactions go through the Ethereum network, so fees must be paid in ETH.

This is often something that beginners forget, so ensure that a small amount of ETH is available before setting up a transaction.

What’s more, all ERC20 tokens will use the same public address as provided by the wallet. For instance, whether it’s Ethereum, Tether, or Shiba Inu – investors will use the same address when receiving ERC20 tokens.

Stake ERC20 Tokens 

Many ERC20 projects allow users to stake their tokens. After all, ERC20 tokens now operate on the proof-of-stake consensus mechanism.

The best ERC20 wallets come with an in-built staking tool. This allows investors to generate passive rewards on their ERC20 tokens.

Trade ERC20 Tokens 

Many providers allow users to trade ERC20 tokens without leaving the wallet interface.

As such, there is no longer a requirement to:

• Transfer the ERC20 tokens from a wallet to an exchange
• Make the swap
• And transfer the newly purchased ERC20 tokens back to the wallet

Instead, the above transaction can be completed in one click via an in-wallet staking tool.

Access ERC20 dApps 

The vast majority of leading dApps operate on the Ethereum blockchain. This includes everything from Uniswap and OpenSea to Aave, Yearn.finance, and SushiSwap.

The best ERC20 wallets allow users to connect these dApps at the click of a button. This opens up a world of possibilities – from decentralized trading and play-to-earn games to staking, yield farming, and savings accounts.

Best ERC20 Wallets Reviewed

We will now review the overall best ERC20 wallets for 2023.

Understanding that no two investors are the same, we cover a wide variety of options. This includes both custodial and non-custodial wallets for smartphones, desktops, browsers, hardware, and more.

1. Best Wallet – Overall Best ERC20 Wallet for 2023  

Best Wallet is a newly founded wallet that is building a decentralized ecosystem for ERC20 token holders. It will support all ERC20 cryptocurrencies, with users having the option of adding custom tokens via the contract address. This is in addition to Bitcoin, Litecoin, XRP, BNB, Dogecoin, Solana, and other leading cryptocurrencies.

This makes Best Wallet ideal for storing cryptocurrencies on multiple blockchain standards. Best Wallet will be released for multiple devices, including an iOS and Android app. There will also be support for desktop users that prefer managing ERC20 tokens on a laptop or PC. Those looking for the best non-custodial wallets will appreciate that Best Wallet does not store private keys.

Instead, private keys will be encrypted on the user’s desktop or mobile device. What’s more, Best Wallet will come with biometric security features, the wallet will also be protected by two-factor authentication and a passcode. Not only is Best Wallet a great option for storing ERC20 tokens, but it comes packed with other innovative features.

For example, Best Wallet will allow investors to stake their ERC20 tokens without leaving the app. Users will also be able to connect to their preferred dApps to earn additional income. For example, trading NFTs on OpenSea or depositing tokens into a UniSwap liquidity pool. Users will also have the option of buying cryptocurrencies with fiat money. This service will be provided by WERT – a regulated entity licensed in the US and the EU.

Another innovative feature being developed is the Best Wallet AI bot. Put simply, this allows users to make informed decisions on their cryptocurrency investments. For example, users can ask the bot “Is my portfolio diversified enough?” or “Which ERC20 token investments can I stake?”. We also found that Best Wallet is launching its own native cryptocurrency – BWAT.

Those holding BWAT will have access to various perks within the Best Wallet ecosystem. This includes zero GAS fees on outgoing transfers, special voting rights, and access to the best crypto presales that are yet to launch to the public. Best Wallet will allow users to earn free BWAT tokens by engaging with its wallet.

While the specifics are yet to be released, rewards will be paid for downloading the wallet, swapping tokens, making transfers, and other everyday tasks. To become one of the first to access the wallet, users can visit the Best Wallet website and add their email address to the waitlist. Users will be informed when the wallet is available to download.

2. eToro – Regulated and Established ERC20 Wallet for Beginners   

eToro is the best ERC20 wallet for beginners seeking an established and regulated custodian. Launched in 2007, eToro is used by over 30 million clients and is regulated in the US, UK, Australia, and the EU. It provides both a wallet and exchange under one regulated roof – allowing ERC20 investors to store and trade tokens seamlessly.

The eToro wallet can be accessed online or via its native app. The latter is available on both Android and iOS devices. Both options support plenty of ERC20 tokens, including Shiba Inu, Chainlink, UniSwap, Cronos, ApeCoin, Aave, Maker, Decentraland, and many others. The eToro wallet also supports non-ERC20 cryptocurrencies, such as Bitcoin, XRP, Cardano, Solana, and Litecoin.

All supported cryptocurrencies can be stored in the same wallet, free of charge. What’s more, the eToro wallet makes it simple to buy and sell cryptocurrencies. Its regulated exchange supports dozens of cryptocurrency pairs, and each trade costs 1%. Moreover, the minimum trade size is just $10 on all supported markets. After buying a cryptocurrency, it is instantly transferred to the eToro web wallet.

This offers a convenient yet safe way to trade and store cryptocurrencies without needing to worry about private keys or hacks. This is because eToro is a regulated custodian, so it is mandated to keep client-owned cryptocurrencies secure. It does this through cold storage and multi-sig permissions, alongside a 24/7 security team. Users can protect their eToro wallets further by adding two-factor authentication and a strong password.

The eToro wallet also connects to a staking tool. This supports Ethereum, Cardano, and Tron. Users can also invest in cryptocurrencies passively via eToro smart portfolios. These are hand-picked cryptocurrency baskets managed and rebalanced by eToro. While the minimum investment is $500, no fees apply. eToro is also a leading copy trading platform, with thousands of verified crypto traders to choose from.

Cryptoassets are a highly volatile unregulated investment product.

3. MetaMask – Decentralized ERC20 Wallet for Smartphones and Web Browsers    

MetaMask is one of the most popular crypto wallets for storing ERC20 tokens. There are no fees to use MetaMask, and it comes as a mobile app (iOS and Android) and a browser extension (Chrome, Firefox, Edge, Brave). MetaMask is decentralized, so users are provided with their private keys when setting the wallet up.

The private keys are displayed as a 12-word passphrase and are not accessible by MetaMask. After going through the set-up process, users can find their Ethereum wallet address on the main interface. This wallet address is unique to the user and supports all ERC20 tokens. For smaller-cap projects, users can manually add the ERC20 contract address to MetaMask.

MetaMask also supports other blockchain networks, including Binance Smart Chain, Arbitrum, and Polygon. We also like that MetaMask is one of the best hot wallets for connecting to dApps. This can be done directly in the MetaMask app or by connecting to the dApps desktop website via the browser extension. While MetaMask supports ERC20 tokens and a selection of other networks, it isn’t compatible with Bitcoin.

Here’s our full MetaMask review.

4. MyEtherWallet – Popular Ethereum-Based Wallet Supporting All ERC-20 Tokens    

MyEtherWallet was launched in 2015, making it one of the most established ERC20 wallets in the market. It exclusively supports the ERC20 standard, so all Ethereum-based tokens are compatible.

If a specific token isn’t initially listed, users can manually add it via the contract address. MyEtherWallet is free to use and is available as a mobile app. Both iOS and Android users are catered for. We also like that MyEtherWallet connects to the Aave exchange.

This allows users to swap ERC20 tokens without needing to use a centralized platform. This also enables users to earn passive rewards via staking and yield farming. MyEtherWallet is also compatible with NFTs, supporting the ERC721 standard. The main drawback is that non-ERC20 tokens are not directly supported.

5. Trust Wallet – Top Non-Custodial Wallet for Diversified Crypto Portfolios     

Trust Wallet is one of the best ERC20 wallets for storing diversified portfolios in one place. Not only does it support all ERC20 tokens, but dozens of other blockchain standards. In addition to Bitcoin, Solana, Cardano, and XRP, this includes all tokens on the Binance Smart Chain and Arbitrum networks.

Trust Wallet supports multiple devices and operating systems. This includes an app for iOS and Android and a browser extension for Chrome, Edge, Brave, and Opera. All supported device types are free of charge. There are no fees to use the in-built staking tool either. Nor does Trust Wallet levy charges to swap tokens.

We also found that Trust Wallet is the best ERC20 wallet for engaging with decentralized exchanges. By clicking on ‘Dapps’, users can instantly connect to PancakeSwap, UniSwap, SushiSwap, ApeSwap, and other leading platforms. Any actions taken in the chosen dApp will be reflected in Trust Wallet in real time.

Read our full Trust Wallet review here.

6. Trezor – The Most Secure Way to Store ERC20 Tokens     

Looking for the safest ERC20 wallet for long-term investors? If so, look no further than Trezor. This established hardware wallet provider offers cold storage solutions – so the private keys are never exposed to the internet. This allows users to keep their ERC20 token investments offline at all times.

This will appeal to ERC20 investors with a high-value portfolio. Sending ERC20 tokens to another location requires users to enter a PIN on the device. This can be any combination of up to 50 digits. We also like that Trezor allows users to manually add custom ERC20 tokens. This can be done via the Trezor Suite dashboard, available for desktops and smartphones.

In terms of pricing, Trezor offers two models. Those focused purely on long-term storage will find the Trezor Model One suitable. This retails for just $69. Those also looking to stake ERC20 tokens will need to buy the premium Model T, which retails for $219. This option also comes with support for USB type-C connections and a touchscreen pad.

7. Binance – Web Wallet for Storing and Trading ERC20 Tokens      

While the least safe option on this list, Binance offers one of the best ERC20 wallets for active traders. This is a custodial wallet, so users do not have access to their private keys. What’s more, outgoing transactions must be approved by Binance before they are released to the blockchain.

That said, Binance is by far the largest and most popular crypto exchange in the market. Recent figures suggest more than 128 million people use Binance. Moreover, Binance has robust security features in place, including cold storage, two-factor authentication, and whitelisted wallet addresses. The Binance web wallet is free to use and offers direct access to its ever-growing crypto ecosystem.

This allows users to trade hundreds of ERC20 tokens at a 0.1% commission. Binance users can also earn interest on their ERC20 tokens. Currently, the popular ERC20 token Axie Infinity is offering an APY of 32%. Binance also offers staking tools, dual investments, and yield farming. These tools offer additional opportunities to generate income on ERC20 token holdings.

8. Exodus – Self-Custody Storage With Multi-Device Support  

Exodus is one of the best self-custody wallets for beginners. It takes seconds to set up a new wallet, and the Exodus interface is simple yet packed with features. For example, users can instantly add any ERC20 token of their choosing via the project’s contract address.

This is also the case for other supported blockchains, including Binance Smart Chain, Arbitrum, Cardano, Fantom, and Polygon. One of the best features of Exodus is that it supports multiple device types. This includes an app for iOS and Android, as well as a browser extension for Chrome and Brave. It also offers desktop software for Windows and Mac.

The primary features offered by Exodus are fee-free. This includes storing and receiving ERC20 tokens. No additional fees are added when transferring tokens, as GAS charges are sent directly to miners. Exodus comes with an in-built staking tool that supports seven cryptocurrencies. This includes Solana, Algorand, Cosmos, Cardano, Tezos, Ontology, and VeChain.

Here’s our full Exodus wallet review.

Now let’s explore what criteria we used when reviewing and ranking the best ERC20 wallets:

Custom ERC20 Tokens

At a minimum, we prefer wallets that allow users to add any ERC20 tokens. The process should be straightforward and only require the ERC20 contract address.

Custodianship

We covered a broad range of non-custodial and custodial wallets, allowing ERC20 token investors to choose who is responsible for keeping the funds safe.

Security Tools

The best ERC20 wallets offer adequate security tools, such as two-factor authentication, passwords, biometrics, and multi-sig permissions.

Non-ERC20 Networks

We also prefer ERC20 wallets that support other blockchain networks.

For instance, those holding Bitcoin and other cryptocurrencies should be able to store their assets under one roof.

Device Type

Investors should also consider what device type they want to store their ERC20 wallets on. This can include a mobile app, browser extension, desktop software, and a hardware device.

Web 3.0 Features

The best ERC20 wallets support various Web 3.0 features. This includes everything from staking and yield farming to decentralized exchanges and loans.

Fees

While software wallets are free, users should explore what charges are implemented for non-primary features. For instance, swapping ERC20 tokens or buying cryptocurrencies with fiat money.

Types of ERC20 Wallets

ERC20 wallets come in various forms and are supported across most device types.

The main ERC20 wallet types are summarized below:

Software Wallets

Most ERC20 wallets are downloaded and installed as software. Mobile wallets, for instance, are offered by Best Wallet, eToro, and Trust Wallet. Users can access their mobile wallets via a PIN or fingerprint  ID.

Another software-based option is a desktop wallet. Exodus is a good option here, which supports Windows and Mac. The Exodus desktop wallet is secured by a password. An increasing number of ERC20 wallets are now available as browser extensions. MetaMask supports Chrome, Edge, Firefox, and Brave.

Alternatively, some software wallets are accessible via standard websites. For example, eToro offers a web wallet that simply requires users to log in and verify ownership via two-factor authentication.

Hardware Wallets

ERC20 tokens can also be stored in hardware wallets, keeping the funds and private keys away from the internet.

Trezor and Ledger and popular options here. Both allow users to add custom ERC20 tokens, so all Ethereum-based cryptocurrencies are supported.

Hardware wallets won’t be suitable for ERC20 token holders that actively trade.

Paper Wallets

Paper wallets also allow investors to keep their ERC20 tokens offline and away from live servers.

This option requires users to:

• Create an ERC20 wallet address and private key. This can be done via a software wallet provider like MetaMask.
• Transfer the ERC20 tokens to the generated address.
• Print the wallet address and private keys.
• Delete the software wallet from the device.
• Keep the printed paper somewhere safe and private

Paper wallets perform a similar function to hardware wallets. But without additional features like staking, token swaps, and savings accounts.

How to Get & Use an ERC20 Wallet

Here’s a walkthrough on how to set up an ERC20 wallet in just five minutes – using eToro as an example.

Step 1: Open an eToro Account

eToro is a regulated custodian, so it requires all users to register an account. Not only does this keep the eToro ecosystem safe, but it allows verified users to buy and sell ERC20 tokens with fiat money.

Visit the eToro website, click on ‘Sign Up’, and complete the on-screen form. Some personal information will need to be entered, and a username and password will need to be chosen.

A copy of a government-issued ID – like a password or driver’s license, also needs to be uploaded. From start to finish, the registration process takes minutes.

Step 2: Download eToro Money Wallet App

Now download the eToro wallet app to an iOS or Android smartphone.

Open the wallet app and log in.

Step 3: Deposit or Buy a Supported ERC20 Token

Now the wallet is open, click on a supported ERC20 token to reveal its deposit address. This is unique to the user’s wallet.

Then, proceed to transfer the ERC20 tokens to this address. Do note that eToro does not allow users to add custom ERC20 token addresses, so ensure the correct cryptocurrency is being transferred.

The other option is to buy a supported ERC20 with a debit/credit card or e-wallet. The transaction will be processed instantly, and no fees apply for USD payments. While non-USD payments are charged a small FX fee of 0.5%.

After making the purchase, the ERC20 token will be added to the eToro wallet.

Conclusion

That concludes our comparison guide on the best ERC20 tokens. Overall, Best Wallet offers the perfect solution for storing and trading Ethereum-based tokens safely.

We like that Best Wallet offers non-custodial storage, alongside staking, token swaps, and compatibility with DeFi dApps.

To test Best Wallet before it’s launched to the public, users can add their email addresses to the waitlist.

References

https://metamask.io/

https://coinmarketcap.com/rankings/exchanges/dex/

https://ethereum.org/en/developers/docs/standards/tokens/erc-20/

https://coinmarketcap.com/view/play-to-earn/

https://wert.io/fiat-onramp

https://docs.wert.io/docs/general-faq

https://www.etoro.com/en-us/news-and-analysis/etoro-updates/an-update-on-etoro-and-crypto-markets/

https://www.swift.com/your-needs/financial-crime-cyber-security/know-your-customer-kyc/kyc-process

https://support.simplex.com/hc/en-gb/articles/360014078420-What-fees-do-you-charge-for-card-payments

https://trezor.io/compare

https://www.binance.com/en/blog/ecosystem/looking-back-at-binances-2022-endofyear-report-1820343945198453383

https://support.ramp.network/en/articles/10415-what-fees-does-ramp-charge-for-buying-and-selling-crypto

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Kane Pepi

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Kane Pepi

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…

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