8 Best Ethereum Wallets in 2023 – Safest ETH Wallets Compared

Choosing a suitable crypto wallet is an important task when investing in Ethereum and other ERC20 tokens. In this guide, we help clear the mist by reviewing the 8 best Ethereum wallets in 2023.

Keep reading to discover the top Ethereum wallets for security, convenience, and other features – such as access to DeFi tools and trading services. Let’s begin.

Top Ethereum Wallets Reviewed 2023

Now let’s move on to our reviews of the best Ethereum wallets for 2023.

1. eToro – Overall Best Ethereum Wallet in 2023

Overall, we found that eToro offers the best Ethereum wallet in the market. eToro is best known for its regulated brokerage services, but the platform also offers a secure and convenient wallet. Users can choose from the eToro web wallet or mobile app, available on iOS and Android.

Both options enable users to store Ethereum tokens safely alongside a multitude of other cryptocurrencies. This includes Bitcoin, Shiba Inu, Dogecoin, XRP, BNB, Arbitrum, and dozens more. This makes eToro ideal for diversified crypto portfolios. What’s more, the eToro wallet connects to its primary exchange. This means that users can access a range of trading services without leaving the wallet interface.

For example, eToro enables users to buy and sell Ethereum 24/7. The minimum trade size is just $10, and fees amount to 1% per slide. Best of all, eToro supports fiat money payments. This means that users can sell their Ethereum tokens on eToro back to US dollars and other currencies. Another benefit of eToro is that its wallet is very user-friendly and it’s one of the best hot wallets out there.

There is no requirement to have any prior experience in wallet security, as eToro takes responsibility for the Ethereum tokens. Users can add an extra layer of security by setting up two-factor authentication. Moreover, eToro is authorized and regulated by several tier-one bodies. This includes licenses with the FCA, ASIC, CySEC, and FINRA.

We also like that eToro supports passive investment services. For example, eToro offers ‘smart portfolios’ that track various segments in the crypto space. This includes portfolios that track large-cap cryptocurrencies, decentralized finance, and even metaverse projects. eToro rebalances and maintains smart portfolios on behalf of investors. As such, this is a completely passive way of investing in crypto.

Another feature of the eToro wallet is it provides access to ‘copy trading’. This will appeal to investors that want to day trade cryptocurrencies but don’t have the required time or knowledge. Users simply need to select a proven trader to copy, and all future positions will be mirrored.

Perhaps the main consideration to make with eToro is that it is a custodial wallet provider. This means that eToro keeps control of the wallet’s private keys. While this might not be an issue for most, some Ethereum investors might prefer a non-custodial wallet. Nonetheless, eToro is heavily regulated and comes packed with institutional-grade security features – so investors have a safe place to store their Ethereum tokens.

Cryptoassets are a highly volatile unregulated investment product.

2. MetaMask – Non-Custodial Wallet for Browsers and Smartphones 

On the hunt for one of the best crypto wallets for Android devices in 2023? MetaMask is also one of the best Ethereum wallets to consider.

Used by over 30 million traders globally, MetaMask is supported by multiple device types. This includes an app for iOS and Android, as well as a web browser extension. The latter supports Chrome, Edge, Brave, and Firefox.

It takes just seconds to download and install MetaMask onto the chosen device. This is a non-custodial wallet, meaning users control their private keys. MetaMask displays private keys in an easy-to-view format via a 12-word passphrase. Users will need to write this down when setting up the wallet. By default, MetaMask is one of the best ERC20 wallets that supports all ERC20 tokens.

That said, MetaMask also supports other blockchain networks, including Arbitrum, Optimism, Binance Smart Chain, Polygon, and Avalanche. However, users will need to manually add these networks should they wish to use them. Nonetheless, MetaMask is completely free, with fees only payable when sending tokens to another wallet address.

For more details be sure to read our full MetaMask wallet review.

3. Trust Wallet – Top Ethereum Mobile Wallet App for iOS and Android

We found that Trust Wallet is one of the best Ethereum wallets for smartphones. Backed by Binance and available as an iOS and Android app – Trust Wallet is a non-custodial wallet. As such, users have complete control of their private keys. What’s more, Trust Wallet supports the vast majority of blockchain standards.

Across 70 networks, more than 4.5 million digital assets are supported. This includes Ethereum and all ERC20 tokens, not to mention ERC721 NFTs. We also like that Trust Wallet offers direct access to the DeFi markets. This includes decentralized exchanges like PancakeSwap, as well as DeFi apps such as Uniswap and Aave. As such, investors can easily earn interest on their Ethereum tokens.

In terms of security, Trust Wallet supports fingerprint ID and PIN access. It doesn’t collect any personal data or store private keys on its own servers. Trust Wallet is very convenient, with a clear interface that will appeal to beginners. But do remember that Trust Wallet cannot assist if the private keys are lost or stolen. Finally, Trust Wallet also supports crypto purchases with debit/credit cards, but this is facilitated by a third-party processor.

4. Trezor – Institutional-Grade Security via the Leading Ethereum Hardware Wallet 

Trezor is the best Ethereum wallet for long-term investors and those holding a sizable number of tokens. This is because Trezor is a hardware wallet that comes with unparalleled security features. For example, Ethereum tokens cannot leave the wallet without the user inputting their PIN on the device.

Moreover, Trezor is kept offline and away from servers at all times. This makes it nearly impossible for the wallet to be hacked remotely. What’s more, if the wallet is stolen, users can recover their Ethereum tokens on another device with their private keys. That said, while Trezor comes with unprecedented security features, it also has some drawbacks.

For instance, sending tokens can be cumbersome, considering that the user needs direct access to the device. Furthermore, Trezor is not free. The basic device, Model One, costs $69. But for the ultimate Trezor experience, users might consider Model T at $219. Either way, those buying Trezor should only do so via the official website or through an approved merchant. This will ensure that the device has not been tampered with.

5. Binance – Custodial Web and Mobile Wallet That Connects to the World’s Largest Exchange 

Binance offers one of the best Ethereum wallets for active traders. This is because the wallet is backed by the world’s largest crypto exchange for trading volume and liquidity. This makes it seamless to buy and sell tokens without needing to transfer funds between wallets. Binance supports over 350 cryptocurrencies and more than a thousand pairs.

The Binance Innovation Zone lists even more trading markets, specializing in new cryptocurrencies that are more volatile. Either way, do note that the Binance web wallet is custodial. This means that users need to trust Binance and its underlying security controls. We like that Binance has implemented a Safe Asset Fund for Users (SAFUs), which is funded by trading commission profits. This was created to compensate users in the event of a hack.

Binance also makes two-factor authentication mandatory. When users log into their accounts from a new device or IP address, an additional security step is required. Moreover, Binance also offers a mobile wallet app for iOS and Android. This makes it even more convenient to store, send, receive, and trade Ethereum. Finally, Binance is one of the best crypto exchanges for low fees, considering its standard commission rate of just 0.1%.

6. Coinbase – Choose From a Custodial or Non-Custodial Wallet for Safe Ethereum Storage   

Coinbase has two proprietary wallet services, enabling users to choose from custodial or non-custodial storage. Regarding the former, the Coinbase web wallet is ideal for beginners that wish to buy and store Ethereum. It’s very user-friendly and comes packed with security features. This includes two-factor authentication and device whitelisting.

Moreover, 98% of client funds held in Coinbase custodial wallets are kept in cold storage. Opting for the custodial wallet also makes it a breeze to trade, as it connects directly to Coinbase’s primary exchange. That said, those wishing to retain full control of their private keys will likely prefer the Coinbase non-custodial wallet.

This option comes as a mobile app for iOS and Android and supports hundreds of thousands of cryptocurrencies. It also offers access to the decentralized web, including staking and yield farming pools. In addition to NFTs, the Coinbase non-custodial wallet also enables users to swap tokens without going through its primary exchange.

7. Exodus – Established Ethereum Wallet Provider Compatible With Multiple Devices    

Exodus is an established Ethereum wallet provider that was launched in 2015. It supports multiple device types, ensuring that users can complete flexibility when storing their ETH tokens. For instance, those preferring mobile storage can download the Exodus app for iOS or Android.

Those seeking a desktop wallet can download the Exodus software to their Windows or Mac device. What’s more, Exodus has since launched its web wallet for Chrome and Brave browsers. Either way, all Exodus device types connect to the same wallet. In addition to Ethereum, Exodus supports over 260 other cryptocurrencies.

This includes some of the best altcoins, including XRP, Cardano, Dogecoin, Polygon, and BNB. Another feature of Exodus is that it connects to the Trezor hardware wallet, which we discussed earlier. This enables users to store their tokens on Trezor but easily transfer funds via the Exodus app. Finally, Exodus is a free Ethereum wallet that only charges fees on outgoing transfers.

8. OKX – Decentralized Ethereum Wallet That Doubles up as a Web 3.0 Ecosystem     

The final option to consider is OKX, a top-rated decentralized wallet that offers non-custodial storage. What we like about the OKX wallet is that it doubles up as a Web 3.0 ecosystem. Not only does this enable users to buy and sell the best Web 3.0 coins, but also earn interest on their Ethereum tokens.

In fact, OKX is an aggregator, meaning it secures the best APYs in the market. Users simply need to select ‘Ethereum’, and OKX will list the highest rates in real-time. The OKX wallet also supports other DeFi tools, such as staking and yield farming. We also like that the OKX wallet supports over 50 blockchain standards.

Not only does this enable users to store multiple cryptocurrencies in one safe place, but instantly swap tokens across chains. The OKX wallet is available as a mobile app for iOS and Android. It is also accessible via a Chrome browser extension. This option will suit those that prefer using a desktop device. Finally, the OKX wallet also supports an NFT marketplace.

Ethereum Wallets Explained – The Basics

In simple terms, Ethereum wallets provide similar functions as a bank account. For example, Ethereum wallets enable users to safely store their ETH tokens. Moreover, Ethereum wallets are also required to send and receive funds.

Those wishing to receive funds will need to provide the sender with their Ethereum wallet address. While those sending funds will need to ensure they have the correct wallet address for the receiver. Either way, Ethereum wallets enable users to send and receive funds in seconds.

There are many different Ethereum wallets in the market across multiple device types. This includes mobile wallets that can be downloaded as an iOS or Android app. There are also desktop wallets, as well as web browser extensions. Alternatively, those with a huge amount of ETH tokens might also consider a hardware wallet.

Ultimately, the type of Ethereum wallet selected will depend on the user’s needs. Not only in terms of security, convenience, and user-friendliness – but whether or not additional features are required. For instance, being able to buy, sell, and swap Ethereum without leaving the wallet interface.

How do Ethereum Wallets Work?

In a nutshell, Ethereum wallets provide three primary functions:

• Send ETH to another wallet
• Receive ETH from another wallet
• Store ETH

It is wise to have a grasp of how Ethereum wallets and these primary functions work before proceeding. After all, mistakes can lead to a loss of funds.

First and foremost, all Ethereum wallets come with a unique public address. The simple comparison here is that public addresses are similar to bank account numbers. In other words, when receiving money from another person, the bank account number is provided. In the case of Ethereum wallets, the user will need to provide their public address to the sender.

Here’s an example of what an Ethereum public wallet address looks like:

0x71C7656EC7ab88b098defB751B7401B5f6d8976F

The process of sending ETH from an Ethereum wallet is much the same as receiving tokens – but in reverse. For instance, senders simply need to paste in the destination wallet address of the receiver.

Due to the length and complexity of Ethereum wallet addresses, it’s wise to use a QR code scanner. This means using a mobile wallet app and scanning the QR code, ensuring that mistakes are avoided.

In addition to sending and receiving funds, Ethereum wallets are used for storing ETH tokens securely. It is important to keep the wallet credentials safe and private. This includes the PIN for the wallet and the private keys.

The private keys of a wallet provide access to the funds on any device type. In most cases, private keys are converted into a string of words for user-friendliness. For example, MetaMask displays private keys as a 12-word passphrase. This should be written down on a piece of paper and kept somewhere safe.

All that being said, Ethereum wallets can be intimidating for beginners. This is because users are responsible for keeping their wallet credentials safe and away from hackers. In this regard, newbies might prefer a custodial wallet that is offered by a regulated and established provider. This means the provider will take full responsibility for keeping the Ethereum tokens safe.

For example, we mentioned earlier that, in our view, eToro is the best Ethereum wallet for beginners. Not only in terms of user-friendliness but safety. After all, eToro is authorized and regulated by FINRA, FCA, CySEC, and ASIC. Moreover, eToro was established in 2007 and is used by over 30 million clients – all of which are identified for KYC purposes. Crucially, eToro ensures that novices can buy, sell, and store Ethereum without needing any knowledge of wallet security.

Why You Need an Ethereum Wallet

In theory, there is no requirement to personally obtain a crypto wallet when investing in Ethereum. Albeit the latest Ethereum price predictions suggest a bullish wave for this popular crypto but that could be short lived. This is because the vast majority of crypto exchanges and brokers offer an in-built wallet service. As such, after buying Ethereum, the tokens remain in the user’s web wallet and are safeguarded by the platform. This makes it super-convenient, especially when it comes to cashing out.

• However, there is a growing lack of trust in crypto exchanges, considering the number of hacks, scams, and bankruptcies that we have seen in recent years.
• For example, before FTX went bankrupt last year, it was one of the largest crypto exchanges globally.
• But the firm’s downfall has resulted in investors losing billions of dollars worth of crypto.

This is why it’s crucial to stick with exchange and wallet providers that are regulated in tier-one locations. As noted, eToro is licensed in the US, UK, Australia, and Cyprus – so it’s a safe place to buy and store Ethereum.

That said, some investors might prefer an Ethereum wallet that offers non-custodial storage. This means that only the user has access to the wallet’s private keys. But in turn, do remember that security is the primary responsibility of the user. Meaning, if the non-custodial wallet is hacked, the user will not be able to recover the Ethereum tokens.

Types of Ethereum Wallets

Now let’s explore the different types of Ethereum wallets that users can choose from.

Software Wallets

Software wallets offer the perfect blend between convenience and security. Users have several options when it comes to device types.

For example, some wallets can be downloaded and installed via an Android or iOS mobile app. This enables users to send, receive, and trade funds while on the move. Mobile wallets are usually protected by a PIN or fingerprint ID.

Desktop wallets, although less popular, are another option. This requires users to download software for their Windows, Mac, or Linux device. This option makes it less convenient to transfer funds, considering the user needs access to the desktop device to authorize the transaction.

An alternative to desktop software is a browser extension. Wallet providers like MetaMask support Chrome, Firefox, Edge, and Brave. But again, this makes it less convenient when transferring funds on the go.

Another option is web wallets. These are offered by exchanges and brokers, and enable users to access their Ethereum tokens simply by logging into their account. While this option is convenient, it is important that the web wallet provider is regulated by a credible licensing body.

Hardware Wallets

Hardware wallets enable users to store their Ethereum tokens on a physical device. We discussed Trezor earlier, which is one of the best Ethereum hardware wallet providers.

Trezor, like most other hardware wallets, remains offline at all times. This is known as ‘cold storage’. Put simply, this ensures that the wallet is protected from remote hacking attempts.

Hardware wallets are undeniably the most secure option. This is because, without access to the physical device, funds cannot be transferred. What’s more, even if the hardware wallet is stolen, the user would need access to the device’s PIN. In the meantime, the owner of the hardware wallet can recover the Ethereum tokens remotely via their private keys.

While hardware wallets are ideal for long-term investors and those with a huge amount of ETH tokens, they are far from convenient. Moreover, hardware wallets like Trezor cost over $200+ when buying the latest model.

Paper Wallets

Ethereum paper wallets serve a similar function to hardware wallets. This is because they offer cold storage, meaning the Ethereum tokens are always offline.

However, instead of using a physical device, users print their private keys on a piece of paper. This makes it virtually impossible for the Ethereum tokens to be hacked. After all, somebody would need access to the private keys – which are stored on paper.

That said, paper wallets are even less convenient than hardware wallets. For example, if the user wants to transfer their Ethereum tokens, they would need to manually import their private keys into another wallet.

Safety & How to Pick a Secure Ethereum Wallet

All Ethereum wallets claim to offer a safe way to store tokens. But in reality, not all Ethereum wallets are created equal.

In our view, users should focus on the following safety features when selecting the best wallet for Ethereum:

Cold Storage

When using a custodial Ethereum wallet, users should ensure the provider keeps the vast majority of client funds in cold storage.

This is the case with regulated brokers like eToro and Coinbase. But many platforms do not publicly display this information.

Nonetheless, cold storage ensures that client funds are kept away from live servers and, thus – hackers.

Two-Factor Authentication

Two-factor authentication, or 2FA, is a crucial safeguard when using a web wallet. This will send a unique code to the user’s phone, which needs to be typed in to access the wallet.

In other words, a hacker would need physical access to the user’s mobile phone.

IP Address and Device Whitelisting

Another feature offered by custodial wallet providers is ‘whitelisting’. This keeps a log of the user’s IP address when setting up the wallet. If the user attempts to log in from an unrecognized IP address, an additional security step is required.

This is also the case with device whitelisting. For example, if the user logs in from a new smartphone or laptop, an extra security step will kick in.

Regulation

As noted earlier, the best custodial wallet providers are regulated. And by this, we don’t mean regulation in shady offshore locations.

On the contrary, this should be tier-one regulation. eToro is regulated by multiple tier-one bodies, including the FCA, ASIC, FINRA, and CySEC. What’s more, the eToro mobile wallet app is regulated by GFSC.

In contrast, FTX was regulated in the Bahamas.

Factors to Consider When Comparing Ethereum Wallets

The number of Ethereum wallets in the market continues to grow. Still not sure which Ethereum wallet is best?

Here’s what to consider when choosing the best Ethereum wallet in 2023:

• Device Type: First, consider the preferred device type when selecting an Ethereum wallet. Options include a mobile app, browser extension, hardware device, desktop software, or a web wallet.
• Custodianship: Users should consider whether they want to opt for a custodial or non-custodial wallet. The latter gives full control of the wallet’s private keys, but users will need to take full responsibility for their funds. Custodial wallets secure investor funds on behalf of the user.
• Security: Explore what security features are provided by the Ethereum wallet. For example, is there two-factor authentication or IP address whitelisting? When opting for a custodial wallet, check whether the provider uses cold storage.
• Convenience: Users should also consider how user-friendly the chosen Ethereum wallet is. The interface should be simple to use, both sending and receiving funds should be frictionless.
• Supported Coins: In addition to Ethereum, consider whether the wallet supports other cryptocurrencies.
• Exchange Tools: The best wallets for Ethereum
  offer access to exchange and trading services. At eToro, users can buy and sell over 90 cryptocurrencies without leaving the wallet interface.
• Interest Tools: Long-term investors should also check whether the chosen wallet enables them to earn interest on their Ethereum. This is usually offered via staking, savings account, and/or yield farming.

How to Get & Use an Ethereum Wallet

We will now explain how to download and create an Ethereum wallet. In this tutorial, we use the eToro wallet as an example.

Step 1: Open an eToro Account

Unlike most Ethereum wallet providers, eToro is authorized and regulated by tier-one bodies. As such, all new customers must open an account.

This takes just minutes and requires some very basic personal information.

Fill out the registration form and complete each step as prompted. eToro is also mandated to collect some KYC documents. This includes proof of ID and address.

Step 2: Download eToro Wallet App

Now that the eToro account has been opened and verified, download the wallet app. This is free to download and available on both iOS and Android devices.

Next,  open the eToro app and log in. This requires the username and password that was chosen when opening the account.

Step 3: Transfer or Buy Crypto

The next step is to add some ETH tokens to the eToro wallet app.

Don’t have any Ethereum? eToro offers an in-built exchange service that supports debit/credit cards and e-wallets.

Unlike most of the Ethereum wallets discussed today, eToro processes payments and exchanges directly. As such, eToro users benefit from competitive and transparent fees.

For example, USD deposits across all supported payment methods are fee-free. Those depositing pounds, euros, and other currencies will pay just 0.5% of the transaction amount.

Those that already have Ethereum can transfer the tokens to the eToro wallet. The user will need to copy their wallet address from the app. Then, transfer the funds to this address.

Cryptoassets are a highly volatile unregulated investment product.

Conclusion

In summary, the best Ethereum wallets offer the perfect balance between top-notch security and user-friendliness. Overall, we rank eToro as the best Ethereum wallet.

Available as a web wallet and a mobile app for iOS and Android, eToro makes it simple to store, send, and receive tokens. Moreover, eToro offers a range of additional services directly within its wallet interface.

For example, users can buy and sell over 90 cryptocurrencies, not to mention stake Ethereum for a passive source of income. What’s more, eToro is a regulated platform with multiple tier-one licenses.

Cryptoassets are a highly volatile unregulated investment product.

References:

• https://register.fca.org.uk/s/search?q=522157&type=Companies
  https://brokercheck.finra.org/firm/summary/298361 
• https://www.coinbase.com/blog/a-behind-the-scenes-look-at-the-biggest-and-quietest-crypto-transfer-on 
• https://coinmarketcap.com/currencies/xrp/ 
• https://coinmarketcap.com/currencies/polygon/ 
• https://coinmarketcap.com/exchanges/okx/ 
• https://www.entrepreneur.com/business-news/who-lost-money-in-ftx-tom-brady-kevin-oleary-and-more/443653 
• https://www.microsoft.com/en-us/security/business/security-101/what-is-two-factor-authentication-2fa 
• https://www.cnbc.com/2022/12/30/bahamas-regulator-seized-3point5-billion-of-ftx-crypto-assets.html 

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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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