10 Best Ethereum Wallets in 2024 – 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 10 best Ethereum wallets in 2024.

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.

The 10 Best Ethereum Wallets to Use in 2024

Here are the best Ethereum wallets to consider in 2024:

  1. Best Wallet – The top Ethereum wallet that’s non-custodial, supporting Ethereum, Polygon, BSC Mainnet, and soon, Bitcoin. It offers a user-friendly DEX, portfolio tools, market insights, token airdrops, top-notch security, and extensive NFT features.
  2. Zengo – A self-custody mobile wallet with over 1 million users and not a single report of a hack since inception. Alongside Ethereum and ERC20 tokens, Zengo supports over 120 cryptocurrencies and has integrated with WalletConnect for seamless dApp connections to Web3 through a curated dApp store.
  3. eToro – One of the best Ethereum wallet in 2024, offering the perfect balance between security and convenience. A web wallet and mobile app version are available, each with their own features. In these wallets users can buy, sell, and trade cryptocurrencies, create alerts, view charts and track crypto news.
  4. MetaMask – This non-custodial wallet is used by over 30 million people, and users have complete control over their Ethereum tokens and private keys. MetaMask can be installed as a browser extension for Chrome, Edge, Firefox, and Brave. A mobile app is also available for iOS and Android.
  5. Trust Wallet – One of the best mobile wallets in the market. Trust Wallet supports over 4.5 million digital assets—including Ethereum and all ERC20 tokens. Also available as a browser extension, Trust Wallet offers access to DeFi services, including swaps, staking, yield farming, and savings accounts.
  6. Trezor – Trezor is a popular hardware wallet that offers institutional-grade security. While not as convenient as web or mobile wallets, Trezor is ideal for storing large amounts of Ethereum. Do note that the Trezor Model ‘One’ and ‘T’ cost $69 and $219, respectively.
  7. Binance – The world’s largest exchange also doubles up as an Ethereum wallet. This option is suitable for short-term traders that want access to storage and exchange services via the same platform. The Binance wallet can be accessed online or via the iOS/Android app.
  8. Coinbase – This regulated exchange offers a convenient web wallet with custodial access. Plenty of security features are offered, including two-factor authentication and cold storage. Coinbase also offers a non-custodial wallet, providing users with control of their private keys.
  9. Exodus – This established Ethereum wallet was launched to the market in 2015. It is a multi-device wallet that can be accessed online, via desktop software, and an app for iOS and Android. In addition to Ethereum, Exodus supports 260 other cryptocurrencies.
  10. OKX – This popular exchange has launched a top-rated wallet app that doubles up as a Web 3.0 ecosystem. This means that in addition to storing Ethereum, users can earn interest across a variety of DeFi tools. OKX is an aggregator, so users can secure the very best Ethereum interest rates in the market.

The Ethereum wallets list above contains a variety of options to suit all requirements. Read on to find our reviews of each Ethereum wallet.

Top Ethereum Wallets Reviewed 2024

Now let’s move on to our reviews of the best Ethereum wallets for 2024.

1. Best Wallet – Best Non-Custodial Wallet On Ethereum With NFT & DEX Integration And Insights On Upcoming Tokens

Best Wallet is currently the best Ethereum wallet with massive utility, offering unique features that even the market-leading crypto wallets haven’t offered yet. But what makes it stand apart? Here’s an in-depth look.

Best Wallet

It offers a multi-wallet and multi-chain system, providing users with a comprehensive solution to manage their crypto assets efficiently. This feature ensures users don’t have to move between various wallets to handle their cryptos.

Innovative Market Tools:

  • Market Insights: Best Wallet offers unparalleled insights into the crypto market. Users can access real-time updates on pivotal project updates, industry news, and token sentiments.
  • Upcoming Tokens: Users can stay ahead with information on promising tokens even before they list on exchanges.

Token Airdrops:

  • General Airdrops: Users can access the latest airdrops, including names like Plasm AI and Axie Infinity.
  • BEST Token Airdrop: A significant highlight is the upcoming BEST token airdrop designed to reward Best Wallet and Dex users. This will provide many benefits, including zero gas fees and access to additional airdrops.

Moreover, even a decentralized ETH exchange is integrated into the wallet, ensuring a seamless trading experience.

Best DEX

The platform aims to make trading comprehensive and user-friendly with features such as real-time market insights and in-depth token analytics.

The vision for Best Wallet is outlined on its website, highlighting its plans to launch basic features like biometric security to advanced ones like NFT galleries and multiple blockchain support. 

While the exact launch date is not confirmed yet, the developers are preparing to launch the wallet soon. You can follow Best Wallet on X (Previously Twitter) for the latest updates.

Some Additional Features:

  • NFT Functionality: Best Wallet also offers NFT integration and has an in-app NFT gallery.
  • The BEST Token: The BEST token will be central to the Best Ecosystem, unlocking multiple benefits for its holders.
  • Interoperability: Initial support for Ethereum Mainnet, Polygon Mainnet, and BSC Mainnet is confirmed, with plans to expand to more blockchains.
  • Security: Best Wallet ensures top-notch security with advanced cryptographic techniques, multi-factor authentication, and biometrics.

Enter the Best Wallet Telegram channel to keep up with the latest news and progress.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Ethereum Mobile App? Staking Interest? Staking Interest Rate/Perks
Mobile app Non-Custodial Ethereum, Polygon, BSC, and others. Depends on the third-party service providers.

If bought via Best DEX – based on a specific liquidity pool.

Yes Yes Zero gas fees, exclusive access to new projects being launched, special voting rights regarding the Best Ecosystem, airdrops, and other perks.

Pros pros

  • Cross-Chain Interoperability
  • Advanced Security
  • Comprehensive Features
  • NFT Integration

Cons cons

  • Best Wallet is primarily available only on mobile devices. However, there are plans to introduce a browser extension soon.

Cryptoassets are a highly volatile unregulated investment product.

2. Zengo – Top Self-Custody Mobile Wallet for Ethereum

The Zengo self-custody wallet has been designed as one of the most secure and user-friendly wallets for Ethereum. At the time of writing, Zengo has over 1 million users and has never received a report of a hack to its system. This, along with independent, annual software audits, is what makes Zengo one of the safest Ethereum mobile wallets on the market.

One security feature of the Zengo wallet that is worth highlighting is the use of 3-factor authentication instead of seed phrases. Along with being a barrier to entry for crypto, seed phrases are also a point of vulnerability.

In the Zengo wallet, seed phrases are replaced with 3-factor authentication. This means that, instead of using a list of words stored on paper to recover their wallet, a user uses a 3D face scan, a recovery file, and an email address. Much simpler and more secure.

Zengo wallet homepage

In addition to top notch security, the Zengo wallet is feature-rich, allowing users to buy, sell, and trade over 120 cryptocurrencies in-app—alongside NFTs from multiple blockchains. Users can also access a dApp marketplace and connect to Web3 dApps with Wallet Connect. A Pro version ($69.99 per year) offers customers even more security features, including a Web3 Firewall.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Ethereum Mobile App? Staking Interest? Staking Interest Rate/Perks
Mobile app Self-Custody(non-custodial) 120+ Cryptocurrencies, including Bitcoin, Ethereum, many ERC20 tokens, Polygon, and Tezos 0%–4.5% Yes Yes Staking varies by dApp used, seed-phrase-less wallet, 24/7 support, crypto and NFT trading, dApp connections, multi-chain support

Pros pros

  • 120+ cryptos supported (Including Ethereum and ERC20 tokens)
  • Protected by advanced cryptography
  • Pro Version offering extra security
  • Buy, sell, and trade cryptocurrencies and NFTs in-app
  • A dApp marketplace and WalletConnect connections to dApps
  • High ratings on Trustpilot and App Stores

Cons cons

  • Does not support most Ethereum Layer 2s

3. eToro – Ethereum Wallet With High Security And Low Costs

eToro 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.

etoro wallet review

For example, eToro enables users to sell and buy 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.

etoro wallet review

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.

etoro wallet review

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.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Ethereum Mobile App?
Web wallet and mobile app Custodial Over 90 cryptocurrencies, including Ethereum, Bitcoin, Litecoin, XRP, and BNB 1% per slide Yes

Pros pros

  • User-friendly web wallet and mobile app for iOS and Android
  • Buy and sell over 90 cryptocurrencies
  • Supports smart portfolios and copy trading

Cons cons

  • Users do not control their private keys
  • 1% fee to buy and sell crypto

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

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

Metamask review On the hunt for one of the best crypto wallets for Android devices in 2024? 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.

Metamask review

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.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Ethereum Mobile App? Staking Interest? Staking Interest Rate
Browser extension  and mobile app Non-custodial All tokens on the following networks: Ethereum, Arbitrum, Optimism, Binance Smart Chain, Polygon, and Avalanche Fees are determined by third-party providers. Displayed at the time of purchase Yes No, but supports third-party DeFi apps, such as Aave, Compound, and UniSwap Determined by the chosen DeFi app

Pros pros

  • Best Ethereum wallet for non-custodial storage
  • Supports multiple blockchain networks
  • Free to use
  • Compatible with web browsers and iOS/Android smartphones

Cons cons

  • Trading and staking services are provided by third-party providers
  • Does not support Bitcoin

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

Trust Wallet review 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.

Trust Wallet review

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.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Ethereum Mobile App? Staking Interest? Staking Interest Rate
Browser extension  and mobile app Non-custodial 4.5 million tokens across 70 blockchain networks Fees are determined by third-party providers. Displayed at the time of purchase Yes Although Trust Wallet has an in-built staking tool, this does not support Ethereum. That said, users can stake ETH via DeFi apps like Uniswap. Determined by the chosen DeFi app

Pros pros

  • Non-custodial wallet app and browser extension
  • Supports over 4.5 million tokens and 70 blockchain networks
  • Access DeFi tools at the click of a button
  • Used by over 60 million people

Cons cons

  • In-built staking tool does not directly support Ethereum
  • Debit/credit card purchases are facilitated by third parties

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

Trezor reviewTrezor 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.

Trezor review

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.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Ethereum Mobile App? Staking Interest? Staking Interest Rate
Hardware wallet. Also offers a mobile app and desktop software Non-custodial Supports tokens across multiple blockchain standards,  including Ethereum, Bitcoin, BNB, Solana, and Polygon Fees are determined by third-party providers. Displayed at the time of purchase Yes No, but staking on Ethereum 2.0 will be supported soon N/A

Pros pros

  • One of the safest Ethereum wallets in the market
  • Unparalleled security features – including cold storage
  • Supports a wide range of blockchain standards
  • Perfect for long-term investors or those with a large amount of ETH

Cons cons

  • Does not currently support staking on Ethereum 2.0
  • Exchange services are provided by a third party – so expect high fees

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

Binance review 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 wallet review

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%.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Ethereum Mobile App? Staking Interest? Staking Interest Rate
Web wallet and mobile app Custodial 350 cryptocurrencies across multiple blockchain networks, including Ethereum, Bitcoin, Solana, Arbitrum, Polygon, and BNB 0.1% commission per slide Yes Yes 2.7% (120-day lock-up) or 0.49% (flexible withdrawals)

Pros pros

  • Top Ethereum wallet for active traders
  • Available as a web wallet or mobile app for iOS and Android
  • Access hundreds of cryptocurrencies via the world’s largest crypto exchange
  • Super-low trading commissions

Cons cons

  • Has previously been hacked
  • Operates under a loose regulatory framework

8. 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.

Coinbase 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.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Ethereum Mobile App? Staking Interest? Staking Interest Rate
Web wallet and mobile app Offers both a custodial and a non-custodial wallet The custodial wallet supports over 100 cryptocurrencies. The non-custodial wallet supports hundreds of thousands of cryptocurrencies. Standard commission of 1.49% per slide Yes Yes 6%

Pros pros

  • Choose from a custodial or non-custodial wallet
  • Both options are user-friendly
  • Directly stake Ethereum and earn an APY of 6%
  • Backed by a regulated brokerage that was established in 2012

Cons cons

  • Huge trading fees of 1.49% per slide
  • Supports debit/credit card purchases but at a cost of 3.99%

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

Exodus reviewExodus 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.

Exodus review

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.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Ethereum Mobile App? Staking Interest? Staking Interest Rate
Desktop,  mobile, and browser-based wallet Non-custodial Over 260 cryptocurrencies, including Ethereum, BNB, XRP, Bitcoin, and Dogecoin Fees are determined by third-party providers. Displayed at the time of purchase Yes No, but staking on other cryptocurrencies is supported N/A

Pros pros

  • Multi-device Ethereum wallet for desktop, mobile, and web browsers
  • More than 260 cryptocurrencies supported – including some of the best meme coins
  • Established in 2015

Cons cons

  • While staking tools are offered, Ethereum is not supported
  • Crypto buy and sell orders are processed by third parties

10. 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.

OKX wallet

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.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Ethereum Mobile App? Staking Interest? Staking Interest Rate
Mobile app and a browser-extension Non-custodial Most cryptocurrencies across 50 blockchain networks Fees are displayed when swapping tokens. Alternatively, use the centralized OKX exchange and pay just 0.1% per slide Yes Yes OKX is an aggregator, so it secures the best APYs in the market

Pros pros

  • Supports most cryptocurrencies across 50 blockchain networks
  • Secure the highest staking APYs via the OKX aggregator
  • Comes as a mobile app and browser extension

Cons cons

  • Token swap fees only displayed at the time of the order

Ethereum Wallets Explained – The Basics

Ethereum wallets enable users to send, receive, and store ETH tokens. When selecting the best Ethereum wallet, users should consider their preferred balance of security and convenience.

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.

Best Ethereum wallets

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.

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.

On the other hand, some investors might prefer an Ethereum wallet that offers non-custodial storage, like Best Wallet, which usually offers higher security. This means only the user can access the wallet’s private keys.

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.

Trezor wallet

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.

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. For instance, FTX was regulated in the Bahamas. On the contrary, this should be tier-one regulation.

Factors to Consider When Comparing Ethereum Wallets

Beginners should choose an Ethereum wallet that is simple to use yet highly secure. Moreover, users will need to decide whether they prefer a custodial or non-custodial wallet. This determines whether a third-party provider or the user takes responsibility for the safety of the wallet.

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 2024:

  • 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 Best Wallet as an example.

Step 1 – Install the App

Navigate to your mobile’s Play Store (for Android) or App Store (for iOS) and search for “Best Wallet”. Then, click on the ‘download’ button. The app is free to download and use.

Step 2 – Registration

Once the app is installed, it will prompt you to register. Enter your existing email or choose the ‘Proceed with Apple/Google’ option. This allows you to use an email already associated with your device.

Step 3 – Ensure High Security

After entering your email, you’ll have the option to set up two-factor authentication (2FA). With this feature, a six-digit code will be sent to you upon each login, increasing security. This can be opted out, but the next phase, which involves setting and verifying a four-digit PIN, is mandatory.

Step 4 – Access Best Wallet’s Features

With your account set up, you can now use Best Wallet’s unique features. You can start tracking emerging and popular tokens before they hit the exchanges or explore Best Wallet’s decentralized platform for trading multiple cryptos.

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 Best Wallet as the best Ethereum wallet.

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

For instance, it offers a DEX integration alongside NFT capabilities. Users can also access market insights and information on upcoming tokens before they hit exchanges on the Best Wallet app.

Cryptoassets are a highly volatile unregulated investment product.

References:

FAQs

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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…