Ethereum wallets are software wallets or hardware wallets that access the Ethereum blockchain and keep your cryptocurrency safe. ETH can be stored in physical Ethereum wallets or cold wallets. These are digital devices with encrypted technology that can only be accessed by the user. “Hot wallets” or Ethereum wallet software are programs designed to store and trade cryptocurrency.
Ethereum wallet software can be downloaded as an application on mobile phones or accessed through the web. This feature discusses the best wallet software. Let’s look at the top 5 best Ethereum wallets and their features.
The best Ethereum wallets
Ethereum wallets have been rising in popularity ever since the cryptocurrency market started to grow. The wallets make it easy to carry cryptocurrency around in your pocket. Any cryptocurrency exchange or digital trade can be carried out through this software.
The software is encrypted to maintain high levels of security to protect your digital assets. Here are the best Ethereum wallets and their reviews.
01. MyEtherWallet
MyetherWallet is a cost-free open-source crypto wallet. This wallet supports ERC-20 tokens, ETH, and NFT exchange. Storing and exchanging digital assets is super simple through MyEtherWallet.
The crypto wallet is open-source, so users can also set up their own blockchain or edit the existing chains.
Pros of MyEtherWallet:
- Open-source and free-to-use tool
- Available as a mobile and desktop application
- In-app digital currency exchange
- Supports a variety of exchange ecosystems
Cons of MyEtherWallet:
- An open-source network means low-security
- Risk of phishing and data leak
- Difficult user interface
02. Zengo Wallet
Zengo crypto wallet offers advanced levels of security. This digital wallet does not require a password, private keys or a seed phrase. Zengo uses multi-party computation(MPC) for security. This activates dual secret shares. One part of the data is stored on your device, and the other part is stored on Zengo’s personal server. Each node keeps data protected if the other node is damaged.
Pros of Zengo wallet:
- Manage and exchange assets easily
- Keep up with Ethereum market trends through the app
- A variety of payment methods include bank transfers, credit cards, mobile payment apps, SEPA
- High tech security
Cons of Zengo wallet:
- Only available for mobile applications
- Supported only in a few regions
03. FreeWallet
FreeWallet is a mobile application and desktop application crypto wallet. It is free of cost with a simple interface. It allows multi-currency exchange for ETH. FreeWallet offers different security supports such as a 12-word backup phrase, 2-factor authentication, PIN codes, and fingerprint.
Pros of FreeWallet:
- Supports different security systems
- Can store currency in cold storage
- Weekly withdrawal limits to prevent theft
Cons of free wallet:
- Supports only 13 languages
- Limited user experience
04. Argent
Argent is a free-to-use digital wallet for cryptocurrency storage and exchange. Argent allows trades on zkSync and Ethereum layer 2 network. Users can create guardian accounts to add or remove account guardians. The wallet locking feature on Argent freezes the account for 5 days in case the device is lost. The wallet uses password protection for security.
Pros of Argent wallet:
- No need for seed phrasing or additional security
- Uses DApp browser
- The platform covers exchange fees
Cons of Argent wallet:
- Only supports Ethereum
- Security may be compromised
05. Edge wallet
Edge Wallet is a free-to-use mobile wallet that supports the exchange of more than 130 digital assets. Edge is supported in 179 different countries and offers high-security levels. The security features supported on Edge Wallet are TouchID Fac,e ID, and password protection. Edge Wallet is supported on both Android and iOS devices.
Pros of Edge Wallet:
- Different security measures to ensure wallet protection
- Supported on a wide variety of devices
- Supported in 179 countries
Cons of Edge Wallet:
- Does not support ERC-20, ERC-223, ERC-721 tokens
- Not suitable for storing multiple tokens
Other Ethereum wallets
Aside from the crypto wallets mentioned in our best Ethereum wallets list, there are some hardware wallets and other software wallets that you can try out. The honorable mentions include:
- Keep Key wallet
- Rainbow software wallet
- Alpha wallet software
- Atomic Wallet decentralized software wallet
- Trezor wallet
Hardware wallets vs. software wallets
It is better to use hardware wallets for storing digital currency. Hardware wallets are separate devices that hold digital tokens. They are protected by passwords and biometric IDs. Hardware wallets are safer and prevent data leaks.
Software wallets are more convenient to carry around the data in a mobile device. But mobile devices can be stolen or damaged. So, using a hardware wallet for cold storage ensures maximum security.
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Wrap-Up The Content
Our list of best Ethereum wallets mainly focuses on free-to-use software wallets. MetaMask and other popular software wallets are also recommended for users. Ethereum wallets should be easily accessible and secure.
The best ETH token wallets provide encrypted security and two-factor authentication. The wallets are an easy way for users to access digital assets. Ethereum wallets can hold ERC-20 and other tokens. Most wallets that support a large number of tokens are not free services.
Frequently Asked Question
Which Ethereum wallet do I use for an iPhone?
MetaMask is a popular crypto wallet supported on iOS. It allows exchange and storage for Ethereum blockchain, Fantom, Binance Smart Chain, etc. Several other crypto wallets are supported on iOS as well. Mobile application wallets are commonly supported on desktop applications.
Can I use the same wallet for Bitcoin and Ethereum?
No, Bitcoin and Ethereum cannot be stored in the same wallet. Bitcoin and Ethereum are popular cryptocurrencies. But both currencies run on different blockchains and technology. So, BTC and ETH are not supported on the same crypto wallet.
Which wallets support Ethereum if blockchain.com doesn’t?
MetaMask is an intelligent alternative for blockchain. Any blockchain network can be added to the app. The wallet keeps networks such as web3 networks. Polygon, Avalanch, BNB Chain are supported on MetaMask. MetaMask is considered the best for Ethereum.
Do I need Trust Wallet to use Binance?
No, a trust wallet is not necessary to use Binance. Binance can be accessed simply by creating a new account on the official website. Trust wallets are considered safe but occasionally there are data leaks.
