Last Updated on February 23, 2022
Second only to Bitcoin, Ethereum is a cryptocurrency that’s likely to be around for quite some time – and because of this, it’s generally a popular choice for anyone looking for some digital coins to buy. One of the many great aspects of its fame is that there is going to be a wide range of tools that support it as an asset; with wallets being just one of the things that you can rely on to accept Ethereum.
To give you a helping hand in choosing the right wallet to hold your ETH tokens, we’re going to take a closer look into some of the best wallets on the market that support these coins.
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It shouldn’t come as much of a surprise that eToro is one of the top options on this list. Not only does it support a wide range of cryptocurrencies, but it’s also one of the best exchanges on the market – and the platform’s built-in wallet is known for being pretty good too.
As eToro is well-established and trusted in the niche, it’s likely to have all the features and functions you could hope for – and this makes it an excellent choice for anybody who’s hoping to get started in trading and have all the crypto tools they need all in one place. It also facilitates trading in other assets too, such as stocks, so it really is an excellent all-in-one choice if this is something that interests you.
Alongside all this, it’s secure, easy to get started with and doesn’t have extortionate fees, all of which are points worth taking into consideration when choosing the right wallet for your needs.
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For anyone who’s just starting out, Exodus can often be worth looking into. While often thought to be a fairly new option compared to some of the others in the market, Exodus has gained a considerable following since it was founded back in 2015.
There are quite a few things that have helped Exodus to reach so high in the list of wallets. For one, it’s compatible with all devices and has a mobile app to make it just as easy to use on the go. Using the ShapeShift exchange (which you can use through Exodus), you can actually trade between different cryptocurrencies through the wallet itself.
It can also be synced to a Trezor portfolio, allowing you to take advantage of the benefits of hardware and software wallets simultaneously. Overall, it’s plain to see that Exodus is a crypto wallet that has quite a lot going for it.
While not usually considered to be the best platform for those who are just starting out, several things make Binance an excellent selection – like the fact that it has its own wallet, for example.
Of course, Binance supports Ethereum, but it also has a variety of other cryptocurrencies, including its very own Binance Coin, which is performing pretty well overall. So, if you’re looking to add a little more diversity to your trading portfolio in the future, it’s worth considering everything that this exchange has to offer.
You’ll also be able to relax knowing that your coins are all stored safely and securely, too.
Moving on to a hardware wallet (which are also known as cold wallets), the Ledger Nano X is generally accepted as being one of the best options for quite a few reasons. From the high capacity for coins, to the simple and efficient Bluetooth connectivity; there’s a lot that this particular wallet does right.
Ledger is actually one of the biggest cold wallets in the market right now, often chosen for its host of features. Alongside the examples above, it also connects to your mobile device with ease, and on the whole offers the security and capacity you need to keep larger investments safe.
All in all, if quality is of utmost importance, you can expect your Ledger Nano X to be a good buy, even if it’s not the cheapest option around.
Trezor is one of the key rivals of Ledger, with the two often considered to be the top choices for cold wallets. So, what makes Trezor a worthy opponent?
From the excellent security features, to backup and recovery; you can generally rely on your Trezor wallet to keep your coins safe. It also supports more than 1600 different cryptocurrencies (Ether included). The regular firmware updates keep it running smoothly, as well as help it to remain relevant for users with multiple needs. Much like Ledger, you’ll find that Trezor isn’t the most cost-effective option out there, but for everything that it has to offer, it can be worth the extra investment.
For the most part, whether you’re a beginner or a crypto enthusiast, you’ll find that the Trezor wallet is a good choice – and that’s why it deserves a spot on this list.
For those of you who want a simple web wallet to store their ETH coins, MetaMask may just be the best option. This Ethereum wallet is an extension that connects your browser (Chrome, Edge, Brave and Firefox only) to the Ethereum blockchain. This makes it easy to store your keys and tokens, as well as trade, thanks to the fact that it can be linked to Coinbase and ShapeShift (two well-known exchanges). Overall, it’s incredibly easy to use MetaMask for Ether purchases and storage.
Other factors work in the wallet’s favour, like the fact that it’s open-source, or that it has more than one million active users a month. Essentially, MetaMask is a simple, efficient and reputable web wallet.
As an online and software wallet, with apps available for both Android and iOS, most will find that Guarda is widely available and easy to access, as well as well-liked and secure.
For example, it offers encrypted backups to ensure that your coins and data are as safe as possible, as well as using ID recognition over passwords to help make it more of a challenge for anyone else to access your info. It also supports a range of coins, including Ethereum, so you won’t have to worry too much about variety either (although, their range is rather limited compared to some of the other desktop wallets on this list).
Last but not least, we have the Coinbase wallet. Linked to the Coinbase exchange, you can generally have an easy time making crypto investments if you choose to go for this platform.
Coinbase is a popular name and is considered to be an excellent choice for beginners, thanks to its easy-to-use interface, host of features and all-round great security. Of course, there’s also the fact that it supports all the mainstream coins (Ether included). For the most part, the platform is just a great and reliable exchange/wallet combo.
Some may find that Coinbase’s fees are a little too high, especially for those who haven’t upgraded to Coinbase Pro, which may be worth taking into consideration if you’re looking for a more cost-effective option.
While there’s no doubt that there is a fantastic range of wallets and exchanges out there that cater to varying needs, this is likely to make the task of picking one more difficult; especially if you’re not an expert in cryptocurrency and how things work. Fortunately, we’re going to give you a couple of ideas for things to look out for:
There isn’t really one definitive best wallet for everyone, rather, a range of platforms that have different things to offer. Usually, you’ll need to try and find out which wallet best suits your unique wants and needs to make a good selection.
Also known as cold and hot wallets respectively, most will find that the differences between these two are an essential aspect of choosing the right one. A hardware wallet is usually known for being more secure, yet less convenient than software wallets. On the other hand, hot wallets are easier to hack into because they’re always connected to the internet. This adds a layer of risk that, while sometimes minimal, some people may not be too keen on.
Overall, a hardware wallet is best for buying and holding strategies, and for more expensive/larger crypto investments. Hot wallets are usually better suited to holding smaller amounts, thanks to their generally good security and convenience – which is important for those who need quick and easy access to their coins.
It’s safe to say that there are a wide variety of wallets that could potentially be worthwhile for your trading endeavours. The best thing you can do if you’re unsure about which one to use is narrow down your options and compare them until one ticks all of the right boxes.
In most cases, you’ll find that the process won’t be too different from one wallet to another. Just find the button that allows you to withdraw your funds, select Ethereum and your withdrawal address, and choose the amount that you want to take out. Generally, you’ll find that it’s as simple as this to get your digital coins out of your wallet.
After choosing a wallet, the most important things to do are pick a good password and familiarise yourself with the controls (so you can withdraw and deposit your digital coins without issue). It’s usually pretty simple to navigate wallets regardless of which one you opt for, but getting to grips with how yours functions early on can still be a good idea.
Unless you’re using a wallet that’s linked to an exchange, you probably won’t be able to trade your digital coins for fiat currency through your wallet alone. To do this, you’ll need to find a relevant platform, connect your wallet and transfer your ETH tokens over to it. Then you’ll be able to trade for fiat money with little fuss.
Like with any cryptocurrency, this will often depend more on your personal preferences. If you’d rather have a long-term investment strategy, you may want to hold onto your digital coins for longer. Those who are keener on the idea of being a day trader however, may find that checking the market and trading regularly is the best solution. Ideally, you should look into how different strategies work and which ones apply best to an asset like Ether to ensure that you make the right decision.