Ethereum (ETH) is the most popular blockchain platform by far and the technical foundation for hundreds of crypto projects. Unlike many other cryptocurrencies, Ethereum is not just a payment system. Instead, it provides the essential platform for decentralized financial services, blockchain games, and decentralized exchanges.
The native token, Ether, serves as the universal means of payment within the Ethereum ecosystem. Ethereum’s success has made ETH the second-largest cryptocurrency by market capitalization.
Many new investors, therefore, ask which Ethereum wallets are available and which one best suits their individual needs. Below, we explain the different types of Ethereum wallets and how they differ from one another.
Understanding Wallets: A Basic Overview
As you dive into the world of blockchain and cryptocurrencies, you’ll quickly come across the term "wallet." A wallet is a type of digital purse—a virtual place where you can store one or more digital currencies.
However, crypto wallets don’t necessarily have to be digital. They can also be analog, such as paper wallets.
Usually, the developers of a cryptocurrency provide a wallet. Often, however, dedicated community developers have created wallets that work so well they are officially supported by those behind a cryptocurrency.
Wallets can be broadly divided into hot wallets (always connected to the internet) and cold wallets (no permanent internet connection).
Today, there are countless wallet variants designed specifically for different devices or use cases. In addition to mobile wallets, there are desktop wallets, paper wallets, hardware wallets, and web wallets.
With these digital wallets, users can send or receive transactions and manage their balances.
How to Identify a Good Ethereum Wallet
There are now thousands of Ethereum wallets, and newcomers can easily feel overwhelmed. So how do you find the best Ethereum wallet for your needs amid this flood of digital options?
The good news is that you can identify a good Ethereum wallet based on just a few points.
For the selection of the best Ethereum wallets below, we used five simple criteria to pick the best virtual wallets.
The criteria include:
Security
Naturally, wallet security is the top priority. No matter how good the interface looks or how extensive the features are, if hackers find security vulnerabilities in the code and gain access to your crypto assets, it’s all for nothing.
A wallet is considered secure if its program code is publicly visible and has been reviewed by many users. This significantly increases security, as white-hat hackers can check the code for weaknesses and inform the developers if necessary.
Protected Access
In addition to technical security, the generation of the private key must also be secure. This means that when you create the wallet, you generate a new key that is known only to you and is not stored in the cloud or elsewhere.
If the wallet provider wants control over your keys and stores them for you, it might be convenient, but it’s a clear red flag and not a secure practice.
You should also have secure ways to recover your keys if you lose them, such as through security phrases.
Interface and Usability
Wallet developers face the challenge of creating secure wallets with as little code as possible while delivering a modern interface with a wide range of features.
The crypto world continues to attract new investors, and a user-friendly interface makes it easier to handle digital currencies. Only the best wallets manage to balance security with a modern interface and many useful features.
Therefore, it’s a good idea to check reviews or the providers’ websites to get an idea of the interface and usability.
Developers and Companies
Anonymity holds high value in the crypto world. To this day, for example, the mysterious developer of Bitcoin remains completely unknown.
But when choosing the right wallet, an exception should be made: the people behind the virtual wallet should be known.
This builds trust. Wallets from well-known companies or developers are likely to meet all common security standards and are under strict scrutiny.
Scope and Use Cases
Ethereum is the largest blockchain platform on the market, and numerous projects use Ethereum as their technical base. As a result, there are hundreds of tokens and dApps on the Ethereum blockchain, many of which have their own wallets.
If you invest in many projects, you have to store a lot of tokens. Multi-coin wallets solve this problem by supporting all common token standards, allowing you to store a wide variety of digital currencies on the blockchain.
If you also use your tokens actively, you should consider wallets that can be easily integrated into decentralized applications.
Ethereum Wallets: The Best Mobile Wallets
We live in a digital world where paying via smartphone has become completely normal. Many decentralized applications and blockchain games also run in app form on our mobile devices.
The advantages of a mobile wallet in this context are obvious: fast and easy payments and complete flexibility, since we practically always have our smartphones with us.
Thanks to additional security measures, such as biometric encryption, mobile wallets for cryptocurrencies are also considered extremely secure.
The most well-known mobile wallet is MetaMask. MetaMask became famous through its extension for all major web browsers and continued its success on mobile devices.
MetaMask can be set up in just a few seconds and is very easy to use. If you’re already familiar with the web wallet, you’ll quickly get used to the mobile version.
In particular, the smooth integration into many decentralized applications makes MetaMask the number one choice among mobile wallets on all major operating systems.
Another classic since the early days of Ethereum is MyEtherWallet (MEW). Initially launched as a web wallet, MEW also impresses as a mobile alternative for smartphones.
The great thing about this mobile wallet is that countless Ether holders have been using the wallet on their PCs for many years, and now they can also use it on their smartphones via the app.
In addition to the wallet, users also have access to a trading platform where they can trade ETH and other tokens at relatively low fees.
👉 Compare top-rated mobile wallets
Ethereum Wallets: Playing It Safe with Hardware Wallets
The safest method to store ETH and other tokens on the Ethereum blockchain is through hardware wallets. These are physical devices with installed software wallets that can be securely stored in a protected location.
Nowadays, almost all common cryptocurrencies can be stored on these devices, making them one of the most popular wallet alternatives.
The most well-known hardware wallets are devices from Trezor and Ledger. The Ledger Nano, in particular, is a true bestseller.
Both providers have one or more devices for beginners and advanced users in their product portfolios, differing in functionality.
Via software on a PC, apps can be installed on hardware wallets, and crypto assets can be transferred to the devices.
The transfer is done using software that generates receiving addresses and allows cryptocurrencies to be sent to the devices.
For a closer look at the best hardware wallets and our recommendations, check out our overview.
Ethereum Wallets: Dive into the DeFi World with Web Wallets
The sector of decentralized financial services—DeFi for short—has created a completely new demand for good web wallets. These are digital wallets that can be accessed via a browser extension.
The big advantage is that in decentralized applications, your crypto assets are available with just one click.
You don’t have to send digital money first to use it in the application. Instead, on most platforms, you can get started right away without registering or creating another wallet.
Among web wallets, there is a clear market leader that we’ve already mentioned: MetaMask.
Both among mobile wallets and web wallets, this mobile wallet from ConsenSys is the undisputed top performer.
We’ve also already mentioned the next best alternative, MyEtherWallet. While MetaMask is irreplaceable for using ETH in decentralized applications, MyEtherWallet is more suited for long-term investors who still want quick access to their tokens via the browser.
Otherwise, the following web wallets are also highly recommended: Portis, Zapper, and—especially for macOS—Tokenary.
👉 Discover secure web wallet solutions
Frequently Asked Questions
What is the main difference between hot and cold wallets?
Hot wallets are connected to the internet, making them convenient for frequent transactions. Cold wallets are offline storage solutions, offering enhanced security for long-term holdings.
Can I use the same wallet for Ethereum and other cryptocurrencies?
Yes, multi-coin wallets support Ethereum and many other tokens. Always check the wallet’s specifications to ensure compatibility with your assets.
How do I recover my wallet if I lose my private key?
Most wallets provide a recovery phrase—a series of words—during setup. Keep this phrase secure and offline, as it’s the only way to restore access to your funds.
Are hardware wallets worth the investment?
If you hold significant crypto assets, a hardware wallet is highly recommended for its superior security. For smaller, active funds, a trusted mobile or web wallet may suffice.
What makes MetaMask so popular?
MetaMask’s ease of use, browser integration, and seamless connectivity with dApps and DeFi platforms have made it a favorite among Ethereum users.
Is it safe to store large amounts of ETH on a mobile wallet?
While mobile wallets offer good security, large holdings are best stored in hardware wallets for maximum protection against online threats.
Summary: Many Options, Clear Recommendations
During the crypto hype of 2017/2018, new coins and tokens seemed to appear daily, and many investors had to store their cryptocurrencies in dozens of wallets.
Ethereum, in particular, made crypto hearts beat faster, and the blockchain platform became a breeding ground for numerous crypto projects. Today, ETH and other tokens on the blockchain can be used in many decentralized applications.
This has increased the demand for suitable wallets that are mobile, secure, and user-friendly. We’ve selected the best Ethereum wallets from various categories and listed them for you.
Based on our recommendations, you can check which wallet best suits you for storing ETH and other assets.