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Ethereum came online in 2015 with a unique perspective on cryptocurrencies. Instead of just being a store of value like Bitcoin, this blockchain network introduced the concepts of staking, NFTs, social tokens, and decentralized applications, among others. Little wonder it is the leading blockchain technology in decentralized finance.
So, do you own any ETH, or are you looking to buy some? If so, you might be anxious about the best way to hold them. That is the focus of this article. We will discuss seven of the best Ethereum wallets and how they work. We will also give you tips on how to choose the best Ethereum wallet for your needs.
Summary
MetaMask: The best Ethereum wallet for dApp functions.
Trezor Model T: The best Ethereum wallet for offline storage.
Coinbase wallet: overall, the best Ethereum wallet.
Argent: The most secure software wallet for Ethereum
Rainbow wallet: Best mobile Ethereum wallet
Guarda wallet: Most versatile Ethereum wallet
Enjin wallet: Best Ethereum wallet for NFTs
MetaMask
MetaMask is a popular name among Ethereum lovers. Launched by ConsenSys in 2016, MetaMask was originally a browser extension. In 2020, its mobile app was released, allowing users even more freedom to trade and store Ethereum and ERC-20 tokens.
Even though the Ethereum network is its main supported blockchain, the wallet also offers support for EVM-compatible blockchains like BNB Chain, Avalanche, etc. Users who want these blockchains in their wallets can add them manually.
Features
Various Installation Options
MetaMask can be added to Google Chrome, Brave, Microsoft Edge, and Firefox as a browser extension. It is also available as a mobile app for Android and iOS devices. Regardless of your chosen platform, you would need to write down a secret recovery phase and keep it safe. MetaMask also allows you to create multiple wallets on one device.
Easy Access To Decentralized Ethereum apps
MetaMask gives you access to Web 3.0 decentralized applications (Dapps) through its built-in browser. These Dapps allow users to unlock the full potential of their Ethereum tokens by using them in DeFi activities like lending, NFTs, staking, mining, etc. MetaMask even lets you create your own Dapp on the Ethereum Blockchain.
Ethereum Purchases
Users of MetaMask can buy cryptocurrencies directly on the platform, including Ethereum. MetaMask accepts MasterCard, Visa, Google Pay, Apple Pay, bank transfers, and Samsung Pay as ways to pay.
Hardware Wallet Integration
Users can connect their wallets to the Ledger Nano X and other hardware wallets with MetaMask. This way, they can combine the versatility of software wallets with the security of hardware wallets.
best in what way?
MetaMask is the best Ethereum wallet for Dapp functions because of the multitudes of decentralized apps that users can access from its built-in browser.
Pros And Cons
Pros
- It is available across various operating systems.
- It is a fully non-custodial wallet.
- It has a user-friendly interface.
- It has open-source software.
Cons
- It is an online crypto wallet; therefore, it is not so secure.
Trezor Model T
SatoshiLabs made the Trezor Model T wallet, which is a hardware wallet. It came out in 2018. It is one of the most secure hardware wallets and the best place to store your Ethereum tokens for long-term purposes.
Features
Touchscreen Display
The wallet's screen is much bigger than that of its rival, the Ledger Nano X. The screen also comes in color with touchscreen capabilities. This makes it easier to sign transactions and enter PINs.
Trezor Suite
Trezor Suite is a desktop and mobile app that bridges your Trezor hardware wallet with the rest of the crypto world. This feature allows you to buy and sell Ethereum and other crypto assets, connect your wallet to third-party apps, send messages, and send funds.
U2F And FIDO2 Authentication
U2F (Universal 2nd Factor) and FIDO2 (Fast Identity Online) are standards for logging in to sites that support them. The Trezor Model T supports these two standards. This simply means you can use your Trezor hardware wallet as an authenticator to log into some sites without a password.
Passphrase Support
This feature is like a second screen on your Model T wallet. It's a password, different from your main PIN, that opens up a separate wallet account on your device. So, even if you are ever forced to give up your PIN, or if your device is hacked and your PIN compromised, any asset you've stored with the passphrase will remain untouched.
best in what way?
The Trezor Model T is the best Ethereum wallet for long-term storage. This is because of its solid security features, like its offline nature and passphrase support.
Pros And Cons
Pros
- Regarding security, it is one of the best hardware crypto wallets available.
- It offers direct purchase of Ethereum and other cryptocurrencies.
- It comes with a color touchscreen.
- Its passphrase feature ensures even further protection for stored crypto assets.
Cons
- It is an expensive wallet, currently going for 249 euros.
Coinbase Wallet
The Coinbase wallet is a non-custodial cryptocurrency wallet that works on both mobile devices and the web. As the name suggests, it was created by Coinbase Inc. in 2018. However, it is a separate entity from the Coinbase exchange wallet, which is custodial. Thus, even if the Coinbase exchange is hacked, your Coinbase wallet remains intact.
Features
No Wallet Fees
The Coinbase wallet is one of the cheapest Ethereum wallets available. In addition to being free to download, there are no wallet fees. Users only need to pay network fees to Ethereum miners, who will approve their transactions.
The wallet also allows users to customize their transaction fees. These fees are adjusted based on the expectations of the transaction. Generally, the more you pay, the faster your transaction will be confirmed.
Support For Ethereum-based NFTs
This is one of the most appealing qualities of this wallet. After all, NFTs are the hot topic of the crypto world and have grown to be essential parts of most crypto portfolios. With the Coinbase wallet, you can buy NFTs directly from OpenSea and store them on your device. They can also be listed for sale or sent directly to another wallet.
Supports Staking
The Coinbase wallet doesn't directly offer staking capabilities, but it connects you with decentralized applications that allow users to stake ETH under the Ethereum 2.0 protocol. Even though the Coinbase wallet recommends Lido as the staking protocol, you can still connect to any Dapp through the wallet's built-in browser.
Integration With Coinbase
This feature will appeal to those who are already customers of Coinbase. Even though they are two different entities, you can easily purchase crypto for fiat on Coinbase and send it to your Coinbase wallet. You can also send crypto assets from your Coinbase wallet to Coinbase to sell them for fiat. This makes it easy for people with a Coinbase wallet to switch between storing crypto and trading it.
Best in what way?
The Coinbase wallet is our overall best wallet for Ethereum. This is because it charges no extra fees for Ethereum transactions, allows users to buy and store NFTs, and benefits from the impressive security of Coinbase.
Pros And Cons
Pros
- It is one of the cheapest Ethereum wallets.
- Its mobile app uses biometric authentication as an extra layer of security.
- Users can create a wallet in seconds.
- The wallet is easy to use, even for beginners.
- It offers customizable transaction fees.
Cons
- Customer support is not commendable.
- It does not force users to write down their secret recovery phrases before creating a wallet.
Argent
The Argent wallet is an Ethereum wallet app with unique security and operation mechanisms. It came out in 2018, and right now you can only use it as an Android or iOS app on your phone. It offers support for Ethereum and Ethereum-compatible assets only.
The app was made to be simple so that it would be easier to use cryptocurrencies and trade them. Regardless of your skill level, you will be able to use the app.
Features
Ethereum-only Support
At first, Argent was only meant to hold Ethereum tokens, but it has since grown to support ERC-20 and ERC-721 tokens as well. Additionally, only Ethereum-based decentralized applications are supported. These Dapps are preselected and can be loaded with one click on the app. Argent also allows users to connect with any Dapp that supports WalletConnect.
Argent Guardians
These are individuals or devices that add an extra level of protection to your Argent wallet. They do not have access to your crypto assets, but they do have the power to make some sensitive decisions on your behalf. An Argent guardian could be a friend you trust, a phone or hardware wallet you own, or Argent's guard services.
What does an Argent Guardian do? Depending on how you set up your wallet, a guardian may be able to lock it, approve a transaction, or get your wallet back if it is stolen or lost. You can select an unlimited number of guardians, but the number of guardians you need to complete a task varies depending on the sensitivity of the task.
The way Argent gets around private keys and recovery phrases is a unique idea made possible by the Argent Guardian feature. That being said, your human guardians should be people you trust because they have a measure of control over your account. True, they may not have direct access to your crypto assets, but they can lock your wallet with the tap of a button.
Refundable Transaction Fees
No one likes a failed DeFi transaction. Apart from the apparent frustration that comes as a result, you also have to deal with the knowledge that you wasted the transaction fees you just paid. Couple that with the fact that Ethereum transaction fees are usually on the high side, and your frustration increases.
Argent steps in to solve this problem. It offers a way to get network fees back after a failed transaction. Not all transaction fees can be refunded, though. But you have a chance if you contact the Argent support team. For more information, please visit this link.
Security Features
Argent is one of the best hot wallets in the Ethereum ecosystem because, in addition to the Argent guardian feature, it has other security features that make it one of the safest. For example, you can choose a PIN or passcode when you make your wallet so that only you can use it. You can also further cement your security with biometric authentication protocols.
Also, you can set a list of decentralized applications with the authority to make transactions. Even if hackers gain access to your wallet, they can't transact on unauthorized Dapps. Lastly, you can set a daily transfer limit on your account such that no hacker will be able to empty your account even if they succeed in robbing you of a few coins.
Best in what way?
The Argent wallet is the most secure hot wallet for Ethereum in 2022. This is because of its Argent Guardian service and other security features that make it unique.
Pros And Cons
Pros
- It makes the Ethereum ecosystem easy to navigate.
- It allows users to buy ETH directly.
- It offers unique security features.
- It automatically pays gas fees, relieving the user of burdensome calculations.
Cons
- It only supports Ethereum and ERC-20 tokens.
- Buying crypto directly on the platform is expensive.
Rainbow Wallet
User Interface
As the name may have given away, the Rainbow wallet makes Ethereum usage a piece of cake with its colorful interface. The UI is designed like a children's app and is very suitable for beginners.
ENS Support
Ethereum Name Service (ENS) is a system for naming things that is based on the Ethereum Network. It turns Ethereum wallets into a form that humans can read. This makes it easier to send tokens to anyone as long as you know their ENS name.
For example, let's say you want to send some Ethereum tokens to a friend named Dean, who has an ENS wallet (let's say it's named Dean.eth). Instead of asking for his wallet address (the 26-35 character alphanumeric address you usually see around), you could simply send the tokens to Dean.eth. It's easier that way, isn't it?
Well, the good news is that the Rainbow wallet is another wallet that offers support for ENS domains. Therefore, you can easily search for any ENS name and send them tokens from the wallet.
Supports NFTs
The Rainbow wallet also offers limited NFT support. It also allows you to categorize and sort your NFTs quickly.
Best in what way?
The Rainbow wallet is our pick for the best mobile Ethereum wallet app. This is because of its slick user interface, which is unbeaten in the crypto world.
Pros And Cons
Pros
- It has a user-friendly interface.
- It offers direct Uniswap integration.
- It supports staking and liquidity pools.
- It offers educational services on its website.
Cons
- It only exists for mobile devices.
- It only supports Ethereum and ERC-20 tokens.
Guarda Wallet
Launched in 2017, the Guarda wallet is a crypto software wallet that is all-encompassing. It offers a wide range of support, assets, and set support and comes with a host of other crypto products. It is a mobile wallet, a web extension, and a desktop wallet rolled into one.
Features
Wide Range Of Crypto Support
The Guarda wallet supports more than 50 different blockchains and over 400,000 tokens that thrive on them. It also works with NFT collectibles and lets you use the Guarda token generator to make your own ERC-20 token. The wallet also allows you to request the listing of a token.
Supports Crypto Purchases And Exchange
Guarda also allows you to buy Ethereum directly through bank cards and SEPA transfers. There are 25 fiat currencies that can be used, and most transactions are finished in 10–30 minutes. Once completed, your purchased crypto is sent directly to your Guarda wallet.
Besides that, you can also exchange Ethereum directly for another cryptocurrency through ChangeNOW, Guarda's exchange partner. It lets you trade Ethereum for tokenized versions of some fiat currencies as well as cryptocurrencies.
Supports Ethereum Staking And Loans
Anyone who knows about the DeFi world knows that trading is not the only way to use Ethereum tokens. Guarda wants to be the only cryptocurrency wallet you need, so its interface lets you stake, lend, and borrow Ethereum.
There are ten assets currently available for staking on Guarda with varying APYs. The current APY for Ethereum staking is 4.11%. Please note that the APY is dynamic and may change based on market conditions.
Guarda also allows you to borrow and lend Ethereum. Even though it gives out Ethereum loans on its own, it also works with CoinRabbit, a crypto lending platform, to do so.
Hardware Wallet Integration
Guarda has teamed up with Ledger to let its users store their assets in cold wallets. This service is only available in the desktop versions of the wallet because you will need to connect your Ledger Nano S (shaped like a flash drive) to your computer. Ethereum is one of the six coins users can currently store this way.
Best in what way?
Guarda is our pick for the most flexible Ethereum wallet in 2022 because it works with a wide range of crypto assets and products.
Pros And Cons
Pros
- It supports many cryptocurrencies.
- It allows users to utilize their Ethereum tokens in as many ways as possible, through staking, lending, and borrowing.
- It has a clean interface and a user-friendly website.
- It offers educational resources on its website.
Cons
- Not all the supported assets can be bought on the platform.
Enjin Wallet
The Singaporean company Enjin Pte Ltd. released the Enjin wallet in 2018. It is a wallet that is geared toward gaming and NFT. The company was founded in 2009 and is the creator of the brain coin and the enjin coin, both of which are among the top 100 cryptocurrencies in terms of market capitalization.
Features
Crypto And NFT Wallet
Through the Enjin wallet, you can seamlessly store and manage your cryptocurrencies and NFTs. There are no limits to the number of wallets you can create, and you can also swap one token for another through platforms like Kyber, Bancor, and Changelly.
Also, the wallet lets you connect to any decentralized app through your mobile phone without any problems. Also, you can claim free NFTs by scanning a QR code on the platform.
Efinity Blockchain
Efinity is an NFT blockchain developed by the Enjin company in partnership with Polkadot. Its block time is 12 seconds, and each transaction can involve up to 2,200 tokens. The EFI token is the native token. It is used as an incentive for creators and traders, and it is also used for governance. The Efinity blockchain aims to be the foundation for the growing metaverse.
NFT creation And Integration
You can also create NFTs with the Enjin wallet. The process has been simplified so that you do not need coding knowledge to create these tokens. You only need your Enjin wallet and a third-party service like JumpNet. So far, about 27,000 projects have minted more than 1.2 billion tokens on the Enjin wallet platform.
NFT marketplace
The Enjin wallet gives you VIP access to the Enjin NFT marketplace, where you can buy and sell all kinds of digital items. The marketplace uses the ENJ coin as the purchase currency, with over 10.3 million ENJ spent so far.
To put the icing on the cake, the Enjin team plans to release an upgraded NFT marketplace later this year. The marketplace, called NFT.io, promises to be the future of NFTs and the home of NFT games. We will have to wait and see if it will be faithful to its mission. Meanwhile, you can join the waitlist for this upcoming feature through this link.
Best in what way?
Because of its various NFT features, we have picked the Enjin wallet as the best Ethereum wallet for NFTs.
Pros And Cons
Pros
- It is an NFT-comprehensive platform with various unique features.
- It has a comprehensive educational suite designed to train users on NFTs.
- It offers reasonably secure features like fingerprint scanning, a proprietary keyboard, two-layer encryption, etc.
- It supports a good number of cryptocurrencies.
Cons
- The software is not open-source.
What Is an Ethereum Wallet, Exactly?
An Ethereum wallet is either a piece of software or a piece of hardware that lets you store and use Ethereum tokens. Most wallets have two parts: the private key, which shows that you own the wallet, and the public key, also called the wallet address.
The private key is the most important part of the wallet, as its name suggests. It is kept secret during transactions. This is because whoever controls the keys also controls the coins. On the other hand, the public key is not as important and is usually shown during transactions. In most cases, it is a string of alphanumeric characters, usually between 26 and 35 characters.
What to look for in an Ethereum wallet
If you're considering getting an Ethereum wallet, here are some factors to consider before choosing which wallet will work best for you:
Security
Ethereum is more likely to be attacked and hacked because it is often at the front of DeFi and Web3 functions. Therefore, you should find a wallet that attains the highest level of security. In this case, the Trezor Model T is a good fit as it keeps your tokens safe from online penetration by hackers.
Smart Contract Functionality
If your Ethereum tokens are just sitting in your wallet, waiting for the next big sale, they are being grossly underutilized. So, when thinking of a wallet for your precious tokens, get one that makes it easy to connect them with the decentralized world. That way, your Ethereum portfolio can reach its full potential. The Guarda wallet excels in this area. Another good choice is the Metamask wallet.
Ease Of Use
Whether a beginner or an expert, your ETH wallet should have a user-friendly interface. It should be simple to use while still providing basic functionality. The Rainbow wallet is our recommendation because of its slick user experience and interface design. Learn more about how to set up a crypto wallet.
Fee Structure
Ethereum transactions are known to attract high gas fees at times. So you should look for a wallet that helps take off this burden, at least to some extent. In this regard, the Coinbase wallet is one of the best because it doesn't charge wallet fees. The Argent wallet is also a good choice because it lets you get your network fees back if the transaction doesn't go through.
Conclusion
Like a bank account that lets you store and manage fiat wealth, your Ethereum wallet is essential to your digital wealth. That is why you should take your time and check out the available options before choosing one. We hope this article has done its part to simplify that process for you.
As you decide, remember that you do not have to go for only one wallet. There is no autonomy in the crypto space. Therefore, you may want to combine two or more wallets that appeal to you. And if you find out that one of your choices just doesn't cut it anymore, there is no harm in ditching it for a better one.
