5 Best Ethereum Wallets That You Should Use For Storing ETH in 2020

5 Best Ethereum Wallets That You Should Use For Storing ETH in 2020

In this post, I’m going to show you the top 5 best Ethereum wallets that you should use for storing ETH in 2020. In fact, this is some of the wallets that I use in storing my ethereum safely. So, if you want fast, easy, and secure wallets to store your ethereum, then you’ll love this new tutorial. Let’s dive right in…

Ethereum Wallets Summary

With Ethereum wallets you can hold Ether as well as to write smart contracts. If you are a beginner I will recommend using wallets that do not allow smart wallet functionality as they are much simpler to use.

The ethereum wallets covered in this post were chosen using these features:

  • Easy useability – Elegant UI for ease of use.
  • Private keys – Wallets where you control your private keys.
  • Development community – Active development community.
  • Backup & security – Backup and restore features.
  • Compatibility – Compatible with different operating systems.

For you to successfully store your ethereum, you will need to do that with a secure ethereum wallet.

Always store and backup your wallet private keys, and do not share your private keys online.

Lastly, remember to enable two-factor authentication (2FA) function.

Next, let’s see the 5 top trusted and best ethereum wallet to use in 2020.

5 Best Ethereum Wallets in 2020

In my personal opinion, here are the 5 best ethereum wallets that you should use for storing your ethereum ETH in 2020.

#1. Ledger Nano (Hardware wallet)

The Ledger Nano S and X is a popular cryptocurrency hardware wallet that supports ethereum and a wide variety of altcoins.

The Ledger Nano wallet gives users high security for their coins, via an easy to use interface.

Its price tag is extremely attractive and ranges according to their different products.

Ledger wallet

Hardware wallets are so far the most secure form of storage you can have for your ethereum or any other cryptocurrency.

They allow you to send and receive ethereum from any computer, mobile, even one that is compromised with malware, with the assurance that your transaction will still go through as intended.

The way hardware wallets achieve maximum security is by storing your private key and signing your ethereum transactions offline so someone trying to “hack” your wallet remotely won’t be able to do so.

I personally recommend using a ledger nano hardware wallet in storing your ethereum.

The only downside is that it is not free.

Pros

  • Affordable
  • Multi-currency support
  • Second screen capability
  • Easy to use

Cons

  • Sometimes user experiences software error or connectivity problems.
  • Not free to use

#2. MyEtherWallet (mobile & desktop wallet)

MyEtherWallet (also known as MEW) is a popular wallet for Ethereum based tokens.

MEW

Which includes Ether (ETH), Ethereum Classic (ETC), or any of the hundreds of ERC-20 token, the MyEtherWallet can store it safely and securely.

It is a free-to-use, open-source platform that allows you to create cryptocurrency wallets that operate securely on the Ethereum network.

Although you can access your wallet online, your cryptocurrency wallets are stored directly on your computers, not on the MyEtherWallet servers.

MyEtherWallet is a client-side interface that allows you to create wallets online before storing your digital assets offline in a hardware wallet, eliminating the security vulnerabilities of housing Ethereum in a web-based wallet.

Pros

  • Free service
  • Open-source
  • Clear, easy to understand ‘how-to’ videos
  • Never stores sensitive data on the MyEtherWallet servers
  • Support for offline cold storage transactions

Cons

  • Instances of phishing attacks have been noted
  • Not a cryptocurrency wallet in its own right

#3. Exodus (desktop & mobile wallet)

Exodus wallet is an easy to use ethereum and cryptocurrency software wallet that is available for desktop and mobile.

The wallet trumps in its simple design and superb online support.

The main downside of Exodus is its lack of custom network fees and the fact that it is not completely open-source.

Exodus wallet

When you use Exodus, the private keys to your cryptocurrencies are stored on your device (desktop or mobile).

The initial setup is quick because Exodus is a lite wallet, so you won’t need to download the whole Blockchain to your device.

You can also pair your desktop and mobile wallets together so you’ll have control over your funds from both devices.

The wallet is also compatible with allowing you to use the sleek Exodus interface with the robust security of a hardware wallet.

Pros

  • Free Service
  • Simple design with easy to use interface
  • Quick support

Cons

  • Not open source
  • Wallet freezes sometimes when refreshed
  • High network fees

#4. MetaMask (web-based wallet)

MetaMask is a web-based wallet designed for managing, receiving, and transferring Ethereum and ERC-20 tokens.

It functions as a browser extension compatible with Chrome, Firefox, and Brave browsers.

MetaMask requires no login and does not store your private keys in any server, instead, they are stored on Chrome and password protected.

Metamask

The wallet’s security architecture is built around HD settings, so it is quite secure.

A good security feature of the MetaMask wallet is that it automatically blocks suspicious websites when in use.

Pros

  • Simple Interface
  • Easy to use
  • High Anonymity

Cons

  • Slow support
  • The app sometimes can be slow, and transactions get stuck

#5. Edge (mobile wallet)

Edge is an ethereum and altcoin mobile wallet for iOS and Android that displays some advanced security features.

The wallet is very easy to use.

Its security model is unique.

Edge wallet

Instead of giving users the usual seed phrase (12-24 words which need to be memorized in a certain order), users choose a username and password.

This is much more intuitive if you’re just getting started with cryptocurrencies.

Additionally, if you want to view your actual seed phrase (i.e. your private key), you can do so for each currency that you’ve enabled inside the app.

It’s important to note that Edge has no knowledge of your username or password.

This information is encrypted on the client-side (meaning on your device itself) before being transferred to Edge’s servers.

Since wallets are accessed via a username and password, anyone that obtains this combination can log into your account.

That’s why it’s crucial to enable 2-factor authentication if you’re using Edge.

Once enabled, only your device will be able to log into the account (unless you actively authorize additional devices).

Pros

  • Appeals to beginners and advanced users
  • Multiple security features
  • Feature-rich wallet

Cons

  • Limited variety of coins
  • Not as secure as a hardware wallet

Anything I Missed?

Did I miss anything? Let me know.

Let me know if I missed any tips.

Was your favorite Ethereum wallet not included here? Leave a comment below and I’ll add it ASAP.

 

Author Bio

Amaechi Patrick is a writer and content marketer for Uranuscrypto.com, who loves sharing his knowledge and experience in digital marketing, personal development, and cryptocurrency education.

Twitter: https://twitter.com/expatunes

Publication date: 
05/28/2020 - 14:30
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.