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1. Ledger Nano S - Best Overall Ethereum Wallet
Ledger is the largest and most well-known hardware wallet provider in the industry with over 1.5 million devices sold. The company offers three different hardware wallet models, the Ledger Nano S, Ledger Nano X and the Ledger Nano X Bluetooth.
The Ledger Nano S is the most popular and cost-effective model selling for just $59. The device connects to your computer via USB and requires the Ledger Live software to send and receive transactions. The Ledger Nano S supports the storage of over 700 different cryptocurrency assets including Ethereum (ETH), Bitcoin (BTC) and all ERC20 tokens. You can also stake and earn up to 10% APY on your Ethereum wallet with Ledger.
In terms of security, the Ledger Nano S uses a Secure Element chip that isolates your private keys from the computer or phone you’re using. The device also requires a 4-8 digit PIN code to be set before each transaction is confirmed. If your device is lost or stolen, you can use the 24-word recovery phrase to restore your funds onto a new Ledger Nano S.
The Ledger Nano S or X (more expensive bluetooth compatible option) is our pick for the best overall Ethereum wallet as it’s the most secure and easy to use option on the market. If you’re looking for a Ledger alternative, the Trezor Model T is the next best option.
2. MetaMask
MetaMask is one of the most popular Ethereum wallets with over 1 million active monthly users. The wallet is a browser extension that can be installed on Google Chrome, Mozilla Firefox, Opera and Brave.
MetaMask allows users to easily connect to Ethereum dapps and Web 3.0 applications without having to run a full node or download the blockchain. The MetaMask wallet also gives users the ability to store their own private keys locally on their device as opposed to trusting a third-party with their funds.
In terms of security, MetaMask uses a hierarchical deterministic (HD) seed phrase that is backed up when you first create your wallet. If you lose access to your MetaMask account, you can use the seed phrase to restore your funds onto a new device. MetaMask also allows you to set a password for extra protection.
Overall, MetaMask is the best Ethereum wallet for users who need to transact on the Ethereum network frequently as it’s the easiest and most user-friendly option available.
3. Coinbase Wallet
Coinbase Wallet is the official cryptocurrency wallet of major US-based exchange Coinbase. The wallet is available on both iOS and Android devices and can be downloaded from the App Store or Google Play Store.
Coinbase Wallet allows users to store their own private keys locally on their device as well as to connect to apps and Web 3.0 applications. In terms of security, Coinbase Wallet uses industry-leading security practices to keep your funds safe. The app also allows you to set a 4-digit PIN code or biometric authentication.
Overall, Coinbase Wallet is the best online Ethereum wallet as it’s easy to use and supports a wide range of assets. The only downside is that it doesn’t have as many features as some of the other wallets on this list.
4. Trezor Model T
The Trezor Model T is the next-generation cryptocurrency hardware wallet from Prague-based company SatoshiLabs. The device sells for $170 and like the Ledger Nano S, it also requires the Trezor Bridge software to send and receive transactions.
Trezor supports over 1,000 different cryptocurrencies including Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC) and all ERC20 tokens. In terms of security, the Trezor Model T uses a PIN code to protect your device from unauthorized access as well as an advanced passphrase option for added security.
The Trezor Model T is our pick for the best Ethereum wallet for users who need to store a large number of assets as it supports over 1,000 different cryptocurrencies. The only downside is that it’s more expensive than the Ledger Nano S.
5. Trust Wallet
Trust Wallet is a mobile cryptocurrency wallet that supports over 20,000 different assets including ETH, BTC, ERC20 and ERC721 tokens. The app is available on both iOS and Android devices and can be downloaded from the App Store or Google Play Store.
In terms of security, Trust Wallet uses industry-leading security practices to keep your funds safe. The app stores your private keys locally on your device and gives you the option to set a 4-digit PIN code or biometric authentication. Trust Wallet also has a built-in Web 3.0 browser that allows you to connect to dapps and Web 3.0 applications without having to leave the app.
Overall, Trust Wallet is the best mobile Ethereum wallet as it’s easy to use and supports a wide range of assets. The only downside is that it doesn’t have as many features as some of the other wallets on this list.
6. Exodus
Exodus is a desktop cryptocurrency wallet that supports over 100 different assets including ETH, BTC, ERC20 and ERC721 tokens. The wallet can be downloaded from the Exodus website and is available for Windows, Mac and Linux.
In terms of security, Exodus uses a hierarchical deterministic (HD) seed phrase that is backed up when you first create your wallet. If you lose access to your Exodus account, you can use the seed phrase to restore your funds onto a new device. Exodus also allows you to set a password for extra protection.
Overall, Exodus is the best desktop Ethereum wallet as it’s easy to use and supports a wide range of assets. The only downside is that it doesn’t have as many features as some of the other wallets on this list.
What Makes an Ethereum Wallet Good?
The key factors that make an Ethereum Wallet good largely depend on how a user wants to interact with the Ethereum blockchain, or alternative EVM-compatible blockchains. At a high-level, we believe the following factors are crucial to overall Ethereum wallet useability:
- Security Guarantees - No history of breaches or hacks.
- Ease of Use - Connects easily with on-chain Dapps like UniSwap and AAVE.
- Multi-Chain - Connects with other networks like Optimism, Avalanche and Arbitrum.
- NFT Support - Allows users to hold and manage their NFT collections.
- Private Keys - Allows users to hold their own private keys in a personal wallet.
We understand that not all users will have the same requirements for an Ethereum wallet. This is why we’ve created a comprehensive list of the best ETH wallets based on different user needs.
Are Ethereum Wallet's Safe?
Generally speaking, Ethereum wallets are safe. However, there have been some high-profile hacks in the past, so it's important to take steps to ensure that your wallet is as secure as possible.
One way to do this is to use a hardware wallet like the Ledger Nano S or Trezor Model T. These devices store your private keys offline and away from the reach of hackers. Another option is to use a paper wallet, which is essentially a printout of your private keys.
Final Thoughts
Ethereum is the largest decentralized smart contract platform in the world with a vast amount of value locked in the blockchain. For users looking to enter the Ethereum ecosystem, choosing the right wallet is crucial. Based on our research, the six best Ethereum wallets based on security, usability, fees, and features are Ledger Nano, MetaMask, Coinbase Wallet, Trezor Model T, Trust Wallet, and Exodus.
Each wallet has its unique advantages and disadvantages, making it important to consider user preferences. While Ethereum wallets are generally safe, users should take steps to ensure the security of their wallets, such as using a hardware wallet or a paper wallet.
