When starting out with cryptocurrency, it is essential for users to set up a crypto wallet that both is secure and allows for financial flexibility (ease of exchange, streamlined transfers, and so forth). Today, there are Top 8 Ethereum Wallet wallets that can be hosted online, procured in the form of a hardware entity, or accessed on a computer. However, most users have been found to make use of wallets that are hosted by the exchange that they tend to most often use.
In this article, we are going to discuss about the basics of Ethereum and some popular Ethereum wallets. Ethereum wallets are nothing but wallets used for the purpose of storing and accessing (sending and receiving) Ethereum.
Ether is a necessary element — a fuel — for operating the distributed application platform Ethereum. It is a form of payment made by the clients of the platform to the machines executing the requested operations. To put it another way, ether is the incentive ensuring that developers write quality applications (wasteful code costs more), and that the network remains healthy (people are compensated for their contributed resources).
TOP 8 Ethereum Wallet Review Below
The Ledger Wallet is categorised as a hardware wallet. It’s one of most secure ones and can hold Ethereum, ERC20 tokens, and other tokens from different blockchain platforms. It’s a must-have for huge multiple cryptocurrency holders/investors.
The best thing about hardware wallets, most especially the Ledger Wallet is it keeps the generation of wallet address and associated mnemonic phrase/private key within the device.
Encryption on the Ledger Wallet device is so robust that it can be used on a hacked computer system without the user being at risk of losing his/her cryptocurrencies.
The main benefit of Ledger Wallet is the fact that you control your private keys.However, It’s not a hierarchical deterministic wallet, it doesn’t have multi-signature option and neither a 2-Factor Authentication.
MyEtherWallet is a platform that allows people to create, send and receive Ethereum tokens. This platform gives you total control over your private keys, in other words, you have what is required to recover your tokens on other cryptocurrency wallets.
If you generate an Ethereum Wallet on the MEW platform, you get a public and private key which you are required to protect with a secure password. You also can download a key pair file for future use which will give you access to your tokens.
What’s fun about the MEW is, it’s compatible with the Ledger and Trezor hardware wallets. You are required to plug in any of the two devices to your PC, and you’ll be able to control your funds from the MyEtherWallet web interface.
The MEW is one of the best choices for ICOs as it supports a wide range of ERC20 tokens.
Moving next, we have “Coinbase“, with which most of the people start their cryptocurrency journey. Earlier, this one was also famous for selling Bitcoins, however, recently they have started with Ethereum as well. We guess the credit goes to ETH’s rising popularity.
A unique characteristic of Coinbase is that it’s an Online Wallet, wherein you do not own the private keys.
Coinbase is one of the first and best exchanges to buy cryptocurrencies on the internet. It started as a bitcoin exchange but has since included support for Ethereum cryptocurrency (Ether).
It’s a convenient way of storing your Ethers as long as it’s available in your country. You can click this link to see supported countries.
hough this is a convenient way of transacting with your crypto coins, it’s advisable you don’t keep a lot of it on the Coinbase exchange as you are not in control of your cryptocurrencies. The private keys are hosted on Coinbase’s server and can only be accessed by them.
If this works for you, then go over to their website and Register a Coinbase account and generate your Ether address. This enables you to start sending and receiving ETH conveniently.
With Coinbase, you’re not in control of your private keys. But, Coinbase has a multi-signature option & a 2-Factor-Authentication system. It’s perfect if you need to transfer small amounts of BTC,ETH,BCH or LTC daily.
The Trezor Wallet is another hardware wallet widely used, such the Ledger one. This was the first hardware wallet for Bitcoin.Since then, they’ve been upgrading the system to hold Ethereum & ERC20 tokens as well as other alternative cryptocurrencies.
The Trezor is sleek and can be easily carried around. But depending on how much cryptocurrencies you have on it, it’s best you keep your Trezor Wallet in a safe place.
Trezor work on the same principle as Ledger. Your private keys are secured and in case you’ve lost your trezor you can always buy a new one and import your seeds there. The Satoshi Labs team made a tutorial for that.
Same as Ledger, Trezor lets you control your private keys, they are not a hierarchical deterministic wallet and it doesn’t have multi-signature option. But unlike Ledger, Trezor actually have a 2-Factor-Authentication option.
Metamask is a desktop wallet/browser compatible wallet. It’s an extension for the Chrome and Firefox browsers. It’s easy to use interface makes it easy for users to switch between a test network and the main Ethereum network.
Private keys are stored on the device on which it is installed, and it can be exported anytime. Metamask is a great option, but its important to notice that it’s a web-based wallet and as any web-based wallets your fund are at risk in hacking attacks.
Jaxx is the most convenient and user-friendly wallet that handles multi-currencies like ethereum, bitcoin, etc. Initially this wallet supported only bitcoin but is now extended to ethereum too. It also supports tokens such as Dash and DAO.
Unlike most other wallets out there Jaxx supports ETH and ETC. Also, your private keys are never shared with Jaxx’s server and are safely stored on your machine. Jaxx is not open source but the code is freely available on the wallet’s website which makes it a bit more accessible for review. In order to receive Ethereum with Jaxx just make sure you have that currency set up when you first install the program. Then choose the currency on the top bar and you will see your Ethereum address right below.
7.ETHAdress – The cold storage option
For those of you who wish to store Ethereum offline you can print out an Ethereum Paper wallet. ETHAdress is an open source project that will create Ethereum paper wallets for you. Similar to BitAddress.org, the site will create a private and public key pair with the click of a button. You can then print out this information and store it in a safe place so no external hacker will be able to get your coins. One more option that’s available is to encrypt your private key so that if you or anyone else wants to use the coins they will need to know the password to decrypt it.
The Exodus wallet is a relatively new software wallet. It was created by JP Richardson and Daniel Castagnoli. Richardson has written the code for many cryptocurrency products previously and Castagnoli has worked as a designer for huge companies like Apple, BMW, and Nike.
The wallet supports not just Ethereum but a few other cryptocurrencies as well. This wallet also gives you total control of your cryptocurrency as private keys can be seen and stored, and users can access their cryptocurrencies even on other cryptocurrencies wallets. It’s recommended to hold only low amounts of cryptocurrencies on an Exodus wallet as your funds can be compromised.
No matter the wallet you make use of, you are responsible for keeping your private keys or access to your cryptocurrencies out of reach. Anyone who’s got access to your private keys can take control of your cryptocurrencies.
That’s why it’s important to always secure your accounts, enable 2FA and avoid scamming domains.
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