Before choosing the perfect Ether wallet for you, read our instructions on the various coin storage methods. At the end of the review, you will be able to determine which of the Ethereum wallets best meets all your requirements.
What is an Ethereum wallet?
Wallet for Ethereum is a software that allows you to operate crypto tokens. Physically, these coins cannot be touched or seen; they are an entry in the Blockchain. Ethereum wallets are a place where you can to store or to create (if you want to mine coins) or send your crypto.
ETH wallet consists of a public address, which works on the principle of email, only consists of a large number of letters and numbers. Other users see this address when they send you coins, or vice versa buy tokens from you.
The second part of the Ether wallet is the Ethereum private key. It is a cipher that you enter every time you need to access the program.
In addition to the fact that Ethereum is a means of payment, such as Bitcoin, the token also has another function. Implementing smart contracts requires payment, which the crypto community calls Gas. It is a right motivation for developers because when the application is already running, they cannot add Gas. The amount of payment must be indicated at the time of programming the application. Such a system encourages the creation of simple and accessible code.
Who assembles the Gas?
Coins of Ethereum are mined by network members, according to the principle of Bitcoin mining. They confirm the correctness of transactions and receive fees for this. The mining process requires the processing power of computers and graphics cards.
Gas is a unit that measures computing effort. It is necessary so that the price of the operation or smart contract does not fluctuate depending on the rate of the ETH token. Miners receive a reward in the Ethereum, but in an amount equivalent to the spent Gas.
How to get Gas?
Gas cannot be bought and stored on an ETH wallet. This unit of account is designed to measure the amount of work that needs to be done to:
- Verify the transaction;
- Launch an application based on the smart contracts of the Blockchain network.
Is Gas calculated?
The platform provides fixed prices for any possible transaction. Any number of coins from one wallet for Ethereum to another can be sent by paying 21,000 units of Gas.
The price of 1 Gas?
The average price you have to pay for 1 unit of Gas is 0.00000002 ETH. If the network is congested, the user can offer an increased rate so that his transaction is processed faster.
Each user specifies the Gas Limit before a transaction or smart contract is completed. If there is not enough Strip, miners will not check this deal. The user also indicates the maximum amount of Gas that he is willing to spend so that in the process of executing the erroneous code, his resources are not spent indefinitely.
Higher pricing allows you to have priority over other transactions. If you are willing to wait, you can set a lower price within the acceptable range. If you make a mistake and Gas ends in the middle of the transaction, it will remain incomplete. The system does not return the money.
How to choose a wallet
The best Wallet for Ethereum for each user will be different. Your choice of an Ethereum wallet depends on how often you plan to use it and for what purposes.
Ethereum paper wallet is a card or printout with an alphanumeric code. Such a wallet doesn’t make it possible to steal your private funds. But to take advantage of the funds, you still have to download or connect the digital Ethereum wallet. It is impossible to make transactions from paper media.
You can create a paper version of the Wallet as follows:
- Log in to your digital Wallet;
- Download the file with the address and key to the computer;
- Print the code and QR codes (so as not to enter a long address and password manually in the next transaction).
Mobile versions of digital storage are divided into Ethereum wallets for Android and Ethereum wallets for iOS. In both cases, a complete download of the Blockchain chain to the user’s device is not required. Using the mobile version is more straightforward, but it is less protected from hacker attacks.
There are mobile applications that do not require registration. It allows you to keep secret the personal data of each trader. An example of such a top Ethereum wallet is Jaxx.
Among the best Ethereum wallets, there are many versions for set on PC. This process is longer and requires more power, as the download of the complete Blockchain chain will begin. In this case, you can choose the lite option, as in the mobile version. But it is less reliable.
The most well-known Ethereum desktop wallets are:
Check for regular updates to your antivirus software and don’t download digital wallets from untrustworthy sources.
Before you use the version of a digital wallet stored on cloud storage, understand that they are most comfortable to crack. All personal data is stored online. But web wallets have an advantage. They work faster than all other options.
One of the best wallets is MyEtherWallet. The service is decentralized and does not store the private keys of clients. Most exchanges provide similar services on their sites.
Best Ethereum wallets for trust storing large sums of money are hardware wallets. To access them, you must connect them to the Internet. Most often, this happens via a PC connection. As soon as the device is offline, it becomes wholly protected from any hacking attempts. Be sure to backup your password. If you lose it, nobody will restore access to crypto.
The principle of operation of such services is that they store your tokens in cold storage. Private keys also have the administration of the platform. It means that the user entrusts his money to a third party by analogy with banks. At the same time, the interface of the sites is very simple and compatible with any device anywhere in the world where there is the Internet. An example of such a wallet for placing ETH or ERC20 tokens is Freewallet.
15 Best Ethereum Wallets
It is a representative of hardware wallets, which is compatible with the web version of MyEtherWallet and works with ERC20.
2. Ledger Nano S
Ethereum’s Ledger brand of storage is the first in the list of recommendations for advanced users. It is also among the wallets compatible with the ERC20.
The device is suitable for storing several types of coins except for Ether:
- Litecoins etc.
The device was equipped with a screen to verify the correctness of the transaction before confirming it. To connect to a computer, download two applications for generating keys and connect the device to the PC via USB.
4. Atomic Wallet
Convenient Wallet for productive work with 300 tokens. Advanced features:
- Buying coins with a credit card;
- Built-in access to the exchange of the same name;
- Programmed access to crypto exchangers Shapeshift and Changelly.
This service can be considered an official Ethereum wallet since its number exceeds the number of supporters of other resources. A plus is the ability to connect a hardware wallet to the platform. 100% trust the web version is not worth it, as the theft of money has already happened.
The Ethereum administration supports this Wallet. If you need to work with the ERC20, this is the choice for you. The only inconvenience is low privacy. As an advertisement, the software installed on the computer leaves a mark on all sites visited. Thus, the administration of these sites is aware that you own a cryptocurrency.
The administration of the platform also promotes the Ethereum Mist wallet. It is the official desktop wallet.
The most significant advantage of this crypto wallet is the support of almost all known tokens. Create an Ethereum wallet based on it and use only it. It is convenient if you do not want to remember many different passwords. A disadvantage is a closed source, which is updated by a small group of programmers.
9. Jaxx Liberty
It is a convenient wallet for those traders who prefer to work with mobile devices. The developers offered support for the most popular tokens:
- REP etc.
The disadvantage is the same as the previous Wallet.
This service allows you to transfer your public and private keys to paper media. For additional protection, the program offers to generate a cipher for the private key! The main thing in this situation is not to get confused with passwords. To get started, download the code from GitHub and run index.html on your computer.
The multi-currency application for the Android platform processes the 200 most popular coins. In addition to a simple interface, the system offers regular backups. Your assets are in the maximum security that a mobile wallet can guarantee. It is achieved due to the lack of registration and transfer of any data to the administration of the service. ShapeShift exchanger is built by default.
12. Bread Wallet
A simple mobile wallet previously only supported BTC. ETH tokens have been added relatively recently. A simple interface allows you to start trading in a few minutes, immediately after downloading the application. Security is average.
13. imToken Wallet
More than 6 million crypto users chose the service. It is about 10% of their total number. The system makes it possible to work with Ether tokens, any tokens of the ERC-20 algorithm, and CryptoKitties (A game in which participants start virtual cats. Actions in the game are paid for with real Ether coins).
This development was acquired and adapted to your needs by the world-famous Binance exchange. The Wallet supports Ethereum and ERC20 tokens. Currently, there is only a web and mobile version that need to be opened in a browser. They plan to launch the mobile application in the future.
The security of this Wallet is considered one of the best. Open source code was finalized by developers from around the world and improved it as much as possible. This option is regarded as the most successful for beginners in crypto investments. The service offers a built-in list that sells everyday products for cryptocurrency. There are also simple applications for mobile operating systems.
I am a crypto enthusiast. Bitcoin miner in 2013. AERGO Ambassador. I believe that blockchain technology is the future. My goal is to clarify the value of cryptocurrencies and blockchain in a free economy and security. I want to contribute to the implementation of these technologies in people’s lives through an explanation of the principles of its work.