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When new to the cryptocurrency industry, searching for a wallet to store the private keys of your Ether, or ETH, can be a daunting task. Even for experienced investors, there are hundreds of options available. Luckily there are some standout elements that every good cryptocurrency wallet should have.
At the top of the list should be security. A wallet’s sole purpose is to keep private keys secure. If a wallet’s security protocols are not up to scratch, move on to the next option.
Become familiar with how the wallet keeps your private keys safe. Does it implement 2-factor authentication (2FA)? Does it allow backups to be created? Can you whitelist IP addresses? Additionally, what is the company’s development record like? Are they constantly working and looking for new ways to upgrade the system? To stay ahead of those wishing to exploit consumers, development teams need to be continuously working.
For extra security, look for a cryptocurrency wallet that allows a user to remain in control of their private keys. While some exchanges or online platforms offer a wallet service, if the cryptocurrency is stored through a centralized organization, a user is never truly in control. To remain in full control, search for a non-custodial cryptocurrency wallet.
Another factor to consider is the ease of use. Does the wallet have a beginner-friendly user interface that will help a user avoid making mistakes? Is the associated software easy to navigate and install? Especially for beginners, keeping software as simple as possible is key.
While security and ease of use are crucial, another aspect to consider is smart contract functionality. One of Ethereum’s unique characteristics is that it allows developers to program digital contracts, otherwise known as smart contracts. Smart contract functionality allows for interaction with all decentralized applications (dApps) that run on the Ethereum blockchain. If a wallet is compatible, a user can lend, borrow, exchange and trade all from their wallet.
Finally, it is important to look at what other cryptocurrencies are supported by the wallet. Some crypto wallets focus on a select few cryptocurrencies. Others are compatible with hundreds. Do you want the cryptocurrency wallet to be compatible with all Ethereum compatible (ERC20) tokens?
The Coinbase exchange is now one of the world’s most popular options for new cryptocurrency users. Alongside the exchange, the company offers a standalone non-custodial cryptocurrency wallet. Coinbase Wallet is a mobile application that stores private keys locally on your device.
After starting with a small range of cryptocurrencies, the wallet is now compatible with over 500 digital assets, including NFTs. Use of the wallet does not require a Coinbase account, but more importantly, the wallet continues its beginner-friendly focus and implements an easy to use interface that even the most inexperienced cryptocurrency user should have no problem navigating.
Exodus is a wallet that allows users to secure, manage and exchange cryptocurrencies. Alongside Ether, the platform is compatible with over 130 digital assets including Bitcoin, Bitcoin Cash and Litecoin, making it an ideal platform for a diverse portfolio.
The user interface also focuses on simplicity, which means it can be used by even the most inexperienced cryptocurrency investors. All private keys are stored locally on your computer and integration with ShapeShift allows for instant cryptocurrency exchanges.
Read more about Exodus in our full review
TrustWallet is a mobile-focused cryptocurrency wallet that allows users to send, receive and securely store a wide range of cryptocurrencies. While offering compatibility with Ether and ERC20 tokens, the mobile wallet is also compatible with 53 blockchains and over 160,000 different digital assets. The development team are continually adding more each month.
The wallet hosts other useful features such as interest-earning opportunities, exchange services, and purchasing options. The most recent integration with decentralized applications makes TrustWallet one of the best mobile wallets currently available on the market.
Read more about TrustWallet in our full review
For a free Ether wallet, MetaMask really packs a punch. MetaMask is a Web 3.0 digital wallet that is downloaded as a browser extension. It is compatible with Google Chrome, Firefox, Brave and Edge. Recently it became available as a mobile application for Android and iOS.
As a web wallet, it provides the perfect platform to interact with dApps built on top of the Ethereum blockchain. Although connected to the Internet, keys are stored locally and you do not need to provide any personal information for access.
The Trezor hardware wallet was one of the first cryptocurrency wallets designed for Bitcoin. It remains one of the safest. The wallet is compatible with over 1,600 different cryptocurrencies, including Ether, which can be securely stored offline within a physical device.
The physical hardware can be connected to a computer via a USB connection and then disconnected to prevent hack or exploitation. While coming with its own software, the Trezor wallet is also compatible with third-party desktop and web platforms such as MyEtherWallet.
Read more about Trezor in our full review
For a middle ground between optimal security, price and ease of use there are not many cryptocurrency wallets that beat the Ledger Nano S hardware wallet. Part of the Ledger family, the device is a USB drive that can be connected to a computer whenever funds need to be stored or transferred. For the remaining time, the device can be kept offline to avoid a malicious breach.
Working in conjunction with the associated software Ledger Live users can store, exchange and interact with numerous decentralized applications. The device is compatible with a vast range of cryptocurrencies, including Ether, and is one of the most popular cryptocurrency wallets currently available.
Read more about Ledger in our full review
To safely and securely store Ether, remember these simple tips:
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