Ethereum has one of the highest market caps in the cryptocurrency world so it’s no surprise that there’s been a major influx of attention from the mainstream public.

With this increased attention comes the need for a secure place to store ether.

So we’re going to talk about Ethereum wallets. Think about what you really need for storing your ether. A few questions to mull over:

By the end of this guide, you’ll know the most popular Ethereum wallets and which one is perfect for you.

Finding the perfect Ethereum wallet shouldn’t be difficult, but it does require a general understanding of how cryptocurrency storage works.

In broad strokes, there are generally four different wallet types:

When looking for a secure cryptocurrency wallet, keep an eye out for the following four features:

Save yourself the trouble and find a wallet that has the above four criteria.

TREZOR is a hardware wallet, meaning it holds your private keys offline (which you already knew because you carefully read the previous text, right?!). Originally invented for Bitcoin, users can now store Ethereum on TREZOR using the MyEtherWallet web interface.

This flash drive-sized device stores ether offline with a secure electronic chip. Users can only activate this electronic chip by logging in with their password. TREZOR also uses a limited USB connection, meaning that it can even safely interact with computers that may have been compromised or infected.

Overall: TREZOR is an excellent choice because it is extremely secure, has an active development community, and allows users to store both Bitcoin and Ethereum. It costs around $99.

The Ledger Nano S is one of the highest-rated hardware wallets because it excels in the four criteria we mentioned before. The interface is very user friendly. It comes with a small OLED screen that makes controlling your transactions simple. Users can set a 4-digit pin on the physical wallet itself, which is an extra element added to prevent keylogging.

The Ledger Nano S stores ether offline and requires users to sign transactions with their private key in order to spend ether. Additionally, the Ledger Nano S has an option to create a recovery seed to recover your private keys if the device is lost or broken. This added feature minimizes your risk of losing all your coins if you misplace your device. The Ledge Nano S alleviates the stress of using a hardware wallet, and stores both Ethereum (ETH) and Ethereum Classic (ETC).

Overall: The Ledger Nano S is neck and neck with the Trezor, but comes at a much more modest price of $65. The sleek user interface and added elements of security make it an extremely competitive option for any cryptocurrency investor.

Exodus is a desktop wallet and is the world’s first desktop wallet that can hold multiple cryptocurrencies. While most crypto wallets are limited to just Bitcoin and Ethereum, Exodus makes it possible to hold a much more diverse portfolio.

One of the most appealing aspects of Exodus is the seamless and clean user interface that presents a user’s portfolio as a pie chart. Exodus is always connected to the Internet but it doesn’t take your private keys from your device. Additionally, one-click email recovery and backup seed keys make restoring your wallet possible.

It also has ShapeShift built into it so exchanging cryptocurrencies is much easier. The benefit of  Exodus is that you can trade cryptocurrencies with ease, whereas you would have to undergo a lengthy process with hardware wallets.

Overall: While Exodus has a beautifully simple user interface, it’s important to remember that it is always connected to the Internet. This fact alone makes it slightly less secure than a hardware wallet. Though the risk is negligible, it’s still worth mentioning.

Coinbase, a web wallet, is the simplest and easiest to use compared to other options on this list. It is both an exchange and a wallet platform. You can buy Ethereum, Bitcoin, and Litecoin with fiat currency, and keep your cryptocurrencies secure.

Since the private keys are stored on Coinbase’s hosted servers, you ultimately don’t have total control over your keys. Fortunately, Coinbase is an extremely credible San Francisco-based company with a valuation of over 1 billion and a reputation as being very safe and trustworthy.

Overall: The ease of use makes Coinbase a top option for many beginners. The only drawback is that users ultimately don’t have the same sort of control over their private keys as they would with a hardware wallet.

MyEtherWallet is an open-source web wallet that is different from Coinbase and other traditional web wallets in that you have full control of your private key on your computer. This means you can generate new wallets and store your ether without having to do it on MyEtherWallet servers. This also means you are fully responsible for safely backing up your wallet.

MyEtherWallet is great because it allows you to write and access smart contracts. It also connects with Trezor and Ledger Nano S to safely access your Ethereum within the MyEther platform.

Jaxx is a software wallet that supports many of the leading cryptocurrency coins including Ethereum. The wallet is readily available on:

There’s also a hardware wallet coming soon.

Designed with the end-user in mind, the wallet is simple to use and has an intuitive interface that even a beginner holder should have no problem figuring out.

With Jaxx, the power is entirely in your hands. All of the keys are created on your local device and are never sent to any servers. Because of this, there is no way for the company to access your funds. Jaxx also avoids collecting any personal information, and you don’t have to provide any verification to use the wallet. For crypto-enthusiasts who value privacy, this is a wonderful thing.

On top of that, the code for the Jaxx wallet is auditable to anyone. This brings a level of trust to the community because any person can audit their codebase and surface any issues or loopholes. Jaxx emphasizes that to prevent malicious copycats, their code is not open source. However, the level of transparency they provide should be enough to give the company your trust.  

Overall: With a clean interface and complete control over your wallet keys, Jaxx is a great option to store your cryptocurrency. The wallet has more security than a purely online option but has more vulnerabilities than a hardware wallet.

Mist is a hybrid desktop wallet with a web interface and is the official wallet listed on the Ethereum Project website. The product is still in beta, so there are issues that may arise when using it, though. To help with these problems, the development team provides a list of common issues and how to fix them on their Github wiki.

The wallet’s available on Mac, Linux, and Windows, so if you’re reading this, you can most likely use it.

Mist protects your wallet with a password that can never be changed once it’s set. I highly recommend that you choose a strong password and don’t forget it. Write it down, memorize it, put it in a safe, etch it on the bottom of a table in the middle of a park – whatever you need to do to make sure you’ll remember it. If you lose this password, you’ll have no way to access your wallet.

With mist, you have complete anonymity. You can download and use the wallet without having to provide any personal information or identification. You also have complete control over your private keys which are held on whichever device you use to download the wallet.

Overall: As the official wallet of Ethereum, you can’t go wrong choosing Mist. Although other wallets exist with a better interface or more security (hardware wallets), this endorsement adds a significant amount of trust to the platform.

MetaMask is a browser extension that allows you to run Ethereum dApps directly in your browser without having to run a full Ethereum node. More than just a wallet, you can also interact with dApps and smart contracts on MetaMask.

MetaMask is currently only available as a Chrome extension or through the Brave browser, but the team states that they plan to support Firefox and the rest of the popular browsers soon.

Your account information is encrypted and stored locally on your browser, so no information ever touches the MetaMask servers. You also full control over the management of your private keys.

If you have trouble getting started with MetaMask, they have a video on their homepage you can watch as well as a comprehensive customer support section on their website.

As a web-based wallet, MetaMask has inherent risks that are not found on hardware wallets. Your funds are still susceptible to software viruses, but you should be fine as long as you follow proper safety guidelines.

Overall: MetaMask is another great option to store your Ethereum. As a bridge to the distributed web, the platform is ideal for people who are looking for a wallet with some additional features.

Before setting you free into the world of Ethereum wallets, let’s go over a few closing words of advice. Make sure you pay attention because these tips could end up saving you a ton of time (and coins) in the future.

Be sure to keep up with the latest in Ethereum security. The more you know, the better off you will be in investing and protecting your cryptocurrencies.

The post The Best Ethereum Wallet Reviews for 2020 appeared first on CoinCentral.

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