Which is the Best Ethereum Wallet? Ethereum is a blockchain-based distributed computing platform that is open source and public. It includes smart contract functionality. It has emerged as one of the digital asset market’s most vibrant blockchain ecosystems.
The layer-1 blockchain, which supports smart contracts, allows users to interact with a diverse set of decentralized applications (dApps), ranging from decentralized finance (DeFi) protocols and play-to-earn (P2E) games to NFT (non-fungible token) marketplaces and more.
An Ethereum wallet is required to participate in the Ethereum ecosystem and securely store, send, and receive Ether (ETH) and other Ethereum-based crypto assets. An Ethereum wallet is a program that allows you to manage your Ethereum account. It allows you to check your Ethereum balance, make transactions, and connect to other apps. Which Ethereum wallet is best?
Find out now!
What is an Ethereum wallet?
An Ethereum wallet is simply an e-wallet that lets you store and manage your Ethereum transactions. It also allows users to view account balances and perform functions like transactions, etc.
Users are provided with the private key for coins they hold in their Ethereum wallets. This private key indicates that you hold ownership of those coins in your wallet. To access the Ether coins, users have to hold the password-protected key at all times.
It should be noted that these private keys do not have a ‘Forget Password’ feature. To be safe, it should be remembered and never forgotten. For added security, save the private key as a backup on a USB drive, on paper, or in another digital ledger.
Which is the Best Ethereum Wallet Summary
| Ethereum Wallets | Features | Security |
|---|---|---|
| AlphaWallet | WalletConnect, NFT support, Connect to dapps, Swaps, Layer 2, Gas fee customization, ENS support, Token importing, Fee optimization. | Open source, Self custody. |
| Coin98 | Hardware wallet support, WalletConnect, NFT support, Connect to dapps, Swaps, Layer 2, Gas fee customization, ENS support, Token importing, Fee optimization. | Self custody |
| Metamask | RPC importing, Hardware wallet support, WalletConnect, NFT support, Connect to dapps, Swaps, Layer 2, Gas fee customization, ENS support, Token importing, Fee optimization. | Open source, Self custody. |
| Exodus | Staking, Hardware wallet support, WalletConnect, NFT support, Connect to dapps, Swaps, Gas fee customization, Token importing, Fee optimization. | Self custody |
| MyEtherWallet | Hardware wallet support, WalletConnect, NFT support, Connect to dapps, Swaps, Gas fee customization, ENS support, Token importing, Fee optimization. | Open source, Self custody. |
Which is the Best Ethereum Wallet?
This section displays the Ethereum wallet list for pros and beginners alike. This write-up doesn’t just display which is the Best Ethereum Wallet but it also displays which Ethereum wallet is best for NFTs.
AlphaWallet
Our take: This wallet is a good fit for individuals looking for a secure Ethereum wallet with a focus on managing and using tokens, as well as businesses looking to create their own tokens.
AlphaWallet is a simple and secure Ethereum wallet that supports native ERC20, ERC721, and ERC875 protocols. It claims to be the only self-custodial wallet that is completely open source. Self-custodial is similar to non-custodial in that you are the sole holder of your private keys.
It is also the first mobile Ethereum wallet app to use Secure Enclave, which provides cold wallet-grade security to users. AlphaWallet supports all Ethereum-based networks and has comprehensive Ethereum crypto management for most chains, including Ethereum, xDai, Ethereum Classic, Artis, POA, Ropsten, Goerli, Kovan, Rinkeby, and Sokol.
By converting values into blockchain tokens that can be stored and used on the platform, Alpha wallet hopes to act as a bridge between public chains and dApps. The true power of Ethereum lies in its ability to interact with tokens in a natural and straightforward manner. Together, AlphaWallet and TokenScript are developing the next generation of token usability, unlocking the true power and convenience of tokens.
Pros and Cons of Alpha Wallet
Pros
- Intelligent and Intuitive UI: its intelligent and Intuitive UI makes it compatible with both professionals and newbies alike.
- open source: AlphaWallet is also completely open source. Anyone can view and comment on the layout of the application’s code, and potentially find software errors or vulnerabilities.
- Supports NFTs: AlphaWallet offers support for multi-chain networks. It connects with Defi providers for yield farming, as well as supporting NFTs.
- Self-custodial: Heard of the saying “Not your keys, not your crypto” Alpha wallet gives you the convenience of being the sole holder of your private keys.
- Tokenize business assets: Another cool thing about AlphaWallet is its tokenization features. This may be especially desirable for business owners. The main focus of AlphaWallet is managing and using tokens.
Cons
- Supports only Ethereum-based networks: Since AlphaWallet is an Ethereum wallet, it mostly supports Ethereum-based networks. Some of these include Mainnet, Polygon (MATIC), xDai, BSC, Heco, Fantom Opera, Optimistic, and Ethereum Classic Arbitrum One, among many others.
LEARN MORE: Alpha Wallet review 2023: How to use Alpha Wallet and More!
Coin98
Our take: This wallet is a good fit for individuals who want to interact with a non-custodial, multi-chain wallet and DeFi gateway that is designed to seamlessly connect users to the crypto world in a safe and secure manner.
Coin98 began to take shape in early 2020. With decentralized finance reaching new heights in terms of user attention and value, it was an excellent time to launch a new project. Because there was a global need for an open financial infrastructure, the Coin98 team made it their mission.
The team acknowledged that they had a lot of work ahead of them as a one-stop solution for decentralized finance, cross-chain swaps, staking, earning, and yield farming. Coin98 now supports all of the features that it promised. Users can also access solutions from over 20 different blockchains.
Bitcoin, Ethereum (ETH & ERC20 tokens), Binance Smart Chain (BNB & BEP20 tokens), Solana (SOL & SPL tokens), Polkadot, Kusama, Avalanche, Huobi ECO Chain, Binance Chain (BNB & BEP2 tokens), Celo, TomoChain, and Tron are some of the popular blockchains.
LEARN MORE: Coin98 Wallet Review
The platform has attracted a large number of users. Using various blockchains, their liquidity, and DeFi solutions, Coin98 generates deep liquidity and ensures users get the best price when swapping tokens. Furthermore, the team can reduce gas costs by experimenting with different “paths” to complete transactions.
Pros and Cons of Coin98 Wallet
Pros
- Multi-chain wallet support: With distinctive multi-chain wallet support at its core, Coin98 Wallet provides an always-connected experience and access to an array of DeFi services in interaction from Blockchain to Blockchain thus creating a seamless user experience.
- Ability to earn: Coin98 has a reward system called X-Point. Users can earn X-Point by doing specific tasks. They also have a referral program enabling users to invite their friends via their referral code and then earn X-Point based on the referee’s trading volume.
- Non-custodial: As it’s said, “Not your keys not your crypto.” This literally means when you create an account with Coin98 the platform is not in charge of your private keys, instead, you’re solely in charge of any funds deposited in the wallet and are responsible for your wallet’s safety.
- Intelligent and Intuitive UI: With Coin98’s intuitive and interactive UI users can easily navigate through the Coin98 website and wallet and seamlessly interact with its products and services thus facilitating ease of use and a wonderful user experience.
- Coin98 Exchange: The health of DeFi is dependent on liquidity. Coin98 Exchange goes further to help push the robustness fundamentally by helping provide users with liquidity from various sources like Uniswap, PancakeSwap, SushiSwap, SerumDEX, and MDEX.
Cons
- Less transparency in security: Inadequate information on the Coin98 Wallet security.
Metamask
Our take: This wallet is ideal for people who want to manage their Ethereum-based assets. MetaMask connects you to the decentralized web and allows you to interact with dApps in the Ethereum ecosystem.
Consensys, a New York-based Ethereum development company, launched MetaMask in 2016 to allow Ethereum users to securely store and manage their Ethereum-based tokens. MetaMask is a non-custodial wallet that supports Ethereum and a wide range of EMV-compatible blockchains, allowing crypto users to use a single wallet to explore Web3, NFTs, and the DeFi market.
MetaMask, which is available as a browser extension for the Google Chrome browser as well as a mobile wallet for iOS and Android, has established itself as one of the go-to wallets for Ethereum users all over the world. It is compatible with the Chrome browser, Firefox, Brave, Edge, and Opera, in addition to the Chrome extension.
MetaMask allows users to buy Ethereum (ETH) and other Ethereum tokens with fiat currency and swap tokens directly within the app by transferring them to decentralized trading pools. MetaMask is an excellent wallet for first-time Ethereum users who want to use a user-friendly wallet to explore the world of NFTs, DeFi, and dApps.
LEARN MORE: Metamask review 2023: How to use Metamask and More!
Pros and Cons of Metamask Wallet
Pros
- Get started easily: Downloading and setting up MetaMask across several platforms is relatively easy. Users can start by creating one wallet and importing it across platforms using the 12-word seed phrase.
- Earning programs: MetaMask users can earn additional tokens through airdrops and staking. Staking is the process of locking up tokens in a vault for a certain period to make a profit represented in APY.
- Supports Ethereum-based tokens: MetaMask supports diverse crypto-assets built on the Ethereum network. Examples include Ethereum (ETH), Tether (USDT), USD Coin (UADC), and several others.
- A central hub for dApps: MetaMask supports a broad range of decentralized applications (dApps), which are essential for builders, NFT, and Web 3 enthusiasts.
- Supports NFT’S: For NFT enthusiasts, this app also supports NFT’S which are displayed under collectibles in MetaMask Mobile.
Cons
- No coin-to-fiat conversion: MetaMask does not support third-party remittance companies, hence users do not have the luxury of directly converting coins to fiat currency.
- Doesn’t support Bitcoin: The wallet does not support Bitcoin, making it a turn-off for investors whose primary investment is Bitcoin.
Exodus
Our take: This wallet is ideal for those looking for a beginner-friendly, multi-asset cryptocurrency wallet that allows investors to securely manage Ethereum (ETH) and a variety of Ethereum-based tokens, including NFTs, in one place.
Exodus Wallet was created in 2015 to help cryptocurrency investors securely store and manage their investments. In addition to 290+ digital currencies and tokens, the Nebraska-based company allows users to manage Ethereum-based NFTs as well as NFTs on Solana and a few other networks.
Exodus users can also earn staking rewards, and interest payments, and trade cryptocurrencies on the wallet’s built-in exchange. The popular multi-currency wallet is distinguished by an exceptionally user-friendly desktop application that does not complicate an already complex space.
The Exodus mobile wallet replicates the beginner-friendly user experience, making managing your crypto on the go simple and accessible. Exodus is an excellent Ethereum wallet for those looking to diversify their cryptocurrency investments beyond Bitcoin.
Pros and Cons of Exodus Wallet
Pros
- Easy setup process: Getting set up with Exodus on a computer and mobile device is easy. Start by creating one wallet, then import it across devices using the 12-word seed phrase.
- Supports a good array of cryptos: Exodus supports an extensive array of crypto assets, including Bitcoin and Ethereum. Users can also store custom ERC-20 tokens by sending them to Exodus’s Ethereum address.
- Good customer service: Along with a help page, Exodus offers chat and email support services for users. The wallet even allows users to message founders JP and Daniel directly, although the response could take a while.
- Regular update schedule: Software updates are frequent; users can expect an update after every two weeks. However, users need to update their wallets manually on Exodus’s official website.
- Ability to earn: Since Exodus supports proof-of-stake blockchains, it offers a way for users to stake crypto assets directly from within the wallet. If you want to stake, you will need to lock your cryptocurrencies for a specific period.
Cons
- Lack of 2FA security protection: Exodus lacks the traditional two-factor authentication method to provide an extra layer of security and instead relies on users supplying a password. It could have serious consequences if a user’s password gets compromised.
- Not open source: Exodus is not open source. That means no one outside the company can see, modify, or distribute Exodus Wallet’s software code. Therefore, the general public cannot review its robustness.
LEARN MORE: Exodus Wallet review 2023: Is it Secure and More!
MyEtherWallet
Our take: This wallet is ideal for those seeking a more advanced wallet that allows you to deploy Ethereum smart contracts.
MyEtherWallet was founded in 2015 with the goal of providing Ethereum users with an open-source, client-side interface through which they can interact with the Ethereum ecosystem. MyEtherWallet, based in Los Angeles, quickly became the go-to Ethereum wallet, particularly for ICO investors looking to store multiple ERC-20 tokens in a single wallet.
MEW now enables users to deploy smart contracts, trade Ethereum-based assets, stake Ethereum (ETH), manage their NFT collection, and store all of their Ethereum tokens in a single location.
MEW also works with a variety of EVM-compatible blockchains. An EVM-compatible blockchain enables developers to create smart contracts that are compatible with the Ethereum Virtual Machine (EVM) in order to facilitate blockchain interoperability by allowing dApps to be easily deployed on other blockchains.
Furthermore, crypto assets held on EVM-compatible blockchains can usually be transferred to other EVM chains via cross-chain bridges. BNB Smart Chain and Polygon are two prominent EVM-compatible chains. MyEtherWallet is best suited to advanced users who are well-versed in the Ethereum ecosystem.
LEARN MORE: MyEtherWallet Review 2023: How To Use MyEtherWallet & More!
Pros and Cons of MyEtherWallet
Pros
- Multiple features for Ethereum-based crypto assets: Users can store, send, and receive a wide range of Ethereum-based crypto assets.
- Access to decentralized applications (dApps): MyEtherWallet users can interact with smart contracts and decentralized applications (dApps).
- Supports Non-fungible tokens (NFT’S): Users can manage non-fungible tokens (NFTs) within the wallet interface.
- Supports all Ethereum-compatible networks: The non-custodial wallet supports other Ethereum-compatible networks, such as Ethereum Classic, Binance Smart Chain, and Polygon.
Cons
- No support for non-Ethereum altcoins: MEW web and mobile only support digital assets running on Ethereum and Ethereum-compatible blockchains.
- Susceptible to Phishing: MEW users have been repeatedly targeted with phishing scams.
Which is the Best Ethereum Wallet: Bottom line
The best Ethereum wallet for you is determined by your needs as an Ethereum user or investor.
