8 Best Ethereum Wallets in 2023
This is a list of the best Ethereum wallets available today.
An Ethereum wallet is a program that allows you to interact with your Ethereum account. You can check your balance, send transactions, and connect to applications using a wallet. A wallet is required for sending money and managing ETH.
What to consider when choosing an Ethereum wallet?
The main factors to consider when choosing an Ethereum wallet are:
- Security: The wallet should be secure, with features like two-factor authentication and encryption.
- Ease of use: It should be easy to use, with a user-friendly interface.
- Compatibility: The wallet should be compatible with your phone or computer.
- Price: Some wallets charge fees for transactions and/or for accessing your wallet.
There are several types of Ethereum wallets that you can choose from:
- Hardware wallet - Physical device that stores your private keys.
- Desktop wallet - Software that you install on your computer.
- Mobile wallet - A mobile app you can download on your phone.
- Web wallets - Web-based service that stores your private keys online.
Top Ethereum wallets are:
Best Ethereum wallet for beginners
Coinbase is a free Ethereum wallet. It's simple and easy to setup, which makes it the best Ethereum wallet for beginners.
Just download their Chrome extension or Android/iOS mobile app to get started.
Coinbase is a credible company. They are publicly traded and they have been in a crypto game for almost 10 years. Throughout the years, they've put a lot of thought into their Wallet product.
In 2021, one of their top goals was to make their Wallet even better. As a result, they added a feature that lets you use their Wallet with decentralized crypto applications and NFTs.
Custodial Ethereum wallet
Coinbase's hosted wallet is a custodial wallet.
That means that Coinbase takes care of everything for you. You don't have to worry about addresses and keys. For that reason, Coinbase is the best wallet for beginners.
In case you forget your password, you can reset it if you prove your identity using 2-factor authentication.
Coinbase uses a sophisticated process to create your keys. They have a complex infrastructure that combines offline and online storage to ensure maximum security.
According to their shareholder release, the process includes creating public/private key pairs offline and having a Coinbase employee witness every private key generation.
|Type||Software wallet, Web wallet|
|Platform||Browser extension (Chrome) and mobile app (iOS, Android)|
- Coinbase Wallet is a custodial Ethereum wallet
- Supports Ethereum and other cryptocurrencies
- 2-factor authentication feature
- Interacts with decentralized crypto applications
- You don't have full control over your Ethereum funds.
Best Ethereum desktop wallet
Exodus Wallet is the most user-friendly Ethereum desktop wallet. The Exodus Platform lets you store, send, receive, or exchange crypto assets.
Exodus Wallet is all about customer experience. Company's mission is to make it easy for everyone to use cryptocurrency.
No complicated talk.
You can tell by Exodus' sleek user interface. It's very easy to manage your portfolio through their digital wallet. For example, you can use Apple Pay to easily buy crypto.
Your private keys are stored on your computer, so only you have access to them. Exodus encrypts your private keys and transaction data locally on your device.
Exodus does not store any of your sensitive data about your wallet. They cannot view or control your wallet because all of your wallet's information is stored on your device.
With great freedom comes great responsibility. Since you're in control of your Exodus wallet, it's important to keep your recovery phrase safe.
Exodus Crypto apps
Exodus has an ecosystem of apps where you can use your tokens. For example, Rewards App lets you earn interest on staked crypto. SportX lets you bet on sports. The exodus team is working on more apps that will be released soon.
|Platform||Desktop (Windows, Mac, Linux) and Mobile wallet (iOS, Android)|
- Supports Ethereum and all ERC-20 tokens.
- Lets you exchange cryptocurrencies.
- Support for NFTs.
- Easy integration with Trezor hardware wallet.
- Sporadic issues with Exodus servers.
Ledger Nano X
Best hardware wallet for Ethereum
Ledger Nano X is the best Ethereum hardware wallet available today. It’s a Bluetooth-enabled wallet that supports Ethereum, Bitcoin, and hundreds of other cryptocurrencies.
The main benefit of hardware wallets is that they secure your private key by separating it from your computer or phone.
Ledger Nano X stores your private keys on a secure chip that’s resistant to digital attacks. Because of that, you can securely connect it to your computer or phone without worrying about someone stealing your cryptocurrencies.
The small screen on the device also allows you to check your transaction before confirming it.
Set up process
The main disadvantage of Nano X is the setup process. It’s not as easy to use as software wallets, like Coinbase. The entire process can take you up to an hour.
To set up Ledger Nano X, you need to follow several steps:
- Download the Ledge Live app
- Connect to your device
- Setup PIN code
- Setup recovery phrases
- Verify the authenticity
Ledger Nano X is the best wallet for staking. Staking is a way to earn interest on your cryptocurrency. With Ledger Nano X, you can easily stake Ethereum through their Ledger Live application.
Ledger Nano X features
|Security||⭐⭐⭐⭐⭐ (Very secure)|
|Platform||Desktop (Windows, Mac, Linux) and mobile (iOS, Android)|
- Support of 100s of cryptocurrencies, including Ethereum
- Bluetooth enabled
- Crisp LCD screen for displaying transaction details
- User experience of the app is fantastic
- Both desktop and mobile application
- The setup process is time-consuming
- Two-button controls can confuse
Trezor Model T
Trezor Model T is a touchscreen device that helps you store your cryptocurrency. The device has no power source on its own, so you need to connect it to a computer or phone to use it.
The whole signing process happens on the device's chip. The private key will only sign a valid transaction that you approve.
Trezor Model T supports Shamir backups.
Shamir backup is a feature that lets you split your recovery seed into multiple shares. If you lose a share of your Shamir key, it will not give someone access to your Ethereum wallet or your recovery seed. This makes Shamir safer and more reliable than having a physical backup of your recovery seed.
Trezor Model T has a full-color touch screen for easy navigation. The screen is very important because that’s where you see and approve transactions.
Set up process
Compared to Ledger set up process, Trezor Model T is much easier because it has a touchscreen. It is much easier to read pass phrases and copy them.
Trezor Model T features
|Security||⭐⭐⭐⭐⭐ (Very secure)|
|Platform||Desktop (Windows, Mac, Linux) and mobile (Android)|
- Touchscreen for easy navigation
- Shamir backup for safety
- Full-color display
- No support for iOS
- No battery for on-the-go
Best open-source cryptocurrency wallet
MetaMask is a free, open-source Ethereum wallet. It lets you store, send and receive crypto. The wallet comes as a browser extension and a mobile app.
MetaMask is a non-custodial wallet, so you are in full control of your private keys and MetaMask never has access to your funds.
dApps and NFTs
If you are into dApps and NFTs, MetaMask is for you. MetaMask lets you explore the dApps of the Ethereum blockchain by using a browser you're comfortable with. For example, connecting to OpenSea’s NFT marketplace takes only one click.
The positive aspect of MetaMask is that it’s open-source. That means that developers and security experts all over the world constantly review the code to make sure it is secure.
The downside of MetaMask is that it keeps your personal keys encrypted with just your password. If someone steals your file system, they could get access to your encrypted key and then be able to brute-force your MetaMask password.
If your phone or computer breaks, the only way to restore MetaMask assets is using the Secret Recovery Phase. So you need to take some extra precautions to make sure you don't lose your recovery seed phrase.
|Platform||Chrome, Firefox and Brave browsers|
- MetaMask doesn't know your private keys. They are stored on your device.
- Support for decentralized apps and NFTs
- Open source software
- Only supports Ethereum and ERC-20 tokens.
- Browser extensions are not the most secure way to manage your crypto.
Best Ethereum paper wallet
MyEtherWallet (MEW) is a free, open-source tool that allows you to securely interact with the Ethereum network.
MEW helps you manage your private keys, but it doesn't have control over them. So you have full control over your funds. Since MEW doesn't store your keys on a server, we consider it a paper wallet.
To access your MEW wallet, you can use the MEW Web wallet application, Browser Extension, Hardware Wallets, or Mobile Apps.
MyEtherWallet is only as safe as the computer you use to access it.
MEW recommends that you use a hardware wallet for the highest level of security. It's compatible with both Ledger and Trezor hardware crypto wallet.
|Type||Paper wallet, Web wallet|
- Free and open source
- Supports Ethereum and all ERC-20 tokens
- You are in full control of your funds
- Only as safe as the computer you use to access it
Binance Chain Wallet is a crypto wallet for accessing different blockchains such as Binance Smart Chain and Ethereum. You can use it to store your crypto securely and connect to thousands of projects.
On Binance you have a wallet, and you can use it, but you don't own it. That's because Binance manages your private key.
The main benefit of using Binance wallet is that it's very easy to use. You don't need to be a tech-savvy person to use it.
Binance is a centralized exchange, which means it's not as secure as decentralized exchanges or non-custodial wallets. Since Binance stores your key, if they were to get hacked, your private keys could be compromised. Changes of that happening are slim because Binance stores private keys on a cold storage.
So you must secure your account. Binance allows for two-factor authentication with a variety of different sign-in procedures, including hardware, mobile app, SMS, and email.
- Very user-friendly
- Access to a variety of blockchains
- Binance is not as secure as decentralized exchanges or non-custodial wallets
Best Ethereum wallet for kids
Argent is a mobile Ethereum Layer 2 wallet that puts focus on security, high speeds, and low fees.
It's the first non-custodial wallet with no seed phrase.
Argent is the best Ethereum wallet for kids because of its Guardian feature.
Guardians are people or devices you choose to keep the wallet safe. They NEVER have access to cryptocurrency.
But they can:
- Lock a wallet
- Approve a wallet recovery
- Approve an untrusted transaction
As a parent, you can control what your kids are doing. You can set limits on what they can do and how they can do it. This is done with a smart contract. The downside is that this uses more fees than normal transactions.
Argent protects your private key by encrypting it and never letting it leave your device. No one else, not even Argent, can access it.
That means if you lose your phone, only a Guardian can help you recover your funds.
The default "guardian" setting lets you recover your Argent wallet by verifying your email and SMS. The downside is that email and SMS channels are not as secure. However, Argent also lets you connect hardware wallets as guardians so you can have the highest security possible.
|Platform||iOS and Android|
- Guardians feature.
- You do not need a seed phrase to recover your Ethereum wallet.
- Broad support for decentralized apps.
- Supports DeFi and NFTs.
- Limited to Ethereum network
What is the best Ethereum wallet?
Coinbase is the best Ethereum wallet. It's a user-friendly wallet that supports Ethereum and all ERC-20 tokens. You can also use it to buy and sell cryptocurrencies. Coinbase is a custodial wallet, which means they manage your private keys.
If you are just getting started with crypto wallets, Coinbase is a good option because it's very easy to set up.
What is the best Ethereum wallet for OpenSea?
To purchase, sell, or trade NFTs on OpenSea, you'll need a cryptocurrency wallet. On OpenSea, the major currency is Ethereum. So you'll need an Ethereum wallet to deposit and withdraw NFTs.
MetaMask is the best Ethereum wallet for OpenSea because it easily connects with your OpenSea account. Also, MetaMask presents the user with a URL to Etherscan, which is a blockchain explorer that contains links to all of your NFT's. This enables you to see everything about your NFT. You can locate your new NFT in your OpenSea profile and MetaMask wallet after it process your transaction.
Are hardware wallets worth the price?
Hardware wallets are worth the price if you are planning to grow your crypto portfolio. Since they cost around $100, the investment is worth it if you are in it for the long run. Software wallets, on the other hand, are free and offer more features. They're also more convenient since you can access them from any device. If you are just starting, a software wallet is a good option. You can always transition to a hardware wallet later on.
What's the difference between hardware wallets and software wallets?
When it comes to Ethereum wallets, there are two main types: hardware wallets and software wallets (hot wallets).
A hardware wallet is a physical device that stores your private keys. These are considered very safe, as they're offline and not connected to the internet. Software wallets, on the other hand, are applications that you download to your computer or phone. Software wallets store your private keys either on their servers or your device. Since computers are prone to malware and viruses, software wallets are less secure.
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Josip Miskovic is a software developer at Americaneagle.com. Josip has 10+ years in experience in developing web applications, mobile apps, and games.Read more posts →
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