To adequately inform users about wallets for the coin with the second-largest market capitalisation (after Bitcoin), we offer an overview of the best ETH wallets of 2023 below.
Ether (ETH) is the currency of the distributed Ethereum system, which offers the creation, management and execution of decentralised programs or smart contracts in its own blockchain.
The popularity of cryptocurrencies seems unchanged: more and more people are interested in digital money and, consequently, alternative investment opportunities.
If you want to enter the world of decentralised crypto-investments, you should have some tools in addition to prior knowledge about currencies and trading opportunities. An important one is the so-called cryptocurrency wallet.
What is an Ethereum wallet?
Another name for a cryptocurrency wallet could be ‘digital wallet’. This tool stores the public and private keys used to receive or send tokens. Just as you want to protect your wallet or bank account from unauthorised takeovers, you also need to be careful with your Ethereum wallet when it comes to security aspects.
The two keywords here are control and overview. In general, deposits on online exchanges such as Ethereum Exchange are only possible with a wallet.
Next, we present the most important Ethereum wallets online and offline. The list explains what an Ethereum wallet is, how to use one, what is important when choosing a provider, and who is actually the best ETH wallet provider in 2023.
In addition, an overview of trading without a wallet (Ethereum) is given. Above all, the crypto scene aims to show that there is the right type of trading for every user. You just need to find it.
The most important features of the Ethereum wallet
One particular property of ETH wallets is especially important for those new to trading: usability. If a tool such as an Ethereum wallet is not easy to use, it will certainly not attract a large number of users. In fact, the number of providers has grown to an unmanageable number – and not all of them place a high value on user-friendliness.
Thus, some sophisticated wallets exclude a very large group of users. Therefore, usability can be seen as the key to Ethereum mining and to creating a wallet when it comes to “reachability” among non-experts.
2. Choosing online currencies
Another feature that is crucial when you are thinking about creating an Ethereum wallet: the choice of online currencies. This is especially important for anyone who wants to trade in little-known tokens or several tokens at the same time.
Of course, for most wallets, this is not fixed in the long term. The cryptocurrency market is so volatile that many providers are constantly updating or expanding their offerings.
- ???? Security plays a central role, especially in cryptocurrency trading. Especially when you haven’t traded for a long time and can’t weigh up all the risks. You should always take care to secure yourself well.
- ???? Along with usability, security is probably the key point when using an ETH wallet. Nevertheless, some features that provide hints can easily be seen in the offerings: two-factor authentication, for example, or the possibility of regular backups.
4. Support and control
Another important thing, especially for new traders: the support team, which can help the user with any problem and, in extreme cases, during any time of the day and night. Especially as new traders often encounter obstacles at the beginning. These can be regarding terms, but of course, they can also involve a lot of money. Adequate customer service is often linked to a capable and motivated development team.
One factor you should definitely pay attention to in processing or in terms of control is the “key” – the private key of access. The basic rule applies here: the more autonomously you can manage it, the better. Any additional party that comes into contact with the key increases the risk of a security breach.
Anonymity and privacy are also important to many users. Regarding these two points, the so-called hierarchical deterministic method (IDM) should be taken into consideration. This means that transactions are constantly getting new addresses, which makes them much more difficult to track.
If you want to remain anonymous, or as anonymous as possible, you should also pay attention to what details you have to enter when registering. There are significant differences between providers when it comes to privacy protection.
What types of ETH wallets are there?
Ethereum ETH web wallets
- ???? If you want to open a crypto wallet, you have a choice. The most common form of digital wallets are known as online-, web-, or hot wallets. These are mostly found directly on the platforms of Ethereum exchanges.
- ???? If you want to trade on a daily basis, they are the most practical solution. You don’t need to download a resource-intensive blockchain. On the other hand, they carry the biggest security risks.
Ethereum ETH Desktop Wallets
Many other providers allow the user to save software directly to their computer. These are software solutions that allow you to manage your own coin on your PC.
Accordingly, they are also referred to as computer or PC wallets. If you choose this option, you should protect your computer as much as possible from the threat of viruses or Trojans. The best-known providers of this type of wallet are Electrum and Exodus.
Ethereum (ETH) hardware wallets
Offerings with probably the highest level of security (e.g. PC virus infection does not play a role here) are delivered by Ethereum hardware wallets or cold wallets. They are only connected to the network if they are actually in use.
The devices often resemble ordinary flash drives. Some have their own screen that displays private keys, addresses and credit.
A hardware wallet is associated with relatively high acquisition costs. The most popular hardware solutions are called Ledger Nano S or Trezor.
Ethereum (ETH) paper wallets
Some users swear by complete standalone solutions. This is why paper wallets exist. The recipient’s address (public key) and associated private key, which can be encrypted with a password, are simply written down on paper. To be able to use Ether coins, an unencrypted private key is required.
Offline Ethereum (ETH) wallets
In addition to a paper wallet, there is another offline solution: in some cases, you will also hear about a so-called brain wallet. The sole purpose is to use your own memory to store numbers and symbols.
Anyone who actually manages to memorise a 40-digit character string and never forgets it will discover the safest type of wallet. If you choose this option, you must be mindful of your own memory.
Ethereum wallet test – done
In general, we can say that cryptocurrency wallets are required in most cases to access real tokens in the online currency market. The eToro wallet, in particular, is able to convince as a mobile solution.
Nevertheless, some answers are needed. What are your own prerequisites and goals for trading and using ETH? For example, do you need an Ethereum wallet for Android or some other operating system? What kind of device do you prefer to use? And of course, is Ether your first choice? Or would you rather turn to Bitcoin wallets, IOTA wallets or Ripple wallets?
Frequently asked questions about ETH Wallet
❓ Is the Ethereum Wallet anonymous?
???? The question about anonymity is certainly warranted. Isn’t it a big flagship of the blockchain industry not to ask for personal details? However, the reality is not so clear-cut. After all, some providers have to register with real data. However, if you do so and trust, for example, our test winner, you also get security. A licence is only available for wallet operators when complying with legal requirements. Registration is part of a normal Ethereum wallet verification with providers.
❓ How does downloading the Ethereum Wallet work?
???? Generally, the relevant provider should lead you directly to the download file. Of course, operators also try to use the popular Google and Apple shops to sell their applications.
❓ Where can I find the address of an Ethereum Wallet?
???? Most platforms are set up in such a way that the user has to find their Ethereum wallet address within seconds. So you don’t have to worry too much. A quick Google search or contacting the relevant support team will also help if something is unclear.
❓ Is there a better app for ETH wallet?
???? In a great comparison of the best cryptocurrency wallets, the winner of our test was able to convince you thanks to its smart features. The app is free, and you can now make ETH purchases without leaving the app.