Ethereum is the second most popular cryptocurrency. Just over the last year, people noticed that it was nearly stepping up on Bitcoin shoes. It was introduced just more three years ago with high hopes that its advanced scalability is supporting the growth of industrial-strength blockchain applications. Thanks to its versatility in addition to the variety of new applications Ether token is basking in the spotlight of acceptance from traders and investors. Which in turn brings the research for the most useful and trustworthy Ethereum wallet into a whole new perspective.
Once you realize you want to hold on to you Ether coins, today you have better chances to identify the safe place for your savings than ever before. But to benefit from these choices, you have to compare two or more of them to get the solution which perfectly fits your requirement.
Here are the top six things that distinguish the best depository of your earnings. Check if your chosen solution lacks any of these features because your oversight could lead to handling your savings to wrong hands.
You as an owner of the coins must hold the full authority over the contents of the wallet. Expecting complete control over any unique information set by your wallet. This is a most essential step in the safekeeping of your coins because if hackers do not hold your private keys, the fraudsters cannot break into your virtual safe.
Good for All Types of Users
The interface should ideally be clear and fuss-free, without making you implement unnecessary steps to access the most basic functions. No matter how big your part of Ethereum pie is, you expect to obtain your treasure any time, from any place without compromising security.
The wallet must win the respect of a vivid development “tribe.” Over time, it should earn and nourish a strong follower community. Reputation and trust are utmost since the whole cryptocurrency industry depends on such virtues.
The wallet must have the functionality to restore its contents in case of a security breach or if the user has lost access to it for any reason. We are all humans and make mistakes, unlike computers, so your provider should have a “B plan” for any emergencies. Make sure to verify if the security features are not overwhelmingly restrictive so that you end up using another wallet with more lax security policies but with a more friendly interface.
The wallet must function flawlessly across many platforms and on all devices. You should be able to enjoy easy access to your funds just with several clicks.
If you plan to hold more than one type of cryptocoins in your wallet, then you need a solution that supports a wide range of digital coins. Make sure to check the exchange rates and the fees that come with them.
Let’s take a look at the Ethereum depositories that meet these requirements.
Hardware: Ledger Nano S
This type of Ether depositories has the highest level of security since it has private keys built into them directly. The level of security is close to that of the bank, so this type of wallet is good for long-time storage of your coins. This wallet is among the most affordable hardware ones, with its price ranging around USD65. Hardware storage allows you to store your Ether coins offline which minimizes the risk of theft. Your coins are not vulnerable to advanced bots or malware programmed to steal private keys. This allows secure use of your wallet even if the computer security has been breached. When you pay Ether online, the blockchain verified the transaction by the private key which is stored in your wallet. Another attractive feature of Ledger Nano S is a neat screen that adds verification step to your transaction. It also resembles plastic cards in a way that you can use a PIN to further increase the overall safety of your interactions with other users on this device.
This is another trusted hardware solution from a reputable company that is famous for its Bitcoin wallets. Now, this wallet can also be used for safekeeping of Ether tokens via a specific web interface. Trezor is light and portable, but it reliably keeps your treasure safe offline so that it is safe from hackers. Inside the wallet, there is a small chip which you can activate only by entering a specific password online. This adds a level of security for this device.
The official storage solution for Ether, the name says it all. This is a combination of a desktop coin storage application (good for security) with web interface (not so good). While it’s not the most energy-efficient of all reviewed solutions and certainly not the easiest to set up, as it has to collect data from all nodes on Ethereum network, it is also one of the most secure and private solutions, since this tool does not ask for any personal identification. It has a unique feature to it. As soon as you have synced data and your repository becomes part of the network, you have to come up with a password. This is a crucial step to the security of your wallet. If you lose this password, there is absolutely no way to gain access to it with restore codes or similar measures. You must also safeguard private and public keys of this wallet, because they are stored on your computer and hackers, can gain access to it. This is true for all web-based solutions that always remain online which makes them exposed to malware attacks and other forms of security breaches. And did we mention it has earned the badge of trust from creators of Ethereum in the first place?
One of the most widely used and trusted Bitcoin treasuries recently opened up its doors to Ether. You can transfer Ether tokens to this virtual “purse” and do most of the operations with them. The only disadvantage of this method is that you do not hold your own private keys as they are kept on the system’s cloud servers. But if you only plan to trade a small number of coins quickly this way of storing cryptocurrency is fine. Just don’t forget to transfer your earnings to another, more secure wallet. Even though this wallet is by nature less secure than the rest of the ones in this review, Coinbase has earned a reputation of a reliable, trustworthy provider of a wide range of operations in cryptocurrency ecosystem.
World’s first wallet that supports multiple coins, Exodus is surprisingly simple to set up and operate. The access to this cross-platform solution is controlled by your email. Investors may find it suitable to hold an entire crypto portfolio since this handy tool supports a wide range of cryptocurrencies. When you enter the interface, you can see the variety of your portfolio in the form of a pie chart. It also has the functionality to exchange cryptocurrencies including Bitcoin Cash directly on the platform. It also has a robust backup functionality (no keys are stored online) and restores features that ensure the security of your digital earnings. In addition to many platforms supported, it also works with smart contracts.
This is the first ever Ether storage application for mobile devices, but you can add up to twelve more cryptocurrencies to it. With a strong array of security measures and backup functions, this wallet also supports the use of smart contracts. The hardware version for a wide range of supported platforms is coming in the next few months.
Creators of this wallet ventured a step further and created a solution that is not only fun and easy to use, but it also allows you to link your Ether depository to other applications across Ethereum network. The keys are stored on your device so you should take extra steps of precaution to safeguard your coins and tokens. It doesn’t have a smart contracts support.
As the name says it, with Myetherwallet anyone can perform all operations with digital cash including exchanging and trading BTC and ETH directly. This platform has, even more, uses as it enables you to connect your other Ether depositories to perform exchanges of cryptocurrencies in your browser and it also accepts terms of smart contracts so you can widen your uses even more. What’s different about this provider is that it keeps your keys secure on your device and not in the cloud.
Ever dreamed of printing your own money? Thanks to EthAddress, you can! This is a fun to use a paper wallet that allows you to create your own Ether money with scannable QR codes. Just give them away as a payment or keep them in your home safe. No need to provide any personally identifiable information or complex registration. Go ahead and feel like a king of your domain with your own pile of Ether tokens printed on a very believably looking bank notes. But keep in mind that if you lose these precious pieces of paper your hard-earned coins are gone forever. Fun factor aside, paper storages for Ethereum are not recommended because the coin is relatively new and there are no reputable providers of this service. Beware of scammers who want to benefit from your desire of novelty to take possession of your unique key.
Even if you are a lucky one to identify the perfect storage tool for your coins, all your research and comparison can go down the drain if you do not commit yourself to follow some elementary security rules. Do not forget to back up your web or desktop wallet on a flash drive and keep it secure. Regularly update your operating system on any device that you use because updates almost certainly contain important security patches. Stay on track of all Ethereum-related news on blogs or social media that you follow because the better you respond to security breaches, the more secure your coins remain.