Going All Digital With Ethereum? Here Are The Top Five Best Ethereum Wallets
Ethereum has emerged as a tough contender in the world of cryptocurrencies, threatening the position of Bitcoin as the number one. There are speculations that Ethereum may even successfully replace Bitcoin from its position and enjoy the number one spot for quite some time. This strong trust that many cryptocurrency enthusiasts and investors have laid on Ethereum is the main driving force, the propellant that is making it a force to reckon with.
However, with a growing trend of buying Ethereum based coins, investors should also ensure that they are going for the most trustworthy and best Ethereum wallets. This would ensure them a safe, secure and powerfully encrypted Ethereum trading tool, which will effectively keep out malware and hackers reaching their Ethereum deposits.
Best Ethereum Wallets
We have brought you a list of top five, the best Ethereum wallets and hopefully even for the next year that will provide you with all the security and transactional features.
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Let us take a look at who they are and what features they provide you.
For The Beginner, For The Simple User: Ethereum Wallet By Coinbase:
Go To: Coinbase Wallet
If you are a beginner to the cryptocurrency world and do not want to face complexities in setting up your Ethereum wallet, this is the best option that you can go for. It is effortless to set up, along with its security settings.
However, it comes with some issues. First, the company Coinbase holds your private key, which means that you are not in the control of your Ethereum account. So they may shut your account down for any possible reason. And this has happened to some before.
Also, it does not support Ethereum Classic. There you go another inconvenience if you are an Ethereum Classic currency holder.
For The Security Obsessed: Hardware Wallets:
Yes, we realize that this is not one single brand and a category. But the whole category is so peculiar that it deserves to be explained as one. If you are extremely particular about the security of your Ethereum account and cannot trust software based sources for security, you better go for a hardware wallet. The best Ethereum wallets in hardware are:
The tradeoff here are the prices. These hardware wallets cost anywhere from $50 to $100, not including the shipping charges. So if you are ready to shell this much moolah, go ahead! Also, if you lose them, times are going to be hard.
For Those Who Already Coinbase: Jaxx Ethereum Wallet:
Go To: Jaxx Wallet
Why the title, you may ask. The reason is quite evident that the features provided by Jaxx are the exact opposite of those provided by Coinbase, except for its simple interface. This wallet supports Bitcoins as well as Altcoins, which is in itself a big deal. On the other hand, its user interface is quite easy to use, even for cryptocurrency noobs.
However, the most significant uptick that Jaxx gets is that it supports both Ethereum as well as Ethereum Classic, which makes it an attractive contender on this list despite being new here. Also, the company does not control your private key, unlike Coinbase.
Find A Middle Ground On Desktop – Welcome Exodus Wallet:
Go To: Exodus Wallet
But middle ground from what? Between Coinbase and Jaxx. But before discussing that, let us talk about its core value. Exodus is one of the most trustworthy and highly secure desktop based Ethereum wallet available today. Its simple interactivity, coupled with security helps it get a place on the list.
However, unlike Jaxx, it does not support Ethereum Classic, it supports only Ethereum on your desktop. And unlike Coinbase, it does not store your private with itself, but rather on your machine.
One downside to Exodus Wallet is that it is not open source.
Ethereum On The Web – MyEtherWallet:
Go To: MyEtherWallet
This Ethereum wallet allows the user to manage their Ethereum account online, without having to hand over your private keys to it. So despite being an online service, it still lets you keep your private keys.
When you initially create an account, it asks you the currency of your choice. When you create an account, it will generate public and private keys that will be password protected, password of your choice. The website will also send you a file along with the public-private key for future use.
Therefore, whenever you are storing Ethereum on your online wallet, you will have to upload this file.
Buying an Ethereum wallet is not much of a head-scratching task at all. If you know what you need and especially what platforms you are fine with to store your Ethereum, you can easily choose your wallet, of course after considering the trade-offs.