Best Ethereum Wallets : Secure your ETH in a Hardware Wallet

Ethereum has been in the market for far too long and has a massive adoption among developers and investors. Further, to build on top of the Ethereum blockchain it is essential for developers to own ETH, and for that, they’ll need some of the industry-leading Ethereum wallets.

Wallet TypeSecurityPricing
Trezor Model OneHardwareFirmware and pin verification along with BIP39 passphrases and U2F hardware token.49 EUR
Coinbase WalletDigitalProvides privacy settings and provision for biometrics verification.Free to use but network fee applicable.
MetamaskDigitalSets password for each instance of Metamask using recovery seed plus non-custodial nature.Gas Fee applicable.
FortmaticDigital walletThe private keys are encrypted and stored in AWS’s Key Management Solution along with SOC 2 Type 1 compliant.Gas Fee applicable.
Ledger Nano SHardwareSecure Element (SE) and Ledger live security.$59
ExodusDigital walletLock wallet provision and provide 2FA with a hardware wallet like Trezor.The network fee is applicable.

Crypto Wallets

A crypto wallet is nothing but hardware or software programmed to store your private and public keys for cryptocurrency transactions. This essentially means that you can either make an account on the wallet-providing website/app or buy a device that does this work.

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How do crypto wallets work?

Crypto wallets work the same way as public-key encryption. 

  • The protocol has two keys- private and public. 
  • The private key is generated at random, which has a respective public key. 
  • A public key is generated from the private key, and this public key undergoes hashing to create an address.
  • This address can be shared to transfer crypto to wallet(s).
  • The private key(s) should only be accessible by the user. Never share this with anyone else.

Points to keep in Mind

There are several factors to consider while selecting a wallet.

  • Type of Wallet:  There are several types of crypto wallets. Wallets with desktop and mobile versions primarily provide complete access to the keys. Hardware wallets are the safest ones. 
  • Classification: Apart from the above type, wallets are categorized as hot wallets or cold wallets based on the connectivity to the internet. Web, mobile and desktop fall under the hot category and hardware wallets fall under the cold ethereum wallet. One should go for a non-custodial crypto wallet. 
  • Multi-currency crypto wallet: A wallet must extend support to multiple currencies.This would allow you to transact different currencies with ease.
  • Link crypto wallet to bank account: Make sure you check whether your crypto wallet allows you to transact to and fro from your bank.
Types Of Bitcoin Wallets
Types of Ethereum Wallets

Here it is, our top picks for Ethereum Wallets in 2021.

Trezor Model One

Trezor One is a hardware wallet developed at SatoshiLabs. 

Trezor Wallet
Trezor Wallet
FeaturesDescription
Accessible Hardware Device. 
Supports Desktop Platforms: Windows, macOS
LinuxMobile Platforms: Android and iOS
Application InterfaceDesktop app suite with native altcoin support.
Trezor One SecurityFirmware verification.
Key operations authenticated by PIN.
BIP39 passphrases supported.
U2F Hardware token.
The bootloader is not vulnerable to attacks involving write or JTAG manipulation.
Multiple Cryptocurrency Trezor One coins include more than just Ethereum. 
DisplayMonochrome along with 2 buttons.
SupportPremium support provided.
Recovery Recovery seed generated in the case restoring is required or because of hardware loss.
MicroSD CardNot available for this version.
Colours AvailableWhite and Black
DimensionsSize: 60mm x 30mm x 6mm (2.4in x 1.2in x 0.2in)
Weight: 12 g (0.42 oz)
Screen ResolutionBright OLED 128×64 pixels.
CPU 120 Mhz embedded ARM processor.
Trezor One Price49 EUR
On Purchase AccessoriesTrezor Model One device.
Micro USB Cable2x Recovery seed card.
Trezor Stickers

Recommended For: Since Trezor crypto wallet is a cold wallet, anyone who prioritises security and likes HODL assets should go for this. There are newer models to come in the market with advanced updates but they fall on the pricer end. You can know about trezor model t vs trezor one in our comparisions articles.

Ledger Nano S vs Trezor one vs Trezor T vs Ledger Nano X

Coinbase Wallet

Coinbase is an exchange platform as well as a wallet platform. Both are exclusive to each other. Coinbase Wallet is a digital wallet that not only stores crypto-like Altcoins but also digital art or NFTs on the user’s device itself. Read our Coinbase wallet review to know more.

Coinbase Wallet
Coinbase wallet
FeaturesDescription
Accessible Available as a Mobile app for Android and iOS. Also available as a chrome extension.
InterfaceEasy to use.
Needs good processing power for mobile applications.
Coinbase Token supportedETH along with popular altcoins as well as bitcoin.
Coinbase wallet Security Provides privacy settings. You can either go public or private (anonymous) as per your preference.
Add biometrics/ passcodes/ face id, whichever is compatible with your environment. 
Seed phrases for backup.
Complete ownership of private keys
Coinbase support for DEXesUsers can access decentralized exchanges to trade cryptos. 
Users also have access to crypto platforms from the app.
Lending ServiceThe wallet allows users to accumulate interest by lending and shows the balance on the wallet screen quite easily.
Username ServiceThis name can be used instead of long addresses to send/receive cryptocurrency.
Coinbase wallet FeeApplicable fee when transferring on the network (not using coinbase exchange).
Wallet SwitchBy importing the 12-word recovery seed, you can switch to this wallet.
KYCNot required.
Is a coinbase account required for a wallet?No.
Backup FeatureEncrypted google drive and iCloud recovery phrase backup.

Metamask

What is metamask wallet? Well, Metamask is a community of individuals who work on blockchain technology so as to create a space where people have access to the decentralized web in an autonomous manner. It is a wallet as well as a browser. 

Trust Wallet vs MetaMask – Which is the Best Crypto Wallet?

Metamask
MetaMask
FeaturesDescription
Accessible Android and iOS. Browser Supported: Chrome, Firefox, Brave, Edge
Metamask Wallet Tokens supportedETH and ETH based tokens.
Security It provides you with a 12-word secret recovery seed.
Sets password for each instance of Metamask using recovery seed.
The user data is stored on the user’s device. It is non-custodial.
Gas FeeApplicable for all work done. It includes a base fee + priority fee. A normal transaction costs about 21,000 gas. 
Withdrawal in FiatMetamask wallet or platform does not support exchange for fiat. This has to be manually done by sending your tokens to any exchange and then cashing it out.
RecoveryThe 12-word seed can be recovered via password. However, if the password is lost on the user end then there is no way to recover the phrase.
Metamask Collectables Supported Yes
Any Hardware Wallet support with Metamask? Trezor and Ledger when used with the extension. Mobile support is yet to come.
MetaMask as a BrowserYou can buy, send, spend or exchange your assets. You have exposure to all things the decentralized web has to offer.

Fortmatic

Formatic is an ethereum wallet. The fortmatic wallet app is specifically designed to make the wallet experience user-friendly. Fortmatic is now known as Magic. To know more, read our Fortmatic wallet review.

Fortmatic
FeaturesDescription
Accessible Web Browser: Desktop and Mobile supported modern browsers.
Private key storage and Security The private keys are encrypted and stored with the trusted 3rd party that is AWS’s Key Management Solution.
SOC 2 Type 1 compliant and non-custodial HSM architecture.
Formatic Token supportedEthereum based tokens include ERC20 and NFTs (ERC720, ERC1155).
Non-Custodial Formatic WalletSince users directly interact with AWS’s Key Management Solution, it surpasses Formatic’s system. Hence, Formatic has no access to the user’s keys.
Dapps that can be usedZerion, Uniswap or Opensea.
Deposit FundsYou can either buy: Moonpay or a Debit/Credit Card. Deposit crypto you already own.
Recovery of 2FA codesA backup png with a scannable QR is created. This QR can be scanned.
Gas FeesCalculated as Gas Limit* Gas Price
Fortmatic Gas FeesThe fees incurred goes to the miners, not Fortmatic ever.
Importing Private Key or Seed PhraseNot supported.
Transferring Crypto into FiatNot supported.

Ledger Nano S

Ledger Nano S wallet is one of the most in-demand hardware wallets in the market. It has a more advanced version known as Ledger Nano X. Nano S is a beginner-friendly hardware wallet with the following specifications. Below are the features of Ledger Nano S ethereum Wallet and multicurrency wallet. You can also earn free crypto on Ledger Nano S through staking,

Ledger Wallet
Ledger Wallet
FeaturesDescription
Type Hardware Wallet.
Exchange Platform Ledger Live.
Ledger Nano S  supported coinsEthereum plus all leading tokens.
SecuritySecure Element (SE): A type of chip that is extremely secure in comparison with the other chip available. It can even hold out against external attacks.
Transaction to and fro and on Ledger Live is secured by the ledger wallet.
Backup of a 24-word recovery phrase.
Connection Can be connected to a laptop or phone via USB.
Material Used Brushed stainless steel and plastic.
Nano S Dimensions 56.95mm x 17.4mm x 9.1mm
Nano S Weight16.2g
CompatibilityWindows 8.1+, macOS 10.14+, Linux all 64-bit supported. For phones, Android 8.1+ and this is all via an OTG kit.
Microcontrollers and ConnectorUSB Type Micro-B with CC EAL5+ and ST31H320 (secure) + STM32F042.
Screen Resolution128*32 pixels.
Ledger Nano S Apps (capacity)6 apps pre-installed and ~100+ supported
Ledger Nano S Price₹5,265.00 without GST and duty.
Colours Available Matte Black, Saffron Yellow, Flamingo Pink, Jade Green, Lagoon Blue, Transparent.
What’s in the Box1 Hardware Wallet and 1 USB cable.
Recommended For: HODLers who are looking for a safe, affordable and secure hardware wallet should go for this. It is quite appealing and easy to carry.
Note: Ledger Nano S chrome app has been replaced by Ledger Live.
Check out Ledger Nano S vs Trezor one vs Trezor T vs Ledger Nano X for a detailed comparison of the above-mentioned wallets.

Exodus

Exodus is a well-liked mobile and desktop wallet. Now the question is “Is exodus wallet safe?” and in their own words the answer is “Exodus is only as secure as the computer it’s installed”. For this very reason, they have 4 Tiers of suggested security guides to prevent external attacks.

Exodus
Exodus
FeaturesDescription
AccessibilityMobile and Desktop
Exodus Wallet SecurityLock wallet provision where the wallet itself gets locked after a selected amount of time and everything is re-encrypted.
Provides 2FA with a hardware wallet like Trezor. 
Exodus Wallet Supported CoinsIncluding Ethereum, 145+ assets are supported.
Buy and Sell SupportProvided.
Send and Receive SupportProvided and easy to use.
Exodus Wallet FeesOnly the network fees are incurred. Exodus does not charge any fees for sending or receiving.
Does not charge for transactions when withdrawing.
Custom FeesYou can set custom fees for transactions.
Exodus Wallet BackupExodus creates a backup once you start using its services.
Recovery PhraseUse your 12-word secret phrase to restore access.
Hardware Wallet SupportTrezor Model T and Trezor One
Exodus Compound Finance SupportCompound Finance built on the ethereum blockchain. Exodus only allows users to lend DAI into it.
Is Exodus open source?It is built on open-sourced components but as a whole, it’s not completely open-sourced.
Technical SupportProvides 24/7 human support.
Exodus Wallet to Bank AccountCurrently does not support transfer to the bank.
Note: Exodus has updated app navigation. You can find documentation regarding this navigation on their official site.

Best Ethereum Wallets: Conclusion

The rule of thumb in the cryptocurrency world is that one should always HODL their crypto assets on the hardware wallets. However, it is also a rule of thumb that you DYOR (Do Your Research). Always make sure that the wallet you go for also supports multiple cryptos since the crypto market is volatile and doesn’t hurt to keep your options open. Therefore, our best choice for the Ethereum wallets is Ledger, Trezor, and Coinbase wallet.

Frequently Asked Questions

What is a multi-currency crypto wallet?

A multi-currency crypto wallet is a wallet that supports the storage of more than one cryptocurrency. These wallets also support their transaction and all their activities. Suppose you have Ethereum coins but you might want to invest in something other than ETH, for storage you might want to look at a multi-currency wallet.

What are cold Ethereum wallets?

Cold wallets are offline wallets that have minimal to no connectivity to the internet. Hardware wallets are categorized as cold Ethereum wallets. For example, Ledger Nano S. These wallets are the most secure wallets with extensive security protocols and strong backup and recovery.

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Naveli Sharma

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