If you’re always looking to get your money up like me, then you’ll know that Ethereum is one of the best cryptocurrencies you can invest in. But to do this, you’ll need a secure Ethereum wallet that you can rely on. If you don’t know what crypto wallet to use, then I’ve got you covered.
In this article, I will be discussing 7 of the best Ethereum wallets you can use to manage your ETH in 2023.
What is Ethereum?
I’m 90% sure that when you think about ‘cryptocurrency’, Bitcoin will be the first thing to pop into your head. Well, after Bitcoin was Ethereum.
Ethereum (ETH) was introduced into the crypto world in 2015, a solid 8 years ago. Over these 8 years, it has grown to become the second largest, most valuable, and most popular cryptocurrency in the world.
Many investors/traders buy Ethereum to keep with the intention of reselling it later to make a profit. Think of it like hoarding gold to sell when the demand is high. While some people don’t hoard it in the long term, they engage in regular trades to make a profit as the market price goes up and down.
To engage in Ethereum transactions and investments, you need a crypto wallet to buy, store, and sell your ETH.
What is an Ethereum Wallet?
An Ethereum wallet is a special kind of cryptocurrency wallet that holds ETH. Just like you keep money in your regular physical wallet, an Ethereum wallet is where you safely keep and manage your $ETH. The same way you can keep, send, and receive money with your bank account, is the same way you can store, swap, send, and receive ETH with your Ethereum wallet.
There are different types of Ethereum wallets. There are desktop, mobile, or web apps), hardware wallets (physical devices), and paper wallets (printed versions of the private key). Based on what you need and prefer, you can pick any of these Ethereum wallets to manage your ETH.
You would want your ETH to be safe, right? Then you should pick a trustworthy and reputable Ethereum wallet for your ETH.
Seven Best Ethereum Wallets of 2023
While there are many Ethereum wallets to choose from, some of them just stand out. Below, you will find a list of 7 best Ethereum wallets of 2023 and their different peculiarities.
1. Trust
Trust wallet is a popular mobile cryptocurrency wallet that allows you to safely store, manage, and trade a variety of cryptocurrencies. A lot of people like this wallet because of its simple interface and how easy it is to use. At first, it was strictly an Ethereum wallet, but it has now grown to become a multi-coin wallet.
With Trust Wallet, you have complete control and ownership of your ETH. You will also be able to interact with the Decentralized Finance (DeFi) ecosystem because Trust integrates decentralised applications (dApps) and decentralised exchanges (DEXs) into its crypto wallet.
One of the cons of using Trust Wallet is that there isn’t a version for desktop, so you’ll have to make do with using this Ethereum wallet on your mobile device.
2. Metamask
MetaMask is a well-known browser extension and mobile app that acts as a digital wallet for engaging with decentralised applications (dApps) on the Ethereum blockchain and other networks.
With Metamask, you can securely manage your Ethereum tokens. It works as a self-custodial wallet, which means you have full control over your private keys and coins. MetaMask does not retain or control your crypto; it merely provides a user-friendly interface through which to interact with the Ethereum network.
Metamask is available as a mobile app on both Android and iOS devices. Because Metamask is built on the Ethereum blockchain, it does not support Bitcoin and its related coins.
3. Exodus
The Exodus wallet is a software-based cryptocurrency wallet with a user-friendly design and many functions. It is intended to make managing digital assets simple for people, especially beginners.
Being a multi-coin wallet, Exodus also supports a wide range of cryptocurrencies apart from Ethereum. This wallet has an aesthetically beautiful and user-friendly design that allows you to manage your wallet balances, transaction history, and cryptocurrency all in one location.
You can easily exchange your Ethereum for other cryptocurrencies within the Exodus wallet because it is connected to other exchanges. That means with Exodus, there is no need for a third party. This crypto wallet also supports a wide range of Ethereum-based tokens including NFTs.
You should note that Exodus is not a closed-source wallet, meaning that the public can’t access or modify the source code. So, you’ll have to trust the developers!
4. Guarda
Guarda Wallet is another self-custodial multi-currency cryptocurrency wallet that allows you to safely store, manage, and exchange your ETH. It is compatible with a variety of digital currencies aside from Ethereum. This ballet is available for use both as a web version and as a mobile wallet.
Since Guarda Wallet is self-custodial, you have complete control over your private keys and ETH. You can also import existing Ethereum wallets into Guarda Wallet by using their private keys or backup phrases.
Guarda wallet has proven itself to be a highly secure multi-coin wallet where you can store, receive and send ETH and other Ethereum based tokens. However, one of the downsides to using Guarda Wallet is the high in-app crypto purchase fees.
5. MyEtherWallet
MyEtherWallet (MEW) is a popular, open-source, free online wallet that allows users to manage all Ethereum-based tokens. It is known for its wide use range and how much it makes use of smart contracts.
MEW creates wallets client-side, which means the private keys to your ETH tokens are generated locally on your device and stored on it. This is to put you in complete control of your private keys and coins.
You can also combine MEW with hardware wallets like Ledger and Trezor to add an extra layer of protection to your transactions. This allows you to keep your private keys offline and safely kept on the hardware wallet device. If you are new to trading and investing in crypto, you might want to start with a wallet that is simpler to use, as MEW might be too advanced for you.
6. Ledger Nano
The Ledger Nano is a well-known hardware wallet brand known for its security and reliability when it comes to storing cryptocurrency. It is intended to offer users a safe offline storage solution for their digital assets. The hardware device has a small screen and physical buttons for transaction navigation and confirmation. They use a secure element chip to safeguard secret keys and securely sign transactions, even while linked to possibly compromised PCs.
Private keys never leave the device when using a Ledger Nano wallet, massively reducing the risk of theft or unauthorised access. To use your wallet, you’ll link it to a computer or mobile device through USB or Bluetooth. What that means for you is that you must not lose your hardware device. Do you trust yourself not to do that?
7. Coinosh
Coinosh is the first decentralized cryptocurrency wallet in Africa. All Coinosh aims to do is to put you, the user, in total control of your cryptocurrency. Being a multi-coin platform, you have the opportunity to send, store, receive and swap over 100 cryptocurrencies in a single wallet.
This crypto wallet supports over 100 cryptocurrencies including Ethereum, and you can use it on both Android and iOS devices. The non-custodial wallet puts you in charge and allows you to send and receive your ETH fast and effortlessly. Being a highly secure wallet, Coinosh is a safe space to store your ETH if you are not ready to trade.
You can easily exchange ETH for another coin without using third parties on Coinosh, thanks to its built-in swap feature. You can also use it to protect your NFTs and stay ahead of the cryptocurrency market with real-time market news and stats.
Frequently Asked Questions about Ethereum Wallet
1. Where can I open an Ethereum Wallet?
To get an Ethereum wallet, you need to first have a crypto wallet. You have to be sure the crypto wallet you pick is
compatible with ETH and other Ethereum-based tokens.
These crypto wallets come in web versions, mobile apps, and desktop applications.
2. Is there free Ethereum Wallet?
Yes, there are many free Ethereum wallets available for you to use to manage your ETH.
A lot of cryptocurrency wallet providers have free versions of their wallets, which allow you to set up and manage your Ethereum wallet without paying for the platform.
However, some crypto wallets may also have a paid version where you have to pay to access some premium features or services.
3. Which is the best Ethereum Wallet?
Your personal preference is what will determine the Ethereum wallet for you. Coinosh is one secure and reliable wallet that puts you in charge of your ETH.
However, before you decide on an Ethereum wallet to manage your ETH, I will advise you to do your own research and compare available options that best suit your wallet needs.
4. Does Ethereum Wallet address change?
No, Ethereum wallet addresses typically do not just change except you manually generate a new wallet address by yourself.
But there are some wallets that use a Hierarchical Deterministic (HD) wallet structure, in which new addresses are created for each transaction. Wallets that use this structure do so for security and privacy reasons.
You should research your chosen crypto wallet’s features to understand how it manages addresses.
5. Where can I get an Ethereum Wallet?
You can download your Ethereum wallet from the official website of the crypto wallet you decide to use.
If the crypto wallet you are using is not strictly an Ethereum wallet, you will have to follow some steps to create your ETH wallet.
Additionally, you can download your Ethereum wallet from official app stores like Google Play Store and Apple App Store on Android and iOS devices respectively. Just ensure that wherever you are downloading from is a trusted source in order to avoid ending up with cloned or malicious wallets.
Conclusion
There are many Ethereum wallets out there, just as there are many fish in the sea. This is because new crypto wallets spring up all the time. While some are more popular than others, the best Ethereum wallet for you will be determined by your own needs and preferences.
Whatever you are searching for in a wallet, Coinosh is a software crypto wallet I can guarantee to satisfy all your needs. If you’re looking for security, low fees, good rates, a user-friendly UI, or ease of use, Coinosh is your trusted go-to crypto wallet.