Best Ethereum Wallets For 2020: What’s the most secure?

Last Updated on August 26, 2020 by Eito

Rank

Picture

Name

Rating

Shop

#1

Best Ethereum Wallets For 2020: What's the most secure? 1

BEST OVERALL

Trezor Model T

#2

Best Ethereum Wallets For 2020: What's the most secure? 2

Ledger Nano X

#3

Best Ethereum Wallets For 2020: What's the most secure? 3

Ledger Nano S

#4

Best Ethereum Wallets For 2020: What's the most secure? 4

BEST ON ANDROID

MetaMask

#5

Best Ethereum Wallets For 2020: What's the most secure? 5

BEST DESKTOP

Atomic Wallet

If you’ve delved into the world of cryptocurrency, you’ve probably heard of Ethereum.

It is the second-largest cryptocurrency, to date, by market capitalization. This cryptocurrency was developed by Vitalik Buterin, who is one of the renowned personalities in the world of cryptocurrencies. 

Ethereum is an open-source software that works on a decentralized network, based on smart contract functionality and is based on a blockchain platform. One of the best ways to keep your Ethereum currency safe and away from hacks is to use a cryptocurrency wallet

When it comes to these wallets, there are plenty on the market. Some of them can hold a variety of cryptocurrencies, and others are developed strictly for holding Ethereum. Some wallets make it easier for frequent traders, while others do not.

So there are a few points to take into consideration when choosing an Ethereum wallet, and in the following guide, we’ll discuss the best wallets on the market and which one is right for you.

Best overall: Trezor Model T

TREZOR MODEL T

The Trezor model T is the next-generation cryptocurrency hardware wallet. It is designed to be your universal vault for all of your digital assets. Feel free to encrypt and store your coins, digital keys, and passwords with confidence.

When it comes to currency, your digital keys are what grants access to coins and data. Trezor is designed to store these keys away safely and allows you to securely access them. The device is also completely isolated, so you never have to worry about your keys ever leaving the device.

If it’s digital independence you are looking for, there is no better way to attain it than with this Trezor model. It secures your assets in an easy and straightforward way.

Storing your passwords, cryptocurrencies, and digital keys have never been easier. Ultimately this is so much more than a security token, and ultimately it is your wallet, your digital safe as well as your keychain.

You can now easily backup your entire wallet. In order to make the process easier, industry standards for recovery seeds are adhered to.

So what this simply means is that you can recover your entire wallet by using a 12-word recovery password to recover the seed, in the event that you lose your device. This model is also the first hardware wallet in the world to make use of and implement Shamir backup.

This model allows you to complete complex transactions with confidence and peace of mind. It features a touchscreen which gives you an intuitive as well as a user-friendly interface to verify your operations.

Using your digital keys, your passwords are individually locked with the Trezor password manager. In order to release these secrets, you’ll need to physically confirm your Trezor and then only will your secrets be released one by one.

This model can also serve as your U2F hardware token. While other tokens do not contain a display and this means that you can never be sure about what you are approving, this model makes use of a trusted display to completely inform you about the authentication request even before you approve it.

It does this by displaying the service you are logging into. 

The Trezor Model T is audited by security researchers and verified by its track record.

This hardware device has a dedicated five-star customer support team that’s ready to help you at all times.

Pros

  • 12-word recovery seed if you lose your device
  • You own your data
  • Trusted digital display

Cons

  • One of the most expensive devices on the market

Product specifications

Hardware or Software: Hardware

Number of coins supported: Over 1000

Trading: Yes

Security Type: Display

Runner Up: Ledger Nano X

LEDGER NANO X

If you are looking for the latest cryptocurrency hardware wallet on the market, then the Ledger Nano X is the one for you.

This hardware wallet is ahead of the competition due to its increased capacity for coins, and it’s Bluetooth connectivity which ultimately makes it a powerhouse for managing cryptocurrency assets.

Aside from Satoshi labs, Ledger is one of the biggest hardware wallet companies in the world. Founded in 2014, they are leaders in security and infrastructure solutions for both blockchain applications and cryptocurrencies.

The company has a team of over 130 professionals and specializes in developing a range of products and services that safeguards cryptocurrency assets. The Ledger Nano X is one of their latest products.

The Ledger Nano X supports over 1000 tokens and coins. And the main coins that can be sent or received by the Ledger Live software interface.

Like the rest of Ledger products, this one offers security above all else. Your key remains protected in a certified secure chip. 

The device is also easy to manage from one secure app. You can buy and manage 26 coins as well as approximately 1500 tokens from your computer or smartphone.

Simply connect your device to the Ledger life mobile app via Bluetooth and securely manage cryptocurrencies from your smartphone. If you don’t fancy using Bluetooth, there is also an option to connect it with a cable to a computer or android device.

The bonus is that you can install up to 100 applications on your Ledger Nano X and choose from a list of 1250 compatible coins such Bitcoin, Ethereum, Stellar, EOS and XRP.

The Ledger contains two built-in chips. One is responsible for the devices operating system while the other is for private key encryption and signing of the transactions.

Ultimately this composition makes the Ledger almost unhackable. And only the most critical information is displayed on the device’s screen. It is also protected by the device’s BOSOL operating system. You can set up a passphrase to protect you against unauthorized access.

Another key improvement of this model is that it displays the entire cryptocurrency on the screen, so you don’t need to scroll in order to be able to validate the entire dress.

This model definitely leaves other devices in the dust, and this also reflects in the price tag.

So it is most suitable for people who are heavily invested in altcoins and bitcoins. However, the device does have good usability and convenience, which makes it one of the most advanced hardware wallet options on the market.

Pros

  • Two built-in chips for increased security
  • Use it everywhere you go
  • Easy to manage multiple apps on one device

Cons

  • It is expensive

Product specifications

Hardware or Software: Hardware

Number of coins supported: more than 1250

Trading: Yes

Security Type: Certified secure chip

Alternative: Ledger Nano S

lager nano s

One of the most popular hardware wallets around is the Ledger Nano S. To date it has sold over 1.4 million units, and it is one of the most affordable and secure options to store cryptocurrencies.

One of the key reasons to invest in Ledger hardware wallets is the company’s priority for security. This is because currency hardware wallets are much like bank accounts, they contain full access to funds, and it’s therefore worth investing in high-level security.

The Nano S contains two hardware chips. The first one is independently certified and stores the private key and signs off transactions. The second one is responsible for Ledger’s proprietary operating system. 

So what this basically means that even if your computer is hacked, the Ledger will still keep the currency secure. The advantage of the Ledger Nano S over other hardware wallets is that it has two built-in chips, while others have only a single layer of security.

The Ledger Nano S is also one of the only cryptocurrency hardware wallets to receive CSPN certification issued by the ANSSI.

With the Nano S, you can also use a pin code and passphrase to protect your funds. The pin code is normally used to unlock your device while you can also set up wallets protected by passphrases in addition to the pin code.

So the advantage is that in the event you are threatened to unlock your device, you can always use the pin code to access wallets with lower funds. At the same time, the bulk of currencies or assets are contained in the passphrase protected wallets.

The Nano S also has diverse support for different cryptocurrencies. In fact, it supports more than 1100 different assets.

The Nana S also contains two hardware buttons that are located on the top device. These buttons allow you to access menus, make selections and input recovery phrases.

This hardware wallet is also one of the most affordable ones on the market, and although it’s one of the least expensive hardware wallets, it still has top-of-the-line security. So this makes it one of the most secure devices for cryptocurrency holders who don’t have many different assets. 

Pros

  • Pin code and passphrase for added security
  • Supports thousands of different assets
  • Affordable

Cons

  • More for casual traders

Product specifications

Hardware or Software: Hardware

Number of coins supported: more than 1100

Trading: Yes

Security Type: Not specifed

Alternative: Trezor One

TREZOR ONE

The Trezor One cryptocurrency hardware wallet is one of the most trusted wallets on the market. These wallets are based on the principle of “zero trust.”

Trezor, therefore, works on the expectation that even the most secure currency systems may become compromised, in terms of asset security. Therefore, this device is one of the most secure ways to store cryptocurrencies and private keys.

The Trezor One is a compact device and fits comfortably in the palm of your hand. The simple design has a small screen and two buttons for navigation on the front.

It’s almost the same length as Ledger but has a larger width which allows for a decent size screen and displays six lines of information. This is enough to verify transactions without scrolling off the screen like Ledger’s device.

After some upgrades, the Trezor One now supports over 1000 crypto assets which are more than most other hardware wallets out there. So the device is basically on par with competitors like Ledger.

So it’s highly likely that you will find your favorite coin supported on the Trezor One and it also supports all ERC – 20 based tokens.

One of the things that stands out about the Trezor One is that Bitcoin is stored directly on your connected Trezor device, including the Trezor One as soon as you make your purchase of the coin.

So, there’s no hassle of sending Bitcoin from the exchange to hardware wallets and there is also no worries that you could have sent Bitcoin to the wrong address. 

Like most other cryptocurrency hardware wallets, this one allows you to set a pin code between 4 to 6 digits. You are also prompted to set a seed phrase.

You are allowed to skip this stage on the Trezor One; however, it’s highly recommended that you don’t. Your seed phrase needs to be 24-words, and you should write it down and keep it secure.

The Trezor One device is slimline, functional, lightweight and easy to use. 

When it comes to coin support, this has recently been expanded, and the range of supported digital assets on the device rivals that of major competitors.

Trezor One has also established itself as an industry leader when it comes to security, and the device is a secure place to store crypto assets. There are constant updates to stay op top of new threats.

So if you are looking for a battle-tested cryptocurrency hardware wallet, Trezor One is the one. Trezor’s commitment to open-source code makes its devices transparent, auditable and open for constant improvement.

Pros

  • Open source code is transparent and auditable
  • Compact and lightweight
  • Highly secure

Cons

  • Missing some assets with large communities like ADA, XRP and XMR. 

Product specifications

Hardware or Software: Hardware

Number of coins supported: Over 1000

Trading: Yes

Security Type: Pin and seed phrase

BEST FOR ANDROID: MetaMask

METAMASK

If you’re looking for a cryptocurrency wallet that can be used on Chrome, Brave and Firefox browsers, then MetaMask is the one. It’s also a browser extensio. So it works like a bridge between the Ethereum blockchain and normal browsers. 

The MetaMask wallet is used for storing keys for the ERC 20 tokens and Ethereum on three different browsers. Users can browse the Ethereum blockchain from the standard browser, and MetaMask offers various other advantages.

For one, it is open-source, and this means that all the MetaMask code is online and free to access. Open-source software can also be reviewed and updated by the community, meaning that it is continuously improved.

MetaMask contains built-in point purchasing. So there are two exchanges where you can purchase currencies. You can select Coinbase to purchase Ethereum and ShapeShift to buy Ethereum and ERC 20 tokens.

MetaMask also contains HD settings which are also known as Hierarchical deterministic settings which allow users to back up their accounts. The user is presented with a list of seed phrases which can be used to reset lost account information.

MetaMask contains a detailed support page as well as a video introduction on their homepage to get as many people involved with the Ethereum network as possible.

Currently, MetaMask has more than one million active users and over 40,000 followers on Twitter, so they have quite an active Ethereum community.

MetaMask keys are also stored on the users own browser and not on any remote servers like other wallet providers. This allows the user more control over their public and private keys.

Ultimately, MetaMask has a simple interface which is easy to use. The features are laid out clearly so sending and receiving currency is simple even for beginners.

Pros

  • Open source
  • Active community and customer support
  • Simple user interface

Cons

  • Users may feel uncomfortable having browsers collect info about them

Product specifications

Hardware or Software: Software

Number of coins supported: Not specified, Ethereum and all ERC-20 tokens

Trading: Yes

Security Type: Online

Runner up: ZenGo

ZENGO

ZenGo is the first keyless wallet supporting multiple cryptos. It’s available on IOS devices from iPhone 6 onwards and on most Android devices.

Coins such as Bitcoin, Ethereum and Binance are supported by the wallet. ZenGo offers users the option to conveniently buy crypto assets through the app using their credit card or Apple Pay.

One of the things that set this app apart from the competition is that it divides the private key into two parts. The first key is stored on its server and the other on the user’s phone. A transaction can, therefore, only take place when both parts interact, and the private key is computed.

When signing in for the first time, the client’s face is scanned, and an encrypted backup of the private key share is stored on the user’s customer cloud storage.

In the event, the phone is lost, and the user needs to access their wallet, they merely re-authenticate with a quick face scan which then decrypts the private key share initially stored on the cloud and the funds are restored.

These high-tech security measures are conveyed through a well-designed, simple interface that is uncomplicated and user-friendly.

Sign-up is also simple and straightforward. So is the process to send crypto assets. Currently, the platform does not support Ethereum – ERC 20 tokens, but the company has promised expansion in later versions to come.

The app does support staking Tezos as well as earning on Ethereum stablecoins such as Tether, DAI and USDC through an integration of the compound protocol.

They also have excellent customer service, which offers 24/7 support and can be reached via social media, live chat on the app as well as email. The bonus is that sometimes, the CEO himself will answer questions in the support chat.

Pros

  • No seed phrases or private keys required
  • Earn interest on your currencies
  • One tap customer service

Cons

  • No support to use ZenGo with other apps

Product specifications

Hardware or Software: Software

Number of coins supported: Not specified

Trading: Yes

Security Type: Security is shared between users device and ZenGo servers

Best Desktop: Atomic Wallet

atomic wallet

Atomic wallet is a multi-currency, decentralized and feature-rich currency vault. It allows users to store and exchange digital currencies. The multiplatform app was developed in 2017 and came with a range of benefits for users.

For one, it is a multi-platform which is available as both a mobile app and a desktop one. The mobile app is available in IOS and Android versions while the desktop version supports the most popular operating system such as Mac OS, Ubuntu, Linux, Windows and Fedora.

The app has a bulletin exchange which facilitates both peer-to-peer crypto exchanges as well as in-app crypto swaps. This was achieved by partnering with some of the leading decentralized exchanges such as Changelly, Binance and ShapeShift.

This app also has a valuable price tracking and portfolio management tool allowing users to monitor the value of their crypto investments in real-time and on a single interface.

In addition to crypto investing and in-app trading, Atomic wallet exposes you to the lucrative world of coin staking.

Atomic wallet in their joint efforts with Simplex allows two users to purchase digital assets using their credit and debit cards while safeguarding their privacy and allowing them to trade anonymously.

There’s also tons of educational and trading resources available by Atomic wallet’s partners, namely CoinMarketCap. Ultimately, these resources keep you on par with current happenings in the crypto industry.

When it comes to security features, the Atomic wallet app will prompt you to create a strong multi-character password for your account. This is irrespective of whether you are creating a mobile or desktop account. 

The app also features a recovery seed backup which encourages you to set a 12-word password so that in the event your phone or computer is lost; you can use this recovery seed to restore your account.

Although the app was designed using highly advanced technology, it’s still reasonably user-friendly. So navigating through the app and carrying out essential functions like buying and selling currencies as well as monitoring your investment portfolio are all easy to do.

The app is also multilingual and supports a variety of different languages such as Chinese, Portuguese, Japanese, French and Russian etc.

They have a responsive customer support team, and users can expect a response to their questions within a few hours. Feel free to contact customer support via popular social media platforms such as Facebook and Twitter.

Pros

  • Contains a host of security features
  • Supports anonymous trading
  • Supports credit card purchases

Cons

  • Atomic wallet code is not open sourced and there;s a 2% fee charged on credit card purchases

Product specifications

Hardware or Software: Software

Number of coins supported: 500+

Trading: Yes

Security Type: Pin and seed phrase

RUNNER UP: Guarda Wallet

https://guarda.com/

Guarda is a multi-currency wallet available for mobile, desktop and web and chrome extensions. The wallet itself supports all of the major cryptocurrencies around the world, and users seem to be quite happy with its features such as trading crypto and setting custom fees.

This is also open-source software that comes in many different implementations. You can choose between various wallet versions for iPhone, Android, web and chrome browser extensions or a desktop wallet available for Linux, Windows and Mac OS.

Ultimately, there’s a wallet solution to suit everyone’s preference. The best part is they are all free.

All of these wallets are non–custodial, and this means they give users full control over their own coins and therefore, full responsibility for their secure storage. The company claims that they are storing no cryptographic or personal information, and the user is the only person that’s able to manage their cryptocurrency.

All wallet versions have access to exchange features, and users are provided with the ability to buy any of the supported cryptocurrencies via debit card.

The web version is accessible through any device connected to the Internet and has the capability to connect to Ledges API.

The desktop and laptop versions also have the same capabilities and functionality as the web version. You don’t need to register, and usage is non-custodial.

When it comes to the mobile Guarda wallets, there are two different varieties. It supports two of the most popular operating systems for mobile devices which are iOS and Android. The iPhone wallet is called Guarda, while the Android wallet is called Moxi, for some reason.

A total of 47 different currencies are supported by the wallets as well as all BEP-2 and ERC–20 tokens.

The customer support team is extremely responsive and answers all comments and questions. Therefore lots of users are satisfied with their product and customer service, earning the company lots of positive reviews.

Ultimately, Guarda’s wallet offering is deep and wide, providing users with a toolkit for almost everything they need to do with crypto.

Pros

  • Great customer support
  • Customizable fee
  • Multi-platform

Cons

  • New to the market

Product specifications

Hardware or Software: Software

Number of coins supported: 40+

Trading: Yes

Security Type: Encrypted backup, non-custodial storage and Face and TouchID

Ethereum Wallets FAQ

What Is Ethereum Wallet?

Like all digital assets, Ethereum needs to be placed in a secure place before you can trade it.

In the world of cryptocurrency, this place is called a wallet. Ideally, it’s a piece of software that allows you to store your funds and then easily process transactions and check your balance whenever you need to.

Ethereum wallets work nothing like conventional or physical wallets. In fact, the Ethereum is actually not stored in your wallet or anywhere else for that matter. Just like every other cryptocurrency, Ethereum doesn’t exist in any tangible form or shape.

The only thing that exists are records on the Blockchain, and your wallet will only interact with the Blockchain to enable transactions.

Additionally, these wallets have public addresses which are randomly generated strings of case-sensitive numbers and letters. So if someone were to send you Ethereum, they would use this address. This address is also known as a public key and essentially transfers the ownership of the coins.

However, what is stored in your wallet is your private key which is a password that you need to sign up for transactions and unlock coins sent to you. The private key, therefore, has to be kept a secret if you would like to avoid getting your Ethereum stolen.

Difference between hardware and software wallets

DIFFERENCE BETWEEN HARDWARE AND SOFTWARE WALLETS

Hardware wallets

Hardware wallets make crypto storage options more secure. They store private keys on a hardware device, meaning that you don’t need to leave your private keys on a computer which could be potentially hacked into. 

These hardware wallets are physical devices that are compatible with several web interfaces and support different currencies. In order to access it, all you need to do is plug it into any internet-enabled machine, punch in the pin, send the currency and confirm the transaction. 

One of the major advantages of hardware wallets is that it is not only safe but also easy to use. Some of the most popular brands are names such as Trezor and Ledger, which are known for creating highly secure and user-friendly hardware wallets.

A good hardware wallet will contain physical buttons, a display screen and will be capable of backing up and providing recovery of the private keys stored on it.

Software wallets

Software wallets, on the other hand, can be used to store digital currency. They are non-physical programs that you can download onto your computer. These wallets need a password to access the coins that are stored on it. 

As with hardware wallets, you have the option to restore and recover your coins by making use of the recovery or seed phrase.

In the event that you forget your password or your computer is hacked or damaged, this will be useful. Software wallets are available in three formats that are desktop, mobile and an online or web version. 

How To Set Up An Ethereum Wallet?

They are a number of platforms that you can use to set up your Ethereum wallet.

They are various software and hardware options. However, if this is your first time, we recommend that you set up a mobile wallet for your smartphone, which is quick, easy, and user-friendly.

Step one

Depending on the platform your phone is running on, you can either go to the app store (IOS) or Google Play (Android)

Step two

Search and download a compatible Ethereum wallet

Step three

Once you open the app, write down your 24-letter password. It’s crucial that you write down this information as it is essential to the backup of your wallet. 

Step four

Set a strong password. 

Step five

Add Ethereum to your wallet.

Step six

Use your receiving address to receive Ethereum.

How To Check Ethereum Wallet Balance?

Depending on whether you are using a software or hardware wallet, there are various ways to check your Ethereum balance. Most of this information can be found on the apps themselves, or you can contact customer support to give you step-by-step instructions on how to do so.

Some software wallets also allow you to connect hardware wallets to them and seamlessly integrate your transactions. Here’s a detailed look on how this is done. 

How Do I Cash Out Ethereum?

If you haven’t invested in a hardware wallet, and are using one of the popular software wallets, cashing out your Ethereum is simple and straightforward. Here’s a closer look at how to go about it. 

Conclusion

Ethereum is one of those currencies that has been taking the world by storm since 2017. Not only is it a decentralized system, but the benefits include allowing payments to be sent over the Internet without the need for a third party or even a bank.

Aside from being one of the more popular currencies on the market, valuations are also on the rise, and you can trade on exchanges and use it to buy goods. So in a nutshell, there are more reasons to trade Ethereum than not to.


Best Ethereum Wallets For 2020: What's the most secure? 6

Eito

Eito Khela has been investing in cryptocurrency since 2012, with a heavy emphasis on bitcoin and a few altcoins. After purchasing his first bitcoin with his wage from a cafe in NYC, he began building his portfolio, and made some intelligent investment decisions along the way. Today, he holds more than $11M in personal wealth all gained through trading cryptocurrencies, and spends his time teaching others.

Last Updated on August 26, 2020 by Eito