Source : cryptodaily.io
Ethereum is one of the most popular cryptocurrencies out there, and it’s no surprise that there are plenty of wallets designed to cater to Ethereum users. However, with so many options on the market, it can be tough to know which one is right for you. In this article, we are going to look at the five best Ethereum wallets. We’ll also go over each one’s pros and cons, so that you can decide which one is right for you.
- Metamask: Best for interacting with DeFi protocols
- Argent: Best for DeFi, security, and account abstraction
- Nano Ledger S: Best for DeFi and security, and hardware wallets
- Trust Wallet: Best for DeFi, Web3, and mainstream adoption
- GridPlus Lattice: Best for security
Which Are The Best Ethereum Wallets?
Ethereum wallets help users get the most out of the Ethereum ecosystem. By total value locked (TVL), Ethereum is the largest blockchain network. Ethereum wallets can be either hot (soft) wallets or cold wallets (hardware devices). There are mobile-based wallets that allow users to transact on the go, while others have to get set up on the desktop before use. Here are some of the best Ethereum wallets on the internet.
Best For: Interacting with DeFi protocols
MetaMask is one of the most popular Ethereum wallets out there. It’s a browser extension available on Chrome, Firefox, and Brave that allows you to easily interact with Ethereum-based applications. It is also available as a mobile app on Android and iOS.
One nice feature is the ability to synchronize your private keys between the browser extension and the mobile app. The user experience is not great. The UI/UX is confusing, and newbies often struggle with it.
However, they are making progress, and the wallet is already way better than it was a few years ago. MetaMask stores private keys on your device encrypted with your password. If you use the Chrome extension of MetaMask, the private key is stored in the data store of your browser, and if you use a mobile app, it is stored on your mobile.
MetaMask offers integration with Uniswap and other decentralized exchanges. This integration allows you to trade ERC-20 tokens directly from the comfort and security of your wallet. The integration is only available in the Chrome extension but will soon roll out on the mobile app.
MetaMask supports ERC-20 tokens. By default, there is none configured, but you can add any ERC-20 token. The wallet also supports ERC-721 tokens, also called NFTs, and has a DApp browser. Another interesting feature is the ability to connect to different EVM-compatible networks, as well as the public Ethereum testnet. So far, there is no other Ethereum wallet capable of doing this.
For this reason, MetaMask is one of the best wallets for developers to have.
- Supports Ethereum testnets including Rinkeby, Goerli, and Kovan and hence best for developers.
- Supports storage of ERC20, ERC721, and ERC1135 tokens.
- Supports all Ethereum Virtual Machine (EVM) – compatible chains such as Polygon, Binance Smart Chain, and Evmos.
- Integrated with many DeFi and Web3 DApps, and hence is best for investing.
Best For: DeFi, security, and account abstraction
Argent is one of the best Ethereum wallets on the market today. Argent is a mobile wallet available on Android and iOS that is very Ethereum-centric and has many DeFi integrations. Arguably, it offers the best user experience among other Ethereum wallets. Argent employs a one-of-a-kind architecture that includes a smart contract deployment for each wallet – a smart contract wallet.
Very briefly, this Argent wallet architecture offers some unique advantages when it comes to security. They include enforcing a daily limit for the withdrawal of crypto, establishing a whitelist of Dapps allowed to interact with your wallet, and a social recovery mechanism to help you regain control of your wallet with people you trust if you ever lose your password.
There’s still a private key that is used to control this wallet, which is stored and encrypted on your device. Argent has integration with 10 decentralized exchanges, including Uniswap and Kyber, to offer you the best prices on many ERC-20 tokens. Compared to the extended integration of other wallets, there are many more tokens available for Argent.
Argent also offers integration with many DeFi protocols like Compound, AAVE, Yearn, and Balancer. From your wallet, you can invest in these protocols very easily. The support for ERC 20 and ERC 721 tokens is excellent on Argent. However, Argent doesn’t have an in-built DApp browser. To overcome this hurdle, you can use the Wallet connect feature to use any supported DApp on the blockchain.
- High security with account abstraction.
- Support Layer 2 networks like StarkNet and zkSync.
- Has historically lowest transaction fees bordering $0.05 per transaction.
- Offers the ability to recover a wallet through social recovery mechanisms in the case of loss of private keys.
Nano Ledger S Wallet
Best For: DeFi and Security, and hardware wallets
The Nano Ledger S is a physical device, also called a cold wallet. This one is not free – you have to buy it, and it currently goes for $75. The user experience on another ledger is notoriously bad because in order to interact with your nano, you need to use two small buttons and its tiny little screen.
You also have to connect it to your computer with a USB cable, and you also need to use another piece of software on your computer called Ledger Live. The connection between your nano ledger and your computer can be quite flaky. If it’s interrupted, you will need to restart your nano Ledger wallet.
In terms of security, the Nano Ledger ranks the highest among all the wallets mentioned in this article. This is because the private key never leaves the device of the Nano. Even if your laptop is infected with some viruses, they will never be able to steal the private key of your nano.
In terms of integrations with the ledger Live software, you have an integration with an exchange. The integration allows you to buy and sell various crypto assets, including some ERC-20 tokens, but the selection is a little bit limited. There are 1250 ERC-20 tokens supported on the Nano ledger via the ledger Live software.
It’s not possible to add extra ERC-20 tokens on the Ledger Live app, but it’s possible to connect your nano ledger to MetaMask and add any ERC-20 tokens. There is no native support for ERC 721, but with a connection to MetaMask, you can manage your ERC-721 tokens. There is no Dapp browser in the Nano ledger, but once again the connection to meta mask will save you as MetaMask itself has a Dapp browser.
- Secure virus infections or theft of data even when connected to a computer.
- Supported by many DeFi protocols and hence useful for DeFi and Web3 investing.
- Manage your assets with the Ledger Live app from anywhere.
- Compatible with Android 7+ phones, Windows 8.1+, macOS 10.14, and Linux.
Best For: DeFi, Web3, and mainstream adoption
For security, a Trust Wallet stores your private key on your device and encrypts it with your password. In general, it’s harder for hackers to hack into mobile devices because mobile operating systems are not as open-source as desktop operating systems. And even if a hacker had somehow managed to access your device, they could not decrypt the private key without your password.
Trust Wallet has two exchange integrations. One integration is with the Binance Dex, which is on the Binance Smart Chain, an EVM-compatible blockchain. The other integration is with Uniswap DEX, which gives you access to a huge number of markets for ERC-20 tokens.
Trust Wallet supports a lot of ERC-20 tokens out-of-the-box and it’s also possible to add your own custom tokens. It also supports all ERC-721 and ERC-1155 tokens, which is very convenient if you are a gamer or an investor in crypto collectibles.
It also has a DApp browser that will allow you to interact with any DApp. Because of a decision by Apple Inc., the Dapp browser is not available on iOS. However, on Android, you still have access to it. An alternative way for iOS users to use Dapps with a Trust Wallet by using the Wallet Connect protocol.
With Wallet Connect, you scan a QR code given by a DApp on your desktop, and the Trust Wallet automatically knows which transaction to send to the Dapp. It is not as good as an in-built Dapp browser because it requires the Dapp to explicitly support Wallet Connect, and the user experience is a bit more clunky.
- Supports many cryptocurrencies from different blockchains, such as Solana, XRP, Polkadot, etc.
- In-built DApp browser allows users to explore Web3 and DeFi easily.
- Users can buy cryptocurrency easily through an in-build swap feature or by using their credit cards.
- A staking mechanism for earning interest on cryptocurrencies held in the wallet.
GridPlus Lattice1 Wallet
Best For: Security
Dubbed the safest wallet in the crypto space, the GridPlus Lattice1 costs $350 and is by far the most expensive hardware wallet in existence. It does not allow the private keys to leak from the device to any computer because it has no need to be connected to a computer in order to access the blockchain.
The GridPlus Lattice1 stores your seed phrase for you and connects to MetaMask, and you will receive a prompt to sign your transaction in order to submit a transaction to the Ethereum network.
In addition to that, every GridPlus Lattice1 comes with a pair of safe cards, each of which can backup and protect your seed phrase. To back up a seed phrase, all you would do is insert the safe card into the GridPlus Lattice1 and then hit “Backup to Safe Card“. The safe cards are backed by a pin, so you could easily memorize that versus having to memorize a 12 or 24-word seed phrase.
The GridPlus Lattice1 has a large five-inch touchscreen that makes it a lot easier to use. Moreover, it has an anti-tamper security mesh which ensures it will automatically delete all private keys, wallets, and secure data, bricking the device in the process if there is any tampering with the device.
The GridPlus Lattice1 developers created a MetaMask fork that has the Grid network added to it. Additionally, you can also use the device with Badger Finance, Bancor, Charged Particles, Opyn, PoolTogether, Curve Finance, and many more DeFi protocols.
- A Metamask fork that allows users to use the Lattice1 network for maximum security.
- Supports a large number of DeFi protocols including Bancor, Badger, Opyn and Curve finance.
- High security of private keys since the wallet can access the blockchain without connecting to any computer.
- Back up safe cards that store the seed phrases and private keys.
- Anti-tamper security mesh that bricks the device if anyone attempts to physically open it up.
There are many different kinds of wallets and not all of them have been covered in this Ethereum wallet list. The best Ethereum wallet for you is the one that has good security, flexibility, supports for a wide variety of tokens and NFTs, has an in-built DApp browser, has many exchanges and DeFi app integrations, and has an interface that is easy to navigate.
Do I Need a Wallet to Buy Ethereum?
You do not need a wallet in order to buy ETH. You could store them in a centralized exchange. However, this is not advisable since you do not own the private key. If the exchange decides to close down, your funds will be lost forever.
Is There an Official ETH Wallet?
There is no official Ethereum wallet. Many of the Ethereum wallets that exist are as a result of third-party developers, such as ConsenSys and Argent, among others.
What Is the Most Popular Wallet for Ethereum?
The most popular Ethereum wallet is MetaMask. It can connect to many DeFi protocols, allowing users to invest freely and flexibly.
What Is the Best Ethereum Wallet?
The best Ethereum wallet is Argent. Argent has impressive wallet security with biometric access. You can also invest directly in several DeFi protocols like AAVE, Balance, and Yearn. Argent is live on zkSync L2 rollup, which makes transactions on the wallet cheap and fast. You do not need to store your private key because the wallet has a social recovery mechanism to help you regain control of your wallet.
Which One is Safer: Online Wallet or Offline Wallet?
An offline wallet is safer than an online wallet because the latter stores your private key in the browser. Therefore, if a malicious actor can get access to your browser, then he will be able to access your private key and steal your funds. For offline wallets, private keys exist on the device and they never get online.