Getting started with Ethereum wallets is a confusing process.
Luckily, we’re making it easy to decide which Ethereum wallet is best for you.
Our guide breaks down the top ethereum wallets and by the end you’ll have a much better idea of which wallet to use.
The Ledger Nano X is Ledger's premium hardware wallet. The wallet is housed in a strong sleek, hard plastic enclosure with a high quality stainless steel enclosure. It features a crisp screen that makes handling the wallet very simple, and the included bluetooth functionality makes it ideal for on-the-go CRP transfers via the Ledger Live app for your Android devices.
The Ledger Nano S is Ledger's original hardware wallet. The wallet is housed in a strong plastic frame and utilizes a small screen to confirm transactions on. Unlike the Ledger Nano X, there is no bluetooth functionality, but at its lower price point, it may be a good tradeoff if your are mostly using the wallet to hold ETH for long periods of time.
The Trezor Model T is Trezor's premium hardware wallet. The wallet is housed in a sturdy matte plastic frame with a high quality full-color touch screen display, making it easier to use than Ledger's button navigation system.
The Trezor One is Trezor's original hardware wallet. The wallet is housed in a matte plastic frame and utilizes a small screen with two buttons to confirm transactions on. Unlike the Trezor Model T, there is no Full color touchscreen, but at its lower price point, it may be a good tradeoff if your are mostly using the wallet to hold ETH for long periods of time and not using the wallet often.
A good Ethereum hardware wallet is crucial if you need secure storage for your Ether or ERC20 tokens. Usually, ETH holders will want to buy a hardware wallet if they are planning to hold onto their ETH for a long time, especially if they are holding large sums of money in ETH.
Below you can find a couple of the best hardware wallets on the market.
It supports the most coins and has integrations with MyEtherWallet, making it easy to use the device to store, send and receive ether and ERC20 tokens. Ledger paired with MyEtherWallet is the most popular way to use Ledger for Ether.
If you want to learn more, you can read our review of the Ledger Nano S.
The TREZOR Model T is another hardware wallet, like the Ledger. It also supports storing ether and ERC20 tokens. It has the same integrations as the Ledger Nano S, and can be used with MyEtherWallet to send, receive and store ERC20 tokens.
It can also be used as a password manager for all of your online accounts, which is a nice added bonus.
If you want to learn more, you can read our review of the Trezor Model T
Most ICO (initial coin offering) investors invest in ICOs for the long term. So you probably want secure storage for your ICO ERC20 tokens.
The Ledger Nano X paired with MyEtherWallet for the interface is probably the best combination here.
The best wallet for mining will really depend on what you do with your Ethereum mining income.
If you are constantly selling your mining income for other coins, you may just want to use a hot wallet like Mist Wallet.
But if you plan on saving your mining profits and want secure storage, the Ledger Nano X is a good choice. It also makes it easier to create new addresses than mining to a paper wallet.
In this example, we are using a Ledger Nano X with Ledger Live.
After that, you should receive a confirmation with a transaction ID of some kind. Here is what that might look like.
Using a Ledger wallet to store the private keys of your coins held on Metamask is a great way to increase security.
It is very easy to connect your Ledger wallet to Metamask, and Box Mining has done a fantastic job of walking you through the process in their short video - just skip to 6 minutes and 40 seconds.
Once you’ve connected your Ledger wallet to Metamask, you can easily hook up Metamask to Uniswap if you want to trade ETH or any ERC20 coin or provide liquidity and earn a fee.
On Uniswap.org, select Products -> App in the top menu of Uniswap
Then select “Connect to wallet” and choose Metamask from the pop-up.
From there, just follow the prompts.
It is worth noting that many users are experiencing issues with using their Ledger wallet to make Uniswap trades, however it is unclear if this is an issue with Ledger, Metamask, Uniswap, or some combination of the three. The suggested solution is to go to the Ethereum app on the ledger device and under settings, ‘ALLOW’ contract data.
There is a large history of cryptocurrency being stolen from exchanges. When this happens, users lose money. For example, if an exchange holds 1000 ETH and gets 100 ETH stolen in a hack, you will likely lose 10% of your balance.
This already happened to one Canadian Ethereum exchange. The best option is to store your ether and ERC20 coins in your own wallet.
Yes, most of the wallets listed above support storing Ether (ETH) as well as any ERC20 token.
The Ethereum Blockchain is public and can be viewed by downloading full node software or using a block explorer.
Etherchain is a very popular explorer. To check the balance of an address, paste the address into the explorer. Any Ethereum address looks like this:
The price of Ethereum is constantly changing. The chart below shows the price changes over the last year.
There was a bug in the Parity Ethereum wallet that led to the loss of around $300 million worth of ether. EIP999 is set to unlock these funds. But it is very controversial because some argue that centralized decision making will reverse the lockup, but the point of Ethereum is to be decentralized. Since November 2020, there has not been much written about the EIP999 proposed changes.
Did you just buy Ether and now want a secure Ethereum hardware wallet for your Ether?
This post will show you the three best options to choose from, sorted by lowest price to highest price.
The Ledger Nano S is one of the cheapest of the three hardware wallets for Ethereum.
At €69(or $69 US) not including shipping, its a great deal.
The Nano S stores your Ether offline in a secure environment. When you want to make a transaction sending Ether, the device signs your transactions and transmits the signed transaction to your computer.
The good thing about the S is that is has a screen. This means you can verify all outgoing transactions on your S’s screen. Even if your computer is hacked, your S’s screen will remain secure and verifies that the address and amount you’re sending are correct.
You can also pick up the Nano X, which features a sturdier build as well as Bluetooth functionality for increased mobility for traders on the go. You can pick up the Nano X for $150 or €150.
TREZOR was the first Bitcoin hardware wallet with a screen. TREZOR started support for Ethereum via MyEtherWallet in February 2017.
TREZOR costs $119 and like the S, TREZOR stores your Ether offline in its secure environment. You can also pick up the more advanced Model T for $320 and and you'll get all the benefits of the TREZOR One but with a full color touch screen that is a really nice feature when verifying addresses.
TREZOR also offers a really cool password manager feature. The device encrypts your passwords in its secure environment and then decrypts when you want to login online.
One thing I like about the TREZOR is it appears to me to be the most drop-prone hardware wallet. It is very light and made from plastic, although still offers an elegant design.
If you are on a budget, there is no doubt that the Ledger Nano S is your best option for an Ether hardware wallet.
The added features of the TREZOR Model T make it the premium option if a color touchscreen and key splitting is something that is important to you.
If you are mining Ethereum, then a hardware wallet will be your best bet for secure payouts.
A paper wallet is an Ethereum private key printed and stored offline. This is a form of cold storage. We are not aware of a good way to generate an Ethereum paper wallet. One unique way to make one would be to use a hardware wallet to generate a seed. You could get a list of addresses and use them without the hardware wallet.
Either way we do not recommend using paper wallets as there are many risks to doing so.
The Ledger Nano S has full support for ERC20 and more coins than the other two options. TREZOR has support for all ERC20 tokens. KeepKey only has beta support for ERC20.
MyEtherWallet is a free open-source Ether wallet. Just remember that online software wallets are much less secure for storing Ether than hardware wallets.
Once you download or buy an Ethereum wallet, you will be presented with an address in the wallet software.
To fund your Ether wallet, you need to buy Ethereum from an exchange. Once you buy, you can withdraw the Ether to your wallet.
This is a step you should always take! NEVER store your Ether on an exchange!!!
Once you have Ether in your wallet, you just need to get the address you want to send to and make the payment.
Ether payments are fast although less secure than Bitcoin payments.
You can get a confirmation in maybe 12 seconds, although ideally you should wait a bit longer than that for more confirmations.
Cold storage means that your Ethereum private keys are stored and created offline. The easiest way to do this for beginners is to use a hardware wallet or paper wallet.