Best Ethereum Wallets for 2023

Ethereum is one of the most popular crypto tokens in the market – second only to Bitcoin. However, before buying Ethereum, there is a crucial factor that investors should think of – that is, how to store ETH tokens safely and securely?

In this guide, we compare the best Ethereum wallets for 2023 – based on security, fees, features, and convenience.

Choosing the best Ethereum wallet app can be a challenging task. The right wallet for an investor will depend entirely on the specific needs of the individual.

Below, we have included detailed reviews of the above wallet providers, so that our readers can make an educated and informed decision.

The Best Ethereum Wallets Reviewed

The best ETH wallets in the market offer a good balance of security, convenience, and functionality.

After analyzing many providers, we found that the top Ethereum wallets to consider right now are those discussed below:

1. eToro – Overall Best Ethereum Wallet for 2023

eToro is one of the most well-reputed cryptocurrency platforms globally. It gives users access to over 70 digital assets and supports direct purchases of Ethereum tokens at a fee of just 1%. The platform also supports multiple payment methods – including credit/debit cards, bank transfers, and e-wallets.

Regarding wallet services, eToro provides its customers with a custodial storage solution. Users can simply log in to their eToro account to access and manage their Ethereum tokens, This is extremely convenient – as individuals can cash out their ETH investment directly from the eToro portfolio.

eToro also features a separate Money app that allows its customers to send and receive Ethereum coins to and from different wallets. This app can be downloaded for free and is compatible with both iOS and Android phones. Moreover, it integrates with the eToro brokerage platform and can be accessed via the same login credentials.

Moreover, users will be able to buy Ethereum and other cryptocurrencies directly within the Money wallet. The minimum investment amount required is only $10. eToro processes Ethereum transfers to or from the Money wallet app for free – however, customers will still be required to pay the blockchain network fees.

Furthermore, users will be able to swap Ethereum and access up to 500 crypto-to-crypto pairs through the wallet app. As a custodial wallet, eToro also offers a private key recovery service – so customers do not have to worry about losing access to their digital assets.

In terms of security, the eToro trading platform is heavily regulated on multiple fronts – by the SEC, FCA, CySEC, and ASIC. On top of this, user accounts can also be protected using 2FA. For the Money wallet, eToro has implemented numerous high-level security features such as DDoS protection and standardization protocols to shield accounts against unauthorized access.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

2. Crypto.com – Ethereum Wallet for Staking Crypto 

Our next pick for the best Ethereum wallet is Crypto.com, a Singapore-based crypto exchange. This DeFi wallet supports over 690 digital assets, including Ethereum. It also allows customers to send, receive, store, and stake Ethereum via its user-friendly interface.

The advantage of the Crypto.com DeFi wallet is that it does not store the client’s private keys on its server system. In other words, this is a self-custodial wallet that gives its users complete control over their private keys. Moreover, it functions as a separate entity from the Crypto.com app – therefore, individuals can access this wallet anonymously.

Nevertheless, it is possible to link the DeFi wallet to the Crypto.com app to unlock the full potential of the platform. Furthermore, Crypto.com does not charge any direct fees for processing deposits and withdrawals of Ethereum. However, this does not exclude users from having to pay the network charge.

The Crypto.com DeFi wallet is extremely easy to use, even for beginners. It facilitates investments into Ethereum directly from within the wallet, through the Crypto.com app. And in case individuals are wondering how to spend Ethereum, Crypto.com also issues a Visa card for digital currencies.

Additionally, investors can also stake Ethereum and earn interest via DeFi platforms such as Aave, Compound, and Cosmos. What’s more, the Crypto.com DeFi wallet also supports NFTs. Meaning, that users can purchase digital collectibles via the Crypto.com NFT marketplace and store them in the DeFi wallet.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

3. Coinbase – Best Ethereum Wallet App for Beginners

Coinbase is a global cryptocurrency platform particularly known for its beginner-friendly service. It also offers top-notch security, including crime insurance and cold storage for client funds. This means that customers of Coinbase can buy Ethereum and leave the ETH tokens in their account.

This is without having to be concerned about the safety of the digital assets. In addition to this, Coinbase also offers a separate non-custodial wallet. This app functions independently from the Coinbase exchange. Nevertheless, users can connect the two to transfer ETH tokens from one account to another.

Apart from Ethereum, the Coinbase wallet supports over 5,000 other digital tokens. Moreover, it also offers its users access to the decentralized web. This means that Coinbase customers can stake Ethereum in liquidity pools, or swap DeFi tokens through the wallet. However, if using the Coinbase platform to buy cryptocurrency, bear in mind that fees are high.

For instance, Coinbase charges a standard commission of 1.49% for crypto trades and a fee of 3.99% for credit/debit card transactions. As with Crypto.com, Coinbase also features an NFT marketplace. After purchasing NFTs via this marketplace, customers can store their collectibles in the Coinbase wallet for free.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

4. MEW – Top Ethereum Wallet That Interacts With Smart Contracts

MEW or MyEtherWallet is one of the first few platforms to offer storage services for Ethereum. It has an open-source architecture, and even facilitates interaction with smart contracts. Through MEW, individuals can send and receive not only Ethereum but all ERC-20 tokens.

On top of this, MEW is also compatible with other networks such as Binance Smart Chain, Polygon, and more – so that users can manage several altcoins and DeFi tokens easily. The software wallet app is free to download and is compatible with iOS and Android devices. It also has a web version that provides access via a desktop browser.

Furthermore, MEW offers support for popular hardware wallets such as Ledger and Trezor – which we discuss in detail later. MyEtherWallet is a non-custodial app and as such, it generates the private keys on the user’s device. The wallet also provides a mnemonic phrase for recovering the assets, in case the private key is lost.

MEW works with popular decentralized exchange aggregators such as 1inch so that users can choose the best rate for buying and selling Ethereum, It also integrates with the likes of Simplex, MoonPay, and Changelly to facilitate direct purchases of Ethereum and other coins.

On top of this, those who use MEW will also be to cash out their ETH tokens through the wallet and withdraw the funds to their bank account. MEW has also launched its own collection of NFTs, titled ETH Blocks. These can be minted via the MEW app and can be stored within the wallet.

5. MetaMask – Popular Crypto Wallet for Ethereum

The name MetaMask has become synonymous with crypto wallets all over the world. It is perhaps the most commonly used wallet app out there, with more than 30 million users. MetaMask is not only intuitive, but it also packs attractive features while maintaining its user-friendly interface.

MetaMask is widely considered the best crypto wallet for convenience, as it offers a self-custody of tokens and integrates with almost all popular altcoin exchanges. Users can even access popular NFT marketplaces such as OpenSea by connecting MetaMask to the platform. The software wallet is available as an Ethereum app as well as in the form of a browser extension.

Along with Ethereum, MetaMask supports thousands of other digital coins. It also gives access to the Web3 and lets its users swap digital assets directly via the wallet. That being said, MetaMask cannot store Bitcoin directly.

This should be a serious consideration because the best ETH wallets in the market support BTC tokens with ease. In case users want to hold Bitcoin in MetaMask, they will have to convert them to WBTC tokens – which are ETH-based coins with their value pegged to BTC. Other than this distinct disadvantage, MetaMask is highly secure and simple to use.

Furthermore, if individuals do not hold any Ethereum, they can easily buy ETH tokens without having to leave the MetaMask wallet. The platform supports different networks and payment methods, however, the options available will vary depending on the region. Similarly, the fees will also differ based on the chosen payment method.

6. Ledger Nano X – Best Hardware Ethereum Wallet 

All of the best Ethereum wallets discussed until now belong to the category of software. While they offer high security, they are not as good as their hardware counterparts. This is because hardware Ethereum wallets store the digital assets completely offline.

Ledger is one of the leading names in the crypto hardware wallet industry. One of its best products, the Ledger Nano X, combines both convenience and security. In appearance, it looks like a USB device made out of stainless steel and plastic. It also has an in-built keypad that users can utilize to enter the PIN code for the wallet to verify transactions.

Ledger Nano X is compatible with Android, iOS, Windows, macOS, and Linux devices. The hardware wallet can be connected to a phone using a USB-C cable or via Bluetooth. After connecting the wallet to a computer or phone, users can buy and sell Ethereum through the Ledger Live app.

This app can even be used to access the decentralized web, NFT marketplaces, and more. The wallet not only holds Ethereum but over 5,500 other digital coins. All that being said, the Ledger Nano X costs around $120 for the device alone.

On top of this, users will also have to pay up to 4.5% when buying Ethereum via the Ledger Live app, depending on the payment method. Crucially, users should understand that it is solely their responsibility to keep the private keys and recovery phrases safe at all times. If these are lost, then there is no way to regain access to the Ethereum tokens stored in the wallet,

7. Trezor – Highly Secure Hardware Ethereum Wallet 

Like Ledger, Trezor is another leading company that designs and manufactures hardware Ethereum wallets. It supports over 1,000 digital assets, including Ethereum, Bitcoin, and other altcoins. Trezor offers two different models of Ethereum Bitcoin wallets.

Its latest version allows users to set the PIN and recovery phrase directly via the device. It also integrates additional security features such as U2F authentication, Shamir backup, password manager, and more. In addition to this, the Trezor model T also supports a micro SD card to encrypt the PIN of the device.

For accessing Ethereum, users can utilize the Trezor Suite app that is available as a desktop and web version. Users can buy and exchange Ethereum and other digital currencies via a secure environment. As with Ledger, Trezor can also be connected to other software wallets such as MetaMask and Exodus.

Trezor has partnered with over 12 crypto exchanges to facilitate crypto investments, as such, the fees for buying Ethereum depend on the chosen service provider. Additionally, the Trezor Model T is costlier compared to the Ledger Nano X. It also lacks Bluetooth support, making it slightly less inconvenient.

8. Atomic Wallet – Top Non-Custodial Ethereum Wallet App

Atomic Wallet allows users to generate private keys on their personal device. In other words, this is a self-custodial wallet that gives its owners full control over their funds. Individuals can get started with this Ethereum app without having to create an account, or go through any verification process.

This wallet is compatible with iOS and Android mobile devices, as well as desktops operating on Windows, macOS, Ubuntu, Debian, and Fedora. Apart from Ethereum, Atomic Wallet can hold over 300 other digital coins. It is also user-friendly and allows customers to manage their crypto portfolios with ease.

In terms of functionalities, this is one of the best ETH wallets in the market today. Users can buy and stake Ethereum through the Atomic Wallet. It also supports the instant exchange of over 60 crypto pairs and even offers cash back rewards for those who use this service.

The Top Ethereum Wallets Compared

The table below offers a summary of the top features offered by the best Ethereum wallets we discussed above.

What is an Ethereum Wallet?

In simple terms, an Ethereum wallet is an application that lets users store their ETH tokens. It interacts with the Ethereum network and can be used to manage balances, send and receive ETH coins, and connect to decentralized applications.

An Ethereum wallet comes with a public and a private key. The public key acts as the Ethereum wallet address – to which others can send digital assets. On the other hand, the private key functions like a password, giving the owner of the wallet control of their assets.

An Ethereum wallet can often store not only ETH coins, but also other tokens that are built on the same network. Popular Ethereum wallets also offer support for Bitcoin and a wide range of altcoins held on different blockchains.

Moreover, when searching for the best wallet for Ethereum, individuals today can also look for providers that support additional features – such as in-built access to the decentralized web, the option to trade ETH, and support for NFTs.

Why You Need an Ethereum Wallet

The Ethereum ecosystem is growing by leaps and bounds. It has enabled the building of decentralized applications in different sectors, including finance, gaming, collectibles, and more.

Given this popularity, more and more individuals are looking to invest in this digital asset.

• However, it is important to consider how ETH tokens need to be stored before purchasing them.
• For instance, when buying Ethereum from a regulated broker like eToro, users need not concern themselves about choosing an ETH wallet app.
• Instead, this secure platform will add the Ethereum tokens directly to the user’s brokerage account.
• That being said, if individuals are using an unregulated crypto exchange, it would be best to store ETH tokens in a secure wallet instead.

Depending on personal requirements, one can choose between hardware and software wallets for this purpose. We cover the different types of ETH wallets in detail further down this guide.

How do Ethereum Wallets Work?

Ethereum wallets are described as applications that can hold ETH tokens. However, technically, digital currencies such as Ethereum are not ‘stored’ in a wallet. Instead, they are always held on the blockchain.

Ethereum wallets connect directly to these blockchain nodes and provide information about the ETH tokens.

Anyone who holds public keys to an Ethereum wallet can send assets to that address. However, in order to send or swap Ethereum on the address, users will need access to the private keys.

This is why it is important to make sure that the private keys to the wallet are always safe. However, if individuals are worried about the safekeeping of their private keys, they can always opt for a secure, custodial Ethereum wallet such as eToro.

Since eToro is regulated, it takes the security of client digital assets seriously.

Types of Ethereum Wallets

To decide on the best Ethereum app for storage – investors should first understand the distinction between the different types of wallets.

In this section, we take a closer look at the wallet choices available to crypto investors today.

Software Wallets

Software wallets are typically programs created for desktop and mobile devices.

They can be installed on a computer or a phone – which makes it convenient for individuals to access their ETH tokens, perform transactions, manage account balances, and much more.

As noted above, the best Ethereum wallet apps discussed today come with additional functionalities, such as exchange and staking integration.

Our top picks for the best software Ethereum apps include eToro and Crypto.com.

Hardware Wallets

A hardware wallet lets users keep their cryptocurrencies offline, and thus, is considered a highly secure storage solution for Ethereum.

The device has to be connected to a computer or a mobile phone to access the ETH tokens being stored and will be protected by a PIN.

Every time a transaction has to be performed, the user will need to verify it by entering the PIN via the physical device.

From the above-mentioned list of Ethereum wallets, Ledger Nano X and Trezor fall into the category of hardware storage solutions.

As we pointed out in our reviews, a hardware Ethereum wallet can be expensive, especially when compared to its software counterpart. Moreover, they are less convenient to make day-to-day transactions.

Paper Wallets

Paper wallets essentially involve printing private keys onto a piece of paper. This means that, in order to access the ETH tokens, individuals will need to have this paper Ethereum wallet with them.

However, due to the fragile nature of paper wallets, these are not the best option for the long term.

After all, there is a possibility that the paper could get destroyed or even thrown out mistakenly. Alternatively, there are titanium plaques available these days that are practically indestructible and are resistant to natural disasters.

How to Choose the Best Ethereum Wallet for You

Finding the best Ethereum wallet can be tedious, given the number of choices out there.

To choose the right provider from our Ethereum wallet list, we suggest that you consider the following parameters.

Security

When choosing the best Ethereum wallet, it is necessary to consider the reputation of the provider.

After all, if a wallet provider has set up an established name for itself, this should indicate that it offers a secure, yet reliable service.

• For instance, eToro is not only a well-established crypto broker, but it is also regulated on multiple fronts.
• It holds assets in authorized credit institutions, meaning they remain protected at all times.
• eToro also employs industry-leading security measures, such as 2FA and DDoS protection.
• Furthermore, eToro safeguards the private keys to the wallet – so users can recover their assets and need not worry about losing them.

In other words, individuals choosing the eToro Ethereum app can be sure that their funds will be safe.

Type of Wallet

Earlier in the guide, we discussed the different types of Ethereum wallets available.

One common mistake made by beginners is not understanding how different types of wallets function, especially when choosing software storage for Ethereum.

For instance, when using a non-custodial software wallet such as Coinbase and MetaMask, one should take utmost care about the recovery phase – which will be displayed when setting up the wallet.

In case the private key is lost, the seed phrase is the only way to recover the funds. On the other hand, when choosing a custodial wallet like eToro, there is no need to worry about this.

Supported Coins

Ethereum wallets are designed to hold ETH tokens. That being said, the best Ethereum wallets are compatible with other networks, allowing users to store alternative digital currencies.

For instance, eToro let users buy and sell over 70 digital assets, using multiple payment methods.

Moreover, there is no deposit fee for US dollar payments and a nominal FX rate of just 0.5% for processing other fiat currencies. This means that users can not only store Ethereum but also buy and sell tokens cost-effectively.

Mobile Experience

The ease of using an Ethereum wallet app should also be given some thought. While a hardware Ethereum wallet can be highly secure, they are also less convenient when compared to its software counterpart.

And among software Ethereum wallets, the user experience varies vastly from one provider to another.

Best Ethereum Wallet for NFT Trading

Ethereum is one of the most widely used blockchain networks to build NFTs. As such, some of the best NFT wallets can also be used to store ETH tokens.

From our Ethereum wallets list, we found the non-custodial storage option provided by Crypto.com to be the most suitable choice for storing and trading NFTs.

It integrates seamlessly with the Crypto.com NFT marketplace and allows users to buy and sell non-fungible tokens with ease.

Moreover, it supports NFTs built not only on Ethereum but also Polygon, the Crypto.com Chain, and Cronos Beta. And this DeFi wallet displays the NFT in a gallery format, and users will even be able to share their collectibles on social media. 

How to Get an Ethereum Wallet 

Now that we have covered the basics, let us get into the details of how to get an Ethereum wallet.

In this section, we have included a step-by-step guide on setting up an Ethereum wallet with one of the best crypto exchanges – eToro.

Step 1: Open an Account 

As a custodial wallet provider, eToro requires its users to create a brokerage account to start using its wallet service.

To get the ball rolling, visit the eToro homepage and click on the ‘Join Now’ button to open a new account. This requires new users to fill in information such as their name, contact details, and email address.

Next, individuals also have to submit a copy of a government-issued ID – such as a passport or driver’s license.

This is because eToro operates in accordance with global AML regulations.

Step 2: Download eToro Money Crypto Wallet App

With eToro, there is no need to create an Ethereum wallet separately.

Instead, the platform automatically allocates one to all users who hold an account with the brokerage. This means that to manage ETH investments, users can simply sign into their brokerage account.

Users can download the eToro Money app to send and receive ETH tokens to their device. The app is free to use and is compatible with both iOS and Android.

After downloading the wallet, users can install it on their device and sign in using the login credentials of the eToro account.

Step 3: Add Ethereum to Crypto Wallet 

To add Ethereum to the eToro Money wallet, users can copy the address for ETH tokens as their public key.

Simply use this as the destination address when sending Ethereum to the eToro wallet.

Alternatively, users can easily buy Ethereum tokens with fiat currency directly via the eToro brokerage platform. For this, eToro accepts payments via a debit/credit card, bank transfer, and e-wallets like PayPal.

The minimum stake amount required to buy Ethereum via eToro is only $10. Moreover, to sell Ethereum, users can simply head over to their eToro portfolio and cash out directly.

Conclusion

Our guide has compared the best Ethereum wallets – in terms of security, supported coins, convenience, features, and more.

To get started with the best Ethereum app today, visit the eToro website and sign up as a user.

This platform functions as a crypto broker and doubles up as a wallet for storing digital assets like Ethereum.

This means that individuals can not only send and receive Ethereum but also buy and sell crypto directly from the wallet.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

FAQs

What wallet is best for Ethereum?

Our research team found eToro to offer one of the best Ethereum wallets in terms of custodial storage. For those who prefer a non-custodial option, consider the Crypto.com DeFi wallet. 

What is the safest Ethereum wallet?

The safest Ethereum wallets are hardware storage options. These are physical devices that store digital currencies offline. Some of the best Ethereum wallets in this category include Ledger Nano X and Trezor. On the other hand, those who wish to store Ethereum online for added convenience can use the eToro wallet.

How do I get an Ethereum wallet?

Users can download software Ethereum wallets for free to their mobile phone.

Is there an official Ethereum wallet?

No, there is no official wallet app launched by the Ethereum network. However, there are several secure choices offered by third-party providers such as eToro and Crypto.com – both of which let individuals store and access their ETH tokens conveniently.

How do I sell Ethereum on Trust wallet?

It is not possible to sell Ethereum directly via the Trust Wallet. Instead, users will have to connect the Trust Wallet to Binance to cash out their Ethereum investment.

  This article was written for Business 2 Community by Kane Pepi.
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Author: Kane Pepi

Kane Pepi is an experienced financial and cryptocurrency writer with over 2,000+ published articles, guides, and market insights in the public domain. Expert niche subjects include asset valuation and analysis, portfolio management, and the prevention of financial crime. Kane is particularly skilled in explaining complex financial topics in a user-friendly …

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