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- 1. Compare the best Ethereum wallets in 2023
- 2. Best Ethereum wallets overall for 2023
- 3. What are the best Ethereum wallets?
- 4. Top 5 Ethereum wallets, reviewed
- 5. What is an Ethereum wallet?
- 6. How do Ethereum wallets work?
- 7. How should I choose an Ethereum wallet?
- 8. Should I use an Ethereum wallet?
- 9. FAQs
Compare the best Ethereum wallets in 2023
Best Ethereum wallets overall for 2023Copy link to section
- eToro: Best for beginners, copy-trading & demo-account
What are the best Ethereum wallets?Copy link to section
77% of retail CFD accounts lose money.
Top 5 Ethereum wallets, reviewedCopy link to section
1. eToro. Best for beginners, copy-trading & demo-account
Pros & Cons
We love the eToro Wallet because it’s a great entry-level crypto wallet. Free to set up and use, it’s regulated to ensure its security and the app is available on iOS and Android devices. The wallet can hold 8 different cryptocurrencies at the moment, including Bitcoin, Ethereum, and XRP.
The eToro wallet offers a middle ground between keeping your coins on an exchange and transferring them to an external wallet. You don’t have control over your private keys with eToro but it does make it possible to recover your login details, which means it’s a better option for newbies than for advanced crypto enthusiasts.
The fees: It’s free to set up an eToro wallet but there is a 2% fee to transfer cryptocurrency from your eToro investment account to the wallet. There are no additional fees for sending or receiving transactions. Crypto conversions are charged a 0.1% fee. Blockchain fees may apply.
77% of retail CFD accounts lose money.
What is an Ethereum wallet?Copy link to section
It’s like a bank account for storing Ethereum. An ETH wallet is your means of interacting with the Ethereum blockchain, to send or receive money, or simply to hold it. This is a similar idea to bank accounts that let you transfer money to other people through traditional financial institutions.
How do Ethereum wallets work?Copy link to section
Each wallet has a unique address on the Ethereum blockchain. You access it by providing the address and your passcode. Wallets ‘talk’ to each other on the blockchain using these addresses.
To receive money, you just need to provide the address to whoever is sending it. To send money, you have to enter your passcode (also known as a private key). The two strings of numbers help keep your account relatively anonymous and secure, so it’s important to keep the private key safe.
How should I choose an Ethereum wallet?Copy link to section
The most important factor should be security, as that’s the main reason for using a wallet rather than leaving your ETH in an exchange account. Alongside that, consider these features to help you make the best decision.
- Price. Most online wallets are free but you have to pay for any that include a physical device. Normally it’s just a one-off cost, but some more advanced hardware wallets can be quite expensive. Our rankings value security highly so we have included wallets with hardware devices.
- Accessibility. You can access most wallets through a laptop or mobile device, but some hardware wallets can be more awkward. All of the options in our list are easy enough to use but online wallets are the most convenient, especially for beginners.
- Whether it offers staking. Staking is when you earn money on the coins you hold. Some wallets offer this feature on ETH, you may want to look at the best staking platforms if you want to maximise earnings on the crypto you own.
- Account recovery options. Online wallets like Coinbase make it relatively simple to access your account if you forget your password. Wallets that prioritise security, however, can be more difficult. Normally you need to provide a 12-word key to recover your account. Again, you need to decide between security and convenience.
- Mobile app. If you plan on managing your money on the go then an app is vital. Normally both Android and iOS apps are available, but this is worth checking before you sign up.
- Hardware device. Wallets like Ledger and Trezor come with physical devices that store your unique wallet address and details. If security is one of your main concerns then prioritise a wallet that comes with a hardware device.
- Backup available. The best way to combine security with recovery options is to buy additional offline devices to back up your details. Trezor in particular offers this feature, although it can add a lot to the price of your wallet.
Should I use an Ethereum wallet?Copy link to section
It’s a good idea to use a wallet to store Ethereum. Wallets are more secure than exchange platforms because you control the account details, rather than leaving them in the hands of a third party. Without a wallet, you could lose access to your coins for reasons outside of your control.
A hardware wallet is the best option to maximise security. An online wallet is normally more convenient, easier to use, and a good option if you plan on using your money more often. There are some wallets, like CoolWallet, which offer a hybrid option. See our top choices across all crypto wallets here.
Pros and cons of an Ethereum walletCopy link to section
To help you decide whether to use a wallet, we’ve summarised the main pros and cons of getting one.
ProsCopy link to section
- Much more secure than leaving money on an exchange
- Gives you control over your money
- Some platforms let you spend or stake ETH from the wallet
- Most wallets are free or only come with a one-off fee
What are the fees for Ethereum wallets?Copy link to section
Online wallets are normally free and you only have to pay for a wallet that includes a physical device. There might be fees for using other features, such as an exchange or staking. None of the top wallets charge ongoing subscription fees.
FAQsCopy link to section
Yes, particularly if you use a hardware wallet. Self-custodial wallets, where you control the keys, are more secure than a bank account.
You don’t need a dedicated wallet but you do need to have a blockchain address. Most exchange accounts provide one, but it is less secure because you don’t have full control of it.
No, Electrum is a Bitcoin wallet and only holds BTC. You cannot hold Ethereum in an Electrum wallet.
Guarda wallet is the best choice, based on the fact you can adapt it to suit your needs. It includes an integrated exchange platform and can link to hardware wallets like the Ledger Nano S to offer more security.
Yes, the Coinbase wallet can be used to hold Ethereum. It supports all ERC-20 coins along with a vast range of other cryptocurrencies.
MetaMask is a simple wallet but it lacks many of the features available on other platforms. It is not as secure as a hardware wallet or as flexible as the many online alternatives.
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