In 2013, Canadian programmer Vitalik Buterin initiated the development of the Ethereum cryptocurrency project. After a year of fundraising through an ICO, the team of young developers raised $18 million in investment. The advantage of the new generation cryptocurrency was the implementation of a decentralized application scheme based on smart contracts.
Smart contracts on Ethereum’s internal blockchain made it possible to launch a fundraising campaign, develop new tokens, vote, and store results on the blockchain. Multifunctionality has made this cryptocurrency the second most valuable currency in terms of capitalization – only bitcoin is larger. The value of the currency forces owners to think about the security of storage.
In this article, we will look at the 6 best wallets according to the opinion and general impressions of users.
MyEtherWallet
MyEtherWallet for Ethereum is firmly in the lead. It is a browser-based client where the main information isn’t requested from the user’s computer. It is a hot type of wallet. It requires a stable Internet connection to work properly.
Pros:
- support for Ethereum blockchain tokens developed according to the ERC-20 standard;
- user-friendly interface;
- support for synchronization with cold storage.
The con is weak security, but this problem is common among any existing “hot” cryptocurrency wallets.
Ethereum Web Wallet
This wallet, available at: https://ethwebwallet.com/, isn’t inferior to MyEtherWallet, but works exclusively with Ethereum and its tokens. Ethereum Classic and some other Ethereum-based coins aren’t available in Ethereum Web Wallet (unlike MyEtherWallet). The wallet is characterized by the simplest interface possible, as it contains only the most important functions. In general, it is a very convenient tool for operations with Ethereum and its tokens, especially if you are a beginner or don’t want to spend a lot of time to understand how to work with the wallet.
The pros and cons of Ethereum Web Wallet are basically the same as those of MyEtherWallet. However, the developers of the wallet claim that it doesn’t store any user data and is completely anonymous.
Mist
This cryptocurrency wallet was developed by Ethereum programmers. It is a cold desktop wallet. The keys are stored on the user’s personal computer. The developers advise to keep a private key in several copies. If the key is lost, the user will permanently lose access to the coins.
Pros:
- operation with an integrated Ethereum exchanger for U.S. dollars;
- support for coin storage with access by a trusted user;
- cryptocurrency consulting from developers;
- compatibility with ERC-20 tokens.
Con – you must allocate a large amount of free memory on the hard disk beforehand.
Ledger Nano S
Users of hardware crypto wallets trust the Ledger Nano S model. In terms of sales, the model is confidently leading.
Pros:
- the ability to connect a hardware-based Ethereum wallet to a smartphone or personal computer;
- integration of advanced security standards to improve cash security;
- operation with Ethereum, other ERC-20 coins, and other popular crypto-assets.
The con is the price. The approximate price of the device is $80.
Jaxx
Jaxx is a wallet that allows you to store cryptocurrency with access via a browser extension, desktop client or smartphone and tablet app.
Pros:
- availability of software for common types of operating systems;
- multicurrency. You can store not only Ethereum, but also 50 other types of coins;
- exchange of crypto-assets for fiat money through an integrated crypto-exchanger.
The main con – insufficient security.
Metamask
This is an Ethereum cryptocurrency wallet created as an extension for a web browser. It works with three popular programs – Chrome, Mozilla Firefox and Opera. It doesn’t take a long time to understand the interface.
Pros:
- operation with Ethereum and other ERC-20 tokens;
- storage of keys on the user’s personal computer;
- fast getting used to menus and button layouts.
Cons are the same as those of Jaxx wallet.
Security measures
Take precautions when storing Ethereum. Under no circumstances should you give your account and wallet password to any third party. Write down your credentials on paper and create an encrypted file on a remote personal computer. Use an encrypted flash drive to store your key files.
Use trusted intermediaries when making transactions to buy or sell Ethereum. Do not store many coins in one place. Avoid clicking on suspicious links on your personal computer where key files are stored. When using hot cryptocurrency wallets, transfer coins there before selling them on a cryptocurrency exchange.
After purchasing a large number of coins for long-term investment, transfer money to a cold wallet. These measures don’t reduce the risk of losing money to zero. They are focused on reducing the probability of getting into an unpleasant situation.
