May 10, 2024
| Updated May 10, 2024

If you want to interact with the Ethereum network, you’re going to need a wallet that supports Ether (ETH) and other Ethereum assets. Of course, there are countless wallets to choose from, each with their own strengths and weaknesses. The key is identifying which purposes are most important for you. For example, if you want to manage Ethereum NFTs, you’ll need a wallet that supports these assets. Alternatively, if you want to take part in trading tokens on Ethereum, you will probably want to get yourself a wallet supported by the top DeFi apps and protocols. 

In short, choosing an Ethereum wallet depends largely on you and your needs. 

If you’re unsure where to start but want to know which Ethereum wallets are best—look no further. In this article, Ledger Academy will take you through the best Ethereum wallets for each purpose, including their strengths and weaknesses and how to manage each. But of course, if you need a refresher, check out the article on what an Ethereum wallet is.  And if you already know about what Ethereum wallets do, let’s dive into the best Ethereum wallet options on the market. 

6 Best Ethereum Hot Wallets

If you’ve ever interacted with the Ethereum network, you’ve likely got a hot (software) wallet already. These types of wallets come in a few key types: desktop wallets, mobile wallets or browser wallets. Typically, hot wallets are free to download and install and easy to use. For that reason, they are often a crypto user’s first wallet. 

In addition, if you want to connect to decentralized protocols, such as DeFi apps or NFT marketplaces, you will probably need a hot wallet. Typically, these types of platforms only support a limited number of wallet providers, and most of the time, these will be hot wallets.

That said, hot wallets all come with a risk: they store private keys (the keys that control your account) on their host device, i.e. your laptop or smartphone. This is very convenient, as it means you only need a single device to send ETH and Ethereum assets. However, it also means your accounts are vulnerable to hacks. Laptops and smartphones are not designed for storing private keys, so if you must use one, it’s always best to connect it to a hardware wallet to keep your private keys offline and away from hackers.

So now you know about hot wallets, let’s dive into the best hot wallets for the Ethereum network.

MetaMask Wallet

Metamask is one of the most popular Ethereum hot wallets, boasting over 22.6 Million downloads to date. It comes in a few different variants: a desktop version, a browser extension version, or a mobile app version.

For NFTs, MetaMask is an industry leader: it is compatible with countless NFT marketplaces including OpenSea, Magic Eden, and more. It is also easy to use with NFT minting platforms such as Manifold, allowing you to create ETH NFTs with minimal effort. It is also one of the most popular hot wallets supported by Ethereum DeFi apps too. In short, it’s easy to interact with decentralized exchanges and protocols to swap, borrow, or lend your ETH and Ethereum tokens.

Besides those key functionalities, MetaMask also has an on-ramping option, allowing you to buy crypto via Paypal directly within its interface. 

While it launched as an Ethereum hot wallet, primarily for protecting ETH and Ethereum tokens, today, it also supports a range of Ethereum layer two blockchains including Optimism, Polygon, and Base. Plus it’s not just the Ethereum network that Metamask supports. Today you can also use MetaMask to manage a range of networks outside the Ethereum ecosystem such as Harmony, Fantom, and Avalanche.

MetaMask Review

Ethereum Wallet NameTypeSelf CustodyCompatible HardwareCostNFT SupportETH Layer 2s supportedOther Networks SupportedOn -rampingIn-built StakingMobile AppDesktop versionBrowser Version

MetaMask Wallet	Hot Wallet	Yes	Yes (Ledger, Trezor)	FREE	Yes	Optimism, Polygon, Base, Linea	Harmony, Fantom, Avalanche and others	Yes (paypal, moonpay)	No	Yes	Yes	Yes

MetaMask Pros and Cons

Pros	cons
✅ Supports a large range of Ethereum layer 2s and some other leading layer 1 blockchains	❌As a software (hot) wallet, it stores private keys on the host device, i.e. your smartphone or laptop. This leaves your accounts vulnerable to hacking
✅ Offers on-ramping options	❌Doesn’t allow you to visualize your NFTs by default
✅ Compatible with most NFT and Defi platforms	❌ Doesn’t offer many in-built features

MyEtherWallet

MyEtherWallet is one of the older Ethereum hot wallets still in use. As a non-custodial wallet, MyEtherWallet gives you true ownership of your assets. It also offers privacy, never tracking its users’ personal data. 

Launched in 2015, it was originally just for sending Ether, but these days, it offers support for a range of assets within the Ethereum ecosystem and beyond. Currently, you can use it to access Ethereum and all of its assets, including Ether and all ERC-20 tokens. You can also use it for a range of Ethereum Layer two networks including Optimism and Polygon. 

However, the networks you can access differ slightly depending on which MyEtherWallet product you use. 

Its browser extension wallet, Enkrypt, offers the most options, specifically designed for multi-chain features and interoperability between Ethereum, Ethereum layer twos, and other leading networks including Bitcoin and Polkadot. Then its mobile app, MEW, compatible with iOS and Android, has a more limited selection of compatible networks.

 Finally, it also offers a web wallet, called MEW web. This offers a similar number of assets as the mobile wallet but has the added benefit of compatibility with a hardware wallet.

MyEtherWallet Review

Ethereum wallet nameTypeSelf custodycompatible hardwarecostNFT supportETH L2s supportedother networks supportedOn-rampingIn-built stakingmobile appdesktop versionbrowser version

MyEtherWallet	Hot Wallet	Yes	Only for web and browser versions (Ledger, Trezor)	FREE	Yes	Optimism, Polygon	Bitcoin, Polkadot and others (for enkrypt only)	Yes (Moonpay, Simplex)	No	Yes	No	Yes

MyEtherWallet Pros and Cons

Pros	cons
✅ Offers an on-ramping option, allowing you to buy crypto with your bank card	❌As a software wallet, it stores private keys on the host device, i.e. your smartphone or laptop. This leaves your accounts vulnerable to hacking
✅ Supports both fungible and non-fungible tokens, including ERC-20 tokens, ERC-721 tokens and ERC-1155 tokens	❌ Only the web wallet is compatible with a hardware wallet (such as a Ledger device)
✅ Compatible with most NFT and Defi platforms	❌Only supports a limited number of networks

Rabby Wallet

Rabby wallet is a hot wallet that focuses on security and interoperability. It’s not just an Ethereum wallet though: it supports Ethereum itself plus over 145 chains, including Ethereum layer twos and a range of other networks, including Avalanche, Astar, Moonriver and more.

Rabby wallet comes in three versions: a browser wallet, a desktop wallet, and a mobile wallet (which is still in its beta version). Across all of its versions, it stands out with its focus on security, offering pre-signing checks that allow you to see the results of a transaction before you sign.

Apart from this key feature, Rabby Wallet also stands out for its dedication to open-sourcing its tech. Its tech stack boasts MetaMask’s battle-tested private key management system, audits by security professionals, and a “friendly” MIT license.

Rabby Wallet Review

Ethereum wallet nameTypeSelf custodyCompatible with a hardware walletcostNFT supportETH L2s supportedother networks supportedOn-rampingIn-built stakingmobile appdesktop versionbrowser version

Rabby Wallet	Hot Wallet	Yes	Yes (Ledger, Trezor, Keystone, GridPlus and more)	FREE	Yes	Arbitrum, Optimism, Base, Linea, Polygon	Harmony, Klaytn, Moonriver and many more	No	No	Yes	Yes	Yes

Rabby Wallet Pros and Cons

Pros	cons
✅ Comes in 3 versions: a browser variant, a web wallet variant, and a mobile app	❌As a software wallet, it stores private keys on the host device, i.e. your smartphone or laptop. This leaves your accounts vulnerable to hacking
✅ Supports a large number of networks within the Ethereum ecosystem and beyond	❌ As a new wallet, it’s not battle-tested which may leave it vulnerable to bugs
✅ Offers pre-signing checks, allowing you to verify the results of a transaction before you sign	❌ There’s no on-ramping option so you can’t buy crypto directly via the wallet’s interface

Trust Wallet

Trust Wallet is one of the leading hot wallets for a range of networks including Ethereum. It launched in 2017, at the height of the DeFi craze, and as such it’s supported by countless DeFi protocols and platforms. Since then, Trust Wallet has expanded its offering, meaning most NFT marketplaces and minting platforms also support it. 

While Trust wallet is primarily an Ethereum wallet, it is also compatible with a few other chains including Bitcoin, Cosmos, and Polkadot. 

It comes in two main variants: a browser extension version and a mobile app version. To help you stay safe, it also offers security alerts and allows you to record your seed phrase using its encrypted cloud backup. In addition, it also guarantees it doesn’t track user data—aiming to keep its users safe. 

Trust Wallet Review

Ethereum wallet nameTypeSelf custodyCompatible with a hardware walletcostNFT supportETH L2s supportedother networks supportedOn-rampingIn-built stakingmobile appdesktop versionbrowser version

Trust Wallet	Hot Wallet	Yes	Yes (Ledger only)	FREE	Yes	Arbitrum, Optimism, Base, Polygon	Cosmos, Bitcoin, Polkadot and others.	Yes Moonpay, Simplex, Banxa, Ramp and others	Yes	Yes	No	Yes

Trust Wallet Pros and Cons

Pros	cons
✅ Great for dapps: offers an easy way to interact with exchanges and stake crypto or trade NFTs	❌As a software wallet, it stores private keys on the host device, i.e. your smartphone or laptop. This leaves your accounts vulnerable to hacking
✅ Supports both fungible and non-fungible tokens, including ERC-20 tokens, ERC-721 tokens and ERC-1155 tokens	❌ Not very user-friendly for managing NFTs
✅ Offers on-ramping features that allow you to buy crypto with your bank card	❌ Doesn’t offer a desktop version

Guarda Wallet

Guarda Wallet is a hot wallet for Ethereum and over 50 other leading blockchains. Incredibly, it allows you to protect Ether and over 400k alternative assets, including SOL, BTC, ADA, Tezos, and many many more. Apart from its impressive list of supported assets, it also stands out for its unique crypto visa debit card which allows you to pay with crypto anywhere you like. 

This hot wallet comes in two forms: a desktop version and a mobile app version. Its desktop version stands out for being compatible with a range of operating systems, from Windows to iOS, to Linux and more.

It also allows you to access the wider crypto ecosystem with in-built tools for buying, staking, and exchanging crypto within its interface.

Guarda Wallet Review

Ethereum wallet nameTypeSelf custodyCompatible with a hardware walletcostNFT supportETH L2s supportedother networks supportedOn-rampingIn-built stakingmobile appdesktop versionbrowser version

Guarda Wallet	Hot Wallet	Yes	Yes (Ledger only)	FREE	Yes	Arbitrum, Optimism, Base, Polygon and many more	Solana, Bitcoin, Cardano, Tezos and many more	Yes (SEPA)	Yes	Yes	Yes	No

Guarda Wallet Pros and Cons

Pros	cons
✅ Great for in-built features: offers on ramping and staking features	❌As a software wallet, it stores private keys on the host device, i.e. your smartphone or laptop. This leaves your accounts vulnerable to hacking
✅ Offers a crypto Visa debit card	❌ Not very user-friendly for managing NFTs
✅ The Desktop version is compatible with alternative operating systems such as Linux, Ubuntu, and Debian	❌ Doesn’t offer a browser version if you prefer not to use an app or install a program

Coinbase Wallet

Coinbase wallet is a hot wallet (software wallet) created by centralized exchange Coinbase. However, unlike default exchange wallets, Coinbase wallet does offer users self-custody. Essentially, it works like any other hot wallet you may be accustomed to: it allows you to manage private keys yourself and provides the tool you need to interact with decentralized apps and platforms. However, it also has a range of extra features. 

Regarding networks, Coinbase wallet supports Ethereum, but it also supports Solana, Doge, and Bitcoin. You can also use your Coinbase hot wallet to protect any ERC-20 token you like with ease. This wallet also supports NFTs on the Ethereum network and layer twos such as Base, Optimism, and Polygon. You can also protect your Solana NFTs using this provider.

Coinbase’s self-custody wallet comes in two main types: a mobile wallet and an extension wallet. The mobile wallet is available on iOS and Android, whereas the extension version is available on Chrome and Brave browsers.

Coinbase Wallet Review

Ethereum wallet nameTypeSelf custodyCompatible with a hardware walletcostNFT supportETH L2s supportedother networks supportedOn-rampingIn-built stakingmobile appdesktop versionbrowser version

Coinbase Wallet	Hot Wallet	Yes	Yes (Ledger only)	FREE	Yes	Arbitrum, BNB Chain, Optimism, Polygon, Gnosis and more	Bitcoin, Dogecoin, Litecoin, Stellar Lumens, Ripple, Solana and more	No (possible if you link it to a coinbase custodial account	No (possible if you link it to a coinbase custodial account)	Yes	No	Yes

Coinbase Wallet Pros and Cons

Pros	cons
✅ Easy to transfer funds to and from centralized coinbase wallets	❌As a software wallet, it stores private keys on the host device, i.e. your smartphone or laptop. This leaves your accounts vulnerable to hacking
✅ Easy user interface	❌ Doesn’t offer a desktop version
✅ Supports a wide range of networks and assets

5 Best Ethereum Hardware and Cold Wallets

Although hot wallets are very popular and free to set up, they also come with significant risks. To explain, hot (software) wallets store private keys on their host devices, i.e. your laptop or smartphone. Unfortunately, these devices aren’t designed to protect private keys, which leaves them vulnerable to hacking. 

To keep your crypto safe you must keep your private keys offline. That’s why hardware wallets exist: they are physical devices specifically designed to keep your private keys offline while signing transactions and interacting with the blockchain. The chip they store private keys in is extremely important. An effective hardware wallet will have security measures in place to mitigate risks of physical access and hacks.

Hardware wallets also typically allow you to create multiple accounts you can manage with a single device. This is particularly important for Ethereum wallets as it offers the key to accessing web3 apps and platforms securely. Using an HD wallet, you can segregate your assets into multiple accounts with distinct purposes, allowing you to sign potentially malicious transactions with an account unconnected to your main holdings.

These types of wallets are physical devices, and thus you will need to pay for them. As such, the features they offer and their security models differ from wallet to wallet.

Ledger Nano X

The Ledger Nano X is a hardware wallet perfect for managing your crypto and NFTs on the go. 

It’s not just for the Ethereum network though, it also supports countless Ethereum layer 2 chains, such as Polygon, Arbitrum and Optimism. As such, you can also use it to protect whichever ERC-20 token you like. Outside of the Ethereum ecosystem, the Ledger Nano X also supports most major cryptocurrencies including Solana, Tezos, Cosmos and many many more. 

The best thing about the Ledger Nano X is that it’s easy and intuitive to use.  The device can connect to your internet-connected device with Bluetooth. Plus with Ledger’s companion app Ledger Live, you can manage, swap, stake, and sell your assets with ease.

Of course, like all Ledger devices, the Ledger Nano X benefits from Ledger’s cutting-edge security model. To explain, the Ledger Nano X stores private keys in a secure element chip; a completely isolated environment from your internet-connected device. This industry-grade chip is the same model used for bank cards and passports, and as such it is immune to physical hacks such as glitching and side-channel attacks. 

Not only that, but it also offers a Trusted Display, a screen that connects directly to the secure Element. This Trusted Display shows you the receiving address of each transaction before you sign, allowing you to double-check that your internet-connected device’s screen is showing you the correct information. That way, even if your laptop or smartphone has been hacked, you can still sign transactions with confidence.

To keep you safe, Ledger devices, firmware, and software are battle-tested by The Ledger Donjon, a team of top-class white hat hackers. Due to their hard work, Ledger devices have never been hacked! As an extra benefit, Ledger devices are all compatible with Ledger Recover, a paid optional service that allows you to create a secure backup of your wallet access.

Ledger Nano X Review

Ethereum wallet nameTypeSelf custodycostNFT supportETH L2s supportedother networks supportedOn-rampingIn-built stakingmobile appdesktop version

Ledger Nano X	Hardware wallet	Yes	$149	Yes	Arbitrum, Base, Boba, Linea, Optimism, Polygon and more	Bitcoin, Cardano, Cosmos, Dogecoin, Fantom, Injective, Polkadot, Tezos and many more	Yes	Yes	Yes	Yes

Ledger Nano X Pros and Cons

Pros	cons
✅ Supports a wide range of networks and assets	❌ As it is a physical device, it is not free.
✅Offers on-ramping via several different providers, allowing you to choose the best rates	❌ Its Trusted Display is quite small, thus it may be difficult to read for some users
✅ Offers in-built staking options from a range of staking providers via the Earn section of Ledger Live	❌ Doesn’t allow you to visualize NFTs without installing a specialized NFT app.

Trezor Model T

The Trezor Model T is the flagship crypto hardware wallet developed by SatoshiLabs due to its intuitive touchscreen, improved support for different cryptocurrencies, and advanced security features compared with the Trezor One model.

Like all hardware wallets, it stores private keys offline. This is essential to keep your crypto safe. It also offers a PIN code feature to prevent thieves from accessing your crypto with access to the physical device.

While all Trezor devices support EVM networks such as Ethereum, Polygon, and Avalanche, the Trezor T also supports non-EVM chains such as Tezos and Cardano. The Trezor Model T is also the only model that offers a recovery system: Shamir backup. In short, this allows you to back up your wallet access without your seed phrase.

Trezor Model T Review

Ethereum wallet nameTypeSelf custodycostNFT supportETH L2s supportedother networks supportedOn-rampingIn-built stakingmobile appdesktop version

Trezor Model T	Hardware wallet	Yes	$179	Yes	Polygon	Bitcoin, Solana, Dogecoin, Injective and some others	Yes	No	No	Yes

Trezor Model T Pros and Cons

Pros	cons
✅ Offers a seed phrase backup solution called Shamir Backup	❌ As it is a physical device, it is not free.
✅Offers on-ramping, allowing you to buy crypto with fiat currencies	❌ It doesn’t offer ways to Earn crypto via staking
✅ Supports a wide range of networks and assets	❌ Has limited support for Ethereum Layer twos and networks outside the ETH ecosystem

SafePal S1

SafePal is a crypto wallet provider that offers both software and hardware wallets. Its flagship hardware wallet is the SafePal S1, which it claims is completely air-gapped. This means that as well as storing private keys offline, it doesn’t interact with any other device or take part in wireless or wired connectivity including Bluetooth, NFC, WiFi, and even USB cables.

This physical wallet offered by SafePal offers a full-colored screen and a D-pad for navigation.

The SafePal S1 mainly supports Ethereum and EVM chains and their tokens. However, it does have some limited support for other networks such as Bitcoin, Solana, Cosmos, and Tron.

SafePal S1 Review

ethereum wallet nameTypeSelf custodycostNFT support
ETH L2s supportedother networks supportedOn-rampingIn-built stakingmobile appdesktop version

SafePal S1	Hardware wallet	Yes	$49.99	Yes	Arbitrum, Base, Polygon	Bitcoin, Cardano, Polkadot, Cosmos, Sui, and many more	Yes (Simplex)	Yes	Yes	Yes

SafePal S1 Pros and Cons

Pros	cons
✅ Offers in built staking to allow you to earn a passive income	❌ Not very user-friendly for beginners
✅Offers on-ramping, allowing you to buy crypto with fiat currencies	❌ Is reasonably new on the market, which could leave it vulnerable to bugs
✅ Completely airgapped, thus very secure	❌ Has limited support for networks outside the ETH ecosystem

D’CENT

D’cent biometric wallet is a hardware device with a unique fingerprint feature. D’cent biometric is not the only model D’cent offers, but it is certainly the most secure option out of the range. Alongside its fingerprint technology, it also offers a certified secure chip that encrypts the private keys it stores to help protect the wallet from physical hackers.

While it doesn’t offer an on-ramping or staking service, it does let you manage your NFTs and swap assets. It also comes with a mobile companion app that helps you track your portfolio. 

D’CENT Review

Ethereum wallet nameTypeSelf custodycostNFT supportETH L2s supportedother networks supportedOn-rampingIn-built stakingmobile appdesktop version

D’CENT	Hardware wallet	Yes	$159	Yes	Polygon, Gnosis, Boba, Arbitrum and more	Bitcoin, Klaytn, Tron, Cardano, Cosmos, Solana and many more	Yes (Simplex, Wyre, Moonpay)	No	Yes	No

D’CENT Pros and Cons

Pros	cons
✅ Offers a unique biometric fingerprint system	❌ Is reasonably new on the market which could leave it vulnerable to bugs
✅Offers on-ramping, allowing you to buy crypto with fiat currencies	❌ Doesn’t offer a desktop app as a companion app, meaning you will have to use it with a mobile app
✅ Supports a large range of networks including Ethereum layer 2s and chains outside of the ETH ecosystem	❌ Doesn’t offer in-built staking options

Best Ethereum Wallet Reviews

Our Methodology To Review Ethereum Wallets

If you’re trying to pick the best Ethereum wallet for you, you might be wondering how to review each one. If you want to know why these Ethereum wallets made the list, let’s look at some of the elements that are important to take into account.

Type of Wallet

First of all, the type of wallet is important to assess. Software wallets are free, but they have security issues and are thus unsuitable for protecting large amounts of crypto. Hardware wallets, on the other hand, are very secure but they will cost you something, as you’ll have to invest in a physical device. 

Custodianship

Custody of your crypto is also imperative to understand. To explain, custodial wallets (such as those offered by centralized exchanges) do not give you true ownership of your assets. Using a non-custodial wallet, you can guarantee that you are the only person with access to your accounts.

Compatible with a Hardware wallet

While hot (software) wallets may be required to connect to specific apps or platforms, as you know, they are not very good at keeping your funds secure. Thus, when considering which Ethereum hot wallet is best for you, checking its compatibility with a hardware wallet is a must. By using these two wallets together, you can access whichever platform you like without leaving your private keys in a vulnerable position.

Purchase Cost

Software (hot) wallets tend to be free, whereas hardware wallets can vary in cost. Before you buy a physical device, you may want to consider how much each of them cost and what kind of features they offer for that price.

Crypto assets and networks supported 

While most Ethereum wallets will support Ether and Ethereum tokens (such as ERC-20 tokens and NFTs), that’s not always the case. Plus, if you want to explore Ethereum layer 2s or even networks outside the Ethereum ecosystem, it’s important to check out your chosen wallet’s support for these chains.

Device Compatibility 

Not all wallets work on all devices. Some software wallets will have a desktop version but no mobile version or vice versa. Then you’ll also find that the companion apps for hardware wallets may not work on every internet-connected device either. If you use a less common operating system on your phone or laptop, this is an important feature to check.

Final Ethereum Wallet Comparison

Ethereum wallet nameTypeSelf custodycompatible with a hardware walletcostNFT supportETH L2s supportedother networks supportedOn-rampingIn-built stakingmobile appdesktop versionbrowser version

MetaMask Wallet	Hot Wallet	Yes	Yes (Ledger, Trezor)	FREE	Yes	Optimism, Polygon, Base, Linea	Harmony, Fantom, Avalanche and others	Yes (Paypal, Moonpay)	No	Yes	Yes	Yes
MyEtherWallet	Hot Wallet	Yes	Only for web and browser versions (Ledger, Trezor)	FREE	Yes	Optimism, Polygon	Bitcoin, Polkadot and others (for enkrypt only)	Yes (Moonpay, Simplex)	No	Yes	No	Yes
Rabby Wallet	Hot Wallet	Yes	(Ledger, Trezor, Keystone, GridPlus and more)	FREE	Yes	Arbitrum, Optimism, Base, Linea, Polygon	Harmony, Klaytn, Moonriver and many more	No	No	Yes	Yes	Yes
Trust Wallet	Hot Wallet	Yes	Yes (Ledger only)	FREE	Yes	Arbitrum, Optimism, Base, Polygon	Cosmos, Bitcoin, Polkadot and others	Yes	Yes	Yes	No	Yes
Guarda Wallet	Hot Wallet	Yes	Yes (Ledger only)	FREE	Yes	Arbitrum, Optimism, Base, Polygon and many more	Solana, Bitcoin, Cardano, Tezos and many more	Yes	Yes	Yes	Yes	No
Coinbase Wallet	Hot Wallet	Yes	Yes (Ledger only)	FREE	Yes	Arbitrum, BNB Chain, Optimism, Polygon, Gnosis and more	Bitcoin, Dogecoin, Litecoin, Stellar Lumens, Ripple, Solana and more	No (possible if you link it to a coinbase custodial account)	No (possible if you link it to a coinbase custodial account)	Yes	No	Yes
Ledger Nano X	Hardware Wallet	Yes	n.a	$149	Yes	Arbitrum, Base, Boba, Linea, Optimism, Polygon and more	Bitcoin, Cardano, Cosmos, Dogecoin, Fantom, Injective, Polkadot, Tezos and many more	Yes	Yes	Yes	Yes	n.a.
Trezor Model T	Hardware Wallet	Yes	n.a	$179	Yes	Polygon	Bitcoin, Solana, Dogecoin, Injective and some others	Yes	Yes	No	Yes	n.a.
SafePal S1	Hardware Wallet	Yes	n.a	$49.99	Yes	Arbitrum, Base, Polygon	Bitcoin, Cardano, Polkadot, Cosmos, Sui, and many more	Yes	Yes (Simplex)	Yes	No	n.a.
D’CNT	Hardware Wallet	Yes	n.a	$159	Yes	Polygon, Gnosis, Boba, Arbitrum and more	Bitcoin, Klaytn, Tron, Cardano, Cosmos, Solana and many more	Yes (Simplex, Wyre, Moonpay)	No	Yes	No	n.a.

Crypto Wallets Guide

What Is a Crypto Wallet?

A crypto wallet is a device or piece of software that allows you to manage and store private keys. These private keys allow you to control your account, thus a crypto wallet’s job is to give you the power over these keys without revealing them to anyone else.

How Do Ethereum Wallets Work?

Ethereum wallets will typically be controlled by something called a seed phrase. Essentially, this is like the master key to all of the accounts you create with that wallet. The seed phrase is made up of 12-24 words which is a human-readable translation of a very random number called the entropy. Each time you create a new account, your Ethereum wallet generates a key pair using your seed phrase: one public key and one private key. Let’s see why this is important.

Private Keys

Each blockchain address is controlled by a single private key. However, it’s important to note that anyone with this private key has access to the entire account. That’s why keeping it safe is imperative. The private key of each account is also necessary to generate the public key. 

Public Keys

The public key of your account is its uniquely identifiable number. Essentially, it’s a unique code which allows others to find and send funds to your account. Your blockchain address is simply a translation of this number into a more human-readable format. As mentioned, is generated by your private key using a secure mechanism. This allows your wallet to restore your accounts with just the seed phrase, as there is a cryptographic link between the seed phrase, your private keys and your public keys. However, the link is cleverly designed so that it’s impossible to work out the private key with the public key, but very easy to work out the public key with the private key. 

Types of Ethereum Wallet

Ethereum wallets come in three main types: software wallets, paper wallets and hardware wallets. Let’s take a look at each of them and how they differ from each other.

Mobile Ethereum Wallets

Software wallets, often referred to as hot wallets, operate via software on your computer or smartphone. This means they store private keys on an internet connected device vulnerable to online threats such as malware and spyware. All software wallets have this vulnerability, but apart from that, they have some key differences in features and functionality.

Mobile Ethereum Wallets

Mobile Ethereum wallets operate via apps on your smartphone. These types of wallets are convenient for interacting with crypto on-the-go.

Desktop Ethereum Wallets

Desktop Ethereum wallets are programs you install on your computer, such as a mac or PC.

Ethereum Wallet Extension

Ethereum wallet extensions work via browser extensions. If you want to use a wallet browser extension, you’ll need to check that your chosen browser is supported. 

Ethereum Paper Wallets

Paper wallets are simply pieces of paper with private keys printed on them, typically in the form of a QR code. These types of wallets are very secure, as they are not vulnerable to online threats like malware and spyware. However, they also come with the risk of loss, theft and damage. If someone finds your paper wallet, they will automatically have access to your funds. Then if your paper wallet goes up in flames in a house fire, there’s no way to retrieve your funds. 

Beyond that, they are also cumbersome and complex to use. It’s all too easy to make a mistake while transacting with a paper wallet—using them runs the risk of human error.

Ethereum Hardware Wallets

Hardware wallets are the most secure and user friendly type of Ethereum wallet. They store private keys offline, thus are immune to online threats. In addition, they offer a user-friendly interface, allowing you to interact with crypto just as simply as using a software wallet. Many hardware wallets also offer the option to connect to a software wallet too, so using these two types of wallets together gives you the best of both worlds: security and ease-of-use.

How To Create an Ethereum Wallet

Creating an Ethereum wallet depends on which type of wallet you choose. Let’s dive into the most popular types of Ethereum wallets and how to create them.

How To Create an Ethereum Hot Wallet

To create an ETH hot wallet you’ll need to follow these steps

1. Choose which Ethereum wallet provider is best for you
2. Install the software on your computer or smartphone
3. Initiate the wallet set-up, which will typically involve recording your seed phrase
4. Generate your first Ethereum account

Now you should have a new Ethereum hot wallet address you can use to send and receive ETH and Ethereum tokens.

How To Set up an Ethereum Hardware Wallet

Creating an Ethereum account will differ depending on which Ethereum hardware wallet you choose. But typically, you’ll need to follow these steps:

1. Choose which Ethereum hardware wallet provider is best for you
2. Purchase the physical device and wait for it to arrive
3. Initiate the wallet set-up, which will typically involve installing its companion app on your internet connected device and recording your seed phrase
4. Install the Ethereum app
5. Create your first Ethereum account

Now you should have a new Ethereum wallet address you can use to send and receive ETH and Ethereum tokens.

Why Do You Need a Crypto Wallet?

Without a crypto wallet, you won’t be able to send ETH to anyone. Plus, without a non-custodial crypto wallet, you don’t actually own your funds. Unlike fiat currencies managed by financial institutions, crypto is decentralized. That means only you have access to the funds in your non-custodial wallet. Without a crypto wallet, you don’t really own your funds.

How Do You Choose the Best Ethereum Wallet?

Choosing the best Ethereum wallet very much depends on what you want to do with it. Using the above comparisons, you can analyze both software and hardware wallets side by side to decide which is best for you. Remember though, it’s important to consider the features it has, the networks it supports, its interoperability and, of course, its security features.

Frequently Asked Questions About the Best Ethereum Wallets

What Is the Best Crypto Wallet?

The best crypto wallet depends entirely on what you need it for. However, if you want a secure and user-friendly solution for managing your Ethereum assets, consider investing in a hardware wallet. With a hardware wallet, you can keep your private keys safe. Plus, some hardware wallets also offer the option to connect to software wallet interfaces, allowing you to interact with decentralized apps and services too.

What Is the Safest Ethereum Wallet?

The safest Ethereum wallet is one that stores private keys offline. Paper wallets and hardware wallets both offer this option, but the former comes with a risk: their vulnerability to loss, theft and damage. As a result, the safest Ethereum wallet is a hardware wallet.

What Is the Best Anonymous Ethereum Wallet?

The best Ethereum wallet for staying anonymous is paper or hardware wallet. Signing transactions offline makes sure you don’t accidentally reveal your identity through your internet connected device. If you want to guarantee your anonymity, you may even want to consider using an air-gapped wallet, although these are not user-friendly and are best left to the crypto experts.

What Is the Best Free Ethereum Wallet?

The best free Ethereum wallet depends on which features you require. Check out the comparison table above to find out which free Ethereum wallet suits your needs.

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