The Ethereum network and its Ether token is among the largest cryptocurrency investments in the world, with a market capitalization of over $59 billion in November 2020. If you’re interested in buying and holding Ether, it’s a good idea to move your tokens out of your trading platform and into a private crypto wallet.
A crypto wallet ensures that only you have access to your Ether tokens, decreasing the probability that you’ll lose your investment if your brokerage portfolio is hacked or compromised. Unfortunately, not every cryptocurrency wallet is equally as viable, and not every wallet supports the Ethereum token. Our guide to the best Ethereum wallets will help you select an option and store your tokens more securely.
Pros:
- Simple signup and management
- Allows you to connect to decentralized applications from your browser
- Supports storage of any ERC-20 token
- Available free of charge
Cons:
- Many fake MetaMask download links — be sure you’re downloading directly from the MetaMask website
- Ongoing list of open source issues
MetaMask is a browser extension and a mobile app that provides you with a key vault, token wallet and a secure login to manage your tokens from anywhere in the world. MetaMask generates passwords and keys on your device, which means that only you have access to your data unless you choose to send personal information over the network.
MetaMask also makes it exceptionally easy to connect with decentralized applications directly from your browser. In addition to Ether, you can also store any ERC20 token in your wallet, providing you with easy access to all of your tokens.
Best for Mobile Access: BRD
Pros:
- Simple setups are ideal for beginners
- Allows you to purchase tokens directly through the app
- Supports Bitcoin, Ethereum and other tokens
Con:
- 12-word decentralized keys and limited account options that could cause you to lose your coins if you forget your login or account access phrases
Another wallet suitable for complete cryptocurrency beginners, BRD is an iPhone and Android phone-based wallet that offers quick and easy setups with access to token purchases. You can use BRD to store your tokens transferred from other marketplaces or portfolios, or you can connect to Bitcoin and Ethereum markets and add coins to your wallet directly by purchasing them.
BRD supports Bitcoin and Ether, and the mobile wallet has also recently added support for ERC-20 tokens. A major benefit of BRD is that it also requires no sign-ups unless you want to invest through the app — if you only want to store your tokens, just scan the QR code and access your account.
An intuitive mobile design makes BRD ideal for managing your tokens on-the-go.
Best for Security: Ledger Nano X
Pros:
- Connectivity with over 1,000 decentralized applications
- Supports a wide range of token storage and purchases
- Bluetooth connectivity features
Con:
- The $119 price tag much higher than other storage options
Ledger’s Nano X is among the most popular hardware wallets, providing you with maximum security by storing your tokens offline. It supports a very wide range of tokens, including Ethereum’s Ether, Bitcoin and many more. The Ledger Nano X even offers Bluetooth connectivity that allows you to purchase tokens and download over 1,000 supported decentralized applications directly to your device’s hardware. While the $119 price tag might be too expensive for some users, the Ledger Nano X is our top choice when it comes to security considerations.
Best for Desktop: Atomic Wallet
Pros:
- Integrated with 2 exchanges
- Allows you to instantly convert between tokens with the “atomic swap” feature
Con:
- Only a few swap pairs are supported
Atomic Wallet is a desktop-based cryptocurrency wallet supporting a wide range of tokens, including Ethereum, Bitcoin and many more. The wallet is also directly connected with 2 coin exchanges (Changelly and ShapeShift) which gives you a wider access to in-wallet purchases. It’s also 1 of the only desktop wallets we’ve seen offering native staking features.
Atomic Wallet offers staking features, allowing you to earn cryptocurrency while keeping your tokens secure.
One of Atomic Wallet’s most unique features is its ability to “atomic swap” cryptocurrencies, which allows you to instantly convert 1 token into another without the interference of an exchange. Though Atomic Wallet only supports a few select swap pairs, the desktop wallet is an intuitive and secure choice for cryptocurrency storage.
Best for Advanced Users: Mist
Pros:
- Advanced security features
- Open-source platform with a higher level of app customization
- Doesn’t trace or collect personal information
- Available in 16 languages
Con:
The Mist wallet is the official Ethereum digital wallet, created and supported by the team behind Ethereum. Mist offers a vast array of anonymity and security features. You won’t need to submit any of your personal info to begin using the wallet, and the wallet doesn’t store any information on your system. You remain in full control of your keys, and multi-sig features offer another layer of protection.
Mist is also supported in 16 languages, making it a primary choice for non-English speakers. Although beginners could find the Mist setup more challenging than its competitors, the wallet’s enhanced privacy and security features might especially appeal to advanced users.
Best Touch Screen Display: Trezor Model T
Pros:
- Unique touch screen display
- Cold storage provides a high level of security
Con:
The Trezor Model T is another option for offline cold storage, which provides enhanced security over online wallets. The Trezor Model T is ideal for users who need to manage their crypto on-the-go but who aren’t comfortable with a hot wallet that requires an internet connection to use. The Model T features a unique touch-screen design, which gives you access to your tokens without connecting to the internet. The Model T also supports a wide range of tokens, including Ether and other ERC-20 offerings.
Trade Cryptocurrency
If you want to trade your cryptocurrency frequently, you’ll probably want to keep the majority of your Ethereum tokens in your trading account. This is because each time you move any cryptocurrency from your brokerage account to a digital wallet, you’ll lose a small amount of cryptocurrency to gas the transaction. This gas fee goes to proof-of-stake validators on the Ethereum network who verify your transaction and ensure that you have enough Ether in your wallet to complete the transaction you request.
There are dozens of cryptocurrency brokers offering access to Ether trading and investing. Some of the factors you’ll want to consider when you compare brokers might include:
- The cryptocurrencies beyond Ether that your broker offers access to
- Your trading platform and the analysis tools that you can use to explore opportunities
- Stock and cryptocurrency screeners and charting options
- Access to additional asset investing and trading (like stocks or precious metals)
- Security features (like 2-factor authentication, multi-sig technology and encryption)
- Commissions, account maintenance fees and transfer fees
Not sure where to open an account? Consider starting your search with a few of our favorite brokers below.
Adding Ethereum to Your Investment Portfolio
When you’re searching for an Ethereum wallet, remember that not every cryptocurrency wallet supports the Ethereum token. If you find a wallet that seems perfect but you aren’t 100% sure whether the Ether token is supported, you might want to send a small amount of Ether to your wallet to ensure that the transaction is verified.
Never send all of your Ether without first testing your wallet and double-checking that you have the address correct — if you send your tokens to the wrong address, it is very difficult to get them back.