May 29, 2023
4 min read
When you start searching for Ethereum Wallet on google, the first web page will show you tens of different variations of wallets: cold wallets, hot wallets, exchanges, web extensions, paper wallets, nodes and more…
How to pick up the best wallet you need? First of all you need to answer on the First #1 question. For what reason do you need this wallet?
There are plenty of options to store your Ethereum in it. Let’s take a look at the main Desktop wallets comparison.
Rare Usage. If you’re interested in just holding Ethereum and making rare transactions you can feel free to pick up a cold wallet.
Examples: Paper Wallets, Bitcoin Core, etc.
Cold wallet is in the most cases an offline wallet which can be stored on the piece of paper, or on USB device or as a full node on your pc. You don’t need to have a stable internet connection to use it. And your transactions can be signed offline. That’s why it is secured from online theft or hacking.
But Make Sure to keep your Private key in a secure place!
Frequent Usage.If the crypto is an everyday thing for you and you often move ETH from one address to another or make often exchanges or trading Hot Wallets will be really suitable for you.
Examples: Coinbase, Bittrex, Binance, BitPay and others…
Hot Wallet is a cryptocurrency wallet that requires a stable internet connection and your funds are stored on on the servers. You need to trust the company that will take care of your money. First of all you don’t have access to your private keys and they are held by the company which provide you a service for online cryptocurrency management. Fees are commonly paid for transactions and exchanges as also for every deposit or withdrawal operation. Such wallets allows you to move funds quickly and make trading. But pay attention to security. If their database is hacked, you will lose your money with no refund.
Hardware wallets secured with pin code and your private keys stored encrypted on the USB device. In case of losing it you can restore access by the seed provided. Such wallets support many cryptocurrencies but they have a small and simple interface which can be not so convenient to everyday use, because you need to have your wallet with you + computer.
Examples: Trezor, Ledger.
Balance Between Security and Functionality –> Light Wallets. Desktop wallets are encrypted and your private keys are generated from seed phrase. Such wallets are not necessarily require internet connection. They often support different blockchain and currencies and can provide additional services like built-in Exchange, Buy-Crypto and more.
Examples: Atomic Wallet, Exodus, JAXX, Electroneum.
Mobile Apps. They are very popular and convenient for small amounts to be transferred between many different addresses.
If you’re interested in storing ERC-20 tokens check the best wallet for their convenient management.
Atomic supports over 200 ERC-20 tokens and you can also add any custom token by it’s contact address.
Or you can use myetherwallet or metamask, which are also great. They are web extensions and support only ETH + ERC-20 tokens while Atomic supports most of the top blockchains.
Manage your Ethereum wisely!
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