The best Ethereum Wallets in comparison | Guide and review

Not only for Bitcoin there is a seemingly innumerable number of wallets, but also for Ethereum (ETH) new wallets have come onto the market in recent years. Some of the wallets differ significantly in terms of their functions and security. Each type of wallet has specific advantages as well as disadvantages. Keeping track of the multitude and variety can be especially difficult for beginners.

To keep you informed, we have created this Ethereum wallet guide, which presents the best Ethereum wallets. Before we introduce the individual wallets, it is important to understand what distinguishes the different Ethereum wallets. The most basic distinction is the differentiation between a

  • cold wallet and
  • hot wallet.

The distinguishing feature is the connection to the Internet. While cold wallets are not connected to the Internet, hot wallets have a permanent connection to the World Wide Web. This makes cold wallets much safer than hot wallets. The reason is obvious. While hot wallets can be attacked by hackers via the Internet connection, cold wallets have no point of attack.

Because the difference in security between the two is so significant, large crypto investment firms and cryptocurrency exchanges never keep most of their customers’ money in a hot wallet, but always in a cold wallet! In our opinion, you should take this as an example. In the private customer segment, cold wallets comprise hardware wallets and paper wallets. Hardware Wallets are physical devices that are used to manage Bitcoin and Altcoins over them. In contrast to cold wallets, hot wallets can be divided into various other subcategories. These types have in common that the “Private Keys” come into contact with the Internet in different ways.

What is the Private and Public Key?
The terms Private Key and Public Key have their origin in asymmetric cryptography, which is used to encrypt data in cryptocurrencies. A private key is a randomly generated string that allows you to manage Ethereum. Thus the Private Key practically represents your property right to the cryptocurrency, which is why it must never be passed on. If you control the private key, you can also access the corresponding address and output the stored cryptocurrency.

The private key is mathematically linked to the wallet address, which is a hash version of the public key and cannot be reversed thanks to cryptography. In contrast to the private key, the public key or wallet address is not secret.

The subcategories of hot wallets are:

  1. Ethereum desktop wallets
  2. Ethereum mobile wallets
  3. Ethereum online wallets

Before you decide to purchase Ethereum (click here to read our guide), you should already know which wallet you are going to use. This will effectively save you fees and time.

First, we’d like to give you one more piece of advice: The storage of your Ether (ETH) on a wallet of an exchange or a broker (belong to the online wallets) is basically the worst variant. This is because you give control of the private key to the trading platform. You must remember that the Private Key reflects the ownership of your ETH. Our recommendation is therefore very clear: take responsibility yourself and install an external wallet.

Ethereum hardware wallets

Hardware wallet test 2019

Hardware Wallets have the highest security standard compared to all other Wallets! As already mentioned at the beginning, the Private Key of an Ethereum hardware wallet does not come into contact with the Internet. This is stored on the hardware wallet. A transaction can only be released via the physical device. This effectively protects hardware wallets against phishing attacks and other malware. A theft of your Ethereum (ETH) from the Hardware wallet is almost impossible.

In addition, hardware wallets are also physically very well protected in the event that the device is stolen. The hardware wallets presented below all have an additional authorization by means of a PIN. In addition, some hardware wallets offer the ability to set up 2-factor authentication, making the devices virtually unhackable even in the event of theft.

From our point of view you should buy a hardware wallet, if you invest larger amounts in Ethereum. Even the price for our test winner (around 120 Euros) is rather low compared to the amount you probably invested. In the following box we have summarized the advantages and disadvantages of hardware wallets:

The advantages of Ethereum hardware Wallets:
✅ Highest security standard
✅ Storage of private keys offline
✅ Hardware Wallets mostly support numerous cryptocurrencies
✅ The renowned hardware wallet manufacturers provide regular updates
✅ Each transaction must be physically confirmed via the device
✅ Very good customer support with the renowned manufacturers

The disadvantages of hardware wallets are:
❌No deposit insurance as offered by few brokers, e.g. eToro
❌ Storage of the coins is your own responsibility. However, this can also be an advantage!

In the following we introduce you to 5 different ETH hardware wallets. If you would like to know more about the individual wallets, we recommend that you read our detailed test reports on the hardware wallets.

The best 3 Hardware Wallets in 2019
Hardware WalletInfoTest
Ledger Nano X kaufen

⚡ OUR test champion: The Ledger Nano X
✅ Manage 100 cryptocurrencies simultaneously
✅ Compatible with more than 1,100 cryptocurrencies
✅ Bluetooth connection for mobile wallet
✅ New flagship of the market leader
⛔ Price: 119,90 € - in the middle range

Testbericht lesen

Read our review

Ledger Nano S kaufen

⚡ Best price/performance ratio: The Ledger Nano S
✅ Very good Price: 59,90 €
✅ Compatible with more than 1,100 cryptocurrencies
✅ Proven quality: more than 1.3 million units already sold
⛔ Manage max. 5 cryptocurrencies simultaneously

Testbericht Ledger Nano S

Read our review

Trezor Model T kaufen

⚡ 3rd place: The Trezor Model T
✅ Over 1,000 cryptocurrencies supported
✅ Proven quality from Trezor
✅ Firmware is not installed on the device until you start it
⛔ In comparison to the Nano X: less features and functions 
⛔ High price: about 180 €

Testbericht Trezor Model T

Read our review

1.Ledger Nano X

The Ledger Nano X is the test winner in our hardware comparison test, in which we tested 8 different hardware wallets and tested all functions of the devices extensively. The successor to the Ledger Nano S, which has been sold over 1.3 million times worldwide, offers some new features that are very practical and helpful. The biggest innovation in the Ledger Nano X is the Bluetooth function, which allows the device to be operated with a smartphone and the mobile Ledger Live app. The Nano X thus practically becomes a mobile wallet that offers the same security as the desktop version.

In addition to this new function, the Ledger Nano X also features three major innovations. Ledger’s new flagship has a much larger memory than its predecessor and can manage up to 100 cryptocurrencies simultaneously. In addition, the display has been slightly enlarged, so that Bitcoin addresses can be displayed completely – without scrolling. In our opinion, there is currently no other hardware wallet that offers a better price-performance ratio than the Ledger Nano X.

Supported cryptocurrencies

The Legder Nano X can manage over 1,100 different cryptocurrencies in total. There is hardly a cryptocurrency from the Top 100 by market capitalization that is not compatible with the Nano X.

Due to the larger memory, up to 100 Apps can be installed on the device simultaneously instead of 5 Apps (as with the Nano S) and thus up to 100 cryptocurrencies can be managed at the same time.

Operation
Operation of the Ledger Nano X is very simple and intuitive. The device is operated via the 2 buttons on the top. Additionally the Ledger Live App is required. With the app you can check your account balance in real time and the performance of your portfolio, as well as send and receive cryptocurrencies. The transaction is released exclusively via the hardware wallet.
Transparency & Fees

Ledger is open source software, so it is publicly available. However, the code for the hardware is secret. Ledger says it chose this architecture because it is not possible to “reach the level of physical security with generic chips”.

The fees charged for a transaction by Ethereum are transparent and can be adjusted. They correspond to the network fees. Ledger itself does not charge any fees.

Security
Ledger’s security standards are industry-leading. Ledger has become a brand not only appreciated by private investors, but also used and supported by numerous companies. The French company has established cooperations with Neufund, blockchain.com and Switcheo. Samsung also announced a $2.6 million investment in the French company in April 2019.

Also the Bluetooth function is no security gap or danger. Only non-critical data (not the private key and not the recovery seed) is transferred via Bluetooth. In addition, a release with the Ledger Nano X is always necessary to send transactions.

2.Ledger Nano S

With the release of the Nano X, the Ledger Nano S is no longer Ledger’s latest model. Nevertheless, it can still be an interesting investment as it is still one of the most secure hardware wallets on the market. Especially the low price of 59 Euro offers newcomers a hardware wallet with an unbeatable price/performance ratio. Who can live without the new and extended functions of the Nano X and only wants to manage a small number of different cryptocurrencies, e.g. only Ethereum and Bitcoin, should bux the Nano S from our point of view.

Supported cryptocurrencies
As with the Legder Nano X, over 1,100 different cryptocurrencies can be managed via the Ledger Nano S using the Ledger Live Software. Due to the smaller memory, only 5 apps can be installed on the device at the same time, so that users always have to install and uninstall the apps (the data / account balances are not lost!). However, this works without problems and within a few seconds..
Operation
The operation of the Ledger Nano S is also very simple and intuitive. Operation is via the 2 buttons on the device. Additionally the Ledger Live App is required. Both models use the same Ledger Live software. You can check your account balance in real time and the performance of your portfolio, as well as send and receive cryptocurrencies..
Transparency & Fees
The Ledger Live Software is open source software whose source code is publicly available. The operating system of the Ledger devices is (still) a secret, which according to Ledger should only be revealed in the future.

The fees for a transaction are transparent, can be set and correspond to the network fees of the respective blockchain. Ledger himself doesn’t charge anything.

Security
Ledger’s security technologies are industry-leading. These are not only used by Ledger hardware wallets, but also by companies to securely store cryptocurrencies

3.Trezor Model T

Shortly after Ledger released the Nano X, SatoshiLabs also released a successor to its successful model, the Trezor One. The Trezor Model T must therefore measure up to the Nano X in direct comparison. It is noticeable that the Model T has also received numerous new features and extended functions. The Trezor Model T, for example, has a touch screen on which all transactions must be confirmed.

In addition, the firmware (Trezor Core) has been completely revised for security reasons. In addition, the Model T has a faster processor, a MicroSD card slot for data encryption, and a modern USB-C port to connect to your computer. Compared to the Trezor One it is the premium version.

Supported cryptocurrencies
The Trezor Model T can manage more than 1,000 different cryptocurrencies. It is a pity that not all coins can be sent and received directly with the Trezor Bridge software (currently 51 crypto currencies, including Ethereum). The remainder must be managed via third-party software, e.g. MyEtherWallet. You can find a complete list of all coins under this link.
Operation
The Trezor Model T is much higher quality than its predecessor. The buttons have a better grip and the colour touch display works perfectly. In addition, the new Trezor Bridge software offers many great features.
Transparency & Fees
The Trezor software and hardware is largely open source and publicly available on GitHub and therefore adaptable. The code was written by Trezor with extensibility in mind.

Before each transaction, you can determine how high the transaction fee should be, depending on how fast the transaction is to be processed in the network. There are no extra fees for this, only the network fees of the respective blockchain

Security
Ledger and Trezor are the best known and most popular manufacturers of hardware wallets worldwide. There is a good reason for this. With the Trezor One, Trezor has the longest experience in the development of hardware wallets

4.Trezor One

The Trezor One is the oldest hardware wallet on the market. It was first released in 2014 by SatoshiLabs and is said to be the most trusted and secure hardware wallet on the market according to SatoshiLabs. The Trezor One has already been sold over a million times, which clearly speaks for the quality and safety of the wallet. The Trezor One can be an inexpensive but very good alternative, especially for newcomers.

Supported cryptocurrencies
In total, Trezor One can manage over 1,000 different cryptocurrencies. This works through the use of third-party software, such as Electrum, bitwala, and MyEtherWallet. You can send and receive the following cryptocurrencies directly with the Trezor software: Bitcoin, Ethereum, Litecoin, Dogecoin, ZCash, DASH, Namecoin, Bitcoin Cash, Ethereum Classic, Bitcoin Gold, Ubiq, NEM, Expanse and all ERC20 tokens.
Operation
Operation of Trezor One and Trezor Software is very easy, even for beginners, as the user interfaces are very clearly laid out. In addition, the explanations on the user interface support the user to expand their own knowledge.
Transparency & Fees
Most of Trezor’s hardware and software is publicly available on GitHub. The transaction fees are transparent. Before you complete a transaction, you can determine how much the transaction fee should be. There are no additional fees for use.
Security
Ledger and Trezor are the best known manufacturers of hardware wallets. This is certainly also due to the fact that they have the longest experience in developing hardware wallets. Accordingly, the Ethereum hardware wallets are considered very secure by both companies.

5.Digital Bitbox

The Digital BitBox is an inexpensive and very small hardware wallet that supports five different cryptocurrencies, including Ethereum and all ERC20 tokens. The device is a minimalist Ethereum hardware wallet, which generates a wallet (bip32) at startup by the integrated micro controller. A very useful and good security feature is the slot for a micro SD card, which can be used to create an offline backup for recovery.

Supported cryptocurrencies
At the moment the Bitbox 01 supports: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin and all ERC20 tokens using a third party app (e.g. the MyEtherWallet).
Operation
Operation is basically simple when it comes to functions such as “Send” and “Receive”. However, setting up an Ether (ETH) wallet is a bit more complicated.
Transparency & Fees
The Digital Bitbox software is open source, so the code is publicly viewable and tested. There are no extra fees for using the Ethereum wallet (as with all other hardware wallets).
Security
The Digital Bitbox itself has no display, so the transactions have to be verified on the screen of a computer. This allows the user to check whether a transaction has been manipulated. However, in contrast to verification via the hardware wallet (as with Ledger and Trezor), this method is slightly less secure.

You should know this about hardware wallets:

Summary
Hardware Wallets offer the best possible protection for the storage of ether (ETH). Since the private keys are never connected to the Internet, Ethereum hardware wallets are in fact not hackable. Currently there is no stronger protection on the market!

Even if the price may initially discourage you a little, the purchase of a hardware wallet is recommended. Especially the Ledger Nano S is now so cheap that the price should no longer be an excuse to protect the Ether (ETH) in the best possible way.

Ethereum desktop- and mobile Wallets

As the name suggests, desktop wallets are programs that are installed on the computer to manage Ethereum. The advantage over online wallets is that the private keys are stored on your own device and not on the server of a company. Thus you retain full control over your ETH. However, a desktop is not as well protected against hacker attacks as a hardware wallet, since your PC is (probably) permanently connected to the Internet. Nevertheless, the protection is significantly higher compared to online and web wallets.

Desktop Wallets are the best alternative from our point of view if you are looking for a free wallet for Ethereum. To help you keep track, we introduce you to the best desktop wallets for Ethereum in 2019. But first we would like to show you again the advantages and disadvantages of Ethereum desktop wallets compared to the other types of wallets:

The advantages of Ethereum desktop wallets:
✅ Sole control over the Private Keys
✅ No acquisition costs – use is free of charge
✅ Regular updates
✅ Each transaction must be confirmed manually.
✅ High security standard

The disadvantages of Ethereum desktop wallets:
Less security than using a hardware wallet (more vulnerable to hacker attacks)
❌ Be careful when choosing an unknown wallet: There are known cases of fraud.

Mobile Ethereum Wallets have the advantage that you can access the wallet with your mobile phone and thus make transactions very quickly and from anywhere. However, smartphones are a very popular target for hackers. You are only effectively protected against hacker or phishing attacks with a hardware wallet. Below we have summarized the advantages and disadvantages of mobile wallets:

The disadvantages are as follows:
✅ You can access your wallet from anywhere, as long as you have an Internet connection
✅ More crypto currencies than just Ethereum are often supported.
✅ The user interface is often very simple and intuitive.
✅ If you have any questions, please contact customer support.

The disadvantages are as follows:
Less security than a hardware wallet
❌ No deposit protection, as offered e.g. by the eToro Wallet
❌ Susceptible to hacking or phishing attacks

Below you will find our top recommendations for a safe Ethereum desktop or mobile wallet. Since all manufacturers provide both a desktop version and a version for the smartphone, we have combined these two types of wallet in one ranking.

  1. Guarda
  2. Atomic Wallet
  3. Jaxx Liberty
  4. Exodus Wallet
  5. Coinomi
  6. Edge Wallet

1.Guarda Wallet

Guarda Wallet

The Guarda Wallet supports more than 50 different cryptocurrencies, including Ethereum, of course. The wallet is available both as desktop and mobile version or as Chrome browser extension. For those who don’t want to download any software, Guarda also offers a web wallet that offers the least security but is the fastest and easiest to set up.

Your private keys are stored on your computer or smartphone, so only you have access to them. Since there is at least a temporary connection to the Internet, you should make sure you use an up-to-date virus program.

It’s quick and easy to set up for the first time and only takes a few minutes. The wallet interface is clearly laid out and intuitive, so even newcomers will quickly get to grips with the wallet.

You can download the wallet from the official website.

Supported cryptocurrencies
The wallet supports more than 50 different cryptocurrencies, including Ethereum.
Operation
The initial setup is very quick and easy. The surface is simple and intuitive. Accordingly, the wallet is also ideal for beginners..
Transparency & Fees
There are no fees for downloading, installing or using the Wallet. Only the normal network charges of the Ethereum blockchain apply for sending transactions.
Security
The safety of the wallet can be classified as very good. Your private keys are stored on your computer or smartphone, so only you have access to them. The Webwallet offers basic security and easy login. However, we recommend using the desktop or mobile wallet.

2.Atomic Wallet

Atomic Wallet

The Atomic wallet is a multi-Coin desktop wallet that supports over 300 different cryptocurrencies, in addition to Ethereum. The focus of wallet developers is on security, anonymity and decentralization. It is therefore not surprising that the wallet is very popular in the crypto space, even though it was not launched on the market until 2017. Another reason for the popularity of the Atomic wallet is certainly that it was founded by Konstantin Gladych, CEO and co-founder of the popular crypto exchange platform Changelly.com.

It is very important that the Atomic wallet does not store the private keys or the transaction data itself or pass them on to third parties. Both private key and transaction data are stored exclusively on your own device. A very useful feature, from which the wallet gets its name, are the Atomic Swaps. This allows different cryptocurrencies in the wallet – peer-to-peer – to be exchanged without an exchange being involved (which charges additional fees for the trade in addition to the network fees). For coins that do not yet support Atomic Swaps, the wallet offers the option to use Changelly or ShapeShift to execute trades from within the wallet.

We personally have had very good experiences with the Atomic wallet over the past two years. Due to the extensive features, the large number of compatible coins and the intuitive user interface, the Atomic wallet is our top recommendation. Whether in the desktop or mobile version, the Atomic wallet is the best option for beginners and advanced users.

You can download the wallet under this link. It is available as desktop version for Windows, Mac, Ubuntu, Debian and Fedora. There are also mobile versions for iOS and Android in the respective App Store.

Supported cryptocurrencies
Currently the Atomic wallet supports over 300 cryptocurrencies, including all known cryptocurrencies and all ERC-20 tokens.
Operation
The operation and installation is very simple and intuitive even for absolute beginners.
Transparency & Fees
The Atomic wallet is a community-based product that uses open source libraries, block explorers and other important elements. However, in order to ensure the security of the wallet, some of the developments will be kept secret.

There are no fees when using the Atomic wallet, except of course the network fees. However, fees may apply for the additional features of the wallet. In-wallet peer-to-peer transactions are subject to different fees. However, the fees for the Atomic swaps are minimal and are carried out at normal market condition.

Security
The Atomic wallet offers very good security. The wallet – as a decentralized solution – does not request any personal data from its users. In addition, all data is transmitted in encrypted form. The control of the Private Keys lies exclusively with the user, so that nobody else has access to the cryptocurrencies. In addition, each user can create a backup phrase to restore the wallet.

3.Jaxx Liberty Wallet

Jaxx Liberty Wallet

The Jaxx Liberty wallet is also a Multi-Coin-Wallet, which is available as desktop and smartphone version for 80 different cryptocurrencies. The wallet is developed and continuously updated by Anthony Di Iorio, a co-founder of Ethereum, and therefore enjoys a good reputation in the crypto industry.

The safety of the Jaxx Liberty wallet is very good. As with the Atomic wallet, neither the developers nor third parties have access to your “private keys”. These are stored encrypted locally on your computer. The Jaxx wallet offers the possibility to create a backup in case your computer is broken or stolen. Overall, the operation of the wallet is really very simple. The support team, which is available around the clock, is also highly praised in various online forums.

To download the Jaxx Liberty wallet you can click on this link. You will then be taken to the official website. There you can download the desktop wallet, as well as a mobile version and a version for a web browser. The application is available as desktop version for Mac and Windows, as well as mobile version for Android and iOS. There is also a browser extension for Google Chrome.

Supported cryptocurrencies
More than 80 cryptocurrencies: Ethereum, Ethereum, BCH, Litecoin, Dash, ETC, Zcash, Dogecoin, RETH, DigiByte, GRS, Binance Coin, Huobi, Fuel, OmiseGo Flixxo, Insureum, MCO, NEO, FirstBlood, Augur, Bitcore, Golem, Status, DigixDAO, Dentacoin, Bancor, Monaco, TenX, WAX, Iconomi, Civic, Polymath, Santiment, Gnosis, Aragon, Link, DomRaider, Loom, Enjin Coin, Bankex, BOXX, Tokencard, iExec, RLC, Maecenas, Matchpoo,l Melonport, Metronome, Mithril, Aion, MobileGO, Ox, Edgeless, Po.et, SONM, Wings, Shivom, Helbiz, Presearch, Bitclave, Creditbit, Paypie, MCI, Brickblock, Blockmason, RCN, SWT, Ucash, Unikoin, Cofoundit, LIF, DPP, Basic Attention, Scanetchain, Sense, SHIP, Storj, Stox Viberate, Worldcore, Zap, Storm
Operation
The installation and operation is very easy even for beginners! The user interface also offers some helpful features, such as the latest news, market data and a multi-chain block explorer.
Transparency & Fees
There are no separate transaction fees for the Jaxx Liberty wallet. No other fees are charged for the use of the Wallet
Security
The security of the Jaxx Liberty wallet is very good. Neither the developers, nor a third party has access to your “Private Keys”. These are stored on the device used for access. Users of the wallet can also create a backup phrase. If the PC or Smartphone is broken or lost, the Jaxx wallet can be restored via this backup.

4.Exodus Wallet

Exodus Wallet

The Exodus wallet is also a Multi-Coin wallet with which we have had very good experiences. Exodus was officially launched by Daniel Castagnoli and JP Richardson in July 2016. The wallet is known for its ease of use and intuitive design. In addition, it is very popular due to the number of over 100 compatible cryptocurrencies, the value of which is displayed in over 30 different Fiat currencies.

In total, the Exodus wallet has three main components: the Multi-Coin wallet, a Portfolio Tracker and an integrated exchange service from Shapeshift. A very big advantage of the Exodus wallet is the good customer support. In addition to an extensive FAQ area (including videos) there is the possibility to contact the Exodus team via e-mail, Twitter, Facebook and Slack channel. Furthermore, the security of the Exodus wallet can also be rated as good. Neither the developers nor other third parties have access to your “Private Keys”. These are encrypted, stored locally on your computer.

However, there are two vulnerabilities that cannot be considered optimal. On the one hand, the Exodus wallet offers a backup function via e-mail. This function makes the backup very convenient, but also a bit less secure. On the other hand, Exodus does not provide two-factor authentication, which lacks a second layer of security. This means that hackers “only” have to steal the password, e.g. hack using a keylogger, and then have full access to the wallet.

If you still decide for the free Exodus wallet, you can click on the following link which will take you directly to the Wallet’s download page (click here!). The wallet is offered as desktop version for Windows, Mac and Linux. There are also mobile versions for iOS and Android.

Supported cryptocurrencies
The Exodus wallet supports over 100 cryptocurrencies, including popular currencies such as Bitcoin, Ethereum, Litecoin, EOS, Monero, Binance Coin, Tron, Stellar, XRP, Vechain and Monero, as well as a variety of ERC20 tokens.
Operation
The wallet is known for its ease of use and intuitive design. In particular, the navigation through the wallet addresses, the portfolio and the exchange service make the wallet easy to use. On the dashboard, users can view current market trends and developments in their own portfolio. A special feature of the wallet is that the portfolio balances can be displayed in over 30 fiat currencies.
Transparency & Fees
Within the crypto community the Exodus wallet has a big criticism: It is not open source. Accordingly, the users of the wallet must trust the developers and rely on the security and trustworthiness of the wallet.

In principle, there are no additional fees for the Exodus wallet. Only if you use the built-in service of Shapeshift to exchange cryptocurrencies, you have to pay a variable fee of 2-5 percent.

Security
During the initial installation, the users are prompted to create a 12-word recovery seed phrase. In case your computer breaks down, the wallet can be restored. Beyond that no personal data of the users are queried. Users’ private keys and transaction data are encrypted and stored locally on their devices. Neither the developers nor other third parties have access to this sensitive data.

5.Coinomi Wallet

Coinomi Wallet

Also the Coinomi wallet is a Multi-Coin-Wallet, which can manage more than 275 other cryptocurrencies besides Ether (ETH)! The Coinomi wallet is the oldest Multi-Coin wallet on the market and was launched in 2014. Since then, millions of users have already used it. In addition to the large number of coins, the wallet scores particularly well in the area of privacy. In addition to the usual privacy features – the private keys and transaction data belong to the user and are not passed on to third parties – the wallet offers integrated encryption for the IP address of its users.

Another feature of the wallet is the connection to the cryptocurrency exchange Coinomi. This allows users to trade cryptocurrencies directly from the wallet. The function can save the detour via an exchange, such as Coinmerce or Coinbase. However, the Coinomi Wallets also has a point of criticism. As with the Exodus wallet, no two-factor authentication is offered. This means that there is no second level of security besides protecting the wallet with a password. If attackers succeed in hacking the user’s computer, a keylogger is sufficient to steal the password and thus gain full access to the wallet.

You can download the wallet on the official website (click!).

Supported cryptocurrencies
Ethereum and 275 different cryptocurrencies.
Operation
The user interface is very clear and intuitive. This makes the wallet ideal for beginners.
Transparency & Fees

Open source software is seen by many users as an important feature of transparency. Coinomi was part of the open source software movement. However, in 2018 Coinomi postponed its project as closed source. This doesn’t mean their code is malicious. However, a certain amount of transparency has been lost as a result.

It is also important to know that Coinomi does not charge any extra fees. The use of the wallet is free of charge.

Security

The main reason for the popularity of the Coinomi Ethereum wallet is the privacy, which is very high by default. Coinomi does not collect any personal data and encrypts the IP addresses of its users. In addition, the private keys are stored on the user’s device (PC or smartphone) so that no third party has access.

In addition, the Ethereum wallet provides the ability to create a recovery seed during setup, which can be used to reinstall the wallet on another device if the user’s device breaks down.

Important note: The Coinomi wallet was never hacked before 27 February 2019. On this day a critical bug was discovered for the Coinomi desktop wallet. However, this bug was fixed very quickly by the Coinomi team. Further details can be found here.

6.Edge Wallet

Edge

The Ethereum Edge wallet is a wallet that is only available as a mobile wallet for Android and iOS. In addition to Ethereum, it can manage 17 other cryptocurrencies. One feature that sets the wallet apart from other desktop and mobile wallets is the ability to transfer Fiat currencies to the wallet (Euro and US dollars) and purchase Ethereum directly.

In addition, it has a good safety standard. This allows 2-factor authentication to be enabled to protect the user account. You can also secure your account with a PIN or Touch ID. Very useful for owners of multiple smartphones is also that the wallet can be used from multiple devices.

To download the wallet you can visit the official website of the Edge wallet (click!).

Supported cryptocurrencies
Bitcoin, Ethereum, Litecoin, Monero, Ripple/XRP, Bitcoin Cash, Dash, Augur, Wings, Indorse, Zcoin, Feathercoin, DigiByte, Vertcoin, Bitcoin Gold, DAI, Stellar, Smartcash, Groestlcoin, Bitcoin SV, EOS.
Operation
One of the main focuses during the development of the Edge wallet was the easy handling. The developers also succeeded in doing this very well.
Transparency & Fees
The Edge wallet is completely anonymous. No personal or transactional information is transferred to the Company’s servers. In addition, the Edge wallet is fully open source and has been tested by leading security experts such as the Open Bitcoin Privacy Project.
Security
The Edge wallet uses a special security model. Instead of giving users the usual seed phrase, users choose a username and password. Alternatively you can also activate the use of a seed.
Summary

Desktop and mobile wallets for Ethereum provide a good level of security that can be rated lower than hardware wallets and higher than online wallets. They offer the advantage that the Private Key is stored exclusively on the user’s terminal device.

However, they have the disadvantage that the private key is connected to the Internet. This can infect computers and smartphones with malware aimed at stealing Private Keys and your Ether (ETH). With a good anti-virus and anti-malware software you can protect yourself against it very well. Nevertheless you should be aware that there is still no absolute security!

Ethereum Online Wallets

Ethereum Online Wallets offer an even easier and faster way to manage Ethereum than desktop wallets. The classic example of an online wallet are the accounts on a cryptocurrency exchange. These offer the considerable advantage that the user does not have to worry about anything. Both the installation and the creation of a backup are omitted. However, exchange wallets also require a great deal of trust in the trading platform. Users must be confident that the platform will store the cryptocurrencies in cold storages and that the IT infrastructure will not be hacked. In addition, the employees of the trading platform who have administrative access must be trusted.

At this key point, only the Mt. Gox Hack shall be mentioned briefly, which was possibly an inside job. Ultimately, however, well-known and established exchanges and brokers have very good security precautions for each of these points of attack. This is another reason why it cannot be assumed in principle that online wallets are insecure. They just do not offer the same level of security as hardware wallets!

Beyond exchange wallets, there are also online wallets that are not operated by cryptocurrency exchanges. Here two Ethereum specific developments are to be mentioned above all. This is on the one hand the MyEtherWallet, probably the most popular and best known Ethereum wallet. On the other hand, there is the MetaMask wallet, which occupies a special position and offers some special functions that set it apart from other wallets.

Below we have compiled an overview of the advantages and disadvantages of online wallets:

The advantages of Ethereum Online Wallets:

Access from anywhere in the world where an Internet connection exists
✅ Exchange Wallets enable trading out of the wallet.
✅ In the case of exchange wallets, there is no installation work required.
✅ You can define limits for maximum payouts per transaction.
✅ The user interface is often very simple and intuitive.
✅ Often very good customer support

The disadvantages of Ethereum Online Wallets are:
❌ Less Security standard as hardware and desktop wallets
❌ The Management of private keys is (often) transferred to a third party
❌ Greater likelihood of hacker or phishing attacks
❌ Some web wallet vendors have turned out to be SCAM in the past.

1.Our test winner: MyEtherWallet

MyEtherWallet

The MyEtherWallet (MEW) is a user interface for accessing the Ethereum blockchain and sending transactions. MEW was already released in July 2015 and is valued in the crypto community, especially by developers, for its ability to build distributed applications (dApps). But the MEW is also very popular among ETH investors. It is the most commonly used Ether (ETH) wallet.

A big advantage of the MEW is that no special technology or software is required to use the wallet. After the first versions of MyEtherWallet were technically quite sophisticated, the user interface has become very clear and intuitive over the years. Users can easily send and receive Ether (ETH) and all ERC20 tokens, check the balance and access Smart Contracts.

In addition, users have several options to choose from to access their Ether addresses: MEWConnect (mobile version for the smartphone), via hardware wallet (e.g. Ledger, Trezor, Keepkey, Digital Bitbox, etc.) and Metamask extension and software (via keystore file, private key or mnemonic phrase).

MEW has also partnered with a number of companies to enable users to exchange their Ethers for other cryptocurrencies. These include Bity, Kyber Network, Changelly and Simplex, so users can switch Fiat to Crypto, ETH and BTC, ETH and ERC-20.

In addition to these reasons, we believe that two criteria are decisive that make the MyEtherWallet the best online wallet for Ethereum and our test winner:

  1. The MEW provides an interface to the well-known Ledger and Trezor hardware wallets, eliminating the security vulnerabilities of web-based wallets.
  2. Although the MyEtherWallet is accessible via the Internet, the private keys and transaction data are not stored on external servers, but only on the user’s computer
Supported cryptocurrencies
Since this is a specific development for the Ethereum blockchain, Ethereum (ETH) and all ERC20 tokens are supported by the MyEtherWallet. The Ethereum Fork, Ethereum Classic (ETC) can also be managed with the MEW.
Operation
The user interface of the MyEtherWallet can now compete with other wallets in terms of usability. In addition, users have many ways to access their Ether addresses.
Transparency & Fees
Since the MyEtherWallet is an interface to the Ethereum blockchain, the user will not be charged any additional fees besides the ETH transaction fees. The use of the MEW is completely free of charge. In addition, the code is open source and the project is completely transparent.
Security
Because the MyEtherWallet is a web-based wallet you have to be very careful! Users should always ensure that they visit the original website. One indication of this is the HTTPS protocol (“https://”). There are already numerous documented victims of phishing attacks on the MyEtherWallet that have led to the loss of Ether (ETH)!

Nevertheless, the MEW offers the highest security for online wallets. The Private Key is not stored online, but on the user’s device. The MyEtherWallet is also compatible with Ledger and Trezor hardware wallets, making it a very secure option for Ethereum investors.

If no hardware wallet is used as the interface, the MEW has the disadvantage that there is no possibility of recovery if the KeyStore files or seed phrases are lost. The passwords and the private key should therefore be written down physically on paper as a backup.

2.MetaMask

Metamask Wallet

Metamask is an Ethereum hot wallet that can be installed via browser extension for Google Chrome, Firefox, Opera and Brave and already has more than one million active users. The browser extension is an important part of the Ethereum ecosystem in order to access decentralized applications (dApps) from a web browser and execute transactions within dApps by storing the private keys. With this functionality, MetaMask is of central importance for Ethereum’s dApp ecosystem.

It is important to know that the MetaMask wallet stores the private keys locally in the user’s own browser and not on external servers. This gives the user full control. However, browser access also has a disadvantage: Although neither MetaMask nor the browser has access to the sensitive information, browsers such as Google Chrome can collect information about usage behavior – when and how MetaMask is used. Like many other wallets, MetaMask offers an integrated solution to buy cryptocurrencies. MetaMask users can select Coinbase and ShapeShift to purchase Ether or ERC20 tokens.

Conclusion: The MetaMask wallet is a very special wallet which we can recommend if you plan to use dApps on the Ethereum Blockchain. For security reasons you should (in our opinion) refrain from storing larger amounts of Ether (ETH) permanently via MetaMask wallet. Other wallets are better suited for this.

Supported cryptocurrencies
MetaMask is an application that allows users to manage Ethereum and all ERC20 tokens. Please note that not all ERC20 tokens are supported by default. If necessary, they have to be added manually in MetaMask, which is a very simple task.
Operation
Once set up, MetaMask is very easy to use. All functions are clearly arranged, so that sending and receiving transactions is easy even for beginners.
Transparency & Fees
The MetaMask code is open source and freely accessible online. There are no additional fees in addition to the Ethereum network fees.
Security
The big disadvantage of the MetaMask wallet is the security. MetaMask itself does not offer sufficient safety measures to protect the wallet in the best possible way!

3.Binance Web Wallet

Binance

Custody of Ether (ETH) on Binance, one of the largest and most popular cryptocurrency exchanges in the world, can also be an option if you plan to actively trade cryptocurrencies. On the exchange you can trade over 150 crypt currencies out of the online wallet. However, you should be aware that if you use the Binance wallet, you will hand over the responsibility for managing the Private Keys to Binance. Accordingly, security can also be classified as significantly lower than with the wallets presented so far. On the one hand, your private keys are stored on external servers; on the other, Binance is a popular target for hackers.

Although it is one of the safest exchanges in the world. Nevertheless, Binance has already been hacked. The biggest Binance Hack happened in May 2019, when hackers succeeded in stealing a total of 7,000 BTCs. From the users’ point of view, Binance fortunately took full responsibility for the hack and therefore did not pass the loss on to its customers. Nevertheless, our recommendation is that you use the platform exclusively for trading cryptocurrencies and not for permanent storage. If you want to store your Ethereum for a long time, you should send the ETH to an external wallet.

You can register an account on Binance by clicking on this link*.

Supported cryptocurrencies
Over 150 cryptocurrencies: All can be traded at Binance and stored in the Web wallet.
Operation
The operation of the cryptocurrency exchange and the associated wallets can be somewhat complicated and confusing for beginners. In our Binance Review, we explain in detail how you can use the platform.
Transparency & Fees
Use of the Binance Wallets is free of charge. Trading fees are charged, as you can read in our Binance Review.
Security
Binance is considered to be one of the safest exchanges in the world, which until today has only once been the victim of a hack and has not passed the loss on to its customers. Nevertheless, you should only keep your Ethereum on the exchange as long as you actively trade.

4.eToro Wallet

eToro wallet and Exchange

The broker eToro occupies a special position among web wallets. This is because the eToro account (web wallet) has a deposit guarantee of up to €20,000 per customer. Unlike most wallets, the user does not bear the sole risk of loss or theft of his Ether (ETH). This great advantage can be of particular interest to newcomers who are unsure about setting up and managing a wallet.

  1. However, the eToro wallet has two (big) disadvantages! First, for holding Ethereum on the eToro wallet per day, so-called “overnight fees” are incurred, which make the longer hold on eToro rather unattractive. Details on the amount of the fees can be found in our eToro Review.
  2. Second, Ethereum can only be transferred to eToro’s mobile wallet at extra cost and only from there to an external wallet where you have full control over the private keys. However, this process is very cumbersome and costs additional fees.

As you can see, the eToro wallet has both a big advantage and two disadvantages. Depending on what is more important to you, the eToro wallet may or may not be an option for you. To use the eToro wallet, you need to create an account with eToro (click here*).

Supported cryptocurrencies
15 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Dash (DASH), Litecoin (LTC), Ethereum Classic (ETC), Cardano (ADA), MIOTA (IOTA), Stellar Lumens (XLM), EOS (EOS), NEO (NEO), Tron (TRX), ZCash (ZEC), Binance Coin (BNB)
Operation
eToro offers a very clear and intuitive trading platform for beginners as well as advanced traders.
Transparency & Fees
As described above, eToro charges fees. These can add up, especially when holding cryptocurrencies for a longer period of time. You can read in detail in our eToro test report when they occur and how high they are.
Security
The deposit insurance of up to 20,000 USD per customer makes the eToro wallet a very secure option.

5.Litebit Online Wallet

Litebit

Litebit is our top recommendation for European customers to buy and sell Ethereum (ETH). Besides the brokerage service, the platform also offers an Ethereum Web wallet, where Litebit takes care of the management of your private keys (according to the classic definition of a stock exchange web wallet).

Litebit stores a large part of its customers’ money in cryptocurrencies in a cold storage (offline). Litebit also offers the option of 2-factor authentication for the account (and thus the wallet). However, we recommend that you rather use a free desktop wallet or buy a hardware wallet if you want to keep ETH long term. For the short-term storage of your Ether (ETH) the Litebit wallet is suitable from our point of view.

If you want to buy Ethereum, just click on this link*. You will be taken directly to the home page where you can register.

Supported cryptocurrencies
Over 30 crypto currencies including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Cardano, DASH, Dogecoin and many more.
Operation
In the past years we made very good experiences with Litebit, because it offers a very easy to use user interface, which is understandable even for beginners.
Transparency & Fees
There are no fees for using the Litebit Web Wallet!
Security
Even if we don’t know a hack and the majority of Litebit’s customer money is kept in cold wallets, we recommend you to use a desktop wallet or a hardware wallet.

In the following we have summarized the most important aspects of the use of Web Wallets:

Summary
Online Wallets for Ethereum are divided into two categories: Exchange Wallets and Ethereum specific developments. The former only provide basic protection for your Ethereum. Operation is often very simple and free of charge. In addition, you can trade on the respective exchange (when using an exchange wallet). However, they have the big disadvantage that you are not in possession of the Private Keys. Moreover, exchanges are popular targets for hacking attacks. So you have to trust the security of the exchanges.

Ethereum specific online wallets (MEW and MetaMask) have the advantage that you are the sole owner of the private keys. They also offer a higher level of protection in principle. However, you must keep in mind that the private keys are connected to the Internet (MetaMask stores them in the browser). This means that your computer may come into contact with malware that is aimed at stealing your Ether (ETH). With a good anti-virus and anti-malware software you can protect yourself against it very well. Nevertheless, one should be aware that there is no absolute certainty.

Both categories of web wallets also have the disadvantage that they are particularly susceptible to phishing attacks because they use a browser to access them.

Ethereum Offline Wallets / Ethereum Paper Wallets

Ethereum Paper Wallets can be a very good option if you want to save ETH offline and don’t want to use a hardware wallet. They have a very good reputation in the crypto community. The explanation for this is quite simple: Because the password, address and private key are “stored” on a piece of paper, the sensitive data is not connected to the Internet. However, you should note that a web wallet must be used to send transactions.

Ethereum offline Wallets are especially useful if you don’t want to access the Ether (ETH) for a long time. You can keep your Ethereum Paper wallet in a safe place. It is important that your PC and printer are free of viruses and malware. This can be a potential weakness of the Ethereum Paper wallet.

The advantages of Ethereum Paper Wallets are:
✅ You can access your wallet from anywhere if you have an Internet connection
✅ Best suited for beginners
✅ Easy and secure to create

The disadvantages are as follows:
❌ No deposit insurance as offered by some Ethereum exchanges like eToro
❌ Storage of coins is your own responsibility, this can also be an advantage, depending on what you prefer
❌ Not 100% safe from hacker or phishing attacks

1. Best Ethereum paper wallet: MyEtherWallet

MyEtherWallet allows you to print an Ethereum Paper wallet. The website creates the Private Key and the Public Key with one click. You can then print out the information and keep it in a safe place so that no external hacker can gain access to your Ether (ETH).

If you use Ethereum Paper wallets, you should note the following:

Summary
Ethereum Paper or offline wallets are a good and safe way to store your Ethereum for the long term. Make sure that your PC is free of Trojans and other malicious programs when creating it.

Further important information in the Ethereum wallet test

Please note that we have compiled the information to the best of our knowledge and experience. However, you should always seek further information and test different wallets to find the best wallet for you.

If you have any questions or suggestions about our Ethereum wallet review, please feel free to leave us a comment. We’ll be glad to help you!

If you liked this entry for the best Ethereum wallets, we would appreciate a positive review!

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About Author

Jake Simmons

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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