In 2022, Ethereum is holding the place of second most important cryptocurrency after Bitcoin. Thousands of users engage in Eth-based transactions every day; owning the currency, however, is a very private business that requires secure storage and all kinds of anti-theft techno means. That is where a wallet comes in handy — a highly protected personal vault enabled with full financial functionality.
You’ll meet four types of wallets:
- Mobile Apps: Your resources remain accessible wherever you go.
- Physical Hardware: A literal strongbox isolated from online intrusions.
- Web Wallets: Only a browser is required to manage your funds.
- Desktop Apps: You can buy and sell coins via any major OS on your PC.
Wallet providers are easy to swap, and many of the apps provide the functionality to manage several other pieces of software simultaneously. So, let’s see what good wallets this year of 2022 has on the offer.
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MetaMask (Web)
An awesome choice for crypto neophytes. As a browser extension, it is compatible with Mozilla Firefox, Google Chrome, Brave, and Vivaldi. Works completely free of charge.
Strengths: Ability to conduct operations with ShapeShift exchange and Coinbase.
Weaknesses: Runs smoothly but may be somewhat of a pain in the back to set up.
Trezor Model T (Hardware)
A top-notch hardware options, definitely one of the best. You’ll get an intuitive touchscreen interface, regularly updated firmware, and reliability of operation thanks to backups.
Strengths: Covers a huge lot of cryptocurrencies, starting from major market players and ending with niche coins.
Weaknesses: In comparison to software wallets, hardware options cost a pretty penny. The Trezor Model T is available at about $250 on the company’s website, so buying it could be Weaknessesidered a weighty investment.
Ledger Nano X (Hardware)
The Nano X is said to be unparalleled in its approach to safety. Many crypto enthusiasts opt for it when going all serious about stashing Ethereum. Additionally, it is compatible with over a thousand types of coins and tokens. Like many new-age wallets it allows you to control it via Bluetooth.
Strengths: Being user-friendly, it can be easily set it up using iOS or Android smartphone. Many commend its fast performance throughout all chief blockchains. Your Bluetooth-connection never transmits sensitive data like private keys or seed phrases.
Weaknesses: Remains in the top price tier compared to many other hardware options.
Binance (Hardware)
The Hong Kong-based Binance is the colossus of the crypto exchange world. Their wallets are featured among the most widely loved and used. It is pretty impenetrable security-wise with its two-factor authentication. The maximum capacity for ETH coins amounts to two hundred.
Strengths: In package with the most optimal exchange rates come lessened fees for the services. This wallet comes pre-loaded with a complete set of Defi tools and a comprehensive coin selection.
Weaknesses: Cannot be used in the US.
Kraken (Web)
Kraken is a cool name of the widely known online exchange platform. Both institutions and private individuals can use it to move crypto assets, conduct margin and futures trading, as well as other types of investments.
Strengths: Beginners may like to opt for this one due to a variety of digital educational materials it offers. Along with arguably the lowest deposit fees, it also allows you to collect rewards for moving funds.
Weaknesses: Only partially usable as a wallet service. Most of the assets deposited are stored in the offline cold vault. The platform’s clients may only use corporate wallets as part of their operational activity with the exchange. Futures cannot be used in the US.
Coinbase (Mobile/Digital)
While being quite popular, Coinbase has a major downside sitting with its fees and prices. It does offer rigorous security measures for user protection, but hardly is hack-proof, nonetheless.
Strengths: Services more than 50 cryptos with a multitude of altcoin options. Easily navigable. Set on maintaining high liquidity.
Weaknesses: its fixed charges are pretty uncomfortable those not subscribed with a Pro account.
Cex.io (Digital)
Of all things associated with this name, “trust” is the first on the list. It suffices to use a credit or debit bank card to join the crowd of digital money holders in a matter of minutes.
Strengths: Users will enjoy efficient refills and withdrawals thanks to the credit card usability. The additional upside to this is a lesser cost of bitcoins and smaller trading fees.
Weaknesses: You’ll have to go to great lengths to extend your buyer’s limit.
Argent (Web)
Argent is limited strictly to Ethereum, so there will be no fuss over coinage. It makes for an awesome start for crypto newbies who don’t feel particularly confident on wide water. This wallet employs a one-of-a-kind private key that it stores locally on your smartphone scrambled and encrypted.
Strengths: Full-fledged ETH functionality even allows you to obtain the coin for your fiat money directly via the app. Supports automatic fee payment.
Weaknesses: The Ethereum blockchain is the only one supported.
Mist (Desktop)
Here is a powerful open-source tool coming straight from the ETH creators. If you prefer a desktop to manage your finances, this might just be the perfect solution for you.
Strengths: Mist is loaded with the ShapeShift functionality, allowing you to purchase ETH in exchange for BTCs or fiat currency without extra trouble.
Weaknesses: It actually requires the user to download the entire Ethereum node in order to connect the wallet, which would take up over 1TB of your disk space. With every session, it needs to synchronize with the blockchain, so you’ll have to wait longer before using it. Only ETH and ERC20 are supported.
Gemini (Digital)
With over 40 digital currencies supported, Gemini charges you for each withdrawal, depending on the transaction volume. Many users prefer this to fixed rates, as it goes easy on your resources should you often need to make use of minor operations.
Strengths: This tool combines user-friendliness with powerful security measures, which makes it arguably the best Ethereum wallet for beginners. It incorporates a learning hub and can be accessed by users from all over the US.
Weaknesses: Relies on high market-based fees.
Atomic (Desktop)
Finally, for something really cost effective: Atomic offers free service and agreeable transaction costs. The wallet covers an impressive portfolio of over 500 coins and tokens.
Strengths: Aside from being desktop compatible, the app works on iOS and Android devices too. It is backed up with a 12-word recovery key, accompanied by an encrypted private key.
Weaknesses: No hardware option.
Exodus (Desktop)
Old-school crypto enthusiasts would recognize this wallet as the first-ever desktop tool enabled with multi-crypto assets. With an appealing user interface and no additional charges, Exodus has been deservedly considered by many to be the best Ethereum wallet 2021. You’ll be able to back up your data with just one click and recover it by punching in your pin and password combo.
Strengths: Here, you’ll get a live chat functionality and highly responsive human agents. Users get to monitor market leverage and conduct operations in just a couple taps.
Weaknesses: Not developed as an open-source tool.
Final words
When you have your precious Ethereum funds to care about, trustworthiness and security of your wallet is a must. Judge carefully where to step and make sure you consider all the risks, hidden fees, and security loopholes before you proceed with a certain storage tool. It is only by staying in the know that Ethereum owners can navigate the market safely and profitably.
