The Best Ethereum Wallets 2023 – An Investor’s Guide

What makes a good Ethereum wallet? Our guide will break down everything you need to know.

article-image

Graphic by Crystal Le

share

The Ethereum wallet landscape is changing at breakneck speed as it has become more than a simple payment and storage device. There is an all out war to win what futurists see as the browser to Web3 and maybe even the metaverse. 

This new ecosystem can be intimidating for someone who just learned the difference between a seed phrase and a private key. How do you compare Ethereum wallets when their scope of use keeps changing? It is important to know that your wallet of choice will give you the functionality you need to traverse worlds and decentralized applications with ease.  

What you need to know:

  • Ethereum wallets are now more than just a banking app without the bank. They have become a place to store digital art, community membership, voting privileges and even online gaming personas.  
  • Ethereum wallets are different from wallets only used for non-smart contract blockchains like Bitcoin. They have a signing function that enables users to execute complex smart functions such as depositing liquidity on Uniswap. 
  • The need to sign multiple transactions can make it difficult to use various wallets for more complex applications such as DEXes and games. 
  • Wallets that try to offer a better user experience through browser extensions of mobile apps tend to have more security vulnerabilities.

This guide will walk you through the basics of evaluating and comparing the best Ethereum wallets on the market. But first, the highlights:

Top Ethereum wallets:

  • Most Compatible: MetaMask 
  • Most Secure: Ellipal
  • Most Secure and Compatible: Ledger
  • Most User-Friendly: Trust Wallet 
  • Most Versatile: Argent
  • Most Affordable: Coinbase, Meta Mask and Trust Wallet

What’s an Ethereum wallet?

An Ethereum wallet is a hardware device or software enabling users to interact with the Ethereum blockchain and its decentralized applications (dapps) ecosystem. An Ethereum wallet supports sending and receiving ETH and Ethereum-based tokens, including crypto tokens (ERC-20) and non-fungible tokens (NFTs).

There are three main functions of an Ethereum wallet, with one being more used than the others. These functions include:

  1. An app: The primary use case for an Ethereum wallet is to help you manage your funds. It provides an interface to transfer assets and use the Ethereum network without much technical knowledge. 
  2. Your Ethereum account: An Ethereum wallet holds access to a user’s unique addresses on the blockchain and provides an immutable account of their activities on the network. With an Ethereum account, users can build a social identity across different applications such as Twitter, Reddit, and Web3 applications.
  3. A login for Ethereum apps: The Ethereum ecosystem includes a variety of dapps built around finance, gaming, predictions, NFTs, and more. An Ethereum wallet provides login access to these applications and allows users to interact with them seamlessly.

An Ethereum wallet is one of the many types of cryptocurrency wallets. You can learn more about them in our in-depth guide on crypto wallets. Meanwhile, the next section analyzes what to consider when choosing an Ethereum wallet.

What to look for in an Ethereum wallet?

When choosing an Ethereum wallet, you need to first identify your priorities. Do you plan to use it for investing or storage or as your main interface for Ethereum-based applications? You may need multiple wallets for different purposes. Comparing these features will help you determine the best Ethereum wallet.

  • Security and reputable history: Choose a wallet that integrates advanced security features and boasts a strong reputation within the crypto industry. The wallet seed phrase generation process, PIN options, and recovery process should be highly-secure for even less experienced users. 

It is advisable to choose wallets with no record of a security breach. That way, users can rest assured that the company implements the best security practices and thus maintains a good reputation within the crypto industry.

  • User-friendliness: Investors find it helpful to look for wallets with an easy-to-navigate interface. Basic functionalities such as sending, receiving, and swapping crypto tokens should work seamlessly. Additional features such as NFT display, multiple accounts, portfolio tracking, and others should work in an intuitive manner.
  • Broad ecosystem support: If you intend to use the wallet to access Web3 applications such as decentralized finance (DeFi) protocols and NFT marketplaces, then it is advisable to choose a broadly supported wallet. This way, you can easily connect to these platforms without transferring funds to another compatible wallet.
  • EVM compatibility: The Ethereum Virtual Machine (EVM) allows developers to build Ethereum-like applications across other blockchain networks. The best Ethereum wallets implement support for other EVM-compatible networks such as Polygon, BNBChain, Avalanche, Arbitrum, Optimism, Fantom, Gnosis, and many others. Thus, users can use a single wallet to access dapps built on these networks.
  • Regular upgrades The blockchain industry evolves at neck-breaking speed. The best Ethereum wallet providers monitor the latest trends and adapt their solutions to meet the needs of contemporary users. Regular updates to fix security issues and improve user experience also count as one of the things to consider when choosing an Ethereum wallet.
  • Hot or cold wallet: A hot wallet is connected to the internet and intended for regular usage. On the other hand, a cold wallet is designated for the long-term storage of your ETH and other assets. Many investors combine hot and cold wallet setups to balance their portfolio risk.

10 Best Ethereum Wallets for All Users

MetaMask

  • Type of wallet: Browser and mobile wallet 
  • USP: Connect to dapps and Web3 
  • User-friendliness: Relatively easy
ProsCons
Free-to-useThe wallet experience could be significantly improved
MetaMask is widely supported across the dapp ecosystemMetaMask does not support new-age networks such as Solana, Cosmos, Polkadot, etc
The wallet is EVM compatible (with support for BNBChain, Polygon, Avalanche, etc.)Being a hot-wallet solution makes users susceptible to hacks and other online attack vectors
MetaMask offers a built-in swap feature and portfolio tracker

Released in September 2016 by Ethereum development studio Consensys, MetaMask is arguably the most popular Ethereum wallet. It boasts over 10 million active monthly users and has grown significantly since launching on mobile devices. Initially, the wallet was only available as a browser extension.

The MetaMask wallet is a self-custodial solution. Users create a new seed phrase upon installation or import an existing one. There is also the option to import wallets via a cryptographic private key. The MetaMask wallet features a relatively straightforward experience on both mobile and browsers. MetaMask users can send and receive tokens and connect with decentralized applications across Ethereum and almost all other EVM networks. 

Ledger Nano X

  • Type of wallet: Hardware wallet
  • USP: Advanced security
  • User-friendliness: Relatively easy 
ProsCons
The Ledger Nano X provides secure offline storage for crypto assetsExpensive for the average crypto investor
The wallet is durable and portableThe Ledger Live application might confuse users with more than one wallet — because the app sums up user balances, users must label wallets correctly
The device supports over 5,000 crypto tokens, making it an option for investors with a diverse portfolioThe device isn’t completely air gapped, so it is still vulnerable to certain security threats
Directly exchange and swap cryptocurrencies through supported partners

The Ledger Nano X is a USB-shaped hardware device for storing cryptocurrencies. The device stores your cryptographic keys offline, eliminating the risk of losing funds to online attackers. 

Users can connect to their mobile devices via Bluetooth to manage their portfolios using the Ledger Live application available on Android and iOS. A wired connection is required to use Ledger Nano X with a Windows, macOS or Linux device.

Even though this wallet is a hardware device, it is not considered cold storage or air gapped. This makes it vulnerable to certain attacks that can exploit Bluetooth and USB connections. Air-gapped wallets use QR codes to sign transactions instead of direct connections. The process can make for a clunky user experience, but it is more secure.   

Upon installing Ledger Live, users can set up their Ethereum app to manage ether (ETH) and other ETH-based tokens. The Ledger Nano X wallet supports Ethereum staking and is among the best-supported options for decentralized applications.

Ledger Nano S Plus

  • Type of wallet: Hardware wallet
  • USP: Affordable security 
  • User-friendliness: Simple
ProsCons
Secure offline storageHas fewer functionalities than the Nano
Optimized to offer a seamless NFT and DeFi experienceNot compatible with iOS devices
It weighs less than the Nano X and is thus more portableA known issue of summing portfolio balances presents a challenge to users who manage more than one wallet with Ledger Live
The device isn’t completely air gapped, so it is still vulnerable to certain security threats

The Ledger Nano S Plus is a pocket-friendly alternative to the Nano X device. For around 60% of the price of the older counterpart, the Nano S device also features secure offline private key storage. More importantly, the device enables users to manage ETH and ETH-based tokens and interact with dapps.

The Ledger Nano S Plus is a predecessor to the Ledger Nano S device. An immediate improvement to the newer hardware wallet is an increased focus on optimizing the wallet for NFT and DeFi transactions. Meanwhile, the Nano S Plus device is not Bluetooth-enabled, one of the core differences between the most expensive Nano X.

Trezor

  • Type of wallet: Hardware wallet 
  • USP: Advanced offline security 
  • User friendliness: Simple 
ProsCons
Trezor hardware wallets are user-friendly and offer seamless management with the Trezor Suite web and desktop appsTrezor hardware wallets do not offer native support for displaying and managing NFTs, although users can sign transactions
Trezor supports the use of an advanced seed phrase for additional securityTrezor devices support fewer coins and tokens compared to competitors
Built-in exchange to buy, sell, and swap cryptocurrenciesThe device isn’t completely air gapped, so it is still vulnerable to certain security threats

Produced by Satoshi Labs, Trezor hardware wallets are another popular physical storage device for managing ETH and ERC-20 tokens. Trezor offers two products, the Trezor Model T and Trezor One devices. 

The Trezor Model T is the more expensive option, offering advanced security features such as a touchscreen display and support for more cryptocurrencies. The Trezor One device is more affordable, enables managing fewer cryptocurrencies, and is sold at approximately 30% of the price of the Model T. 

However, both wallets are easy to set up and rank highly on the list of best Ethereum wallets. Users can connect their Trezor device to MetaMask via a simple integration to enjoy top-notch DeFi experiences.

Eillipal Titan Wallet

  • Type of wallet: Hardware, cold air-gapped wallet
  • USP: Most secure 
  • User-friendliness: Complex 
ProsCons
Most secure storageCannot connect to smart contract applications
User-friendly touch screenSending crypto requires multiple steps on different devices 
Wide selection of coins and staking optionsRequires USB updates

Ellipal Titan Wallet is a cold storage wallet that utilizes air-gap technology. Unlike traditional cold storage wallets, the Ellipal Titan does not connect to the internet, Bluetooth or USB. Instead, transactions are conducted using QR codes, which are generated on the Ellipal app and scanned using the Titan’s camera. 

This air gap technology ensures a higher level of security as it prevents the wallet from being hacked through internet connections. The Ellipal app allows users to receive coins but not to send coins, as the private keys are stored inside the Titan wallet and transactions must be signed and approved using the QR code on the wallet. 

The Ellipal Titan is a highly secure wallet, but it does have the drawback of requiring manual updates using a mini-USB, as it does not connect to the internet. Unlike Trezor and Ledger, it cannot connect to Metamask to approve transactions and interact with Ethereum dapps. Overall, the Ellipal Titan is a unique and secure option for those seeking to store their cryptocurrencies in cold storage.

MyEtherWallet

  • Type of wallet: Web and mobile wallet
  • USP: Open source 
  • User-friendliness: Relatively easy 
ProsCons
Open-source wallet with multi-device supportA hot wallet solution, making users susceptible to online attacks
Native dapp store and NFT management application Users report frequent crashes on MyEtherWallet mobile and instability while interacting with the Polygon network
Built-in token cross-chain swap functionality powered by decentralized exchanges
MyEtherWallet is developer friendly, including a smart contract interaction, gas unit conversion, and verification message add-ons

Launched in 2015, MyEtherWallet is the oldest Ethereum wallet, becoming the first open-source solution for users to create and manage assets on the network. The wallet has since evolved to provide new functionalities, including a web, mobile application, and browser extension (Enkrypt).

In addition to pioneering self-custodial ownership, MyEtherWallet is compatible with most EVM-compatible networks and tokens. Users also enjoy the luxury of a built-in dapp store that features the most popular protocols and an NFT manager app. 

Like MetaMask, users can connect MyEtherWallet with many hardware wallets, including Ledger, Trezor and Keep Key. This integration provides another gateway for accessing dapps with funds stored in a secure offline location.

Trust Wallet

  • Type of wallet: Mobile and browser extension 
  • USP: Multichain
  • User-friendliness: Extremely easy 
Pros Cons
Trust Wallet users can directly stake ETH and several Ethereum-based tokens Trust Wallet popularity makes users susceptible to phishing attacks
Trust Wallet includes an option to track charts and prices Prone to mobile wallet malware attacks
Users can swap assets across different networks using the built-in multichain swap widget

Trust Wallet is one of the best Ethereum wallets and boasts remarkable adoption with over 25 million users. The self-custodial wallet launched in 2017 and is notably backed by popular cryptocurrency exchange Binance.

Trust Wallet enables storing ETH and managing ERC-20 tokens. Users can simply toggle support for several assets and manage Ethereum gas fee settings based on network usage. 

The Trust Wallet application also includes an NFT display feature and a native dapp store for accessing protocols across Ethereum and other EVM-compatible networks. Trust Wallet launched its browser extension in 2022 to broaden its user appeal and ward off competition.

Guarda

  • Type of wallet: Desktop, web, and mobile wallet
  • USP: Beginner friendly and multi-signature features
  • User-friendliness: Relatively easy
ProsCons
Multi-signature features available for ether and bitcoin At the time of writing, users pay a relatively high fee of 5.7% when using the in-app purchase option to buy cryptocurrencies
Guarda provides advanced security options, including biometrics unlock and Face IDThe wallet is not purpose-built for accessing dapps and NFTs
The wallet supports native Ethereum staking
Guarda Wallet is developer-friendly with several add-ons for token creation

Launched in 2017, Guarda is another top wallet for Ethereum users. Guarda Wallet supports over 50 blockchain networks and 400,000 tokens, making it an excellent option for investors with a diversified portfolio.

The Guarda wallet is available on multiple devices and offers a user-friendly interface for managing assets. Guarda provides developer-friendly add-ons such as a token generator, mnemonic converter, Etherscan integration, and smart contract deployer.

Other prominent features include a built-in multichain swap widget, fiat purchases, and a Visa debit card for users to spend cryptoassets. Unlike a handful of self-custodial wallets, Guarda also prides itself in providing prompt customer service through LiveChat and email. 

Argent

  • Type of wallet: Smart contract mobile wallet
  • USP: Ethereum layer-2 wallet
  • User-friendliness: Relatively easy 
ProsCons
Cheap and fast transactions via Ethereum layer-2Argent Wallet is only available on mobile
Argent offers a user-friendly interface ideal for onboarding new investors to Ethereum Only supports tokens built on the Ethereum blockchain
Native Ethereum-staking solution and DeFi integration
No seed phrase recovery required

Argent is a smart contract wallet specially designed for accessing the Ethereum layer-2 network zkSync. It replaces the traditional Externally Owned Account (EOA) model of Ethereum wallets with a smart contract model. 

This enables account abstraction — where the user can interact with the Ethereum ecosystem with more functionality. For example, instead of using a seed phrase recovery system, you can set up a multi-signature solution that utilizes social recovery. It also enables transaction bundling so that engaging with smart contracts does require multiple transaction approvals. 

Argent offers direct Ethereum staking and the option for users to earn interest across DeFi protocols on the layer-2 solution. There is also an inbuilt swap widget and a novel recovery process for users to retrieve lost wallets without a paper backup. The only trade-off is that the wallet is focused on optimizing user experience and thus does not support the layer-1 Ethereum network.

Read more: The Seed Phrase Debate: Do Wallets Really Need Them? 

Exodus

  • Type of wallet: Desktop, mobile, and browser wallet
  • USP: Multichain and beginner friendly
  • User-friendliness: Relatively easy 
ProsCons
Exodus wallet offers full multichain functionalities, enabling access to Ethereum, EVM-compatible networks, and new-age networks such as SolanaSupports fewer cryptocurrencies than some competitors
Multi-device support, including desktop and mobile synchronizationProne to mobile wallet malware attacks
Native support for Ethereum staking and earning interest via DeFi protocols
Exodus provides customer support through LiveChat and email

Launched in 2015, Exodus is one of the oldest cryptocurrency wallets and among the best Ethereum wallets. Exodus offers a user-friendly experience and native integrations with the Ethereum dapp ecosystem. One of these integrations is an app store that allows users to access DeFi protocols such as Compound Finance and Aave with a single click.

Exodus is accessible across multiple devices with Android, iOS, desktop, and browser options available to users. The wallet features an intuitive portfolio tracker and support for the Trezor Model T hardware wallet. Users can also seamlessly buy and sell crypto using Exodus mobile’s numerous fiat on-ramp solutions.

Coinbase Wallet

  • Type of wallet: Browser and mobile wallet
  • USP: Retail friendly
  • User-friendliness: Straightforward 
ProsCons
The Coinbase wallet is more user-friendly Integrates few EVM-compatible networks compared to competitors
The wallet integrates native support for Ethereum and Polygon NFTsClose ties with the Coinbase exchange mean limited privacy options for connected users
Users can store ETH, all Ethereum-based tokens, and several other cryptocurrencies Prone to mobile wallet malware attacks
Coinbase Wallet lets users buy and sell cryptocurrencies with fiat

Developed by the famous cryptocurrency exchange company Coinbase, the Coinbase Wallet is a self-custodial solution for Ethereum investors. Users can browse decentralized applications from the built-in dapp store and manage NFTs from the Ethereum and Polygon networks.

The wallet initially only existed as a mobile app for Android and iOS devices. However, the company released the Coinbase Wallet browser extension in 2021, expanding its grip on market share. Coinbase’s wallet is synonymous with a seamless user experience powered by a minimalistic design that even new investors can navigate. 

Among other features, the Coinbase Wallet allows users to set up usernames. Thus, users can execute transactions without using hard-to-read cryptocurrency addresses. The wallet also supports Ethereum staking and the option to earn interest on crypto using DeFi protocols.

Ethereum wallet FAQs

Which wallet is best for Ethereum?

The best wallet for Ethereum depends on a user’s needs. For instance, MetaMask is considered the best Ethereum wallet by many to easily interact with dapps across the DeFi and Web3 gaming ecosystem. However, a hardware wallet provides the best security for the long-term storage of ETH and Ethereum-based assets. Mobile wallets are ideal for day-to-day transactions involving smaller amounts, while connecting your hardware wallet to browser extensions for transaction signing provides greater security while using dapps.

Which wallet is best for Bitcoin and Ethereum?

Most Ethereum-focused wallets, such as MetaMask and MyEtherWallet, do not support Bitcoin. Therefore, the best choice for Bitcoin and Ethereum is any of the hardware wallet devices listed in this article. Other options, including Trust Wallet, Guarda Wallet, and Coinbase Wallet, enable storage and transfers for ETH and BTC.

Which is the safest Ethereum wallet?

The safest Ethereum wallet is a hardware solution such as Ledger Nano X or Trezor Model T device. These devices store a user’s private key offline and provide advanced security options such as extra passphrases and customized backup solutions. Users can further ensure safety by setting up a cold-storage wallet, one not used for regular transactions.

With more than 30 million users, MetaMask is the most popular crypto wallet for Ethereum. It is the most supported wallet on dapps and boasts significant usage within and outside the Ethereum ecosystem. Other popular options include MyEtherWallet and Coinbase Wallet.

What is the crypto wallet with the lowest fees?

Most crypto wallets allow users to set the lowest transaction fees based on network usage. Because users pay transaction fees to validators/miners on the underlying networks, crypto wallets technically do not offer low fees.

Choosing rightly to secure your Ethereum assets

The Ethereum ecosystem has significantly evolved from its early days. Nowadays, a user can choose the best Ethereum wallet for them based on their portfolio size, dapp usage, and other specific needs. Combining one or more wallet types may help users achieve the best security practices and  benefit from the numerous opportunities available on Ethereum and the broader cryptocurrency industry.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png

Research

With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.

article-image

Launching cryptocurrencies the old fashioned way may soon make a return

article-image

Kraken and CertiK brought their beef to social media after Kraken said researchers exploited $3 million through a bug

article-image

NVIDIA’s historic run is only deepening the divide between mega-cap tech stocks and the rest of the market.

article-image

EIP-7702 was quickly adopted for the next Ethereum upgrade, but developers haven’t quite locked it down