Top 5 best Ethereum wallets for 2022 I MoneyUnder30
Ethereum is one of the most widely-used blockchains available today. Thousands of crypto projects are built on the Ethereum network, with hundreds of billions of dollars invested in the Ethereum ecosystem to date. If you’re investing in crypto and want to store your crypto in a digital wallet, you’ll need to make sure your wallet supports the Ethereum network and Ethereum-based tokens. I’ve reviewed over a dozen Ethereum wallets and picked my favorites based on ease of use, supported crypto, security, fees, and overall functionality.
Overview of the best Ethereum wallets
|Wallet||Best for||Best feature||Fees||Supported crypto|
|Coinbase Wallet||Ease of use||Simple user interface||1.49%-3.99% purchase fees Network fees||All ERC-20 tokens|
|MetaMask||Ethereum dApps||NFT support||Network fees only||All ERC-20 tokens|
|ZenGo||Customer support||24/7 live chat support||1.99% purchase fees Network fees||75+ crypto|
|Trust Wallet||Supported crypto||1 million+ supported assets||Network fees only||All ERC-20 tokens|
|Ledger Nano S||Offline hardware storage||Offline hardware storage||Network fees only||All ERC-20 tokens|
Great for: beginner crypto investors and security-conscious crypto HODLers. The Coinbase Wallet is built into the Coinbase platform, but functions as a stand-alone wallet as well. It supports a wide range of cryptocurrencies, and all ERC-20 Ethereum coins. It also supports Ethereum-based NFT (ERC-721), allowing you to store your tokens and NFTs all in one wallet. Coinbase is known for its security features, and Coinbase Wallet likewise includes special security features to keep your crypto safe. This includes private key cloud storage, biometric access, and a 12-word recovery phrase. The Coinbase Wallet also allows users to trade crypto within the wallet application, making it easy to buy or sell crypto without needing to sign up for an exchange. While Coinbase offers an easy-to-use wallet, it doesn’t support all assets. E.g., it does not support the Solana blockchain, for example, and cannot store Solana NFTs either. But it does support a wide range of other blockchains, including Binance Smart Chain and Avalanche. Learn more about Coinbase or read our full review.
Great for: crypto beginners and advanced crypto users alike who want access to a quality Ethereum wallet. MetaMask is one of the most popular Ethereum wallets available, with tens of millions of downloads and a wide range of supported cryptocurrencies. It also supports multiple blockchains, including Ethereum, Binance Smart Chain, and Avalanche. MetaMask is known for its interoperability, with the ability to add almost any blockchain network to the app. Luckily, the app connects with Ethereum by default, making it easy to sign up and connect to Ethereum applications quickly. MetaMask also offers a browser extension, so it’s easy to connect your wallet to exchanges and decentralized applications from your computer browser. While MetaMask can connect to multiple blockchain networks, it only supports storage of Ethereum-compatible cryptocurrencies. This means that it cannot store the native token of blockchains like Binance, Solana, and Terra. Unfortunately, not all cryptocurrencies talk to the Ethereum network natively, and MetaMask cannot support many of them. Learn more about MetaMask.
Great for: those looking to store and trade Ethereum assets, and who value strong customer support. ZenGo is a digital wallet that allows users to secure their app with a face scan, as well as email and encrypted recovery file. It supports a small selection of cryptocurrency for storage, and can connect to Ethereum applications as well. ZenGo also functions as a crypto exchange, allowing users to buy, sell, and trade crypto right within the application. ZenGo is known for its customer service, offering 24/7 live chat access to representatives who are very responsive. It self-describes its customer support as “legendary”, which is justifiable considering most crypto wallets don’t even have live customer support. ZenGo only supports about 75 cryptocurrencies currently, which is less than some other Ethereum wallets. This means that some coins may not be able to be stored or traded within the ZenGo app. ZenGo also charges a fairly high fee for crypto trading at 1.99%, which is on par with some of the larger crypto exchanges, but higher than most. Learn more about ZenGo or read our full review.
Great for: those who invest in a wide range of crypto. Trust Wallet is one of the most downloaded digital wallets available, with over 25 million users. It also supports more crypto assets and networks than most digital wallets. Trust Wallet supports over 50 blockchains, and over 1 million digital assets (crypto, NFTs, and other assets). Trust Wallet is owned by Binance, the largest crypto exchange on the planet, and offers fantastic security features. This includes non-custodial private keys, biometric access, and pin code access. Trust wallet also offers in-app staking to earn interest on crypto holdings, as well as the ability to buy, sell, and trade crypto. While Trust wallet is one of the best overall Ethereum wallets available, it still does not support two-factor authentication, which can be a slight security concern. Learn more about Trust Wallet.
Ledger Nano S
Great for: crypto beginners concerned about security. The Ledger Nano S is a hardware wallet that supports Ethereum-based cryptocurrencies as well as Bitcoin. As a USB hardware device, it stores cryptocurrency “offline,” which is the most secure way to store your crypto. The Ledger Nano S is the entry level Ledger hardware wallet, with a small price tag and big security features. Proprietary hardware design (including the processing chip), proprietary software, and independent security audits make Ledger the “go-to” name in crypto hardware wallets. Users can store most Ethereum-based assets on the wallet, and Ledger wallets are compatible with multiple crypto exchanges and “hot” wallets for easy asset transfers. The Ledger Nano S (and all hardware wallets) do suffer from being a bit cumbersome, as purchases made from the wallet require pressing hardware buttons on the device, and crypto is not easily accessible when it is locked away on a device. It also has a smaller storage capacity than some larger hardware crypto wallets. That said, the point of a hardware wallet is to stay offline, and Ledger is one of the best around at this job. Learn more about Ledger Nano S.
How I came up with my list of the best Ethereum wallets
When looking for the best Ethereum wallets, I reviewed over a dozen popular options. I paid special attention to security features, first and foremost, as securing your Ethereum-based crypto is the most important feature of any digital wallet. I also looked at the number of supported cryptocurrencies, as well as other Ethereum assets (such as NFTs). Extra features also factored into my selections, e.g., the ability to make purchases directly within the wallet, the ability to login using biometric access, and customer support options. Overall, the best Ethereum wallets make it easy to store and transfer Ethereum-based assets, while helping you sleep at night with over-the-top security features. Related: 6 best crypto wallets
What is an Ethereum wallet?
You can think of an Ethereum wallet as a banking app that allows you to access your crypto, transact, and also connect with Ethereum-compatible applications. Each wallet has a unique address, similar to an account number. This address is used for sending crypto assets, such as deposits or NFT transfers. These wallets come in both hardware and software versions. Software wallets are available as mobile apps and browser extensions; hardware versions are ultra-secure USB sticks that store your crypto offline. Ethereum wallets support crypto assets based on the Ethereum network. This includes the native token Ether (ETH), as well as any crypto projects that are built on top of the Ethereum blockchain (hint: there are thousands of them). These cryptocurrencies follow the ERC-20 standard, which is a secure protocol for cryptocurrencies developed on Ethereum. Ethereum wallets should also support Ethereum blockchain NFTs, which follow the ERC-721 standard. These NFTs are built on the Ethereum network, and are traded on marketplaces that support Ethereum wallets. Related: Crypto crash course – everything you need to know about Bitcoin, blockchain, and more
What features should you look for in an Ethereum wallet?
When searching for a trusted Ethereum wallet, there are a few things you want to look for to ensure it meets your needs.
Storing your cryptocurrency in a secure location is priority number one. A quality Ethereum wallet will offer a private key, 12-word (or more) recovery phrase, and multiple layers of security before granting access.
Not all digital wallets support Ethereum assets. When looking for an Ethereum wallet, make sure it supports the ERC-20 standard (for crypto), and the ERC-721 standard (for NFTs). If the wallet doesn’t support these, it won’t work on Ethereum.
What good is an Ethereum wallet that is too complicated to use? A top-notch Ethereum wallet will have a simple user interface to help you store your crypto and connect to Ethereum-compatible applications.
Ethereum wallets FAQ
Do I need an Ethereum wallet?
If you plan on buying and storing Ether (ETH), or any one of the thousands upon thousands of Ethereum-based cryptocurrencies, you will need an Ethereum wallet. These wallets are also needed to store Ethereum-based NFTs (which are most of the NFTs available today). In addition, most DeFi apps run on the Ethereum network, and a compatible Ethereum wallet is required to connect with and use those apps.
How much is an Ethereum wallet?
Software-based Ethereum wallets are free. In fact, the only payments you will make with an Ethereum wallet are transaction fees when using the Ethereum network, or fees from making trades directly within the wallet. That being said, hardware wallets (such as the Ledger Nano S) cost money, as you are purchasing a secure piece of hardware to store your crypto physically. Prices range from about $50 to hundreds of dollars for hardware wallets, depending on the storage capacity and other features.
Choosing an Ethereum wallet may feel overwhelming given the dozens of apps available and the complicated nature of crypto. Luckily, there are a number of high-quality wallets available, with a deep focus on security and support for the ever-changing world of Ethereum applications.