If you’re looking to get into cryptocurrencies, you must have wallets to store them in. No, that doesn’t mean keeping them on an online exchange like Coinbase or Kraken, it means getting an actual wallet compatible with your purchased tokens. You need to protect your investment, and we’re going to show you the best wallets in which to do so.
Before getting into the list, however, there are a few things to consider before deciding on a wallet:
Ease of Use
How familiar are you with software? Are you a computer geek or do you just dabble? If you’re not used to navigating less-than-great user interfaces, you may want to stick to a better-designed wallet.
You’ll want to consider how your private keys are handled. Nobody should ever know your private key except for you, so this is extra important.
Community & Team
How is the team behind the wallet? Are they transparent about their changes and their future? What about the community? Do they communicate often or is it one-way? Pick a wallet that suits you here.
How does the wallet keep your information secure? What sort of information do they ask for? Is it completely anonymous to use or do you need to give up more than you would like?
Keep these aspects in mind when reading about the following wallets:
Ledger Nano S Hardware Wallet
The Ledger Nano S Hardware wallet is one of the most popular wallets on the market. It is a hardware wallet, meaning it is essentially a USB drive you must plug into your computer to access your private keys.
This wallet comes with a built-in OLED screen for privately viewing your information and is even used to confirm transactions. Also, the Ledger contains physical buttons to prevent any accidental transfers or transactions. Most of the work is done on the device as well, so nobody peering over your shoulder can see the most important info.
Nobody can access the Ledger without your PIN number, and the device contains FIDO Universal Two-Factor Authentication as well. On top of this, all of your Ledger accounts are backed up in an on-device ledger sheet. Nobody – not even Ledger or relevant third-parties – can see your keys stored in the wallet.
Reasonably priced, the Ledger Nano S is one of the most popular Ethereum wallets on the market and just in general. The support offered here is near unmatched, and it’s an ideal space for storing your cryptocurrencies.
Exodus Desktop Wallet
The Exodus desktop wallet is one of the worlds only multi-currency wallets. While it isn’t a physical space to store your keys, it’s still a desktop wallet which is much more secure than an online one.
Exodus is free, easy to use, and colored for efficiency. With this wallet, your keys never leave your device, even though you must be connected to the internet while using it. The dashboard provides you with a detailed breakdown of your portfolio, along with the current price of each specific coin.
It’s available on Mac, Linux, and Windows. Exodus only requires your personal email address to sign-up as well. Also, Exodus is one of the only Ethereum wallets that allows you to trade between supported cryptocurrencies from within the wallet. This is a fantastic feature that allows users to safely and securely diversify their portfolios.
Exodus backs up your keys with seeds in case of theft, so you can restore your wallet whenever you need.
TREZOR Hardware Wallet
The TREZOR hardware wallet is another favorite and well-known choice for cryptocurrency storage. While it was initially designed as a Bitcoin-only wallet, TREZOR has recently provided support for Ethereum and other Altcoins.
TREZOR stores your Ether or other coins offline via an electronic chip, which can only be activated with your personal password. Also, because it offers limited USB connection, the TREZOR USB is a safe way to use your cryptocurrencies even if connected to an infected computer.
Like the Ledger, TREZOR is competitively priced and offers support for all sorts of different coins.
Unlike the others on this list so far, Jaxx is a mobile, desktop, and web wallet. It offers support for Android, iOS, OSX, Windows, Linux, and even Chrome via an extension. They are also working on a hardware wallet as well.
Jaxx is incredibly simple to use and offers a user-friendly interface that even a first-timer should be able to figure out. With Jaxx, your keys are stored on whichever device you’re on, and servers have no way to access them. Companies and third-parties are locked out just as well.
You don’t have to provide any of your personal information to use the wallet, which goes in tandem with the privacy offered by cryptocurrencies in general. Jaxx isn’t open-source, but it allows anyone to audit their code so they can be sure there isn’t anything fishy going on in. Jaxx is also incredibly open with all of their changes and updates.
Though surprisingly unknown, Mist is the official desktop and web wallet listed by the Ethereum website. While still in beta, the software is available on Mac, Linux, and Windows. Users can discuss features and issues on the official GitHub page as well.
Mist’s unique feature is that your password can never be changed. If you lose your password, you cannot gain access to your wallet. There is no recovery. However, Mist provides complete anonymity, which can be somewhat rare in the blockchain space despite how often enthusiasts search for it. You can use Mist without giving any personal information whatsoever. Of course, you also have complete access to your private keys as well.
Ethereum is the most wide-spread blockchain technology in existence. If you’re looking into an altcoin, the chances are high that it’s built on Ethereum’s ERC-20 protocol and will be compatible with any of these wallets. Choose one that fits your criteria, and rest assured knowing that your investments are safe.