Previously, we highlighted a few solid wallet options for keeping your Bitcoin and EOS safe and sound. And almost unwittingly, we ended up writing a series of articles on the best crypto wallets that have cornered the market. So it’s only natural that we now draw a bottom line with a review that explores the best Ethereum wallets one might want to use in 2019.
Additionally, in this article, we want to share some words of wisdom, answering a few burning questions on ETH wallets.
Are Ethereum wallets safe?
On a global scale, crypto wallets can be divided into two groups: custodial and non-custodial (also known as client-side). The crucial difference between those two depends on who holds the private keys.
Custodial wallets might seem pretty easy to deal with, conveniently releasing you from the burden of dealing with the responsibility of protecting your funds. On the other hand, it means that you willingly give up control and rely on somebody else. In essence, it’s not that different from the good old banking system.
And then there are client-side wallets which means that you control the private keys and look after your safety yourself. Considering that protecting your device from malware and taking basic security measures should be a part of your routine anyway, the choice is hardly a tough call.
How to use a paper wallet Ethereum?
A paper wallet is basically an Ethereum wallet address printed on a piece of paper together with a private key. First, you need to create an account on a trusted platform like MyEtherWallet, download a Keystore file that encrypts a private key, save the private key, and print the paper wallet.
It will contain all the info you might need such as public key and private key. Just make sure you don’t lose it as your funds could be lost forever. You can check your funds on Etherscan, use the address from the paper to receive funds, and send ETH via MyEtherWallet.
So if you don’t believe that online Ethereum wallets can be safe and you’re used to depending solely on yourself, this is definitely your option. Luckily for others, there are plenty of more convenient and secure alternatives.
Can I use the same wallet for Bitcoin and Ethereum?
These days, most wallets allow their users to work with multiple cryptocurrencies. You can use all the ETH wallets we’re going to mention below (apart from MyEtherWallet) to manage your BTC.
Ethereum Hardware Wallet
If you’ve read our previous article on Bitcoin wallets, you can skip this part. It doesn’t really matter if you need a highly secure hardware wallet for Ethereum or Bitcoin, you pretty much have to choose between Trezor One and Ledger Nano. These two options are super popular with seasoned crypto enthusiasts and their functionality is very similar.
Trezor One is a veteran on the market and it’s slightly more expensive. In this wallet Ethereum and ERC20 are not the only crypto options you can find. It supports BTC, LTC, Dash, and many others major coins, excluding only XRP. It works offline and is easy to work with, so if you like how it looks and are ready to invest $83 in a hardware wallet, go for it. Nano Ledger is a little cheaper, smaller, and arguably the more stylish alternative. At the end of the day, with both wallets being equally very secure, it all comes down to your personal preferences in terms of looks and budget.
Web Wallet Ethereum
MyEtherWallet is not exactly your average Ethereum online wallet, as you do not actually create an account or keep your crypto there, and it doesn’t keep your data on its servers. MEW is literally an interface that helps you interact with the Ethereum blockchain. It might take awhile to figure out how to use it, but web-security comes at a price. It only supports Ethereum and ERC20 and works as a Chrome extension. You can also exchange your crypto using MEW via the exchanging platforms the wallet has partnered with. On top of it all, it’s open source.
Trust has recently become the official wallet for Binance, and that alone stands pretty high. So if you’re looking for an Ethereum wallet for Android or iOS, you should definitely check it out. Trust also supports ERC20, ERC72, ERC223, and many other coins including BTC. It allows you to buy crypto for fiat (not the cheapest option, but still convenient for beginners) and in the future, it will interact with Binance DEX.
Another interesting feature is the ability to store your crypto collectibles there and interact with dapps, which is always good news for gamers and dapp users in general.
And then there’s Lumi Wallet, our favorite option although we are clearly biased here. You can use the web version of Lumi on your Mac or Windows device, or download the app for iOS or Android if you prefer to keep your funds within reach on your phone. Apart from Ethereum, it supports Bitcoin, Bitcoin cash, ERC20, EOS, and ERC721 on Lumi Collect.
An easy onboarding process, complete anonymity, together with the simplicity of a smooth design appeals not only to beginners, but also to more advanced users. The wallet is equipped with an exchange and allows you to buy and sell coins and tokens right inside your Lumi account.
We’ve also created another app, Lumi Collect, which can be used as an Ethereum wallet but is mainly dedicated to ERC721 tokens (crypto collectibles) and dapp interactions. So if you’re a gamer, make sure to check it out.
How to send bitcoin to Ethereum wallet?
Lumi Wallet automatically creates both Bitcoin and Ethereum wallets once you’ve registered your account. Although the account is unified, you have to use different addresses in order to receive different coins and tokens. To send Bitcoins to Lumi Wallet, just tap on the ‘Receive’ button at the bottom of the screen, choose the Bitcoin wallet, copy the address and use it to send the funds from the exchange or another account.
How to create an Ethereum wallet?
Just download Lumi Wallet, create a PIN, and your Ethereum wallet will be created automatically.
How to check ETH wallet balance?
When using Lumi, tap on the ‘Wallets’ section and you will be shown the balances of all your wallets, including the ETH wallet balance.
Where there’s demand, there’s supply, and that explains the diversity of Ethereum wallets we encounter. Users from different backgrounds, regardless of their qualification or trust in technology, can find that perfect product that will answer all their needs.
And at the same time, it’s also the space where you can come across ridiculously poor-quality software no one should ever give a try. You don’t need to put in an effort to discover multiple glowing reviews online that, in practice, turn out to be ruthless scams and paid assignments.
Sadly enough, this is the unfortunate legacy of the ICO era, and there’s not much we can do about it. As long as you consciously check (and double-check) the product, the team behind it, and its history, you should be fine.