Currently, there are many types of wallets supporting ETH storage, and of course, you can’t try each to know if they’re good and suitable for you. Today’s article will offer advice and suggestions to help you find the wallet you need and make the best choosing decision.
What is an ETH Wallet?
The ETH wallet, as its name suggests, is simply used to store ETH and tokens operating on the ETH platform. ETH wallets are very diverse, such as: MyEtherWallet (online wallet used on mobile devices), Etherwall (with a more user-friendly interface for transactions on Geth), Github (mainly for desktop), Geth (recommended for programmers due to its complexity)…
To determine whether an ETH wallet is good or not, you need to consider your usage needs, features, and pros and cons of the wallet to see if it meets your requirements and your capacity to use the wallet.
For example, if your need is to store a large amount of ETH, requiring high security to prevent large asset losses, then cold wallets should be prioritized because cold wallets have high security and are fully confident in storing your large assets.
Alternatively, if you are a frequent investor, and your stored assets are just enough for investment work, then you should prioritize exchange wallets. Exchange wallets make coin usage very convenient, and not storing across many assets also reduces the risk of losing assets.
Suggestions for the Best ETH Wallets Based on Categorization
Here, we categorize wallets by type to help you understand. It’s hard to say which is the best because each wallet type has its many advantages and disadvantages. We will give some suggestions to help you find the type of wallet you need.
Cold Wallets
Cold wallets are specialized devices used to store your assets. The common advantage of cold wallets is very high security, and you have complete control over the coins you hold.
However, using cold wallets can also cause inconvenience as you always need to carry them with you if you want to use them.
With these advantages and disadvantages, long-term investors who rarely use their coins should consider storing them on cold wallets.
Below are the most recommended cold wallets today:
Trezor Wallet
Trezor was launched in August 2014 by SatoshiLab. Besides ETH, Trezor can also store BTC, LTC, BCH…
The Trezor wallet is about the size of a USB flash drive, making it portable and convenient to use.
The price of a Trezor wallet is around 2 million VND, and it’s recommended to purchase from Amazon or official websites to avoid counterfeit or subpar products.
Ledger Nano S Wallet
The Ledger Nano S wallet (commonly called Ledger) was launched in 2014 by Ledger, a company famous for developing software and security systems.
This device can store ETH, BTC, LTC… along with many other coins.
The price ranges from about 1,590,000 to 1,800,000 VND, and it’s best to buy directly from their official website.
Exchange Wallets for ETH
When registering a trading account on an exchange, your account also functions as a storage wallet.
Exchange wallets are highly flexible, storing coins directly on the exchange, making it very convenient to use.
However, using exchange wallets entails significant risks and threats, as they are frequent targets for hackers.
If you choose to use an exchange wallet, opt for reputable and large exchanges with multiple security layers, and only store enough coins for trading and investing. These precautions can reduce the risk of hackers compromising your keys. Additionally, diversifying your assets across different exchanges can further decrease the theft risk.
Mobile Wallets for ETH
Mobile wallets are applications used on smartphones. Users download the app and use it like other apps. However, a common disadvantage of mobile wallets is difficulty contacting support in case of problems.
Trust Wallet
Trust Wallet is managed and developed by Binance after acquiring Trust Wallet in 2018. Because it is under Binance’s management, Trust Wallet enjoys great trust from users, as its name suggests. However, excessive reliance on Trust Wallet also has the downside of being hard to detach from the Binance ecosystem.
Trust Wallet supports two popular operating systems: iOS and Android.
Web-based Online Wallets for ETH
Although web wallets are not the most secure, they are still widely used due to their speed and convenience.
Common web wallets include Coinbase, Blockchain, and MyEtherWallet.
MyEtherWallet
MyEtherWallet is specifically designed for storing ETH and tokens operating on similar platforms.
The advantage of this wallet is convenience and ease of use. Another benefit is that it stores assets through network nodes, so if in a worst-case scenario you can’t access your wallet, you can use other portals to access your assets.
However, it has a major drawback in low security, lacking additional security layers like 2FA or identity verification, which increases the risk of asset loss. Be sure to consider carefully before using.
Coinbase and Blockchain Wallets
These two wallets support storing various coins: ETH, BTC, LTC…
They offer better security features such as 2FA, user identity verification, etc.
However, they do not allow account backup and have strict user management processes.
Concluding Remarks
The above content explains what an ETH wallet is. It also suggests the best ETH wallets on the market. We hope that after reading this article, you have made your choice, and that choice is correct, aiding your investment activities.
See more: AToken Wallet
