The Ethereum network now hosts over one million transactions daily, and with ETH serving as the primary gateway to DeFi and decentralized apps, a secure-yet-capable wallet becomes must-have equipment. We compare the best Ethereum wallets to discover which wallets deliver the features users demand.
The 6 Top Ethereum Wallets Of 2023
- MetaMask:Best Browser Ethereum Wallet
- Argent: Best ETH Wallet For dApp Integration
- Gnosis Safe: Best Multi-Sig Ethereum Wallet
- Ledger:Best ETH Hardware Wallet With Mobile Access
- Trezor: Best ETH Hardware Wallet Desktop App
- Coinbase:Best No-Frills ETH Software Wallet Solution
| MetaMask | 12 words | Password Seed phrase Biometric login (mobile) | iOS Android Chrome Firefox extension | iOS Android Mac PC Linux With Chrome or Firefox |
|---|---|---|---|---|
| Argent | 12 words (Argent X Web extension); none on mobile | 2FA Multi-sig Wallet lock Biometric login (mobile) | iOS Android Chrome Firefox extension (Argent X) | iOS Android Mac PC Linux with Chrome or Firefox |
| Gnosis Safe | N/A | Password Multi-sig | iOS Android Web app Mac PC Linux app | iOS Android Web app Mac PC Linux |
| Ledger | 24 words | Passphrase (25th seed word) 2FA Multi-sig (supported wallets) | iOS Android Mac PC Linux app | iOS Android Mac PC Linux |
| Trezor | 12 words (Model T) 24 words (Model One) | 2FA PIN or Passphrase Multi-sig (supported wallets) | Mac PC Linux app Web app (Chrome desktop and mobile) | Mac PC Linux Mobile web app |
| Coinbase | 12 words | Password Seed phrase Biometric login (mobile) | iOS Android Chrome extension | iOS Android Mac PC Linux with Chrome |
4.8The open-source MetMask wallet is the go-to choice for millions of DeFi cryptos users all over the world. Built and backed by ConsenSys, a giant in crypto, MetaMask can be as simple or full-featured as you need it to be. Easily add support for more networks or connect to your Ledger or Trezor hardware wallet. MetaMask supports Ethereum and compatible layer 2 networks as well as Binance Chain.
Pros
- Supported by a wide range of DeFi apps
- Customize privacy settings
- Add new networks and tokens
- Support for Ledger hardware wallets
Cons
- Spotty token detection for Layer 2 networks
- Limited built-in blockchains
- Easy DeFi Connections: Connect to most DeFi apps with just a few clicks.
- Built-in Layer 2 Support: MetaMask makes it easy to add top L2s like Arbitrum or Polygon.
- Support For Hardware Wallets: Connect your Ledger or Trezor and add hardware-secured Ethereum addresses to MetaMask.
MetaMask is battle tested by millions of users and banked by ConsenSys. This open-source wallet starts out simple but lets you toggle on more features or customize your wallet to do crypto your way. Support for Layer 2 networks and test networks help MetaMask navigate wherever your DeFi journey takes you.
4.2With the Argent wallet, you’ll make a leap from trustless, a crypto-community term that refers to not needing third-party authorization, to Trust Lists and Guardians.
Trust lists are user-defined actions within decentralized apps that only require your authorization. Guardians hold the key to all other transactions and are people or wallet addresses that provide multiple signature (multi-sig) security. You can also choose email/text two-factor authentication (2FA) or hardware wallets as Guardians.
Think of the two options as medium security, which only you need to authorize, and high security, for which you require multiple signatures.
Pros
- Seed phrases replaced by trusted Guardians
- Diverse DeFi ecosystem at your fingertips (mobile)
- Fast and affordable Layer 2 transactions
Cons
- No link between mobile and browser extension
- zkSync Layer 2 only available on mobile devices
- Network fees to set up on zkSync
- Guardians: Argent’s multi-sig security uses Guardians, which are people or other authentication methods you designate.
- Two-factor authentication: Choose text or email as additional authentication.
- Biometric login (mobile): Use fingerprint login on supported mobile devices.
Unlike self-custody wallets in our roundup, such as MetaMask, Argent is a smart contract, which works like an if-then statement in programming. If this happens, do that. With Argent, you define the ifs, meaning the situations in which your smart contract wallet can release funds.
As another compelling feature, Argent offers built-in access to an Ethereum layer 2 network called zkSync – but on mobile devices only. Using zkSync is orders of magnitude faster and cheaper than using Ethereum mainnet and allows you to use your ETH more efficiently.
Safe (Previously Gnosis Safe)
Like Argent’s mobile wallet, Gnosis Safe is a smart contract wallet that builds its security around multiple signatures for transactions. Unlike Argent, which takes diverging paths with the Argent mobile wallet and the Argent X web extension, you can expect Gnosis Safe to work similarly whether using the mobile app, web app, or Mac/PC/Linux app. However, the web app offers the most functionality.
4.5Like Argent’s mobile wallet, Gnosis Safe is a smart contract wallet that builds its security around multiple signatures for transactions. Unlike Argent, which takes diverging paths with the Argent mobile wallet and the Argent X web extension, you can expect Gnosis Safe to work similarly whether using the mobile app, web app, or Mac/PC/Linux app. However, the web app offers the most functionality.
Pros
- Support for multiple crypto networks
- Multi-sig with two or more wallet owners
- Built-in dApps (web app and desktop)
Cons
- Network fees to set up your safe
- Lengthy setup process
- Cumbersome recovery process
- Password: Password protect the app for privacy.
- Biometric login: Mobile devices can use fingerprint login.
- Multi-sig: Secure your ETH with multiple signatures required for transactions.
While not the easiest (or cheapest) wallet to set up, Gnosis wallet brings a wealth of features, including a built-in selection of web3 apps, all centered around multi-sig security. When building your wallet, you choose which addresses own the wallet and how many signatures are required to complete transactions.
4.6The now-legendary Ledger hardware wallet line has been around since 2014, with constant innovation and a variety of form factors. Choose from discreet thumb-drive-shaped Ledgers to a touchscreen model that rivals flagship phones for features and style. Ledgers are also widely supported by software wallets like MetaMask for additional security.
Pros
- Widest support for software wallets
- Open-source app (Ledger Live)
- Support for over 5,500 cryptos
- Affordable models starting at $79
Cons
- Closed-source firmware
- Controversial backup subscription option
- High fees for in-app crypto purchases
- USB or Bluetooth Connectivity: Premium Ledger models connect via Bluetooth, allowing you to use them with mobile devices. Others connect via USB C.
- Unrivaled Crypto Support: Ledger’s support for over 5,500 cryptos lets you store just about anything on your Ledger.
- Supported By Top Hot Wallets: Easily connect with leading DeFi wallets while securing transactions with your Ledger.
Ledger remains one of the top choices for hardware wallets because of its versatility. Secure your crypto on all the leading blockchains or explore some opportunities on smaller chains. The open-source Ledger Live app makes managing your Ledger a breeze, but your Ledger can go anywhere, easily connecting to MetaMask, Electrum, and many other hot wallets.
3.9Choose from the reliable and affordable two-button Trezor Model One or the Touchscreen Model T. Both devices define the gold standard in secure crypto storage. Open-source isn’t just a buzzword for Trezor. From the Trezor software suite to the device firmware, Trezor makes the code available for review by the community.
Pros
- TOR routing to enhance privacy
- Open-source software and firmware
- Easy-to-use Trezor Suite
Cons
- Limited mobile support
- Limited blockchain support (no Solana)
- Built-in Coinjoin: Protect your Bitcoin privacy with Coinjoin, a crypto tool that obscures the sender and receiver addresses.
- TOR Support: Use Trezor Suite on the privacy-enhancing TOR network to protect your IP address.
- Open-source Design: From software to firmware, Trezor code is available for review or even to contribute to if you’re a coder.
Transparency replaces trust, a concept Trezor embraces with its open-source design. Many regard Trezor as the safest crypto wallet, and with a starting price of about $70, Trezor makes world-class crypto security affordable. You’ll also find wide support with popular crypto wallets like MetaMask and Electrum.
4.6The Coinbase Wallet is a standalone product, although you can also use it with your Coinbase account. Coinbase Wallet’s mobile app and browser extension supports Ethereum and several other compatible networks, like Arbitrum and Polygon, as well as Solana, Bitcoin, Dogecoin, and Litecoin. Coinbase Wallet is also supported by popular DeFi apps, making connections easy. In addition, the Coinbase Wallet allows in-app trading and swaps
Pros
- Support for top blockchains, including Bitcoin, Ethereum, Layer 2 networks, Dogecoin, Litecoin, and Solana
- Ledger support
- Excellent token detection
- Supported by a wide range of DeFi apps
Cons
- Closed-source code
- Support for many blockchains: Coinbase Wallet is compatible with the Solana Network, Polygon, Ethereum, and more, all with one seed phrase.
- Easy dApp connections: You’ll often see Coinbase Wallet listed alongside MetaMask as a connection option for dApps.
- Token detection: Coinbase Wallet often finds tokens that MetaMask misses.
Coinbase Wallet offers a beginner-friendly option to get started with DeFi. Support for Bitcoin, Solana, Ethereum, Layer 2 networks, and more lets you grow without changing wallets.
What Are Ethereum Wallets?
An Ethereum wallet provides a way to view, spend, receive, or send ETH assets on the blockchain. Your ETH, ETH-based (ERC-20) tokens, and NFTs don’t actually live in your wallet. Instead, they exist on the blockchain and your wallet holds the private keys that let you use the assets.
ETH wallets can be either hot wallets, in which the private keys are stored on a device that has accessed the internet, or cold wallets, such as hardware devices that do not connect to the internet.
Because ETH is widely used in DeFi and web3 applications, your Ethereum wallet offers a way to interact with ETH-enabled apps and decentralized finance platforms.
How Ethereum Wallets Work
In the prior section, we discussed how ETH wallets are really a gateway to assets held on the blockchain. Every wallet address uses a public address, which anyone can view on a tool like Etherscan. Blockchain assets aren’t a secret in most cases, although we may not know who owns the wallet address.
However, while anyone can see the assets held by an Ethereum address, only a wallet with the private keys can spend the assets or send the assets to another wallet.
When you use your wallet to send or receive, the transaction is sent to network validators to verify that the transaction conforms to the network protocol. Moving assets around on the Ethereum blockchain has a cost, though. So as you send funds to or from your wallet address, expect to pay a fee that varies depending on network congestion.
An ETH address is just a location on the Ethereum blockchain, like your address at your home.
But instead of123 Main Street, ETH addresses look like this:
0x9881E02662b26885c4A3B2bB79b71770dB127eA9
Not exactly user-friendly, but the Ethereum Name Service (ENS) aims to give ETH wallets a human-readable identity.
With many wallets, you can name your ETH address in your wallet itself, but that’s only a local change visible to you. With ENS, you can create an alias for your wallet address, so others can send money to your easy-to-remember address.
The Coinbase wallet supports ENS natively but uses Coinbase’s domain name system. For example, your wallet name would follow the following format:
username.cb.id
MetaMask, another popular wallet, supports ENS but does not offer a built-in naming mechanism like the Coinbase wallet. You’ll need to get your own .eth name.
To add ENS support to MetaMask, click on assets in the Chrome extension and then search for Ethereum Name Service.
Then, you can visit the ENS dApp to choose your name.
Similar to a website domain name, you register your ENS name for a year, paying Ethereum gas fees to complete the transaction.
And once you complete the transaction, set up a reverse record within the ENS dApp that points your ENS name to your ETH wallet address.
Expect the entire process to take up to30 minutes due to the number of validations required to confirm the transaction.
Hardware Ethereum Wallets Vs. Software Ethereum Wallets
Earlier, we discussed hot wallets vs. cold wallets, which speaks to the primary difference between hardware wallets (cold) and software wallets (usually hot).
Hardware wallets provide authorization using a device that isn’t connected directly to the internet. This structure keeps your private keys used to send or spend ETH secure.
While hardware wallets offer better security in most cases, they can be less convenient. Support for mobile devices is less common, meaning you’ll need to connect to a laptop or desktop in most situations.
As a solution, some choose to use both types of wallets, but for different activities. For example, you might choose to protect your larger ETH balances with a hardware wallet while using a software wallet for smaller balances and frequent transactions.
Tokens You Can Store In Ethereum Wallets
Many wallets are designed to work with only one type of cryptocurrency or tokens based on that crypto. For instance, ETH wallets typically work with ETH itself as well as ERC-20 tokens and ETH-minted NFTs.
Because wallets are purpose-built, sending crypto to an unsupported wallet from another chain can be disastrous. As an example, you can’t send Bitcoin directly to an ETH wallet. Some wallets might let you try, although you’ll lose your Bitcoin in the process.
Most ETH wallets can support a wide variety of ERC-20 tokens, typically including:
- BUSD
- MATIC
- DAI
- SHIB
- UNI
- WBTC
- LINK
- APE
Pros And Cons Of Ethereum Wallets
Pros
- Multiple ways to secure ETH
- Choose from mobile or desktop
- Choose from hardware, software, or smart contract
Cons
- Can be difficult to navigate
- Gas fees make use costly without using a layer 2 network
- Don’t support non-ETH assets
Ethereum Wallets Vs. Bitcoin Wallets
A subset of ETH wallets can support both Ethereum and Bitcoin. But under the hood, these wallets are really multiple wallets, keeping distinct assets in separate wallets. As an example, Ledger devices support both ETH and BTC, but each asset requires a separate app installed on the device to ensure your ETH and BTC have a safe home. As an alternative, you can choose a dedicated Bitcoin wallet to provide more security by compartmentalization.
Currently, Bitcoin doesn’t support NFTs, pointing to one big difference between Ethereum wallets that support NFTs and Bitcoin wallets that do not.
Ethereum Wallets Vs. Solana Wallets
Similar to Bitcoin wallets vs. Ethereum wallets, some users need support for Solana. You can choose a multi-chain wallet that supports both, but your use case may benefit from using two separate wallets.
Solana does support NFTs, but a Solana wallet can’t hold ETH-minted NFTs. You’ll need a separate wallet for each, or a multi-use wallet that supports both networks.
How To Choose The Best Ethereum Wallet
Your use case should drive your choice of wallet, and the right answer might be that you need to use multiple wallets.
Here are some considerations to weigh when choosing an ETH wallet:
- Two-Factor Authentication: Wallets with 2FA add an extra step, but can keep hackers at bay by requiring input authorization from a device in your possession.
- Wallet-Connect Support: Wallet-connect is a well-supported protocol for connecting wallets to platforms and dApps. However, many platforms also support the popular MetaMask and Coinbase wallets.
- ENS Support: Choose a wallet with ENS support if you need to use a human-readable name for your wallet.
- Token Importing: Wallets like MetaMask shine when you encounter a less common token, offering to import the token so you can see and spend your balance.
- Staking: Many wallets offer staking, a way to earn yield from your ETH or tokens, but not all wallets offer support.
- Hardware Wallet Support: Software wallets such as MetaMask and Coinbase wallet can pair with hardware wallets like Ledger.
- Swaps: ETH life is easier if your wallet supports swaps natively, but in many cases, you can still make swaps through a platform like Uniswap.
- Multi-Sig: A wallet that supports multiple signatures adds a difficult-to-crack layer of security for wallets with larger balances.
Final Thoughts On Ethereum Wallets
Many in the ETH community try several wallets before choosing one that meets their needs. Consider how you’ll use your wallet when making a choice. The most popular wallet might not be a fit. But also weigh your security needs. It may make sense to use multiple wallets, each for a different purpose. You might employ a high-security strategy for larger balances while opting for a more convenient wallet for day-to-day use.
Frequently Asked Questions
Many ETH wallets are free to use, but hardware wallets such as Ledger and Trezor typically cost $70 or more. You can also expect fees associated with funding your wallet or creating a smart-contract wallet.
You can restore most Ethereum wallets using a 12 or 24-word seed phrase that you generated when setting up the wallet. Be sure to note this seed phrase and store it safely.
Yes. Some applications benefit from having multiple separate wallets. In some cases, you can also use the same seed phrase with multiple wallets. For example, you can use a MetaMask seed phrase to restore your assets to a Coinbase wallet.
Ledger hardware wallets use specialized chips called secure elements to store your private keys. These chips are specifically designed for storing mission-critical data and financial information. For many users, Ledger wallets offer the best value when considering cost, features, and security.
Coinbase (the exchange) uses a proprietary wallet hosted by the exchange. However, a separate app called Coinbase wallet offers ETH support with self-custody.
Your ETH purchases on PayPal are kept in a custodial wallet that you don’t control. However, PayPal recently added the ability to withdraw your cryptocurrency to an external wallet.
Both hardware wallets, such as Ledger and Trezor, and smart contract wallets, such as Gnosis Safe, offer enhanced security when dealing with larger balances or valuable NFTs.
