Top 10 Best Ethereum Wallets of 2022

If you have been in the crypto market for some time, there is no doubt that you have heard about Ethereum. Ethereum now holds the 2nd-largest market cap, just after Bitcoin. With Ethereum’s transformation to Ethereum 2.0 just around the corner, every crypto enthusiast is flocking to buy Ethereum. If you are one of those very investors, you might be looking for one of the best Ethereum wallets to secure your cryptocurrency somewhere safe. Don’t worry; in this article, we’ll talk about the best Ethereum wallets of 2022. 

What is an Ethereum Wallet? 

A is a place where you can store your crypto assets outside of an exchange. These wallets may resemble bank accounts in how they function, but they actually operate very differently. An Ethereum wallet is software or hardware that helps you manage your Ethereum coins. An Ethereum wallet transfers money to other wallets or exchanges like a bank account with a balance. Not only that, using the wallet, you may examine your account balance, execute transactions, and manage your ETH. Hosted wallets, non-custodial wallets, and hardware wallets are three popular choices that you should be aware of. The present cryptocurrency market is filled with and data breaches, so you need to be aware of where you are putting your valuable digital assets. In the next section, we’ll discuss the types of wallets you can use.

Types of Ethereum Wallets

Now before talking about the best Ethereum wallets of 2022. Let us take a look at the different types of wallets there are: 

Hosted wallets: Hosted wallets are the ones that are the simplest to set up. Your assets are automatically kept in a hosted wallet when you purchase cryptocurrency or NFTs via an app like Coinbase, Binance, etc. It is termed “hosted” because, like a bank, the app is in charge of keeping your cryptocurrency safe. The main advantage of a hosted wallet is that it prevents you from losing your valuables even if you forget your app password. But if you solely use a hosted wallet, you are still trusting an exchange with your crypto.

Self-custody wallets: With a self-custody wallet like that of Metamask or Coinbase wallet, you can be the one in the driver’s seat. You are in charge of keeping the passwords secure, even though they provide you with the software you need to secure your crypto and NFTs. However, in this kind of wallet, You won’t be able to access your assets if you misplace your private key or seed phrase. Why would anybody want to take on this massive responsibility? That is because a self-custody wallet provides you with complete discretion over what you want to do with your assets. You will also be able to engage in more complex cryptographic actions like staking, lending, borrowing, etc. But you probably don’t need such wallets if all you do is purchase, sell, and exchange digital currencies. 

Hardware wallet: A hardware wallet is similar to a USB drive. Having a hardware wallet for your cryptocurrency is equivalent to putting all of your assets on an external hardware device, just like you did when you used to save your favorite images on a flash drive. Because of its additional expense, hardware wallet use is more uncommon than software wallet use. However, they do provide several advantages. For instance, your digital assets would be fully protected even if your computer was hacked. However, this kind of hardware is more cumbersome than a conventional software wallet and costs roughly $100.

10 Best Ethereum Wallets of 2022

Now that you have an idea about the types of cryptocurrency wallets, let us talk about the 10 best ETH wallets and what makes them stand out: 

Ledger

Ledger Nano can benefit you if you want to explore the option of mining and storing your coins. It is a hardware wallet that lets you store the private keys of your coins in a wallet. Along with Ethereum, you can store more than 1000 other cryptocurrencies in this wallet. Ledger Nano may be accessed and used without any technological expertise. The security of Ledger Nano is its primary selling point. If you forget the PIN, it gives you recovery phrases. Furthermore, you won’t have to worry about hacking or other problems since it’s a hardware wallet.

Advantages: 

• Support more than 1000 coins and tokens
• Offers Bluetooth connectivity
• It has a great battery life
• It is accessible by a USB-C cable

Coinbase

Another popular wallet where users may transfer, store, and acquire digital currency is Coinbase. It is a global open financial system that enables currency conversions between local and digital forms for users anywhere. Coinbase can be a one-stop solution for all your crypto needs as you can not only trade, buy, and sell Ethereum in exchange for Fiat currency, but you can also transfer funds, link your wallet to a hardware wallet, and pretty much every other crypto functionality there is. One of the unique selling points of Coinbase is that they create backups of your private and public keys and store them safely in case you misplace your wallet or account.

Advantages: 

• User friendly
• Multisignature and 2 Factor Authentication support
• Offer a choice of secure cloud backups for your digital keys.

Metamask

Metamask can be a great option to choose if you are a new crypto enthusiast. It is an app on your phone and an extension for your web browser. This is a self-custody wallet. You can buy, sell and manage your Ethereum through this wallet very smoothly. The private key is kept on your computer in this, and you may access it with the use of a password. Unlike most other wallets, Metamask lets you generate a password in case you lose it or reveal it to someone else.

Advantages: 

• Ease of Use
• Open-Source
• Integration with other hardware devices like Trezor and Ledger

Exodus

Exodus is another user-friendly cryptocurrency wallet that has built-in trading functionality and a straightforward user interface. All operating systems are compatible with Exodus, so you have nothing to worry about. In addition, it also has its own mobile app, so you can view the status of your Ethereum account at any time. Exodus also lets you sync your software wallet with your hardware wallet (e.g., Trezor). This makes accessing cryptocurrency much easier. Additionally, You can also export and save a duplicate of your data and private keys on other sources using Exodus to prevent any data loss and maintain complete control over them.

Advantages: 

• Compatible with various types of devices and OS
• Supports many cryptocurrencies
• User-friendly interface
• Built-in portfolio and trade functions
• Great customer support

Electrum

Electrum is one of the pioneer crypto wallets launched in 2011. You can do almost everything you do with other software wallets, like managing your crypto as well as connecting your hardware wallets to it. However, for beginners, it might feel a little complex due to its bare-boned user interface. Because of its superior performance in fundamental tasks like bespoke transaction fees, Electrum is well-known among intermediate and expert users. The best feature of the Electrum wallet is that you are able to create conventional or multi-signature wallets that are more secure by adding 2-factor authentication.

Advantages: 

• Open source
• Great security 
• You can choose to keep your private keys offline, making it secure from hackers and external risks 

Some Tips for Protecting the Best ETH Wallets

Now you have learned about the best Ethereum wallets. But keep in mind that fraudsters and hackers always work to remain one step ahead of us all. It is crucial to stay on top of security when it comes to maintaining the safety of our crypto assets. Although we may be quite knowledgeable about protecting physical assets, we are still amateurs when it comes to protecting digital assets. We need to be very cautious since we may get into difficulties that we aren’t even aware of. Here are a few tips that might be useful to you.

Beware of bogus exchange websites: It’s important to keep in mind that you shouldn’t trust everything you read or see on social media. On Twitter, Discord, and other social media, there are a ton of phony websites that aim to trick you into paying money to use their service. Oftentimes, these fraudulent websites are exact replicas of legitimate ones. So here is a warning for you, do not trust ANY links shared by people in the Discord chats or Twitter threads. Do your research before clicking on any links. 

Never share your screen with strangers: Sharing your screen during video chats is quite typical. We often share our displays for a variety of reasons. However, this is something you should be very cautious about in the realm of cryptocurrency. By tricking you into revealing your screen and giving them access to your secret seed words, scammers and fraudsters may get access to your assets.

NEVER tell anybody about your recovery phrase: Sharing your recovery phrase or seed phrase is similar to sharing your credit card number along with your SSN. You are not supposed to share it with anyone, not even with customer support of any kind. You may wish to save your passwords and recovery phrases in a digital notebook on your computer. However, if your computer is ever compromised, your secret phrase will also be made public, possibly costing you massively. Therefore, it is preferable to write your recovery phrases in a real notepad.

Conclusion

NFTs and cryptocurrency are gaining popularity. We must always exercise vigilance and educate one another on the risks. Not only should you use the best Ethereum wallet that suits your needs, but you should also exercise caution when dealing with anybody, a friend, or a complete stranger since you never know whether or not their account has been compromised. Remember that your digital assets are, after all, the fruits of your labor. You don’t want to allow someone to take it from you because of a minor error. So select an Ethereum wallet of your choice and protect your coins from any mishap.