Digital currencies have become a popular investments in this digital world. After Bitcoin, the marketcap is captured by Ethereum in crypto world. Being new to our world, they are yet not understood by the people and not even know how to store them. The only safest way to preserve or store these coins from getting hacked or lost is by owning the Best Ethereum Wallet for your Ethereum coins and storing these coins in it. We have known the fact that these coins will be going up and up in values and after knowing it, who would be the person not willing to own such precious coins?
Why Wallets are necessary to store Ethereum coins?
Ethereum Wallets are also like the physical wallets that you use to store your money but you can’t touch the coins like currency. The Ethereum wallets are digital wallets which are just softwares to stores your digital currency. The main thing that is needed to know about these wallets is they acts as a bank itself, it means you have the full control of your money. As bank provides you bank account number, here in digital wallets public key acts as your bank account number and private key works as password. The wallet’s private key never should be shared with anyone and must be kept safe in safe place by writing it down.
Without an Ethereum Wallet, it is not possible for you to trade, store and monitor your coins safely. A wallet will provide you all sort of functionalities which are not accessible in exchanges. The best thing about Ethereum wallets are you can backup your coins and can restore them even your device is lost or theft or damaged. And it is not possible to invest in ICOs if you do not own a wallet. So it is very much necessity to own an Ethereum wallet. Just thinking about keeping your coins in any kind exchanges is very much unsafe and has a high risk of being hacked. It is not sure when these exchanges may get shut down, resulting a huge loss to your cryptos.
Best Ethereum Wallet
There are lots of wallets available in Internet, promising to be the best. But don’t worry we are here to take your confusion away. We have worked hard to shortlist the best Ethereum wallet according to their types of Offline Storage or cold storage and you can choose from these which best suits you:
* Paper Wallets
The most safest of any kind of wallet available are the Paper wallets. These are the safest of all wallets to store your coins. Being the cold storage which makes them the best option to choose in comparison of security as well as they are the cheapest safest wallets available in crypto world. If you are planning to store your funds for a longer period then don’t go down to look for other option, it is the best option for long run. Only drawbacks are these are not the easiest method available. And if not kept multiple copies of its paper in safe place you might lose your coins.
The open source project, ETHAddress is used to create a paper wallet. The software provides you the private and public key in the paper wallet form. You can even save these paper wallet by printing their multiple copies as backup to not to lose these coins if one paper gets damaged. This helps you to use them without any fear of getting hacked. It provides the private key in the form of QR code which is the most important thing to keep secure in paper wallet.
ETHAddress is one of the best available option for paper wallet as it also provides you an option to encrypt your private key with a password. However, an online wallet like Exodus or Jaxx to will be essential to send your Ethereum coins to other.
* Hardware Wallets
Hardware wallets are also the safest and best option to store your Ethereum coins offline. These are also the cold storage and makes your coins completely offline. The private key of your coins are encrypted inside the device and that makes them impossible to hack. Using a compromised computer makes no problem to the security of your Ethereum coins while using hardware wallets. These wallets helps you to perform the transaction without any fear or risk of getting hacked.
The backup phrase provided by these hardware wallet helps you to restore your Ethereum coins if the device gets damaged or lost or theft. The drawback in hardware wallet is they are not free like paper wallets. It might cost you around $60-$100.
Following are the three best of all available hardware wallet to store your Ethereum coins in most secured environment:
Trezor is a multi-currency hardware wallet and also supports Ethereum. It is one of the first hardware wallet and initially used to support Bitcoin only. It comes with a USB cable to connect to its compatible OS which are Windows, Mac, Linux and Android. To show necessary information, it also has an OLED screen.
Trezor can be considered as safest device to store your Ethereum coins as it provides the high-level security. And almost impossible to hack. It is safe from theft, loss and damages as it provides the PIN to access the coins and even provides 24 words backup phrase to restore the coins if the wallet or computer is lost or damaged. Trezor requires you to connect to any supported online wallet like Mycelium, Myetherwallet, etc for the transaction of Ethereum coins. It is available at quite affordable price of $99.
- Ledger Nano S
Ledger Nano S is one of the best cold storage available to store Ethereum coins which can be considered better than its competitor Trezor. It has an appearance like the pendrive which makes it better in look and design than the Trezor and also available at cheaper price. Ledger Nano S also has an OLED display to show necessary information about transactions. Being the multi-currency wallet it supports more than a dozen of altcoins. It is compatible with Windows, Mac, Linux and Android.
The Ledger Nano S stores your coin in safest way by storing your coin in the device itself and it never lets your private key to access the internet. A four-digit PIN to access the device will add an extra layer of security to your wallet which prevents wallet from unauthorized access and thefts. The UI is quite user friendly and attractive.
A USB cable is provided to let you connect your wallets to the computers and even the transactions can be performed in the compromised computer as the transactions are completely safe and carried in wallet itself with authentication through the screen and physical buttons. It makes Ledger Nano S immune to malware and completely safe to use with any sorts of devices. The 24 words backup phrase will restore your coins, if the wallet or computers gets damaged or loss or theft. It comes at much more cheaper price than Trezor at just $65.
Keepkey is a hardware wallet that stores your cryptocurrency in safer environment that is offline. So definitely being a hardware wallet, it provides advanced security to your Ethereum. Initially, while launch in 2015, its price was $239 but later it lowered its price to become more affordable to more customers. It is now available at $99 only which makes it big rival to Trezor. The OLED screen present in Keepkey is quite bigger than any other hardware which gives better clarity and makes them easy to use device. It supports different cryptocurrency including Ethereum which makes it a multi-currency wallet. Keepkey is compatible with Windows, Mac OS, Linux and Android too.