Top 10 Ethereum Wallets for Storing Your Anchors
Meta Description: These are the ten most popular wallets for storing Anchors. Let’s take a look at both hot and cold wallets to see which one is the best fit for your crypto needs.
Top 10 Ethereum Wallets for Storing Your Anchors
When you’re looking for a crypto wallet, the choice is absolutely immense, not to mention confusing. Whether to take a cold or a hot wallet? Do I need any special performances? Which wallet is secure enough? Which security measures should I pay attention to?
Most people have at least one Ethereum-based cryptocurrency, and most wallets are Ethereum-compatible. That’s one of the reasons why Anchor is built on Ethereum.
Now that the BTC halving has passed, more and more people are looking up ways to securely store their cryptocurrencies. Here, we will take a look at the most popular wallets that are compatible with Ethereum-based coins, and everything you need to know about them to get you started.
Types of Wallets – Hot vs. Cold
If we take a look at crypto wallets, we can notice that there are two types for storing various currencies – hot and cold. The core difference between the two is that hot ones are connected to the internet. This makes them easily accessible, and you can use your funds for purchasing or trading.
The main flaw with hot wallets lies in the fact that they are stored on a server which makes them susceptible to hacking. In essence, hot wallets are similar to checking accounts, and their greatest advantage is the possibility of direct and quick use of your funds. The volatility of both crypto and fiat currencies has made the use of these wallets more popular than ever.
On the other hand, cold wallets are not connected to the internet. Unlike hot ones, which are software, cold wallets are a piece of equipment or hardware. Their goal is to act similarly to saving accounts, and they seem hacker-proof. While there are different types available, the majority are hardware wallets.
One of the main qualities of this hardware is security. Once you finish with your transaction, you will need to confirm it by pressing a physical button on the device. As you can probably guess already, there are different versions of cold wallets available, and each has its own unique features.
The second type of wallet is excellent if you don’t need immediate access to your funds, and you can always use it along with the hot ones. People who are into cryptocurrencies tend to keep the majority of their funds in the cold wallet and use the hot ones just for transactions they need.
Top 5 Hot Ethereum-Compatible Wallets
Let’s take a look at hot wallets that are compatible with Ethereum and other ERC20 tokens, and are among the most used on the market at the moment. Before we go further, you should know that there are three main types of hot wallets – desktop, mobile, and online.
The first one on the list, and probably fan-favorite, is MyEtherWallet. This is an open-source online wallet. MEW acts as a user interface that allows you to easily access Ethereum blockchain, as well as managing your transactions.
One of the main qualities of MEW is its user-friendly interface that has improved a lot since the first version came out in 2015. When it comes to security, you will need to be careful since this is an online wallet. There is no way to add an extra layer of protection like 2FA. The company doesn’t store any info on their servers, which means that if you forget your password, it will be gone forever. MEW is free, but you will need to pay the transaction fees.
MetaMask is another excellent hot wallet you can try out. This is an Ethereum wallet, and you can install it on your browser. Yes, you read it right. MetaMask is compatible with Chrome, Opera, Firefox, and Brave, and the extension is completely free.
Installing the extension is rather important, especially for users who need access to dApps or decentralized applications. Instead of storing private keys on their servers, MetaMask will store them locally. Similarly to MEW, there is no 2FA, but keystore and password will act similarly to “two-factor authentication.” This means that you should be careful and it might be the best idea to avoid storing larger amounts of altcoins.
3. Binance Web Wallet
Binance is one of the most popular and largest crypto exchanges available. It is a great option for anyone looking to actively trade, and you can use over 150 cryptocurrencies out of your wallet. The main concern with Binance is that the private keys will be handed over to the company.
While it is one of the safest places you can exchange altcoins, Binance has already been a target of hacker attacks. You might ask why Binance is on the list if there’s been a breach in security before, and the reason is simple. If you want to add another layer of security, you can always activate 2FA. Binance took the responsibility and they didn’t pass the loss to their users.
4. Atomic Wallet
Since 2017, Atomic Wallet has been one of the most popular platforms and online wallets. It was created by Konstantin Gladych, who is also the CEO of the Changelly platform for trading cryptocurrencies.
Atomic Wallet is known for its security, decentralization, and anonymity. This also means that it will not store private keys, and transaction data, and your key are stored on your device. While 2FA is not available, every file is stored privately, and Atomic Wallet takes pride in their security system. Currently, Atomic Wallet supports Bitcoin, Ethereum, and over 300 other altcoins. Furthermore, this desktop wallet also supports all ERC20 coins, and it’s available for Android as well. The app is free to use, but you will have to pay transaction fees.
5. Litebit Online Wallet
Finally, you can check out the Litebit Online Wallet which is excellent for every European customer. While the service is focused mostly on trading, you can use the Ethereum based wallet. Litebit is in charge of managing private keys, and they will store the majority of cryptocurrencies on their private cold wallets.
Litebit is a great option if you are looking to store your coins for a short period of time. The program is easy to use, secure, and you won’t have any problems even if you are an inexperienced user. Finally, you will need to confirm each transaction using 2FA method.
Top 5 Cold Ethereum-Compatible Wallets
Now that we covered the first type of wallets, let’s see what you can do if you are looking for a way to store your funds offline. Some people use a combination of cold and paper wallets to ensure the safety of their cryptocurrency.
1.Ledger Nano X
Ledger Nano X is an improved version of Ledger Nano S which has been the most popular and secured hardware wallet on the market. One of the best additions to the new model is Bluetooth. This will allow you to easily operate the device using your smartphone and Ledger Live app.
Nano X allows you to manage up to 100 different cryptocurrencies simultaneously. Compared to the previous model, Nano X offers a larger memory and a bigger display, which makes it easier to use even without the app. The security of the Nano X model is as good as it can be, and the price for this piece of hardware is around $135.
2. Ledger Nano S
Even though the newer model is available, Nano S is still a good investment. If you opt for buying this model, you will still get one of the best hardware wallets available on the market. One of the most appealing things about Nano S is that the price is significantly lower now that it isn’t the newest model.
Ledger is undoubtedly the leader in the industry, and the Nano S model can be yours for around $70. Ledger Nano S can be plugged into a USB port, and it has an OLED screen.
3. Trezor (Trezor One)
One of the oldest hardware wallets available today is Trezor. The device is simple to use, and it has an OLED screen. Even if you never had experience with cold wallets, the user interface is incredibly intuitive and user-friendly.
Once you get the Trezor, you will need to store a 12-digit passphrase. This will serve as a backup in case of damage or loss. There are a few other security measures that make Trezor one of the safest choices out there. The price of this hardware is around $110, and it comes in three different colors.
4. Digital Bitbox
If you are looking for something simple, yet effective, Digital Bitbox might be a perfect choice. The device supports five different cryptocurrencies, including both Ethereum and all Ethereum-based tokens.
The design of the Digital Bitbox is similar to a regular USB, and it offers a slot for an SD card. Using an SD card is a great way to create an offline backup just in case. If you are interested in getting this minimalist piece of hardware, the price is around $60.
5. Trezor Model T
The final entry on the list is model T by Trezor. This is an upgraded version of the Trezor One, and it was released soon after Ledger’s Nano X. The company behind Trezor hardware is SatoshiLabs, and they ensured that the quality of their new model follows competition.
Among the features, you can find in the Model T are touch screens, which you will use to confirm all transactions. The device also has a faster processor, upgraded firmware, USB-C port, and a MicroSD slot. Naturally, the price is a bit higher compared to the previous model, and it’s around $160.
There are so many different wallets available online, and each comes with both advantages and disadvantages. Cold wallets are usually seen as more secure and reliable, but the price is significantly higher. Instead of using a piece of hardware, you can always try out one of the hot wallets.
Now, if you’re looking to store your cryptos long-term, cold wallets are a good option (especially if you’re not prone to losing small pieces of hardware), while hot ones are a good fit for those looking to trade on exchanges on a regular basis.
We hope this quick overview of the most popular wallets has helped you to understand what the market has to offer and make your call.
If you’re considering using Anchor tokens, or are already using them to hedge against volatility and maintain the value of your holdings, you should definitely use our Anchor wallet as well. Now that you know what the market offers, you see that it’s not often that you find a wallet that’s got a high-security level, is simple to use and charges no additional fees.
Think about it.
Title photo by Jirsak, Shutterstock.