ethereum wallets

What are the best wallets to store Ethereum?

Cryptocurrencies have come a long way since Bitcoin made its first appearance more than a decade ago. Originally envisioned as a means to circumvent traditional banking systems, crypto has grown into a popular investment – favored by retail and institutional investors. Along the way, crypto has grown far beyond the wildest dreams of any crypto enthusiasts with prices going way beyond 5 figure valuations. Whether you’re new to the crypto show or an experienced investor, you probably know that keeping your cryptos safe is extremely important.

That’s why In this article, we’ll take a look at the best wallets available to keep your assets safe. To find out more wallets, check out the list of best Ethereum wallet apps by Tezro.

Hot Wallets

Hot wallets are the most popular and accessible way to keep your cryptocurrencies. They are usually free-to-use and accept all types of cryptos. A hot wallet also makes it very easy for you to store, receive, and send crypto payments.

1. Coinbase Wallet

Coinbase let’s you trade, store, send, and receive more than 25 different cryptocurrencies including Bitcoin and Ethereum.  Compared to other hot wallets on this list, Coinbase is more of an all-in-one platform that covers everything cryptocurrency related.  If security is a concern for you (as it should be), Coinbase has announced that 98% of their deposits are stored offline in cold wallets – thus minimizing your risk exposure.

It should be noted however, that prior to its IPO, Coinbase received flak from various users with regards to their approach to customer service and security.

2. Gemini

Gemini is a free crypto app that provides users with a variety of services that includes trading and storage. It allows users to track asset prices in real-time and set up scheduled reminders to buy/sell certain assets.

Easy-to-use with excellent cybersecurity, Gemini boasts a record zero security breaches since going into business.

3. BlockFi

BlockFi stands out from the crowd because of its relatively low fees charged to clients. This wallet does not require a minimum balance and even lets you earn interest on cryptos stored with it. Withdrawals will be processed either on the same day or within a 7-day period.

While convenient, hot wallets are online only services and that exposes them to the risk of cyber-attack. Given how valuable cryptos are nowadays, it’s easy to see why crypto wallets a are the favorite target of hackers.

Cold Wallets

And this is why for the final word in security, crypto investors turn to cold wallets to get the job done. Cold wallets also known as hardware wallets are devices that store your cryptocurrencies offline. These devices can range from a simple USB stick to a sophisticated external hard drive with app support that allows you to check on your cryptos in real-time.

While cold wallets are less convenient when compared to hot wallets, the security they provide is unparalleled. As cold wallets do not require an internet connection to function, they are essentially immune from cyber-attacks of any kind.

Also, cold wallets can be further secured by locking them away in a secure location like a bank safe deposit box.

1. Trezor Model T

Developed by the team at SatoshiLabs, the Trezor Model T is a sleek and slick device that supports up to 500 different coins including Ethereum.

Security features include PIN protection when connecting the Model T via USB and 2-factor authentication.

2. SafePal S1

Designed to look and function like a credit/debit card, the SafePal S1 lets you bring your cryptocurrency on the go with you. Able to interface with the SafePal app via local QR connection, you’ll be able to safely and easily transfer your coins wherever you go.

And as an added plus, the SafePal S1 supports up to 10,000 cryptocurrency tokens including Ethereum.

3. Ledger Nano S

User-friendly and portable, the Ledger Nano S offers a good mix of value, security, and mobility in a single package. With 2-factor authentication and PIN confirmation, you can rest assured knowing that your cryptos are in safe hands. Cryptocurrencies like Bitcoin, Ethereum, and Cardano are all supported by the Ledger Nano S.

Keeping your cryptos safe is just as important as getting the right crypto wallet. Always remember that safety is the cheapest insurance policy you can get.

 

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