10 Best Ethereum Wallets for Beginners in 2023

This guide will give you a comprehensive overview of everything you need to know about the best Ethereum wallets for beginners - we also explain how Ethereum wallets work and how to use them. 

The cryptocurrency ecosystem is a dynamic, fast-paced environment. Beginner traders can struggle to navigate the volatility and security requirements needed to engage in safe crypto trading. A user-friendly digital wallet can allow beginners to store their crypto assets such as Ethereum and Bitcoin safely.

This article dives into the top 10 best Ethereum wallets for beginners. We will help our readers understand how Ethereum wallets work and how they provide security to crypto assets. We will also explore what qualities separate the best Ethereum wallets from others and how users can easily use these wallets for themselves. 

The Top 10 Ethereum Wallets

After considering a multitude of factors such as security features, user-friendliness, fees, etc., we list the top 10 best wallets for Ethereum storage.

1. eToro -  Our overall best Ethereum wallet for beginners, eToro is a highly trusted multi-chain wallet that also allows for easy trading. It is regulated in multiple countries - including the US and UK - and has comprehensive security features
2. Binance - Connected to crypto's top exchange, Binance, the Binance wallet supports almost 400 cryptos and allows for easy trading, although it is more vulnerable than other wallets on this list
3. OKX - Linked to the leading exchange, the OKX wallet has excellent staking options for high APYs, as well as a range of DeFi services, but is not available in the US
4. MetaMask - One of the most popular multi-chain wallets, MetaMask has more than 30 million users, cross-chain support, high levels of security and is perfect for beginners
5. Trust Wallet - Another extremely popular choice, Trust Wallet is also backed by Binance, and supports 65 different blockchains, but does not employ cold storage
6. Coinbase - Connected to the leading US-based exchange, the Coinbase wallet has a strong focus on security, and yielding and staking options but does not support some prominent tokens
7. Trezor - Our top hardware wallet, Trezor is one of the absolute safest wallets around but does charge to purchase the physical wallet, while many others are available for free
8. Ledger - Another leading hardware wallet, Ledger offers high security and also has a mobile app to allow trading, staking and lending. Its lack of open-source software has been criticized, however
9. Exodus - The hot wallet has multi-chain support and an NFT marketplace, as well as supporting dApps ans is compatible with Trezor - it does not feature 2FA, however
10. MyEtherWallet - The open source wallet is compatible with multiple blcokchains and NFTs, but only supports ETH-based products 

Review the Best Ethereum Wallets For Beginners

Beginner traders need to take into account the pros and cons of different types of wallets in order to choose the best Ethereum wallet for their needs. Let’s now review each wallet on our Ethereum wallets list. 

1. eToro - Best Ethereum Wallet for Beginner Crypto Traders

The eToro Money crypto wallet is a secure, multi-crypto wallet that allows beginner traders to secure their crypto assets easily.  It also provides an effective method to receive and transfer crypto tokens such as Ethereum.

eToro’s biggest strength is its reputation as a financially ethical and trustworthy investment company. Scam projects and rug pulls are the biggest threat to the security of the crypto ecosystem. Therefore, eToro’s long history as a reputed multi-asset investment firm allows users to trust its wallet and it has been selected as our overall best crypto exchange to use.

The company is also regulated by the top financial authorities across the world and is authorized to offer cryptocurrency services in major economies such as the UK, Europe, Australia, and the US. 

The eToro Money Wallet prioritizes ease of use for its customers. It supports over 120 crypto assets, including Ethereum and Bitcoin, and is available on both Android and iOS platforms. It has a clear and concise user experience which allows beginners to easily navigate a wide range of crypto services.

For example, users can swap tokens from the wallet itself, without depending upon a trading platform. Users can also purchase new crypto assets from the wallet by using a credit or debit card.

eToro’s trademark CopyTrader service allows users to replicate the investments of top crypto traders. The service provides beginners with an excellent opportunity to gain expertise and learn from the best investors, while also improving their portfolios. 

eToro is constantly ranked at the top of Ethereum wallets due to its comprehensive security features.

Perhaps no security feature is as important to beginners as eToro’s unlosable Private key. Traders, especially beginners, often lose access to millions worth of crypto assets due to losing possession of their private keys. However, eToro Money crypto wallet private key service allows users to regain access to their wallets.

The wallet also employs several other security features such as multi-signature technology and two-factor authentication. It uses a multi-tiered approach by using both cold and warm storage to protect crypto assets.

Another advantage of using the eToro wallet is the minimal fee structure. eToro charges a nominal 1% transaction fee while purchasing Ethereum.

In short, eToro’s user-friendliness, availability on Android and iOS, comprehensive security and minimal free structure make it the best Ethereum wallet.

The only disadvantage to the eToro Money Wallet is its lack of availability as a desktop or web wallet.

• Read our full eToro review.

Pros

• High trust score from users and institutions
• Regulated in multiple nations such as the US, UK and around Europe
• Supports leading cryptos
• Intuitive mobile app for iOS and Android
• Comprehensive security features

Cons

• Mobile app only - no desktop or web wallet

Crypto assets are a volatile investment product. Your capital is at risk.

2. Binance - Top Ethereum Wallet Linked to Leading CEX Binance

The Binance wallet is a secure crypto wallet for Ethereum, Binance Beacon Chain and Binance Smart Chain. Its biggest strength is its inherent connection with the Binance crypto exchange.

Binance is the largest Bitcoin and altcoin crypto exchange in the world. It supports 385 different crypto assets and tokens on its platform. Binance’s reputation as the largest crypto exchange in the world allows users to trust its Ethereum wallet.

Users can operate the Binance crypto wallet as a web extension. The wallet extension is available for Google Chrome, Firefox, Brave and Edge.

It is user-friendly and allows users a wide range of crypto services. For example, users can send tokens through a QR code. This allows beginners to safely engage in crypto trading without making any costly errors.

The Binance wallet is also looking to launch a new swap feature. The swap feature will allow users to swap their tokens from the wallet without visiting any crypto exchange platforms. The swap feature would also employ DEX aggregators and market makers to ensure that the users can access tokens at low prices.

Due to the wallet’s link with the Binance exchange, users can instantaneously transfer their crypto funds from the wallet to the exchange and trade to maximize their profits. Users can also take advantage of Binance’s NFT marketplace and stake-to-earn service.

While the wallet’s connectivity to the Binance exchange has numerous advantages, it does make the wallet vulnerable to malicious activity.

Pros

• Connected to crypto's top exchange, Binance
• Available as a web browser extension
• Huge number of cryptos
• Low fees

Cons

• Some vulnerability due to connection with Binance

3. OKX - Multi-Platform Wallet with Excellent Yields

The OKX crypto wallet is one of the best Ethereum wallets which allows users an opportunity to access the entire Web3 ecosystem. Apart from secure and user-friendly storage, the OKX wallets offer its users a wide range of DeFi services.

The wallet is available on Android and iOS, as well as a Chrome extension.

OKX offers comprehensive security to its users. It employs an effective KYT system to monitor fraudulent activity in its wallets. It utilizes over 200 million labels to improve to effectively protect users from any fraud risks.

OKX is considered a universal wallet. It supports over 50+ decentralized networks and their native tokens such as Ethereum, Polygon and Bitcoin.  OKX allows beginner users to gain a broad understanding of their investment through its Web3 dashboard.

Another big advantage that OKX users enjoy is the stake-to-earn service, which is rated among our best crypto staking platforms. It provides staking, farming and pooling services that can boost the portfolio performance of its users. For example, Ethereum investors can utilize the Lido protocol to earn an annual percentage yield of 4.38%.

Furthermore, the OKX platform acts like a one-stop NFT aggregator, allowing users to create and trade NFTs on 11+ networks. Users can easily access some of the biggest NFT brands such as Wrapped Cryptopunks, Bored Ape Yatch Clud, etc.

OKX’s swap feature utilizes over 10 networks and over 100 decentralized exchanges to allow users to swap their crypto tokens at the best prices. Beginner traders can struggle to compare the prices offered by various platforms on their own. However, OKX’s swap feature helps solve this problem.

Despite the various advantages offered by OKX, it is not available to US investors due to compliance reasons.

Pros

• Comprehensive security 
• Universal wallet supporting both DEXs and CEXs
• Stake-to-earn offering high APYs
• NFT Marketplace

Cons

• Not available in the US

4. MetaMask - Most Popular Multi-Chain Wallet

MetaMask is one of the most trusted Ethereum wallets in the world. Currently, over 30 million users trust MetaMask to secure their crypto assets. The wallet is available as a browser extension and as a mobile application as well.

MetaMask is an extremely user-friendly crypto wallet that allows beginner users to buy, send, store and swap crypto assets such as Ethereum.

The wallet protects user data by ensuring that only users have custody of their private key. This prevents any third party from accessing the user’s account, making the MetaMask wallet self-custodial.

Users can purchase crypto tokens from a variety of networks such as Ethereum, Polygon, Celo, Binance Smart Chain, Fantom and Avalanche.

MetaMask’s biggest strength is its ease of use in purchasing cryptocurrency. Users can choose from a wide variety of payment mechanisms such as credit/debit cards, Paypal, Apple Pay, Google Pay, bank transfers, etc. This makes Metamask ideal for beginner users.

MetaMask’s only tradeoff is its lack of support to store Bitcoin as it is an Ethereum-based wallet.

Pros

• Extremely high user and industry trust levels
• More than 30 million users
• Browser extension and a mobile app
• Self-custody
• Huge amount of cryptos supported
• Cross-chain functionality

Cons

• Cannot convert tokens to fiat

5. Trust Wallet - Popular Binance-Backed Ethereum Wallet

Trust Wallet is another cryptocurrency wallet owned by Binance. It provides users easy access to a vast number of crypto assets. Trust Wallet supports more than 4.5 million crypto tokens and over 65 different blockchain networks.

Beginner users can struggle to find the most profitable crypto assets. Trust Wallet’s expansive network allows users to invest in the best cryptocurrencies of their choice.

Trust Wallet is a very user-friendly wallet that is available on both the Android Google play store and the iOS app store. It is also available as a browser extension.

Trust Wallet also benefits from its strong link with Binance. Binance’s reputation allows over 25 million users to choose Trust Wallet as their best Ethereum wallet. It acts as a hot wallet that allows users to swap crypto assets and track prices from the wallet. It also allows beginner users to invest in art and NFT collectibles.

However, Trust Wallet does not employ cold storage to further strengthen its security features.

Pros

• Huge number of cryptos supported
• Multi-chain support
• Extremely simple and user-friendly
• Mobile app and browser extension
• NFT marketplace

Cons

• No cold storage feature

6. Coinbase Wallet - Popular Self-Custody Ethereum Wallet

The Coinbase cryptocurrency wallet is a self-custody wallet, which allows users to secure their crypto tokens and NFT collectibles. The wallet’s ultimate selling point is its strong connection with the Coinbase exchange, the largest crypto exchange in the US.

The users can easily link their wallets to their Coinbase accounts. This allows users to easily buy, sell and store their crypto assets in a user-friendly manner.  

The Coinbase wallet is fully self-custodial. This provides a strong layer of security between the secure wallet and the crypto exchange. It allows users to be in complete control of their private keys and safely access their wallets.

The Coinbase Wallet is considered an extremely secure wallet that employs industry-leading security features such as two-factor authentication, biometric authentication, PIN verification and cloud backups.

The wallet opens a wide range of crypto services to its users. Users can access DeFi liquidity pools, the crypto swap feature, the yielding and staking services, etc. Users can also become a part of DAOs and help shape the future of Web3.

The only disadvantage of Coinbase is that it does not support some popular tokens such as Bitcoin Cash and Ripple’s XRP.

Pros

• Self-custody wallet
• NFT marketplace
• Connected to leading exchange Coinbase
• Excellent security features
• Staking services and other features

Cons

• Some leading cryptos not available

7. Trezor  - Best Ethereum Hardware Wallet

The Trezor hardware cryptocurrency wallet is one of the most secure crypto wallets, protecting users from all kinds of malicious activities. Unlike the software wallets we have covered so far, hardware wallets are physical devices that do not utilize internet connectivity, thus reducing the chances of hacking and data theft.

Trezor Model T and Trezor Model One are the two types of Trezors that users can choose from. The Trezor Model T is a more advanced wallet design, with wider crypto token support and more comprehensive security features. As a result, it is also significantly costlier than the Model One.

Trezor wallets allow users to recover their wallets in case they lose access. Furthermore, wallets are protected by a 50-digit long user-defined PIN.

Users can connect to Trezor’s Suite app which provides several user-friendly features. Investors can easily trade crypto assets without any additional fees, as you just pay whatever fees the exchange you’re trading on charges.

Hardware wallets do have a few disadvantages. For example, Trezor does not provide staking services or the ability to store NFT collectibles.

Pros

• Extremely secure hardware wallet
• Comprehensive security features
• Ability to recover wallet
• Mobile app to allow trading

Cons

• Missing some features of software wallets

8. Ledger - Leading Cold-Storage Wallet

The Ledger hardware wallet specializes in offering maximum security without compromising user experience.  It utilizes a military-grade secure chip called the Secure Element to store the user’s private key. Like Trezor, Ledger isolates user authentication data from the internet, providing a high degree of safety.

More than 5 million users trust the comprehensive security provided by Ledger.

The Ledger hardware wallet utilizes the Ledger Live app to provide a seamless user experience for crypto traders. Investors can manage over 5500 tokens using Ledge Live. Users can also utilize the Live app to stake and lend their tokens and further improve their portfolio performance.

A ledger wallet provides access to the Ledger validator node so that users can utilize it to stake their tokens. The wallet is also well-suited for NFT enthusiasts.

Ledger Nano X and Ledger Nano S Plus are the two wallets offered by Ledger. Nano X offers added Bluetooth compatibility but is twice as costly as the Nano S Plus.

Ledger’s only drawback is the lack of open-source software. This leads to a lack of transparency in Ledger’s security features.

Pros

• Maximum security features
• Military-grade technology
• Millions of users
• Huge number of crypors supported
• Ledger Live to trade, stake and lend tokens

Cons

• No open-source software

9. Exodus - Best Desktop Ethereum Hot Wallet

The Exodus crypto wallet allows investors to securely manage over 260 crypto assets. Exodus wallets are available as mobile applications, web extensions, and desktop applications, allowing users the flexibility to choose the platform they are comfortable with.

The Exodus Web3 wallet is universal in nature and unlocks a wide variety of DeFi services to its users. It is a multi-chain wallet, supporting popular networks such as Ethereum, Binance Smart Chain, Solana, etc. Users can enjoy access to NFTs, decentralized applications and other crypto assets.

Users can purchase crypto tokens using the local currency with credit and debit cards and through Apply Pay.

Exodus wallets are also compatible with Trezor hardware wallets. Users can enjoy the right balance between Exodus’s intuitive user experience and Trezor’s comprehensive security. Investors can easily swap assets between Trezor and Exodus, thus utilizing a multi-layered approach to security.

Exodus wallets are self-custodial, i.e. the company does not store users’ private keys. This provides an additional layer of security to users.

The wallet’s drawbacks include a lack of two-factor authentication and open-source features.

Pros

• Available as a mobile app or browser extension
• Multi-chain support
• NFT marketplace
• DEXs and CEXs supported

Cons

• No two-factor authentication

10. MyEtherWallet - Top Open-Source Ethereum Wallet

MyEtherWallet is a popular crypto storage solution that provides users with a free, client-side user interface to transact Ethereum. It is fully open-source and is available as a web wallet, chrome extension and mobile application.

MyEtherWallet is designed specifically to support Ethereum and is therefore ideal for ETH investment. It supports almost all Ethereum-compatible blockchains such as Ethereum Classic, Polygon, BNB Smart Chain, Optimism, Arbitrum, etc. Users can store ETH, ERC-20 tokens and Ethereum-based NFTs with MyEtherWallet.

MEW’s new multi-chain wallet Enkrypt is set to offer support to a wider range of crypto assets and NFTs. It also has a broad crypto swap feature that lets users swap Ether for other tokens such as Bitcoin, Litecoin, Dogecoin, etc. MyEtherWallet has also partnered with Bity to convert Ether instantly to Euros or Swiss Francs. MyEtherWallet is also compatible with all major hardware wallets such as Trezor, and Ledger.

The only drawback to MEW is its lack of support for Ethereum-incompatible altcoins.

Pros

• Mobile app and browser extension
• Cross-chain support
• NFT Marketplace
• Strong security features

Cons

• Only supports ETH-based tokens

How Do Ethereum Wallets Work?

Beginner investors can easily choose the best Ethereum wallet from our list. However, it is imperative to understand how crypto wallets work to trust the allocation of your digital assets to them.

Ethereum wallets provide a secure, efficient and user-friendly mechanism to store ETH, NFTs and other crypto tokens and then later buy products with Ethereum if they so wish.

Crypto wallets are not unlike regular cash wallets. They also allow users to digitally hold their assets, the key difference being that crypto assets are not physically stored in the wallet.

Cryptocurrencies are bits of data that are located on a blockchain. The wallets essentially store the user’s proof of ownership of crypto assets.

ETH tokens are stored in Ethereum’s Externally Owned Accounts (EOAs). Most Ethereum wallets allow users to generate a new Ethereum account. Traders do not need to use a previously generated Ethereum account.

Users operate their ETH tokens through two cryptographic keys: a private key and a public key. 

Public Key: A public key can be intuitively visualized as a bank account number. Users can transfer ETH tokens from to others using their public key. Public keys are named so because users can publicly distribute this key to receive crypto assets from others.

Private Key: A private key is an alpha-numeric passcode that proves a user’s ownership of an Ethereum account. Every Ethereum EOA has an associated private key. As the name suggests, a private key needs to be protected at all costs. 

If a malicious actor gets hold of the key, they can easily claim possession of all the crypto assets associated with it. Due to the decentralized nature of blockchain technology, in most cases, users cannot even recover their accounts.

A private key has another important use. Ethereum uses a user’s private key to cryptographically generate a digital signature. This digital signature is used to sign all outgoing crypto transactions. A malicious actor can use the private key to forge transactions.

A wallet is primarily responsible for protecting this private key. Furthermore, a wallet can also generate multiple public keys. A public key is cryptographically derived from a private key. While the public key can be distributed, it can be used to track certain details about a user such as transaction history and account balance. Therefore, modern wallets generate a new public key after every transaction to protect a user’s privacy.

A crypto wallet uses a seed phrase to authenticate the user’s ownership of the wallet. Therefore, it is imperative that users protect their seed phrases from ever being stolen. Users can also choose to store the phrase at multiple locations for surety. 

Types of Ethereum Wallet

While all wallets generally perform the same set of functions, there can be several key differences between them. A beginner user needs to understand the tradeoffs involved in order to choose the best Ethereum wallet.

Based on the mode of availability, wallets are generally categorized into three categories: software wallets, hardware wallets and paper wallets. 

Software Wallet

A software wallet is an application that allows users to store their crypto assets by digitally securing their private keys.

A software wallet’s best feature is its accessibility. Users can access these applications on commonly used devices such as Android and iOS phones, personal computers and even web browsers. They do not require the purchase of any new equipment or device.

Software wallets are commonly referred to as hot wallets. While those terms may be used interchangeably, a hot wallet is technically referred to as any wallet that is connected to the internet.

Software wallets being connected to the internet results in a tradeoff between ease of use and security. Software wallets allow users to quickly purchase and sell crypto assets using their private keys. The best crypto apps can also often support a wider range of crypto tokens and provide seamless transactions. Furthermore, they provide a range of payment options such as credit/debit cards, Google Pay, Apple Pay and PayPal.

While software wallets provide a bevy of advantages, they are considered less secure than hardware wallets. The connectivity to the internet can allow hackers and other malicious actors to gain access to a user’s private key.

A software wallet can be further categorized into three categories: mobile wallets, desktop wallets and web wallets.

• Mobile Wallet: As the name suggests, mobile wallets are applications that users can run on their Android or iOS platforms. Best Ethereum wallets such as eToro offer these applications on both Google Play Store and Apple app store.
• Desktop Wallet: Desktop wallets are wallet interfaces that users can download on their personal computers. Desktop applications store the private key on the computer’s local storage. 
• Web Wallet: Web wallets are one of the most popular kinds of software wallets. Users can usually search for these wallet services on the internet and add them as a web browser extension. While these wallets provide extremely user-friendly interfaces, they are considered the least secure. They can be subjected to keylogger hacks and distributed denial of service (DDOS) attacks. 

Hardware Wallets

Hardware wallets are considered one of the most secure forms of crypto storage. These wallets are physical pieces of equipment that secure the private-public key pair. Users need to connect the equipment to a device such as a personal computer to operate the wallet.

An Ethereum hardware wallet is also referred to as a cold wallet. Cold wallets are defined as any crypto storage device that does not connect to the internet. The lack of internet connection ensures that malicious actors cannot steal the confidential information of the users. Software wallets are as secure as the platform they are operating on while hardware wallets provide additional multiple layers of security for users.

Hardware wallets can also provide additional security features. For example, modern cold wallets use security features such as a PIN code or a biometric scan that makes it impossible for a malicious actor to access the crypto tokens. Hardware wallets are also coming up with additional technology to replace seed phrases, thus eliminating the single point of failure.

While hardware wallets are secure, they also have some key disadvantages. Most importantly, hardware wallets are considered to be less user-friendly than software wallets. These wallets need to be connected to another device such as a desktop to operate.

Hardware wallets are also considered significantly more expensive than software wallets - the price of a hardware wallet can usually range between $50 - $300 and can be a deal breaker for several users. 

Paper Wallets

Ethereum paper wallet involves crypto asset holders writing down their private-public key pair on a piece of paper. This is an old method of storage that is rarely used with the advent of modern crypto wallet technology.

Paper wallets are a kind of cold wallet. However, unlike hardware wallets, they are considered unreliable and risky. Users with paper wallets require an interface to access the blockchain. Therefore, they often end up depending upon exchanges or software wallets, negating any advantage of cold storage.

Furthermore, paper wallets are a massive single point of failure risk. The private key can be lost, stolen or destroyed, making it impossible for the user to ever access their crypto assets. 

How to Find Safe Ethereum Wallets?

The primary function of an Ethereum wallet is to secure a user’s private key and the crypto assets allocated to it. 

Investors, especially those just entering into crypto investment are always keen to know if cryptocurrency is safe to invest in and wallets are a necessary feature of participating in the space. However, there are several factors that a user can consider to choose the most secure Ethereum wallet. 

Reputation of the Provider

Due to the decentralized nature of crypto, scams and rug pulls are one of the biggest threats to the digital assets of a user. 

Therefore, considering the reputation of a wallet provider is the easiest step a user can take to trust the authenticity of the wallet. 

For example, a wallet that is regulated by a leading regulatory body can generally be trusted. Similarly, providers with a strong track record of traditional financing can also be trusted with their crypto products.

The eToro Money Wallet is considered one of the most secure due to eToro’s stellar reputation and the wallet’s regulation in the UK, US, Europe and Australia.

Security Features

A good understanding of the various security features offered by crypto wallets can help users select the best wallet.

Hardware wallets are usually considered the most secure option. These wallets are not connected to the internet, preventing any malicious activity to access the user’s confidential data. They can also provide additional security features such as biometrics and a PIN code.

On the other hand, a software wallet can also be trusted if it provides comprehensive security features. For example, eToro wallets provide unlosable private keys and protection from Distributed Denial of Service attacks. Furthermore, it also employs advanced signature mechanisms and analytic behavior machine learning to protect against any malicious activity. 

Testing the Wallet

Testing the wallet may be the best way to develop trust. Users can send a small amount of crypto assets using the wallet before trusting it for significant amounts. A number of Ethereum wallets also allow users to try out the wallet on the testnet using fake crypto assets. 

How To Choose The Best Ethereum Wallet For You?

The choice for the best Ethereum wallet is a matter of personal choice and can differ from user to user. Here are the key factors that can help users make an informed choice. 

Security

As we have already discussed, a wallet’s primary role is to ensure the security of a user’s crypto assets. Therefore, users need to consider security as their top priority while selecting the Ethereum wallet. Beginners need to choose a wallet that is reputed and is certified by a regulatory body.

Beginners are also susceptible to losing their private keys. Therefore, they need to choose a wallet with proper wallet recovery options such as seed phrase, two-factor authentication, or eToro’s unlosable private keys. 

Remember, it is possible to avoid paying tax on crypto if you simply keep it in your wallet and don't sell it, but you want peace of mind that it will still be there when you return.

Supported Coins 

Beginners can be overwhelmed by the wide variety of assets available in the crypto market. A high-quality wallet supports a large number of crypto tokens, thus allowing users to diversify their portfolios.

Many top wallets are also universal in nature as they support more than one blockchain network.

Fees

Another important factor to consider is the fees required to purchase certain crypto assets through a wallet. Different wallets use different exchanges to allow users to purchase crypto tokens from the wallet interface. Hardware wallets can often partner with third-party services to offer crypto functionality to users.

Fees can be of various types such as processing fees, network fees, trading fees, withdrawal fees, etc. Hardware wallets also require users to purchase the device upfront which can be expensive.

User-Friendliness

Beginners need to consider that the wallet they choose is user-friendly. The idea of user-friendliness can differ from user to user. Beginner users may prioritize the ability to operate their Ethereum wallets from their mobile phones. Proper customer support and a broad ecosystem can also make wallets like eToro user-friendly.

Most importantly, wallets must provide users with a clear user interface to buy, sell and store cryptocurrencies. 

Features

Users may prioritize the availability of certain features in their wallets. For example, NFT enthusiasts may prioritize that the wallet provides NFT support. Seasoned investors may require staking, farming and yield functionality in their wallets. 

Type of Wallet and Mobile Availability

Users need to make a careful choice between hardware wallets and software wallets. Most beginners prefer the availability of mobile wallets. Therefore, they need to ensure that the wallet of their choice provides Android or iOS support.

Seasoned investors may choose a multi-layered approach that involves both hot wallets and cold wallets. Such users usually store their assets in cold storage and transfer them to a hot wallet when they are looking to trade. 

How to Get & Use A Ethereum Wallet - Step-by-Step

By now, a user has enough information to choose the best Ethereum wallet of their liking. Now, let’s go over how users can operate an Ethereum wallet seamlessly. We are taking the example of an eToro wallet due to its simplistic user interface. 

Step 1: Register on eToro 

Any user that wishes to use eToro wallets needs to create an account on eToro. Click on the 'Start Investing' button on eToro’s website. Create a valid username and a strong password, and provide your email address. Users can also sign up through Gmail or Facebook.

Step 2 - Verify eToro Account

Users then proceed to complete their profile and verify their account. Details such as date of birth, address, proof of identity and proof of address are required. eToro can utilize a few days to confirm the user’s details.

Step 3 - Download the eToro Mobile App

Once the account is verified, users can download the mobile application from the Google Play Store or iOS app store. Log in to the application using the username and password.

Step 4 - Store Assets in eToro Wallet

Users can now transfer their crypto positions to the eToro app. Click on the “Portfolio” tab on the app dashboard, search for the relevant positions and click “Transfer to Wallet”. In case users have kept crypto assets on any other exchange, they can still receive crypto assets in their wallets.

Click on the “Receive” button and the screen will display the public key of your wallet. You can either use the key or the QR code to send crypto assets to your eToro wallet.

Crypto assets are a volatile investment product. Your capital is at risk.

Conclusion

Cryptocurrency wallets play a crucial role in allowing a user to succeed in the crypto ecosystem. eToro Wallets provide beginners with the perfect crypto storage solution by achieving the right balance between security and user-friendliness.

The eToro Money wallet supports over 120 cryptocurrencies and is available on both Android and iOS platforms. Users can trust the wallet due to eToro’s stellar reputation and its regulation in various countries.  

eToro Money provides an intuitive user interface, comprehensive security and a wide variety of Web3 features. These wallets are suitable for every Ethereum investor but are specially tailor-made for beginners. 

Crypto assets are a volatile investment product. Your capital is at risk.

FAQs

Which is the Best Ethereum Wallet?

After considering a wide variety of factors, we believe that the eToro Money Wallet is the best Ethereum wallet. They provide ease of use, uncompromising security and a wide range of features. 

What is the Safest Ethereum Wallet?

Hardware wallets are usually considered more secure than software wallets due to the non-access to internet connectivity. However, eToro software wallets provide a broad level of security using two-factor authentication and an unlosable private key. It can be trusted as the safest Ethereum wallet.

Is there an Official ETH Wallet?

No. The Ethereum Foundation does not have an official ETH wallet. Users can choose the best wallet according to their liking.