Best wallet to store Ethereum

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Ethereum is second to Bitcoin and has shown its potential many a times. As we all know all cryptocurrency are build on blockchain. As the worth of all cryptocurrencies is increasing, hackers want to steal more and more currency. Hence, attack on blockchain network is increasing too. If hackers become successful, one can lose all the holdings in cryptocurrency and may never get back.

We should always be cautious with our holdings and most important thing to secure your wallet is the Private Key.

There are four types of wallet :

  1. hardware wallet
  2. Desktop/Mobile wallet
  3. Online/Web wallet
  4. Paper wallet

So here are the best wallets to store your Ethereum in safest way possible.

  1. Ledger Nano S :

    Ledger Nano S is most inexpensive hardware wallet available today which costs around $75. Here your ethereums are stored offline i.e. off the blockchain network. Hence make is most secure. One advantage is with ledger nano S is that you can store other coins like Bitcoin, Neo, Ripple etc also along with Ethereum. Also you can store any quantity of any coin in this hardware wallet. In my opinion, This is one stop solution for most of the coins.

  2. MyEtherWallet :

    MyEtherWallet is a web based wallet. But it is different and more secure than other  web wallets. because on MyEtherWallet (MEW) you control your private key. It does not require any downloads and can be accessed using a browser. Its an open source and no third party is involved. You can even connect your Ledger Nano to access your funds using MEW as it connects to the Ethereum network itself, it automatically supports All ERC-20 Tokens such as EOS, OMG etc.

  3. Exodus :

    Exodus is a desktop wallet which supports multi-cryptocurrency. It is easy and free to use.It offers an attractive user interface. It supports various currencies which can be seen on their Roadmap.  You just need you personal email to register. Also a recovery email which will require in case of password loss. The private keys are stored on your machine which reduces the risk. Exodus has inbuilt option of Shapeshift and let you do the conversion of coins easily.

  4. Mist :

    Mist is an official desktop wallet for Ethereum. It synchronizes with all Ethereum nodes during first installation, which takes some time. As soon as the sync is completed, you get a prompt to set a secure password. You are required to remember and store this password as there is no other way to access Mist if your lose this password. You don’t need to worry about security as your private keys are stored on the machine itself. Mist also has an inbuilt Shapeshift for conversion into other currencies.

  5. ETHAddress :

    ETHAddress let you create your personal Ethereum Paper wallet and is an open source project. This is an alternative to store you Ethereum offline i.e. in cold storage printed on a paper. Here your private key can be encrypted and adds an extra layer of security. To transfer Ethereum to any address, you need to import your private key in any of the aforementioned wallets and do the transaction.

From above you can choose single or multiple wallets to store your Ethereum based on your needs. If you want to store for long term and don’t want to worry about the security, Go for a the hardware wallet. If you are more into ICOs (initial Coin Offerings), MEW is the best wallet for this application.

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