Ethereum is rapidly becoming one of the most influential blockchain platforms in the market, holding the second top spot on the market cap list after Bitcoin. So choosing the adequate Ethereum-based wallet has never been more crucial than now. The sheer number of available wallets might make the selecting process confusing and challenging. A wallet can be a physical hardware that connects to your computer, or it can be a computer program that acts as the key that gives access to your digital coins. We’ve crafted a list of top 9 software wallets in 2022 based on features like anonymity, backup and security, ease of use, control over your private keys and so on. The list includes MetaMask, Exodus, Mist, Atomic wallet, Argent, Guarda, MyEtherWallet, Coinomi, and SafePal.
Founded in 2016, MetaMask is a browser-based crypto wallet app that can be added to browsers like Chrome and Firefox as an extension. It is perhaps the most popular Ethereum wallet and has its own mobile app now. MetaMask is very user friendly, offers a very high level of anonymity, only supports ETH and ERC20, and can be integrated hardware wallets such as Ledger, Lattice and Trezor which makes it much more secure against hacking attempts. MetaMask also allows you to store your private keys on your PC and export them anytime you like. The transaction fees range from 0.3% to 0.875%. MetaMask is compatible with iOS, Android, Firefox, Brave, and Chrome extensions.
Exodus is the first desktop wallet in the world that supports multiple cryptocurrencies, supporting almost 100 coins such as BTC, ETH and EOS. The interface looks gorgeous and the transactions are completely free of charge. The interface is designed to be beginner-friendly and the wallet offers high levels of anonymity. Exodus encrypts your private keys and provides complete access and control over your keys and coins. It is compatible with Android, iOS, Linux, Mac OS, and Windows. Exodus enjoys a number of exchange partners including ShapeShift, which allows for exchanging multiple cryptocurrencies.
Mist was crafted and developed by the very people who created Ethereum which makes it the official wallet for the Ethereum network. A primary knowledge about blockchains is necessary before using Mist however, because the wallet is a bit complicated and not very beginner-friendly. You must download and install the full node of Ethereum which occupies more than 1 TB of your device. Mist also has the ShapeShift feature built into it. It offers a decent level of anonymity to the users and it’s an open-source wallet, which makes finding and fixing the bugs much easier. Mist is available for free but only comes as a desktop application. Unfortunately, it only supports ETH and ERC20.
Atomic wallet offers access via desktop and mobile applications. Its high security along with access to more than 500 coins such as Bitcoin, Ethereum, Ripple and Litecoin, heavily contribute to its popularity among investors. Using Atomic wallet is pretty easy and allows for direct purchase of cryptocurrencies via the wallet itself. The wallet itself is completely free to obtain and the transaction fees are very low, a flat 2% fee with a minimum of $10 per operation. Probably the biggest downside of using Atomic is that it’s not compatible with any other hardware wallet. There is also a 12 word recovery key as a backup.
Argent is a non-custodial Ethereum-only wallet which is one of the most beginner-friendly wallets available for rookie investors. The wallet is free to purchase and charges no transaction fees for trading ETH. Argent doesn’t allow you to store your private keys and the configuration and recovery of the wallet are accomplished using the email address and mobile number. Thanks to Compound Finance, you can lend ETH to others and collect profits. Argent also offers conventional security features such as password protection and face ID.
If you want a non-custodial wallet to store Ethereum, then Guarda is a fantastic choice for you. The interface is thoroughly intuitive and users enjoy a high level of protection. Guarda is available for mobile apps, desktop, and web interface. The wallet gives full control over your private keys, Ethereum and other coins. Guarda doesn’t ask for any personal information, so the level of anonymity is very substantial. You are also capable of syncing Guarda with Ledger hardware wallets and significantly enhance the security of your trades. The biggest downside of using Guarda is the relatively high transaction fee; 3.5% is pretty noticeable compared to the other wallets available.
MyEtherWallet is an open-source web wallet which offers full control over your Ethereum’s private keys. MEW is compatible with hardware wallets such as Trezor and Ledger which can immensely improve the security level. Because the funds are not stored on a server and are only stored on your PC, the wallet is one of the most secure non-custodial ones out there. No registration or personal information needed, so the level of anonymity is substantial. However, MEW only supports ETH and ERC20 and doesn’t offer customer support, so you must be careful with your funds.
Coinomi is a user-friendly semi-open-source wallet which is compatible for both the mobile and desktop apps. The wallet supports 1770 cryptocurrencies such as BTC, ETH and Ripple. Coinomi stores the private keys to your wallet on your device and enjoys a high security level to keep your funds safe. You can set a costume fee for transactions or set up a dynamically calculated fee to optimize what you have to pay per transaction. You also have the ability to trade between cryptocurrencies with its built-in exchange capabilities.
Safepal is a fantastic choice for beginner-level traders that also offers a hardware option called Safepal S1 for only $39.99 which is significantly cheaper than the other hardware wallets in the market. Safepal offers a self-destruction mechanism in case of malware attacks which makes the wallet a very unique one. SafePal can be used offline as well and supports a wide array of cryptocurrencies such as BTC and ETH. There is a wallet recovery seed which has 12 or 24 random phrases which must be remembered or stored somewhere by the user.
Cryptodesk is a comprehensive platform that caters to the needs of cryptocurrency enthusiasts by offering a range of services, including software wallets and access to crypto exchange in dubai. In 2022, several software wallets stood out as the best choices for securely managing digital assets.
Every software wallet has its own upsides and downsides. Their popularity and quality depends upon different features such as backup and security, anonymity, ease of use, control over private keys, number of supported coins and tokens, compatibility with hardware wallets, etc. Some of them like MEW only support Ethereum but being a one trick pony isn’t a bad thing at all if your trick is pretty spectacular. However, there are wallets like Coinomi that are suited for investors that desire access to a wide array of coins.