Best wallets for ethereum

The best wallet to have all your funds in is a hardware wallet or a paper wallet, where all your private keys are securely stored on a system that isn’t connected to the internet. Generally, any system connected to the internet is always vulnerable to hacking. We recommend a couple of system for this problem, because our product is in the early stages, we are not actively looking at managing peoples wallet and their private keys. The ethereum light client was introduced very recently and we are looking at secure ways of building out a wallet system on the site.

There are multiple solutions in the Ethereum ecosystem at the moment, and we have arranged them in the order of security in this post

1.myetherwallet.com — This is the best solution out there but also has a short learning curve involved, which may deter a few users from using the service. My ether wallet is an Open Source client side Javascript solution , so they don’t store any information on their servers. This allows your private keys to be securely stored on the desktop or a paper wallet. To setup a wallet,

  • Enter a strong password that people can’t hack through. Preferably use special characters and numbers.
  • Click on generate wallet.
  • You can download the encrypted keystore file, or download the private key itself. Preferably download the keystore file as it is encrypted using the password you used in step A, so no one can gain access to your funds without your password.( If you forget your password, there is no way of getting access to your funds unless you have a copy of your private keys)
  • You can get a paper wallet and an unencrypted JSON file too, but the most secure way is to download the encrypted keystore file.
  • To send ether or tokens, just click on Send ether and tokens, upload your keystore file and you have access to your funds. Most of the steps after this are self explanatory.

2.Jaxx— If you would like to use an application with an easy to use interface and multi device support, Jaxx is a good option. Unlike many other wallets, Jaxx doesn’t store any user information, wallet data, or funds on any centralized server. All wallet files are stored strictly client-side, which means that Jaxx has no central point of failure. As long as you have a written copy of your wallet’s 12-word backup phrase, you will be able to back up or restore all wallet assets indefinitely. That said, while it can’t be hacked on a systemic level in the same way centralized services can, Jaxx is only as “safe” as your security practices are. If you lose your device or download malware onto your computer that grants remote access, malicious users may be able to access your wallet. Sweep your computer for malware regularly, take advantage of your device’s built-in security features, and use the Security PIN option, which protects all functions that can be used to remove funds or keys.

3.Metamask — This chrome plugin is amazing as it allows you to access decentralised applications on the chrome browser. It has all the wallet features you need and an easy to use interface. We recommend keeping a small amount of ether here. Even though it hasn’t been hacked, always take precautions with new systems that haven’t been rigorously tested over the years. We love metamask because of its easy to use interface, and also the benefit of being integrated onto chrome, it allows us to access all the applications on the chrome browser, these applications can also detect the wallet address each time you enter the site (this makes it like an ID management system)