Ethereum is a decentralized platform that enables the creation of smart contracts and decentralized applications (dApps). The Ethereum platform uses its own cryptocurrency, Ether (ETH), to facilitate transactions and execute smart contracts. One of the most popular ways to store and manage these assets is through an ERC-20 wallet.
An ERC-20 wallet is a digital wallet that is specifically designed to hold and manage ERC-20 tokens, which are tokens that are built on the Ethereum blockchain and follow a specific set of rules and standards. These wallets are essential for investing in or using ERC-20 tokens, as they provide a secure and convenient way to store and manage your assets.
When it comes to choosing the best ERC-20 wallet, there are a few factors to consider. Some of the most important considerations include security, ease of use, and the ability to manage multiple tokens.
Here are the best wallets we recommend for developers on Ethereum.
Another great option is MetaMask. This browser extension is a user-friendly way to store, manage and access ERC-20 token and Ethereum. MetaMask enables users to interact easily with decentralized web apps, making it a popular choice among those who use dApps.
One of the best ERC-20 wallets available is MyEtherWallet (MEW). MEW is an open-source, client-side wallet that allows users to create and manage their own Ethereum addresses. It also supports a wide range of ERC-20 tokens, making it a great option for those who want to manage multiple tokens in one place.
Ledger is one of the top hardware wallet providers and a great choice for ERC-20 wallets. A hardware wallet stores your private keys offline, so you are able to keep your assets in “cold storage.”
This makes you less vulnerable to hacking attempts. Ledger supports all ERC-20 tokens in the wallet and will show the real-time value of many assets through their Ledger Live application.
It is also easy to connect your Ledger to a Metamask browser wallet, so you can interact with decentralized applications (dApps) more effectively.
Trezor is another great hardware option, similar to Ledger. However, it does not provide as intuitive of an interface. Therefore, we recommend the Ledger over the Trezor.
Regardless, the Trezor is a great place to securely store your digital assets.
Coinbase Wallet is another browser wallet similar to Metamask. It is a great tool for storing assets in a “hot wallet” – which is accessible from the internet. We do not recommend storing significant assets in a hot wallet. It is best to move all of your tokens to cold storage as soon as possible.
Coinbase Wallet provides a great interface for NFTs and digital tokens. Plus, it is a great option that you can use within the Coinbase app if you are already a Coinbase customer.
Which wallet is right for you?
In conclusion, the best ERC-20 wallet for you will depend on your preferences and needs.
We recommend using Metamask as a hot wallet for easy web interaction. It’s also great if you need to export the private key to sign transactions in scripts.
You’ll want to pair your Metamask with a Ledger for secure, offline storage.
Those two wallets will give you everything you need to securely and effectively navigate dApps and contract interactions. If you are learning Solidity, you’ll definitely want to pick them up!