A lot of community members have recently started enquiring about the safest and the most secure ERC20 token wallets. With Ethereum-based projects flourishing and a new Ethereum-based token out in the market every other day, the interest in the ERC20 wallets does not come as a surprise to me.
Ethereum, today, is the most popular blockchain platform for smart contracts and DApps with more than 550 tokens hosted on it. This naturally calls for the need to get a safe and secure ERC20 token wallet.
With time, these tokens are sure to increase in value and potentially make you rich if you keep them safe for a long term. Hence, I think, it is apt to store your ERC20 tokens in a wallet with following features:
- Private keys – Wallets where you control your private keys.
- Ease of use – Elegant UI for ease of use.
- Development community – Active development community.
- Backup & security – Backup and restore features.
- Compatibility – Compatible with different operating systems.
Some ERC20 wallets that meet these standards have been listed below.
The Best ERC20 Wallets Available
1. Ledger Nano S [Hardware Wallet]
We have talked about Ledger Nano S on our blog innumerable times in detail, raving about its features and how we are always impressed by it. I repeat, this is the best cryptocurrency wallet that you can ask for.
It has an active development team with inbuilt security features of PIN, seed keys, and passphrases to secure your ERC20 tokens. Not just that, it also supports more than 20 cryptocurrencies in a single device and is continuously under development to secure some more currencies. (Which Cryptocurrencies Are Supported By The Ledger Wallet?)
You can use any ERC20 token on Ledger Nano S. It is also the cheapest multi-currency hardware wallet at $65. (Also, see this official tutorial to learn how to use ERC20 tokens on Ledger Nano S)
Watch this video by Coinsutra’s YouTube channel to learn how to set up your Ledger Nano S.
2. Trezor [Hardware Wallet]
The Trezor wallet is one of the oldest hardware wallets in the cryptosphere and it is no surprise that it supports all ERC20 tokens.
Just like Ledger, Trezor too comes with an OLED screen, seed key feature, PIN code protection and passphrase features to secure your ERC20 tokens. Also, Trezor’s development team is very active and respected in the community.
Trezor is definitely another hardware wallet that you can use for any type of ERC20 token. Here is the official guide for using ERC20 tokens on a Trezor device.
Trezor is available in 3 colors – white, gray, and black – and costs $110.
3. MyEtherWallet [Web Wallet]
MyEtherWallet is my go-to wallet when it comes to managing ERC20 tokens.
I have been HODLing my PAY, CVC and other ERC20 tokens on MyEtherWallet without any issues and complaints.
It claims to be an offline wallet as it uses a machine’s browser to generate necessary data, and nothing is ever stored on MyEtherWallet servers. Also, you get the private key control so you need not trust any third party for the security of your funds.
However, as it is a hot wallet, it is best not to store plenty of funds on it. But if you are using MyEtherWallet with Ledger Nano S, it is the best wallet to be used because your funds cannot be stolen.
4. MetaMask [Web Wallet]
MetaMask is another favorite Ethereum wallet that I love, and is also free to use.
It is like a browser to access the Ethereum network. It not only enables you to store and send Ethereum, but also allows you to manage ERC20 tokens on it.
Also, it has an active development team that has designed MetaMask in a way that you are always in control of your funds via the seed key that you get during the initial setup.
It has an intuitive design where you can seamlessly switch between a test network and the main Ethereum network. Here is a video showcasing how MetaMask works:
5. Coinomi [Mobile Wallet]
Coinomi is a popular multi-currency mobile wallet that rose to fame for supporting forked coins. But just like a wallet that has an active community and an active development team, Coinomi also supports Ethereum and Ethereum based tokens (aka ERC20 tokens).
Also, this wallet keeps control of your funds at all times as it is an HD wallet with a PIN code, seed key and the passphrase feature that you can enable anytime.
The token feature, however, is not active by default on Coinomi, which is why you need to set it up first and then enable the token option by adding your chosen tokens.
Here is how you do that:
- Go to the overview section of wallet and click on ‘+ TOKENS’
- Click on ‘Ethereum’ to see these list of tokens
- Now, select your token and click on ‘FINISH’
Currently, it is only available for Android. The iOS support will be out soon.
The Top 5 ERC 20 Wallets
If you observe closely, it is right to say that the Ethereum ecosystem has matured immensely. Therefore, you shouldn’t really face any difficulty in finding the right ERC20 token for yourself.
The other two Ethereum and ERC20 wallets on my radar to review are:
I’m testing Trust wallet and it looks pretty impressive. It’s available on both iOS and Android and works flawlessly. A detailed review will follow soon.
I have not used them yet but their UI looks impressive. I will share with you my views once I have used them extensively.
That’s it for now from my side. I hope this list of ERC20 wallets will help you make the right decision when choosing where to store your Ethereum-based tokens. I would love to hear your experience if you have used any of the above wallets or any other ERC20 wallet.