Having a good crypto wallet — one that is reliable, private and secure — is important when using digital currencies. Whether you want to use an online wallet, physical wallet, or both, you’re going to need to pick one that you trust.
Because we mine Bitcoin at Elite Mining Inc, we have wallets to store our BTC. However, we actively work with other cryptocurrencies like USDC, which is an ERC-20 token. So, we know how important it is to use a secure and trustworthy wallet on the Ethereum blockchain.
So in this article, we’ll focus on 6 of the best wallets that support ERC-20 tokens. We’ll focus mainly on non-custodial wallets, which are wallets where the user has the private keys and is in full control of their assets. We’ll also discuss one custodial wallet (a third-party holds your private keys).
1. Atomic Wallet (Desktop & Android)
Atomic Wallet is a decentralized, free to use, non-custodial wallet that supports more than 500 coins and tokens, providing simplicity, safety, and convenience for its users. It’s available on desktop for Windows, Mac and Linux users. It’s also on Android.
Atomic Wallet is known for being able to do atomic swaps (exchange of cryptocurrencies from separate blockchains). The built-in exchange option lets you convert a number of cryptocurrencies using the platform of Atomic Wallet. You can also stake and earn various tokens, as well as buy them for fiat (although KYC is necessary for that).
2. Ledger Nano S and X (Hardware ERC-20 Wallet)
Next on our list is a hardware wallet, or wallets. We’re including both the Ledger S and Ledger X versions, as the S version is popular and quite affordable while the X version has some extra features, such as bluetooth connectivity. If you wish to see a comparison of them, you can check it out on Ledger’s own webpage. Both wallets are compatible with Windows, MacOS, Linux, Android and iOS.
Many crypto veterans say Ledger wallets are among the best hardware wallets. For storing your ERC-20 tokens and other cryptocurrencies, Ledger is usually a solid choice. Just remember to put the hardware in a safe, secure place!
3.Trezor (Hardware ERC-20 Wallet)
We’ve got another hardware wallet: Trezor. We’re including it on the list because it’s one of the original hardware wallets and also because it supports all ERC-20 tokens, which makes it perfect for this use case.
Furthermore, Trezor is known for its large screen and intuitive interface. It shouldn’t take long for you to learn how to use it. Trezor also claims to have unmatched security. Their ERC-20 hardware wallet has been audited by third-party security experts. And, in case you lose your Trezor wallet, the company offers offline backup so recovery is possible.
4. MyEtherWallet (Online & Mobile ERC-20 Wallet)
MyEtherWallet (MEW) is an open-source, web-based ERC-20 token wallet that’s also available on Android and iOS. It supports all ERC-20 tokens. Having been around for quite some time, MEW has built a solid reputation in the industry.
In essence, MEW offers the security of offline hardware ERC-20 wallets, as it uses a machine’s browser to generate necessary data, and nothing is ever stored on MyEtherWallet servers. Also, you get private key control, so you don’t need to trust any third party for the security of your funds.
5. MetaMask (Web-Based & Mobile ERC-20 Wallet)
MetaMask is one of the most popular ERC-20 wallets. It’s a free, web-based wallet that is available as an extension on different browsers such as Opera, Chrome, Firefox, and Brave.
All the ERC-20 tokens minted on the Ethereum blockchain can be stored in this ERC-20 wallet, MetaMask. The users just need the seed key set created during the time of wallet creation to access this wallet. This wallet even supports multiple languages, which is a reason why MetaMask is used around the world. MetaMask also supports other blockchains, such as Avalanche, Fantom and Binance Smart Chain.
6. Coinbase (Exchange)
While not a self-custody wallet, some crypto holders may like the ease and convenience of keeping Ethereum, USDC and other ERC-20 tokens on an exchange. This way, you don’t have to worry about writing down private keys (which can get lost). If you’re going to store your ERC-20 tokens on an exchange, one of the more reputable options is Coinbase.
- Pros of a Custodial Wallet: You don’t have to remember private keys and there are easy to use. With reputable wallet providers, such as Coinbase, you have recourse if funds are lost and your funds are often at least partially insured.
- Cons of a Custodial Wallet: You’re not in control of your funds, and those funds are arguably more susceptible to hacks than they would be if you held the funds yourself. Exchanges have been known to get hacked more often than private non-custodial wallets. Additionally, the exchange could freeze your funds if they feel there is suspicious activity (which there may not even be). Also, funds tend to move slower when held on exchanges.
Coinbase has solid security and offers some insurance. Though we always recommend keeping your private keys, Coinbase is generally secure. The company is quite large, has a reputation to uphold and does keep 97% of coins in offline storage.
Choosing Where to Store Your ERC-20 Tokens
Cryptocurrency began with the goal of enabling peer-to-peer financial transaction. The idea was to remove the intermediaries — the banks and government money suppliers.
It is important to choose a good ERC-20 wallet. It’s how you keep your funds safe and stay in control of your coins and tokens.
Do your own research and consider one of the six ERC-20 wallet options above. If you have any questions along the way, reach out to us in our Telegram group.