red 
Most likely, sooner or later after buying Ethereum, you will wonder where to store it. This question in itself is very clever because leaving it on an exchange is like handing it over to hackers.
When it comes to storing Ethereum, which do you prefer: greater security or faster transactions?
Choosing the best place to store your Ethereum will depend on this and many other details, such as the ease of use of your wallet or its durability, for example.
A wallet is a digital or physical wallet in which cryptocurrencies are stored.
Now you will understand:
Table of contents
Cold Wallet or Hot Wallet for Ethereum?
Here is the first question.
If you are a trader, you will need speed in your transactions to execute your trades at the most accurate current market price. That is why I recommend a hot (digital) wallet.
But if you are looking to hold Ethereum (hold Ethereum long term) or store large amounts of Ethereum, I recommend a cold wallet (physical device).
If you don’t know the difference, hot wallets are connected to the internet, while cold wallets are not. If you want to go deeper, check out my guide on cold wallets.
Hot wallets connected to the Internet offer faster transaction processing, for example, but they are also easier to hack and steal.
What if I am a trader and a holder?
So I advise you to always have two wallets: one for trading Ethereum and one for storing Ethereum completely securely, away from hackers and theft.
Keep in mind that when you leave your cryptocurrencies on an exchange (Binance, Bitvavo, Coinbase, etc.), they are not really yours. They belong to the exchange itself and are stored in their digital wallets. Therefore, they are in control.
Leaving it on the exchange is fine if you intend to keep it active and trade it. But if you leave it idle, you run the risk of losing it or having it stolen.
Wait! How do I transfer Ethereum to my wallet?
- Choose wallet: Find a reliable and secure Ethereum wallet, whether it’s a hardware wallet, software wallet, or online wallet.
- Download or get the wallet: If you choose a software wallet, download and install it on your device. If you choose a hardware wallet, get the physical device.
- Create your address: The wallet will provide you with a unique Ethereum address. This address is like your “account number,” and is where you will receive and store your Ethereum.
- Save your private key or recovery phrase: The wallet will provide you with a private key or recovery phrase. These are important codes that will allow you to access and recover your wallet if it is lost or your device is changed. Keep them in a safe place and do not share them with anyone.
- Send Ethereum to your address: From your exchange account or other wallet, send Ethereum to your wallet address.
- Keep your wallet safe: Protect your wallet with a strong password and make sure your wallet software is updated to protect yourself from potential vulnerabilities.
All exchanges have a section to send cryptocurrencies to a public address. Here is a complete guide on how to withdraw cryptocurrencies from Binance.
Best Wallets to Store Ethereum
So, I will divide this section into the best cold wallets and the best hot wallets for Ethereum.
Remember, if you are a newbie in this world and just want to buy and hold for the long term, expecting to increase your profits, you will always choose a cold wallet.
Cold wallets:
1. Ethereum material
The Ethereum Material wallet is currently the most secure cold wallet for storing Ethereum cryptocurrency. It is fire, shock, flood, and hacker resistant.
It is a very durable physical device. What sets Material Ether apart from the competition and why it takes the top spot is its risk-resistant material and user-friendly design, designed specifically for beginners.
Additionally, you will get personal step-by-step assistance in case you encounter any issues while storing your Bitcoins in the cold wallet.
The material is a safe company registered with the Bank of Spain.
2. Tresor
Trezor is a very popular cold wallet that allows you to store Ethereum, Bitcoin and many other cryptocurrencies, which number more than 1000. Unlike Material, it is electronic, in the form of a USB device with a screen.
Since it is electronic, it may be subject to physical damage and require updates, so you will have to take care of its care and updates.
However, Trezor is more secure than hot storage systems.
The great thing about Trezor is that it is open source, which makes it safer to join this type of e-wallet as anyone can audit the code. Its Trusted Display system also contributes to the security.
3. Saveball
Safepal supports 19+ blockchains and 10,000+ cryptocurrencies and non-fungible tokens. Multiple security elements can be integrated, such as recovery seed, two-factor authentication, and password phrase.
It has a stylish design and offers staking services.
However, keep in mind that it is not completely disconnected from the network (it needs to be connected to a computer for firmware updates), and its transaction process can be somewhat cumbersome. That is why an offline wallet will always be more secure.
4. Ledger
Ledger is similar to Trezor, it is also a cold wallet in the form of a USB device with a screen and desktop and mobile applications. It is one of the most popular wallets today.
The difference with Trezor is that Ledger supports over 5000 cryptocurrencies.
Although Ledger uses a secure chip to store your private keys and never exposes them to the internet, you should know that since it announced its Ledger Recover service, it has caused a lot of disappointment among its users. So, before getting it, I highly recommend doing a thorough research on this matter.
Another thing to keep in mind regarding these types of wallets is that they require regular updates.
Hot wallets:
Now let’s take a look at the best online wallets for storing Ethereum. Remember, what these wallets offer is greater convenience when it comes to making transactions with your Ethereum.
1. MyEther Wallet
MyEtherWallet is an open source software wallet that is compatible with Ethereum and all its tokens. It is very easy to use and intuitive. This is especially useful if you will be trading this cryptocurrency regularly because you will be using a digital wallet extensively.
More than just a hot wallet, MyEtherWallet acts as an intermediary between an exchange and a cold wallet. This means that your Ethereum cryptocurrency is not stored online. Instead, as a software “wallet,” all of your Ethereum is stored on your own device… your computer.
You will need to take precautions when using it to avoid any surprises. As with all hot wallets, you will need to create a secure environment on your computer.
2. Metamask
Metamask is a very popular software wallet for storing ether. The main advantage of Metamask is that it is free.
Currently, there is also a mobile app.
It’s like a browser to access the Ethereum network.
Metamask not only allows you to store and send Ethereum, but also gives you access to Ethereum decentralized applications. It has an intuitive design that allows you to quickly switch between the Ethereum network and other layer 1 and layer 2 solutions.
To get the most out of Metamask, I recommend using it with a cold wallet like Material Ether, as this will provide an element of secure storage.
3. Exit
Exodus is a reputable software wallet. It features an easy-to-use interface, the ability to store multiple cryptocurrencies, and most importantly, email support.
As a drawback, it should be noted that transaction fees tend to be quite high, and of course, there is no protection against hackers and/or malware.
The safest way to store Ethereum
You will find countless opinions about each of the wallets I mentioned. I mention them because they are the most popular, and despite their flaws, they work very well.
If you have to use a hot wallet to store your Ethereum, it is up to you to take all the necessary precautions to avoid hacks. I know this is annoying, but unfortunately these are the processes we must take to prevent any surprises.
Remember to keep large amounts that you won’t be using in a cold wallet like Material Ether.
In the world of pirates, analogue will reign.
