Looking for the best ERC20 token wallet that offers both safety and convenience? If yes, then you are in the right place.
The ERC20 standard tokens are the most popular type of tokens in the cryptosphere. And, every other day, we can witness the launch of new Ethereum-based tokens in the market.
However, being such a popular token type having potential for higher growth, there still remains confusion regarding its safe storage.
Therefore, to make it easy for you, this blog cum guide will help you to get a better idea about Ethereum wallets and decide which one will be the best one for you.
Top Wallets for ERC20 Token
1. Ledger Nano X
The Ledger Nano X is the next-generation hardware wallet that can be easily plugged into a USB port.
It is a portable pen-drive like device, that lets you install up to 100 applications and supports over 1,250 coin types including Bitcoin, Ethereum, XRP, EOS, Stellar, and many more.
The Ledger hardware device wallets are the most secure type of hardware wallet in the market that is designed to withstand sophisticated attacks and is capable of hosting cryptographic data.
You can connect your Ledger Nano X to your smartphone through Bluetooth and securely manage over 26 coins and more than 1,500 tokens on the go through Ledger Live application.
Ledger Nano X is compatible with 64 bits desktop computers ( Windows 8+ and macOS 10.10+, and Linux) and smartphones having Android 7+ and iOS 9+ versions.
2. Trezor Model T
Trezor Model T is a popular hardware wallet that is designed to be your universal vault for all your digital assets. The device lets you store and encrypt your coins, passwords, and other digital keys safely and with confidence.
The Model T supports more than 1,000 blockchain types including Bitcoin, Litecoin, Ethereum, Ethereum Classic, and many more. Apart from crypto coins, it also manages your digital identity securely.
It also features an intuitive touchscreen providing a convenient interface to verify and approve all operations while connected to a device. An added layer of security that ensures every action is approved by you.
One of the unique features of Trezor Model T is, you can easily back up your entire wallet. It uses BIP32, BIP39, BIP44, SLIP39 standard recovery seeds, which means you can simply recover your entire wallet by using the 12-word recovery seed in case you lose your device.
Regarding connectivity, it has only a USB Type-C connector for connecting to the computer or mobile phone.
MyEtherWallet (MEW) is a free to use and open-source platform that allows users to create cryptocurrency wallets that can operate securely on the Ethereum network.
The MEW wallet is a true, non-custodial Ethereum wallet that is compatible with Ethereum, Ethereum Classic, and ERC-20 tokens. Although the MEW wallet can be accessed via the web, the wallets are not stored in MyEtherWallet server, instead, it is stored directly on the user’s device and users have full control of their private keys.
MyEtherWallet can be accessed via the web or through MEW mobile application, supported both on Android and iOS devices.
Since MyEtherWallet acts as an interface to transact on Ethereum blockchain, you can also buy, send, receive Ether and ERC20 tokens, apart from storing.
4. Trust Wallet
Trust Wallet is a multi-currency mobile crypto wallet that allows you to send, receive, store a wide range of cryptocurrencies. It supports bitcoin, Ethereum, and all other major crypto coins.
Designed with a focus on simplicity, Trust Wallet is a simple mobile application that helps in managing your coins and tokens while giving you full control of your private keys. Also, it includes a backup feature for simple recovery, thus simplifying the overall wallet management process.
Trust Wallet is free to download from Google Play Store and Apple App Store. Through wallet, you can also buy crypto with a credit card, exchange your cryptos within the app, track charts and prices, and also stake your holdings.
5. Coinomi Wallet
Coinomi is one of the oldest and most trusted multi-chain crypto wallets and is around since 2014. Initially, it was released as an android wallet, later it added support for the iOS version and the desktop version.
Coinomi supports more than 1,700 blockchain assets including bitcoin, Ethereum, and all major coins. One of the important features of Coinomi is, it is Seg-Wit enabled and offers 168 fiat currency representation, making it the most versatile global app.
The wallet comes with strong wallet encryption and the private keys generated on the device are kept entirely on the user’s device. Through Hierarchical Deterministic Wallet (BIP44) logic, it enables you to keep everything accessible and allows for one-time backup, with the creation of one strong passphrase.
Other wallet features include built-in exchange, cold staking, wallet interoperability, DeFi Ready, etc.
MetaMask is a web-based online crypto wallet that functions as a browser extension on Chrome, Firefox, and Brave. It is a popular wallet option for managing and storing Ether and ERC20 tokens.
The MetaMask wallet is a popular option among the crypto enthusiast as it doesn’t only store cryptocurrencies but also allows users to interact with smart contracts and DApps. In short, it enables users to interact with the Ethereum blockchain without the need to download the entire blockchain.
MetaMask offers the ease of use is very easy and you just need to add the extension on the browser you will be using (either of the three mentioned above). After the successful addition, click on the MetaMask icon on your browser to open the app. Now, create a new wallet and set a strong password. After setting the password, you will be shown a 12-word seed phrase that you have to keep secure and is required during the account recovery process.
Your wallet is set and you can start receiving and send the supported digital currencies.
7. Lumi Wallet
Lumi Wallet is a multi-currency crypto wallet for mobile and desktop. Started in 2017, Lumi only supported BTC during its initial year, but later added support for ERC20 tokens and EOS.
Lumi is an open-source, Hierarchical Deterministic crypto wallet that enables wallet users to create a unique address for every transaction, adding to the safety and privacy of transactions. Also, users keep full control of the private key, making it difficult for hackers to breach the system.
The wallet is equipped with high-end functionality that suits both new and advanced users. It has fingerprint security and Face ID feature that enhances the wallet’s security that also takes away the need to memorize PIN.
Other features include- the ability to buy cryptos using a credit/debit card, can directly withdraw to card from the Lumi wallet, import your existing wallet, and exchange cryptos within the wallet.
There are many kinds of wallets for ERC20 tokens you can find over the web, but only a few wallets stand out in terms of security and functionality.
While online wallets are best for storing a small quantity of ERC20 tokens and meeting your trading requirement. For long term safe storage, hardware wallets beat every other option. Therefore, if you’re planning to hold your ERC20 tokens for the long term and want to build a portfolio of ERC20 tokens, then a hardware wallet is the best option for you.
Always choose a wallet type, based on your requirement and offer a safe storage and recovery option.