Ethereum to Bitcoin is like Linux to Windows. While the Bitcoin can be credited with making cryptocurrency popular among the masses it is Ethereum that has made it flexible for anyone to create their own cryptocurrency and tokens. This feature of Ethereum has made it a primary choice among crypto enthusiasts who would like to create their own cryptocurrencies, program their own smart contracts and launch their own ERC-20 tokens.
To digress a little, ERC-20 is the standard or the protocol with which all the tokens created on Ethereum need to comply. Although there are other standards which are extensions of ERC-20, it still continues to be the most common standard used all over the planet!
With the growing number of tokens, it becomes increasingly necessary to have a wallet to store this tokens and transact over the blockchain. A wallet needs to have a few features for it to qualify as a valid one.
- The wallet should give you complete control over your private keys.
- The wallet should have a simple, intuitive and easy to use interface.
- The wallet should not compromise on security and should have a timely backup and restore features.
- The wallet should be compatible with different operating systems.
- Above everything, the wallet should have after community support to resolve issues as quickly as possible.
Considering the points given above, here is a list of some of the ERC-20 wallets that Blockchain App Factory and the team of experts in here consider as the best.
Ledger Nano SLedger Nano S is a hardware wallet and being a hardware solution for a software-evolution, this wallet has managed to impress a lot of experts.
The wallet has an active development team with all the security features like PIN, seed keys and paraphrases that will help you secure your ERC-20 tokens. It offers support for more than 20 different cryptocurrencies in a single device and the numbers are constantly being upgraded by the dedicated development team. At the cost of $65, it is also the cheapest multi-currency hardware wallet.
TrezorThe Trezor one of the earliest cryptocurrency hardware wallets and is still in existence. The sheer age brings in a default attribute that it supports all ERC-20 tokens. Just like its hardware counterpart, it has all the security features like seed key, PIN protection, and paraphrase features, in addition to an OLED screen.
MyEtherWalletMyEtherWallet is a web-based open source wallet coded in JavaScript. The first non-hardware wallet on our list is quite user-friendly for securing your Ether and ERC-20 tokens. It also helps in interacting with smart contracts.
The MyEtherWallet is an offline wallet and nothing is stored on the servers of MyEtherWallet. The system browser is used to generate essential data. The non-storage of data on central servers the ownership given to the user for the private keys and the elimination of third parties to ensure the security of funds makes it one of the best wallets.
However, it is a hot wallet and it is strongly suggested not to store large amounts of funds in MyEtherWallet. It can be used in combination with Ledger Nano S and Trezor to transfer funds back-and-forth and actively trade your tokens.
MetaMaskMetaMask, like MyEtherWallet, is a browser-based wallet that gives you access to the Ethereum network. This wallet helps you to store, send and even manage your ERC-20 tokens on it. The active development community and the support that comes along with it, the seamlessly intuitive user interface and the design are the greatest advantages of MetaMask.
AtomicWe have been looking at hardware wallets and browser wallets. However, when it comes to a wallet that allows you to store all your ERC-20 tokens in one place, and also transact, Atomic - the desktop wallet - takes the cake. Atomic represents an interface that connects to several Ethereum block explorers and it reflects the balance of your tokens. A simple input of your contact address into the corresponding field will get you to have all your tokens in a single place.
Atomic is fully decentralized and it facilitates full encryption of your private keys. Atomic also sports Android application, and the iOS application is in the process of being built. What makes Atomic even better is that it has its own ERC-20 token and you can use your wallet to trade that token as well!
CoinomiCoinomi is a mobile wallet and its claim to fame can be attributed to its support for forked coins. Coinomi supports both Ethereum and Ethereum based tokens. It gives complete control over your funds at all times because it is a hierarchical deterministic wallet - the holy grail of a wallet where you do not have to remember a lot of credentials, and it is not easy to forget the only one that you need to! One small disadvantage that Coinomi brings is that the token feature is not available by default, and it needs to be configured separately by adding your list of chosen tokens.
Which One to Choose?When it comes to cryptocurrency wallets, there is no one size fits all. Based on your requirement and the nature of your token trading, you can choose one of your choices. However,
Blockchain App Factory strongly advises a combination of a hardware wallet and a web-based hot wallet so that you know that your hardware wallet provides maximum security and the web-based one gives you the garnish of versatility.
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