ERC-20 wallets play a crucial role in providing secure storage of digital assets. However, unknown to many, these wallets are blockchain-specific.
ERC-20 wallets store Ether (ETH) or any other tokens created on the Ethereum blockchain. These wallets make it easy for crypto investors to track exchange balances, trade tokens, and interact with decentralized applications (DApps).
Ethereum is the largest network in terms of DApp activity, and it supports industries such as decentralized finance (DeFi), Web3 games, and non-fungible tokens (NFTs).
This article will explore the best ERC-20 wallets in the market today. These wallets are carefully selected to ensure that those investing in Ether and other tokens created on the Ethereum blockchain have secure storage.
What Is The ERC20 Standard?
Before looking at the best erc20 wallet to store ETH and other tokens created on the network, we should explore the ERC-20 standard.
To understand the ERC-20 standard, we must examine how the Ethereum blockchain works. The Ethereum blockchain operates differently from other networks, such as Bitcoin.
Unlike Bitcoin, Ethereum features smart contracts. Smart contracts are self-executing digital contracts. These contracts ensure that Ethereum network users can create applications like gaming projects on the platform.
The Ethereum blockchain is a hub of DApps, whose native tokens are ERC20 tokens. Anyone can create these tokens. However, they are developed mainly by tech organizations seeking to launch a blockchain-based offering.
ERC-20 tokens can come with utility on the platform where they were created. The utility includes giving users the right to vote on decisions or rewarding customers when they complete tasks.
Like any other cryptocurrency, an investor can purchase Ethereum and ERC-20 tokens in anticipation of profits. If one is buying ERC-20 tokens to make profits, they will need an ERC-20 wallet that they will use to store their assets safely.
7 Best ERC20 wallets
Some of the best 7 ERC20 wallets for storing their cryptocurrency assets include the following:
Ledger Nano X – Best ERC-20 Wallet Overall
If you are looking for the best ERC-20 wallet, consider the Ledger Nano X. This wallet provider ranks at the top regarding security and user-friendly features.
Ledger is a premium hardware wallet by this wallet provider, retailing around $149. For this amount, you will get a cold wallet that you can use to hold more than 5,500 coins, including ERC20 tokens.
One of the unique features of the Ledger wallet is the availability of Bluetooth connection. A person using the wallet can tap into its Bluetooth capabilities to approve transactions, making it convenient for mobile wallet users. It also comes with an app that makes it easy to manage your crypto portfolio.
The wallet also comes with the Ledger Live app, among the best additions to any cryptocurrency wallet. The app allows you to monitor your crypto portfolio across multiple blockchains, not just Ethereum, which helps boost efficiency.
The Ledger wallet also makes buying and selling cryptocurrencies easy. For instance, you can buy ERC20 tokens directly from the app or trade them for other tokens. If the ERC tokens you hold also support staking, you can stake them directly using the Ledger app from the app store. You can also swap tokens for other cryptocurrencies.
Accessing DApps with Ledger Live is also easy, especially for those using wallets that support ERC20 tokens. Some DeFi platforms that one can access using the Ledger wallet include the 1Inch exchange and the Yearn yield aggregator.
Pros
- It offers a high level of security
- It supports more than 5,500 coins, including s
- It supports Bluetooth connectivity
- It has a Ledger Live app to monitor your crypto portfolio
- It supports staking activities
Cons
- This wallet can be costly to acquire
Best Wallet – Best ERC-20 Wallet With DEX
One of the newest ERC20 wallets is the best ERC-20 wallet available on the market. Best Wallet. This wallet features an in-built decentralized exchange that makes it easy for users to trade thousands of ERC-20 tokens, including those yet to list on centralized exchanges.
Best Wallet is decentralized and non-custodial. It also works across multiple blockchains, meaning you can use it to hold other tokens, not just those created on the Ethereum blockchain.
The wallet also allows ERC20 token holders to stake for staking rewards. Furthermore, the platform also features its native token, BEST, which features staking rewards while giving holders access to reduced fees when trading on its exchange platform.
This wallet also comes with unique insights on crypto projects. It also alerts users on developments such as token airdrops and NFT collections. Wallet users also obtain early access to token presales and initial coin offerings (ICOs). Given that the primary goal of a crypto wallet is security, the BEST Wallet ranks at the top.
It supports a series of security features, including multi-factor authentication and biometrics. If you are using the wallet, only you will have access to private keys, allowing you complete control over your ETH and ERC-20 tokens.
Pros
- It comes with a decentralized exchange for seamless trading
- It is decentralized and non-custodial
- It allows token holders to access staking opportunities
- It provides alerts on presales, token airdrops, and ICOs
- It offers robust security features
Cons
- BEST is a relatively new wallet, and not all features are available
Zengo – Best ERC-20 Wallet With Reliable Customer Support
The third-best ERC-20 wallet on our list is the Zengo wallet. This wallet is supported on iOS and Android devices and has amassed positive reviews from its mobile app users.
One of the things setting Zengo apart is the availability of a 24/7 customer support team. The wallet also supports more than 120 cryptocurrencies, including some top-ranking ERC20 wallets in the decentralized service space.
Besides providing secure storage for ETH and ERC20 tokens, this crypto wallet allows users to link to Dapps. The DApp marketplace ensures that users can connect across multiple platforms, creating a smooth and easy experience.
This wallet also comes with the Zengo Pro version, including features such as Legacy Transfer, Theft Protection, a Web3 firewall system, and Priority support. Those using the pro version of this wallet receive responses from the customer support team within five minutes.
The Zengo wallet also comes with a high rating on review platforms such as TrustPilot, indicating that those who have previously used it believe in its capabilities. Besides ERC-20 tokens, wallet users can access tokens such as Bitcoin, Dogecoin, and other top cryptos in the market.
Pros
- Customer support is available 24/7
- It provides secure digital asset storage
- The wallet allows users to link to DApps
- It has a Zengo Pro version with additional features
- It allows a user to connect to multiple platforms
Cons
- This wallet does not support all ERC-20 tokens
ELLIPAL Titan Cold Wallet – Best ERC-20 Wallet for Cold Storage
If you are looking for a reliable cold wallet for ERC-20 tokens, you should consider getting the ELLIPAL Titan cold wallet. This wallet supports most of the ERC-20 tokens.
This wallet comes with a wide range of features. For instance, users will enjoy high security as their assets are stored offline. Furthermore, cold wallet storage guarantees a reduced risk of stolen assets due to hacking attacks.
The ELLIPAL Titan wallet also comes with an anti-assembly and anti-tamper technology. If this wallet detects possible tampering by an unauthorized user, it will self-destruct, ensuring your assets do not fall into the wrong hands.
The wallet provider also offers regular updates to improve overall security. Those who want to update the firmware can use a micro SD to update it offline. Wallet users who want to access their tokens can use two-factor authentication, a password, or a PIN to unlock devices.
When using the ELLIPAL Titan cold wallet to store ERC-20 tokens, you cannot actively trade them. Moreover, the wallet does not allow you to connect to DApps.
Pros
- It supports a majority of ERC-20 tokens
- It comes with anti-assembly and anti-tamper technology
- It provides regular updates
- It offers ample security by storing assets offline
Cons
- This wallet does not support trading or connecting to DApps
Exodus – Best ERC-20 Wallet For Beginners
The other ERC-20 wallet that we have on this list is Exodus. This wallet supports most ERC-20 tokens, making it the best option for those who want a high level of cold storage.
The Exodus cold wallet also comes with an in-built exchange, allowing users to swap ERC-20 tokens easily and seamlessly. Wallet users also have a chance to interact with Ethereum smart contracts, including DApps, through the wallet directly.
This wallet also pays attention to beginners’ needs or those yet to master Ethereum smart contracts. It does this using a user-friendly and accessible interface in which users can access various features that improve the overall experience.
The Exodus cold wallet lets you earn passive income through various activities, such as staking some leading cryptocurrencies. Those staking on the platform also receive a high annual percentage yield (APY), making it more lucrative for users to hold assets.
The Exodus wallet keeps your wallets online, where you can easily access them. However, those looking for an additional layer of security can link with Trezor to store private keys offline for added security.
This wallet is also ideal for users looking for a high level of privacy. It ensures these users can manage and swap cryptocurrencies without going through the traditional KYC process.
The other security feature of this wallet is two-factor authentication, ensuring that an unauthorized person cannot access your crypto assets.
The customer support team also comes with a solid customer support team. The customer support is well-equipped to handle customer queries through email or chat.
Pros
- Wallet users get a chance to access DApps
- It supports staking activities for additional income
- It comes with two-factor authentication and other security features
- It has a robust customer support team
- It comes with an in-built exchange
Cons
- It does not offer internet connectivity
MetaMask – The Best Hot Wallet For ERC-20 Tokens
The other top Web3 wallet we have on the list is the MetaMask wallet. This wallet serves as the ideal option for holders of ETH and other ERC-20 tokens looking for a wallet that they can also use to connect to DApps and other online platforms.
The MetaMask wallet has a user-friendly browser extension that supports Chrome, Edge, Firefox, and Brave. A wallet user will also use just a few seconds to download the wallet and set it up.
In terms of security, the MetaMask wallet does not fall short. When one creates the wallet, they will receive a 12-word backup passphrase that they can use to access their account. Only you will have access to this passphrase, giving you an added layer of security.
MetaMask also supports the Ethereum network, meaning you can store ERC-2- tokens. Moreover, it also allows you to store ERC-20 tokens that are not yet supported by manually adding them using the contract address.
The MetaMask wallet interface also supports staking activities, ensuring users can access passive income from staking rewards. Some of the staking platforms supported in MetaMask include Lido and Rocket Pool.
Besides supporting staking activities, MetaMask also allows users to swap ERC-20 tokens at a lower fee. The in-built exchange also adds an extra layer of security.
Pros
- It comes with a user-friendly browser extension
- It offers a high level of security
- It supports staking activities
- It comes with an in-built exchange
- It supports many ERC-20 tokes
Cons
- MetaMask stores crypto assets online, which could pose a risk to security
Coinbase Wallet – Best Non-Custodial ERC-20 Wallet
Last but not least, we have the Coinbase Wallet. This wallet ranks among the best for storing ERC-20 tokens because of the vast range of assets supported.
The Coinbase wallet is also highly recommended for beginners because it is free to download and access. Furthermore, the wallet is also available as an app on Android and iOS devices, making it the ideal choice for those looking for a wallet they can use across multiple platforms.
The Coinbase ERC-20 wallet is non-custodial. This means that only the wallet’s owner can access the private keys. The keys are stored within the user’s phone and are encrypted to improve security.
The Coinbase cryptocurrency exchange cannot recover misplaced private keys, and the responsibility of safeguarding these keys is solely on the wallet’s owner. Moreover, wallet owners are also urged to safeguard their wallets’ security to minimize chances of compromise.
The other additional features of this ERC-20 wallet are a PIN and biometrics to prevent unauthorized access.
The Coinbase wallet also supports interactions with decentralized services such as DeFi, Web3 games, and NFT platforms. This feature guarantees users have seamless experiences.
Pros
- It offers a high level of security
- It is a self-custody wallet, giving you control over digital assets
- The wallet supports interactions with DApps
- It is free to download and access
- It supports a wide range of ERC-20 tokens
Cons
- It does not feature an in-built staking platform
In Summary – Best ERC-20 Wallets
The Ethereum ecosystem makes up the vast majority of the cryptocurrency industry. Many projects created using Ethereum smart contracts often issue their ERC-20 tokens, which can serve multiple functions, including enabling voting or staking.
The popularity of the ERC-20 token standard has created a need for wallets that can store ERC-20 tokens. These wallets can store Ether and the other tokens issued by the platforms that have developed their DApps on the Ethereum blockchain.
Given that the ERC-20 standard is quite popular, it is easy to find wallet providers that support these tokens. Some wallet providers also allow you to manually enter a contract address if the ERC-20 token you want to store is not supported on the platform.
Given the large number of ERC-20 wallets in the market today, users need to consider user-friendliness, cost, and the supported tokens before settling on one. It is also crucial to evaluate the level of security a wallet offers to improve the overall experience.
FAQs
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What is an ERC-20 wallet?
An ERC-20 wallet is used to store tokens created on the Ethereum blockchain. Many types of ERC-20 wallets offer online or offline storage.
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Why should I use an ERC-20 wallet?
One should use an ERC-20 wallet to keep their tokens safe and control their holdings. Storing ERC-20 tokens on exchanges can pose a security risk, but this is not the case with digital asset wallets, as they offer a higher sense of security.
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What are the security features of ERC-20 wallets?
The security features of a wallet can vary. Some wallet providers ensure that only you can access a security passphrase that keeps your assets safe. Some might also come with a self-destructive function when they detect tampering.
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How do I choose the best ERC-20 wallet?
When choosing an ERC-20 wallet, one should consider the security offered, the tokens supported, customer support, user-friendliness, and past reviews.
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Can I store other cryptocurrencies in an ERC-20 wallet?
Yes, it is possible to store other cryptocurrencies using ERC-20 wallets. These wallets usually support many cryptos, including those created on other blockchains.
