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Ethereum is currently the second most valued cryptocurrency available in Canada, second only to Bitcoin. Ethereum is growing in popularity each day and some investors predict it will triple in value by 2025. If you’re thinking about investing in Ethereum (ETH), you’ll need a place to store it. Thankfully, there are numerous Ethereum wallets available for you to safely store your coins. 

What Is An Ethereum Wallet?  

Ethereum wallets are used to store crypto assets. An Ethereum wallet can take different forms; you can use a hardware wallet or a software wallet, When deciding on what sort of wallet you want, it is important to weigh the pros and cons of each and make a choice based on what kind of investor you are.

Advantages of A Ethereum Wallet

The primary advantage of having an Ethereum wallet is security and protection from hackers. Ether is a lucrative coin and it is no surprise that hackers would be after it. Keeping your assets in a wallet will protect you from this. Aside from security, there are other features that make investing in a wallet worth it. 

You can view and monitor your balance, send money, and deal with public and private keys for you. There is plenty of selection in terms of what wallet you can use; it can be as simplistic or as advanced as you want.

The Best Ethereum Wallets

As mentioned above, there are many different types of Ethereum wallets. Below is a list of the best Ethereum wallets on an exchange, plus hot and cold wallets

Wallet NameWallet TypePrice
Atomic WalletSoftware/HotFree
Ledger Nano XHardware/Cold$199
Trezor Model THardware/Cold$245
WealthSimple CryptoExchangeFree

Best Ethereum Cold Wallets

Atomic Wall

Atomic Wallet is a decentralized and non-custodial wallet that allows you to create your own private keys and backup phrases, which gives you total control of your digital assets, including Ether. Moreover, with Atomic Wallet, your funds are stored on the blockchain and not the wallet itself. 

Atomic Wallet is available on desktop and mobile and allows users to purchase or exchange Ethereum and other ERC-20 coins with their bank card. Users can also stake cryptocurrencies to earn interest.


MetaMask operates through a browser extension and stores private keys locally on your computer instead of online. It is also available as a mobile app. With MetaMask, users can securely store, buy, send and swap tokens. 

You can keep your Ethereum crypto safe with MetaMask’s key vault and secure login. Moreover, they create passwords and keys that only you have access to. You can also choose to keep any aspect of your crypto portfolio private. 


MyEtherWallet (MEW) is available on mobile and desktop. This wallet is exclusively for Ethereum and other ERC-20 tokens (e.g. Bitcoin). This non-custodial wallet has partnered with Samsung Blockchain for better private key safeguarding. 

MEW is a free interface that allows users to interact with the Ethereum blockchain. It offers unique features such as 

  • Swap and trade
  • Availability to interact with smart contracts
  • Borrow crypto and earn interest
  • Register ENS names
  • Interact with Dapps 


Exodus is a wallet that you can use to store, manage and exchange crypto. It has a built-in exchange that allows users to buy and sell crypto, including Ethereum, from their wallet. Exodus is acknowledged as one of the top choices for new crypto investors. It supports smart contracts and supports over 130 tokens. 

Moreover, your data is stored on whatever you are using to access Exodus and they do not store any of your private information like your email. Transactions and private keys are also encrypted for your privacy and security. Similarly, no registration or set-up is required, further keeping your data private.  

Best Ethereum Hot Wallets

Ledger Nano X

Through Bluetooth, this hardware wallet connects with its companion mobile application, Ledger Live, so users can manage their accounts on the go. Ledger Nano X supports over 1800 tokens, including Ethereum (ETH). In fact, it’s one of the most popular hardware wallets for Ethereum due to its OLED display, strong battery life and security protocols. With the Ledger Nano X, your ETH and other coins are kept offline and protected from cyber-attacks. 

Trezor Model T 

The Trezor Model T is a hardware wallet that has been acknowledged as one of the safest crypto wallets available. It supports over 1000+ crypto tokens, including Ethereum (ETH). The Trezor Model T has PINs of up to 50 digits, making it extremely secure from any unauthorized interactions. 

It also has a large touch screen which makes navigating easy for users. Users can connect through a USB-C cable, so they can manage their assets on their phones without a computer. 

Best Ethereum Exchange Wallets

Binance Trust Wallet

Binance is the largest crypto exchange available in the world. It supports more than 160,000 digital assets including NFTs, tokens, and entire blockchains. Users can use this exchange and buy, sell, and trade assets without worrying about personal security as Binance doesn’t collect this info. 

It also offers users a free app to store their crypto called the Trust Wallet. Users can download this wallet through a browser extension. The browser extension allows you to integrate with other Binance products so that you don’t have to share your private keys during transactions. This ensures your assets are protected.

Wealthsimple Crypto

Wealthsimple Crypto is a reputable exchange that currently handles $10 billion in investments. It offers a web-based/software wallet through Gemini that has more than $200 million in cold storage insurance coverage. This wallet is perfect for beginners due to its easy user interface. Moreover, there’s a $50 cash bonus when you sign up and commission-free trades.

Features To Consider When Getting A Ethereum Wallet

When deciding on what wallet is right for you, it is important to consider different features that suit the type of investor you are:

  • Level Of Security If the value of your crypto assets is more than you can stand to lose, you should definitely invest in a high-security wallet to ensure that no one can steal your Ether.
  • Coins Supported – If you’re primarily an Ethereum investor, you will need to make sure your wallet supports that blockchain. Due to the popularity of Ethereum, this should not be a problem as most wallets support the Ethereum blockchain
  • Backups – It is ideal to have a wallet that permits you to regularly back up your information
  • Development Record – Look for companies who update and develop their wallets regularly to maximize features and utility; it is important to have an up-to-date wallet that coincides with any crypto wallet trends.
  • User Interface – For any new investors, it is smart to use a wallet that has a user-friendly interface and isn’t overly complicated to use.
  • Smart Contract Functionality – Permits interactions with decentralized applications on the Ethereum blockchain.

Ethereum Wallet FAQs

Are there any free Ethereum wallets?

Yes, there are. For the most part, any free wallets will be software wallets and available through the internet. This includes wallets like the Trust Wallet from Binance and the wallet available through CoinSmart.

What is cold storage?

Cold storage is offline storage, it is more secure as it is not connected to the internet and is, therefore, less susceptible to cyber-attacks. In order for someone to steal your crypto, they would have to physically acquire your wallet.

Are there any paper wallets for Ethereum?

Yes, you can use a paper wallet for Ethereum, but it is highly risky because if you lose your private key you completely lose access to your assets. 

Bottom Line

Ethereum wallets are a helpful tool for crypto investing and provide you with a higher level of security and options when it comes to investment decisions. Before making your decision, be sure to consider what sort of wallet is best for you and your investing style.

Caroline Macdonald avatar on Loans Canada
Caroline Macdonald

Caroline is a 4th year commerce student at Memorial University of Newfoundland pursuing a focus in finance. She is a member of Memorial University’s student managed investment fund and acts as a sector manager in the industrial and financial sectors. Caroline joined the Loans Canada team in 2021 and rediscovered her passion for writing and media creation. In her free time she enjoys spending time with friends and family and reading.

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