In 2017/2018, we witness a rapid surge of ethereum projects into the cryptocurrency space ( around 1362 at the time of writing ). This makes ethereum the most popular platform for smart contracts and an absolute force to be reckoned with. The influx of investors into the scene naturally created a demand for a safe and secure wallet to store their ERC20 token.
This article will outline the major credible wallets to store ERC20 token. Therefore I think it is imperative to mention conditions a credible ERC20 token wallet should meet:
We have reviewed a number of ERC20 compatible wallets and these are some of the best wallets to store your ERC20 token in.
Top 8 Best Wallet To Store Your ERC20 Token In
1 Ledger Nano S
This token wallet stands out among its contemporaries to top the list of the best wallet to store ERC20 with some great features like inbuilt security pin, passphrases and seed keys. Investors can store more than 24 cryptocurrencies on this single device. ( There are other wallets by ledger wallet team such as Ledger Nano, Ledger Unplugged and Ledger HW.1 but they only support Bitcoin and Bitcoin Cash). The development team is very active and is continuously working on reinforcing the security and expanding the support of the device for more currencies.
The device connects to a computer with the aid of a USB and comes with an OLED screen and a side button. The button and the screen provide convenient means to monitor and double-check on transactions.
The apps provided by Ledger Nano S feature a very intuitive and minimal interface which definitely contribute to the overall user experience. The retail price of the device is also considered reasonably prices ( 94.80 € including tax )
Trezor wallet can only be powered when it is connected to a computer; then users can easily access the interface. The design is sleek and stylish, to say the least, comes with a touch screen feature. It has a magnetic dock that gives a firm hold on any surface.
It has a unique backup feature which comes in the form of a personal recovery code. Immediately when this device is setup it creates a 12-digit code which must be written down for future reference. The investor can make use of this code to retrieve lost fund, in cases of loss or damage.
This device is a long-standing hardware and has earned the trust of investors over time. It offers an unmatched safety for ethers and password management. The ease of use is also something worthy of note. Trezor is undoubtedly a solid choice when it comes to storing your ERC20 token.
3 Myether Wallet
Myetherwallet is an open source web-based service wallet. It is the top choice for some when it comes to securing their ether mostly due to convenience. ERC20 token aid seamless communication with smart contracts. It is normal when people get skeptical with online storage after considering how malware and cybercrime keep increasing at every passing day. Be rest assured that your data are saved and secure because it uses a machine's browser to generate relevant data and never save any data on their server.
It is not a wise course of action to save all funds on this platform because it is an online platform, where 100% safety might not be guaranteed. Beware of phishing sites especially. For extra safety, couple the use of Myetherwallet with hardware wallet like ledger nano s or Trezor which necessitate all outgoing transactions with a confirmation on your hardware wallet.
Metamask is a browser extension which allows the same functions, features, and ease of access like an ethereum wallet. You can interact with dAPP (distributed autonomous application) and smart contracts without stress; you don’t have to install any software, just get Metamask in your browser extension and start using a portable yet proficient wallet for your ERC20 token.
It is by far one of the most flexible web wallet, which has active development experts who have designed metamask in a way that makes it easier for investors to stay on top the controlling of their funds through the seed words generated at first setup. This browser extension not only serves as a storage solution for all ERC20 in existence, but also as Ethereum blockchain browser where you can access other Dapps like cryptokitty, simply amazing if you ask me.
Coinomi is a wonderful crypto wallet that provide supports to more than 70 coins. It keeps your private keys as private as it sounds, right on your device. It gives you full control of the funds and by providing you with a master password, it helps to protect your account against hackers and malware of any sort. The developers claimed coinomi as the quickest and most convenient wallet solution when it comes to cross-chain transaction and payment. One demerit is that it is still only functional on the Android platform. However, they announced some months back that they are working on the soon to be released IOS version.
UPDATE: The IOS version has recently been released by the development team
Trust provides full support for any ERC20 and ERC223 token in the market. Albeit being lesser known to the public, Trust is a completely open source wallet and one of most popular option that supports not only the ERC20 but also the ERC223 token. A few unique selling points of Trust includes its introduction of Android and IOS wallets as well as its partnership with Kyber Network that will essentially allow the wallet owner to perform instant trades on a decentralized exchange. Not only, Trust wallet also allows its users to access Dapps directly from their wallet which is made possible with the integration of Web3 browser. It is definitely an option worth checking out.
Parity is quite a popular choice among the Ethereum enthusiasts. It is an Ethereum client that not only allows its user to access the function of a token wallet but also features an Ethereum GUI browser like some of its counterparts ( e.g. Trust ) that provide user access to decentralized applications. Parity is also a full node wallet and is available for multiple platform like Windows, Ubuntu, Docker as well as OSX. The development team is also very active, constantly making releases every 6 weeks. It is believed that Parity will roll out native support for ERC223 Ethereum token in the near future which is definitely something to look forward to.
Mist is another wallet worth checking out. It is the so-called official ethereum wallet that is built by the same group of folks that are moving and contributing to the Ethereum Ecosystem. It is a desktop client like Parity and it has Shapeshift buit-in which enables you to exchange your token right from the wallet. It supports all ERC20 tokens and provides a multisignature wallet option as well. It is by no means a lightweight client by the way as it requires you to synchroizes will all Ethereum nodes during your setup initially. Aside from that, Mist is a very powerful and convenient ERC20 token compatible wallet solution that is definitely worth considering.
I hope this list would provide a good starting point for you to decide on the most suitable ERC20 wallet to store your assets in. We would be interested to listen to your experience in operating these wallets and we bet other readers would be too. Please share your experience with us ( be it good or bad) and if you have any other suggestions that you think deserve to be on this list, feel free to let us know in the comment section below!