Looking for a safe and secure ERC20 wallet, then you have come to the right page.
As we all know Ethereum is one of the most popular blockchains for new crypto projects as it easily allows them to create utility tokens to fund the development of their projects.
With the influx of investors into these projects, there was a demand to store these tokens also known as ERC20 tokens in wallets that are easy to use, compatible, safe, and secure.
In this guide, I will be listing out the most trusted and credible wallets to store your ERC20 tokens. I have listed them on the basis of the following four parameters.
- Easy to use.
- Access to Private key.
- Easy to create Backup and Restore.
- Compatible with different Platforms.
So. let’s get started.
Best ERC20 wallets:
The first one on our list of Best ERC20 wallets is My Ether Wallet also known as MEW.
Anyone who has invested in Ethereum or in ERC20 projects might have used this wallet for the first time.
It is one of the most recommended wallets from the Ethereum community and to store ERC20 tokens.
It is a free, opensource web wallet and I have personally used it many times for different purposes. It has a very simple and easy to understand user interface.
Being a web wallet it is still many times secure than other wallets in the market. Nothing is stored on their platform, that is why when you set up MEW it will ask you to write down the Private key and the Backup phrases.
Still, I would not recommend you to use it to store your ERC20 tokens or Ethereum for long term holding. For a short duration, you can certainly use it.
As a web wallet, you can access it on any device that has a web browser or you can now download its mobile app which is available for both Android and iOS.
Do not download any other application to access it as most of them are scams. I personally use it for trading purposes and not for holding my crypto assets.
Metamask is an open-source browser extension that acts as a bridge between your browser and the Ethereum blockchain. It is a web wallet exclusively to store Ethereum and ERC20 tokens.
You can add the extension to any browser that is built on chromium platform, for example, Google Chrome, Brave, and Edge. I have been personally using it on my Chrome and Brave browser.
With MetaMask you get access to your wallet’s Private key and you can also create a backup of your wallet while setting it up for the first time.
It has a very simple user interface and can be easily installed and set up with only a few clicks. I only use it to trading it on Ethereum DEX or while using Ethereum dApps.
As it is a web wallet I do not recommend holding your crypto assets for the long term in it. You can also connect it to other ERC20 wallets such as Atomic Wallet.
3. Atomic Wallet:
Atomic Wallet is a custody free Muti-cryptocurrency wallets that supports all top blockchains and more than 500 tokens.
It is available on both desktop and mobile platforms. As a custody free wallet, you get access to your Private keys and while setting up the wallet it will ask you to create a backup.
Three features that make it superior to any other cryptocurrency wallets available in the market are
- Buy Crypto – You can buy cryptocurrencies using your credit card.
- Atomic Exchange – Swap cryptocurrencies using the Atomic Swap.
- Staking – Stake your favorite POS coins and start a passive income stream.
I personally have been using the desktop version of this wallet to hold cryptocurrency assets for the long term and for staking.
If you are interested in knowing more about this wallet then you can read the following articles listed below.
4. Ledger Nano (X & S):
Both Ledger Nano X and Ledger Nano S are the best available hardware wallet for your ERC20 tokens.
A hardware wallet is a cold wallet which means they are good for holding cryptocurrency assets for the long term.
These ERC20 token wallets are highly recommended for those individuals who are occasional traders or are long term holders.
They both come with a very simple and easy to use user interface. Private keys are generated and stored inside the wallets and you can also create backups of your wallet.
They both come with free shipping and lifetime upgrades. The cost of Ledger Nano X is $119 and the cost of Ledger Nano S is $59.
To know the difference between both the wallets you need to check this page.
5. Trust Wallet:
Trust wallet is a mobile-based opensource Multi cryptocurrency wallet. It is the official wallet of the Binance Exchange.
Trust wallet supports ERC20 tokens and also BEP2 tokens. You can easily connect it to Binance DEX and Kyber Network.
With it, you can directly access dApss within the wallet which has been made possible with the integration of Web3browser.
I have personally used it to trade a few of my ERC20 tokens which were listed on the Binance Exchange.
The private key of your wallet is stored locally and is protected by many layers of security which makes it safer. You can also create a backup of your wallet.
For all the wallets listed in this article, I have also mentioned the reason why I am using them or why I had used them.
You can also do the same or you can decide what suits you according to your requirement.
It is always advised to keep a written record of your Private key and the backup phrases on a piece of paper.
Please keep them somewhere safe so that in time of emergency you can get access to your wallets.
It is always advised to treat your crypto wallet in the same manner as you treat your Fiat wallet or pocket wallet. So that you do not lose them.
Never reveal your Private key to anyone and never disclose the backup phrases of your wallet.
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In The End:
Thanks for reading my articles about the 5 best ERC20 wallets in 2020. I hope you enjoyed reading it as much I enjoyed writing it for you.
I hope you have got all the relevant information required to choose from one of the listed ERC20 wallets.
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