There are many Ethereum wallets to choose from, and the list can be overwhelming for people just starting out with Ethereum. While there are many wallets to choose from, you need to make sure you choose a wallet that’s compatible with Ethereum and other tokens based on it, known as the ERC20 Token Standard. The wallets in this article are great for beginners as well as advanced users and are compatible with the ERC20 Token Standard, ensuring that you get the most use out of your wallet.
Mist supports Ethereum tokens and is very easy to use. Mist is a desktop app, so you download and install it on your computer; its available for Windows and Linux. Mist stores everything on your computer, so nothing is stored in the cloud which assures your privacy and security – a big plus if you’re worried about hackers. Creating an account in Mist is really easy: just click the Add Account button and enter a password. Mist generates the public and private keys for you and reminds you to backup your private key. When you backup your private key you can use that to import it into other wallet managers like MetaMask later. You can use Mist to transfer tokens in and out of your accounts and keep track of your transactions.
Mist allows you to transfer ether and other tokens, fund with Bitcoin, fund with a credit card if you’re in the U.S.; you can view your transactions on Etherscan, and it makes available a QR code for scanning with your phone.
Parity is an app you download onto your Windows, Mac, or Linux computer. Parity makes it easy to create an account, keep track of your funds, as well as helps you transfer tokens into and out of your accounts. Parity lets you manage your accounts all in one place – you can transfer tokens, fund using Bitcoin, verify your account, and export your account for use with something like MetaMask later. Parity also keeps track of all of the addresses you have dealt with using an easy to use address book, thereby making transactions easier and smoother. Parity also includes a number of applications, like a DApps browser, registry, and token registry. Parity also includes a Signer which can be used to sign contracts for wallets (a Signer allows you to authorize certain transactions before they occur).
MyEtherWallet is an online wallet that allows you to manage your tokens online along with other wallets. You use MyEtherWallet along with another wallet like MetaMask, Ledger, or others. You’re responsible for keeping your private key secure – MyEtherWallet does not store anything about your wallet online, it is just an interface to the blockchain. The main disadvantage of using this is that it is rather limited and the interface may not be friendly for the beginner users.
MetaMask is a Chrome browser extension that makes it easy to manage your accounts without having to install any software on your computer (only the browser extension). Installation is simple: just go to Metamask.io and click the link to install the chrome extension. Once installed, you can create new accounts, send tokens, and buy tokens; MetaMask also shows your transaction history. You can also export your private key and even import private keys to make it easy to share account information from other apps like Mist or Parity.
In conclusion, the wallets presented here provide many benefits like ease of use, security, and flexibility. Some require the installation of software on your computer, one is a browser extension, and one is online – the choices offer you flexibility, safety and security, and compatibility, depending on what you are looking for and what you are going to use ethereum for.