The 5 Best ERC20 Compatible Cryptocurrency Wallet In 2018
Before you start owning cryptocurrency, you will need a secure wallet to store these tokens until you decide to use them. There are a lot of cryptocurrency wallets out there, but not all of them are compatible with ERC20 Standard Tokens, such as BOUNT (Bountie Tokens), ZIL (Zilliqa), and EOS.
Read More: The Many Uses of Bountie Tokens
In this guide, we will share five of the best ERC20 compatible cryptocurrency wallet in 2018. But before we dive into the different wallets, here is a short recap of what a cryptocurrency wallet is, and how to keep it safe.
What Is A Cryptocurrency Wallet?
It is basically a wallet to store your tokens. A full technical definition would be that cryptocurrency wallet is a software program that allows you to store your private and public keys, send and receive tokens through blockchain, and check on your balance.
Paper wallets are physical documents that contain all data needed to generate private keys. You can store multiple keys in a paper wallet. A paper wallet used to be the most common cryptocurrency wallet before hardware wallet because you can keep it as safe as possible in your home.
How Do You Keep Your Wallet Secure?
Let us start with the basics: how do you keep your cryptocurrency and your wallet safe? We have a few tips for you.
#1. Store It Offline
The most secure forms of cryptocurrency wallet are those that are offline: hardware wallets. So, no matter which online/desktop application you are using for daily use, it is advisable to store most of your tokens offline.
Learn More About The Various Cryptocurrency Wallet Type
#2. Keep Your Software Updated
Most developers constantly update their software to provide the best experience for their users. Be sure to keep your wallet, mobile, and computer updated for better security.
Now that we’re done with those small tips, let us head to the main event: the best wallets to store your hard-earned cryptocurrency with.
MyEtherWallet
👍 Easy to set up
👍 Works with offline hardware
MyEtherWallet (MEW) is by far our favourite because of its ease of use and it works well with other software. In 2018, MEW is the go-to Ethereum and ERC20 wallet for anyone interested in Initial Coin Offering (ICO).
As MEW is an online wallet, it is not the safest choice. In early 2018, MEW was compromised and many individuals found their wallets hacked. We encourage everyone to follow the instructions provided by MEW in order to keep their wallet safe.
You can learn more about creating a MEW wallet address in our guide: How To Get It For Bountie Tokens?
Alternatively, you can use MEW to create your wallet address and use your offline hardware to access their account and provide additional security. You can choose from Ledger Nano S and TREZOR.
MetaMask
👍 Has a secure identity vault
👍 No software needed
MetaMask is a bridge that allows you to visit the distributed web of tomorrow in your browser today. It allows you to run Ethereum dApps right in your browser without running a full Ethereum node. What’s great about MetaMask is that it is more than a wallet. MetaMask is an interface that connects dApps and your browser. You can easily install the MetaMask Plugin and start using it.
You can also use MEW with MetaMask for added security.
Trust Wallet
👍Easy to set up
👍 User-friendly
There are not a lot of mobile wallet applications that are able to hold and manage ERC20 tokens. Trust is the solution for that. With Trust, you have this unified wallet address for Ethereum and any ERC20 tokens. You can use the same address for ICOs, airdrops, receiving and sending of Ethereum.
There’s also quite a number of features in the mobile application such as a browser, bookmarks, history, etc.
Download Trust on App Store or Google Play.
Mist
👍 Supports two wallet solutions
👍Gives you full control
Mist is an electron application — a hybrid application of desktop with a web interface. This allows faster development and changes of the Mist interface and helps with the browser part of Mist. Mist allows you to simply create a wallet and also, provide a multi-signature wallet for higher security.
Similar to Parity, Mist is a desktop application so you will have to download and install on your computer. You will be forced to download the entire Ethereum blockchain before being able to use the wallet.
Parity
👍Easy to use
Similar to Mist, Parity is a full node wallet, where you will store the blockchain on your computer. The wallet is available for Ubuntu, OSX, Docker and Windows. You can easily install in 1-click.
It isn’t the easiest to set up and there have been cases of bugs, leading to a loss of US$280 million worth of Ethereum. However, Parity was created by Ethereum’s own core developer, Gavin Woods. So there is a credibility in Parity.
We hope you have found this guide useful. Let us know if you liked our guide, or if you would like to suggest another cryptocurrency wallet for this feature.
Originally published at bountie.io
