A Guide to Ethereum Wallets: MetaMask, Coinbase Wallet and more

First things first, you can’t participate onchain (no hyphen) if you don’t have a wallet.

So, let’s dive in 🤿.

What is an Ethereum Wallet?

An Ethereum wallet is an app that works just like a banking app, but instead of holding dollars, it lets you store and use digital money, like Ethereum (ETH) or any ERC-20 token. For example, USDC is a stablecoin on Ethereum that can be held, sent, staked, and swapped using an Ethereum wallet app.

Each wallet has a special code called a private key that proves the money is yours, so you need to keep that safe. Some wallets live on your phone or browser (hot wallets like MetaMask), and others are physical devices you plug into your computer (cold wallets like Ledger). You don’t need a username or password to create one—just a backup phrase. Once you have a wallet, you can explore everything the crypto world offers (as long as your wallet has ETH loaded up for gas fees! More on this later).

Are there different types of Ethereum Wallets?

Yes, there are different types of Ethereum wallets, and the biggest difference is between custodial and non-custodial wallets.

• A custodial wallet is where a third party (like a crypto exchange) holds your private keys for you—similar to how a bank manages your money. These are easier for beginners but come with risks if the platform gets hacked or shuts down.

• A non-custodial wallet, on the other hand, gives you full control of your crypto, since you manage your own private keys or recovery phrase. This type is more secure and aligned with the “not your keys, not your crypto” philosophy, but it also means you're fully responsible for keeping your wallet safe. Most mobile apps like MetaMask, Trust Wallet, and Rainbow are non-custodial. Choosing between them depends on how much control and responsibility you want.

What are the top Ethereum Wallets?

​Based on user reviews and ratings from the Apple App Store and Google Play Store, here are the top five highly-rated self-custody or non-custodial Ethereum wallets:​

1. Trust Wallet
   Trust Wallet is a multi-chain self-custody cryptocurrency wallet that supports over 100 blockchains, including Ethereum. It offers a user-friendly interface, built-in support for decentralized applications (dApps), and a secure gateway to Web3. On the Apple App Store, Trust Wallet has a rating of 4.7 out of 5 based on over 193,000 reviews.

2. MetaMask
   MetaMask is a widely used Ethereum wallet known for its intuitive interface and compatibility with various dApps. It allows users to manage Ethereum-based assets and interact seamlessly with the Ethereum blockchain. MetaMask is available as a mobile app and browser extension, and it has received positive feedback for its ease of use and functionality.

3. Coinbase Wallet
   Coinbase Wallet is a non-custodial wallet that enables users to store a wide range of cryptocurrencies, including Ethereum. It offers a simple and secure way to manage crypto assets and access decentralized applications. Coinbase Wallet is backed by the reputable Coinbase exchange and is praised for its user-friendly design, making it suitable for beginners.

4. Rainbow
   Rainbow is a user-friendly Ethereum wallet that allows users to manage and display Ethereum-based assets across multiple networks, including mainnet, Polygon, Optimism, Arbitrum, Base, and Zora. It features a clean design and offers functionalities such as wallet watching, real-time notifications, and dApp connectivity. Rainbow is available on the Apple App Store.

5. Best Wallet
   Best Wallet is a non-custodial, multi-chain crypto wallet that supports over 50 blockchains, including Ethereum. It offers features like a built-in decentralized exchange (DEX), multi-wallet management, and staking opportunities. Best Wallet is recognized for its user-friendly interface and robust security features.

What are the common features of Ethereum Wallets?

Common features of Ethereum Wallets include:

1. Store & Manage ETH + Tokens
All Ethereum wallets let you hold ETH and any ERC-20 (like USDC, DAI) or ERC-721/ERC-1155 assets (NFTs).

2. Send & Receive Crypto
You can transfer ETH or tokens to others by entering their wallet address or scanning a QR code.

3. Transaction History
Most wallets provide a log of your past transactions, including sends, receives, swaps, and gas costs.

4. Built-in Swaps
Many wallets include token-swapping functionality using integrated DEX aggregators like 0x or 1inch.

5. Dapp Browser / WalletConnect Support
Ethereum wallets connect to decentralized apps (dapps) either through an in-app browser or by using WalletConnect.

6. NFT Support
Most wallets display NFT images, metadata, and collection information directly in the wallet.

7. Seed Phrase / Private Key Access
Non-custodial wallets give users full control through a secret recovery phrase or private key.

8. Security Features
Features like scam/spam token detection, transaction previews, and dapp connection management are common.

9. Multichain Support (Optional)
Some wallets extend functionality to chains like Polygon, Optimism, Arbitrum, Base, or even non-EVM networks.

What are 5 things you MUST KNOW before interacting with apps on the Ethereum blockchain?

1. Gas Fees – Every transaction costs ETH, sometimes more during peak times.

2. Wallet Security – Use a non-custodial wallet and protect your recovery phrase.

3. Scams & Fake Sites – Always double-check URLs and avoid random links.

4. Transaction Finality – Onchain actions can't be undone; confirm everything.

5. Network Congestion – Transactions may be delayed when Ethereum is busy.

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