ERC20 tokens are digital assets that are created and hosted on the Ethereum blockchain. As Ethereum continues to be one of the most widely used blockchains, thousands of ERC20 token projects have launched. Investors need a secure place to store their ERC20 token holdings.
An ERC20 wallet allows users to store, send, receive, and interact with ERC20 tokens. There are many types of wallets to choose from when looking for the best place to keep ERC20 tokens.
What to Look for in an ERC20 Wallet
When choosing an ERC20 wallet, here are some key features to consider:
- Security – The wallet should use encryption, private keys, seed phrases, two-factor authentication and other security measures to protect your tokens.
- Private keys – A non-custodial wallet gives you control through private keys. Custodial wallets hold the private keys for you.
- Easy to use – The interface should make it easy to store, send and receive tokens. Beginners should look for a simple user experience.
- Active development & support – An actively maintained wallet with strong customer support is less likely to have issues.
- Features – Staking, trading, dapps and other features allow you to do more than just store tokens.
- Compatible with hardware wallets – For additional security, find a wallet that works with hardware wallets like Ledger or Trezor.
- Open source code – Open source wallets allow the community to audit and improve security.
- Cost – Many wallets are free, but some custodial and hardware options have fees.
Best ERC20 Wallets
Based on the criteria above, here are the best ERC20 token wallets available in 2024:
MetaMask is one of the most popular Ethereum and ERC20 token wallets, with over 30 million users. It works as a browser extension, mobile app, or web wallet.
- Non-custodial wallet
- Easy to set up and use
- Supports all ERC20 tokens by default
- Interact with dapps and DeFi platforms
- Swap tokens using built-in swap feature
- Connect hardware wallets for added security
As a pioneering Web3 wallet, MetaMask makes storing, sending, receiving, and interacting with all ERC20 tokens simple. The intuitive user interface also allows beginners to get started quickly.
MyEtherWallet (MEW) is an open source wallet specifically designed for Ethereum and ERC20 tokens. The project launched in 2015 and offers apps for iOS, Android, and browsers.
- Open source for transparency
- Supports all ERC20 tokens
- Easy fiat on-ramps to purchase tokens
- Swap or stake tokens within the wallet interface
- Integrates with hardware wallets like Ledger and Trezor
- No personal details or signup required
For storing and transacting ERC20 tokens without needing to provide personal details, MEW is a top choice. The integrations with staking, swapping, and hardware wallets also provide a wide range of options from a dedicated Ethereum and token wallet.
3. Coinbase Wallet
Although better known for its exchange, Coinbase also offers an excellent standalone cryptocurrency wallet optimized for ERC20 tokens. It is a non-custodial wallet available as a mobile app or browser extension.
- Easy to set up with no ID required
- Supports and detects popular ERC20 tokens
- Direct integrations with leading DEXs and dapps
- Built-in Dapp and token browsing
- QR code sending and receiving
- Connect Trezor or Ledger for better security
Coinbase Wallet makes accessing everything ERC20 straightforward. From newly launched tokens to the most popular decentralized exchanges, it aims to be a portal for the Ethereum ecosystem.
4. Trust Wallet
Operated by Binance, Trust Wallet is a major multi-chain wallet that offers strong support for ERC20 tokens and integration with the Binance ecosystem along with other blockchains.
- 10 million+ users worldwide
- Clean intuitive interface
- Built-in DEX and dapp browser
- Interoperability across many blockchains
- Stake coins and interact with DeFi
- Open source code for transparency
- Partnerships with major hardware wallets
As both an app and browser extension, Trust Wallet gives token holders an array of functionality alongside the ability to store ERC20 tokens securely. The support across many blockchain ecosystems makes it appealing for those holding an array of different crypto assets.
Argent takes security up another level by eliminating the need for seed phrases. Instead, users can recover their wallet using email, phone, WhatsApp contacts, or by getting help from Argent’s wallet recovery service.
- Innovative recovery process
- Connects directly with DeFi protocols
- Send to ENS domains instead of addresses
- Built-in trading through integration with Bancor
- Interact with dApps while holding private keys
- Future hardware wallet support planned
Argent takes a different approach by creating almost a mini version of a bank for cryptocurrency. From tighter security to built-in features, it provides unique functionality aimed at making use of ERC20 tokens easy for more casual users.
Exodus is a popular software wallet that stores not just ERC20 tokens but over 170 different cryptocurrencies. It offers apps for desktop (Mac, Windows, Linux) as well as iOS and Android mobile.
- Beautiful intuitive interface
- Swap ERC20 tokens directly
- Grow portfolio by staking coins
- Learn module for new users
- 24/7 customer support
- Custom token addition
- Some hardware wallet integrations
Exodus aims to provide an all-in-one experience for multiple cryptocurrencies, including ERC20 tokens. From staking coins to simple swaps and customer support, Exodus has the features for both storing and making practical use of token holdings.
Best Hardware Wallets for ERC20 Tokens
While the wallets above cover great software options, some token holders prefer the additional security benefits of a hardware wallet that keeps keys offline. Below are top choices for storing ERC20 tokens on a hardware device.
1. Ledger Nano X
The Ledger Nano X offers wireless Bluetooth connectivity for effortless interaction via the smartphone app with your offline hardware wallet.
- Large token support including all ERC20
- Bluetooth enabled mobile app
- Rock solid security
- Supports major DeFi apps & sites
- Easy to set up and use
- Affordable at $149
From usability to security, the Ledger Nano X hits the marks expected from a modern hardware wallet tailored for the ERC20 ecosystem.
2. Trezor Model T
Trezor’s high-end Model T comes with all the expected features from the popular hardware brand alongside a focus on tokens thanks to integrated access to the Ethereum-based DeFi ecosystem.
- Full ERC20 token support
- Large touchscreen
- Integrated access to DeFi
- Open source & transparent
- Top security
- Affordable at $214
The Trezor Model T takes hardware wallet functionality up a level with its large touchscreen and integrated access to key Ethereum decentralized finance platforms by supporting ERC20 tokens.
With so many wallets now supporting ERC20 tokens, crypto holders have great options for securely storing tokens and interacting with the growing list of decentralized apps and platforms across Ethereum.
Whether you prioritize usability through software wallets or maximizing security via hardware models, there are solutions designed to cater to storing these tokens. As the Ethereum ecosystems continue expanding in 2024, many of these wallets also plan to roll out direct integrations to decentralized exchanges along with staking platforms.