If a hardware wallet costs too much or if you need to quickly purchase and secure some coins, then you can use a web wallet. A web wallet will store your private keys online, where everything is encrypted with a user-selected password. Although a web wallet offers the lowest level of security, online web wallets have the advantage of being accessible from any internet connected device.
Consider a Hardware or Paper Wallet
Before going the web wallet route, take another look at using a hardware wallet or paper wallet because security and control are very important when it comes to storing your coins or ICO tokens. If you are fine with going the web wallet route then continue reading as we’ve selected 4 great web wallets.
GreenAddress is a simple web wallet with great security and privacy. The private keys are never stored on the server and everything is encrypted. This wallet has 2FA and full control over transaction fees. GreenAddress has a browser plugin and mobile app.
Coinbase is definitely the most popular Ethereum web wallets available as of December 2017. Coinbase is accessible via their website and mobile app. The biggest issue with using Coinbase is their added fees. The biggest drawback with Coinbase is that the private keys are not in your control. This wallet is great for short-term storage but many long-term holders recommend to switch to a hardware wallet, like the Ledger Nano S if you’re willing to use Coinbase.
The good things about web wallets:
- Easy to access and free,
- Easy way to store Bitcoin and Ethereum,
- Easy for users to backup and secure,
The bad thing about web wallets:
- The UX of these web wallets can be confusing.
As always, choose the wallet that serves the purpose of what you want to do with your Bitcoin or Ethereum. If you want to store your coins long term then you’ll want to invest in a hardware wallet or create a paper wallet.