Cryptocurrency ICOs became increasingly popular throughout 2017. During the first few months of 2018, that hype seems to have calmed down a bit, even though there’s still plenty of excitement. This is an excellent opportunity to look into various Ethereum wallets which can store ERC20 tokens. As is always the case, hardware wallets are the best solution, but there are alternatives available as well.
Although people may not have heard of Trust, it is an officially “endorsed” Ethereum wallet capable of supporting virtually all ERC20 tokens in existence. This app is available for both Android and iOS at present. It is a pretty convenient solution which seems to have received a fair few positive reviews, although your individual mileage may vary. For those who prefer convenience over security, Trust for iOS or Android is well worth checking out when it comes to storing ERC20 tokens.
The desktop Parity client has proven quite popular among Ethereum enthusiasts. Because it is one of the main wallet solutions in existence, it is only normal that there is native support for ERC20 tokens. It is expected that Parity will also support the new ERC223 Ethereum token standard in the future, although most ICOs and similar crowdsale projects will adhere to the ERC20 standard first and foremost. Parity is a convenient solution for desktop users, yet it’s always advised to make secure wallet backups and protect files accordingly.
For desktop users who do not like Parity much, Mist is another option well worth checking out. Mist is the “native” Ethereum wallet client and has, by default, ERC20 support built in. Coming by a wallet which supports these tokens is not all that difficult, even though they do offer varying degrees of security and convenience. Mist is certainly worth looking into, especially if you have no intention of buying a hardware wallet.
From a sheer convenience point of view, MetaMask is an exquisite solution for both Ethereum and ERC20 owners. This plugin for Chrome and Firefox simply acts as a secure storage solution and supports all ERC20 tokens in existence. MetaMask is also built into the Brave browser, which makes for another appealing option in this regard. Getting rid of unwanted ads and storing ERC20 tokens in one convenient package are big pluses.
1. MyEtherWallet + Trezor/Ledger Nano S
For those lucky people who obtained a Trezor or Ledger Nano S before demand for these devices suddenly started exceeding production rates, MyEtherWallet is the best solution for ERC20 token support. Although this online wallet service also works fine without a Trezor or Ledger Nano S, it is recommended to combine the best of both worlds for optimal security and convenience.
With the Ledger Nano S and Trezor having built-in Ethereum support, the firmware won’t need to be updated to support future ERC20 tokens. Instead, it will all be taken care of through MyEtherWallet, which serves as a user interface for hardware wallet owners looking to store and spend ERC20 tokens. The additional security provided by hardware wallets should never be overlooked, as hackers will exploit any and all weak security measures that users may put in place.