Ethereum Mist Wallet Review – Fees, Pros, Cons and Features

Ethereum Mist wallet is the official Ethereum blockchain wallet. The team behind the Ethereum ecosystem made it. It was specifically created to be used as a platform for exploring DApps and blockchain networks.

In this review, we have covered how you’ll be able to use the platform from setting up your account, adding cryptocurrencies, sending and receiving cryptocurrencies as well as the pros and cons of using Ethereum Mist.

However, we have discovered that it is not the safest crypto wallet available. Therefore, we would not recommend it. If you are interested to why and how you’ll be able to find a safer option, continue reading below.

What is Ethereum Mist Wallet?

What is Ethereum Mist wallet? Ethereum Mist is the official Ethereum blockchain wallet. Launched in 2017, it is the product of the same team that is behind the Ethereum ecosystem. The wallet is popularly known simply as Ethereum wallet. So, what is Mist? Mist is a browser based on the blockchain created by ETH developers to function as the primary platform for exploring DApps and blockchain networks.

Mist as a browser has a number of DApps linked to it and Ethereum Mist wallet is one of them.

Since Mist is still in Beta testing, the wallet was released as a standalone product under the name Ethereum Mist wallet.

Ethereum Mist wallet compatibility

• Windows
• Mac OS
• Linux

What wallet type is Ethereum Mist?

• Full Node wallet
• Ethereum & ERC20 wallet
• Software (desktop wallet)
• Open source

What cryptocurrencies does the Ethereum Mist wallet support?

• Ethereum
• ERC20 tokens

What fees does Ethereum Mist wallet have?

There are no Ethereum Mist wallet fees for transacting on the platform. But sending cryptocurrencies from the wallet will attract miner fees for transaction validation.

How to open your Ethereum Mist Wallet account

In case you would like to start using it, here is how to open Ethereum Mist wallet:

Step 1: Go to ethereum.org and under wallet information, click “Download”

Step 2: Choose the appropriate software version for your PC from the list that appears

Step 3: Run the installer and give your wallet time to sync to the Ethereum blockchain

This could take a while as it downloads the entire ETH blockchain

Step 4: Once the download completes, you will get a prompt to choose a network. Let’s use the Test Network.

Step 5: Set a password for your account. Remember it since you cannot reset it in the future.

That is how to open a wallet on Ethereum Mist.

How do I add cryptocurrencies to Ethereum Mist Wallet?

Next, let us find out how to add currency to Ethereum Mist wallet:

Step 1: Launch the wallet and click Accounts Overview button

Step 2: Click “Main Account” and below it you can view and copy your Ethereum Mist wallet address

Step 3:  Paste the address in the relevant exchange or wallet to send funds to your wallet.

That is how to transfer Ethereum to Ethereum Mist wallet. Since it is an ETH and ERC20 wallet, we will not look at how to transfer Bitcoin to Ethereum Mist wallet or how to transfer Ripple to Ethereum Mist wallet.

How to send payments on Ethereum Mist wallet?

Now that we have added funds to the wallet, let us learn how to send payments on Ethereum Mist wallet:

Step 1: Launch your wallet and select the account from which you want to send ETH

Step 2: Click “Send”

Step 3: In the “To” box, enter your recipient’s wallet address and then enter the amount

Step 4: Select gas fee or leave it as it is and then click “Send”

Step 5: Enter your password to confirm transaction and then hit “Send”

How do I receive payments on Ethereum Mist wallet?

Receiving funds on Ethereum Mist wallet is as easy as adding funds to your account:

Step 1: Click on the Accounts Overview button

Step 2: Click “Main Account” and then copy your wallet address and send it to your counterparty

How safe is Ethereum Mist Wallet?

Let us now consider Ethereum Mist wallet safety features to determine if it is the most secure choice for storing your cryptocurrency:

Official Ethereum Wallet

Ethereum Mist wallet is the official Ethereum wallet created by the same team of developers who work on the ETH network. This reinforces trust in the wallet due to the reputable name of the team behind it.

Private Key Storage

Your private key Ethereum Mist wallet is stored on your computer and not a third-party server. As such, the safety of your wallet is in your own hands and not as vulnerable as it would be on online servers.

Multi-signature Wallet Option

For multiple account holders, it is possible to use one wallet with multi-signature settings. With this security measure in place, it is easier to monitor wallet use as all signatories have to sign to authorize a transaction.

Open Source Code

The code for Ethereum Mist wallet is open source just like the blockchain behind it. Thus anyone can audit the code and highlight bugs. As a result, loopholes in the code usually come to light long before they cause any security problems.

Due to the fact that it is a product of the same developers who created the Ethereum blockchain, Ethereum Mist wallet is considered one of the safest ETH and ERC20 storage options. However, as mentioned in the introductory part, the wallet is not regulated. The same is true of most other wallets in the cryptocurrency ecosystem. But this often poses challenges as each one operates on its own security frameworks.

Regulated platforms, on the other hand, have to adhere to strict security requirements set out by various authorities. This makes them less prone to attacks and thus offers higher security for user funds.

eToro is generally considered a secure option as it is regulated in all the jurisdictions where it operates.

Ethereum Mist Wallet Pros and Cons

Let us take a look at the top Ethereum Mist pros and cons.

Ethereum Mist Wallet vs. other wallets – how does it compare?

Ethereum Mist Wallet vs. eToro

• Ease of Use

What eToro has that Ethereum Mist does not have is user-friendliness. In fact, the eToro wallet has made significant efforts to make its software accessible to both inexperienced and advanced users and the same cannot be said for Ethereum Mist, which is actually quite difficult to use and is not as intuitive as the eToro wallet.

• Reputation

Ethereum Mist is probably not a wallet that you’ve heard before, whereas if you’ve even done the smallest amount of reading on cryptocurrencies and crypto trading, surely you’ve heard of eToro before. The platform in fact, has a really good reputation, which allowed it to have huge amounts of active users on it.

Update – As of 2024, the only cryptocurrencies eToro users in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.

Ethereum Mist wallet vs. ArcBit

• Versatility

ArcBit is a lot more versatile that Ethereum Mist wallet. To begin with, the former is available on multiple desktop and mobile clients. But the latter is only available as a desktop client. This greatly limits the usability of the latter as it is hard to get access to it on the go.

• Ease of Use

ArcBit is one of the easiest wallets to set up and use. It does not require signing up for an account or verification. Users simply need to download the wallet and start using it. This stands in sharp contrast to Ethereum Mist wallet which requires a little more technical knowledge especially to troubleshoot.

Ethereum Mist wallet vs. WageCan

• Accessibility

WageCan is designed with accessibility in mind. As such it comes with a virtual and physical debit card which can work with any MasterCard platform. It can thus be used for payments in many outlets worldwide. Users can also withdraw fiat money from millions of ATMs around the globe using the card. Ethereum Mist is not as accessible as it is a desktop wallet.

• Safety

Ethereum Mist wallet has a solid reputation thanks to the team behind it. It is also open source and has multi-sig options. WageCan is not as safe because it is a hot wallet and thus vulnerable to online attacks.

Conclusion

In view of the above comparative analysis, it emerges that eToro is one of the best wallet services overall. Not only is it the only regulated option in this review, but it is also one of the most versatile. It is, therefore, one of the best options for anyone looking for a comprehensive crypto platform with robust security.

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