You do not get into the cryptocurrency world only by purchasing the best-performing coins or tokens from an exchange. It would be best if you stored it somewhere safe to protect it from the evil shadows of the scammers. For this purpose, cryptocurrency wallets come to the rescue and help the investors to receive and send the cryptocurrencies.
Although these wallets technically store the “private keys” and “secret codes” necessary to get access to the cryptocurrencies.
So before we get into the main topic, you all need to have a quick look over the types of cryptocurrency wallets available in the markets.
Types of Cryptocurrency Wallets
There are two types of cryptocurrency wallets – cold wallets and hot wallets. The hot wallets are the ones that are connected to the internet and are available in the form of an application or website. They are comparatively easy to configure, access, and receive coins but are vulnerable to hacks.
On the other side, there are cold wallets that do not require internet connectivity to store private keys and secret codes. They are physical and portable devices, just like a flash drive, and allows you to carry them around with you easily. Hence, a cold wallet is also called a hardware wallet.
We push the users to opt-in for a hardware (cold) wallet over a hot wallet for various reasons. So let’s find them out.
Why Hardware Wallets are Better than Hot Wallets
The hardware wallets are better than hot wallets, and multiple reasons can support this claim. The most important reason is security. A Cold wallet offers robust security to your cryptocurrency holdings as it is not connected to the internet, and hence, your keys are not kept in online servers that are vulnerable to online attacks.
The cold wallets have built a strong reputation for being impenetrable as your codes are stored nowhere else but in a small hardware device. So even if you plug a hardware wallet into a machine affected by a virus or malware, your device would remain safe.
For this purpose, we at CoinGyan have cherry-picked the six best hardware wallets for bitcoin and other cryptocurrencies.
What are the Best Hardware Wallets for Storing Bitcoins and Other Cryptocurrencies?
We have prepared a list of the best hardware wallets so that you can sleep without experiencing any nightmare about your bitcoins or other cryptocurrencies being bagged by a scammer. It is also to be noted that this list is not prepared in any particular order.
Ledger Nano X
Ledger Nano X has established a rock-solid foundation in the hardware wallet space with its premium security features and strong built. It is designed and developed by a France-based company and looks like a flash drive with a steel shell. You can easily connect Ledger Nano X to your personal computer via USB or Bluetooth. Not to forget that it can work with Windows, Mac OS, and Linux for desktop and iOS and Android for smartphones.
Also, more than 1000 types of coins can be stored in this device, including all the major coins like Bitcoin, Ethereum, Ripple, etc. Those who are curious about its security would be happy to know that Ledger Nano X features a physically isolated security element certified as CC EAL5+. It has also received a CSPN (First Level Security Certificate) certification.
Pros of Ledger Nano X
- Ledger has established itself as a famous brand in the market.
- Setting up Ledger Nano X to a personal computer, smartphone, or tablet is too easy.
- It is portable and has a long-lasting built-in battery of 100 mAH.
- It supports all the leading blockchains and more than 1000 cryptocurrencies.
- Ledger Nano X supports multiple languages.
- It features a good memory of 2048 kb and a larger OLED screen.
Cons of Ledger Nano X
- The connectivity option via Bluetooth might pose a risk for the user. Although, Ledger has clearly stated that critical data like private keys cannot be transmitted through Bluetooth.
- The software update sometimes affects the user experience of the investors using Ledger Nano X.
- Ledger Nano X is not an open-source hardware device.
Ledger Nano S
Ledger Nano S is a predecessor of Ledger Nano X but is still in use by millions of crypto investors all around the world because of its advantageous characteristics. For example, you can connect Ledger Nano S to your personal computer only through a USB cable.
It was released back in 2016 and became the best-selling cold wallet with more than 1.5 million devices sold to date. The compact design, metal protection, and lightweight characteristics can be counted as some of the reasons.
If your computer is compromised by any chance, then the Ledger Nano S would ensure that your cryptocurrency holdings stay safe. This is achieved because of dual-layer protection ST31H320 (protection) and STM32F042 (OS) chips.
Pros of Ledger Nano S
- Ledger Nano S supports an extensive range of popular cryptocurrencies.
- Setting up Ledger Nano S is fast and easy.
- Ledger Nano S allows the users to run third-party applications.
- The metal shell protects the device from shock damage.
- It is more affordable than other hardware wallets available in the market.
Cons of Ledger Nano S
- Ledger Nano S has limited internal memory.
- It does not feature passphrase support.
- Ledger Nano S is not an open-source hardware device.
Trezor Model T
The Trezor T wallet developed by SatoshiLabs is one of the oldest hardware wallets in the crypto space, with the first model launched back in 2014. The model T comes with a seal on its USB port to help a user know if the device has been compromised by a hacker. If the sticker placed is not entirely intact, then there could be a possibility that the device has been tampered with. Hence, the buyers are advised to check for the same before moving their holdings into the wallet.
The wallet is compact in size and can be easily squeezed into your pockets. In addition, you can connect it easily to your laptop or desktop with the help of a USB-C connection. As far as coin compatibility goes, you can store more than 1600 variations of cryptocurrencies in it.
It also features a built-in interactive touchscreen which leaves behind a premium impression. Also, you can enter the PIN and passphrase directly from the Trezor T, which creates a convenient user experience.
Pros of Trezor Model T
- Trezor Model T has been released under an open-source license.
- It is easy to set up and use Trezor Model T.
- It also features a slot for a MicroSD card so that the users can merit from the encrypted storage in the near future.
- Trezor Model T is comparatively more affordable than other hardware wallets available in the market.
- It has a color touchscreen that enhances the user experience.
Cons of Trezor Model T
- Trezor Model T features multi-sig, but it is supported only through Electrum.
- This hardware wallet has mobile support but for Android only.
- It often becomes difficult to type on the built-in touchscreen.
NGRAVE ZERO is a new and rising competitor in the hardware wallet space. It has been nicknamed the coldest wallet in the market because of the myriad of robust security features that it provides. In addition, it can function without any need to connect to the internet, which ultimately blocks all kinds of online attack possibilities.
It does not need Bluetooth, WiFi, NFC, or even USB to establish connectivity, making it 100% offline and air-gapped. All you need to do is launch the camera of NGRAVE ZERO and scan the QR code to relay the data to connected devices without going online. Furthermore, the data relayed does not contain anything sensitive that can compromise the interest of the users.
Pros of NGRAVE ZERO
- NGRAVE ZERO features a sizeable high pixel density 4-inch color touch screen.
- It is equipped with a built-in fingerprint that adds an extra layer of security.
- It has a 1200 mAH ultra-efficient battery capacity.
- NGRAVE ZERO has been carefully designed in the observation of the world’s top-rated nanotechnology institutes.
- It has a compact design, which makes it portable and easy to fit into the pockets.
- This hardware wallet has a stainless steel sheet which makes it water, dust, and fire-resistant.
Cons of NGRAVE ZERO
- The wallet is new in the market, and as such, community support still needs to catch up.
- The price of the product is on the higher side.
The KeepKey hardware wallet is one of the top-selling hardware wallets that features a unique design and user-friendly interface. This wallet has an inspiring design but robust security features that create a roadblock for physical and virtual theft of any kind. For example, it has a pin code and number randomization characteristics that prevent hackers from accessing sensitive keys.
It was founded by Darin Stanchfield back in the year 2015. It acquired Multibit (a bitcoin wallet) in 2016 but was later acquired by Shapeshift in 2017.
Pros of KeepKey
- This hardware wallet has a relatively lower price tag.
- KeepKey can be used with other software wallets like MyCelium and Electrum.
- The wallet features an intuitive and user-friendly design.
- The wallet has a metal body that protects it from shock and impact damages.
- KeepKey has been released under an open-source license.
Cons of KeepKey
- It supports only 40+ cryptocurrencies which are comparatively less than what other hardware wallets have to offer.
- The wallet has a great design, but it has a large size, making it less portable and inconvenient to carry around.
- The wallet is new to the market and still needs to establish trust and confidence among the crypto investors community.
SafePal is backed by Binance Labs, a venture arm of the world’s largest cryptocurrency exchange Binance and Litecoin foundation.
You can connect your SafePal S1 by launching its camera and scanning the QR code; hence, there is no need for Bluetooth, WiFi, NFC, or USB connection. This feature of the wallet makes it 100% offline and air-gapped. In addition to the 100% offline connectivity, this hardware wallet also has an EAL 5+ independent secure element, random number generator, multiple security sensor layers, and self-destruct mechanism.
Setting up a SafePal S1 hardware wallet is very simple and allows you to add your fingerprint to it and create a pattern password. One of the best things about this wallet is that you can benefit from its USPs at an affordable price.
Pros of SafePal S1
- SafePal S1 is 100% offline and air-gapped.
- This wallet currently supports 21 blockchains and more than 10,000 tokens, including NFTs (Non-Fungible Tokens).
- It has a size similar to a typical credit card, making it highly portable and easy to carry around.
- It has a 400 mAh battery that helps this hardware wallet last for around 20 days, assuming that you use it for 10 minutes daily.
- SafePal has a great and responsive customer support team helping its hardware wallet establish reliable goodwill.
- The hardware wallet is tamper-proof. If someone tries to play around with its secure element, then the self-destruct feature will get activated.
Cons of SafePal S1
- The IPS display is small with a size of 1.3 inches only.
- One of the most significant downsides of the SafePal S1 is that it feels pretty fragile.
The hardware wallet is a safe option to store your cryptocurrencies and prevent them from falling into the hand of scammers and online hackers. Unfortunately, there are many hardware wallets with their pros and cons, and finding the one best for you might be a tricky job. However, with the help of this post, we intend to make your search for the best hardware wallet much more manageable.
If you still have some questions or queries, feel free to drop them in the comments below.