Hardware wallets are a type of cryptocurrency wallet that allows you to store your digital assets offline, in a physical device. This added security measure helps to protect your coins from being stolen through online attacks or hacking. Hardware wallets come in a variety of forms, including small portable devices and even USB drives.
One of the main benefits of using a hardware wallet is that it is very secure. The private keys used to access your cryptocurrency are stored on the device itself, which is typically made of durable metal and has a special chip that helps to secure the keys. Because the keys are stored offline, they cannot be accessed by hackers or other malicious parties. Additionally, hardware wallets do not rely on third parties to hold or manage your private keys, so you don’t have to trust a third party to keep your funds safe.
Best Crypto Hardware Wallets
Before we begin to take a look at all the Hardware wallets Lets Get you our Top 3 Crypto Wallets in 2023.
Hardware wallets also offer additional features, such as the ability to store and manage non-fungible tokens (NFTs) and participate in decentralized finance (Defi) platforms. They also allow you to make cryptocurrency transactions, either by connecting to the internet or through offline transactions using a unique feature called “cold storage.”
Overall, hardware wallets are a popular choice for storing large amounts of cryptocurrency because they offer a high level of security and convenience. There are many hardware wallet options available on the market, and it can be challenging to choose the best one for your needs. Some popular hardware wallets include Ledger, Trezor, and KeepKey. It is important to do your research and carefully consider the features and security measures of each wallet before making a decision.
Benefits of Hardware Wallet
Hardware wallets are physical devices that store your cryptocurrency offline, providing an additional layer of security against online attacks. Some of the benefits of using a hardware wallet include:
- Increased security: Because hardware wallets are stored offline, they are less vulnerable to hacking and other online threats.
- Easy to use: Most hardware wallets are user-friendly and easy to set up, making them a good choice for those new to cryptocurrency.
- Portability: Hardware wallets are small and portable, so you can easily take them with you wherever you go.
- Support for multiple cryptocurrencies: Many hardware wallets support multiple cryptocurrencies, so you can store and manage all of your digital assets in one place.
- Backups: Many hardware wallets allow you to create backups of your wallet, so you can recover your funds if your device is lost or stolen.
- Two-factor authentication: Some hardware wallets offer two-factor authentication, which adds an extra layer of security to your transactions.
Overall, hardware wallets can provide a secure and convenient way to store and manage your cryptocurrency.
List of 7 Best Crypto Hardware Wallets (Mar 2023)
Ledger Nano X – Best Trading and Cold Storage wallet
The Ledger Nano X is a hardware cryptocurrency wallet that allows users to store and manage their digital assets securely. It supports over 5,500 coins and tokens, including Bitcoin, Ethereum, Litecoin, and Dogecoin. The device has a compact size of 72mm x 18.6mm x 11.75mm and is made of brushed stainless steel and plastic. It has a lithium-ion battery that provides 8 hours of extended battery life and can be connected to devices using a USB-C cable or Bluetooth. It also comes with Ledger Live software, which allows users to check their crypto balance and send and receive currencies.
One of the main benefits of the Ledger Nano X is its convenience and portability, as it has Bluetooth connectivity and is compatible with both Android and iPhone devices. It also offers secure storage for a relatively low price and supports coin staking, which allows users to earn rewards based on their wallet balance. However, it does not have a touch screen and the Bluetooth user experience has reportedly been problematic for some users. The Nano X costs $119 without VAT.
Trezor Model T – Best Opensource Wallet
The Trezor Model T is a state-of-the-art cryptocurrency hardware wallet that offers top-of-the-line security for your digital assets. It is a cold wallet, meaning that it is not connected to the internet and therefore less vulnerable to cyber attacks. One of the standout features of the Trezor Model T is its touch screen, which makes it easy to enter your PIN and passphrase directly on the device. This is a significant improvement over the Trezor One, which requires the use of physical buttons for these tasks.
In terms of compatibility, the Trezor Model T works with Windows, macOS, Linux, and Android via OTG support. It does not support iOS at this time. The Trezor Suite desktop app is also available to help users get the most out of their wallets. the Trezor Model T is secured against penetration attacks with its EAL5+ certification. It also uses hierarchical deterministic (HD) key creation and the BIP32 transfer protocol to secure your crypto.
The Trezor Model T also supports two-factor authentication through the Universal Second Factor (U2F) standard and can function as a FIDO2 security key on supported devices. This adds an extra layer of security to your transactions. Another convenient feature of the Trezor Model T is its support for QR codes, which allow you to easily receive crypto from a sender. You can also send funds to multiple recipients in a single transaction.
The Trezor Model T costs $159, which is more expensive than the well-known Ledger Nano X. However, the inclusion of a color touchscreen and improved security features make it a worthwhile investment for those looking for a high-quality cryptocurrency hardware wallet.
ELLIPAL Titan – Best air-gapped Wallet
Ellipal Titan is a cold wallet that offers complete network isolation and enhanced security for storing and managing cryptocurrency assets. It is designed with no online components and features a tamper-proof design with ports for cryptocurrency application support. The Ellipal Titan supports a wide range of cryptocurrencies including BTC, ETH, LTC, XRP, USDT, and TRX.
One of the key features of the Ellipal Titan is its air-gapped mechanism, which isolates the wallet from other physical, electrical, and electromagnetic networks. This means that the wallet and its contents are protected from unauthorized access, malware, and other threats at all times. In addition, the Ellipal Titan utilizes special anti-temper technology to protect stored crypto against physical and supply chain attacks. If a breach is detected, the system will automatically delete all data to ensure the security of your assets.
The Ellipal Titan is also FIDO certified and features metal sealing for added security. It supports an unlimited number of coins and more than 1000 tokens, making it a versatile option for storing and managing a wide range of cryptocurrency assets. It also offers the convenience of offline firmware updates, allowing you to update the wallet’s software without the need for an internet connection.
Using the Ellipal Titan is easy and straightforward. Simply use the Ellipal Mobile App to generate an unsigned QR code by filling in the transfer information. Then, use the Ellipal Wallet to scan the unsigned QR code and sign the transaction. Finally, use the Ellipal App to scan the signed QR code on the Ellipal Wallet and confirm the transfer of your crypto.
Overall, the Ellipal Titan is a reliable and secure option for storing and managing cryptocurrency assets. Its robust security features and metal sealing make it a popular choice among cryptocurrency investors. It is available for purchase on the official Ellipal website for $139.
NGRAVE Wallet – EAL-7 Certified Wallet
The NGRAVE Crypto Wallet is a hardware wallet designed to securely store and manage cryptocurrency accounts. It boasts a number of impressive security features, including an air-gapped design that relies on communication via transparent QR codes, a custom-made operating system developed by NGRAVE’s own security team, and an EAL-7 certification, the highest level of security certification for hardware wallets.
One of the standout features of the NGRAVE wallet is its 4-inch touchscreen, which allows users to easily navigate and manage their accounts. It also includes an anti-tamper display and biometric and light sensors for added security.
To use the NGRAVE wallet, users first need to create an account using a secure pin code. From there, they can choose to create either an NGRAVE Wallet or a Mnemonic Wallet and send their cryptocurrency or tokens to it. Transactions can be easily completed by scanning a QR code on the device.
The NGRAVE wallet is priced at 398 euros, making it a more expensive option compared to some other hardware wallets on the market. However, its advanced security features and sleek design may make it worth the investment for those looking for a top-of-the-line hardware wallet.
BitBox02 – MicroSD Backup Wallet
The BitBox02 Multi is a hardware wallet developed by Swiss company Shift Crypto that allows users to securely store and transact with a variety of cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and its ERC20 tokens, and Cardano (ADA). One of the standout features of the BitBox02 Multi is its quick and convenient backup process, which relies on a MicroSD card rather than a seed phrase. This is especially useful for users who want to be able to easily restore their wallet in case of loss or damage.
In addition to its backup capabilities, the BitBox02 Multi also boasts a number of security features. It is protected by a secure chip that guards against physical tampering, and it also supports Universal Second Factor (U2F) authentication, which can be used to secure online accounts on platforms such as Google, Facebook, and Dropbox.
The device is also equipped with an OLED display, which allows users to easily confirm transactions, and it is compatible with both USB-C and USB-A connectors. The BitBox02 Multi comes with a microSD card, a USB-C to USB-A adapter, a USB-C extension cable, and rubber pulls for added protection. To use the BitBox02 Multi, users simply need to connect the device to a computer via its USB port, set a pin code, and install the BitBox app on their device through their browser. From there, they can initiate transactions by confirming the wallet address through the app.
Overall, the BitBox02 Multi is a highly secure and user-friendly hardware wallet that offers a range of features for storing and managing multiple cryptocurrencies. It is backed by a 2-year warranty and is made in Switzerland. It is priced at $149.
Ledger Nano S Plus – Best Budget Wallet
The Ledger Nano S Plus is a hardware wallet that offers top-level security for storing and managing a wide range of cryptocurrencies and non-fungible tokens (NFTs). It is the successor to the Ledger Nano S, which was decommissioned in April 2022 after its final production run.
One of the main advantages of the Nano S Plus is its security features. The device uses Secure Element chips, which are also used in credit cards, passports, and SIM cards, and has earned an Evaluation Assurance Level (EAL) 5+ certificate from the National Cybersecurity Agency of France. This indicates that the device offers the highest level of defense against hacking attempts and protection from both remote and physical attacks.
In addition to its security features, the Nano S Plus offers several other benefits. It has a larger screen size than the original Nano S and supports more than 5,500 tokens. It can run up to 100 apps simultaneously, making it a versatile choice for managing multiple cryptocurrencies. The Nano S Plus also has native support for NFTs through the Ledger Live app, allowing you to manage your NFTs without the need for third-party software like MetaMask.
However, there are also some drawbacks to the Nano S Plus. It is more expensive than the original Nano S, and it is not compatible with iOS devices. It also cannot be used to stake many cryptocurrencies through the Ledger Live interface, although you can pair it with a software wallet like MetaMask to manage NFTs on other blockchains.
Overall, the Ledger Nano S Plus is a solid choice for anyone looking for a secure and versatile hardware wallet to manage their cryptocurrencies and NFTs. Its security features, wide range of supported tokens, and native NFT support make it a competitive option, although its higher price point may be a deterrent for some users.
CoolWallet Pro – water-resistant Wallet
The CoolWallet Pro is a cryptocurrency hardware wallet that allows individuals to securely store, send, and receive multiple digital currencies. It is the size of a standard credit card, making it portable and easy to carry around. The wallet is also water-resistant and tamper-proof for added durability. The CoolWallet Pro is developed by Taiwanese tech company CoolBitX, the maker of the successful CoolWallet S.
One of the key features of the CoolWallet Pro is its multi-currency support. The wallet supports a wide range of popular cryptocurrencies, including ERC-20 tokens, and allows users to earn rewards through staking coins on the device. Some of the supported staking coins include Cosmos, Tron, and Polkadot, as well as popular staking coins such as Tezos, Cardano, and ETH2.0 tokens. However, it should be noted that the CoolWallet Pro falls short of other top-staking wallets and exchanges in terms of the number of supported tokens.
The CoolWallet Pro also offers enhanced security through its CC EAL 6+ military-grade security chip. This is an improvement over the security chip found in the CoolWallet S and the Ledger Nano X, which have EAL 5 security chips. The development of the security chip has undergone a rigorous process and has been engineered using bank-like security techniques to provide a secure wallet for the protection of high-value assets.
In addition to its security features, the CoolWallet Pro allows users to track, monitor, send, and receive crypto with ease from cold storage. It can be paired with an Android or iOS device via Bluetooth within a 10-meter range, providing users with the ability to trade, exchange, and check balances on their mobile device while still having the security of a hardware wallet. The wallet also supports biometric login for added security.
Another convenient feature of the CoolWallet Pro is its ability to directly purchase crypto or connect to Binance DEX to trade. This allows users to easily buy and sell cryptocurrencies without the need to go through an exchange. The CoolWallet Pro also supports NFTs on platforms such as Rarible and OpenSea, and provides MetaMask access for enhanced security when interacting with Defi dApps, protocols, and NFTs.
Overall, the CoolWallet Pro is a great choice for cryptocurrency investors looking for a secure and convenient way to store and manage their digital assets. Its compact size, durability, and advanced security features make it an ideal choice for everyday use. While it may not have the widest selection of supported staking coins compared to other wallets, it is still a solid option for those looking to earn rewards through staking. The CoolWallet Pro is available for purchase at a cost of $149.
SafePal S1 – Best Budget Wallet
The SafePal S1 is a cryptocurrency hardware wallet that has quickly gained popularity among crypto enthusiasts due to its impressive range of features and support for a wide variety of coins and tokens. With support for over 20 blockchains and more than 10,000 tokens, including non-fungible tokens (NFTs), the SafePal S1 is one of the most versatile wallets available on the market.
One of the standout features of the SafePal S1 is its secure EAL 5+ chip, which generates unique random keys to ensure the safety of your private keys. In order to generate a public address on the device, you must input your personal identification number (PIN). It’s worth noting that the SafePal S1 does not have any send functions, so all fund transfers must be initiated within the accompanying mobile app.
In order to access the mobile app, you’ll need to scan a series of QR codes with your phone or complete the dot patterns on the screen correctly. Alternatively, if your smartphone has the capability, you can use your fingerprint to access the app. It’s worth noting that you don’t need a Bluetooth, WiFi, or NFC data connection to link the device to your phone.
One of the hidden features of the SafePal S1 is its support for the WalletConnect protocol. This allows you to connect to and sign transactions from within the mobile app by scanning a WalletConnect QR code. Any actions you take on the other interface will require a confirmation from the mobile app and the SafePal device, eliminating the need to input your private key into a different interface.
In addition to its wide range of supported cryptocurrencies, the SafePal S1 also has a number of other useful features. For example, it has a “Security Quiz” feature that tests your knowledge of hardware wallet ownership with a four-question quiz. It also has a control button and display screen to help confirm transactions, as well as a small power button on the side of the device that can be used to turn it on and off.
Despite its small size, which is smaller than a credit card, some users may find the navigation buttons on the SafePal S1 to be a bit too small. However, the device does turn off after 30 seconds of inactivity to conserve power, and the setting can be adjusted if needed.
Overall, the SafePal S1 is a top-notch hardware wallet that offers a simple, safe, and easy-to-use solution for managing your cryptocurrency assets. With its wide range of supported coins and tokens, as well as its impressive security features, it’s definitely worth considering if you’re in the market for a hardware wallet. So, it can be a great choice for crypto enthusiasts.
Hardware Wallet vs Software Wallet
Hardware wallets, also known as cold wallets, are physical devices that store your cryptocurrencies offline, while software wallets, also known as hot wallets, are digital wallets that are accessed through an online platform or a mobile app.
Hardware wallets are considered to be more secure than software wallets because they store your private keys on a physical device that is not connected to the internet. This means that your keys cannot be accessed by hackers or other malicious parties. Additionally, hardware wallets often come with additional security measures, such as a PIN code or biometric authentication, to further protect your funds.
Software wallets, on the other hand, are accessed through the internet and are therefore more vulnerable to online attacks. They are convenient because they can be easily accessed from any device with an internet connection, but they do not offer the same level of security as hardware wallets. Software wallets are suitable for storing smaller amounts of cryptocurrency or for making quick, everyday transactions.
In general, it is recommended to use a hardware wallet for storing large amounts of cryptocurrency, while software wallets are suitable for smaller amounts or for more frequent, everyday transactions. It is important to carefully consider the security measures of any wallet before storing your cryptocurrencies in it.
How Crypto Hardware Wallets Work
Crypto hardware wallets are physical devices that are designed to securely store and manage cryptocurrency private keys. These private keys are used to sign transactions and access the corresponding cryptocurrency assets, so it’s important to keep them secure.
Hardware wallets work by generating and storing the private keys offline, away from the internet, which makes them less vulnerable to cyber attacks. When you want to make a transaction, you connect the hardware wallet to a computer or other device, enter your PIN, and then use the hardware wallet’s interface to sign the transaction using the private key. The signed transaction is then broadcast to the cryptocurrency network to be added to the blockchain.
Hardware wallets are generally considered to be a secure way to store and manage cryptocurrency assets, as long as you follow best practices for securing the device and keeping your recovery seed safe. It’s important to research and choose a hardware wallet from a reputable manufacturer and to take steps to secure the device, such as setting a strong PIN and keeping the device in a safe place.
Types of Hardware Wallets
- USB hardware wallets: These are small, portable devices that are designed to be plugged into a computer via a USB port. They often have a screen and buttons that allow you to interact with the device and confirm transactions. Examples include the Ledger Nano and Trezor.
- Smartcard hardware wallets: These are small, portable devices that are designed to be inserted into a computer’s smartcard reader. They use secure elements to store private keys and confirm transactions. Examples include the Ledger Nano S and Trezor Model T.
- Cold storage hardware wallets: These are devices that are designed to be stored offline, in a secure location such as a safe deposit box. They are typically larger and more expensive than other types of hardware wallets, but offer increased security by keeping the private keys offline. Examples include the BitBox02 and the KeepKey.
Steps for using a Crypto Hardware Wallet
Here are the steps for using a crypto hardware wallet:
- Purchase and set up your hardware wallet: First, you’ll need to purchase a hardware wallet from a reputable manufacturer and follow the instructions for setting it up. This may involve installing software on your computer or mobile device and writing down a recovery seed, which is a sequence of words that can be used to restore your hardware wallet if it’s lost or stolen.
- Connect the hardware wallet to your device: To use the hardware wallet, you’ll need to connect it to a computer or mobile device. This is usually done using a USB cable.
- Enter your PIN: When you connect the hardware wallet, you’ll need to enter your PIN to unlock it. This is an additional layer of security to ensure that only you can access the private keys stored on the device.
- Create a new address or select an existing one: Once the hardware wallet is unlocked, you can use it to create a new cryptocurrency address or select an existing one. An address is a string of characters that represents a specific location on the blockchain where you can receive or send cryptocurrency.
- Sign the transaction: When you want to send cryptocurrency, you’ll need to create a transaction using the hardware wallet’s interface. This involves entering the recipient’s address and the amount of cryptocurrency you want to send. The hardware wallet will then generate a signature using the private key, which is mathematical proof that the transaction is valid and was initiated by you.
- Broadcast the transaction: Once the transaction is signed, you’ll need to broadcast it to the cryptocurrency network so it can be added to the blockchain. This is usually done by clicking a “send” button in the hardware wallet’s interface.
- Disconnect and secure the hardware wallet: After you’ve finished using the hardware wallet, it’s important to disconnect it from your device and store it in a secure location. This will help protect your cryptocurrency assets from potential threats such as physical theft or hacking.
