What are the best and most secure hardware wallets on the market to store your crypto
When you store your crypto assets, you want to use the best crypto wallets available and using a hardware wallet sure has benefits. Leaving a small amount of cryptocurrency on a mainstream exchange where you bought it may be fine. However, moving it to a crypto wallet that is under your control is a much safer choice. Crypto wallets come in two general forms – software and hardware. In this post, we’re analyzing the best crypto hardware wallets available today.
Hardware wallets have been around for quite some time, and they are considered a save option to store your cryptocurrencies. Furthermore, hardware wallets add an extra layer of safety to wallet services like Metamask. In this article we will go deeper into this:
What is a hardware wallet?
A hardware wallet is the polar opposite of its software counterpart, although both are used for receiving, sending, collecting, and tracking ownership of crypto assets. Whereas software wallets come in the form of a browser extension or mobile app, hardware wallets are offline USB/thumb drive-like devices. Hardware wallets are also called cold wallets or cold storage, versus hot (online) wallets or hot storage.
Using a hardware wallet gives the owner full control over the cryptocurrency wallets in that particular hardware wallet. This means one hardware wallet can contain multiple wallet addresses. Users often use a mnemonic to create a backup of their wallet addresses and private keys. As always, never share your private keys or mnemonics with others.
How safe is a hardware wallet?
Hardware crypto wallets provide more safety from viruses and hackers than software wallets. This is because they keep one’s private keys (used for accessing the crypto assets) completely offline, away from a network-connected computer that could potentially contain harmful or vulnerable software.
That said, if you lose your hardware wallet device, you will lose access to all of your crypto assets. That is, unless you wrote them down or otherwise backed them up. So if you have trouble managing a physical device, you may want to opt for hot storage.
On top of that, hacking a hardware wallet isn’t entirely impossible, especially if you buy it secondhand and not directly from the manufacturer. So make sure you consider this when purchasing a crypto hardware wallet for managing your assets. Be wary when buying from the secondary market, as scammers can tamper with wallets. This might give them direct access to the buyer’s wallet addresses.
Today’s best crypto hardware wallets
Now let’s take a look at some of the best crypto hardware wallets that today’s market can offer:
Ledger Nano X
Able to connect with mobile devices via Bluetooth, Ledger Nano X can integrate with the Ledger Live app to keep users’ crypto assets offline and safe from viruses and hackers. Ledger Live is the company’s in-house software that allows users to install apps on their Nano devices and manage their crypto assets. The wallet supports nearly 100 decentralized apps and more than 5,550 coins and tokens.
Trezor Model T
The world’s first hardware wallet to use Trezor’s Shamir Backup (SLIP39), Trezor Model T also acts as a security token, digital ID, and authenticator. Shamir Backup allows users to recover their entire wallet using a 12-word recovery seed in case they lose their device. Model T’s handy touchscreen allows users to verify and confirm all the operations before they’re carried out. User passwords are individually locked within Trezor Password Manager. These are only released after the user physically confirms the operation on the device. This crypto hardware wallet supports over 1,200 coins.
Ledger Nano S
Although it doesn’t feature Bluetooth support like its more expensive counterpart, Ledger Nano S is a hardware wallet that still offers the basics at a relatively low price. This includes trading and managing your crypto assets, keeping them safely offline, and support for numerous coins and tokens. Nano S is compatible with the Ledger Live app. You can install up to three dapps through it on the device.
Trezor Model One
The early version of Trezor’s hardware wallet, Trezor Model One was used as a foundation for its much more expensive Model T. The older model doesn’t have a touchscreen, and it does require interaction with the phone or desktop. However, it’s perfect for those who prefer the simplicity that comes with fewer options. On top of that, it can serve as a U2F (Universal 2nd-Factor) token so you can be absolutely certain what action you’re approving.
The company’s first crypto wallet, ShapeShift’s KeepKey is affordable and features all the basics. Think about offline private key management, crypto trading and tracking, sleek and large display – and then some. Additional features include a web-based ShapeShift integration that consolidates your crypto tools into one environment. In addition there’s the simple backup and recovery options with a 12-word recovery sentence. The wallet supports 46 ERC-20 tokens, as well as all the major cryptocurrencies.
Hardware beats software in security
If the security of your crypto funds is your number one priority, you won’t go wrong with choosing any one of these crypto hardware wallets. If, however, you have a propensity to misplace your physical devices, then you might want to consider going for a software crypto wallet.
Regardless of what you choose, you can learn more about various crypto assets, decentralized apps, and all things in between if you follow DappRadar on Twitter. You’re also welcome to join the DappRadar PRO community and make use of our Discord server.