Cryptocurrency wallets are an essential part of buying, selling, or trading cryptocurrencies.
That said, there are multiple types of wallets, from hot wallets such as web-based wallets, or app-based wallets, to cold wallets such as hardware or paper wallets.
That said, hardware wallets have proven themselves to be a lot more secure and reliable because they have no direct connection to the internet and cannot be torn up, such as the case with paper wallets.
Today we will be going over some of the best cryptocurrency hardware wallets on the market.
Ledger Nano S
The Ledger Nano S is one of the most popular hardware wallet options out there. It is developed to be shaped like a USB device that is based on a smart card.
The main point of the appeal behind this wallet is its small size and weight, which is around 5.9 grams.
Within the package, you’re getting the wallet itself, alongside a micro-USB cable, lanyard for wearing the device around your neck, one keychain, a key ring, and a recovery sheet for writing down the seed keyword you will be generating. The activation process is fairly straightforward, as all you really have to do is connect it to your PC through a USB cable, confirm your PIN code, and write down the 24 words which are generated.
The wallet itself supports major cryptocurrency tokens as well as altcoins, including Bitcoin, Bitcoin Cash, Binance Coin, Cardano, Dash, Dogecoin, Eos, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Stellar, Tether, Tron, and others.
Pros of the Ledger Nano S:
- Simple to set up and get started with
- One of the more affordable hardware wallet options
- There is a wide range of supported cryptocurrencies
Cons of the Ledger Nano S:
- Proprietary hardware is used
Ledger Nano X
The Ledger Nano X is a more expensive option when compared to the S. However; this does give it several advantages.
In other words, it is vastly superior in terms of its security due to the fact that it includes an additional chip.
Furthermore, it is built with additional functionality, such as Bluetooth, allowing users to use the Nano X through a phone or laptop without constantly wiring it up through the USB cable.
It weighs in at 34 grams, is powered by a 100mAh battery, and stores multiple cryptocurrencies simultaneously. In the box, you’re getting a USB type-c cable, keychain, three recovery sheets, and even ledger stickers.
The supported cryptocurrencies are the same as the Nano S, with support for Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, Ripple, Binance Coin, and any ERC-20 token, just to name some of them. The main thing you need to be aware of before purchasing is that you need to use the native application if you want to add new coins to the ledger.
Pros of the Ledger Nano X:
- Nano X supports multiple cryptocurrency wallets at the same time.
- It has two chips which add to a higher level of security
- Allows multiple applications and coins to function simultaneously
Cons of the Ledger Nano X:
- The solid learning curve associated with the application
Trezor One has a reputation for being one of the first hardware wallets to truly secure Bitcoin, and SatoshiLabs built the wallet.
The main way it stands out from the “pact” is due to the fact that it has an OLED screen, which is one of the best display technologies out there, and you can use it with multiple applications.
However, when it comes to its level of security, it takes advantage of an isolated environment for signing transactions offline.
Once you activate the wallet, it will have a PIN code associated with it. The PIN system used here has a built-in system developed to prevent brute-force attacks on the wallet, so you can have peace of mind even if you connect it to a malware-infected computer. The original 24-word seed is randomly generated from the device and the computer and is generated offline.
That said, the cryptocurrency wallet supports multiple tokens, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Tether, Stellar, Dash, Ethereum Classic, and others.
Pros of the Trezor wallet:
- Simple to use interface
- Secure randomly generated passwords with each transaction
- Support for any operating system out there
Cons of the Trezor wallet:
- One of the more expensive options out there
Trezor Model T
The Trezor Model T is seen by many as an advanced version of the original model, with a screen that’s a lot better and a touch screen implementation instead of physical buttons.
It offers much of the same features as the Trezor wallet but has added support for newer cryptocurrencies such as Monero, Cardano, and XRP, for example.
By default, it can handle a multitude of cryptocurrencies; however, if it is up to your preference, you can always switch to a Bitcoin-specific firmware that has been designed for that use case.
You also get access to Shamir Backup, which gives you the opportunity to create 16 shares so that you can recover your cryptocurrency if something occurs to your device.
The wallet is also supported by many operating systems, including Windows, macOS, Linux, and Android. You’re getting a USB Type-C cable, magnetic dock, recovery seed card, and some stickers in the box.
Pros of Trezor Model T:
- Support for newer cryptocurrencies
- Access to Shamir Backup
- Bitcoin-specific firmware option
Cons of Trezor Model T:
- One of the more expensive hardware wallet options out there
The SafePal S1 hardware wallet is a project which has the backing of Binance Labs. It has EAL 5+ security certification with a self-destruct mechanism in case of any forced attacks upon it.
It is the size of a credit card and has a 400 mAh battery in it. In terms of cryptocurrency support, you have access to over 23 blockchains and over 20,000 tokens. It works with the specific SafePal application that is developed for iOS and Android devices.
Additionally, you get access to an integrated dApp explorer, and the app allows for quick swaps across tokens in various networks.
You can buy them directly, which is great for decentralized finance or decentralized exchanges, borrowing, NFT marketplaces, or even yield farming.
The main way it stands out is its “offline air-gapped signing mechanism,” which requires no Bluetooth, no WiFi, no NFT, and no USB connection for you to set up the wallet and use it. In terms of the tokens supported, you have Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Binance Coin, Tron, Neo, Dogecoin, Polkadot, Polygon, Solana, and others.
Pros of SafePal S1:
- Offline air-gapped signing mechanism
- Support for 23 blockchains and over 20,000 tokens
- Unlimited currency storage
Cons of SafePal S1:
- The process of sending transactions is complex, and it is cumbersome to transact as a result