If it so happened that your passion for crypto has grown into something more than just watching random memes, then you probably already made your first purchase and your tokens are in your cryptocurrency wallets.
Today I will try to answer the most asked question, what kind of wallet to choose for storing crypto and analyze how safe they are.
In this article, I will not say that keeping an asset on the exchange is recklessness, but let’s get down to business.
Top 7 reliable cryptocurrency wallets
- Ledger nano x
- Trezor Model T
- Ledger nano s
- Trezor model one
- Coolwallet s
- SafePal S1
As you know, security is the cornerstone of the entire industry. Keeping assets on the exchange is definitely not the best idea. First, you are not actually a full-fledged owner of your funds. Secondly, the exchange may well be hacked, and the number of such cases in recent years proves this.
So what types of wallets are there?
- Cold or hardware
For quite some time now, hardware wallets have been considered the safest way to store crypto, so today we will talk about them.
Here are some reasons why hardware wallets are cool:
- They are completely immune to online attacks. You can go to any site using any link, your tokens will remain with you.
- Some models are resistant to physical tampering, but they should not be fired at with a gun.
- They are ideal for those who want to throw coins into their wallet and forget about them for several years.
There are dozens of different options currently on the market, each with its own pros and cons. To complete a transaction, some models need to be connected to a laptop via a USB cable, while others work via Wi-Fi. When choosing, I recommend paying attention to the functionality of the device, the level of protection and the ease of restoring access to the gadget if you lose your password or keys.
Also, before buying, make sure that you are communicating with an authorized dealer and not a scammer. Otherwise, you risk buying a cheap flash drive instead of a wallet, which, when connected to a computer, will leave you without money.
Now you can go to wallets.
Ledger Nano X
Cost: $ 200
The Nano X is one of the latest innovations on the market to arrive in 2019. The model has a large memory capacity. This allows you to store up to 100 apps, instead of 2-3 that the old Ledger Nano S model could hold.
The wallet has a relatively large display. It also supports Bluetooth technology. This allows the device to sync wirelessly with the Ledger Live smartphone app.
Like its previous model, the Nano X supports a huge number of cryptocurrencies and is one of the most portable wallets around.
And thanks to the latest software updates, full support for Ethereum 2.0 has been added to the wallet. Such a charm costs up to $ 200.
Trezor Model T
Cost: $ 250- $ 300
Despite the high price, this wallet is considered one of the best on the market, especially for those who are worried about the security of a Bluetooth connection.
Thanks to modern cryptography and closed transactions taking place inside the wallet, everything will be in order with your assets. Trezor supports all mainstream coins: BTC, LTC, ETH, XRP, XLM, etc.
In July 2021, the Trezor Suite app was launched, replacing Trezor Wallet. Now the use of basic functions has become more convenient. Including one-click Tor integration and the ability to buy or send cryptocurrency directly to a hardware wallet.
Ledger Nano S
Cost: less than $ 100
The Nano S is the budget-friendly little brother of the Ledger Nano X. It is as popular as the hardware wallet on the market. Small and as simple as an old MP3 player, it offers a high level of security. The wallet supports over 1,000 cryptocurrencies and has a built-in bank-grade security element.
In 2021, the firmware was updated on the device and as a result, the user received a simplified registration process. Now you do not need to enter 24 words, but only 4 are enough.
Also, with a long press on both buttons in the device case, a menu appears on the display that allows you to adjust settings and delete applications. No need to connect to Ledger Live desktop software anymore.
Trezor Model One
Cost: about $ 100
One of the first hardware wallets to be released in 2014 was the Trezor Model One. Despite its age, the device still meets high safety standards. This old man supports a dozen external wallets and a fairly large number of cryptocurrencies.
With it, you can forget about reading encryption manuals, creating offline storage or fear of catching a virus. Trezor Model One is your affordable contraceptive in the crypto world.
Like Model T, Model One also benefits from the ability to use the new Trezor Suite app as a wallet interface.
Cost: $ 150
As elegant as the British queen, the wallet not only fits into high society, but also fits in the wallet, along with other debit and credit cards.
CoolWallet S supports most major cryptocurrencies and is one of the few waterproof hardware wallets out there. It is equipped with Bluetooth, which allows you to manage your portfolio from almost any device.
Cost: $ 100
For those who need the basic functions that are why hardware wallets were invented, KeepKey is perfect. As one of the cheapest devices on my list, the wallet offers a decent value for money. It is a simple device that allows you to store and exchange most cryptocurrencies thanks to the built-in ShapeShift function.
The outer shell is made of anodized aluminum, while the screen is surrounded by a polycarbonate shell. It is well made and has the confidence inspiring weight you would expect from a device made with high quality materials.
The wallet is twice the size of its main competitors, the Ledger Nano S and Trezor One. However, KeepKey’s large size allows it to house a relatively large 3.12-inch OLED display. Unfortunately, it is not so easy to find this wallet, as it is quickly disassembled in the market.
Cost: up to $ 100
The underdog in the world of hardware wallets is SafePal S1. The manufactured device offers to make the storage of cryptocurrency more secure thanks to a completely autonomous device that does not have USB, Bluetooth, Wi-Fi and other connection methods.
A relatively inexpensive wallet has a built-in camera. You are unlikely to be able to take a selfie of it and post it on Instagram, but you can easily connect the device with the application via a QR code.
The choice of a hardware wallet will likely depend on your personal preference. Each wallet on this list is good in its own way and is able to protect your assets from attacks from gypsies or ordinary hackers. They will definitely provide more security than a standard software or mobile wallet. But each device differs in its capabilities and the set of supported cryptocurrencies.
When it comes to security, the Ledger Nano S is, in my opinion, the most proven.
The Nano X is probably safe too as it uses the same stack, but it’s new and hasn’t passed the test of time yet.
KeepKey is one of the simplest devices, it is easy to store crypto with it and you can go to any party, because it is damn beautiful. As far as asset support goes, the Ledger Nano X just flies into space, leaving others to envy. In general, there is a choice and it is always yours.
Disclaimer: This article is not investment advice. Assess the risks yourself before making any investment decisions.