Hardware Wallets
5 “Best” Hardware Wallets (May 2023)
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Hardware wallets are physical devices that store your private keys and allow you to sign transactions offline. This means that your funds will remain safe even if your computer is compromised.
They are considered the most secure way to store your cryptocurrency, as they are not vulnerable to hacks like certain software wallets are. Hardware wallets also allow you to securely backup your keys, so you can always recover your funds if you lose your device.
There are many different hardware wallets on the market that support a wide range of cryptocurrencies and are very user-friendly. All these wallets vary in terms of features and benefits, but there's one common ground among them all: they all provide a high level of security for your digital assets.
Speaking of hardware wallets, you must know that a hardware wallet is a great option if you're looking for a safe and convenient way to store your coins. So, without further ado, let's check out the best options available!
1. KeepKey
KeepKey is a popular choice for those looking for a simple and easy-to-use hardware wallet. It supports multiple currencies, more than 40 to be specific, including Bitcoin, Ethereum, Litecoin, Dogecoin, and Dash.
First released in 2015 and subsequently bought by ShapeShift, KeepKey provides a safe and secure way to store your cryptocurrencies. Being synced with the ShapeShift wallet means it gives you the option to exchange right from your wallet. While the wallet doesn't support as many coins as some competitors, the selection on hand should satisfy most users. Furthermore, it uses a secure chip and an OLED display to provide a user-friendly interface.
As for its type, it is a Hierarchical Deterministic (HD) wallet, which means that your private keys are generated and stored hierarchically, which allows for multiple levels of security and easy backup. Like most wallets of this kind, it is only usable when connected via a USB cable plugged into an internet-connected device.
KeepKey tops our list because while competitors like the Trezor T offer premium features like a colour touchscreen, such features come at a significant cost. Where KeepKey prices range from $50-80USD, the latter commands over $200. By offering security and a bevy of features at an attractive price point, the KeepKey is the perfect hardware wallet for the masses.
2. Trezor
Trezor is another popular choice, as it is one of the most secure wallets available and also supports a wide range of cryptocurrencies. It is easy to use and features a minimalistic design, clean UI, and built-in display that shows you all the information you need to confirm a transaction. Moreover, it also has a robust security system that includes a pin code and a recovery seed.
Trezor wallets are electronic devices resembling USB drives designed to create both private and public keys. It offers several versions of the hardware wallets, including the original Trezor One and Model T.
Trezor Model T uses the latest encryption methods to protect your digital assets, and thus, it is quite expensive compared to the other crypto hardware wallets. Such impressive features make Trezor Model T the preferred choice for both the hardware wallets as well as the DeFi platform for integrations in order to give its users complete security for their cryptocurrency.
Simply put, Trezor is an excellent choice for those looking for a secure and user-friendly hardware wallet compatible with dozens of external wallets.
3. CoolWallet Pro
Developed by CoolBitX, the CoolWallet Pro is a mobile Bluetooth hardware wallet that provides a high level of security for your crypto assets. It features a built-in display and touch screen to view your transactions and confirm them with a single tap.
CoolBitX also has a built-in battery, so you can keep your wallet powered on and ready to go even when you're on the go. And if you ever lose your CoolWallet Pro, you can restore it from a backup.
You must download the CoolWallet App and pair your device over encrypted Bluetooth to get the most out of your wallet. This will allow you to trade, buy, sell and monitor your crypto assets on the go.
With a reinforced secure element (EAL 6+) to rival the Ledger Nano X, as well as multiple biometric security measures, including physically pressing the button to confirm transactions, CoolWallet makes a compelling argument for taking up a bit of real estate on your physical wallet.
CoolWallet supports Binance DEX, WalletConnect, token-to-token exchange, and many enhanced features to facilitate the support of DeFi protocols, NFT collectibles, DApps, airdrops, and other emerging crypto products and services.
Click Here to Buy a CoolWallet Pro
4. SafePal
SafePal is a hardware wallet that supports multiple cryptocurrencies and is designed for security and ease of use. It has a color LCD screen that shows your transaction details and allows you to confirm or cancel a transaction. The wallet supports thousands of coins and around 20 blockchain networks.
Introduced in 2021, the wallet is backed by the leading cryptocurrency exchange Binance's incubator and the venture capital arm Binance Labs. The idea behind SafePal has been to provide the crypto market with a hardware wallet that is more affordable than Ledger Nano S and Trezor.
The wallet syncs with the SafePal mobile app, allowing you to manage your portfolio via the iOS and Android SafePal App. Here, you sign transactions offline using QR code scanning via an inbuilt camera. It also comes with a mnemonic card for you to store the mnemonic seed codes and private keys, as well as a USB cable cord and brand stickers.
SafePal is a multi-crypto wallet that is EAL5+ secured against penetration attacks and has a self-destructive mechanism in the case of offline brute-force attacks. Its air-gapped connection technique is the most noticeable feature that helps it stand out from others.
5. Ledger
Ledger is a popular hardware wallet brand that offers a variety of models to suit different budgets and needs. These wallets are known for their security and ease of use, making them an excellent choice for both novices and experienced crypto users.
Based out of Paris, France, and backed by a team of security experts, Ledger wallet is designed for accessibility, allowing individuals and businesses with limited cryptography experience to hold their funds safely.
The Ledger Nano X hardware wallet supports over 1000 cryptocurrencies. It comes with certified secure chips from the CC EAL5+ standard that keep your confidential data and built-in Bluetooth capabilities to manage cryptocurrency on the go. Users can manage their portfolios via the Ledger Live software. Ledger devices also come equipped with a built-in OLED display and buttons for confirmations, making them one of the most user-friendly hardware wallets on the market.
It should be noted that we kept Ledger at the bottom of our list due to multiple reasons. Not only did the company suffer from a data breach in 2020 that saw sensitive consumer data stolen, the wallet recently suffered from scalability issues stemming from the collapse of FTX. This was the result of a “massive outflow” of funds from exchanges to Ledger and other self-sovereignty solutions. This led to a “massive usage” of Ledger platforms and suffering a “few scalability challenges,” as per Ledger's CTO Charles Guillemet. So while it remains an extremely popular option among digital asset enthusiasts, this checkered past means it just manages to enter the bottom of our list.
Conclusion
Hardware wallets are considered the most secure type of wallet, as they store the private keys for your cryptocurrencies offline. They also allow you to make transactions and easily track your balance. With the ever-growing list of supported cryptocurrencies and the increased focus on security, it is no wonder that hardware wallets are becoming more and more popular. While there are many different hardware wallets on the market, we believe that the best ones in 2022 are the above-listed five options.
