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Learning how to keep your crypto safe using hardware wallets is step one in becoming an experienced cryptocurrency investor. Investing in blockchain projects is fun and profitable, but only when done correctly. Critically, there are some inherent differences between cryptocurrencies and other investments that it would benefit you to understand. Primarily, you are solely responsible for keeping your crypto safe.
Keeping Your Crypto Safe
There are a lot of different strategies an investor can follow to secure their cryptocurrencies against theft in 2021. One of the best options available is to utilize a hardware wallet. Hardware wallets reduce the risk of online attacks due to their design. These devices keep your cryptocurrencies stored offline in what’s called “cold storage.” To accomplish this task, most devices utilize an air gap to keep your coins offline.
Not All Hardware Wallet Options are Safe
While it’s true that hardware wallets are far more secure than their mobile or desktop counterparts, they are still susceptible to human error and clever fraudsters. Recently, fake and altered hardware wallets began to pop up in the market. These counterfeit devices trick you into believing your holdings are safe. To avoid these risks and others, it’s recommended that you only stick with the most reputable wallet manufacturers.
Today there are a lot of different hardware wallet options available. Importantly, not all wallets are the same in terms of quality, security, and pricing. Choosing the wrong wallet can cost you big time. Luckily you won’t need to guess. Here are the top hardware wallets to consider in 2021.
Ledger Nano X – Best Hardware Wallet
Ledger wallets are recognized as one of the best options in the market. The company was founded in 2014 and has offices in San Francisco, Paris. Currently, Ledger employs over 130 employees across its various offices.
The Ledger Nano X is at the top of the list for its convenient design and all-around functionality. This device is perfect for investors on the go. Additionally, the unit supports a huge variety of coins and tokens. It also works in tandem with multiple Dapps to improve your UX.
The Ledger Nano X includes a bright interactive OLED HD display that makes it simple to see exactly what you’re doing. You can manage this wallet with the Live mobile app via Bluetooth and users can restore any lost funds using the recovery sheet. The Ledger Nano X makes the top of the list due to its advanced security features and its sleek design. The only downside of the wallet is the higher price tag.
Ledger Nano S
The Ledger Nano S is a more affordable version of the company’s flagship hardware wallet. The Nano S is still an impressive device. Like its big brother, Nano S supports a huge variety of coins and tokens. Users can store any ERC-20 compatible token when managing the wallet via MyEtherWallet.
These devices are compatible with hundreds of decentralized applications making them the ideal selection for anyone interested in interoperability. All Ledger devices are Hierarchical Deterministic wallets meaning the owner of the unit has full access to the account representing the coin.
The Nano S is very portable. The device only weighs 34g in total. Despite its lightweight design, the device is relatively durable. Its durability comes from its brushed stainless steel casing. This casing gives the wallet a quality feel and appearance when compared to plastic options.
The CoolWallet S, is looking to challenge industry mainstays like KeepKey, Trezor, and Ledger. This wallet provides some unique attributes which may set it apart from the pack – a necessity to lure users away from current offerings.
The device itself is the same size as a traditional credit-card. Within it however, is a rechargeable battery, security chip, Bluetooth technology, an e-ink display, and a physical confirmation button. Working in unison with the device is a slick, easy to use app (on both Android and iOS).
Boasting these features, the CoolWallet S is one of the first hardware wallets that makes sense for spending on the go or long-term holdings. While competitors have devices which resemble jump drives, the CoolWallet S fits nicely inside a wallet with its sleek design. This allows for it to be used throughout your daily life, while still providing the enhanced security associated with hardware wallets.
Trezor Model T
The Trezor Model T is another top-notch wallet in the sector. The Trezor Model T provides users with a universal vault for all of their digital assets. Unlike Ledger’s devices, Trezor features a full open-source code. Open-source codes are more resilient than private coding because they are both peer-reviewed and audited by security researchers.
Notably, the Trezor line of wallets is the creation of SatoshiLabs. Notably, this Czech-based firm was the first company to release a Bitcoin hardware wallet. As such, Trezor has valuable experience in the sector. This experience is evident in the Trezor Model T’s feature set.
The Model T supports more than 1000 coins. Additionally, the system stores all Bitcoin’s private keys offline in a different chipset. The device is extremely light, weighing in at on 22 grams and the case is made of durable metal. Users of the Model T enjoy full recovery capabilities and a brilliant interface. Notably, users must input a four-digit pin code with all transaction confirmations.
Trezor Model One
The Trezor Model One is a more affordable version of the Trezor Model T. It’s a simplified version without many of the bells and whistles of its more expensive counterpart. It’s a great way to jump into the world of cryptocurrency without having to splurge for the higher priced Trezor Model T. The safety and simplicity behind this device makes it a popular favorite for members of the cryptocurrency community.
KeepKey is another sleek alternative in the market. This elegantly designed wallet launched in 2015. Notably, the wallet was acquired by one of the most popular trading platforms in the market, ShapeShift. This integration allowed KeepKey wallet users to safely trade their cryptocurrencies directly from their devices.
The KeepKey wallet is compatible with Windows, Linux, and Mac operating systems. The unit features a large digital display that provides clarity to every digital asset sent and received. The screen makes transaction monitoring a breeze. Best of all, all sends must be approved via pressing a physical button on the device.
KeepKey users also enjoy added PIN protection against unauthorized use. Specifically, the device integrates additional passphrase protections. There are also customizable transaction speeds available to users. Impressively, KeepKey allows you to create and monitor limitless wallet addresses on one device. At $100, KeepKey is also a little more affordable than the competition. In this way, KeepKey is slowly gaining ground on its established rivals in the market.
The Best Hardware Wallet Options for 2021
The crypto sector has grown significantly over the last eleven years. Despite all of this growth, keeping your cryptocurrency safe remains the main priority. Additionally, not much changed in the processes and strategies used to accomplish this task. Hardware wallets still are and are set to remain the best way to keep your cryptocurrency out of the hands of hackers and other scamsters in the market. Stick with the reputable hardware wallets listed in this review, and you are sure to watch your satoshis stack to the virtual ceiling.
David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com
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