Best Cryptocurrency Hardware Wallets

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Author: Mr. KingsHOK
An accountant who turned cryptopreneur to pursue my interest in crypto and decentralized finance. Let me show you how to invest safely in the space with my experience over the years.

Hardware wallets are the best cold wallets in the cryptocurrency market.

Hopefully, you’re not storing crypto investment on exchange sites and other kinds of online hosted wallet like Coinbase or CEX?

These kind of services keeps your coin wallet private keys on your behalf, but under their own custody which means you don’t really have full access to your crypto-coins.

This is not a safe practice at all, because to claim your bitcoin in cases of any lose, your private key is the only thing you can use to retrieve your cryptocurrency.

If you’re still confused a bit about which best crypto wallet to use, read the beginners guide on wallets to learn about the best wallet, or wallet app to use for storing your investment.

Before we get started, let me first explain what exactly is cryptocurrency hardware wallet devices.

What is hardware wallet?

Hardware wallets are the most secured type of cryptocurrency wallets used in storing your bitcoins.

It gives you full access to your wallet address and private keys, which is not accessible to any other third-party.

Before selecting preferred crypto wallet, below are the things to consider while choosing a reliable wallet:

  • Private keys control: It must allow you the access to own and control the private keys
  • Backup security: Seed backup keys and codes can be saved in offline
  • Development community: The development community must be very active
  • Ease of use and access: It must be very accessible and easy of usage
  • Compatibility: It must be compatible with good number of other wallet apps.

Now that you know how to choose the best hardware wallet, let’s discuss about the best ones to secure both your Bitcoins and Altcoins.

Hardware vs software wallet

The offline features of hardware wallets make them safer than software wallets, and you don’t need any third-party.

A hardware wallet is protected from any security threats and asset loss.

If a hardware wallet is lost, stolen or damaged, you can safely recover your assets with the 12, 18 or 24-word recovery seed.

All of your cryptocurrency is stored on the collective blockchain network.

The hardware wallet stores the recovery seed that you backup offline, on paper or a stainless steel recovery seed backup device.

Suppose you no longer have access to your hardware wallet.

In that case, you can import the recovery seed into another wallet, and you will regain access to all of your accounts, balances and transaction data.

The numerous layers of security offered by hardware wallets make them costly but worthy of investing in.

Compared to the services of other online wallets and Bitcoin wallets, a hardware wallet will last much longer without making changes to its system.

Hardware wallet vs cold storage

A cryptocurrency hardware wallet makes use of hardware only to let users access their data and past transaction histories.

However, cold storage wallets requires both the software and hardware authorization – making them far more secure than traditional storages.

Best crypto hardware wallets

Let’s take a look into the best hardware wallets for cryptocurrency you can purchase to secure your crypto-investment.

1. Ledger Nano X

This Ledger Nano X is one of the latest offering from a top-notch name in the hardware wallet market.

It can store crypto using up-to 100+ applications from the vast repository of about 5500+ tokens.

Using Ledger Nano X, you can buy, sell, stake, swap or manage cryptocurrencies and non-fungible tokens.

The device is secured with a pin-code backed up by 24-word recovery phrase, and you can set-up 2FA (Two-Factor Authentication) for additional safety.

Ledger Nano X has Bluetooth feature, and that improves its mobility while using the Live application.

Purchase Ledger Nano X $199+

2. Ledger Nano S

Nano S is also from the start-up that produced Nano X, which has a complete shape of the normal USB dongle.

Unlike Nano X, it doesn’t have internal battery, and displays information on the screen only when connected to a USB port using the cable.

It also comes with two side buttons alongside a small OLED screen.

This device does not have an anti-tampering sticker, because it can check for integrity using its cryptographically instrument when fully powered on.

If you buy it newly, you will need to configure and set up the pin code for security.

The phrase is what you use at anytime to recovery your crypto assets, if any damage or loss should happen to the wallet.

However, you also need to carefully write down a 24-word recovery seed phrase.

Nano S wallet stores your crypto-coins and private keys in offline mode, so you may not need to worry about the safety.

However, Ledger Nano S is considered as the cheapest multi crypto hardware wallet as at the time of writing.

Purchase Ledger Nano S $99+

3. Ledger Blue

This ledger wallet has almost all the features as Nano S, but it’s more user-friendly than the previous due to its built-in coloured touchscreen.

The screen is used to open and access the crypto value assets stored on the device itself.

Management of transaction in Ledger blue is easier and faster than all other wallets, because of the full touchscreen display that is added.

This is a good option if you’re not all a tech-savvy investor in the cryptocurrency world.

Check out Ledger Blue $330

4. Trezor Hardware Wallet

This bitcoin hardware wallet is presented by SatoshiLabs, a Czech Republic-based company. Trezor is the first world’s Bitcoin hardware wallet.

It is actually a small device with an OLED screen which connects using a USB cord to your personal computer or mobile gadgets.

The major purpose of this device is to store your private keys offline and also sign your transactions.

The whole set up is totally different from that of Ledger Nano S, and when you first connect it to a PC, it shows a Nine (9) digit code on its screen.

You just need to enter the same pin code to the corresponding interface on your computer screen.

This code is randomly generated each you connect it to any computer, and this is to say, even a tampered PC cannot guess your pin codes.

As soon as you finish entering the codes, you’ll be asked to note down your 24-word safety seed phrase, which you will need to keep very safe.

Private key is the only way you can restore your Bitcoins if anything should go wrong, and the rest of the usage is just similar to that of Nano S.

Trezor also has a wallet app, such as Trezor Wallet app, Mycelium and MultiBit HD.

It is also available for many operating systems, and can also be used with your mobile iOS and Android gadgets.

5. KeepKey Wallet

This is yet another very popular cryptocurrency hardware wallet device available in the market.

It doesn’t offer much features compared to all other hardware wallets listed above.

It’s not all that convenient to carry in your pocket, as it is almost twice the size of some other wallets.

It only supports six (6) cryptocurrencies – of which Bitcoin is inclusive with a $99 price tag.

Hardware wallet problems to avoid

You should always try and write down your seed phrase words carefully, and securely keep it in a safe place only you knows about.

If you loose your pin or seed phrase words, there’s no way you can restore your crypto-coins, meaning that, you will loose your investment.

Make sure you keep the hardware wallet away from any kind of liquid, as it is an electronic device.

You know liquids (like; water) can cause lots of damages to its functions (that’s if it’s not rendered non-functional) at the end.

You also need to be mindful of where you keep the wallet device to avoid misplacement, as you need to always secure your crypto wallets.

No hardware wallet has lost-but-found alarm to alert you where it is in case you couldn’t find where you kept it.

Concluding thoughts

Crypto assets should not be kept in online exchange wallets for too long to avoid hacking or other security threats.

The hardware wallets store assets so that the user doesn’t need online storage.

If you’ve been using internet-based wallet, or exchange-based wallet to store BTC or any other Altcoin.

Be rest assured that you are simply putting your funds in some of the crypto investment risks.

I will recommend you invest in Ledger Nano X, because it has good reputation as one of the most secured wallet in the market.