Best Crypto Hardware Wallets in 2024
According to our research, the best hardware wallets in 2024 are Ellipal Titan, Ledger Nano X, and Trezor Model T. We reviewed more than 40 crypto hardware wallets from a user perspective, using a hands-on research methodology to select the top picks. This approach ensures our list is unbiased and reliable.
The Top 12 Hardware Wallets Ranked
We compared the best crypto hardware wallets to assemble a list of our top 12 picks. The good news is that there’s a hardware wallet for nearly any use case and an affordable yet secure solution for nearly any budget.
- Cypherock X1 – Four-in-one hardware wallet with Shamir Secret Sharing to decentralize crypto keys
- Ellipal Titan – Air-gapped crypto hardware wallet with a large touchscreen
- Ledger Nano X – Bluetooth-enabled hardware wallet with open-source software
- Trezor Model T – Touchscreen Bitcoin hardware wallet with support for multiple blockchains
- Tangem – Sleek and user-friendly hardware wallet with an EAL 6+ certified secure chip
- Ledger Nano S Plus – Budget-friendly hardware wallet with a Secure Element chip
- Trezor Model One – Low-cost open-source hardware wallet with a proven history
- Blockstream Jade – Flexible and popular open-source Bitcoin-only wallet
- NGRAVE ZERO – Air-gapped crypto hardware wallet with military-grade construction
- Safepal S1 Pro – Budget-friendly air-gapped hardware wallet with a Secure Element chip
- Coldcard Mk4 – Bitcoin only hardware wallet designed for maximum security
- SecuX – Cross-platform crypto wallet with support for Bluetooth
The Best Crypto Hardware Wallets Reviews
Here’s how our top picks for best hardware wallets compare.
1. Cypherock X1 – Four-in-one Hardware Wallet With Decentralized Crypto Key Protection
Cypherock X1 is a versatile crypto hardware wallet that lets users hold cryptocurrencies securely through Shamir Secret Sharing. Crypto keys are protected and stored in 5 hardware components for maximum safety. Developed by cold wallet startup Cypherock, the crypto wallet is actually four hardware wallets in one, as users can create 4 different accounts under one roof.With support for more than 9,000 crypto assets (including 10 blockchain networks), the Cypherock X1 helps users manage top coins like Bitcoin, Ethereum, and Solana. Additionally, crypto holders can use the Cypherock X1 as a vault to store seed phrases from other crypto wallets. The crypto wallet is designed to last for at least 20 years and comes with a one-year supplier warranty.CySync powers the Cypherock X1 as the hardware wallet’s companion app. Available on Windows, Mac, and Linux, CySync allows for sending, receiving, and monitoring cryptocurrencies across different chains. CySync development for iOS and Android is ongoing, with a mobile release within months. For the actual hardware, Cypherock X1 uses the CC EAL6+ Secure Element chip for industry-leading crypto security. Check out our detailed Cypherock X1 review for more information.
- Rating: 4.8/5
- Price: $159
- Supported Coins: Over 9,000 crypto assets
- Best Features: Decentralized crypto key storage through Shamir Secret Sharing, store multiple wallet accounts, EAL6+ Secure Element chip
- Suitable For: New and advanced investors with long-term crypto holdings
- Decentralized crypto key storage with Shamir Secret Sharing
- Store and manage 9,000+ crypto assets
- NFC-powered secure X1 cards
- Store multiple wallet accounts
- Mobile app is still in development
- Does not have native staking capabilities
Use promo code “coldwallet” to get 17% off the Cypherock X1.
2. Ellipal Titan – Air-Gapped Crypto Hardware Wallet With a Large Touchscreen
If you’re looking for a wallet that’s easy to use but also prioritizes security, the Ellipal Titan is the perfect choice. As the name suggests, it’s big, nearly six inches tall and over four inches wide. The Titan’s larger dimensions translate to more real estate for the device’s responsive touchscreen display.
Ellipal’s Titan supports over 10,000 cryptocurrencies and is completely air-gapped. There’s no Bluetooth, WiFi, NFC, USB, or any other way for the wallet’s private keys to come anywhere near the internet. Instead, the Ellipal Titan uses QR codes to share information with the Ellipal mobile app. The wallet itself also has a camera to scan QR codes from the mobile app.
You can also send crypto to your Ellipal cryptocurrency hardware wallet from a crypto exchange like Coinbase. Using the Coinbase app, snap a pic of the QR code for your crypto wallet address shown on the Ellipal device. Coinbase and similar apps convert the QR code to an address, ensuring the crypto goes to the right address without the risk of typos.
- Rating: 4.1/5
- Price: $169
- Supported Coins: Over 10,000 cryptocurrencies
- Best Features: Air-gapped security, anti-tamper and self-destruct mechanism, wide coin and token support
- Suitable For: Long-term holders and intermediate users
- Air-gapped for maximum safety
- Large touchscreen
- QR code compatible for ease of use
- 10,000+ supported crypto
- Price can be expensive for some
- No desktop interface, mobile only
3. Ledger Nano X – Bluetooth-Enabled Hardware Wallet With Open-Source Software
The Ledger Nano X is one of the top hardware wallets for securely managing cryptocurrencies in 2024. It offers robust security by storing your private keys offline, making it resistant to hacking and malware. Its Bluetooth connectivity allows for convenient mobile access, supporting over 5,500 cryptocurrencies, including staking for popular assets like Polkadot and Solana.
Ledger provides a user-friendly interface, with backup options through recovery seed phrases, ensuring you can regain access if the device is lost or damaged. Its compatibility with Web3 and DeFi applications also enhances functionality for advanced users.
Although the Nano X is pricier than other wallets ($149), it justifies the cost with advanced features like Bluetooth and larger storage capacity. However, the Bluetooth function has raised some security concerns among experts, and new users may face a learning curve.
- Rating: 4.5/5
- Price: $149
- Supported Coins: Over 5,500 cryptocurrencies and tokens
- Best Features: Bluetooth connectivity, high security, and multi-coin and NFT support
- Suitable For: Intermediate to advanced users and active traders
- Portable design
- Bluetooth support
- USB-C support
- Time-tested durability
- Multi-chain support
- Limited connectivity to third-party mobile apps
- No desktop app support for Bluetooth
- Small screen
4. Trezor Model T – Touchscreen Bitcoin Hardware Wallet With Support for Multiple Blockchains
The Trezor Model T is one of the top hardware wallets in 2024, offering unmatched security for storing your crypto assets. Developed by Satoshi Labs, Trezor is widely trusted, with a strong track record for protecting users from online threats through cold storage.
The Model T supports over 1,800 cryptocurrencies, allowing you to buy, sell, and exchange directly through the Trezor Suite app. Its intuitive interface includes portfolio tracking and password management, making it user-friendly. However, its plastic build and higher price ($149) may deter some users.
Trezor prioritizes security with features like PIN protection, passphrase recovery, and two-factor authentication. While it lacks support for some layer-one networks, its transparent open-source code and reputation make it a top choice for serious crypto holders seeking safe, long-term storage.
- Rating: 4.5/5
- Price: $149
- Supported Coins: Over 1,800 coins and tokens
- Best Features: Touch screen interface, Shamir backup system, and open-source software
- Suitable For: Advanced users and long-term holders
- Portable design
- Open-source software & firmware
- USB-C support
- Tamper-resistant design
- Multi-chain support
- Higher cost
- No Bluetooth
- Fewer cryptocurrencies supported
5. Tangem – Secure Hardware Wallet Contains an EAL6+ Certified Chip
The Tangem hardware wallet is a highly secure and user-friendly wallet for storing and managing thousands of digital assets. Boasting an EAL6+ certified chip, the highest security standard for chip technology, it ensures top-notch protection against both invasive and non-invasive attacks.
Notably, Tangem has never been hacked, despite having over 2 million wallets in circulation. This impressive track record is due in part to its dual security measures, which include both passcode protection and biometric authentication.
Tangem’s design is sleek and practical, its cards are as thin as a standard bank card and durable enough to resist extreme temperatures. Users can activate the wallet in just three minutes, with the card’s chip generating a private key that remains securely hidden. The Tangem app allows users to easily manage their assets, with the ability to buy, sell, swap, and stake thousands of cryptos. Additionally, the app provides valuable market insights and data to help users make informed decisions.
The 3-card wallet set can be purchased for $54.90, while the 3-card set costs $69.90. Use the link below to secure a 10% discount on your purchase. Check out our Tangem Wallet review to learn more about this user-friendly hardware wallet.
- Rating: 4.7/5
- Price: $54.90 for 2-card set, $69.90 for 3-card set
- Supported Coins: Over 1,000+ cryptos
- Best Features: EAL 6+ certified security chip, offers valuable insights through the Tangem app, provides passcode protection and biometric authentication
- Suitable For: Beginner and advanced users
- Unmatched security with EAL6+ certified chip
- Sleek and durable design
- Offers dual layer of security
- Offers staking and swapping features
- Never been hacked
- Requires a phone for all transactions
- Lacks multi-signature support
6. Ledger Nano S Plus – Budget-Friendly Hardware Wallet With a Secure Element Chip
Ledger Nano S Plus is an excellent hardware wallet for 2024, offering secure cryptocurrency storage without breaking the bank. With offline storage and physical transaction confirmation, it ensures your private keys remain safe from online threats. It supports over 5,500 cryptocurrencies, making it a reliable choice for diverse portfolios.
Priced at just $79, the Nano S Plus offers more storage capacity than the original Nano S, allowing you to manage up to 100 dApps. It also integrates seamlessly with DeFi, Web3, and NFT platforms, providing versatility without the need for Bluetooth, unlike the more expensive Nano X.
For security, the Nano S Plus features a certified CC EAL5+ chip and recovery phrase backup, safeguarding your assets even if the device is lost or damaged. It’s an ideal choice for users seeking security and functionality at an affordable price, without the extra features of higher-end models.
- Rating: 4.8/5
- Price: $79
- Supported Coins: Over 5,500 cryptocurrencies and tokens
- Best Features: Extensive crypto and NFT support, Ledger Live integration, and high security
- Suitable For: Beginner to intermediate users and long-term holders
- Affordable price
- Portable design
- USB-C support
- Time-tested durability
- Multi-chain support
- Limited connectivity to third-party mobile apps
- No Bluetooth support
7. Trezor Model One – Low-Cost Open-Source Hardware Wallet With a Proven History
The Trezor Model One is a trusted and affordable hardware wallet that has been a top choice for crypto users since its launch in 2014. Known for its flawless security track record, it securely stores your private keys offline, protecting your assets from online hacks, malware, and viruses.
Priced at just $59, the Trezor One supports over 1,300 cryptocurrencies, making it an excellent value. You can easily buy, sell, and exchange crypto through Trezor Suite, which also features portfolio tracking. While the plastic build may feel fragile and it lacks a touchscreen, it remains highly functional for everyday crypto management.
Although Trezor One doesn’t support some popular coins like Polkadot and Avalanche, Trezor’s proven security and ease of use make it one of the most reliable hardware wallets for those seeking self-custody of their assets at an affordable price.
- Rating: 4.2/5
- Price: $59
- Supported Coins: Over 1,300 coins
- Best Features: Strong security, hidden wallets for enhanced privacy, affordability
- Suitable For: Beginners and long-term holders
- Affordable price
- Simple design
- Hidden wallets
- Multi-chain support
- Fewer cryptos supported
- No Bluetooth support
- Micro USB connector
8. Blockstream Jade – Open Source Bitcoin Hardware Wallet
The Blockstream Jade is a compact, Bitcoin-only hardware wallet that emphasizes privacy, security, and affordability. Launched in 2021, it offers strong Bitcoin support and open-source transparency, allowing users to verify the firmware and even build it from source code. Its main appeal is its highly secure seed generation and storage methods, making it ideal for Bitcoin maximalists.
The Jade supports air gap mode, multisig wallets, and features a rechargeable battery, but its small screen and lack of microSD backup may be limiting. Still, at $64.99, it provides excellent value, especially compared to higher-priced competitors like the COLDCARD Mk4.
While the plastic build feels less premium than other wallets, Jade’s seamless integration with Blockstream’s Green wallet and easy-to-use interface make it an appealing choice for both beginners and experienced Bitcoin users. If privacy, open-source software, and affordability are key, the Jade is a great option.
- Rating: 4.3/5
- Price: $64.99
- Supported Coins: Bitcoin and Liquid Network assets
- Best Features: Air-gapped security, open-source software, and multisig and spoof wallets
- Suitable For: Bitcoin-only, intermediate to advanced users
- Easy to use UI
- QR scanner to sign transactions
- Highly hacker resistant
- Low resolution screen
- No capacity for altcoins
9. NGRAVE ZERO – Air-Gapped Crypto Hardware Wallet With Military-Grade Construction
The NGRAVE ZERO is one of the most secure hardware wallets available in 2024. With an EAL7 security certification, it surpasses both Ledger and Trezor in terms of security standards. It’s air-gapped, meaning it never connects to the internet, protecting it from online threats like viruses and hackers.
Its Perfect Key system generates private keys on the spot, ensuring no pre-installed backdoor vulnerabilities. Its robust design includes biometric security, a light sensor for randomization, and compatibility with the NGRAVE Graphene metal backup system. This offers a secure way to store and recover your private keys without relying on a single point of failure.
However, the wallet is more expensive than others, and asset support is still being expanded. If you’re looking for top-tier security and don’t mind the learning curve, the NGRAVE ZERO is worth considering. It’s particularly suited for serious hodlers prioritizing safety over convenience.
- Rating: 4.7/5
- Price: $398
- Supported Coins: Over 4,000 digital assets
- Best Features: EAL7 security certification, air-gapped with QR communication, and graphene backup
- Suitable For: Advanced users and long-term holders
- Randomized private key
- Air-gapped wallet
- Large touchscreen
- Tamper-proof sealed metal case
- EAL7-certified OS
- No PC support
- Higher cost
- Partially open-source
10. Safepal S1 Pro – Budget-Friendly Air-Gapped Hardware Wallet With a Secure Element Chip
The SafePal S1 hardware wallet is highly secure and affordable. With robust security features such as an EAL 5+ secure element chip, air-gapped transaction signing, and biometric verification, it ensures your private keys stay offline and safe from online threats like hackers and malware.
One of its standout features is integration with the SafePal mobile app, allowing you to manage your portfolio on the go and even engage in decentralized trading through SafePal Swap and Binance spot trading. This added convenience doesn’t compromise security, as the device remains completely offline during transactions.
While the SafePal S1 supports a wide range of top cryptocurrencies, its reliance on the SafePal app for compatibility might feel limiting to those who prefer using third-party wallets. Despite this, at $49.99, it’s an excellent value for secure, offline crypto storage.
- Rating: 4.4/5
- Price: $49.99
- Supported Coins: All tokens across more than 100 blockchains
- Best Features: EAL5+ secure element chip, completely offline operation, and durable design with enhanced battery life
- Suitable For: Beginner to intermediate users and long-term holders
- User-selectable seed phrase length
- Convenient size
- Low cost
- EAL5+ Secure Element chip
- Doesn’t integrate with other wallets
11. Coldcard Mk4 – Bitcoin Hardware Wallet Designed For Maximum Security
The Coldcard Mk4 is one of the most secure Bitcoin-only hardware wallets available in 2024. With its air-gapped design, it keeps your private keys offline, protecting them from online threats like hacking or phishing.
Coldcard’s open-source firmware allows for community auditing, ensuring transparency and security. Its microSD backup feature offers a convenient way to restore your wallet, and the large display enhances transaction verification. However, its advanced setup process can be overwhelming for beginners.
The lack of mobile app support and focus on Bitcoin-only can be limiting if you hold altcoins. Additionally, its price is higher than alternatives like Ledger or Trezor, but the premium is justified by its security features. If Bitcoin security is your top priority, Coldcard Mk4 stands out as the best option.
- Rating: 4.6/5
- Price: $157.94
- Supported Coins: Bitcoin
- Best Features: Air-gapped security, advanced PIN security, and MicroSD support
- Suitable For: Advanced users and long-term Bitcoin holders
- Highly secure
- Open source Firmware
- Large display
- Complex set-up
- Expensive
- No mobile app
12. SecuX – Cross-Platform Crypto Wallet With Support for Bluetooth
The SecuX hardware wallet series — comprising the V20, W20, and W10 models — offers secure crypto storage with military-grade security features. These wallets support over 1,000 cryptocurrencies, including major coins like Bitcoin and Ethereum, and provide convenient cross-platform compatibility.
Each wallet is equipped with a 2.8-inch color touch screen for easy navigation and transaction verification, making it user-friendly. The V20 and W20 models come with Bluetooth and USB connectivity, while the W10 sticks to USB-only. All models boast secure Infineon chips for tamper-resistant security, ensuring protection from cyber threats.
The W20 and W10 are designed with military-level protection, offering robust security without the V20’s premium aluminum build. While all SecuX models provide excellent security and usability, the V20 is the most feature-rich, priced at $139. The W10 offers a more budget-friendly option at $69, lacking Bluetooth but maintaining solid security.
- Rating: 4.4/5
- Price: $69 to $139
- Supported Coins: Over 1,000 coins and tokens
- Best Features: 2.8-inch color touchscreen, Bluetooth and USB-C connectivity, and passphrase and hidden wallet support
- Suitable For: Intermediate to advanced users and long-term holders
- Browser-based wallet management
- Bluetooth support
- Support for MetaMask
- Bulkier than some devices
- Confusing lineup of devices
What Is a Cryptocurrency Hardware Wallet?
A cryptocurrency hardware wallet is a physical device that stores your crypto offline, making it safe from online threats like hacking. Unlike software wallets, which are connected to the internet, hardware wallets keep your private keys securely offline.
To make a transaction, you connect the wallet to your computer or phone, verify the details, and approve the transfer using the wallet’s buttons. By using a hardware wallet, you maintain control of your assets while reducing exposure to cyberattacks.
How Do Hardware Wallets Work?
A cryptocurrency hardware wallet stores your private keys offline, keeping them secure from online hacks. When you want to send or receive crypto, like using an Ethereum wallet, you connect the device to your computer or mobile via USB or Bluetooth.
Transactions are signed inside the hardware wallet itself, ensuring your private keys never leave the device. You confirm transactions manually on the device’s screen or buttons, which adds an extra layer of security. Some wallets also support two-factor authentication (2FA) for additional protection.
These wallets support many cryptocurrencies, including Bitcoin and Ethereum, allowing you to manage different assets safely. Since they’re offline, they are often seen as one of the most secure ways to store crypto.
Wired or Wireless Connections
Many hardware wallets use a USB connection to connect to your computer and accept or decline transactions. Newer models may use Bluetooth, which allows support for mobile use, or even an NFC chip that can connect to an NFC-enabled mobile device.
Regardless of which connection type a hardware wallet uses, there’s still an additional layer that requires input from a separate device you physically hold.
Advantages of Hardware Crypto Wallets
The advantages of hardware wallets compared to software wallets or exchange wallets center on security. You may have to sacrifice some convenience, but the goal is to protect your crypto. By keeping some or all of your crypto in a hardware wallet, you greatly reduce the risk of losses.
In addition to added security, hardware wallets typically offer protection against physical theft, offline transaction signing, recovery and backup options, and support for multiple cryptocurrencies. Let’s explore these advantages further.
1. Enhanced Security
Hardware wallets store private keys offline, making them highly resistant to online threats like hacking and malware. The keys never touch the internet, reducing exposure to phishing attacks or viruses.
2. Protection Against Physical Theft
Many hardware wallets include security features like PIN protection, passphrases, and even “self-destruct” mechanisms that wipe the data after a certain number of failed attempts. These features protect against unauthorized physical access.
3. Offline Transaction Signing
Many hardware wallets, such as Coldcard and SecuX, allow transactions to be signed offline using features like air-gapped systems or QR code transfers. This prevents exposure to potential network vulnerabilities during the signing process.
4. Recovery and Backup Options
Hardware wallets follow industry-standard protocols like BIP39/44 for seed phrase recovery, allowing users to restore their wallets if lost or damaged. This ensures that funds are recoverable without relying on third-party services.
5. Support for Multiple Cryptocurrencies
Hardware wallets often support a wide range of cryptocurrencies and tokens. For example, models like the SecuX V20 or Ledger Nano X can store thousands of different assets, providing flexibility for users with diverse crypto portfolios.
Limitations of Hardware Wallets
Using a hardware wallet is an important security measure, but it creates some extra steps, and there are still some risks. Using software wallets alone is much easier, and you aren’t tied to a physical device that’s probably safely stored at home.
However, software wallets are also less secure. Pairing a software wallet with a hardware wallet makes sense in many situations. You’ll have to weigh some considerations before making a choice.
1. Cost
Hardware wallets are not free. Compared to software wallets, which are often free to use, hardware wallets can range from around $50 to $500 depending on the model and features. This cost can be a barrier for casual or low-volume crypto users.
2. Learning Curve
For beginners, hardware wallets can be intimidating due to their setup complexity and security measures, like seed phrase backups, PINs, and recovery processes. Advanced features, such as air-gapped signing or multisig setups, may also require significant technical understanding.
3. Physical Loss or Damage
While hardware wallets are highly secure, they can be lost, stolen, or damaged. If the recovery seed is not properly backed up, users can lose access to their crypto holdings permanently.
4. Dependence on Physical Devices
Using a hardware wallet depends on the availability and functioning of the physical device. Issues like battery failure, malfunction, or loss of the wallet can delay or obstruct access to funds. Although recovery is possible with the seed phrase, the process can be cumbersome.
5. Limited Cryptocurrency Support
Some hardware wallets, like the Coldcard, are Bitcoin-only, which may not meet the needs of users who want to store multiple types of cryptocurrencies. Others may support more assets but still lack compatibility with certain tokens or blockchains.
Using a Hardware Wallet to Move Your Crypto Off Exchanges
You don’t need to be active in the crypto ecosystem to benefit from a hardware wallet. One of the most common reasons to choose a hardware wallet is for the secure storage of cryptocurrencies you’re holding as an investment.
As a beginning investor, you might choose to keep your crypto on the exchange where you trade. Exchange wallets are called custodial wallets because the exchange has custody of your crypto. It’s convenient. And when your balances on the exchange are lower, your financial exposure is also lower.
As your balances grow, however, you’re at risk of losing much more. Using a self-custody crypto hardware wallet can protect you against exchange-related risks.
- Your exchange login can be compromised. About a third of us use password managers that offer a way to create unique passwords for each website. Others may be re-using passwords or using insecure passwords. However, even a password manager can create risk, as the app itself or an online vault can be a target for exploits. LastPass, a popular password manager, has suffered more than one breach.
- The exchange might freeze withdrawals. The collapse of crypto platforms like Voyager, Celsius, and FTX — all of which declared bankruptcy — are examples of why it may be wiser to move your crypto off exchanges. Once you move some or all of your crypto to a hardware wallet, any insolvency issues pose less risk to you.
If you need to keep a certain amount of crypto on the exchange for trading purposes, consider moving the rest to a hardware crypto wallet for safekeeping.
How to Store Seed Phrases Securely
Your seed phrase gives direct access to the crypto wallet and the stored digital assets. Therefore, losing a seed phrase may lead to a permanent loss of your digital tokens.
To secure your seed phrases, it is important to utilize a proper storage device. One top option is Cryptotag, which uses aerospace-grade titanium to secure your seed phrases. This device is bullet-proof and offers water and heat resistance. With an investment of just €129, users can access a sure-shot way of protecting their digital assets.
Hardware Wallets vs. Software Wallets
Moving your crypto to a wallet you control is often the best move, but is a software wallet just as good a choice? Probably not.
A software wallet like MetaMask (Ethereum) or Electrum (Bitcoin) generates and stores the private keys on an internet-connected device. The private keys used to authorize transactions are on your device at all times. If multinational companies like Microsoft and Oracle have security vulnerabilities in their applications, hot wallets developed by smaller teams may be at risk as well.
Conversely, hardware wallets store your private keys on a separate device not connected to the internet. Even when temporarily connected to a computer or mobile device, the hardware wallet’s firmware limits interaction with your wallet to accepting or declining a transaction by clicking a button or taking a similar action on the device in your possession.
Both types of wallets share some similar risks, however. Specifically, safeguarding the wallet’s seed phrase or private key is tantamount, but sometimes, they get out into the wild.
If someone else has this seed phrase, also called a recovery phrase or mnemonic phrase, they can create a duplicate of your wallet (and its keys) and send your crypto to another wallet you can’t access. Any compatible software wallet can be used to access a crypto wallet created by a hardware device if someone has the seed phase.
The seed phrase and private key look different, but either can be used to make a carbon copy of your wallet. They’re really just two ways of expressing the same value.
This concern applies to both hot and cold wallets because they both use seed phrases and private keys. Choose a secure way to store your seed phrase so you can recreate your wallet if needed while preventing someone else from making a copy of your wallet elsewhere.
Generally, avoid storing your seed phrase in cloud storage or leaving it somewhere where others can find it.
How to Choose a Hardware Cryptocurrency Wallet
Which cryptocurrency hardware wallet is right for your needs depends on your risk profile and how you think you’ll use your wallet. Cost, transparency, security features, and even mobile support can all play a role in your purchase decision.
1. Security Features
Consider how you’ll use the wallet and which security features are most important to you.
Often, there’s a trade-off between security and convenience. The most secure wallets are air-gapped, meaning they can’t connect to the internet in any way. Instead, they typically use QR codes. You scan the QR code in an app or on the device itself and then approve or deny the transaction on the device. This may require more steps to complete transactions compared to a device that connects via Bluetooth or USB.
Also, consider security features like a Secure Element chip. But weigh the benefits against the trade-offs for this as well. For example, Ledger states it can’t fully open-source its firmware due to the Secure Element chip, similar to Cypherock. Trezor, by contrast, does not use a Secure Element chip on the Model T or Model One and provides full transparency with open-source firmware for these devices.
2. Supported Coins and Blockchains
Many popular wallets support multiple blockchains. However, some wallets only support one blockchain, most commonly seen with Bitcoin-only wallets. Choose the best crypto hardware wallet for your overall needs while weighing which assets you think you’ll need to store. For example, if you’re considering a Trezor but need to store XRP, you’ll need to jump up to a Model T. Trezor’s Model One doesn’t support XRP. Meanwhile, hardware wallets like Cypherock support over 9,000 crypto assets, including XRP.
Most multi-chain wallets support the Bitcoin and Ethereum networks at a minimum. Ethereum Layer-2 support may be limited, however. You may not see assets you hold on the Abitrum Layer 2 blockchain, for example, even though they are in your wallet. If needed, you can use a portfolio app like Debank or a blockchain explorer like Etherscan (for Ethereum) or Arbiscan (for Arbitrum) to verify transactions or tokens that don’t show in your hardware or software wallet.
3. Cost
Software wallets are typically free to use. By comparison, you can expect to pay $50 to well over $200 for a hardware wallet, depending on which model you choose.
Cost is a consideration, but paying a lot doesn’t always translate to more secure storage. Plenty of people store large amounts of crypto on inexpensive yet reliable and well-supported devices like the Trezor Model One.
Also, it might not make sense to spend hundreds of dollars to protect a smaller amount of crypto. If you choose a less expensive device to start, you can always upgrade when you have more to protect.
4. Fees
The top hardware wallets generally don’t charge an additional fee to use the wallet after you’ve purchased it. However, many wallets enable crypto swaps or purchases from within the wallet’s software app. In this case, you may encounter fees or other costs.
There are several ways to trade crypto, ranging from centralized crypto exchanges to decentralized exchanges and peer-to-peer exchanges. Ledger Live, for example, offers ways to buy crypto from within Ledger’s wallet software suite. Transaction fees vary depending on the provider you choose within the app.
In most cases, buying on an exchange will be less expensive compared to using your wallet’s app. But you may prefer to buy through your wallet app. If so, compare buying fees before choosing the best crypto hardware wallet for your use case.
5. Mobile Experience
Not too long ago, mobile and hardware wallets didn’t belong in the same sentence. Most cold wallets worked via a USB cable plugged into a computer. However, with Bluetooth connectivity available on some hardware wallets or even NFC support, as seen with the Ledger Nano, crypto hardware wallets can go wherever you go.
Some models, like Ledger wallets, can connect to Android phones via an optional OTG cable that uses the USB-C port on your phone.
If you think you might need to use your hardware wallet on the go, consider models that work with a cell phone or tablet. Check the App Store or Play Store reviews for the mobile app that accompanies the wallet you’re considering. Ledger Live scores well here with a 4.8 out of 5-star rating on Google Play Store.
In some cases, you may also be able to use the mobile wallet app as an on-the-go portfolio to track your investments.
6. Open-Source or Closed-Source Software and Firmware
Bitcoin, the first cryptocurrency, was open-source, meaning the Bitcoin Core code was and is available online. The alternative would be closed source, in which we don’t know what the software really does, what security flaws it may have, or if it phones home with sensitive transaction details. Many in the crypto community insist on open-source software for crypto wallets.
Crypto hardware wallets use two sets of code:
- Wallet firmware: You can think of firmware as software that lives on the hardware wallet device itself. Trezor, for example, makes the Trezor firmware available to view. If so inclined, you could even modify the firmware and run a customized device. Ledger is taking steps to open-source its firmware following a crypto-community kerfuffle over Ledger’s planned private key backup service.
- Wallet software: The software suite is an important tool to interact with the wallet device, particularly during device setup and updates. The wallet software talks to the wallet’s firmware but often also brings other features, like charting, swaps, or the ability to connect with other apps. Both Ledger and Trezor open-source their software suites, while Ellipal is partially open-source.
The big advantage of open-source software and firmware is transparency, but security can also benefit from open-source code. An army of coders around the world poring over the code may be more likely to identify a potential issue than a smaller development team.
Lastly, open-source code for firmware gives the community a way to keep older devices active even after the manufacturer ends support. If Trezor ends firmware support for the tried-and-true Model One at some point in the future, the community can fork the code and make updates as needed.
7. Ease of Use
Top hardware wallets like Ledger and Trezor balance security with ease of use. Both wallets offer beginner-friendly software suites that make maintenance like firmware updates a breeze. By comparison, Ellipal requires you to update the device using an SD card (not included).
8. Durability
Cypherock X1 is built to last at least 20 years of use. Almost the same level of durability is true for the Trezor Model One. Newer devices with large touch screens, like the Ellipal Titan or Ledger Stax, are akin to a small smartphone and may not survive accidental drops on a tile floor well. Consider your use case and where you’ll use your device before making a choice.
9. Your Risk Profile
The best crypto hardware wallets can help protect any amount of crypto, large or small, but for smaller amounts of crypto, it may be more prudent to let your balance grow before buying the latest crypto wallet gizmo. For some, a hardware wallet is a must-have piece of gear. Others may be well-served with a software wallet as a starting point.
Conclusion
The field of options continues to grow, making choosing the best crypto hardware wallets a bit more challenging. For most crypto investors and traders, well-established brands may still make the best choices. Wallet makers like Ledger and Trezor led the market and still make some of the most compelling products.
We were particularly impressed with the Cypherock X1 due to its multi-wallet functionality and comprehensive offerings, including secure and decentralized crypto key storage, EAL6+ security, and NFC-ready cards. Another air-gapped alternative, the Ellipal Titan, provides a sturdy construction, convenient size, security features, and wireless connectivity option that could appeal to other users.
FAQs
What is a hardware wallet?
A hardware wallet is a type of crypto wallet that generates and stores the wallet’s private keys on a device that’s not connected to the internet.
Are hardware crypto wallets safe?
Hardware crypto wallets offer a safer alternative to software wallets because they store the wallet’s private keys offline. Many hardware wallets also use a Secure Element chip, a specialized chip designed to be tamper-resistant and safely store sensitive information.
What is the most secure crypto hardware wallet?
Air-gapped wallets that cannot connect to the internet in any way — instead using QR codes to communicate with an external app — offer the most security.
Should I put my crypto in a hardware wallet?
Storing your crypto in a hardware wallet is the safest option to protect against compromised exchange logins, exchange hacks, or exchange insolvency.
Does my crypto still grow in a hardware wallet?
The value of the crypto in your wallet tracks the value of the same cryptocurrency traded on exchanges.
Are hardware wallets worth it?
Software wallets may offer enough security for smaller balances, but as your balances grow, a hardware wallet becomes a worthwhile investment due to its increased security.
Can you put any crypto on a hardware wallet?
Many of the best crypto hardware wallets support up to 10,000 cryptocurrencies, but you need to be sure your wallet supports the cryptocurrency you want to store and choose the correct wallet address before transferring crypto to your wallet.
References
- Ledger: Ledger & MetaMask Strengthen Partnership: Ledger Nano X Soon Compatible With MetaMask Mobile App
- Reuters: Bankrupt crypto lender Voyager Digital predicts 35% customer payout
- Reuters: Crypto lender Celsius sends bankruptcy plan to creditor vote
- The New York Times: Embattled Crypto Exchange FTX Files for Bankruptcy
- US Cybersecurity and Infrastructure Security Agency (CISA): Top Routinely Exploited Vulnerabilities
- GitHub: Trezor Suite
- GitHub: Ledger Live
- GitHub: Trezor Firmware
- GitHub: Bitcoin
- CoinDesk: Ledger’s PR Struggle Reveals Uncomfortable Trade-Offs for Crypto Storage
- LastPass: Notice of Security Incident