A hardware crypto wallet gives you a secure way to store your private keys, giving you control over your cryptocurrency. It is a more secure alternative than holding your crypto on a stock exchange or using a software wallet.
What to Look for in a 2022 Cryptocurrency Wallet
There are three main ways to hold your cryptocurrency and they have different degrees of security. The first and least secure method is to keep your cryptocurrency on the exchange where you bought it. An example would be to buy on bitcoin and never send it to a more secure wallet. This method is not very secure as hackers are primarily targeting exchanges in an attempt to steal cryptocurrencies.
Next are mobile wallets on a phone or browser like Metamask. These wallets give you a set of private keys that ensure that only you have access to your holdings. Private keys are a set of unique random words that can be entered to retrieve your cryptocurrency.
The only downside is that these mobile wallets work with software that can be hacked. While it is much more secure than keeping your cryptocurrency on a stock exchange, mobile wallets are by no means completely secure.
For optimal security, a hardware wallet is required. Most of these wallets look like a hard drive or USB flash drive and are offline storage, which puts your assets out of the reach of hackers. The best hardware wallets also do not store your private keys in software. They eliminate the risk of others than you gaining access to your funds.
Cryptocurrency wallet technology has come a long way since the early days of cryptocurrency. Like any development market, there are many newcomers. As such, it can be a little confusing to try to distinguish between which one serves the best purpose. And like any other set of products, each hardware wallet does some things better than others.
Some wallets have additional features that allow users to buy and sell cryptocurrencies on the wallet itself. Others aim to allow users to store their possessions without additional bells and whistles, and some even work with DeFi.
Depending on your needs, we think our choice below will have something for every type of cryptocurrency user.
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Best all-round Cryptocurrency Wallet: Trezor Model T
Trezor Model T is the industry standard for cryptocurrency wallets. Model T is the new and improved version of its predecessor, the Trezor Model One. As a result, it supports some of the newer cryptocurrencies that the older Model One does not support.
As part of this redesign, the Model T has a sleek touch screen and no extra buttons. The installation may take a little longer due to some of its features, but it is well worth the effort.
One such feature is the ability for users to purchase cryptocurrencies with current fiats and trade cryptocurrencies in the Trezor Suite web application. Trades made through Trezor Suite are then updated in your wallet in real time.
Model T comes with additional layers of safety compared to its competitors. Bluetooth wallets can allow hackers to break in and steal your money. Model T is connected only using a micro-USB cable. It can also use secure QR codes to facilitate the sending and receiving of cryptocurrencies.
And even better, unlike many other hardware wallets, Trezor’s software is open source. This transparency means that any bugs are usually fixed quickly and security updates are faster, which keeps everything safe.
However, all the extra capacity and increased safety means that the Model T is more expensive than its competitors. Model T also cannot be integrated with iPhone users. Android users can seamlessly interact with the Model T by connecting a micro-USB. If you are an iPhone user and need to connect with it, you will want to choose a different wallet.
Best Crypto Wallet for Beginners: Trezor Model One
Sometimes the newer devices like the Trezor Model T are not the easiest to use. A wallet that works simply and works well may be preferable, especially for someone who is new to crypto. If you want to keep it simple, then the Trezor Model One is for you.
This hardware wallet was released in 2013. Despite this, the Model One has nothing to envy most other wallets on the market, but it has fewer features and costs half as much.
It supports over 1,000 cryptocurrencies, but since it was developed almost a decade ago, it is not compatible with some of the newer cryptocurrencies like Cardano or Tezos. It also does not support Ethereum-based tokens like Chainlink, Polygon or Shiba Inu. Make sure Model One can store the parts you invest in before you buy it!
The small screen and the two buttons can be used to confirm transactions. Model One does not have a Bluetooth feature, but works via a micro-USB cable, making it more secure.
Finally, the setup is relatively simple, and when done, you can buy and sell cryptocurrencies directly from the Trezor Suite web application, just like the Model T. As long as your coins are supported by the Model One, this is a good beginner’s wallet, both in terms of features and price.
Most secure crypto wallet: NGRAVE ZERO
Our most secure hardware cryptocurrency wallet is a newcomer from one of the world’s leading technology research and development companies, Imec. The NGRAVE ZERO wallet has your safety in mind in more ways than the competition can match.
First of all, ZERO does not connect to the Internet in any way. There is also no Bluetooth or USB compatibility. The only way to interact with the wallet is through one-way QR codes.
This means that there is no risk of compromised software and that all your information remains offline. The wallet is so secure that it has received the highest available security certificate, EAL7.
The NGRAVE purse also comes with a fireproof and waterproof stainless steel card on which you can transcribe your restoration theorem – perfect if something should happen to the purse itself. If you are looking for complete peace of mind, look no further.
Of course, ZERO also supports all kinds of cryptocurrencies, so you can keep all your investments safe. Users will appreciate the large touch screen, which makes navigation smooth.
This level of security is comforting, but it comes at a price. NGRAVE is easily the most expensive wallet on our list, and costs over $ 400. But the price is worth it for those who want to be at the forefront of crypto security.
The most “profitable” cryptocurrency: Ledger Nano X
Ledger Nano X is one of the most popular hardware wallets. For just $ 150, the Nano X has almost all the same features as the Model T, while having a sleeker look that resembles a flash drive. The more compact design makes interaction with the device a bit less user-friendly than the Trezor Model T, but that’s a minor compromise.
Nano X deserves its place on the list thanks to its compatibility with mobile devices and its integration with up to 100 applications like 1inch and POAP. For example, this means that users do not have to worry about opening an app to access their Ethereum and another for their Bitcoin. This is something that Trezor does not offer.
Using a Bluetooth connection, Android and iPhone users can interact with their Nano X to buy and sell their crypto. The wallet also supports over 1,000 cryptocurrencies, so you will probably be able to store all your coins in one place.
But unlike the Trezor Model T, Nano X users cannot buy cryptocurrencies with fiat currencies. Nano X allows users to trade cryptocurrencies but not buy them directly.
The only negative point about Ledgers Nano X is a security breach that occurred in July 2020. Hackers were able to grab the phone numbers and email addresses of millions of customers. Fortunately, no private key was obtained, but there were attempts through phishing attacks. Since then, Ledger has publicly made security a higher priority, and there has been no hacking since.
Best Crypto Wallet for DeFi: SafePal S1
Built by Binance Labs, SafePal S1 came on the market in hopes of creating a wallet for DeFi enthusiasts. Those who are active dividend farmers, or who interact with all kinds of dApps, should look no further.
Users can start by downloading the SafePal app for Android or iPhone. Using the mobile app, investors can interact with all kinds of dApps like Uniswap, Aave, Compound and Curve. Transactions can then be sent securely to your SafePal S1 by scanning a QR code or verifying a private key to ensure they remain secure.
Other benefits of SafePal S1 are its price and the security it offers. Priced at around $ 50, this wallet is really easy to use for your bank account. In addition, it works 100% offline as only QR codes are used. There is no USB cable, WiFi or Bluetooth connection to access funds. It even has a self-destruct mechanism in case someone tries to break into your wallet.
The downside is that SafePal S1 does not support any notable coins like Cardano, Tezos, Algorand or VeChain. To compensate, the wallet supports all Ethereum-based tokens and Binance Smart Chain-based tokens. Just make sure SafePal S1 can store your cryptocurrencies before you buy!