A hardware wallet is essentially a crypto wallet that is used to securely store your coins. It looks very similar to a thumb drive, but is used exclusively for crypto coins. They are only used when connecting to a trade exchange and/or are being used to verify transactions. They are stored in a controller specifically designed to keep the data on the drive safe. Meaning that info on the drive cannot be transferred by modifying the controller.
The reason people use a hardware wallet to store their crypto coins is because it is something physical that can’t be hacked into or modified when not in use. It is the most secure way of doing so that is still practical to most people.
Here’s a Video by Ledger that clearly explains why you should use a hardware wallet for storing your cryptocurrencies.
Besides storing the crypto coins, a hardware wallet also stores all the key and critical information of the owner. This then allows the owner to authorize the transactions that pass through the wallet. This will prevent any unauthorized hacking and stealing of digital assets.
We will now go through the list of the 5 best hardware wallets for storing crypto. After we have gone through them, we see which is the best and is recommended by us.
1. Ledger Nano X
The Nano X hardware wallet is built by Ledger, arguably the best manufacturer globally for hardware wallets. The Nano X model makes use of cold storage. This simply means that the wallet is stored on a separate device that is not connected to the internet at all and is only accessed via Bluetooth when being used.
The Nano X hardware wallet offers a range of great features for its size of 72mm x 18.6mm x 11.75mm and weight of only 34 grams. It is small but packs a proper punch for its size. It is considered the flagship hardware wallet of Ledger. It is also the most expensive model that they offer.
What makes it so enticing to customers is the fact that it can be used by Android and Apple users alike without much difficulty. There is also an incorporated exchange built into the wallet.
The Nano X model offers a 100mAh battery that is able to run the hardware wallet for a few hours uninterrupted. This makes life a lot easier for many users. The wallet is also compatible with over 1,800 different types of coins. The wallet is able to hold almost all of everyone’s favorite currencies including DogeCoin.
Pros and Cons for Ledger Nano X
- The wallet has a modern design
- Great battery life
- Only cords used are for charging
- A little pricey
- No touchscreen
- All is lost if the device is lost
Why Should You Buy Nano X
The Nano X is considered to be one of the bigger hardware wallets that is famously reliable. If you are looking for something that can hold your diverse portfolio, the Nano X should definitely be something that you consider.
2. Ledger Nano S
The Nano S hardware wallet is also made by Ledger. It is considered to be the base model of wallets that they offer. It is about half the price of the Nano X, but doesn’t skimp on quality and offerings.
The Nano S is able to store up to 3 different software apps on its 57mm x 17.4mm x 9.1mm design with a weight of 16.2g. It is really small, but so powerful. The Nano X doesn’t have any Bluetooth features and requires that users make use of its cables with adapters for either Android devices or Apple devices. Unfortunately, the Nano S does not make use of apps for connecting to smart devices, but this is considered as part of their safety features as it is considered truly offline and impossible to gain access to wirelessly.
Pros and Cons for Ledger Nano S
- Secure offline storage
- Tiny and light
- Very simple to use
- Doesn’t have the biggest storage capacity
Why Should You Buy Ledger Nano S?
If you don’t have the biggest crypto holdings and are looking for one of the most secure ways to hold your crypto coins, the Nano S should be your first choice. It offers a truly secure experience due to its design.
This is a hardware wallet built by Trezor that offers a holding facility of a vast array of coins. It has a digital screen that shows exactly what transactions are being approved when in use. It also offers CE and RoHS certifications that affirm its quality.
The Trezor Model T has several features that are definitely worth mentioning. The first being that it can hold over 1200 different types of coins securely. It has a size of 64mm x 39mm x 10mm with a weight of only 22g. It is very compact and has even been designed for people who travel a lot as it will handle being x-rayed frequently. This is often a small thing that is overlooked, but considering how important it is, it should probably be standard everywhere.
Pros and Cons for Trezor Model T
- Small and lightweight
- Has a touch-screen with great display
- Holds large amount of coins
- Connectivity is dependent on cable
- Only able to connect to Android devices
- Quite expensive for offering
Why Should You Buy The Trezor Model T
If you are looking for a device that has been externally vetted and offers great security with a wide range of coin holding potential – the Model T is for you. It is quite compact, but at the same it is quite a robust piece of hardware. It does come with a potential contingency plan if you lose the hardware – so a great product offering.
If you are looking for something small and reliable, then look no further than the Trezor Model One. It is what someone could describe as no fuss and gets the job done. There are no fancy frills and will certainly prove to be reliable.
There is a small OLED screen that will display all relevant info while in use. It is however, not a touchscreen – the screen is only for display. It offers the capacity to hold over 1200 coins like the Model T, while still offering an extremely secure experience. The Model 1 can also serve as your U2F piece of hardware.
Pros and Cons for Trezor One
- No fuss design – minimal but complete
- Great price for offering
- Not compatible with Apple
Why Should You Buy Trezor Model One?
If you are just starting out on your crypto journey and are new to the world oh hardware wallets, the Model One should be your first consideration. It is a great starting wallet that should meet all the needs of a person starting out. You may find later on that it can be limiting, but by then you will know more about what to look for in your next step in choosing a wallet.
The KeepKey wallet by ShapeShift is piece of hardware that is made to be compatible with a tech platform. It is a combination of old school security with a modern connection. Whether you are new to the crypt wallet scene or have been around for a while, the KeepKey is something that can appeal to everyone.
It has a special PIN feature that allows for an additional layer of security that prevent anyone from hacking into the wallet. It also allows for custom transaction speeds, which is especially helpful if it something that can affect your transfers. And one particular feature that really makes this hardware stand out is its ability to hold an infinite number of wallet addresses.
Pros and Cons for KeepKey Hardware Wallet
- Endorsed by Forbes, NASDAQ and CoinDesk
- Supports 40+ coins (leading coins)
- Doesn’t offer the largest coin holding selection
- Can be expensive
Why Should You Buy Keepkey Hardware Wallet
If you are looking for a secure storage device that can be well protected and still offer a great variety of coin choices, this could be the option for you. It is quite pricey, but is widely recognized as one the most exclusive wallets that you can get. It is supported by all the big names in crypto exchanges. It is also an extremely well-designed piece of hardware. If you have an impressive crypto portfolio, why not make sure that you match the hardware?
Final Thoughts & Best Pick
Having gone through a great variety of hardware wallets for crypto, some issues became clear. Such as what does its purchase price offer in terms of coin holding variety and quality of hardware? There is a delicate balance that needs to be had. After careful consideration of all the factors above, it becomes clear that the Ledger Nano S is the best option out there. It has one the most powerful processors that allows the wallet to hold one of the biggest varieties of coins available. It is also the most secure as it relies strictly on a cable, but offers a head for both Android and Apple devices. Its price also makes it the best choice out of the 5 wallets above. The Ledger Nano S will provide you with the best offering when looking at all the options above.