In this guide, we will review 5 of the best hardware wallets for holding your cryptocurrencies in. We will go in-depth on how they work, what sets them apart and which one might best fit your crypto needs.
Why should you get a crypto hardware wallet? Well did you know that over $1.35 billion have been stolen from cryptocurrency exchanges so far? The biggest risk to your cryptocurrencies is thieves and hackers. So investing in a safe hardware wallet for your cryptos is one of the best advice we can give.
Before head into the five best options let us briefly talk about what are cryptocurrency wallets? Why you need them and what are the different types of wallets available.
What are cryptocurrency wallets?
Cryptocurrency wallets are like your bank accounts. In your wallet, you store your cryptocurrencies at. You also just it to receive and send cryptos to other people.
And every wallet has its own unique public address, or several addresses in fact. So that you can store more than one type of cryptocurrency in one wallet. Those are sometimes referred to as ‘multi-currency wallets’.
But what is important to remember is that each address is often linked to a specific cryptocurrency. And you can only store that cryptocurrency in that wallet address. You should only store, send and receive Bitcoin at a Bitcoin address, the same goes for Ether or any type of cryptocurrency really.
Different types of cryptocurrency wallets
Ok, now you know a bit more about what cryptocurrency wallets are and why you need them. But another important part to learn about is the different types of crypto wallets out there. We have written a long guide about it, but you can often refer to:
- Hardware wallets = the most secure wallets
- Mobile wallets = great for mobility and ease of use
- Desktop wallets = useful for overview and feature richness
- Web wallets = mobile and ease of use but potentially riskier
- Paper wallets = secure but not very flexible
Hot wallets vs Cold wallets
Another type of crypto wallet is hot vs cold wallets. This isn’t anything complex, rather a hot wallet is connected to the internet and the cold one is not.
Hot = connected to the internet
Cold = disconnected from the internet / no connection
So with that in mind, cryptocurrency hardware wallets are most definitely the most secure wallets out there for storing crypto. We can not emphasize this enough. Securing your cryptos like securing your money should always be your top priority. And therefore investing in a hardware wallet is a very important purchase.
Let us get started exploring the best hardware wallets for cryptocurrencies.
Best crypto hardware wallets for Bitcoin and cryptocurrencies
1. Ledger Nano S
One of the most well-known brands in the crypto space definitely has to be the Ledger Nano crypto wallets. Created by a team founded in 2014 with French roots, but now with offices around the world and employing over 130 people. Ledger has established itself as a trusted brand in the crypto space.
And not for no reason. They have delivered excellence in their products. Both the Ledger Nano S and the new and updated X model. The device itself is nothing fancy, but it looks neat and professional. Even though half of it feels like your ordinary USB stick at home with a nicer blacker finish.
From unpacking the device to getting started shouldn’t take much longer than 5 – 10 minutes max, depending on your crypto skill levels.
The Ledger Nano S costs about €69, and it can be one of your smartest decisions you can make to make sure your funds don’t get stolen or lost. It’s easy to operate with two buttons and one screen.
You can just trust the Ledger team. So far we have read very few horror stories when it comes to people losing their funds. And a majority of does have been due to user errors than any technical or other issues from the Ledger side.
The Ledger Nano S is a deserved leader in the hardware wallet space. And it has been able to dominate the space together with the Trezor models.
Why choose Ledger Nano S
- It’s also password protected and it comes with an interesting feature where it allows you to log in to a ‘dummy’ account using a separate password.
- It is easy to set up and install. With clear instructions available both on their website and in the shipping box.
- Great selection of cryptocurrencies. Ledger has one of the biggest selections of cryptos. And are also one of the earliest to add new cryptocurrencies to their, and your portfolio.
- Ledger Live. The recently added new portfolio feature called Ledger Live has been a well-received addition. From it, you can easily view the value of your holdings, send and receive cryptocurrencies and deal with it all securely from your Ledger Nano S.
Buy a Ledger Nano S here
2. Ledger Nano X
Here it is, the new Ledger Nano X. The latest cryptocurrency wallet from the Ledger team, now Bluetooth-enabled. With Bluetooth, Nano X can be used with mobile devices, which makes sense in today’s mobile world. Storing your Bitcoins on a Ledger Nano X is easy, and foremost secure.
It’s built on the backbone of one of the most popular hardware wallets for cryptocurrencies. We loved the ease of use of the Ledger Nano S.
And with added memory and new features, we are super eager to soon try the Ledger Nano X.
With the Ledger Nano X, you can have more than 20 + coins and over 1250 ERC30 tokens. With new ones added often. All dealt with smoothly through your Ledger Live app.
Ledger has recently added their “all in one companion” application for the Ledger Nano X hardware wallet called Ledger Live find out more about how it works here
Why choose Ledger Nano X
- Increased storage and cryptocurrency capacity. One of the biggest reasons for getting a Ledger Nano X over the S model is the increased capacity of course. The Ledger Nano S is still a great hardware wallet. But the storage is a bit too small. This means that you can have fewer crypto wallets supported on your device.
- Wireless connection. With the Ledger Nano X model, you can connect your device to your computer wirelessly. Which adds an extra dimension to the user experience and makes operating your device a bit easier.
- Ledger Live. The recently added new portfolio feature called Ledger Live has been a well-received addition. From it, you can easily view the value of your holdings, send and receive cryptocurrencies and deal with it all securely from your Ledger Nano X.
Buy a Ledger Nano X here
Another hardware wallet option for storing your Bitcoins is Keepkey. It positions itself as the simple cryptocurrency wallet option on the market. KeepKey was in 2017 acquired by the Shapeshift company. And later in 2018, the Shapeshift team added Bitfract to their company portfolio.
Adding handy portfolio features to their offerings. Keepkey has recently lowered the price of its device making it even more attractive. This is a top of the line wallet. With all the features that you need.
It doesn’t support as many coins as the Ledger models, but more or less the same amount of tokens.
The Keepkey wallet feels a bit different from the Ledger and Trezor models. With a bigger design, it feels more robust and solid.
To get started takes about 5 minutes. And you need to use a Chrome or Brave browser, and then visit Beta.ShapeShift.com. From there on you can easily do all your crypto needs straight from the browser.
Why choose Keepkey
- With the addition of having Shapeshift in their support new features like built-in crypto exchange is available. Which makes it even easier to sort all your crypto needs from one place.
- It’s a more robust and solid look and feels. It makes it feel a bit more secure and sturdy, in the case of dropping it on the floor or similar.
- It got an easy-to-use feel to it. With its intuitive setup, to the online browser to sort it all from and a nice display.
Buy a Keepkey here
4. Trezor T
The Trezor models have been around since 2014, with the One model as their primary one. And later on, this new and more premium version added to the mix. The Model T as the other cryptocurrency hardware wallets on this list does the job of storing your cryptocurrencies safely perfectly.
The Trezor Model T has some interesting features with the magnetic dock added. So you can put your T-wallet nicely and safely stored in more hidden places. In case of a break-in and theft.
When first bought the Model T comes with a sticker seal on it. So that you can easily see if the model has been tampered with before you use it.
Of course, we need to have the Trezor models on this list of best wallets. The Trezor wallet is also one of the most popular choices for hardware wallets. Trezor Model T supports more than 1000 coins. It’s easy to use and of course, it does the job to keep your coins safe.
Storing your Bitcoin or cryptocurrencies on a hardware wallet is a must to be, and feel safe!
What’s the difference between Model T and One?
While Trezor One has two physical buttons and smaller screen, Trezor Model T features a touchscreen, faster processor, advanced coin support, as well as all the features of the Trezor One. In addition, Trezor Model T has a magnetic dock with a double-sided tape that can be attached to any firm surface.
Why choose Trezor Model T
- Great track record. The Trezor models as the Ledger models have such a strong name in the business. And for good reasons, their devices are one of the best and you know that you can trust them.
- It got a nice design and touch to it. With the touchscreen and small size making it off the neater wallets on this list.
- Strong firmware and security features. That’s after all why we invest in a hardware wallet. And the Trezor Models have a strong reputation for their top of the line firmware and security features. Making it one of the safest wallets on this list.
- Being able to swap cryptos super easily using the ChangeNOW feature in your portfolio app.
Buy a Trezor Model T
5. Trezor One
The Trezor wallet is also one of the most popular choices, with the Ledger Nano S. The Trezor One is cheaper than model T but it still very much does the job to keep your Bitcoin and cryptocurrencies safe, but with fewer features and without the colour touchscreen.
A difference between the two models is that Trezor One does not have a touch screen, and it’s made of plastic so it has a lighter (cheaper?) feel to it. And the lack of a touchscreen means that the PIN code has to be entered using a computer.
Other than that it’s super easy to use, and supports pretty much all the coins you could own. It supports fewer coins than the Model T. So check which ones that are missing. But for the cheaper price than the Model T it is a great buy.
Why choose Trezor Model One
- As for the Trezor Model T, it has one of the strongest firmware and security features available. You won’t worry much about storing your cryptos on this hardware wallet.
- Cheaper price than the Model T, but same strong safety and more or less same coin support.
- Being able to swap cryptos super easily using the ChangeNOW feature in your portfolio app.
Buy a Trezor One here
So in conclusion, we hope that you by now not only have decided to invest in a crypto hardware wallet, but also settled on a favourite. By all means, decide which one you like the most. For whichever you decide on it will be one of the best decisions you make.
There are still so many risks associated with keeping your cryptocurrencies on an exchange. So make a smart decision and keep your funds away from thieves and hackers. Every day we read about a new cryptocurrency exchange getting hacked. Which often enough means extremely high risks for us holders to lose our coins.
So please make sure you are aware of the risks of keeping your cryptocurrencies on an exchange. And if you are like most of us not comfortable with that risk, then buying a cryptocurrency hardware wallet is a very smart choice. You won’t be sorry, we can promise you that.
Read our guide on keeping your cryptos safe if you are still unsure what you should do yourself. Besides investing in a safe wallet.
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Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that makes our lives better and easier