Hardware wallets serve as one of the safest and most convenient ways to store cryptocurrencies. It's a physical device that allows you to safely store your cryptocurrency's private keys. Since your cryptocurrency is stored offline, it cannot be hacked.
You can readily access your cryptocurrency at any time when needed. If you are not an experienced coder, then hardware wallets are the best option for storing your cryptocurrencies.
Below are some of the best hardware wallets for storing Bitcoin, Ethereum, Litecoin, Dogecoin, and more.
This is a popular hardware crypto wallet developed by a French company, Ledger. The compact flash drive-like device is mounted on a smart card. The Ledger Nano S package comes with the following accessories:
One micro-USB cable
A recovery sheet where you can write your seed keyword
Ledger Nano S
One keyring and keychain
A lanyard that you can use to wear the device around your neck.
How To Activate Your Ledger Nano S
To activate your Ledger Nano S, you will have to connect it to your computer via the US cable. Once that is done, select the “Create New Wallet” option and proceed to confirm your PIN. Be sure to note down your PIN code somewhere because you will need it every time you need to access your wallet.
Inside your Ledger Nano S package, you will find a sheet of paper with 24 words. These words serve as your private key. You will need to enter the word in the same order that they are given. In the event that you forget your PIN code, you might be asked a question like this one to recover your wallet:
“Enter the 15th word in your recovery sheet.”
Ledger Nano S Supported Crypto Coins
According to the company's website, Ledger Nano S natively supports over a thousand coins. Some of the major coins supported by the hardware wallet include Bitcoin, Binance Coin, Bitcoin Cash, Dash, Cardano, Dogecoin, Eos, Monero, Ripple, Ethereum, Litecoin, Ethereum Classic, Zcash, Tron, Stellar, and Tether.
Pros and Cons
Supports a wide range of coins
The device's setup is pretty straightforward
It's affordable. Ledger Nano S price is $59.
The device is designed to run third-party applications, and according to the company website, there are about 18 installable applications.
You can easily integrate it with other software wallets
You can carry on with the recovery process without having to connect your wallet to a computer.
The wallet comes with Ledger's safe and secure chip technology
Since it resembles a typical flash drive, it's pretty inconspicuous.
It is not an open-source hardware wallet
If you are not careful enough, you can lose your recovery sheet.
This was the first Bitcoin hardware wallet developed by SatoshiLabs. Though pioneering, it is not as inconspicuous as the Ledger Nano S because it resembles a calculator with an OLED screen. You can use your Trezor hardware wallet with any android device, and it's also compatible with apps like Mycelium, Trezor Wallet, and Multibit HD.
Trezor offers an isolated and safe environment for offline crypto transaction signing. In addition, the device will help lower the risk of having your private key exposed, even when your pc is infected with malware.
Each Trezor hardware wallet comes with a unique PIN code. This way, your cryptocurrencies are safe even when your computer gets compromised. No one can access your PIN code but you and you alone.
Trezor's PIN system comes with an inbuilt security system that prevents any form of brute-force attack. Every time you enter a wrong pin, the waiting time between the guesses is raised by the power of two. This means that it will take you 17 years to make 30 guesses.
The wallet is also backed up with a 24-word recovery setup generated using a Random Number Generator (RNG) from your computer and your wallet. The seed of the recovery setup is generated offline and displayed on the wallet's OLED screen. If you ever lose your wallet, you can always recover it using the 24-word passphrase.
Coinkite Cold card
This offline hardware crypto wallet is a favorite among many due to its unparalleled security. The device was designed to function independently from computers. This way, you can store your crypto, authorize transactions, and generate backup seed phrases offline.
The device's numeric keypad renders it highly functional and more intuitive to use compared to other hardware crypto wallets. The wallet also features a bright and easy-to-read OLED display.
The gadget employs a high-tech security chip to prevent anyone with physical access to your wallet from stealing your seed phrase. In addition, the wallet also relies on a unique PIN code that prevents attackers from accessing your crypto without your knowledge.
For additional security, you can opt into the Brick Me Pin option. This feature comes in handy in situations where you find yourself under duress, allowing you to enter a different pin that bricks your wallet, making it impossible for those threatening you to ever access it.
Besides this hardware crypto wallet's key-fob or pen-drive design, it also comes with a large display for ease of use and greater clarity. KeepKey employs a cold-storage offline mechanism for both your private and public keys.
It comes with a 12-word default backup seed phrase that you can adjust to 16 or 24 words. The wallet was designed to work in tandem with the ShapeShift currency exchange platform, making it easy to trade between currencies securely.
If you are interested in timing the market to make some profits from capital gains, then KeepKey is the best option for you. Being an open-source offline wallet, you can scrutinize KeepKey on GitHub if you so desire. The wallet is protected by a customizable PIN code to enhance security against physical theft.
However, before purchasing a KeepKey hardware wallet, you should know that the Chrome app is no longer functional on the device. There are numerous scam versions of the wallet out there, which is why you should only stick to using your KeepKey with the ShapeShift platform to remain secure.
There are numerous factors to consider when shopping for a hardware crypto wallet. However, security comes as the number one priority for most people. In terms of security, both Ledger Nano S and Trezor are a good fit. Both devices are offline crypto wallets armed with impenetrable security features and support over a thousand crypto coins. Unsure where to start? Get $10 of bitcoin for free when you sign up for a Coinbase account