Hardware wallets are physical devices that help you store sensitive private key information on a device that isn’t routinely connected to the internet.
Hardware wallets (also referred to as cold wallets) differ from hot wallets, which are connected to the internet and usually convenient to use. That said, hot wallets are vulnerable to online attacks; examples include web-based, mobile, and desktop wallets.
Cold wallets cost more than hot wallets, in part because you’re buying an actual, physical product. When you’re comparing crypto wallets, you may want to consider details such as price and security measures. If you also use a hot wallet, you should check to make sure the hardware you’re considering will work with your software wallet.
Below we look at 6 top-of-the-range hardware wallets in the market today.
Ledger
Ledger is one of the best-known names in crypto wallets. Its prices range from around $80 to $200 and Ledger can integrate with many popular software wallets.
With the Ledger Nano Wallets, your private keys are seen by you alone through the OLED screen of the device. It is not accessible through your personal computer neither can it be copied. This leaves your private keys safe right on the device for your eyes alone to see.
Ledger has a highly-rated mobile app, plus a dedicated desktop app, and its developers are in the process of rolling out a browser extension. Ledger also has two-factor authentication available, and a library of educational content for users.
Trezor
Trezor offers some of the highest-end hardware available in crypto storage. While its entry-level model (the Tezor Model One) costs around $60. Other models are the Trezor Safe 3 ($79) and the Trezor Safe 5 which goes for $169, all prices as listed on the website.
Trezor features a minimalistic design, clean UI, and built-in display that shows you all the information you need to confirm a transaction. Moreover, it also has a robust security system that includes a pin code and a recovery seed.
It has integrations with other crypto firms such as Exodus, though it also provides built-in services such as staking and crypto purchases through its software products. It has a desktop offering, as well as a mobile app (Trezor Suite Lite) for Apple and Android.
BitKey
BitKey is a safe, easy way to own and manage bitcoin. It’s a mobile app, hardware device, and a set of recovery tools, for simple, secure self-custody.
BitKey customers have even more options to buy bitcoin their way using MoonPay which has integrated with popular payment methods like debit and credit cards, Apple Pay, Google Pay, and bank transfers. Bitkey users can see MoonPay appear alongside Cash App and Coinbase to purchase bitcoin.
Bitkey recovery tools help you recover your bitcoin if you lose your phone, hardware, or both, without needing a seed phrase. Use the app to send, receive, and transfer bitcoin safely on the go. For added protection, you can set a daily spending limit on your phone.
ColdCard
ColdCard is a Bitcoin-only hardware wallet that is easy to use, ultra-secure and affordable. It comes with verifiable source code that is easy to back up via an encrypted microSD card. Your private key is stored in a dedicated security chip. MicroPython software design allows you to make changes.
Coldcard’s features include a USB-C connector, no restrictions on Bitcoin transaction size, increased security with an extra secure element, NFC integration, a slide cover, a USB virtual disk mode, and an extensive ‘Trick PIN’ optionality.
KeepKey
KeepKey is a crypto hardware wallet made and sold by ShapeShift, a crypto exchange based in Switzerland but operated in Denver, United States.
The wallet, which costs $49 with support for more than 40 different crypto assets, also prides itself in not having an operating system, making it malware- and virus-proof.
KeepKey owners can connect their wallet with web3 applications such as Uniswap.
SafePal
SafePal can be considered a hybrid wallet, with both offline and online elements. It stores your crypto on a hardware device which starts at a relatively affordable $50.
You can then use that device to interact with SafePal’s software products such as a mobile application and browser extension that facilitate services like buying, selling, and trading.
Hardware wallets are considered the most secure types of wallets as they store the private keys for your cryptocurrencies offline. They also allow you to make transactions and easily track your balance. With the ever-growing list of supported cryptocurrencies and the increased focus on security, these wallets are becoming more and more popular.
