A cryptocurrency hardware wallet is intended for “cold” storage of digital money, which means without constant access to the Internet. All user’s private keys are stored remotely and are not moved to any servers or even to the network. Outwardly, the device looks like a flashcard and does not occupy much space.
The review provides descriptions of the best crypto hardware wallets as follows:
- Ledger
- Trezor
- Bitlox
- CoolWallet
- KeepKey
In terms of reliability and usability, hardware wallets lead among the other ones. Security is provided by three algorithms:
- a PIN code for access to device management;
- a password that opens access to the account balance;
- a secret phrase that allows you to recover your password in the case it was lost.
Your funds are kept offline until a cryptocurrency hard wallet is connected to the computer. But even then, you will need to enter a password to manage the balance or send transactions. Therefore, even if the device is lost or stolen, the new owner cannot do anything with it.
Ledger Hardware Wallets
Ledger was founded in 2014. The founders of the company are eight specialists in the field of cryptography and business. At the present day, the number of employees has grown to 130, and offices of the company are located in several countries around the world.
Ledger Nano S
Ledger Nano is the most popular crypto hardware wallet in the market in 2018. The cost is $59.
It supports the following cryptocurrencies: Bitcoin, Ripple, Ether, Litecoin, Dogecoin, Komodo, and more than 40 other in-demand coins.
Pros:
- The high reliability due to encrypted storage of private keys on the device itself
- A proprietary Ledger Live interface for easy wallet management
- A wide and regularly updated list of supported currencies
- The ability to connect a second account with your own password and PIN code
- A robust and compact body
Cons:
- Problems with conducting microtransactions. You will either have to accumulate large amounts or use third-party services.
- Ledger Nano S is considered to be the best option for storing Bitcoin or other well-known cryptocurrencies.
- The developers have tried to make this crypto hardware wallet as simple and convenient to use as possible, without causing damage to security.
Ledger Blue
Ledger Blue is a premium cool hardware wallet. The large touch screen enabled a full user interface to be incorporated into the device. The price is $285.
It supports the following cryptocurrencies: Bitcoin, Ethereum, Ripple, Stratis, Bitcoin Cash, other popular coins, and all ERC-20 tokens.
Advantages:
- The lightweight with a fairly large size (almost of the palm)
- Locking the device after three unsuccessful login attempts
- A high level of comfort thanks to the touch screen
- Equipping the screen with really working scratch protection
- Operation without recharging with the screen turned on for three hours
Disadvantages:
- An inconvenient way to enter a key phrase
- The screen turns off after 30 seconds of operation (this setting cannot be changed)
- Screen flickering when being turned on. By the way, this problem was promised to be fixed in the last batches
- The possibility of errors with displaying address formats
In general, we can say that the Ledger Blue crypto hardware wallet does not surpass Ledger Nano S in terms of the security of storing cryptocurrency. The overpayment is for increasing the comfort of use, and whether it is worth it – everyone decides for himself/herself.
Trezor cryptocurrency hardware wallets
Cryptocurrency hardware wallets under the Trezor trademark are flexible and compatible when you need to go from offline mode to cryptocurrency exchange. SatoshiLabs, the manufacturing company, was founded in the Czech Republic in 2012 after hackers stole 3,000 BTC from a software wallet of one of the creators. After the incident, he decided that the world needed a more reliable way to store cryptocurrencies.
Trezor One
The Trezor One is a device that resembles a hybrid of a flashcard and a keychain equipped with a small LCD. It supports connection to a PC or an Android-based device. The cost is $59.
The wallet allows you to store more than 500 types of cryptocurrencies including all the most popular ones, such as Bitcoin, Litecoin, Ethereum, NEM, Zcash, and Dash.
Advantages:
- The multi-layered access protection
- The ability to sign transactions in offline mode
- Compatible with such platforms, as MyEtherWallet, MyCellium, and Electrum
- The stylish appearance and compactness
Disadvantages:
- There were some cases connected with vulnerability
- Many fakes are available in the market
You can buy Trezor One only from authorized dealers so that not getting a fake wallet. There are also visual differences, in particular, the hologram on the box: fakes still have the old ones, while the original boxes have already been supplemented with a new version.
Trezor Model T
The model belongs to the new products released in 2018. This is the second generation of crypto hardware wallets released by SatoshiLabs. The enlarged touch screen is its external difference. A slot for a microSD card was added. The cost is $189.
The device supports over 500 cryptocurrencies, just like its predecessor.
Advantages:
- A high level of safety
- A convenient user interface and a color screen
- The compactness and lightness (the weight is 85 g)
- There are a large number of positive reviews and high ratings
Disadvantages:
- The high price
- The likelihood of getting fake
In terms of technical specifications, Trezor Model T is now considered to be the leader among all the crypto hardware wallets. This explains the excessive price; it should decrease and become more accessible over time.
Other hardware wallets for storing cryptocurrencies
In addition to the flagships of Ledger and Trezor, there are less popular models in the market that are not inferior in quality.
KeepKey
This cryptocurrency hardware wallet is known mainly as the most stylish wallet among its peers. The laconic black body looks great.
In terms of security, the device is not inferior to the market leaders, but it has problems with the implementation of the app for Chrome. It is well compatible with the rest of the Bitcoin wallets. The cost is $49.
CoolWallet S
Outwardly, the wallet looks like a credit card. It has a display and an invisible control button. It is convenient to store the card in a regular wallet along with other credit cards. You need to download the app for Android or iOS to operate the wallet. The cost is $99.
Bitlox
This is a hardware device to store cryptocurrency that also resembles a card. It has a two-inch display that operates on the principle of electronic ink. It is equipped with a random number generator. It can interact with the Tor browser. The cost is $148.
Cryptocurrency hardware wallets are a reliable way to protect your cryptocurrency savings. Of course, a paper wallet is considered to be the most reliable, but the security of hardware one is coupled with the comfort of use. The assortment available in the market allows you to choose a model in accordance with your preferences and financial capabilities.
