Storing your Bitcoin on a crypto exchange such as Coinbase, Binance and FTX is putting the ownership of the asset at serious risk. Digital currency exchanges are one of the worst places to safeguard your coins with several hacked crypto exchanges in recent years.
In this guide, we will assess the best hardware wallets for Bitcoin and other cryptocurrencies that are right for you and based on important features like ease of use, compatibility, backup, security features and supported assets.
Best Bitcoin Hardware Wallets
These are the best Bitcoin and cryptocurrency hardware wallets based on our reviews.
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Top Bitcoin Hardware Wallets: 2022 Reviews
We have assessed and reviewed the best hardware wallets on the market. With many companies and manufacturers developing their own hardware wallets, it is important to purchase the safest hardware wallet from a trustworthy company. Without further ado, here are our top picks for the best Bitcoin and crypto wallets.
1. Ledger Nano X
The Nano X is the latest flag-ship product from Ledger released in 2019 that offers true state-of-the-art security. It has become the most secure Bitcoin hardware wallet and mobile-friendly in the cryptocurrency world. Ledger is one of the biggest and most popular cryptocurrency hardware wallet companies. The Ledger Nano X breaks new territory by focusing on mobility, specifically its Bluetooth accessibility and built-in battery.
The Ledger Nano X has a sleek and robust design with a larger digital display. The buttons have increased in size making it easier to use compared to the previous model. It features an increased storage capacity of up to 100 cryptocurrencies such as Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano and many other altcoins. The Ledger X makes it easy to transfer various coins from different exchanges to a single device. In fact, the Ledger Nano X has been rated as one of the best wallets to hold Ethereum for investors.
A great feature of the Nano X model is the bluetooth connectivity. This allows the Nano X to connect to both Android and Apple (iOS) iphones and other smart devices using the Ledger Live app. The wireless signal are fully encrypted end-to-end to protect against any security threats.
What separates this crypto wallet is how easy it is to first configure. As with other wallets, the setup can be a complicated and tedious process for those non-technical people. However, the Nano X has a steeper price point and may not be ideal for first-time cryptocurrency investors.
2. Trezor T
Trezor T is a second-generation crypto hardware wallet from Satoshi Labs. Satoshi Labs have been developing cryptocurrency hardware wallets since 2011 and are a reputable and well-trusted company. It is one of the most popular cold storage solutions to date and often in comparison to the Ledger wallets.
The Trezor T wallet works with multiple currencies and as a password manager, two-factor authentication device and other useful features. One of the advantages of the Trezor T is the digital touch screen display that removes the need for small physical buttons. All operations requiring entry of confidential data are done exclusively on the device screen. You can be sure no one will see your PIN or your Recovery seed.
The Trezor Model T pushes the boundaries of technology and is based on the zero-trust principle. That means, any part of a secure system can be compromised at some point. This means that if any part of your hardware wallet is compromised, your cryptocurrencies will remain completely safe.
3. Ledger Nano S
The Ledger Nano S was the first independently certified hardware wallet to be developed to protect cryptocurrencies. It is by far the most popular crypto wallet on the market and has reportedly sold of 1.5 million devices. The Ledger Nano S model supports over 1000 crypto currencies such as:
- Ripple (XRP)
- Binance chain (BNB)
- Cardano (ADA)
- EOS (EOS)
- Monero (XMR)
- All ERC 20 Token
- BAT (Basic attention token)
The Ledger Nano S features state of the art security through a security chip of the same type as used in passports. It is like having a bank deposit box in your pocket to store your favorite cryptocurrencies. The device is well designed with a LED display and metal casing that makes it feel more durable in your hand. Like most hardware wallets, the device is connected via USB and features the Ledger Live app to interact with the device.
The software interface can be used to display account balances and make transactions. The software app is intuitive, user friendly and perfect for newbies. Overall, the Ledger Nano S is a perfect choice for beginners and includes all the security features to protect your crypto assets at an attractive price.
4. Trezor One
The Trezor One was launched in August 2014 and was the first Bitcoin hardware wallet that provided secure cold storage with the flexibility to transport and spend with convenience like a hot wallet. The company that founded the Trezor product, Satoshi Labs is a pioneer in the Bitcoin industry. The device features additional security measures such as PIN codes and passphrases that make this hardware wallet a safe choice for protecting your cryptocurrency coins.
The Trezor supports over 600 cryptocurrencies such as:
- BTC – Bitcoin
- ETH/ETC – Ethereum/Ethereum Classic
- NMC – Namecoin
- LTC – Litecoin
- DOGE – Dogecoin
- ZEC – Zcash
- DASH – Dash
The device comes in a small form factor that makes it easy to carry around in your pocket. Trezor One's convenience allows you to easily spend Bitcoin on the go. All you need to do is connect your Trezor One to any computer and that's it! The price of a Trezor One is affordable and quite simply a very good hardware wallet for all types of cryptocurrency investors.
5. CoolWallet Pro
The CoolWallet Pro is the latest cold-wallet device that was released in May 2021 from the team at CoolBitX. After the worldwide success of the acclaimed CoolWallet S which sold more than 200,000 units worldwide, the company developed the CoolWallet Pro which is the next-generation hardware wallet. The wallet has a different form factor and is the size of a standard credit card with a weight of 0.8 grams, is water resistant and tamper-proof.
The durable, flexible and easy to use cold storage device boasts improved the features compared to its predecessor model. With advanced hardware wallet with cutting-edge software, increased security and the ability to earn free crypto through staking Proof of Stake (POS) coins such as Cardano, the CoolWallet Pro is an advanced Bitcoin hardware wallet for with an excellent mobile app.
Like the Ledger Nano X model, the CoolWallet Pro has Bluetooth connectivity to pair with a Android or iOS mobile device within a 10 meter range. The interface to the user's mobile phone acts as a 2FA device for enhanced security that supports biometric login. Crypto investors can trade, exchange, check balances and swap crypto from a cold storage device to verify the transaction.
6. Keep Key
The KeepKey wallet was released in 2015 and later bought out by Shapeshift. The device is beautifully designed yet robust construction features a large screen. The device is quite a bit larger than the Ledger Nano X and also the Trezor T. It is an easy to use the device and comes at an affordable price. Crypto users looking for a combination of value and security when managing their cryptocurrency wallets should consider the KeepKey.
The Keep Key wallet offers similar security features to the Ledger and Trezor wallets but does not support as many cryptocurrencies. It is an ideal wallet if you own multiple cryptocurrencies or looking to build a portfolio of digital assets. Keep Key does may not have a large reputation in comparison to Ledger and Trezor. However, it's simple and easy to design device that is affordable.
Bitcoin & Cryptocurrency Wallet Types
Different types of wallets that offer different functionality with varying level of security, features and price. Here is an overview of each type of wallet.
Desktop Bitcoin Wallets
Desktop wallets are a downloadable client in the form of a desktop application. The interface provides a connection to your cryptocurrency directly. Desktop wallets can vulnerable to hackers that use malware, key loggers and social engineering (e.g. phishing) to easily gain access and compromise the wallet. It is recommended to use reputable desktop wallets such as Exodus and Lumi Wallet.
Did you know: Lumi Wallet is an open-source intuitive app that is fit for beginners and advanced users. Lumi is a non-custodial wallet, which means the wallet does not store users' private keys and mnemonic phrases. The wallet supports thousands of tokens and popular assets such as BTC, ETH and one of the few wallets that supports EOS tokens. Popular DeFi tokens can be integrated into Lumi wallet. The interface has been design to allow users to set different wallet management options and choose desired settings.
Mobile Bitcoin Wallets
Similar to desktop wallets, using a mobile wallet such as Mycelium and Trust Wallet comes with its own risks as the private keys are stored on the device. While they have ease of use and convenience factor, smartphones can be easily lost, stolen or compromised. Most smartphone users do not think about phone security in the same way they would for a PC.
Alternative wallets that do not use private keys is the ZenGo and Arculus wallet. For more information, read our review on ZenGo which uses secret shares and facial recognition and the Arculus wallet.
Online Bitcoin Wallets
Accessible through the internet, online wallets such as Blockchain store your crypto transactions online which are hosting on servers outside of your control. While they may use encryption, they are vulnerable to hacking. All of the alternative (and cheaper) methods of securing Bitcoin have inherent risks and vulnerabilities. Any investment should be kept secure and the best way to keep your Bitcoin safe is using a hardware wallet.
Paper Bitcoin Wallets
Probably the lowest form of security, this paper wallet consists of storing the public and private keys on a piece of paper (or similar) then keeping it in a secure location such as the family safe. This method of storing your Bitcoin is extremely vulnerable to damage, getting lost, stolen, torn, faded or accidentally thrown out.
Related: Can you recover lost Bitcoins?
Frequently Asked Questions
A Bitcoin wallet is an important step to becoming the owner of Bitcoins. A wallet is basically the digital version of a bank account that lets users receive, store and send Bitcoin to people. It serves as a connection point to the blockchain network.
Bitcoin wallets store and protect the private keys or secret codes that are essential to send and receive digital assets using the device. A wallet does not store the actual coins and tokens, but the private keys which give access to it. To summarise, a Bitcoin or crypto wallet is a device, mobile application or website that manages and protects the private keys to the asset.
A Bitcoin or cryptocurrency hardware device is a type of device that keeps safe the private keys that are required to legitimately access the stored digital assets on the wallet. These devices are purpose-built electronic devices the size of a USB stick to secure crypto coins. Hardware wallets can be connected online to transfer Bitcoin from crypto exchanges and trading platforms. It can then be removed to offline to safely protect the cryptocurrency data. It's like having a digital bank account in your wallet.
Serious investors and traders that require the highest levels of security and convince should use a hardware wallet. Cybercriminals can potentially target the private keys that are stored on a cryptocurrency trading platform in an exchange hack. Using a digital hardware wallet provides an airlock between internet-connected devices and the stored asset. Keeping the private keys safe on a crypto wallet ensures there is no way for an attacker to hack Bitcoin that are stored on the device.
If a Bitcoin wallet is stolen, most devices feature several security measures such as a PIN making it difficult to locally access the device. Bitcoin owners that purchase a hardware wallet can create a secret backup code or recovery phrase. This is very important during setting up the device, as the users can recover and retrieve the stored coins if a Bitcoin & cryptocurrency hardware wallet is lost, stolen or damaged.
Due to the expanding use cases of cryptocurrencies, the prices of digital assets have increased in popularity in recent years. Investors are looking for the best crypto exchanges that are safe and secure to buy Bitcoin and store it. One of the best methods to keep Bitcoin safe is using a hardware wallet. Each investor is responsible for the security of digital assets and hope this guide on the best Bitcoin and cryptocurrency hardware wallets was useful.