Safest hardware wallet for crypto
The physical device used to safely store the private keys required to access and manage Bitcoin assets is called a hardware wallet, often called cold storage. It can have a USB-like appearance, weight, and texture, while some manufacturers have chosen a different design.
Hardware wallets mitigate the dangers associated with hacking and exploitation by keeping your private keys offline, in contrast to software wallets linked to the internet and hence more vulnerable to such assaults. That’s not to say there aren’t some disadvantages, but let’s start by discussing their advantages:
- Safety
For users who want to store their private keys offline, hardware wallets are practical options that improve security and privacy while drastically lowering the danger of hacking.
- Possession
Neither the hardware wallet nor any other program owns the private keys that are produced and kept there. For even more security, some wallets incorporate chips that are difficult to tamper with.
- Support for a variety of coins
Thousands or even hundreds of cryptocurrency currencies and tokens can be supported via hardware wallets. Hardware wallets that support multiple cryptocurrencies
Benefits of hardware wallets
If we were to single out one important advantage of contemporary hardware wallets, it would be the transaction signing mechanism. If a hardware wallet comes with a card, you may use that to spend your money even while it is offline. Alternatively, you can sign transactions using the manufacturer’s internet application.
This is so that transaction information may be read using the vault (also known as the real cold storage device) and signed offline. Some cards have NFC antennae built in. Your private keys are therefore never revealed.
While hardware wallets are unquestionably safer than hot wallets, this does not imply that they are faultless. The primary disadvantages of hardware wallets include their increased prices, limited functionality, and lack of adaptability. In a later part, we’ll examine the benefits and drawbacks of hardware wallets in more detail so you can weigh the important considerations before making a purchase.
Without further ado, let’s examine the top hardware wallets to choose in 2024.
Best Hardware Wallets
Trezor Safe 3 – Best Hardware Wallet Overall
It is one of the most recognizable Trezor products. It features advanced security with Secure Element, a certified EAL6+ chip.
Prioritizing privacy, Trezor Safe 3 utilizes Coinjoin to anonymize Bitcoin transactions and supports the anonymous web browser Tor. Additionally, it works with Shamir backup, a security protocol that lets you set up many ways to restore your private keys. This Standard is frequently used by Trezor in its hardware variants, such as the Trezor Model T.
But it’s not only about security and privacy. Trezor’s cryptocurrency options have been greatly expanded by this robust model, which supports over 8,000 coins and tokens and outperforms almost all other hardware wallets. With a starting price of $79, it is significantly less expensive than previous Trezor variants.
One of the greatest Bitcoin hardware wallets is Safe 3. Trezor provides a Bitcoin-only limited edition that is immediately recognized by its black and orange look.
Crucial elements of Trezor Safe 3
More than 8,000 bitcoin assets are supported; the EAL6+ chip provides enhanced security.
- Allows for Coinjoin and Tor
- Compatible with Shamir backup
Compatible with: Mobile devices running iOS and Android via the Trezor Suite Lite app; operating systems including Linux, Microsoft, and Mac;
Supported Digital Money
As was already noted, Trezor Safe 3 supports more than 8,000 currencies and tokens, including ERC-20 and SLP tokens in addition to the most well-known cryptocurrency assets by market capitalization: Bitcoin, Solana, Ethereum Cardano, Ripple, and Binance Coin. But take aware that Avalanche and Cosmos are not supported at this time, for no apparent reason.
Additionally, you may combine your Safe 3 with other software wallets, such as Yoroi, MetaMask, and Exodus, some of the greatest Cardano wallets available.
Benefits and Drawbacks of Trezor Safe
Three advantages are outlined
- Lower initial cost
- Incorporates security for Shamir backups
- Incorporates the EAL6+ dedicated security chip.
Cons outlined
- Not a touchscreen
- Does not support well-known networks like Avalanch and Cosmos
Cypherock X1 hardware wallet
Cypherock is a unique hardware wallet that distinguishes itself from competitors with its approach to functionality, design, and security. The Cypherock X1, the company’s main product.
The primary tool for signing transactions and holding cryptocurrency assets is the X1 vault. It includes a joystick for navigation and an OLED display.
X1 cards: Four cards that may be used to sign transactions using the X1 vault. These cards have Near Field Communication (NFC) antennae. These cards are impenetrable and utilize bank-grade encryption, which means they make use of encryptions like the Advanced Encryption Standard (AES), which is what banks employ.
Users have commended the Cypherock X1 for its extremely secure and user-friendly design, which tackles typical weaknesses associated with standard seed phrase backups, despite the device being relatively young.
Cypherock divides your private key into four shards rather than private keys, and each X1 Card has a distinct shard of your private key. In the event if, for example, someone steals your wallet or has access to a portion of your private keys, this also removes the single point of failure.
Cypherock X1’s salient characteristics
- Users of the X1 may restore their private keys by using Shamir backups, just like they can with Trezor Safe 3.
- It has bank-grade hardware components and is EAL6+ certified.
- Supports more than 3,000 tokens and coins in cryptocurrencies
- Adaptable to many blockchain networks
- Includes four cards with NFC antennae and a vault.
- Wallet Connect allows it to be linked to several software wallets.
- Backed by cryptocurrency
- More than 3,000 cryptocurrencies, including Ethereum, Bitcoin, Solana, and token standards including SLP, BEP-20, and ERC-20, are supported by Cypherock X1.
Moreover, the wallet works with all blockchains that are compatible with the EVM, including Avalanche, Cosmos, Polygon.
Benefits and Drawbacks of Cypherock X1
- Recovery phrases are extractable
- Superior protection including EAL6+ and bank-grade encryption
- Dynamic, adaptable, and intuitive design
- Compatible with Shamir backup
Cons outlined
- Compared to other wallets available on the market, its cost is higher.
- Polymer construction
