What is the Best Cryptocurrency Hardware Wallet?
Your crypto assets are an important part of your investing journey. But, there are situations where you can lose your assets due to hackers or through forgetting your password. In this guide, we will review the top four best cryptocurrency hardware wallets that are currently available.
Are you ready? Let’s start!
1. Ledger Blue Wallet
The Ledger Blue Wallet is a safe and secure cold storage cryptocurrency wallet. It's battery powered but is also versatile enough to work on any smartphone, computer, or USB cord. You can buy it on their website at a price around $342.
DesignDesign wise, the Ledger Wallet is made for portable, yet secure usage. The way it works is like any hardware wallet. When you first create it, you have to create a PIN password to protect your device from unwanted hackers, unauthorized users.
Next, you'll need a 24-word seed to make the private keys. You should write the seed down in a safe place and in a location that only YOU would know. We suggest that you store this 24-word password in a Cryptosteel device or on a piece of paper.
And, the Ledger Wallet has two buttons that you allow you to control it. On average, it takes around 3 minutes to install the device fully. And most of that time is spent writing down you 24-word seed.
Once you’ve set up the device, all you have to do is install the app that allows you to send and receive Bitcoins.
Ledger Wallet has a Chrome extension that gives you these following functionalities:
Ledger Wallet's interface is intuitive and doesn't require a complicated manual to understand it. And, you can rename accounts and can give them more unique names than "account #1". In fact, you can use your existing wallets and not stay limited to the chrome extension interface. Such wallets include Electrum, GreenBits, MyEtherWallet, MyCellium, and CoPay.
Alt Coin Support
Ledger Wallet accepts Bitcoin, Ethereum Classic, Ethereum, and Litecoin. And, they have a few other cryptocurrencies. These are the current altcoins supported by Ledger Wallet:
You can check your accounts, send and receive payments, and manage addresses for each currency that’s supported by the device. It supports over 26 altcoins, making one of the most versatile crypto hardware wallets on this list.
KeepKey is a simple, yet useful Cryptocurrency hardware wallet that utilizes advanced technology to help users store their cryptos. Originated in 2015, KeepKey is known for being the most multi crypto supported wallet in today’s market. You can buy it on Amazon at a price around $130.
Making a KeepKey account is simple, and it only takes a few minutes to get started. You have to navigate to the URL in the user manual, and they'll direct you to a Chrome extension where you can interact with KeepKey's main functions when you connect the device into the computer.
This will let you verify any confirmations with a Glossy OLED with a click of a button. KeepKey has a straightforward and simple interface, with easy instructions on how to perform basic operations such as viewing transactions, adding multiple accounts, and sending and receiving funds.
First, you have to "Initialize the wallet." You have to set up a pin, making a recovery seed, and then making the private keys. This process is very simple. But, some users don't like KeepKey because they are unable to save the progress.
Hardware wallets are the most secure way to store you cryptocurrency because it's in a "cold storage" location. This makes it harder for hackers and malware to reach your account.
KeepKey offers top-notch security and is one of the most safest HD wallets in the market. It protects users from virtual and physical theft, is usable in any computer, even if it's been infected with malware or hacked.
Also, KeepKey has a pin code that prevents hackers from conducting transactions or viewing your balances. Since KeepKey is an HD wallet, you can protect your wallet with 12-word recovery seed that's created during the installation process. However, KeepKey has 18 to 24-word passwords if you're in need of the extra security.
How to Stay Safe
To keep your account secure, we suggest that you have multiple backups of your 12-word password. Try writing it down on paper to ensure that your account remains safe. You'll know when someone has tampered with your account because there's no way your box can be opened without destroying the security seal.
Mainly, KeepKey is one of the best crypto hardware wallet that’s available. Not only does it have a simple interface, but it allows your crypto assets to stay secure from outside hackers. Thus, you should get this wallet if you’re serious about getting your assets in one safe location.
3. Ledger Nano S
Ledger Nano S has a great user interface and is fluid in comparison to other wallets. Using this wallet is similar to other hardware wallets, and has a straightforward process. When the hardware is set up for the first time, you can select a pin. After that, there's a 24-word seed that you can use to create private keys. You can buy this on Ledger's official website at a price around $150.
At this time, the Ledger Nano S supports these cryptocurrencies: Bitcoin, Ethereum, Litecoin, Dash, Stratis, and ZCash. This device supports receiving payments, sending payments, and managing multiple addresses.
This wallet is easy to understand if you have a basic knowledge of how cryptocurrencies work. Even if you’re a complete beginner, it’s very easy to pick up. The wallet has two buttons, so there’s a small margin of error.
You’ll need a computer to access your Ledger Nano S wallet. And, you’ll need a USB to plug in your wallet. While this isn’t that much of an issue when you’re home, it can be difficult to access your assets when you’re on the go.
It's also important to know that hardware wallets aren't made for convenience, but they are used to store large amounts of cryptocurrency in long periods of time. So, if you want to do quick transactions such as "I want to buy clothes with BTC" you'll have to get an online cryptocurrency wallet on your phone.
Basically, the Ledger Nano S wallet is made to satisfy the need of crypto enthusiasts. And it has great security features, coin accessibility, and a simple interface. Nano Ledger S is a leader in the crypto wallet market for a reason; they create a product that users can trust protecting their accounts.
4. Trezor One
Trezor One is a small device that you can connect to your computer via a USB cable. It allows you to store your private keys offline and help you sign transactions. For those that are interested, you can purchase it on Trezor's website at a price around $99.
Trezor is known for its top-notch security against physical and virtual theft. It has a PIN code that's required when installing it. After every incorrect guess, the time it takes to guess again is increased by the power of two. This means that 30 incorrect guesses will take 17 years before you can guess it again.
You can create a passphrase for your 24-word seed. This will give it an extra layer of security. But, you must remember the passphrase in order to recover the wallet. While the passphrases offer more security, you will be unable to recover your wallet if its forgotten.
Also, Trezor is compatible with a multitude of software wallets such as MultiBit HD, GreenAddress, and myTREZOR.com for web browsers. However, the data can be leaked on TREZOR's myWallet. If you want a more private installation, then you can use python tools or a Chrome setup on an offline computer.
For users who want the best cryptocurrency hardware wallet, they should look into the Trezor One. This wallet is backed by a high-end encryption system, helps users manage their accounts while providing an interesting interface for beginners to use. Thus, you should try this wallet if you want the highest level of crypto security possible.
Tips and Recommendations
Understand that your crypto assets need to have the highest level of security possible. There are too many incidents where users have noticed their coins being stolen or misplaced. Here are some tips that can help you get your crypto assets secure for the long term.
How to Store Your Recovery Seed Offline
Don't wait to record your recovery seed. Once you see the seed, write it down immediately. Paper is one of the safest and ethical ways to store your data. In fact, archaeologists are finding out rolls of paper that are over hundreds of years old but contain vital pieces of information.
You should write down multiple copies of your recovery seed. What if your house is accidentally sabotaged by a natural cause such as a fire? Chances are you'll lose the recovery seed. That's why it's important to have more than one copy of the recovery seed tucked somewhere.
If you own a large number of bitcoin, you should laminate the paper of your recovery seed and place it in a secure vault.
Engraving Your Recovery Seed
For more security, users have stored their recovery phases in cold storage accounts such as Billfodl. Billfodl creates secure and custom steel plates that have engraved recovery seeds.
Plus, there are situations where individuals who hold a large amount of bitcoins have died. As a result, the families are left in the unknown and unable to retrieve their cryptocurrencies. In these situations, it makes sense to give a copy of your recovery key and seed to a trusted family member.
How to Keep Your Assets Safe for Good
We cannot stress enough that it is important to keep your recovery seed in a safe and secure location. You need to be careful about where you store your wallet, recovery seed, and bitcoins. Taking the necessary precautions and being smart can help keep your assets out of harm's way.
Remember, you're responsible for your own crypto security. There are a lot of techniques out there that can keep your recovery seeds and private keys safe. But, it's important to pick one method or two that you're confident in.
You can even use the same methods you would if you were to store physical assets such as your home mortgage, birth certificate, or your will. If you follow the right precautions, you can protect your recovery seed and keep your assets safe from thieves!
Add More Security Layers
The more security layers you have, the more likely your assets will be protected in the event of a data breach. Start by creating complex and long passwords that only you will know. And, only use wallets that have a good reputation and have extra safety features such as a two-factor authentication and pin code requirements each time the wallet is accessed.
You should also look for wallets that have multisig transactions. Multi-signature wallets require the permission of other users before a transaction is completed.
In the end, you have to find the cryptocurrency hardware wallet that best suits your needs. Each of these wallets is designed to help you get your coins secure while also having a strong password system, so it doesn't stay lost. Stay proactive, and keep an eye on your assets!