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Safeguard Your Crypto: Your Guide to the Top Crypto Hardware Wallets of 2024

In the wake of persistent exchange failures, hacks, and rug pulls, safeguarding your cryptocurrency has never been more critical. The most prudent approach to shielding your digital assets involves stashing your private keys offline in a dependable crypto hardware wallet. In this article, we will compare some of the best hardware wallets available in 2023.

Cryptocurrencies like Bitcoin function as decentralized digital assets on a blockchain network. Access to these assets is facilitated through private keys, and the storage options are varied. While leaving assets on a crypto exchange is an option, the escalating frequency of exchange breaches highlights the risks involved.

Many new users get started by trading Ethereum and other assets on an exchange. Given the risk of leaving assets on an exchange, they need a secure place to store that Ethereum, such as an ETH wallet or in the case of Bitcoin, a Bitcoin wallet online. A key component of any type of crypto movement and storage is the protection of your private keys. Importantly, if your private keys are lost or stolen, there is no way to recoup your funds. Therefore, for the utmost security of your cryptocurrency assets, the recommended method is via a hardware wallet.

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What Are Crypto Hardware Wallets?

A hardware wallet is a small digital device, resembling a key fob or USB drive, that is designed to store your private keys securely. Hardware wallets offer tight security for your cryptocurrency holdings by disconnecting them from the internet, a strategy known as ‘cold storage.’

Your private keys are like passwords that allow you to control your crypto assets on the blockchain. They are generated when you create a wallet and they are unique to you. You also have a public address, which is like an email address that you can share with others to receive crypto. When you send or receive crypto, you use your private keys to sign the transactions and prove your ownership.

If you lose your private keys or someone steals them, you will lose access to your crypto assets forever. One of the worst ways to store your private keys is on a crypto exchange, where they are stored in a hot wallet (one that is connected to the internet).

The hardware wallet’s screen and controls are compact, often necessitating synchronization with software and apps on connected devices such as smartphones and computers. These applications enhance user convenience, while the private keys remain impervious to online exposure during hardware wallet connectivity.

A quintessential security feature of a hardware wallet is “seed phrase generation.” During its initial setup, the wallet generates a sequence of words, constituting the seed phrase. It is crucial to meticulously record this phrase in a manual, handwritten manner. Always avoid digital storage, like Google Docs or photographs, for the seed phrase.

Multiple handwritten copies should be created and securely stored away from the hardware wallet. Possessing a seed phrase acts as an insurance policy. In the unfortunate event of hardware loss, damage, or theft, you can procure a new hardware wallet, input the seed phrase during setup, and seamlessly regain access to all your cryptocurrency holdings.

What Are The Best Hardware Wallets in 2023?

There are many hardware wallets on the market, but not all of them are created equal. Important factors to consider when choosing a hardware wallet include:

  • Security: How well does the device protect your keys from physical and digital attacks? Does it have any security features like PIN codes, passphrases, recovery phrases, anti-tampering seals, etc.?
  • Compatibility: What kind of crypto assets does the device support? Does it work with different blockchains and protocols? Does it integrate with any software or app that you use?
  • Usability: How easy is it to set up and use the device? How user-friendly is the interface and the design? How convenient is it to access and manage your crypto assets?
  • Price: How much does the device cost? Is it worth the investment for the level of security and functionality that it offers?

Based on these criteria, we have selected some of the best hardware wallets that you can buy in 2023:

Crypto’s Best Hardware Wallets


Ledger

  – Ledger Nano X

 

Ledger Nano X

The Nano X is designed with mobility in mind.

The Nano X is Ledger’s most advanced wallet. It’s bigger, more robust and can hold more currencies than the less expensive Nano S, but the main difference is its Bluetooth functionality. Ledger is pitching the X as a wallet you can carry with you and connect to its Ledger Live platform via Bluetooth on your smartphone should you need to transact while you’re out and about.

It’s unclear how many people this would appeal to, but there you go. Interestingly, this Bluetooth connectivity only works with phones – you cannot connect the X to a computer via Bluetooth. Given its mobile use case, the Nano X has a 100 mAh Lithium-ion battery onboard, which is charged via USB. Ledger says the battery has an expected lifespan of five years. The Nano X can connect via Bluetooth to both iOS and Android phones – and Windows, Mac and Linux computers via USB. Ledger refers to its USB cables as OTG or ‘On-The-Go’ kits.

Coins supported

In addition to Bitcoin, the Nano X supports more than 1500 cryptocurrencies, but that doesn’t mean you’ll actually be able to load hundreds of different coins on it, as the X can only fit 75-100 ‘Applications’ on it at once. An application is what Ledger calls the Bitcoin, Ethereum or other cryptocurrency apps that you load onto the wallet in order to store your private keys.

Wallet utility

The build is a sturdy metal and plastic combination – with the metal section acting like a shield/cover for the screen and body of the wallet when it’s not in use. Its display is a small-ish 128 x 64 pixel monochrome. Users control the scroll and option selection using the two circular buttons on the left and right of the device’s screen.

Ledger Live Software

The Nano X and Nano S are both managed with the Ledger Live software.

The Nano X is used in conjunction with the Ledger Live software which is intuitive to use, but Ledger warns that scammers have created fake versions of this software in the past and placed them on the Google Play store. Fake software and websites are epidemic these days in the crypto space, so always check you are on a legitimate site.

The Nano X is easy to set up, and similar to the other wallets, it comes with a recovery seed. The Ledger phrase is 24 words, as opposed to Trezor’s 12. This is important for you to recover your digital assets if you lose the device. To set it up, you connect it to your computer, go to the Ledger website, and install Ledger Live. Then, you can initialize a new Ledger device. This YouTube clip provides a good walk through of the setup process. The Nano X wallet has a CC EAL5+ security rating. It is also certified by a French cybersecurity agency, ANSSI. Firmware updates must be actioned through Ledger Live while connected to a computer via USB.

Conclusion

If you’re holding over 20 coins and mobile functionality on a smartphone is important to you, then the Nano X is a good choice. On the downside, it’s one of the most expensive on the market and device navigation is not as easy as on the similarly priced Trezor Model T. For users who only hold a few assets and are happy enough to plug their wallet into their computer then Ledger’s Nano S might be a better choice.

Tech Specs

Size: 72 mm x 18.6 mm x 11.75 mm (2.8 in x .73 in x 0.46 in)
Weight: 34 g (0.56 oz)
Screen: 128 x 64 pixel monochrome
Price: US$149 plus shipping

Ledger

  – Ledger Nano S & Nano S Plus

 

Ledger Nano S

The Nano S

The Nano S is the more affordable option from Ledger in Bitcoin hardware wallets. Released in 2016, Ledger has sold more than 1.5 million units of the Nano S to date. From a connectivity perspective, the Nano S works with Windows, Mac and Linux computers and Android phones via USB. There is no onboard bluetooth and the S cannot connect with an iPhone.

Ledger Nano S Plus

The Nano S Plus

In March 2022 Ledger launched the Nano S Plus – which as the name suggests, is more than just a Nano, without quite reaching the specs of the Ledger X. Nano Plus features will also be addressed in this review as they compare to the standard Nano S. Like the standard Nano, the Nano S Plus does not have Bluetooth.

Coins supported

The standard Nano S wallet is a good option for people who are just starting out and aren’t looking to load up dozens of different currencies. The reason for that is that the capacity of the Nano S is tiny – only 160kb. So although the wallet supports most major coins and more than 1000 other cryptocurrencies, it can only fit about four ‘applications’ onboard.

Considering that the Bitcoin app takes up 40kb on its own, you’re only going to be able to fit another three or four coins onto the Nano S before it’s full. This is why it’s perfect for beginners – but not for people who want to store 20 or so coins on one device. As explained above, an application is the app for each coin that must be loaded onto Ledger devices to store your private keys.

In contrast, the Nano S Plus can store up to 100 apps – making it comparable to the Nano X for memory size.

Wallet utility

Like the Nano X, the S and S Plus synchronize with Ledger Live, which is the desktop and cellphone app dashboard for managing transactions through the wallet. The Nano S Plus has more functionality with NFTs than the standard Nano – being able to both send and receive them via Ledger Live. Both Nano variants are USB powered with no internal battery.

In terms of ease of use, the Nano S comes with instructions for getting started, and is about as hard to set up as a new cell phone, but that’s not to say mistakes can’t be made. In short, you need to pay attention. In fact, a significant number of users have not been able to complete the set up phase successfully – and the Nano S review section at Ledger is full of complaints about the set up process. To that end, this video concisely steps you through the process.

From a useability perspective the Nano S (like the Nano X) takes some getting used to. It’s small and its 128 x 32 monochrome screen only displays limited information. You control its scroll and option selection using two small buttons on the left and right of the device, with a simultaneous push of both being the equivalent of the ‘enter’ key on a keyboard.

The Nano S Plus has a larger screen – at 128 x 64 pixels, its screen is the same size as the Nano X. Given they both operate with a 24 word seed phrase you can restore or backup your Nano S and Plus onto a Nano X and vice versa – remembering of course that the coin capacity of the standard S is much less than the X. From a security perspective, the Nano S and Plus are also certified by ANSSI and have CC EAL5+ security grades.

Nano S Color Range

The Nano S launched a new color range in 2021

Conclusion

The Nano S is small and a little clumsy to navigate, but if you’re just holding a few assets and only plug it in occasionally, then it delivers all the basics well – and it’s priced accordingly. The Nano S Plus is slightly larger than the Nano. It comes with all the functionality of the considerably more expensive Nano X, except for Bluetooth connectivity, and it is only $20 more expensive than the standard Nano. It’s clear with the Plus that Ledger have delivered winning functionality at a low price point, and it will be interesting to see if the orginal Nano is now phased out and the Plus range expanded.

Tech Specs

Nano S
Size: 57mm x 17.4mm x 9.1 mm (2.2in x .68in x 0.35in)
Weight: 16 g (0.56 oz)
Screen: 128 x 32 pixel monochrome
Price: US$59 plus shipping
Nano S Plus
Size: 62mm x 17.4mm x 8.2mm (2.46in x .68in x .32in)
Weight: 21 g (0.74 oz)
Screen: 128 x 64 pixel monochrome
Price: US$79 plus shipping

Trezor

  – Trezor Model T

 

Trezor Model T

The Trezor Model T features a touchscreen display

The Trezor hardware wallets are created by Prague based SatoshiLabs, who have been around since 2013 and have been instrumental in developing security protocols for hardware wallets. Trezor wallets are compatible with Windows version 10 or newer, MacOS version 10.11 and higher, and Linux. On cell phones, only Android is supported, with no Mac OS for now.

Coins supported

The Trezor Model T is the company’s most advanced hardware wallet for the safe and secure storage of crypto assets. In addition to Bitcoin, it supports over 1200 other coins. This is important, as other devices can be limited in the number of coins they can hold – which is a problem if you are an active trader with a wide range of investments. When you unbox the Model T, Trezor’s security focus is immediately evident right from the start. The box has anti-tamper seals on it and so does the USB port on the wallet itself.

Trezor Anit Tamper Box

Trezor Model T ships in anti-tamper packaging

Wallet utility

Trezor describes the Model T as a platform for digital independence. The Model T is a hardware wallet, an authenticator, and a digital ID. What this means is you can conduct security operations like setting up passphrases and pins on the device itself – it doesn’t need a computer or cellphone app to be connected to do that. Thus, it can be the master access key to all of your digital assets.

The unit has a slot for a MicroSD card which you can use to encrypt your PIN. Trezor says it is working on expanding the MicroSD’s encryption functionality. While an ejectable MicroSD seems like a potential security breach, the card cannot hold the recovery phrase or any private keys on it. By including a slot for the MicroSD card, Trezor is future-proofing the device for future functionality.

The Model T features a large 240×240 pixels color touchscreen. Again, this level of usability is important, as other wallets have smaller screens and small button click interfaces that make them harder to use.

Using the Trezor’s touchscreen is intuitive (like a smartphone) and is a convenient interface where you verify and approve any operations. This is another notable feature of the Model T. It stores your passwords and locks them individually using your digital keys. They are only released one at a time after you confirm that you want to access one. The Trezor makes you slow down and confirm everything so you know exactly what data is being sent out. It always confirms that you are the person accessing it with network-isolated authentication. Your keys never leave this device, so they are protected from online vulnerabilities.

The Trezor wallet recovery seed phrase is 12 words. You can recover your entire wallet with your phrase if you lose this device. It’s important to note, however, that you would need to buy another Trezor – you can’t, for example, change to a Ledger wallet and boot that up with the Trezor seed phrase.

It is fair to say that setting up any hardware wallet is not particularly easy. If you recall setting up your cell phone for the first time, the process is quite similar to that. This video explains the set up process of the Model T well.

Conclusion

SatoshiLabs knows what they’re doing. You won’t go wrong with the Model T – but you will pay a premium for it.

Tech Specs

Size: 64 mm x 39 mm x 10 mm (2.52 in x 1.54 in x 0.39 in)
Weight: 22 g (0.77 oz)
Screen: 240×240 pixels color touchscreen
Price: EURO €189 plus shipping

Trezor

  – Trezor One

 

Trezor One White

The Trezor One ships in White or Black options

Also manufactured by SatoshiLabs, the Trezor One is a more affordable, entry level cryptocurrency hardware wallet.

Coins supported

Like the Trezor Model T, the Trezor One supports over 1000 different crypto assets. However, the Trezor One lacks support for popular coins such as Ripple (XRP), Monero (XMR), EOS, Tezos, and DeFi tokens Yearn.Finance (YFI), Sushiswap, and Uniswap. The full list of supported coins for the Trezor One and Model T models is available here. Trezor says it continues to add coins but it would be wise to check if the coins you’re holding are integrated before you buy any Trezor wallet.

Wallet utility

The unit itself is much smaller than the Model T and features a 128 x 64 pixel OLED display. It’s plastic and feels like it. The small screen size and two button controls mean useability isn’t as good as the Model T. Like the Model T it is PIN-protected, and it requires that you confirm every transaction. The private keys are stored in an isolated environment, and operate independently of your computer, which protects you from hackers.

You can use a pin and a passphrase on the device to ensure that nobody else can access it. You will confirm any transaction you make from the device, which minimizes the risk of sending cryptocurrency to the wrong address and ensures that you are the only person who can access the wallet.

Trezor One plugs into USB

The Trezor One is USB powered

As with all hardware wallets, set up does require that you pay attention to what you’re doing. This video provides a good overview of the process. Like all Trezor products, you set the Trezor up with a 12 word passphrase – and you would have to buy another Trezor product should your Trezor One get damaged or break and you needed to set up a new wallet.

Conclusion

The bottom line for the Trezor One is that it is a budget offering and its form and functionality reflect that. Nonetheless, it covers all the bases for the cryptocurrencies it supports.

Tech Specs

Size: 60 mm x 30 mm x 6 mm (2.4 in x 1.2 in x 0.2 in)
Weight: 12 g (0.42 oz)
Screen: 128 x 64 pixel monochrome
Price: EURO €59 plus shipping

KeepKey

  – KeepKey

 

KeepKey

KeepKey

Launched in 2015, KeepKey started its life as a standalone hardware wallet but was purchased by the Switzerland-based ShapeShift exchange in August, 2017. ShapeShift continued to support KeepKey operations via Google Chrome until June 2020, but now users must connect via the ShapeShift platform to send, receive, trade, and secure their assets.

For some, the ShapeShift connection might be an important selling point as it means the KeepKey wallet basically comes with a built-in crypto to crypto exchange.

KeepKey ShapeShift Integration

KeepKey integrates with the ShapeShift exchange

Unfortunately, many older online reviews of the KeepKey wallet still refer to its earlier Google Chrome integration, and many scam versions of KeepKey’s old Chrome app are in circulation designed to steal people’s private keys. So forget about Chrome integration, it’s ShapeShift only.

KeepKey Connected Image

The KeepKey is one of the largest hardware wallets available

Coins supported

The range of cryptocurrencies supported is small – Bitcoin. Ethereum, Litecoin and around 40 other ERC-20 coins. However, this is likely to change, as Keepkey has recently been integrated into Blocknative’s open-source library which enables blockchain developers to easily connect hardware and software wallets. This means Keepkey can be more easily integrated with different crypto projects as developers don’t need to write custom code.

Wallet utility

The KeepKey is the largest and heaviest of the wallets reviewed here – so if portability is important to you, then that could be a negative. On the positive side, its metal and plastic body feels durable, and it has a very large screen which makes inputting passphrases and pin numbers easy.

KeepKey Screen

View your entire recovery phrase on the large 256 x 64 pixel screen

There is no onboard battery and the wallet must be plugged in via USB to operate. KeepKey is compatible with Windows, Mac, Android and Linux operating systems but does not support Apple OS.

Security is good, with a 12 word recovery phrase and PIN access required and a pin randomisation function that means the numeric layout differs every time which beats keyloggers. Transactions must be approved on the device using its confirmation button (it only has a single button – see pic above).

At $49 the KeepKey is priced similarly to the Ledger Nano S and Trezor One.

Conclusion

Like the Nano S and Trezor One, if you’re only holding a few major coins and you’re not that concerned about mobility, the KeepKey is a no frills hardware wallet that’s up to the job. Even more so if you’re a user of the ShapeShift exchange.

Tech Specs

Size: 35mm x 90mm x 10mm (1.37 in x 3.54 in x 0.39 in)
Weight: 55 g (1.94 oz)
Screen: 256 x 64 pixel OLED display
Price: US$49 plus shipping ($10 with a ShapeShift account)


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