Author's Note: This is not trading, investment, or storage advice. This is simply my own opinion. Trading and storing your cryptocurrencies comes with an inherent risk. I recommend you don't invest more than you can afford to lose.
This article related to cold wallets (AKA hardware wallets), not hot wallets. A cold wallet is a physical device which stores your cryptocurrencies offline. Combined with other security measures such as PINs and private keys, cold wallets are the most secure method of storages.
With the popularity of Bitcoin and other tokens surging, there are lots of newcomers to the asset-class who have a lot of questions. The most popular question is "Where do I store my Bitcoin?". The following can be used as a tool to help you make an educated decision.
Table of Contents:
Best Hardware Wallet Overall
Wallet Type: Cold
Cost: $119 + tax
USB Drive: Yes
Interface: App-based
Great For: Alt coin holders
The Ledger Nano X is an improvement over the first generation Nano S. It supports over 1,500 cryptocurrencies giving you the ability to store just about anything.
Important: In December of 2020 Ledger suffered a data hack which exposed names, phone numbers, and home addresses of many customers. This did not result in the loss of any holdings or the exposure of private keys, but it did lead to phishing attempts.
Pros:
Ledger Live has a fantastic user interface
Connects to various wallets and exchanges
Stores up to 100 different apps
Very good support
Bluetooth connectivity
Cons:
Bluetooth has flaws
Data hack in 2020 exposed email and home addresses of ledger users resulting in phishing attempts. NEVER give anyone your private keys. Only input them into the actualy Ledger Nano X device.
Best Hardware Wallet (for more storage)
Wallet Type: Cold
Cost: $190
USB Drive: Yes
Interface: Website-based
Great For: Advanced users
The Trezor Model T is also the second generation of Trezor cold wallet storage. It's website interface gives users access to exchanges such as Shapeshift and Changelly, a great way to swap tokens for a small fee. The Model T supports more than 1,600 cryptocurrencies. It also has a MicroSD card slot which lets you encrypt the PIN for further security.
Pros:
Unlimited Wallet Storage
Web-based interface with built-in exchanges
Lengthy list of cryptocurrencies
Cons:
Touchscreen is small for typing
Confusing for newbies
Hard to justify the cost
Best Hardware Wallet for Beginners
Wallet Type: Cold
Cost: $59
USB Drive: Yes
Interface: App-based
Great For: New users with low diversification
The Ledger Nano S is Ledger's first generation hardware wallet. It is very introductory and is still relevant for those who are new to crypto. It's biggest weakness is the lack of storage.
Pros:
Ledger Live has a fantastic user interface
Connects to various wallets and exchanges
Bang for your buck!
Very good support
Cons:
Max space for 18 wallets
No Bluetooth feature like it's successor
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