Discover the eight best cold wallets for securing crypto assets offline. Compare their features and security levels to make the best choice.
Users are looking to have long-term security with their crypto. This has fueled their urgency to find the safest and most effective way to store their assets.
Cold wallets or hardware wallets are a type of wallet where the keys are offline, reducing their exposure to online attacks. Ledger, Trezor, SafePal, Tangem, Ellipal, Cypherock, GridPlus and KeepKey produce some of the most popular cold wallets.
The Significance of Crypto Cold Wallets
Cold wallets are only connected using either USB, Bluetooth, or NFC and have to be enabled by the user. This renders them more secure compared to hot wallets that are always connected to the internet.
Cold wallets are less convenient for frequent transactions, but they are better when it is necessary to secure assets. The security of cold wallets can be evaluated by the Evaluation Assurance Level (EAL).
The most reputable hardware wallets have EAL 5 and above. This rating serves as a sign of high resistance to attacks.
Best Cold Wallets
Ledger
The company launched its first cold wallet, the Ledger Nano S, in 2016. It has since manufactured many models, such as the Ledger Nano X and Ledger Stax.
Ledger wallets are compatible with the Ledger Live app that supports more than 500 crypto assets and NFTs. Users can also link to third-party wallets like MetaMask to manage additional assets.
The Ledger Nano S Plus is compatible with Android and desktop systems. It has an EAL6+ rating. The Nano X includes Bluetooth and iOS compatibility. The Ledger Stax consists of a 3.7-inch screen, Bluetooth, USB-C, and NFC.
Trezor
Trezor launched one of the first cold wallets in 2014. Its models include the Trezor Model One, Safe 3, and Safe 5.
All the Trezor wallets are open source and support over 1,000 assets. The Trezor Suite application enables holders to trade, make payments, and use DeFi options.
Trezor Safe 5 has an active touch-screen that is colorful and USB-C connected. The Safe 3 offers a monochrome display. The original Model One remains available with micro-USB connectivity.
SafePal
SafePal introduced its S1 hardware wallet in 2019. The company now offers three models: the S1, S1 Pro, and X1.
All wallets support over 100 blockchains and are compatible with the SafePal hot wallet for DeFi access. These devices are air-gapped and use QR codes or Bluetooth for signing.
The S1 Pro has a larger battery and better housing. The X1 uses Bluetooth 5.0 and has a 1.8-inch screen with 12 control buttons. All models are open source and rated EAL5+.
Tangem
Tangem offers a unique card-based cold wallet. Tangem Wallets are NFC-enabled cards that store crypto keys within an embedded chip.
Users can manage funds by tapping the card on their phones. Tangem also plans to launch a ring-shaped wallet for added portability. Tangem wallets support over 60 blockchains and thousands of crypto assets.
Ellipal
Ellipal introduced its first cold wallet in 2018. It now offers the Ellipal 2.0 and Ellipal Titan Mini. These wallets are 100% air-gapped and tamper-proof.
They support more than 10,000 crypto assets and over 80 blockchain networks. The Titan Mini includes a 2.7-inch screen and a 600mAh battery.
The Ellipal 2.0 is the company’s most advanced wallet. It includes a larger display, a 1400mAh battery, and support for pattern PINs.
Cypherock
Cypherock launched the X1 in 2022. It is linked securely through NFC and USB-C. It has four cards and a container, and the keys are divided between two parts.
Hence, the keys cannot be reconstructed by any means. There are just two pieces that are required to gain access to funds and provide protection against complete key loss. The Cypherock X1 supports over 9,000 crypto assets, and it is available in Windows, macOS and Linux.
GridPlus
With GridPlus, there is Ethereum Lattice1 and SafeCards. A person can use SafeCard to manage several wallets. The GridPlus offers safety for Bitcoin and more than 30 networks built on EVM. Solana support is expected by the end of 2024.
KeepKey
KeepKey is an open-source wallet with a distinctive PIN cipher security feature. The PIN layout changes with each use, enhancing protection.
KeepKey is one of the multi-cryptocurrency devices supporting more than 7,000 assets and desktop applications. It connects using USB-C, and it is not internet-dependent. KeepKey can be used on Windows, Mac OS and Linux.
Conclusion
Cold wallets are appropriate when the security of assets is more important to the user than convenience. Hot wallets are easier to use on a day-to-day basis, but they are riskier since they are always connected to the internet.
Users should choose their desired cold wallets based on blockchain networks and features. Such features include diverse security features, cost, battery life, and connection portability.
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