Wallets are a crucial part to trading and investing in cryptocurrency. Having a wallet is essentially the first step to being an active participant of the crypto market, therefore, it goes without saying that finding a good hardware wallet is a crucial part of owning cryptocurrency.
If you haven’t heard of crypto wallets, read this article to find out what hardware and software wallets are. If you already know the basics, let’s dive straight into it.
With its touch screen feature and simple, compact design, Trezor One is user-friendly and easy to carry around with you wherever you go. This hardware wallet has been around for quite a long time and has gained credibility over the years. In addition to its sleek design, Trezor One also supports a wide range of cryptocurrencies such as Bitcoin, Litecoin, Dash, Zcash, Bitcoin Cash, Bitcoin Gold, Ethereum (all ERC20 tokens), Ethereum Classic, Expanse, UBIQ, NEM, and Bitcoin testnet. What’s more, at just $80, this hardware wallet is one of the most inexpensive in the market.
However, there are a few shortcomings with Trezor One. For one, it doesn’t support Ripple. So if you’re thinking of investing and trading with Ripple, this hardware wallet is definitely not for you. Another shortcoming of this wallet is that whenever your wallet undergoes an upgrade, you’ll need to back it up on your own and that can be complex and confusing for beginners.
KeepKey has a pretty sleek design and handles a range of different cryptocurrencies such as Bitcoin, Litecoin, Dogecoin, Namecoin, Testnet, Ethereum, and Dash — some of the most popular cryptocurrencies in the market. Like many other hardware wallets, you can connect KeepKey easily to a PC or mobile device using a USB. With its backup seed key feature and being pin code enabled, KeepKey is a pretty secure hardware wallet
However, there are some downsides to this device. In comparison to other hardware wallets in the market, KeepKey is quite bulky and difficult to carry around with you. Furthermore, with a $129 price tag, it’s also not the most affordable hardware wallet in the market.
Ledger Nano S
Like Trezor One, Ledger Nano S is compact and easy to carry around with you. Additionally, it also supports a wide range of cryptocurrencies, including Ripple. What’s more, you can easily access your Ledger Wallet through its free app, Ledger Live, which makes this hardware wallet one of the most user-friendly wallets around. Through the app, you can send and receive cryptocurrencies any time and also maintain your ledger wallets without a hassle.
With a price tag of $99, Ledger Nano S is not the most inexpensive hardware wallets. But seeing that it contains many user-friendly features, $99 is a pretty decent price.
Coldcard is perhaps the most affordable hardware wallet on this list, with a price tag of just $55. Since you need to confirm all your transactions on the external device physically, Coldcard is a pretty secure hardware wallet. Another interesting feature of Coldcard is that it supports a secondary wallet and derived duress wallets. Duress wallets can be a useful security feature which protects its users in the event that they are forced to open their wallets. With coldcard, you can open a decoy wallet which has limited funds in them and protect funds in your main wallet.
Like a few hardware wallets we’ve mentioned here, Coldcard is pretty easy to carry around. However, it’s design is not as sleek or beautiful as the Trezor One or Ledger Nano S and can look a little dated.
That being said, there are some downsides to this hardware wallet. The most obvious disadvantage is that Coldcard only handles 2 cryptocurrencies — Bitcoin and Litecoin. If you’re interested in owning more altcoins, this hardware wallet is definitely not for you.
Having an offline storage space is best if you want to keep your cryptocurrencies secure and picking a hardware wallet which suits your needs is crucial! If you’re not sure which hardware wallet to get, the first thing you need to ask yourself is what kinds of cryptocurrency you’re interested in. Generally, it’s better to get a hardware wallet that supports a wider range of cryptocurrencies, especially those that are more popular in the market.
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