Hardware wallets have always been the best way to secure your crypto, something that became even more evident after the disastrous events of 2022 that saw customers lose access to billions of dollars after the FTX, Celsius, and BlockFi fiascos.
Hardware wallet companies like Ledger and Trezor saw record sales that year as crypto holders fled to the safety of hardware wallets. If you are on the search for a safe way to store your crypto, you have done well to find this article. I hope you find our best hardware wallet picks helpful.
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The Importance of Securing Your Crypto
Imagine this scenario: Your crypto portfolio is coming along nicely. That BTC you bought a couple of years ago sits slowly powering up its thrusters for another moon shot. You have a healthy amount of ETH, ready for the future of web3. Maybe you have a stack of altcoins that you plan on going all pirate-like with and burying someplace safe for the next decade.
You log into your exchange account every so often to see how it’s all doing and ponder your next move, only to find zeros and news headlines reporting that hackers successfully breached the exchange’s defenses and your funds are gone.
If you have a few hundred dollars locked up in your portfolio and it’s all kept on a reputable exchange, then maybe you don’t have too much to worry about, or maybe you do. Look at how many users were caught off guard by the FTX collapse. If you are keeping crypto on an exchange, at least be sure to have all the extra two-factor authentication options enabled and have set up anti-phishing emails if your exchange offers that feature.
While unlikely, hacks are not impossible and have happened before with catastrophic consequences. There are plenty of exchanges out there that are either downright shady, or else don’t invest enough in their security, or are simply poorly run. But it’s worth remembering that, if you store your coins on an exchange – no matter how well-regarded and secure it may be – you do not control them. The private keys to your crypto are held by the exchange and if something goes wrong there is little or nothing you can do about it.
Hardware Wallets: Take Ownership of Your Crypto
Once you’ve decided to forgo keeping your coins on whichever exchange you might be using, you have three main options. The first is to store them on a mobile wallet – basically, an app for your smartphone. These mobile wallets give you more control over your crypto and allow you greater freedom to use it to pay for goods and services. However, they are still connected to the internet and therefore vulnerable to attack.
The second option is a paper wallet. Here you print out your private keys (usually in the form of a QR code) and keep them somewhere safe. This method provides an additional layer of security but still has its limitations.
The third and best option for those who hold a decent amount of crypto and want to keep it safe is a hardware wallet. Hardware wallets are physical devices with a secure element that store your private keys offline in a secure manner, keeping them safe from any outside attack. These wallets can be connected to a computer or mobile device to manage and spend your crypto, but all transaction and validation processes are done on the device itself. Even if the device you’re using is infected with malware or compromised, the hardware wallet remains secure, and no one else can access your private keys.
The Top 5 Hardware Wallets for Cold Storage Solutions
There are several hardware wallets on the market, and choosing the right one can be tricky. To help you make an informed decision, we have compiled a list of the top five hardware wallets for 2024. These wallets have been evaluated based on their security features, coin support, and price.
1. Trezor Safe 3: The Overall Best Hardware Wallet
The Trezor Safe 3 is the newest device by leading wallet manufacturer Satoshi Labs. It comes with a secure element and higher security rating, making it the top pick for storing your crypto securely. With a price of $79 and support for over 8,000 crypto assets, Trezor is widely considered the safest crypto wallet on the market.
2. Cypherock: The Best Hardware Wallet for Backup & Recovery
Cypherock is an innovative newcomer that offers a unique method of backing up and recovering your wallet without relying on traditional recovery phrases. With the ability to recover your funds even if you lose cards or devices, Cypherock ensures self-custody and trustless storage. It supports over 8,000 digital assets and comes at a price of $159.
3. NGRAVE ZERO: The Most Secure Cold Storage Wallet
NGRAVE ZERO claims to be the most secure crypto wallet ever made and has gained significant attention in the industry. It is the only wallet to reach the highest security certification standard possible (EAL7) and offers advanced security features such as light sensors and biometric scanners. While it carries a higher price tag of $398, the NGRAVE ZERO provides unparalleled security for your crypto assets.
4. BC Vault: The Best Hardware Wallet for Long-Term Storage
BC Vault is a unique and highly secure crypto wallet that stands out for its support of millions of coins and tokens. It offers seedless cold storage, a recovery method that does not rely on third-party trust, and a Ferroelectric RAM chip that can function for over 200 years. BC Vault also generates private keys using a true random number generator and non-deterministic algorithms, ensuring ultimate anonymity. Priced at $138, BC Vault is suitable for long-term storage.
5. ELLIPAL Titan: The Best Hardware Wallet for DApps + DeFi
ELLIPAL Titan is an air-gapped crypto wallet that works in complete network isolation for true offline cold storage. It supports a wide range of coins and tokens, and offers extensive DApp and DeFi functionality. The ELLIPAL Titan is dust and water-proof, sealed to protect against physical tampering, and secured via a passcode. Priced at $169, it provides a convenient and secure solution for accessing the world of decentralized finance.
Keep Your Crypto Safe
When it comes to securing your crypto assets, it’s crucial to choose a reliable hardware wallet. While Trezor, Cypherock, NGRAVE, BC Vault, and ELLIPAL Titan have different features and price points, they all offer high levels of security for storing your crypto.
Remember to always research and consider your specific needs before making a decision. Regardless of the wallet you choose, make sure to keep your wallet and recovery information safe and avoid sharing your private keys with anyone. By taking these precautions, you can ensure the safety and security of your valuable crypto assets.
FAQs
Q: Can I buy a hardware wallet from any website?
A: To ensure the authenticity and security of your hardware wallet, it’s recommended to buy directly from the manufacturer’s website. Avoid purchasing from third-party sellers, as there have been instances of compromised devices being sold.
Q: What if I forget my pin or lose my hardware wallet?
A: Most hardware wallets provide a recovery process that involves a mnemonic seed phrase. It’s essential to write down and safely store this phrase in a secure location. In the event of a lost or damaged hardware wallet, you can use the seed phrase to recover your funds.
Q: Are hardware wallets compatible with multiple cryptocurrencies?
A: Yes, hardware wallets support various cryptocurrencies. However, the specific coins and tokens supported may vary depending on the wallet manufacturer. Before purchasing a hardware wallet, ensure that it supports the cryptocurrencies you intend to store.
Q: Are hardware wallets susceptible to hacking or attacks?
A: Hardware wallets are designed to provide maximum security and protect against hacking or attacks. However, it’s crucial to follow best practices, such as purchasing directly from the manufacturer, keeping your firmware updated, and avoiding sharing your private keys or seed phrases.
Conclusion
Securing your crypto assets is essential in the ever-evolving landscape of cryptocurrency. Hardware wallets offer a reliable and secure solution for storing your valuable digital assets. Trezor Safe 3, Cypherock, NGRAVE ZERO, BC Vault, and ELLIPAL Titan are some of the top hardware wallets available in 2024.
By choosing the right hardware wallet and following best security practices, you can enjoy peace of mind knowing that your crypto assets are protected. Take ownership of your crypto and keep it safe with a reliable hardware wallet.