5 Best Hardware Wallet 2024
As the world of cryptocurrency continues to expand, so does the need for secure and reliable storage solutions for cryptocurrencies. The importance of safeguarding your digital assets cannot be overstated, and one of the most trusted methods for doing so is through a hardware crypto wallet.
Whether you’re an experienced crypto investor or just beginning your journey into decentralised finance, choosing the right hardware wallet is important. And these crypto hardware wallets offer an extra layer of protection by keeping your private keys offline, away from potential online threats.
In this guide, we are going to explore some of the Best Hardware Wallet of 2024 and explore the standout features, supported cryptocurrencies, security measures, and user experiences that are set to dominate the market this year. It’s time to take control of your crypto and invest in the ultimate protection for your digital wealth.
Top 5 Best Hardware Wallets Ranked
Here’s a list of the best cold wallets for 2024:
- Trezor Model T (Best Overall): The Trezor Model T, renowned for its security, offers a user-friendly experience and supports over 8,000+ crypto assets. Its notable integrations with web 3.0 wallets and a colour touchscreen contribute to its appeal, although iOS compatibility is limited.
- Ledger Nano X (Best for All Devices): The Ledger Nano X stands out with Bluetooth connectivity, enabling mobile management of 5,500+ cryptocurrencies. Its secure element chip, support for popular blockchain networks, and a price of €149 make it a top choice for diverse users.
- Safepal S1 (Best for Trading): Backed by Binance, Safepal S1 excels in spot trading, supporting 32 blockchains and 5,000+ tokens. Its air-gapped signing mechanism enhances security, and integration with the Binance exchange adds to its versatility.
- Ellipal Titan (Best for Mobile): The Ellipal Titan 2.0 offers air-gapped cold storage with an extensive range of crypto assets and blockchain support. While lacking desktop support, its focus on DApp functionality and ease of access to DeFi protocols positions it as an ideal choice for mobile users.
- BC Vault (Best for Long-Term Storage): BC Vault adopts a seedless cold storage approach and a recovery method using an encrypted SD card. It comes with a FeRAM chip with over 200 years of lifespan and allows user-generated private keys. It is a secure and durable long-term storage that supports thousands of coins for $138.
What is a Crypto Hardware Wallet?
A hardware crypto wallet or “cold wallet” is a physical device designed to securely store and manage private keys that are used to make cryptocurrency transactions. Unlike software wallets or “hot wallets”, which are connected to the internet and can be vulnerable to hacks or unauthorized access, hardware wallets keep the private keys offline.
Private keys are essential for authorizing transactions and accessing cryptocurrency holdings. The primary purpose of the hardware wallet is to store these private keys on the device offline unlike traditional crypto wallet software and apps. The device is typically equipped with encryption and security features to protect the stored keys.
When a user needs to make a transaction, the hardware crypto wallet signs the transaction with the private key stored on the device. The signed transaction can then be broadcast to the blockchain network, ensuring that the private key never leaves the secure environment of the cold wallet. This method provides a robust defence against online threats such as phishing attacks, malware, or hacking attempts.
Hardware wallets come in various forms, including USB devices, smart cards, or other hardware-based solutions. They are widely recommended for individuals who prioritize the security of their cryptocurrency holdings, especially for long-term storage or holding significant amounts of digital assets.
The Rising Importance of Hardware Wallets in 2024
As we witnessed in recent years, the cryptocurrency market’s exponential growth has not only brought prosperity but also attracted the attention of hackers and cybercriminals.
Notable incidents like the $625 million loss at Ronin Network and the $570 million loss at the Binance exchange hacked in 2022 serve as stark reminders of the vulnerabilities inherent in the digital asset space. Though lessons have been learned, and security has been tightened, the threats persist.
This is why the security features of crypto wallets are important to prevent unauthorized access and fortify against potential vulnerabilities. Most wallet hacks happen because the private keys are readily available to the hackers online that are used to sign the transactions.
This is where hardware cryptocurrency wallets come into play. These devices store your private keys offline, ensuring they are not connected to the internet. This means that there is no way these keys can be remotely hacked unless they are physically stolen or damaged.
Some of the best hardware wallets go a step further by providing additional safeguards against theft or damage. This includes features such as PIN passwords and recovery seeds, which protect your funds from unauthorised access and assist in recovering your wallet in case of unforeseen events.
Now, that you know why cold wallets are important, let’s explore the top five hardware wallets on the market for 2024, each offering a unique blend of security, coin support, and affordability.
Top 5 Best Hardware Crypto Wallets
Choosing the best hardware crypto wallet from so many available options can be challenging. To aid in this decision-making process, we’ve curated a practical guide featuring our top five cold wallets.
Trezor Model T – Best Overall
Securing its place on our list of the best crypto hardware wallets is the Trezor Model T, a flagship product from the esteemed Trezor brand, crafted by the Prague-based company Satoshi Labs. Trezor, meaning ‘vault’ in Czech, made its mark by launching the first crypto hardware wallet in 2013.
Trezor is widely acknowledged as the safest crypto wallet available. Audited by third-party security researchers, Trezor holds a flawless track record with no known cases of successful remote hacks resulting in the loss of user funds since its release.
Priced at €179 (or $179), the Trezor Model T stands as a top-of-the-line, secure hardware wallet supporting over 3,000 crypto assets. Trezor offers compatibility with the online Trezor web wallet on both desktop and mobile platforms or through the downloadable Trezor Suite app on the desktop.
One notable integration is with web 3.0 wallets like Metamask, and it has a unique partnership with the popular software wallet, Exodus. This integration combines the user-friendly features and interface of the Exodus software wallet with the security of the Trezor hardware wallet.
Trezor provides two crypto hardware wallet options – the less robust and more affordable Trezor One, and the flagship Model T. A significant advantage over the Model One is the Model T’s user-friendly colour touch screen, offering efficiency in comparison to button-based navigation. Trezor is compatible with major operating systems, including Windows, Mac, Linux, and Android for mobile.
The primary drawback of the Trezor Model T lies in its mobile compatibility, particularly for iOS devices. While Android users can still utilize the Trezor hardware wallet by connecting it through an OTG cable and accessing the Trezor web app, iPhones and iPads are not supported in any capacity.
Trezor does provide a mobile application, but its functionality is limited to monitoring your cryptocurrency balance. Unfortunately, this app does not permit users to deposit or withdraw cryptocurrencies or sign transactions by connecting to the Trezor hardware crypto wallet.
In conclusion, the Trezor Model T is the best hardware wallet that is highly secure, user-friendly, and supports a wide range of crypto assets. Trezor’s commitment to open-source principles further reinforces its reputation as a trusted and respected name in the crypto storage space.
Read more: Trezor Model T Review
Ledger Nano X – Best for All Device
Ranked as the second choice on our list of best hardware crypto wallets is the Ledger Nano X. Recognised as a leader in the hardware wallet market alongside Trezor, Ledger has established itself as a standard-setter in security-focused cryptocurrency storage solutions.
Ledger Nano X is one of the best hardware wallets due to two main reasons. Firstly, it’s compatible with mobile devices that enable you to manage your cryptos on the go. Secondly, Ledger supports a wider selection of cryptocurrencies and blockchain networks compared to its competitor, Trezor.
The Ledger Nano X, capable of storing over 5,500 cryptocurrencies, stands out for its CC EAL5+ Certified secure element chip. The Ledger Nano X can also be integrated with Web3 wallets such as MetaMask, allowing users to access various DeFi platforms.
Compared to Trezor, Ledger hardware wallet offer support to some of the popular blockchain networks like Tron and TRC20 tokens, which is also a preferred chain for Tether (USDT) holders. Some other popular cryptocurrencies like Solana and Polkadot.
The Ledger Nano X‘s functionality extends through the Ledger Live software, allowing users to manage their coins securely on both desktop and mobile devices. You can connect the wallet to desktop computers through a USB cable and offers Bluetooth compatibility for desktop and mobile devices. Ledger is compatible with various operating systems, including Windows, Mac, Linux, iOS, and Android.
Unlike Trezor, Ledger Nano X is fully compatible with mobile phones due to the Bluetooth connectivity features. Due to the mobile compatibility feature, the Ledger Nano X stands out as a superior alternative to traditional mobile wallets, commonly known as hot wallets. Unlike online mobile wallets that may be susceptible to potential threats and hacks, the Ledger Nano X enhances security by keeping private keys offline, making them inaccessible remotely.
In conclusion, Ledger Nano X remains among the top hardware crypto wallets in the market. Priced at €149 (or $149), the Ledger Nano X justifies its cost with additional features such as Bluetooth connectivity, a larger screen, and support for over 5,500 coins.
Ellipal Titan – Best for Mobile
The Ellipal Titan 2.0 is an air-gapped cold storage crypto wallet priced at $169. This hardware wallet has the most extensive cryptocurrency support compared to all other hardware crypto wallets in the list, with 46 different blockchains and 10,000+ crypto assets.
It prioritizes security, sealed for dust and water-proofing. The ELLIPAL Titan 2.0 introduces cutting-edge security features that include anti-disassembly and anti-tamper features. The anti-tamper feature erases the private keys in case of physical tampering.
An Air-gapped cold wallet remains entirely isolated from the internet – No WiFi, Bluetooth, USB, or networks, ensuring 100% protection against unauthorized access, cyber hacks, malware, and any online threats. Simply scan a QR code for confidential transactions
The Ellipal Titan is a mobile-focused cold wallet, so there’s no desktop support. Another drawback of this hardware wallet is the lack of support for testnet coins.
However, the Ellipal Titan shines in providing DApp functionality, ease of access to DeFi protocols, and convenient use similar to software wallets. Users can effortlessly manage the crypto funds for activities such as staking and engaging in DeFi protocols like Aave, Compound, Uniswap, Trader Joe, and DODO.
Ellipal Titan 2.0 is one of the best hardware wallets in the market. The enhanced security offers peace of mind as your crypto is now more secure on the hardware crypto wallet compared to software wallets or hot wallets.
BC Vault – Best for Long-Term Storage
BC Vault is a hardware cryptocurrency wallet designed for the secure storage and management of various cryptocurrencies. The team behind BC Vault is a cybersecurity firm with over 20 years of experience. Their reputation includes safeguarding major firms and hosting a prominent security conference in Europe.
BC Vault aims to provide a high level of security for users holding digital assets. The device incorporates a FeRAM chip with a lifespan of over 200 years, making it suitable for multi-generational use. This longevity distinguishes BC Vault in terms of hardware durability.
BC Vault supports a wide range of coins and tokens, surpassing industry leaders Ledger and Trezor. The hardware wallet can accommodate 2,000 unique wallet addresses and hundreds of chains.
BC Vault is known to be a seedless cold storage, which is different from traditional hardware crypto wallets. BC Vault has introduced a recovery method where the wallet’s backup is managed through an SD card that is encrypted using the pin or a password selected by the user. It provides a safer alternative to the conventional recovery seed phrases documented on paper. Even if someone gains access to the SD card, they cannot retrieve the funds without the user’s PIN and password.
Additionally, users who prefer the traditional recovery method can access and document a recovery phrase as well. BC Vault allows user-generated private keys, setting it apart from devices like Trezor and Ledger that create random keywords for you.
BC Vault is priced at $138 and supports millions of coins, tokens, and NFTs. For a more comprehensive understanding of BC Vault’s security features and its innovative backup and recovery method, detailed insights can be found in our BC Vault review.
Safepal S1 – Best for Trading
The Safepal S1 pro is an affordable hardware wallet that offers a comprehensive solution for securely managing multiple digital assets. It offers a user-friendly interface with a 1.3-inch colour display robust security features and a range of functionalities.
SafePal S1 is the best hardware wallet for spot trading needs. It is the only cold wallet that is backed by Binance – the world’s largest crypto exchange, ensuring users a trusted and reliable platform. Users can integrate the wallet with the Binance exchange for spot trading within the app.
The SafePal App offers a unified interface for managing hardware, software, and trading wallets in one place, reducing seed leakage risks. Users can easily buy crypto with fiat payments and make instant swaps on the DEX exchange. The app also integrates with popular Dapps on Ethereum, Tron, and Binance Smart Chain, enhancing its versatility and utility in the decentralized space.
This hardware crypto wallet offers robust security features, anchored by the EAL 5+ secure element. This element guarantees the perpetual protection of coins, incorporating a true random number generator, multiple security layers, and even a self-destruct mechanism for added security.
One of SafePal S1’s notable strengths lies in its versatility—it supports a staggering 32 blockchains and over 5,000 tokens, offering users the ability to manage an unlimited array of digital assets. This extensive token support, coupled with the wallet’s unlimited currency storage capacity, makes it a comprehensive solution for users with diverse cryptocurrency portfolios.
In conclusion, SafePal S1 Pro ensures a heightened level of security through an air-gapped signing mechanism, essentially making it a genuinely cold storage solution for cryptocurrencies. Users can be confident that their assets are shielded from online threats and vulnerabilities.
SafePal hardware wallet boasts a compact design, comparable to the size of a credit card. Its lightweight nature and portability make it easy for users to carry and manage their crypto assets 24×7, providing a seamless experience for those constantly on the move. SafePal S1 emerges as the best hardware wallet that can be a reliable choice, combining security, versatility, and user-friendly portability for cryptocurrency enthusiasts.
How to Choose the Best Hardware Wallet?
There are several factors you should consider before selecting the best hardware crypto wallet, such as:
- Security: While all cold wallets provide a higher level of security compared to other options, it’s essential to note that some hardware wallets are more secure than others. Look for features such as secure elements and encryption algorithms when evaluating a hardware wallet’s security.
- Supported Cryptocurrencies: Evaluate the range of cryptocurrencies each hardware wallet supports. While most wallets can handle popular coins like BTC and ETH and many ERC20 tokens, compatibility with lesser-known altcoins may vary. Ensure that the wallet aligns with your portfolio’s diversity.
- Price: The cost of a hardware wallet can vary, and it’s important to balance your budget with the features offered. If you have a relatively small portfolio, you might seek a cost-effective solution without compromising on security.
Here are some additional tips when buying a hardware crypto wallet
- Buy Directly from the Manufacturer: To mitigate the risk of tampering, always purchase your hardware wallet directly from the manufacturer. Instances of unauthorized individuals extracting seed words and reselling compromised devices have been reported, emphasizing the importance of obtaining your wallet from a trusted source.
- Beware of Third-Party Sellers: Avoid purchasing hardware wallets from third-party platforms like eBay. Stick to ordering directly from the supplier’s website to ensure the integrity of the device. Most manufacturers offer free shipping, enhancing the security of your purchase.
Spend Crypto Like Fiat Money
hardware wallets excel in securely storing your assets, especially for long-term scenarios. However, they may not be the optimal choice if you intend to actively spend crypto, particularly for everyday transactions.
In this regard, custodial wallets like CryptoWallet.com step in to provide services such as a crypto-powered IBAN account and crypto cards, facilitating the seamless management of your crypto payments.
The CryptoWallet.com Card allows you to spend 800+ cryptos directly from your wallet, featuring low transaction fees and real-time crypto conversion. You can use your preferred coins and assets to pay for virtually anything, whether online or at physical stores.
When utilizing the CryptoWallet.com card, your crypto funds are instantly converted to fiat at the point of purchase. Additionally, you have the opportunity to earn cashback of up to 3% on your card transactions.
Bottom Line
It’s important to note that Trezor and Ledger Nano X, as industry leaders with years of experience, have stood the test of time, undergoing rigorous security audits and setting high standards for cold wallet security. While their longevity and solid reputation offer a sense of comfort to many users, it’s crucial to recognize that this doesn’t automatically imply superior security. Therefore, users should always conduct thorough research before entrusting their funds to any crypto wallet.
The other top hardware wallets mentioned in this list have yet to establish a reputation comparable to these two industry leaders, as they haven’t been around for as long. Hence, it’s imperative to ensure confidence in the chosen wallet’s security by conducting independent research.
Regardless of the chosen hardware crypto wallet, mitigating the risk of unauthorized access is paramount. All wallets incorporate pin codes, along with options for access and recovery, and, fundamentally, these details remain known exclusively to the owner.
Crypto Hardware Wallets FAQs
How Do Hardware Wallets Work?
Hardware wallets operate as secure devices designed to store the private keys essential for accessing and managing your cryptocurrency assets. Here’s a breakdown of how hardware wallets work:
Private Key Generation: When you set up a hardware crypto wallet, it generates a unique set of keys – a private key and a corresponding public key. The private key, is like the password of your crypto wallet, which is crucial for signing transactions and controlling access to your funds on the blockchain. It should always remain a secret!
Security Features: Most crypto hardware wallets have specialised hardware chips or secure elements that are mostly tamper-resistant. These chips are responsible for storing private keys. The hardware ensures that private keys are inaccessible and protected from external threats.
Offline Operation: The main purpose of the hardware wallets for crypto is to operate offline, meaning they aren’t directly connected to the internet. This isolation minimizes the risk of unauthorized access and shields against potential online threats.
Transaction Signing: When initiating a cryptocurrency transaction, the hardware wallet connects to a computer or mobile device. Transaction details are sent to the hardware wallet, where they are securely signed using the private key. The signed transaction is then transmitted back to the computer or device for broadcasting to the blockchain network.
Are hardware crypto wallets safe?
Hardware crypto wallets are widely recognized as one of the safest options for storing your cryptocurrency. They maintain top-level security by keeping your private keys offline and isolated on physical devices.
On the other hand, software wallets, which are connected to the internet, can potentially expose your private keys during hacks. The offline nature of hardware wallets significantly reduces the vulnerability to remote threats, providing a robust barrier against unauthorized access and potential breaches.
Are hardware wallets anonymous?
The short answer is yes! Your private keys are totally anonymous and you are the owner.
The only purpose of a hardware crypto wallet is securing private keys, ensuring they remain offline and isolated for heightened security. While the private key itself is anonymous, it’s crucial to recognize that cryptocurrency transactions are recorded on the blockchain, which is a public ledger.
Information about your wallet, such as transaction history and wallet balances, can be viewed on blockchain explorers using your public key. The public key acts as an address where others can send cryptocurrencies to your wallet. However, without the private key held securely in the hardware wallet, no one can access or control the funds associated with that public key.
So, while the wallet data is visible on the blockchain, anonymity is maintained through the secure storage of the private key on the hardware wallet. This separation of private and public keys is fundamental to the security and privacy provided by hardware wallets.
Are hardware wallets worth it?
Crypto hardware wallets are important for securing crypto assets. These physical devices ensure that your private keys, essential for authorizing transactions, remain offline and isolated from potential online threats. The robust security features, such as anti-tamper mechanisms and encryption, provide a strong defense against hacking attempts.
Despite the upfront cost, the increased safety and control make them a worthwhile investment, especially for long-term storage. Consider your specific needs and the amount of cryptocurrency you hold when deciding on a hardware wallet.
Can a hardware wallet be hacked?
Hardware wallets are designed with a focus on security and are considered highly resistant to hacking attempts. However, while the likelihood of hacking is significantly reduced, it’s crucial to note that no system is entirely impervious.
While the actual hardware wallet itself is challenging to hack, potential vulnerabilities may arise from user practices, such as failing to keep the recovery seed secure or falling victim to phishing attacks. Users must remain vigilant, follow best security practices, and stay informed about potential threats.
It is important to note that industry leaders like Trezor and Ledger have maintained strong security records and have not experienced successful hacking incidents.
Can you stake crypto on a hardware wallet?
Many top hardware wallets, such as Trezor Model T and Ledger Nano X, offer easy integration with Web3 wallets like MetaMask. This integration allows users to seamlessly access various decentralized finance (DeFi) platforms.
Additionally, many cold wallets often provide direct integrations with popular decentralized applications (DApps) on blockchains like Ethereum, Tron, and Binance Smart Chain. This enhances the versatility and utility of these wallets in the decentralized space, enabling users to interact securely with a wide range of blockchain-based applications and services.
How much does a hardware wallet cost?
The cost of a hardware wallet can vary depending on the brand, model, and features it offers. Generally, prices range from around $50 to $200 or more. Entry-level models might be more affordable, while high-end or feature-rich options may come with a higher price tag.
It’s essential to consider your specific needs, such as the number of supported cryptocurrencies, security features, and user interface when choosing a hardware wallet that fits your budget and requirements.
How to backup hardware wallet?
Backing up a hardware wallet involves securing a recovery seed phrase provided during the wallet setup. This phrase, typically consisting of 12 to 24 words, serves as a backup for accessing your wallet and your crypto funds.
Write down the seed phrase on physical paper and store it in a secure location, considering options like metal backup devices for durability. Avoid digital storage to mitigate the risk of unauthorized access, and store backups in different physical locations, such as a safe deposit box, for enhanced security.
Regularly check the condition of your backup and follow specific instructions from the hardware wallet manufacturer for optimal backup practices.
How to buy a hardware wallet?
When purchasing the best hardware crypto wallet, several crucial factors should be considered:
1. Security: Assess the security features of a hardware wallet, focusing on elements like secure chips and robust encryption algorithms.
2. Supported Cryptocurrencies: Ensure that the hardware wallet supports a wide range of cryptocurrencies, especially if you have a diverse portfolio.
3. Price: Balancing your budget with the features offered is essential. Hardware wallet costs can differ, so choose one that meets your security needs without overspending.
Additional Tips for Buying a Hardware Wallet
1. Buy Directly from the Manufacturer: To minimize tampering risks, always purchase your hardware wallet directly from the manufacturer. Unauthorized individuals have been known to compromise devices and resell them, emphasizing the importance of a trusted source.
How to move crypto to a hardware wallet?
Moving cryptocurrency to a hardware wallet involves a few general steps. Make sure that the hardware wallet supports the cryptocurrency and the blockchain network it is on.
Follow the steps to deposit crypto to your hardware wallet
Set Up Your Hardware Wallet: Set up your hardware wallet and securely store the seed phrase provided by the hardware wallet.
Create a wallet: Open a wallet and receiving address to deposit your crypto.
Access Your Current Wallet: Log in to the wallet or exchange where your cryptocurrency is currently stored.
Initiate the Transfer: Look for options like “Withdraw” and enter the receiving address obtained from your hardware wallet.
Wait for Confirmation: Cryptocurrency transactions require confirmations on the blockchain. Wait for the required number of confirmations, which may vary by cryptocurrency.
Check Your Hardware Wallet: Once the transaction is confirmed, check your hardware wallet’s software or device to ensure the funds have arrived.
How to sell crypto from hardware wallet?
Selling cryptocurrency from a hardware wallet typically involves a two-step process: transferring your crypto to an exchange platform where you can sell it and then convert it to fiat.
1. Transfer Crypto to an Exchange Platform
Transfer your crypto to a platform that supports selling, such as CryptoWallet.com. Every platform provides you with an address to deposit crypto from external wallets
2. Sell Crypto on the Platform
Once your cryptocurrency arrives on the platform, navigate to the selling or trading section.
Select the cryptocurrency you want to sell and choose the fiat currency you wish to receive (e.g., USD, EUR).
If using CryptoWallet.com, you may have the option to instantly convert your crypto to fiat instantly and withdraw the fiat funds to your linked bank account.
3. Use a Cryptowallet.com Card (Alternative)
Cryptowallet.com card allows you to spend more than 800 cryptos wherever you want – just like a regular debit card. When making purchases with their card, your crypto is converted to fiat at the time of purchase.
This eliminates the need to sell crypto in advance, providing on-demand use of your cryptocurrency.
Why You Should Invest in a Hardware Crypto Wallet?
Keeping the crypto funds safe and secure is a top priority for every crypto holder. And as your Bitcoin and Ethereum grow, you are more cautious about the potential risk and hack. Even if you keep your crypto on reputable exchanges, with their security measures, it does guarantee the absolute safety of your crypto funds as they can still be hacked or go bankrupt. Recent incidents like the KuCoin hack and FTX collapse can be real-life examples.
As long as you don’t own the private keys, you are not totally in control of your crypto holdings. And storing your assets on an exchange means surrendering control of your private keys. The horror stories of insolvencies and hacks, like those of Celsius, BlockFi, and FTX, serve as cautionary tales.
This is why these top hardware wallets ensure that you have exclusive control over your private keys, minimizing the risk of loss or unauthorized access. The added layer of security and ownership gives you peace of mind in this ever-evolving crypto landscape.
