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Since the beginning of 2023, the world's No. 1 cryptocurrency has risen by more than 28%. At its peak, bitcoin was worth around $23,000. There hasn't been such a monthly rise in price since 2020, where the rise was 31%. Interest in bitcoin continues to grow and if you do decide to buy cryptocurrency, you need to know how to do it safely to keep your money safe. The safest thing to do today is to store cryptocurrency using cold wallets. Due to the autonomy of the wallet, you reduce the risk of an outside attack to zero.
In this article we will help you to understand what cold wallets are worth buying, understand how they are organized inside and what you should do not to lose your money.
What is a cold wallet?
A cold wallet, also known as "cold storage," is a way to store cryptocurrency that does not require an internet connection. This means that your cryptocurrency assets are stored in a wallet that is not accessible through the internet. In case hackers gain access to your computer or mobile device, they will not be able to access your cryptocurrency assets because they are stored on a device that is disconnected from the internet.
This makes cold storage of cryptocurrency much safer than hot storage because it eliminates the possibility of theft or hacking over the Internet. Cold wallets can be in the form of a physical device such as a USB drive or a paper wallet.
In this top, we've compiled the top 8 best and most reliable cold wallets, chosen based on user rating and security.
1) Ledger Nano X.
The Ledger Nano X is a cold wallet released by Ledger in 2019. It is a USB-type drive with a small screen and buttons that allows you to store cryptocurrency and perform transactions securely and offline.
The Ledger Nano X wallet supports more than 1,100 cryptocurrency assets, including the most popular ones like Bitcoin, Ethereum, Litecoin and many others. It has a built-in battery that allows you to use it even without connecting to a computer, and it supports Bluetooth to sync with your mobile device. So, even if you don't have a laptop handy, you can still effectively trade from your Android and iOS devices. The minus of Ledger Nano X can be called the limited memory of the device, which may not be enough to store a large number of cryptocurrency assets.
Software
The official app for Ledger Nano X is Ledger Live. This app allows you to view balances, track transactions, sign and send transactions, and more.
Ledger Live also offers many security tools, including two-factor authentication and the ability to back up your wallet. It also provides the ability to use additional applications to expand functionality, such as support for decentralized applications, integration with cryptocurrency exchanges, and more.
Security
When it comes to security, Ledger Nano X uses modern security methods such as hashing and fingerprint authentication. It also has two-factor authentication, which is protected on two levels: thanks to the Pin code and the Sid-phrase for recovery. This creates an extra layer of protection for your transactions and data. It's important to note that, like any cold wallet, the security of the Ledger Nano X depends on how you store and protect its private key backups.
Price
One of the drawbacks of this device is its high price. Its price as of this writing is $149 if you buy it from the official website. In addition, there is no shipping to the Russian Federation, which means that you can only buy it unofficially and far from that price.
Pros of
Supports more than 1100 cryptocurrencies
There is access from a mobile device
Comfortable software
Very good security
Cons
Limited wallet storage
Relatively high price
2) Trezor Model T
Trezor Model T is a cold cryptocurrency storage wallet from SatoshiLabs that allows the user to instantly access third-party exchanges such as CoinSwitch and Changelly. The Trezor line remains one of the most popular cold cryptocurrency wallets today. This particular company made the first hardware wallet for Bitcoin. The Trezor Model T has a touch screen and keyboard that makes it easy to enter and verify transactions. The size of this best cold wallet has a length of 64 mm x 39 mm x 10 mm, while its weight is about 22 g. The wallet comes with a magnetic holder, which allows you to attach the device and place it on any surface. Unlike the Ledger Nano X, the wallet from Trezor has unlimited wallet storage.
Security
The Trezor Model T uses strong security methods to keep your cryptocurrency assets secure.
The device has two-factor authentication, which means that to log into your wallet you will need to enter a code that is sent to your cell phone as well as your password.
There is support for fingerprint authentication, which adds another layer of security and convenience for accessing your wallet.
Trezor Model T has built-in tamper protection that protects your device from unauthorized access and cryptocurrency theft. In the case of an attempted hack, Trezor Model T will automatically block access to the keys and data on your device.
The device has upgradable software that allows you to get security updates and new features to protect your cryptocurrency assets.
Price
The Trezor Model T is priced at $219 if purchased from the official website. Shipping, as in the case of Ledger Nano X, is not available in the Russian Federation. Wallet supports cold storage of more than 1000 cryptocurrencies.
Overall, Trezor Model T is a very safe choice for storing cryptocurrency due to its many security tools and hardware storage.
Pros of
Unlimited wallet storage
Secure password storage
Support for over 1000 cryptocurrencies
Upgradable software
Ultra secure offline storage
Cons
High price
Dependent on computer
3) KeepKey
KeepKey is one of the popular cold storage wallets for cryptocurrency. This hardware device was developed by ShapeShift. The device features a large 3.12 OLED display and has a user-friendly interface. The main trick of this wallet is currency exchange directly within the wallet, which allows you to trade without resorting to third-party services. Also KeepKey has its own application for computer. Of the disadvantages of this device should be noted the support of only 40 cryptocurrencies, which can be a significant problem for some holders.
Security
For the security of your assets, KeepKey offers many security features. One of them is the storage of private keys using the widely accepted BIP32 protocol. The device uses two-factor authentication: it requires entering a pin code that is sent to your cell phone, as well as your password to enter the wallet. In addition, KeepKey uses fingerprint authentication, which adds another layer of protection. An additional security measure is that KeepKey requires you to confirm each transaction with a button located on your device.
Price
KeepKey is currently priced at $49, making it very affordable. Especially suitable for beginners who are just entering the market and are not ready to spend a lot of money on this device.
Pros of
Inexpensive price
Large OLED display
Simple interface
Great functionality
Cons
Supports only 40 cryptocurrencies
Has a large size
4) Ledger Nano S Plus
The Ledger Nano S is the budget version of the Ledger series cold wallet. It was first released by the company in 2016 and since then it has continued to release updated versions of its product. Ledger Nano S Plus supports more than 5,500 tokens and different coins just like its big brother Ledger Nano X. Yes, it won't have the big display or Bluetooth features of Ledger's premium models. However, this can be a plus if you are looking for the perfect solution in terms of price and quality. After all, this device has almost all the same security features as the more expensive models.
Security
The Ledger Nano X uses an ST33 chip, while the Ledger Nano S uses an ST31, but the two chips have received an EAL 5+ hardware rating from ANSSI, the French cybersecurity agency, and are considered equivalent to each other. The company itself claims that they are the only ones that have been able to achieve this level of security among hardware wallet companies.
Price
The key choice between Ledger Nano S Plus and Ledger Nano X is definitely their price. The Ledger Nano Plus costs $79 on the official website while the Ledger Nano X costs nearly twice as much. Whether the Bluetooth feature and large display is worth the $70 overpayment is of course up to you to decide. It is worth noting that you should not take these devices from hand, as they are often flashed by crooks. In that case, you risk losing all your assets.
Pros of
The highest level of security
Low price
Support for more than 1100 cryptocurrencies
Compact and light design
Great functionality
Disadvantages
No Bluetooth
No big display
Operation can be tricky for some users
5) Ellipal Titan Mini
A very compact cold cryptocurrency wallet that is one of the easy-to-use hardware wallets in 2022. Users can set up the ELLIPAL Titan Mini within minutes thanks to the user-friendly 2.4-inch display. The device is housed in a rugged aluminum case, protecting it from physical attacks. It is used with the ELLIPAL mobile app to check balances and send and receive currencies. The ELLIPAL Titan Mini supports 34 blockchains, over 10,000 tokens and NFTs.
Security
This device is designed without any connectivity modules, the only way to connect to it is with a QR code. This way of security is called "air gap" because it is completely isolated from external influence, which allows for maximum security. Besides, as well as the previous pretenders, there is the two-factor authentication. The cold wallet is equipped with a unique feature to create a fake account and an unauthorized access protection function that erases user data if the password is not entered successfully.
Price
The price of this wallet on the official website is $79. However, with delivery to different regions, the price can vary up to $99. Although its price may be a bit higher than other analogs, it justifies it with its reliability and security.
Pros of
Large screen - easy to use
Protection with an "air gap"
Support for over 10,000 tokens and NFTs
Use of open-source QR code to transfer data
Support for 41 blockchains and over 10,000 tokens
Minuses
Offers limited choices for steak coins
High price
Not compatible with pc
6) Safepal S1.
Safepal S1 is a cold wallet created with the support of a major cryptocurrency exchange like Binance. The company managed to become a worthy competitor to companies like Ledger and Trezor in just a couple of years. To use the device, you will need to install a mobile app. The wallet has a 1.3-inch display, which is needed to display transactions and user menus. It supports 19 blockchains and over 10,000 crypto tokens, including NFT tokens.
Security
A key feature of this device is its complete autonomy. It only connects to a computer for charging, which guarantees security against hacking or firmware. There are holographic sticker seals on the body of the device. These seals serve as proof that the device has not been tampered with. Therefore, we strongly recommend that you check these seals before use.
The device uses two-factor authentication as its main security features. The SafePal S1 has passed hardware tests and received the maximum rating of EAL 5+. The device also has a built-in self-destruct mechanism that its competitors do not have. Synchronization between the wallet and the mobile app is done with a QR code. A useful feature is that the keypad changes the order of the digits while checking the PIN code of transactions, so that no one in the vicinity can determine the PIN code by hand movements.
Price
As of this writing, this cold wallet is on sale for $49.99. Shipping to the Russian Federation is available. For such a range of features, the price is quite justified and may be a good reason to think about buying this device.
Pros of
Attractive price
High security level EAL 5+
Self-destruct mechanism
Offers multiple levels of security sensor
Cons
Limited number of coins supported.
No balance displayed on screen
7)CoolWallet Pro
CoolWallet Pro is a cool wallet released by CoolBitX. This model is an improved version of its brother CoolWallet S with improved functionality and security. This small portable device that looks like a credit card is only 0.8 mm thick and weighs 6 g and can easily fit into your wallet. This wallet is Da DeFi oriented and offers easy interaction with decentralized applications (dApps) and NFT. It supports 27 blockchains and more than 12,000 coins and tokens.
Security
The device connects to your phone via an encrypted Bluetooth connection and has a range of up to 10 meters. The CoolWallet Pro's enclosure is fully waterproof and tamper-resistant. Wallet offers multi-level protection with EAL6+ certification.
Price
The CoolWallet Pro costs $149 on the official website, but you should consider the shipping cost, which can vary from country to country. I'd like to say that if portability is important to you and the price doesn't cut it, the CoolWallet Pro might be the perfect solution for you.
Pros of
Has the size of a credit card
Encrypted Bluetooth connections for Android and iOS devices.
In-app NFT integration with Rarible and OpenSea
Supports 27 blockchains and over 12,000 coins and tokens
EAL 6+ certification.
Easy integration with a mobile device
Cons
High price
Offers a very small selection for coin flaking
8)Keystone Pro.
Keystone Pro (formerly Cobo) is a hardware cold wallet that, combined with its convenience and practicality, is positioned as the most powerful hardware wallet. This wallet uses QR codes to sign cryptocurrency transactions. It is fully autonomous. The feature of the device is a large 4-inch touch screen. Keystone is compatible with top wallets such as MetaMask, Solflare, Sender Wallet, XRP Toolkit and many others. Keystone Pro supports 9 cryptocurrencies and over 5,500 digital assets.
Security
Just like the Ellipal Titan Mini, the Keystone Pro wallet uses an "air gap" for maximum security. The device is EAL 5+ Secure Element certified, which generates random numbers for private keys. A fingerprint scanner located on the device is used to sign transactions. There is a built-in self-destruct mechanism. Unlike other hardware devices that require a USB or Bluetooth connection, Keystone allows full verification of transaction details via QR codes. This prevents and eliminates any malicious code from entering your device.
Price
The cold wallet sells for $169 on the official website and doesn't ship to CIS countries, which is why it's #8 on our list.
Pros of
EAL 5+ certification.
Built-in self-destruction mechanism from tampering
Ability to sign transactions with a fingerprint
Cons
It does not support coin exchanges like other cold wallets.
Few supported cryptocurrencies
High price
To summarize our top
Here is a brief summary of our top:
Ledger NanoX - Best cold wallet if you need convenience coupled with high security
Trezor Model T - Best hardware wallet with large display
KeepKey - The best cold wallet for beginners and people with limited budget
ELLIPAL Titan Mini- Best cold wallet with air gap
Ledger Nano S Plus - The best value for money cold wallet
Safepal S1 - The best cold wallet for beginners and advanced traders
CoolWallet Pro - Best cold wallet for NFT
Keystone Pro - The most powerful cold wallet with air gap
How do cold wallets work?
Each wallet has its own address, which allows the user to store and receive cryptocurrency. Any cryptocurrency wallet has a public and a private key. The public key is an encrypted version of the wallet address. The private key is a Sid-phrase. Sid-phrases can consist of 12 or 24 words. These words are your security guarantee, so make sure to keep it in a safe place, because only with the help of a cid-phrase you can restore access to your wallet.
Despite the obvious advantage, it is worth noting that cold wallets are less convenient to use than regular ones connected to the Internet. This is due to the fact that users need to go through additional steps in the form of complex passwords and login codes. If you need quick access to your assets at any time, cold wallets probably won't work for you. Instead, you can use, for example, mobile and desktop crypto wallets. However, storing large amounts of money there is not recommended.
Withdrawal
In the cryptocurrency market, there is a big risk of losing all your savings due to cyber-attacks, fraud and other attack methods. To provide your funds with the necessary protection, we highly recommend getting one of the cold wallets in the presented top. It will not only keep you safe from cyber-attacks, but also allow you to ensure control over your assets without intermediaries.