Best Crypto Hardware Wallets 2022

This article discusses what a hardware wallet is, how it works, best hardware wallets of 2022, and its compatibility with various blockchains.

 

Key Takeaways

  • A hardware wallet also called a cold wallet, is a physical device that stores users' private keys and cryptocurrencies as a form of offline or physical storage.

  • A hardware wallet generates a specific set of keys (private and public keys) that must be kept securely offline.

  • Ledger Nano X’s performance is optimal when paired with its smartphone version, Ledger Live, enabling users to view their balance quickly.

  • Trezor One provides additional security by enabling 2-factor authentication (2FA) when verifying transactions.

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Best Crypto Hardware Wallets 2022

Introduction

Your cryptos are only as secure as your wallet in which you store them. Therefore, the security of how you store your digital assets is solely in your hands. The available options for storing digital assets are paper wallets, hardware wallets, and online wallets, all with varying levels of security.


Most newcomers stick to custodial wallets, which are less secure as the crypto remains with the exchange. The exchange controls and secures your digital assets. However, in case of an attack on the exchange, you also stand to lose your digital assets funds.


What is a Hardware Wallet?

What is a hardware wallet?

A hardware wallet also called a cold wallet, is a physical device that stores the private keys of cryptocurrencies as a form of offline or physical storage. The physical device prevents third parties from accessing private keys. Hardware wallets are usually more secure than software wallets because they're physical and offline. They're also portable, so you can take them wherever they go.


A hardware wallet generates a specific set of keys (private and public keys) that must be kept securely offline.

  • The keys are generated using a random number generator or RNG.

  • A PIN protects the wallet, and the device is destroyed after many unsuccessful attempts to access it, making it difficult to steal.

Keeping private keys and crypto assets offline reduces their susceptibility to hacking and viruses. It gives holders peace of mind since managing private keys is less stressful than software wallets. Users are assured that a malicious actor won't move their digital assets. Furthermore, having a physical or tangible wallet rather than an intangible hot wallet boosts the users' confidence level.


Benefits of Hardware Wallets over Software Wallets:

  • Physical Size: Storing private keys on a hardware wallet instead of a computer simplifies moving digital assets when necessary.

  • Security: Unlike online wallets or desktop wallets, hardware wallets are considerably more secure since they are less susceptible to virus attacks and hackers. Thus, storing cryptocurrencies or tokens in hardware wallets gives additional security against theft since private keys remain hidden from the internet.

  • Accountability: When safeguarding digital assets, hardware wallet users become more accountable with increased control over their assets. They do not need internet connections to verify their transactions, and the safety of the hardware wallet is their responsibility.


Top Hardware Wallets in 2022

1) Ledger Nano X

Ledger Nano X wallet

Ledger Nano X resembles a USB flash drive. Its performance is optimal when paired with its smartphone version, Ledger Live, which enables users to view their balance, either online or offline, quickly. It is an upgraded version of Nano S supporting Bluetooth connection so that users can easily verify transactions without a computer or USB cable. It is compatible with multiple blockchains. It can support over 1,800 tokens, including all ERC20 tokens, Bitcoin, Ethereum, Ripple, EOS, etc.


Summary:

  • It can store more than 30 different cryptocurrencies

  • An 8-digit PIN code protects everything in the wallet

  • Best suited for ERC20 tokens


2) Trezor One

Trezor One Wallet

Trezor One is Ledger Nano X's biggest rival in the crypto world. It boasts of being the first cold wallet with modern cryptography. It has an LED screen for a user-friendly interface and a PIN to access the wallet. Trezor One provides additional security by enabling 2-factor authentication (2FA) when verifying transactions. The one-of-a-kind gadget is compatible with Windows, Mac, and Linux and supports over 500 distinct altcoins to store and trade. Like most hardware wallets, Trezor One requires an internet and USB connection to execute transactions.


Summary:

  • It uses 2FA in addition to a PIN

  • It supports over 500 altcoins

  • Compatible with Mac, Windows, and Linux


3) Ellipal Titan

Ellipal Titan Wallet

Ellipal Titan resembles a tiny mobile phone built of aluminium alloy with an LCD screen and is resistant to physical damage. It is also dust-proof and waterproof. It has the most secure air-gapped technology and hardware available. Its companion software may be used with it to manage user accounts, connect to exchanges via smartphone, and keep users up-to-date on real-time market data. The device is built with zero online ports and operates without an internet connection.


It has also established a common OCCW (Open Cross Chain Wallet) Protocol that enables it to work with multichain accounts and multiple cryptocurrencies. Thanks to the visual interface, the data exchange process is under the user's complete control. If a breach is detected, it automatically wipes all user data. It is compatible with blockchains like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dash, and Dogecoin.


Summary:

  • Air-gapped technology for increased security

  • Zero online ports for added security

  • Compatible with multiple blockchains


4) SafePal S1

SafePal S1 Wallet

SafePal S1 supports a variety of cryptocurrencies and is reasonably priced. It uses completely air-gapped technology with safety measures like self-destruct algorithm, true RNG, and EAL5+ secure feature with no Bluetooth, Wi-Fi, or NFC connections. If a virus or malware is discovered, it activates a self-destructive mechanism. This hardware wallet stores Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It has an OLED screen for easy navigation and a secure USB connection. SafePal S1 is one of the cheapest hardware wallets and supports a wide range of cryptocurrencies.


Summary:

  • Easy to use and has a rechargeable battery

  • It is the first hardware wallet supported by Binance

  • Supports Bitcoin, Ethereum, Litecoin, and ERC20 tokens

  • Compatible with Android and iPhone

  • It’s one of the cheapest hardware wallets on the market


Have you explored all your options?

In terms of security, hardware wallets are difficult to compare to other storage options. There's no comparison for cold storage, which drastically lowers the risk of self-custody of assets. However, it's essential to explore all the available choices when looking for a hardware wallet.