Best Hardware Wallet: Hardware wallets for storing Bitcoins are gaining much popularity, these days. They are safe, more durable than paper wallets and give you many added benefits. Let’s take a closer look at some of the well-accepted best hardware wallets in the market.
Trezor Crypto Wallet
Trezor is one of the most common hardware wallet options for securing Bitcoin transactions. With this wallet, transactions are safe even on a vulnerable PC. Trezor is undoubtedly a good option for newbies who are not familiar with the security issues.
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It comes packed with many features.
- Trezor supports OS X (version 10.8), Linux and Windows (version 7). You can also use this wallet with Android devices that come with USB On-The-Go.
- Each Trezor has a PIN code. So, if your wallet gets stolen, hackers will not be able to misuse it for stealing your money. The good part is that the ingenious design of this hardware wallet does not allows hackers to know your PIN, even if the computer with which you use your Trezor is hacked.
- This wallet supports significant browsers like Chrome and Firefox.
- You can always recover your crypto wallet using the recovery seed and a compatible wallet like Electrum or Mycelium.
- Trezor supports multiple coins including Bitcoin, Dash, Litecoin, Zcash, Ethereum (+ all ERC-20 tokens), Bitcoin Gold, Ethereum Classic, Bitcoin Cash, Expanse, NEM, UBIQ, Namecoin, Bitcoin Testnet and Dogecoin.
Ledger Nano S Crypto Wallet
Based on robust safety features for storing and securing cryptocurrency, Ledger Nano S is a favorite hardware wallet that allows holding cryptos like Bitcoin, Ethereum, and Altcoins. It is easy to setup and uses on any desktop computer. It has a secure OLED display that verifies every transaction with a single tap on its side buttons. This feature makes it a little different from other Ledger wallets, like Ledger Nano and Ledger HW.1.
The best part is that it can be even used on systems that are infected with malware. By far, this wallet is the cheapest of all. If you are planning to buy Ledger Nano S, then you should know that this best hardware wallet comes packed with other items, as well, which includes:
- 1 micro-USB cable
- One keychain and keyring
- Recovery sheet for writing down seed
- Lanyard for wearing the device around the neck
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Now you might be thinking if the low priced best hardware wallet comes with any security tradeoffs. Well, the answer is yes.
- Like Trezor, Nano S also comes with two physical buttons that add to its security. For confirming payment, you need to press both the buttons at the same time. This ensures that no hacker can hack into your device.
- The wallet also requires a PIN code during the setup, which helps prevent the loss of bitcoins, in case you lose your device.
- It allows you to store your private and public keys offline in a secure environment, out from hacker’s reach.
- Your hardware wallet is shipped with tamper-proof tape around the packaging. In case, the tape appears to be altered in any way, be sure to send an email to return it and request a new device.
- When you set up this wallet, it generates a recovery phrase offline, which is a complete backup of your wallet. This recovery phase is then displayed on the screen, which ensures that it is not there on an internet-connected device.
KeepKey Hardware Wallet
Launched in 2015, this hardware wallet secures many crypto coins like Bitcoin, Ethereum, Bitcoin cash, Litecoin, Dash, Dogecoin, and Namecoin, from hackers and thieves. For KeepKey to work, you need a wallet software on your computer, and you must generate a private key and manage its storage.
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- It is easy to setup and comes packed with some advanced features, which makes it an excellent choice for both, new and experienced Bitcoin users.
- Its large display provides clarity to each crypto coin that leaves the device, post-transaction, and every transaction requires manual approval by pressing the confirmation button.
- It generates a private key using its random number generator and allows users to write down a backup of the KeepKey in the form of a twelve-word recovery sentence. Twelve words are the default settings. However, KeepKey supports seed lengths of 18 and 24.
- In addition to offline storage, its random number generation and pin code ensure that your wallet is secure from physical theft and a hacker cannot steal your coins from your wallet, even if it has malware.
- The private key is stored securely with this hardware wallet, and it never leaves the device. It is PIN protected and provides safety against hacking.
- It provides top-notch security and protects against both virtual and physical theft. It can be used on any computer, even if it has malware or has been targeted by hackers.
- It comes with a high price tag, which is because of its digital screen, metal body and high level of security.
- You can recover your wallet using the backup seed, in case, your device is stolen, lost or damaged. Recovery can be made using KeepKey’s chrome extension. So, it is always advisable to have multiple backups of your seed.
- Like any other hardware wallet, using the device is as private as the wallet it is used with. MultiBit HD and KeepKey Chrome provide support for KeepKey, while Electrum is the most private of all these options.
Overall, there is not much difference besides that Trezor has been around for quite long. The design of the three devices also differs. KeepKey is aluminum, gives a premium feel and is much heavier than the other two devices. Trezor is plastic, very light and is slightly more drop-proof. Based on this differentiation, you can choose the best hardware wallet for storing your cryptos.