Investing in cryptocurrency isn’t a walk-in-the-pack if you don’t have the best hardware wallet. Experienced investors have an easy pick on this, but first-timers need a guide. Though volatile, cryptocurrency seems to be the order of the day for investors in the blockchain. Are you contemplating cryptocurrency? Here is what you should know about hardware wallets and the best ones.
What are hardware wallets?
It refers to a physical device designed to enhance the safety of cryptocurrency. Usually, a user is given two keys (public and private) when opening a wallet. The public key helps generate and receive public crypto, whereas the private one is used to authenticate ownership. Hardware wallets come in handy when storing your private keys, preventing hackers from accessing your crypto details.
They are restricted and can be used together with software and apps configured on a PC or phone. The importance of hardware wallets is that they generate ‘phrases’ that should be noted manually for easy retrieval of crypto when your device is lost or damaged. Ideally, a hardware wallet generates a recovery phrase that only you should know.
Best Hardware Wallets
Considering the importance of hardware wallets, the choice of one is critical for any investor. Below are the top hardware wallets.
- Ledger Nano X
This hardware wallet is the most advanced with robust features, including the Bluetooth function integrated for Windows, Mac, Linux, iOS, and Android devices. It is the safest as all its features are preinstalled. The wallet has bigger storage and can store more than 30 cryptocurrencies, but it is common for Ethereum transactions. Since it integrates most of the software wallets, it is designed safe from hackers.
Ledger Nano X integrates BOLOS OS making it easy to navigate. You can also trade directly by integrating your platforms. Its recovery phrase consists of 24 words and would be ideal for investors with more than 20 coins. The only downside of using this hardware wallet is acquiring one, as it is the most expensive.
- Trezor Model T
Among the Trezzor wallets, this model is the second generation matching Ledger Nano X’s security features. One of the attractive features found on Trezor Model T is the built-in color touchscreen, allowing third-party trading. In addition, this model can store various tokens and cryptos with a provision for bitcoin trading through the Bitcoin-only firmware. Unfortunately, the model is not configured with iOS devices. Though there is a guide on using the Trezor Model T wallet, first-timers find navigation frustrating.
It is one of the top hardware wallets launched by Binance Labs, supporting over 20 blockchains and at least 10000 tokens. SafePal integrates air-gapped connection with EAL 5 security feature and self-destructive system to stop any forceful hacks.
This wallet is elegantly configured and supports several coins. It integrates an LCD screen for easier navigation –clicking the top icon on top of the screen is for canceling or confirming transactions. KeepKey comes with top-notch security as it is designed with aluminum and bicarbonate casing.
This wallet is configured to support Mac, Windows, Linux, and Android. You can plug this wallet into a PC without a cord, but you must install the BitBox app. The most appealing feature about BitBox02 is that it has a microSD card for seamless backup and instant recovery. Its design comprises a dual-chip to enhance security. BitBox02 has a bitcoin-enabled firmware exclusively for bitcoin transactions.
With the numerous hardware cryptocurrency wallets, an investor should have viable top hardware wallets to trade successfully. If you are unsure where to start, Fantom to Matic would be a perfect guide on crypto trading.