Which cryptocurrency wallet is the most trusted one?
Top 5 best hardware wallets available in the market.
Trezor Model One
- It’s an entry-level device made by a company called Satoshi Labs which is based in the Czech Republic.
- They have been building these devices for over 9 years.
- The model one has a simple black and white screen on the device which is where you will be confirming most actions taking place on your computer.
- This is done through the Trezor suite which is basically the software built by the company.
- The hardware is sealed and welded ultrasonically. Any tempering to get into the device itself will destroy it.
- The keys are also stored behind a protected pin, so the only way that anyone can perform the signing operations is if they unlock this device with the pin.
- You also have additional passphrase support. What that means is that you can also elect to have a special passphrase that would need to be entered if you wanted to access your device on your Trezor Suite.
Cryptocurrency Support:
Trezor model one covers a wide range of 1000+ coins and tokens.
Cryptos which are not supported include the likes of Cardano, XRP, Tezos, and Monero
Variants:
The Trezor model one comes in two variants black and white.
Price:
Trezor model one is available for $77 (approx).
Drawbacks:
For holders of XRP, Monero, Cardano, and Tezos, it won’t be able to hold your coins.
Trezor Model T
- Trezor Model T has been around for about 2 years.
- It has a color touch screen which is a lot easier on the eyes as well as simpler to use.
- With Model T you can insert your pin directly on the device, whereas with Model One you have to use your mouse while unlocking it on your computer.
- The touchscreen on this device is much easier to use and more secured, as everything including pin entry is being done on the device.
- With the larger screen, it’s easier to see addresses and the signing process when needed.
- The Model T has support for those other coins that you won’t be able to store on the Model One.
- The additional security feature of this device is Shamir backup. For most other hardware wallets you have only one seed word backup. This means that if anyone gets their hands on these seed words, they can get access to your device. However, with Shamir backup, you can make multiple copies of these seed words and you can set a minimum threshold for how many are required to regenerate the wallet.
Cryptocurrency Support:
Trezor model one covers a wide range of 1000+ coins and tokens.
Price:
Trezor Model T is available for $280 (approx).
Drawbacks:
It does not support native staking. If you want to stake proof-of-stake coins, then you can’t do that through the trezor suite.
Get Vishal’s stories in your inbox
Join Medium for free to get updates from this writer.
Ledger Nano S
- Ledger’s devices have become some of the most popular in the crypto space and much like Trezor’s, they employ some pretty advanced tech to keep your private keys secure.
- For example, they possess a secure element that’s cryptographically protected similar to those that you will find in passports.
- Ledger Nano S is best for storing, trading, and transferring huge amounts of crypto, especially Bitcoin, and Ethereum.
- It is considered more secure than the likes of Trezor which has had security breach incidences in the past.
- Ledger Nano S is operated with buttons and has a small Led screen. This is where you will perform actions like signing transactions and viewing addresses.
- One slightly different thing is that you have to install coin apps on the device if you would like to add more coins.
- Now given the space constraints on the Nano S, you may have to remove some and add other coins.
- The software which Ledger Nano S uses is ‘Ledger live’.
- This software has a native staking feature which means that you don’t need to use another software wallet if you wanted to stake your coins.
Cryptocurrency Support:
Ledger Nano S covers a wide range of 1800+ coins and tokens.
Price:
Ledger Nano S is available for $59 (approx).
Drawbacks:
It has no wireless bluetooth feature. It has limited support of only 3 coin apps.
Ledger Nano X
- Ledger Nano X is the second generation hardware wallet from Ledger.
- Nano X resembles a USB drive and connects to your device via USB or Bluetooth.
- You can connect the wallet to your mobile device directly without needing a computer.
- You can install the Ledger Live app on your mobile device and then connect to the device.
- There is more storage space on the Nano X which means you can install up to 100 different apps at the same time.
- It has a slightly larger screen as compared to the Ledger Nano S.
Cryptocurrency Support:
Ledger Nano S covers a wide range of 1800+ coins and tokens.
Price:
Ledger Nano S is available for $149 (approx).
Drawbacks:
Its firmware is closed source, which means you cannot independently verify its robustness.
Keepkey
- Keepkey is a hardware wallet that was initially launched back in 2015.
- Keekkey device is similar in appearance to the Ledger Nano devices.
- When it comes to using the keepkey device, it does so by interacting with the Shapeshift browser interface.
- This device has a large display which gives clarity to every digital asset sent and received on your device.
- In terms of safety, it has most of the same protections as the ledger and the Trezor devices i.e. pin and passphrase protection.
- Like the Trezor’s devices, its firmware is completely open source.
- It can only support about 40 coins and tokens.
Cryptocurrency Support:
Keepkey supports only 40 coins and tokens.
Price:
Keepkey is available for $49 (approx).
Drawbacks:
It supports only 40 coins and tokens which is way fewer than those offered by some of Keepkey’s competitors.
To know more about cryptocurrency or hardware wallet, visit Cryptoknowlogy
.
