Cold wallets are a great way to store your assets offline. These devices, with their software protected by diversified encryption protocols, have a structure that you can carry with you and physical store. Some look like a USB device, some look like a credit cards. Let’s examine the most popular and successful hardware wallets of 2022 with pros and cons.
And hey, before moving on, to learn more about cryptocurrency wallets in general, you can browse the related content.
Table of Contents
Ledger Nano X
The first cold wallet on the out list is Ledger Nano X, and it is one of the most preferred cold wallets out there. The most outstanding feature of Ledger Nano X is its top-tier security. Ledger Nano X has Bluetooth Low Energy, meaning that you will not need to use a cable to use it on mobile devices, but you will need to use the USB cable to connect it to your computer.
Ledger Nano X is integrated into the Ledger Live software, enabling managing cryptocurrencies with a simple user interface. It is also possible to add other wallets for other cryptocurrencies.
The Bluetooth feature confuses some since it raises some security questions. Only the public data is transferred through Bluetooth, and the secure element of Ledger Nano X ensures that you will be notified and asked for permission before any changes are made in the system.
You will need to create a pin code for Ledger Nano X, and if you ever forget this code, you can use the 24-word recovery phrase. The device also has two-factor authentication.
Trezor Model T
Trezor Model T is an upgraded version of Trezor One. One of the most important features of this device is that it has its own touchscreen, and important actions such as pin entry, device recovery, and passphrase entry are conducted through its own screen. Moreover, the touchscreen has more capacity in terms of processing.
Trezor Model T is considered to be a “beginner-friendly” device, meaning that if you are not so much knowledge about crypto wallets and cold wallets in specific, it might be a good option. It is also well-known for being highly secure since you will need to confirm the transactions by signing to conduct transactions physically.
Another innovative security feature is that anytime when you load up Trezor Model T, the device will automatically send a firmware verification request. In other words, verification will be needed to ensure that your firmware is official and up to date.
Trezor Model T comes with backup features in case your device gets any damage – or even when you lose it. You will need to set up a backup phrase, and it is important to remember that it will not be possible to have access to your cryptocurrencies without this code if the device gets lost or damaged. The device is known to be quite durable and high-quality; this feature is for ensuring that you will have your assets if something happens.
However, there is also some negative feedback, such as the touchscreen being too small to type passwords and sign. Moreover, navigation is only possible through the touchscreen, which the touchscreen is too small, creating another issue.
CoolWallet Pro
CoolWallet Pro is another cold wallet, and it has a great design. It is pretty tiny and thin, which makes it super easy to carry and convenient to use in everyday life. Even though it is so small and light-weighted, it is water-resistant and tamper-proof, which ensures its durability. It allows a secure way of storing and receiving many different cryptocurrencies.
The device also offers a feature in which users can earn rewards through staking Proof of Stake coins. Coin staking is only available for Tron, Cosmos, and Polkadot coins. The battery of CoolWallet Pro can last around two to three weeks, depending on how heavily you use it. It has Bluetooth connectivity and a mobile app. The Bluetooth can stay connected within a 10-meter range, and this feature enables a two-factor authentication process through biometric login.
You can trade, exchange, and manage your balances with this device. Moreover, with the CC EAL 6+ Military-grade security chip in the CoolWallet Pro, the security systems have been enhanced; considering that the famous Ledger Nano X has EAL 5 security chip, this is a great innovation.
The battery life of CoolWallet Pro is two to three months in idle mode. It is possible to send and receive cryptocurrencies to the wallet through a QR code, and each transaction made is needed to be verified on the mobile application.
KeepKey
As in other secure cold wallets, KeepKey has PIN code and recovery seeds features. One area that differs from other ones is that KeepKey switches your PIN codes occasionally. This blocks malware from copying your codes and something bad happening to your cryptocurrencies.
The recovery phase of KeepKey involves 24 words protocol, meaning that you will need to define a recovery phrase consisting of 24 words in case you forgot your password. When you are trying to conduct a transaction, you will need to confirm it through your device so that nobody else can conduct transactions without your permission.
KeepKey has only one button on it, which is used to turn it on and off. Any other actions you want to take need to be conducted on the mobile application. Although the big design of KeepKey gets some criticism, big screen is better for usability.
Moreover, the installation process is pretty easy and quick to complete. The low price tag of KeepKey is often attributed to the competition in the market.
KeepKey supports only 40 cryptocurrencies, which can be a low number of options to choose from. However, among those 40 cryptocurrencies, the most popular ones are involved, such as Bitcoin, Ethereum, and Dogecoin.
Ellipal Titan
Ellipal Titan is another cold wallet, and it brings some innovative solutions to security concerns, even in cold wallets. This wallet is never connected to any of your devices through USB, WiFi, or Bluetooth – it is connected through a QR code. This ensures that it is completely air-gapped and erases any question marks about safety.
Moreover, it is nearly impossible to open the device without causing serious damage to it since it uses a tamper-resistant metal material. If it gets seriously damaged, it will directly delete the private data it holds, which is another level of security that considers the situations of theft and privacy breaches. To sum up, you can be sure that this device is resistant to both online and physical attacks.
You will need to download the Ellipal App, which is only supported by iOS and Android devices. After you download it, the setup is pretty straightforward. The device has a large touchscreen, which facilitates its use of it. You can see the transactions happening in real-time through the colored touchscreen. There is also a built-in camera for QR codes. You will also need to use the QR code to send and receive cryptocurrencies to and from your device.
Safepal S1
Safepal S1 is a highly popular cold wallet that supports around 10.000 tokens, which includes NFTs within. It has a simple design – and there are people who think it looks like an MP3 player. The touchscreen is large enough to control comfortably, with a colored screen. There is also a D-pad controller to navigate the wallet.
The device is simple to understand and use and gives you many objectives regarding managing your currencies and transactions. Those objectives include two-factor authentication, a six-digit pin code, offline wallet address creation, and a key-deletion pool to maximize security.
Some people are criticizing that using Safepal S1 is not easy. In other words, if you don’t know how those stuff work, you may have a tough time trying to figure it out. Moreover, people also say that transactions are not conducted easily – it may take some time. So, if you want to make quick transactions and are new to this area, Safepal S1 might not be a good start. But the advanced security measures seem to make up for the flaws.
SecuX V20
SecuX V20 is another cold wallet with outstanding features and a nice design. Although it supports many different cryptocurrencies, there are some popular currencies it doesn’t support, such as Neo, IOTA, and Monero. Yet, cryptocurrency support is getting updated frequently.
The device has EAL5+ certification, which erases most of the security concerns since even Mastercard and Visa have this certificate. The hidden wallet feature also contributes to the security of your assets in addition to the QR code support. As the name “hidden wallet” indicates, it is an additional wallet in that you have the option to store some part (majority in most cases) of your crypto assets. As a result, even though you lose a few crypto assets in your primary wallet in the case of an unfortunate event, you’ll still have the majority of your assets saved in the hidden wallet.
If the PIN code is entered wrong five times, the wallet will be wiped – this ensures that if someone is trying to get into your device, they will simply don’t succeed if they can get in within five tries.
It also has cross-platform operability, meaning that it is possible to store cryptocurrencies and conduct transactions through multiple chains. Its battery of it is 600 mAH, which will die in 7 hours if you use it non-stop. The hardware design is also quite satisfying; it looks sturdy and nice with its diamond shape and rubber pad.
Keystone Pro
Keystone Pro is another air-gapped hardware wallet with enhanced security measures. There are many other security features of this device, including a fingerprint sensor and PSBT Bitcoin multi-sig support. The possibility of malware intrusion is greatly decreased through QR codes for transactions, which contributes to it being entirely air-gapped. Since it is air-gapped, it is necessary to use other software for connection.
The device comes with a detachable battery, and this feature allows to avoid corrosion. Since the device is AAA battery compatible, there are no question marks about battery failure. The existing battery is rechargeable.
Keystone Pro is open source for the whole firmware, and you can check the entire code audit report through GitHub. The 4-inch screen is easy to control, and you can track every information and real-time transaction you want to manage. The device can be integrated with different software wallets, and it has other use areas such as DeFi and staking.
There is also a hidden wallet feature, in which you can hold all the cryptocurrency that you are not using at the time but want to store. This will allow that in cases of any attacks, you will still have your assets in your hidden wallet. The fingerprint lock is used to sign the transactions so that nobody but you will have control over your transactions. The device also has an anti-tamper self-destruct mechanism, meaning that if someone ever tries to open the device forcefully, it will destroy itself and wipe out.
D’Cent Biometric Wallet
As the name implies, the D’Cent Biometric wallet is a cold wallet with a biometric security feature. The hardware design is quite different from an average cold wallet in the market, and it is relatively larger. There is a control button above it, in addition to a fingerprint sensor and a power button.
It seems like the designers mainly focused on usability. You will need to connect the device to your mobile device to use it. It is possible to use a USB cable or Bluetooth connection. The application is super easy to understand, and the setup process is straightforward. Since you will need to authorize transactions through your fingerprint, there is enhanced security. You will still need to put a PIN code and 24- a words recovery phrase for your device.
However, the device doesn’t offer much other than storing cryptocurrencies. It might still be a good idea if all you want is to store your cryptocurrencies in a safe cold wallet and nothing more.
What is a cold wallet?
A cold wallet is a type of crypto wallet in the form of hardware. They are not connected to the internet, so hacking risks are significantly decreased. They include a private key and are also known as hardware wallets or offline wallets.
Are cold wallets safe?
Cold wallets are considered to be one of the safest means of storing cryptocurrencies. That is because they are not connected to the internet and are not that prone to hacking risks in comparison to hot wallets.
Is a cold wallet really necessary?
Cold wallets give you great authority and safety on your crypto assets, and they are not prone to third-party liabilities in most cases. So, it can be considered necessary if you need a means of storing your crypto assets safely.
What happens if I lose my cold wallet?
In most cold wallets, you have two options to consider if it gets lost. You can wait for a new hardware wallet so that you can recover your assets in your lost, cold wallet, or you can import your 24 or 12-word seed to another software wallet to recover your assets.
