If you’re an experienced cryptocurrency user, you’ll most likely know that hardware wallets are considered the most secure storage option for your digital assets. But if you’re new to the world of crypto, this is an important lesson. If you’re planning on HODLing for any length of time, the safest place to do it is in a hardware wallet.
But with so many hardware wallet options available, you may be struggling to choose one that’s right for you. In this blog post, we’re sharing with you the pros and cons of the most popular hardware wallets, so you can choose the best wallet for your cryptocurrency portfolio!
The Ledger Nano S is our most popular hardware wallet, priced at $105AUD. Connecting to your computer via USB, it features a built-in OLED display and buttons on the device that you need to press to manually verify transactions.
The Ledger Nano S is protected by a PIN and is easy to set up and use. It supports a wide range of popular cryptocurrencies, including Bitcoin, Bitcoin Cash, Ether, Ethereum Classic, Litecoin, Ripple and ERC20 tokens.
- Compatible with various software wallets
- Convenient OLED display that makes it easier to double-check each transaction
- Secure, offline storage
- Simple, guided setup
- Small & lightweight
- Limited storage capacity
- Doesn’t work with iOS devices
The Ledger Nano X is the updated version of the Ledger Nano S. It's available for $199AUD and improves on its predecessor with a larger screen, and Bluetooth connectivity which lets you use it with mobile phones more easily, rather than needing to use a cable or computer.
The Nano X supports well over a 1,000 cryptocurrencies, and many regard it as a straightforward improvement in all areas on one of the most popular hardware wallets ever built.
- No cords needed unless charging
- Battery life of up to eight hours
- Sleek, modern design
- Supports all major blockchains and a wide range of tokens
- No touch screen
The Trezor is one of the oldest and most reputable hardware wallets available, providing multiple layers of security for your coins and tokens. It features PIN protection, a 24-word recovery seed, an in-built screen and physical buttons for transaction confirmation. It also supports a decent selection of currencies and sells for $120 at Coinstop.
- Straightforward setup process
- Web browser, Desktop OS, and Android supported
- Supports over 1000 coins and tokens
- Doesn’t support popular coins like Ripple and Minero
- No support for iOS
The Trezor Model T was released in early 2018 and supports more than a dozen major cryptos plus any ERC20 token. Featuring a touchscreen, double verification for transactions, PIN protection and PIN lockout, it’s another wallet that prioritises security above all else.
You can store bitcoin, Bitcoin Cash, Ether, ERC20 tokens and 10 other currencies on the Model T. It sells for $250 at Coinstop.
- Touchscreen user interface
- Easy to set up
- Supports around 1000 crypto assets
- Bulkier design
The Bitbox 02 is a compact and portable plug-and-play wallet that supports Bitcoin, Ether, Ethereum Classic, Litecoin and ERC20 tokens on the Ethereum network.
Key features include two-factor authentication, touch buttons and an LED indicator as well as plausible deniability using hidden wallets and backups. It’s available for $185 at Coinstop.
- Two-factor authentication
- Touch buttons
- LED indicator
- Robust backup options available
- Limited cryptocurrencies are supported
- Small screen size
Overall, the most important thing is that you move your cryptocurrencies offline and onto a reputable hardware wallet. This is the most secure and safest way to store your assets. If you’d like any further help selecting a hardware wallet that’s best for you, you can get in touch with us at email@example.com. We also offer in-depth remote consultations.