Ledger Nano X
The Ledger Nano X offers secure cold storage and easier access by connecting your device through the Ledger Desktop or Mobile App.
Safepal S1
Backed by Binance Labs, the SafePal S1 uses a 100 percent offline air-gapped signing mechanism.
BitBox02
The BitBox02 comes in two versions: the bitcoin-only edition or the multi-coin edition.
Ellipal Titan
Ellipal Titan is a product of Ellipal, a Hong Kong-based company founded in 2018.
With the well-publicized failures of centralized exchanges, more crypto investors are storing their tokens in cold wallets.
A cold wallet, which is completely disconnected from the Internet (unlike a “hot wallet”), is the crypto equivalent of storing your money under your mattress.
Our editors rated and reviewed the top cold wallets for 2023, rating them on reliability, ease of use, and user reviews.
If you absolutely want to keep your crypto safe, keep it cold. Read on.
What is a Cold Storage Wallet?
A cold storage wallet (or hardware wallet) is a physical device that stores your cryptocurrency offline.
Since cold storage wallets don’t connect to the internet (as opposed to “hot wallets”), the chances of being hacked are tremendously reduced. You do, however, trade off the convenience of having instant access to your crypto by choosing this type of wallet.
One compromise is to store the bulk of your crypto in a cold wallet, and the rest in a hot wallet for your day-to-day transactions. (Learn more in our cold storage guide.)
Our editors have rated and reviewed the top cold storage wallets based on popularity, versatility, and price. See our top picks below.
Cold Storage Wallet Pros and Cons
Pros
- Ease of Recovery: Should you lose your physical wallet, you can access your assets by inputting your seed phrase into another storage device.
- Multi-Currency Support: Many cold wallets offer support for over 1,000 asset classes. Access different assets from a single device, no matter what network they operate on.
- Better Security: Cold wallets are characterized by their capability to store keys offline. This feature makes a cold wallet less susceptible to cyber attacks, as transactions never expose your keys.
Cons
- Expensive: Where hot wallets are often free, cold wallets do require you to pay between $60 – $170.
- Illiquid: As cold wallets are offline, it might take time to access in-device currency. Cold wallets are suboptimal for day traders and quick transactions.
- Susceptible to loss: While cold wallets are more secure, they could be lost, damaged, or broken. While you may be able to recover your funds, you should consider the hassle of purchasing another hardware wallet.
| Wallet | User-Friendli- ness | Price | Reputa- tion | Assets Support- ed | Years in Business | Security | BMJ Score |
| Ledger Nano X | 3.5 | $119.00 | 5 | 1,800 | 8 | 5 | 4.5 |
| Safepal S1 | 4 | $49.00 | 5 | 30,000 | 4 | 5 | 4.5 |
| BitBox02 | 5 | $149.00 | 5 | 1,500 | 7 | 5 | 4.0 |
| Ellipal Titan | 4 | $139.00 | 4 | 10,000 | 6 | 5 | 4.0 |
| Arculus | 3.5 | $99.00 | 3 | 16 | 22 | 5 | 4.0 |
| CoolWallet Pro | 3.5 | $149.00 | 4.5 | 55 | 8 | 5 | 3.5 |
| Trezor Model T | 4 | $215.00 | 5 | 1,200 | 9 | 5 | 3.5 |
| Opolo | 5 | $208.00 | 4 | 10,000 | 6 | 5 | 3.5 |
| SecuX | 4 | $139.00 | 3.5 | 1,000 | 4 | 5 | 3.5 |
| NGRAVE Zero | 5 | $420.00 | 5 | 1,500 | 4 | 5 | 3.5 |
| Keystone Pro | 4 | $169.00 | 4 | 1,000 | 5 | 5 | 3.0 |
Best Overall: Ledger Nano X
The Ledger Nano X offers secure cold storage and easier access by connecting your device through the Ledger Desktop or Mobile App. At $119, you get the best features without breaking the bank.
Ledger first released the Ledger Nano S in 2016, which quickly became a favorite among digital asset investors. The Ledger Nano X is the most recent model, with more functionality than the original (and cheaper) Nano S.
The Nano X can support up to 100 apps, has a larger screen, and has Bluetooth connectivity. It’s compatible with Windows, Linux, macOS, Android, and iOS and allows you to hodl over 1,800 digital assets.
(BMJ Score: 4.5)
Best Value: Safepal S1
Backed by Binance Labs, the SafePal S1 uses a 100 percent offline air-gapped signing mechanism, giving the user truly cold storage. It uses QR Codes with no USB, WIFI, Bluetooth, or NFC connections. The app works with iOS and Android. Roughly the size of a credit card, it supports over 30,000 digital assets. At just $49.99, it’s also the most inexpensive hardware wallet on the list.
(BMJ Score: 4.5)
BitBox02
The BitBox02 comes in two versions: the bitcoin-only edition or the multi-coin edition. They retail for the same price. Both versions come with a microSD card for automatic backups. The BitBox02 is compatible with Windows, macOS, Linux, and Android. The multi-edition supports over 1,500 assets, and retails for $149.
(BMJ Score: 4.0)
Ellipal Titan
Ellipal Titan is a product of Ellipal, a Hong Kong-based company founded in 2018. The company provides an air-gapped hardware wallet solution. This means Ellipal Titan is isolated physically, electronically, and electromagnetically from other networks to prevent remote attacks. Instead, Ellipal only uses QR codes to sign transactions since it is designed to be incompatible with connections such as Wifi and Bluetooth. It features a 4-inch touchscreen, and supports 41 blockchains and 10,000+ tokens, and currently retails for $139.
(BMJ Score: 4.0)
Arculus
Arculus is another air-gapped solution that is shaped like a credit card. This cold storage wallet is protected by 3-factor authentication: a biometric lock, a 6-digit pin, and a tap-to-transact function. Since your smartphone’s screen is the interface, it is easier to interact and navigate transactions than most traditional hardware wallets. Users can send, exchange crypto for fiat, or swap crypto for crypto through their app. Arculus supports many top digital assets such as bitcoin, Ethereum, Litecoin, and USDC. At just $99, it’s one of the cheapest wallets on the list.
(BMJ Score: 4.0)
CoolWallet Pro
The size of a credit card, the Cool Wallet Pro can fit in any wallet. Produced by CoolBitX, the CoolWallet Pro works with Android and iOS devices and connects via Bluetooth. It allows you to hold 55 digital assets and has the support of some of the biggest names in the industry. It currently retails for $149.
(BMJ Score: 3.5)
Best For Bitcoin: Trezor Model T
The Trezor Model T is our pick for the best cold wallet for bitcoin. First released in 2019, the Trezor provides its users with the ability to access third-party exchanges on a secure touch-screen device, originally designed by a company as a means to store bitcoin.
The original Trezor One, launched in 2014, was a hardware wallet that quickly became a favorite with bitcoin investors. The latest version, the Model T, comes in black, with a color touchscreen.
All input for the Trezor Model T is done via the device, thus preventing any risk of hacking by a keystroke logger. The Trezor Model T is compatible with Windows, macOS, Linux, and Android. It supports over 1,200 crypto assets.
(BMJ Score: 3.5)
Opolo
Opolo gets high marks for security and user-friendliness. First, Opolo has an EAL6+ (Evaluation Assurance Level) for hardware and software: the highest certification level for hardware wallets. Second, Opolo features a 3.2-inch LCD touchscreen that allows you to enter your passwords and passphrases with ease. Third, it offers users five magnetic mnemonic cards to store backup data. At least three of these cards are needed to restore your data. Currently, it supports 126 coins and up to 283,000 tokens, and retails for $208.
(BMJ Score: 3.5)
SecuX
Secux recently released two flagship cold wallet variations, the V20 and the cheaper W20 version. The V20 version comes with a nice-looking rounded design, while the W20 has a standard rectangular design. Both offer satisfactory screen sizes to navigate through transactions. Bluetooth and USB facilitate the connectivity of SecuX wallets. The SecuX wallet app is available on both iOS and Android. Their hardware wallets support over 1000 cryptocurrencies and can manage up to 500 accounts, at a price of $139.
(BMJ Score: 3.5)
Best Security: NGRAVE ZERO
The NGRAVE ZERO is the world’s first crypto hardware wallet with the highest security certification, Evaluation Assurance Level 7. The NGRAVE ZERO was 2021’s winner of the Crypto Wallet Solution of the Year at the AIBC Summit. Completely airgapped and equipped with biometric sensors, the NGRAVE ZERO is our top pick for the cold wallet with the best security.
First released in 2020, the NGRAVE ZERO may seem like an unassuming device but its graphene build is resistant to fire, flooding, corrosions, and electrical shocks. With two-factor biometric security, it’s very difficult to hack the NGRAVE ZERO. As a bonus, the device seamlessly integrates into the rest of NGRAVE’s ecosystem for easier and faster transactions without ever exposing your keys online.
(BMJ Score: 3.5)
Keystone Pro
The KeyStone Pro is another hardware wallet that looks like a cellphone with its large full-color touch screen. It’s another air-gapped option with no NFC, WIFI, USB, or Bluetooth connectivity. Like the Trezor, you can use it with bitcoin-only firmware or multi-coin firmware. If you like fingerprint security, the Keystone Pro offers this security function. They also offer a cheaper and more expensive version (starting at $169). The Pro version works with Android and iOS devices and supports over 1,000 digital assets.
(BMJ Score: 3.0)
Final Tips
Remember to always buy directly from the manufacturer or a reputable retailer. Once you set up your wallet, make sure you store the wallet and any backup or recovery codes securely. Never share these details with anyone, as they can be used to access the funds held in your hardware wallets.
At Bitcoin Market Journal, we work hard to provide objective and unbiased information for crypto investors. None of these companies have paid to be listed or reviewed. We’re working to build your trust, one newsletter at a time. Sign up here.
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