Best cold crypto wallets | Cryptopolitan

So, you have heard a lot about cryptocurrencies, having done your research, and think it’s time to invest. Before you buy any asset, one of the first things you want to get is a storage facility, just like you would do with fiat money (take it to the bank or somewhere safe). In this case, you need a cryptocurrency wallet. But what are the best cold crypto wallets and how to pick one for your use?

A crypto wallet is a physical or virtual wallet that stores digital currencies and other crypto assets (NFTs and the like). There are two types of crypto storage wallets –  hot and cold wallets. Hot wallets are always online and linked to the blockchain network – like those you find on exchanges or software wallets like Trustwallet.

On the other hand, cold crypto wallets are offline and keep your crypto assets away from the vulnerabilities of the internet. These wallets communicate with the blockchain using computer software or mobile application. 

That said, there are several models of cold wallets, each with different features and capabilities. This guide provides detailed information about the best cold crypto wallets in the market and how to choose secure hardware wallets that are suitable for any asset.

Let’s get into the meat and potatoes.

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Cold Crypto Wallet and How it Works

A cold crypto wallet is simply a wallet for storing digital assets offline. Cold wallets are primarily designed to keep your cryptocurrencies off the internet. Therefore, they are highly secure against unauthorized access or cyber thefts compared to hot storage wallets. 

While cold wallets provide an almost-impeccable security architecture, they are recommended for anyone looking to hold crypto assets for a long time rather than active traders/investors. There are different types of cold crypto wallets, including paper wallets and hardware wallets.

All crypto wallets operate with a private key and a public key. Public keys refer primarily to a wallet address similar to a bank account name. That said,  a private key is a string of alphanumeric characters granting access to a wallet’s crypto holdings. Wallets also use private keys to digitally confirm transactions, which are then uploaded to the network or blockchain ledger. 

With a hot wallet such as Metamask, this process occurs online, bringing individual private keys in contact with the blockchain. Therefore, these private keys may be exposed to online hackers crawling the network. In such situations, these bad actors can gain ownership of all assets stored in the wallets linked to any of the private keys.

However, cold wallets are uniquely designed to store private keys off the internet. Although all transactions are initiated online, they are transferred to the cold wallet and signed offline. These private keys are never on the internet, making cold wallets immune to online attacks.

List of Best Cold Crypto Wallets

Due to their robust security design, it is no surprise that cold wallets are pretty popular within the cryptocurrency community. As a potential investor looking to acquire one, the list below provides an overview of the best crypto cold wallets in the market, their merits, and the risks attached to each product.

Ledger Nano X

Ledger Nano X is the leading cold crypto wallet, with over 3 million customers worldwide. It is currently the best product of the Ledger company – the most prominent name in the cold wallet industry. The Nano X is easy to set up and very user-friendly. It utilizes an encrypted Bluetooth connection or USB and is also compatible with computers and mobile devices. This wallet is many investors’ choice as it can store 100+ applications and supports 5,500+ tokens, including NFTs.

Like other Ledger products, the Nano X is operated using the Ledger Live software/App, which you install on your personal computer or mobile device. Ledger Live is equipped with an in-built exchange to buy, sell and swap tokens. You can also stake tokens directly on a blockchain from Ledger Live and start receiving staking rewards.

The Ledger Nano X is well-protected by a personal 4-8 digit PIN code and a 24-word recovery phase which you are advised not to share with any third party. The wallet goes for about $149 and can be purchased from the Official Store.

Pros

• In-built exchange via Ledger Live
• Support for over 5,500 tokens, including all major cryptocurrencies.
• Staking services 
• Bluetooth connection available
• Can store over 100 applications 
• Compatible with mobile devices and computers
• Several hours of battery life 
• Able to hold NFTs

Cons

• Transaction fees are a little high on the Ledger Live App
• No touch screen 

Ledger Nano S

The Ledger Nano S is another high-quality product from Ledger. This hardware wallet is specially designed for users with a friendly budget or lesser needs. The Nano S wallet is similar to Nano X regarding security and asset support. However, it offers less storage space and can manage only up to three applications.

Also, Nano S does not utilize the Bluetooth connectivity system. Nevertheless, this wallet model is still a top market contender, boasting millions of sold units worldwide since its launch in 2016. Like the Nano X, users of Nano S also have access to Ledger Live and its built-in crypto exchange. 

The Ledger Nano S is affordable, with a market price of just $59. However, you should know that Ledger has discontinued the production of Nano S, and the device has a limited supply in the market. Nano S is gradually being replaced by Ledger’s new product, the Nano S Plus, which offers more user-friendly features and supports advanced Web3 apps.

Pros

• Very Affordable
• Supports over 5,500 tokens
• In-built exchange via Ledger Live
• NFT support
• Compatible with mobile devices and computers.

Cons

• No battery 
• Can only store three applications due to little storage
• No touch screen
• No Bluetooth (all connections are via USB cables)

ELLIPAL Titan

ELLIPAL Titan is an advanced cold crypto wallet that offers users maximum security. It is the first air-gapped wallet; thus, it is isolated from any form of connection, including the internet, USB, Bluetooth, WiFi, etc. With this set-up, the ELLIPAL Titan is safe from any attack via any network or device. 

This hardware wallet is also tamper-proof, meaning it can resist any form of physical hacks. If there is an attempt to crack open this device forcefully, it causes its system to delete all private keys stored in it automatically. Users can always import data into a new device using their recovery seed phase. The ELLIPAL Titan wallet uses the ELLIPAL App and QR codes to conduct transactions. The ELLIPAL App is easy to use but only available for mobile devices, not laptops/desktops. 

In terms of physical design, ELLIPAL Titan features a large touch screen and a camera to scan QR codes. Overall, it is an excellent cold wallet and can be used to store over 33 cryptocurrencies and 7,000 tokens. It is priced at about $139, and you can visit the ELLIPAL store to buy this product. 

Pros

• Air-gapped cold storage 
• No form of data transmission, QR scans only
• Tamper-proof 
• ELLIPAL App is user-friendly 
• Large touch screen

Cons

• No desktop/laptop compatibility 
• Large and weighty 
• Software is not entirely open-source

Trezor Model T

The Trezor Model T is the flagship product of Trezor, another big market name, and Ledger’s primary competitor.  This hardware wallet is known as the safest crypto wallet and is secured using a randomly generated recovery seed phrase and a PIN. 

Trezor Model T also offers additional security in the form of a passphrase you can use to encrypt your seed phrase. The passphrase is an ultimate security measure when hackers have physical access to your device or recovery seed phrase.

Currently, the Trezor Model T supports over 1,200 cryptocurrencies, including all major coins. It is also a user-friendly device with a touch display. To utilize the Trezor Model T, you must install its operating interface – Trezor Suite. The Trezor Suite is a free software compatible with Windows, macOS, and Linux computers. You can also access the Trezor Suite with Android devices using WebUSB. 

Aside from its security and easy usage, Trezor Model T offers expandable storage. Thus, it is very suitable for long-term use. Like Ledger devices, Trezor Model T provides users with an in-built exchange powered by third-party systems. However, it is worth noting that for all its benefits, the Trezor Model T is a costly device that sells for $299.99 and can be purchased from the official store.

Pros

• Expandable storage 
• Top security measure 
• Access to 1,200+ coins
• Display touch screen
• Incorporated Exchange 

Cons

• Pricey
• No Bluetooth (all connections are via USB cables)
• Small touch screen display
• No iOS support

CoolWallet Pro

CoolWallet Pro is a multifunctional mobile wallet that stores assets and grants users access to several crypto products and services, including  DeFi protocols, NFT collectibles, DApps, airdrops, etc. This cold wallet is a credit card sized and is used in conjunction with the CoolBit Crypto App available for Android and iOS devices. It is paired with the app using an encrypted Bluetooth connection.

Furthermore, CoolWallet Pro is tamper-proof and water resistant, with an EAL 6+ certified secure element. It is also the first hardware wallet to enable in-app NFT trading functions. Users of CoolWallet Pro can conveniently trade NFTs on the world’s two biggest NFT exchanges – OpenSea and Rarible. You can also connect to various DeFi protocols and DApps via WalletConnect – an open-source protocol for linking DApps with cryptocurrency wallets.

Currently, CoolWallet Pro supports BTC, XRP, ETH, XLM, LTC, BNB, TRX, TRX, Cardano, Tezos, ETH 2.0, and ERC20 tokens. It also allows staking; however, this is limited to three assets – Polkadot(DOT), Cosmos (ATOM), and Tron(TRX). You can acquire a CoolWallet Pro hardware wallet for $149.

Pros

• NFT in-app integration 
• Interaction with Defi protocols and DApps
• Credit Card size aids portability 
• Staking services
• Encrypted Bluetooth connection 
• Mobile friendly – iOS and Android support

Cons

• No desktop/laptop support 
• Limited assets for staking

Safepal S1

Safepal S1 wallet is manufactured by SafePal and is tagged as the best crypto wallet for newbies. This hardware wallet supports 20 blockchains and over 10,000 tokens, including NFTs. Its primary security architecture includes a password, two factor authentication, and a recovery seed phrase. SafePal SI is also an air-gapped wallet as it does not utilize any form of wireless connection such as WiFi, Bluetooth, Internet, etc. 

The Safepal S1 wallet is tamper-proof and ensures that user data is protected by automatic key deletion if there is any attempt to breach the hardware unit. Similar to the ELLIPAL Titan, the SafePal S1 wallet uses its native app – SafePal App, and QR codes to process transactions. The SafePal App has a user-friendly interface; however, it can only be installed on Android and iOS devices.

SafePal S1 is one of the cheapest yet highly-efficient hardware wallets. It sells for just about $49, and its performance somewhat rivals that of market giants such as Ledger Nano X and Trezor Model T. Alongside this cold wallet, SafePal offers other supporting products such as the SafePal Cypher Seed Protection Board and SafePal Leather Protective Case. All SafePal products are available for purchase on the official store.

Pros

• Air-gapped wallet
• Tamper-proof and self-destruct mechanism
• NFT support 
• Low cost 
• Strong battery (400 mAh)
• Mobile friendly 

Cons

• Not designed for PC use
• Not portable

Keystone Pro

Keystone Pro, formerly known as Cobo wallet, is another top air-gapped cold wallet. Its interface App is the Keystone App, and it verifies all transactions by scanning QR codes. Keystone Pro also employs a multi-signature system, which utilizes 2 out of 3 private keys to verify each transaction. This hardware wallet is compatible with 15+ software wallets, including Metamask, blue wallet, Solflare, etc.

With Keystone Pro, users who want a bitcoin wallet can download a Bitcoin-only firmware designed to enhance security and minimize attacks. The Bitcoin-only firmware is compatible with various wallets, including Specter, BlueWallet, Electrum, Wasabi, and Sparrow. However, once applied, you cannot reverse the BTC-only firmware to multi-coin firmware.

Keystone Pro presents users with a four-inch touch screen and a fingerprint sensor. In terms of physical protection, Keystone Pro is a waterproof device with an anti-tamper self-destruct mechanism. 

It also features a detachable battery pack which users can remove to prevent corrosion. Although Keystone Pro offers users a robust security system, it supports a limited number of assets. A unit of Keystone Pro wallet sells for $169, and you can get one via the official store.

Pros

• Air-gapped wallet 
• Tamper-proof self-destruct mechanism 
• Detached Battery pack
• Fingerprint sensor 
• Touchscreen
• BTC-only firmware 
• Durability 
• Compatible with various software wallets
• Dapps integration 

Cons

• Limited asset support 
• BTC-only firmware is a permanent application 

Best Cold Crypto Wallets Compared

How To Choose the Best Cold Crypto Wallet

Before choosing a crypto cold wallet to keep your assets, here are some factors to consider. 

Security

The central purpose of a crypto wallet is to keep your digital assets safe and secure. Regardless of its numerous functionalities, a crypto wallet will be tagged inefficient if it cannot safeguard your Investments. Therefore, in choosing a cold wallet, ensure it provides a tight level of security. It is highly recommended you select a non-custodial cold wallet with a reputable track record.

User-friendly Interface 

User-friendliness is a vital metric in measuring the performance of all digital gadgets. There is virtually no point in having the most sophisticated cold wallet if you cannot navigate its functions. Hence, your cold wallet must be easy to use, especially considering it will hold financial investments.

Coin Support 

Various cold wallets support multiple tokens. Although the most prominent wallets support virtually all major coins, it is still imperative you check if a cold wallet can store the coins you intend to keep. For most cold wallets, their official business website will feature a list of all supported coins.

Price/Exchange fees

Price will always be a key determinant in any proposed purchase. In addition to considering the functionality of a wallet, ensure your budget can cover its price. Some premium cold wallets are cheap, like the Ledger Nano S, while others are expensive, like the Trezor Model T.  Also, there are averagely priced cold storage wallets like Ledger Nano X. 

In addition to wallet price, remember to check the fees on the incorporated wallet exchanges. Although the transaction fees on all wallet exchanges are a little high, some exchanges tend to have lesser fees than others.

Mobile Compatibility 

Users who desire frequent access to their holdings but prefer using a cold wallet might want to acquire a mobile-friendly one because mobile devices are easier to carry around than laptops/desktops. You can access your assets anywhere and anytime.

By considering all these factors, you can make the right choice in picking your crypto wallet. However, if you are seeking a quick recommendation, we suggest you try out the Ledger Nano X. It completely checks all criteria above and is quite affordable. Nano X is secure and probably the most famous product in the market. To buy the Ledger Nano X wallet, simply visit shop.ledger.com.

Conclusion

With this guide, you have gained sufficient knowledge of the best crypto wallets to store your valuable digital assets offline. All wallets listed above are excellent products with unique features that contribute to safeguarding your Investments. 

Follow the guidelines listed above, and you should do just fine choosing the cold storage wallet most suitable to your needs. It is also essential to do your own research.