There are many different types of wallets and choosing the right one can be very difficult. We have been looking at the best wallets for safely storing your cryptocurrencies.
The most popular ways of storing cryptocurrencies are by using ‘Hot wallets’ or ‘Cold wallets’.
Hot wallets (NOT RECOMMENDED)
A wallet that is connected to the internet, is called a ‘hot wallet’. They can be downloaded on your phone, computer or hosted by a third-party website. They are usually used by online exchanges. They are easy-to-use, but they are vulnerable to hackers.
These wallets are not connected to the internet, thereby, protecting your funds from hackers and unauthorized access. They will save your private keys offline. You will need physical access to the ‘cold wallet’ in order to manage your assets. This is much safer than storing your funds on exchanges or other ‘hot wallets’.
Below is a list of some of the best cryptocurrency wallets on the market. The list is in no particular order.
Cold Storage Coins
How cool is this? You can now store your cryptocurrencies on actual ‘cold coins’ made of 999 fine copper, silver or gold. Each coin features a unique wallet ID and laser-etched private key which is concealed beneath a tamper-evident holographic film. You simply scan the QR-code on the back in order to transfer your funds to the coin. You can then access your private key and transfer the funds from your coin by removing the tamper-evident holographic film underneath the QR-code. Soon, the Cold Storage Coin app will offer a wallet import feature, but until then you have to use another wallet that you trust (Bread, Jaxx etc…) to transfer your funds from the coin. There is no hardware associated with these wallets and they are hack- and fire-proof. However, you cannot recover your funds if you lose the coin, meaning you have to put it in a safe place. The wallet is meant for one-time use, but they only cost $20-$29. You can buy Cold Storage Coins for Bitcoin, Ethereum, Bitcoin Cash, Dash, Litecoin, BitClub Network, ClubCoin, and CryptoRuble. This is a very fun way to store cryptocurrencies and it’s also very safe unless you lose your coin. This is a great alternative to the more expensive wallets.
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Ledger Nano S
The Ledger Nano S wallet is a ‘cold wallet’. This piece of hardware will store your private keys and you can only access your funds by plugging in your ledger Nano S to a computer followed by entering your PIN number. Setting up the Ledger Nano S is VERY easy and the guide on their website is very helpful as well. When you set up your Nano S, the wallet generates a recovery phrase. The recovery phrase is a complete backup of your wallet in case something happens to your Ledger Nano S. This wallet is supporting more cryptocurrencies than all its competitors: Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum (including ERC-20 Tokens), Ethereum Classic, Litecoin, Dogecoin, Zcash, Ripple, Dash, Stratis, Komodo, Arc, Expanse, Ubiq, Vertcoin, Viacoin, NEO, Stealthcoin, Stellar, Hcash, Digibyte, Qtum, PiVX and PosW. In order to execute a transaction, you will have to physically approve it by the push of a button. It is very user-friendly and provides a high level of security. The price of a Ledger Nano S is 79€ (excl. tax) making it one of the cheapest and most popular cryptocurrency wallets on the market.
You can buy the Ledger Nano S here.
Trezor Model T
The Trezor Model T is also a ‘cold wallet’. Setting up the Model T is very easy and similar to the Ledger Nano S with a step-by-step guide on their website. It also provides a high level of security and a PIN number is required before using the wallet. The Trezor Model T can be recovered with the 12-word seed it generates when setting up the wallet. The Trezor Model T comes with a nice and easy to use touchscreen. The Model T also supports a variety of different coins and tokens: Bitcoin, Litecoin, Dash, Zcash, Bitcoin Cash, Bitcoin Gold, Ethereum (including ERC-20 Tokens), Ethereum Classic, Expanse, Ubiq, NEM, Dogecoin, and Namecoin. However, the Trezor Model T will cost you 139€ (excl. tax) which is quite a bit more than the popular Ledger Nano S, but with the inclusion of a color touchscreen and more features, the Model T is competitively priced.
You can buy the Trezor Model T here.
The KeepKey is also a ‘cold wallet’ and setting it up is fast and easily done. Simply plug the wallet into a computer and follow the steps shown on their website. KeepKey provides high security and you can even use it on a computer that has been infected with malware because of their pin code number and randomization system. The wallet is also backed up with a 12-word seed generated when setting up the device. For a higher level of security, KeepKey supports seed lengths of 18 and 24 words. However, KeepKey only supports Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, Namecoin, Ethereum, and Dash. They are currently working on ERC-20 Token support and so far their new beta client supports Aragon, Augur, Basic Attention Token, Civic, District0x, FunFair, Golem, Gnosis, OmiseGo, SALT, Bancor, SNGLS, ICONOMI, Melon, SwarmCity, WINGS, Trustcoin, RLC, StatusNetwork, Numeraire, Metal, TenXPay, Qtum, ZeroX, FirstBlood, RipioCreditNetwork and Storj. The KeepKey will cost you $129 dollars and it has a very premium feel to it.
You can buy the KeepKey here.
This is another ‘cold wallet’ and it is a wireless hardware wallet. It is waterproof and has a display screen build in. CoolWallet S is the same size as a credit card and it will fit perfectly in your normal ‘fiat wallet’. Setting up the wallet is also very easy. It comes with an instruction manual that is very simple to follow. Basically, turn on your CoolWallet S, pair it with the app and after choosing between a word seed or a number seed (the number seed is the most secure, but also a bit more complicated) you are ready to go. The wallet supports Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and ERC-20 Tokens. This is another very secure way to store your cryptocurrencies and it is indeed VERY COOL. However, it is also quite expensive compared to other wallets. The CoolWallet S has some awesome features that other wallets do not, but $189 seems a bit expensive especially when the wallet is from a relatively unknown brand. On the other hand, it is a very new product compared to Ledger, KeepKey, and Trezor meaning very few people know about this wallet, at least for now.
You can buy the CoolWallet S here.
Last but not least, BitLox, a super secure bitcoin wallet. This is also a ‘cold wallet’ and it is almost indestructible and comes with a 5 year warranty. The BitLox offers three different modes; Standard is recommended for beginners or first-time users until you get familiar with the features offered in Advanced and Expert mode. The wallet offers many advanced features, when in Expert mode you can access the wallet via Tor network. This is a VERY SECURE bitcoin wallet, yes bitcoin only, unfortunately. However, Ethereum and Altcoin support are coming soon, according to the BitLox website. BitLox is fully BIP32 and BIP39 compliant and offers a NIST certified true random number generator to secure user signatures. BitLox is supported on Windows, iOS, Mac OS, Linux, Android and there’s a chrome extension as well. BitLox offers three different models:
BitLox Advanced on sale for $98 ($199): Special aerospace grade alloy and allows users store up to 100 wallets.
BitLox Ultimate on sale for $148 ($299): Made of titanium and can also store up to 100 wallets while hiding 50 of them.
Bitcoin Extreme Privacy Set on sale for $198 ($399): BitLox Ultimate Hardware Bitcoin Wallet and BitLox Military Grade USB Vault with TAILS OS preinstalled. This version allows you to send and receive funds in absolute privacy using TAILS plus the BitLox and their TOR-compatible web tool.
The BitLox is for sure the most advanced wallet on this list and if you hold big amounts of Bitcoin this is a great option offering very high security, however, if you aren’t big on bitcoin then this is obviously not the one for you.
You can buy the BitLox wallet here.
All the wallets above are great and they will store your cryptocurrencies safely. It’s a matter of preference and it depends on your needs. If you only have a few hundred dollars invested in cryptocurrencies, an expensive cryptocurrency wallet might not be the best option, but then the Cold Storage Coins would be a great and cheap option without compromising safety. But, if you hold multiple cryptocurrencies then you should probably look into buying a Ledger Nano S or a Trezor because they support many different cryptocurrencies. The BitLox is perfect for storing Bitcoin and seems like the best option for more advanced users. The CoolWallet and the KeepKey are also great options for storing multiple cryptocurrencies and they offer great features and security as well.
Disclaimer: We are not to be held accountable if anything happens to your funds while using any of the wallets mentioned above. This is strictly for informational purposes and you must do your own due diligence.