As the cryptocurrency industry continues to grow, new providers for currency exchange and wallets pop up all over the Internet.
While some of the newcomers bring with them innovation and fresh creativity, others hide scams or other dangers. If you are a veteran investor, you’ve probably heard of such cases already, and hopefully, you have never felt victim to such.
As you continue to develop your cryptocurrency investments, you should consider storing your assets in the safest types of wallets. It has been shown, time and time again, that hardware wallets offer the best protection possible, and the following at the best amongst the cold storage devices in the market.
Ledger Nano X
Developed by a company which specialises in the creation of crypto wallets, the Ledger Nano X offers veteran investors several key features. The compact device is able to hold all your favourite currencies, including Bitcoin, Ethereum, Litecoin and many, many more. In fact, the device accepts over 1000 different cryptocurrencies. This is especially useful if you are looking to invest in less popular currencies, such as Monero.
Using the Ledger Nano X is extremely easy, thanks to its built-in digital display and ease of backup. Furthermore, you can combine your cold storage device to several companion applications, such as FIDO, U2F, and SSH.
A key factor when choosing your crypto wallet is safety and security features. Here, the Ledger Nano X scores amongst the highest in the industry. Embedded within the device is a dual-chip with CC EAL5+ certification. Furthermore, every time the device is connected to a computer, you must enter a 4-digit pin code before any transfers can take place or information can be shown.
Ledger’s security considerations begin before you ever use your Nano X. Due to the risks of potential in-transit tampering, the device is shipped in a sealed box which includes an anti-tampering seal. Should you receive a damaged or tampered box, you can simply let Ledger know and they will send over a replacement.
Trezor is one of the most popular cryptocurrency wallets, used commonly by both advanced traders and novice investors. The device comes in two formats; the Trezor One, which features two buttons, and the Trezor Model T, which features a touchscreen. You can find a detailed Trezor review here.
Beyond that, there is virtually no difference between the two models. Trezor includes a crisp digital display where you can monitor your transactions and execute certain instructions. Before any transactions can take place, for security reasons, you will be required to enter a personal pin code, which you would have created when you first set up the device.
Forgetting the pin code could result in the wallet being blocked forever, so it is very important that you memorise the password. However, Trezor also includes a backup phrase which you could use to access the device in case you forgot your pin code.
Trezor accepts over 700 different cryptocurrencies, and while this is not as much as the Nano X, you are unlikely to experience any restrictions with the coins you wish to store. On several forums, Trezor has been voted as the best XRP wallet and the best wallet for ripple, amongst other achievements.
KeepKey is one of the oldest hardware wallets in the market, and has built a reputation for offering a highly reliable and secure way to store and transfer cryptocurrencies. The device accepts a significantly smaller number of currencies, around 54, but this should still suit the most common investor, who would generally seek to trade Bitcoin, Ethereum, Litecoin, and other common currencies.
In order to start using KeepKey you will be asked to provide several private codes. The pin code is used to protect the device from unauthorised transactions or display of information. If your device is lost or stolen, you can recover your private key(s) using a 12-word recovery phrase or sentence. Finally, you can also add a passphrase to your recovery sentence, although this feature is not recommended unless you understand its implications.
KeepKey is a stylish and portable device which connects via USB and includes a clear digital display. The company behind the device has recently lowered its price, so it has not become more affordable than ever before.