The Ultimate Guide to Cold Wallets: Top 5 Cold Wallets in 2023
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Are you looking for the best Cold Wallet/ Hardware Wallet?
If you are looking for a secure and convenient way to store your cryptocurrencies, you might want to consider using a Cold wallet. A Cold wallet is a device that keeps your private keys, the secret codes that allow you to access and spend your coins, offline and away from hackers.
In this article, we will explain what Cold wallets are, how they work, and why you should use them. We will also review some of the best Cold wallets available on the market and help you choose the one that suits your needs.
Also read: Top 5 performing Cryptocurrencies
What is a Crypto Cold Wallet?
A Cold wallet is a type of cryptocurrency wallet that stores the user’s private keys securely on a physical device. It is also known as a “Hardware wallet“. They are disconnected from the internet thus enhancing the security of your funds. You need to plug in only when you need to make a transaction.
They come in the shape of a USB drive and can connect wirelessly through Bluetooth. The only way for hackers to trace your keys is to steal the wallet. Cold wallet prices may vary from below $50 to above $100, depending on the brands.
How to use a Cold wallet?
To use a Cold wallet, you need to connect it to your computer or smartphone and install the relevant software. Then, you can generate crypto accounts and their private keys. Every Cold wallet is different, but the steps are generally the same: Connect the Cold wallet to your device, set a PIN code for security, and use the app of your Cold wallet to send and receive currencies.
Benefits of Cold Wallet
- Users can have full control over their funds rather than trusting any third party.
- Users can enable pin or multi-factor authentication to log in.
- Users can conduct transactions without the fear of being hacked.
- Cold wallets are easy to use.
- Cold wallets can store multiple currencies.
How to choose a Cold wallet?
- Check different brands with their pros and cons and select the one that has a history of security and is highly popular among customers.
- Security is an important consideration. Choose a wallet that has a physical component, an anti-tampering authentication check, and an operating system.
- Take into account the User Experience of the wallet.
- Fee Structure – as per your budget
How to Secure your Cold Wallets?
- Choose a strong and unique pin code.
- Enable two-factor authentication (2FA).
- Don’t share your private keys or wallet password with anyone.
- Keep your wallet up to date with the latest firmware.
- Keep your wallet in a safe place.
- Keep your recovery seed phrase safe and secure!
Best 5 Cold Wallets
- Ledger Nano X
- Ledger Nano S Plus
- Trezor Model T
- Safepal S1
Ledger Nano X
₹14,405.93 (GST and duty not included)
Ledger is the most popular hardware wallet brand. The Ledger Nano X is a mobile-friendly wallet that keeps your crypto coins and NFTs protected.
Its features include:
- Manage your crypto easily by connecting to the Bluetooth device of your smartphone or tablet.
- It can store up to 100 crypto assets.
- The Ledger Live app supports more than 5000 cryptocurrencies.
- It provides multi-layered security with a secure element chip and a PIN code.
- It is compatible with Windows, Mac, Linux, iOS, and Android.
Users can avail of free shipping if purchased until May 23.
LEDGER NANO S PLUS
₹8,473.73 (GST and duty not included)
Ledger Nano S Plus supports a bigger screen for a better user experience and is equipped with more memory. Cryptocurrency is protected by CC EAL5+ Certified Chip. Users can install up to 100 apps and manage over 5,500 crypto assets. Users can send and sign NFT transactions with full transparency via Ledger Live.
The difference between Ledger Nano X and Nano S Plus are:
- Nano X supports Bluetooth mobile connection whereas Nano S doesn’t.
- Nano X is compatible with iOS 13+ but Nano S Plus isn’t.
Trezor Model T
Tezor Model T is designed with a 1.54 “ Color LCD touch screen and is securely connected through Bluetooth. It supports 1000+ crypto assets. Its features include mask identity with coinjoin, enhanced recovery security with Shamir backup and uses passphrase for seed protection.
Tezor wallet is protected against unauthorized access by a user-defined PIN. The Trezor Model T is the first hardware wallet in the world to implement Shamir Backup (SLIP39) to implement greater security measures.
$49.99 (VAT & Duty not included)
Safepal S1 supports 54 blockchains, unlimited tokens and unlimited currency storage. It is completely offline storage with no Bluetooth, No wifi, No NFC, and also no USB connection. It is secured with EAL5+ independent secure element and also equipped with a self-destruct mechanism. It comes with a 1.3′ IPS screen and with 400 mAh battery.
KeepKey offers an open-source application with a native RESTful API that simplifies the process of building dapps on the platform.
Its features include:
- PIN protection against unauthorized access.
- Additional passphrase protection.
- Limitless wallet addresses on one device.
- It comes with a large display providing you with greater visibility.
Related: Trezor One vs Ledger S vs KeepKey- a detailed comparison
Cold wallets are one of the best ways to protect your cryptocurrencies from hackers. They offer a high level of security, convenience, and control over your funds. By using a hardware wallet, you can enjoy the benefits of cryptocurrency without worrying about losing your coins or compromising your privacy. We hope you found this article helpful and informative. Make sure you’re buying directly from the company or a verified seller.
What if I lose/break my Cold wallet?
Users can easily restore their wallet using recovery seed phrase if the device is lost.
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