In terms of security, hardware wallets are among the crypto industry’s most significant innovations of the last few years. While they may not be the most convenient solutions, these devices are considered the safest way to store users’ cryptocurrencies.
With $3.8 billion stolen from crypto businesses and scam revenue totaling $5.9 billion in 2022, Web3 users should prioritize the safety of their assets over convenience. Implementing the best practices of cryptocurrency security, a secure hardware wallet solution stores private keys via a physical device in an environment that’s detached from one’s internet connection. This mitigates a critical attack vector and provides an additional line of defense through offline transaction signing.
But what is the best hardware wallet for crypto users to store their assets in 2024? Don’t worry; this guide is here to help you out. In this article, we will introduce you to the best hardware wallet solutions on the market, including a comprehensive review of each model.
We have summarized the best hardware wallet solutions for crypto users in the following table:
| Trezor Model T | Ledger Nano X | KeepKey | BC Vault ONE | ELLIPAL Titan 2.0 | SafePal S1 |
|---|---|---|---|---|---|
 |  |  |  |  |  |
| Best For: Privacy | Best For: Convenience | Best For: Beginners | Best For: Seedless Backup | Best For: Security | Best For: Affordability |
| Supported Coins: 9,000+ | Supported Coins: 5,500+ | Supported Coins: 7,000+ | Supported Coins: 1 Million+ | Supported Coins: 10,000+ | Supported Coins: 100 Million+ |
| Price: $179/€179 | Price: $149/€149 | Price: $78/€74.45 | Price: $179.11/€166.55 | Price: $169/€157.28 | Price: $49.99/€46.52 |
| Amazon Rating: 4.6 | Amazon Rating: 4.5 | Amazon Rating: 3.9 | Amazon Rating: N/A | Amazon Rating: 4.2 | Amazon Rating: 4.3 |
| Learn More | Learn More | Learn More | Learn More | Learn More | Learn More |
What Is a Crypto Hardware Wallet?
A crypto hardware wallet is a physical device that stores the user’s private key in an environment that’s separated from their internet connection.
Since it is utilized to access and manage digital assets, the private key’s storage is a critical aspect of public-key cryptography. Once you share it with someone or it gets acquired by an attacker, you compromise your wallet’s security and may face a loss of funds.
A continuous connection to the internet makes users’ private keys more vulnerable to online hacker attacks and fraudulent schemes. These types of wallets are called hot wallets, and they represent most crypto wallet solutions that are available on the market as they offer enhanced convenience.
On the other hand, cold wallets are not connected to the internet and sign transactions in an offline environment. Currently, the most popular type of cold storage devices for digital assets are hardware wallets.
Designed to be immune to hacker attacks, hardware wallets utilize a device to store users’ private keys, which never leave the physical equipment. They only connect to the internet when you need to transfer funds to another address. To complete the transaction, you must connect to another device (e.g., your laptop, PC, or smartphone) via USB, Bluetooth, or a QR code, and you must provide your PIN via your physical equipment to sign the transaction with your private key.
Due to leveraging a physical device to store private keys in an offline environment and sign transactions, hardware wallets provide state-of-the-art security. This enhanced protection comes at a sacrifice of some convenience, yet it makes such devices a significantly safer alternative to hot wallet solutions. Here’s an example to illustrate this added security.
Suppose Alice stores 1 BTC on a crypto hardware wallet while Bob keeps his 1 BTC on a (hot) desktop wallet solution. When a hacker installs malware on both Alice’s and Bob’s laptops, only Bob’s wallet gets compromised.
As Bob’s private keys are stored in an always-online environment on the same device he uses to access the internet, the hacker only needs to infect that equipment with malware to access his 1 BTC. On the other hand, even if Alice’s PC gets compromised, her Bitcoin stash remains safe. To acquire Alice’s crypto funds, the attacker would have to gain access to her PIN and physical device, which minimizes the hacker’s success chance.
The 6 Best Hardware Wallet Solutions for Storing Crypto in 2024
From security and ease of use to the device’s price and the number of digital assets and blockchains it supports, there are many factors that should be taken into account when selecting the best hardware wallet to store your crypto.
To make your decision less of a hassle, we have created a detailed guide with the top six cold wallets currently on the market. We will introduce you to each model’s most important features, advantages and downsides, user reviews, along with other important factors that could aid you in choosing the best product for the secure storage of your cryptocurrencies.
1. Trezor Model T: Best for Privacy
Trezor Model T
The best for privacy
Price
$179/€179
Trezor Model T is the best hardware wallet solution for storing crypto with enhanced privacy. The product comes in the form of a physical device, which can be connected to a desktop or a smartphone through an OTG cable and utilized via the Trezor Suite application.
Review
Supported Coins
9,000+
Amazon Rating
4.6
Pros:
- Wide range of privacy features
- Built by a reputable manufacturer that created the world’s first hardware wallet
- Regular independent audits and no security incidents in over 10 years of market history
- Seamless navigation via a built-in touchscreen
- Open-source code
Cons:
- STM32 chip vulnerability
- High price
- Trezor Suite only has monitoring functionality on mobile devices
In terms of privacy, the Trezor Model T hardware wallet offers a wide range of features. One of them includes an optional incognito mode via Coinjoin, a process for anonymizing Bitcoin transactions by obscuring the funds’ origins and destinations. Moreover, Trezor automatically deletes or anonymizes all customer data 90 days after a purchase has been made via the company’s official store.
Trezor Model T also enhances privacy through an advanced feature called coin control, which provides you full control over which addresses and coins to spend for outgoing transactions. Normally, Trezor Suite aims to select older unspent transaction outputs (UTXOs) to minimize fees. However, with coin control, you can prevent mixing specific UTXOs or other unwanted behavior that could negatively impact your privacy.
Besides the above privacy features, you can enable discreet mode to hide your account balances and other sensitive data displayed in Trezor Suite. Furthermore, you can also utilize Trezor Model T via the Tor network to enjoy elevated anonymity.
While you can use your Trezor hardware wallet to initiate and sign external transactions via your desktop, you can’t do the same with the Trezor Suite apps for iOS and Android devices. Instead, the mobile applications only have monitoring capabilities, which enable you to track your balances. Moreover, Trezor Model T is only compatible with desktop and Android devices via a USB-C OTG cable, not supporting the same functionality on iOS devices.
As the manufacturer’s most expensive product (priced at $179 or €179), Trezor Model T showcases a 1.54-inch color LCD touchscreen, which provides you a convenient and user-friendly way to interact with the device. Unlike the Prague-based brand’s other hardware wallet solutions – including Model One and Safe 3 –, Model T can be navigated entirely without buttons.
Manufactured by the Prague-based Satoshi Labs, Trezor is a brand that has been known for rolling out the world’s first cryptocurrency hardware wallet in July 2014.
With over 10 years of being on the market, neither the manufacturer nor any of its products have been successfully breached by attackers. As a result, it is an established brand with an impeccable reputation, and Trezor’s customers haven’t lost any funds in external hacks to date.
Furthermore, it is important to highlight that both the brand’s hardware and software are open-source and public. On top of that, the company’s products have been regularly audited by independent security researchers, including Saleem Rashid, Jochen Hoenicke, Sunny, and Christian Reitter.
While Trezor was never hacked, a potential security issue regarding the Czech brand’s cold wallets was revealed by cybersecurity company Unciphered in May 2023. According to the report, it is an “unpatchable hardware vulnerability” with the STM32 chip that enables attackers to hack into the device and retrieve the victim’s PIN code and seed phrase.
However, this attack can only be conducted once the perpetrator has the wallet in their physical possession. Furthermore, creating a passphrase-protected hidden wallet mitigates the vulnerability, as passphrases are not stored on Trezor devices (thus, hackers can’t acquire them with the above-described attack).
In summary, Trezor Model T bolsters outstanding security, a wide range of privacy features, an established reputation with the manufacturer’s impeccable track record, and a convenient way to access thousands of cryptocurrencies. It is among the best crypto hardware wallets on the market and can be a great choice for users who prefer a more private experience in the digital asset world.
- Ledger Nano X: The best hardware wallet for convenience
- KeepKey: The best hardware wallet for beginners
- BC Vault ONE: The best hardware wallet for seedless backup
- ELLIPAL Titan 2.0: The best hardware wallet for security
- SafePal S1: The best hardware wallet for affordability
2. Ledger Nano X: Best for Convenience
Ledger Nano X
The best for convenience
Price
$149/€149
We have ranked Ledger Nano X as the best hardware wallet for those who consider convenience and ease of use their top priorities. And not without reason. In addition to a portable design, the Ledger Nano X is equipped with Bluetooth, which you can utilize to connect your crypto hardware wallet securely to your other devices, even when you are on the go.
Review
Supported Coins
5,500+
Amazon Rating
4.5
Pros:
- Enhanced user experience, convenience, and connectivity via Bluetooth
- Large storage space compared to the manufacturer’s other models
- CC EAL5+ certified secure chip
- Portable design
- Established brand reputation
Cons:
- No touchscreen functionality
- History of data breaches
- Can’t connect to desktop devices via Bluetooth
Ledger Nano X supports over 5,500 different cryptocurrencies and up to 100 apps that can be installed at the same time. Once a connection is established between the hardware wallet and another device, you can buy, swap, stake, send, track, and manage your digital asset holdings through the Ledger Live application.
Ledger Nano X is the upgraded version of the French manufacturer’s original Nano S product, which was launched back in June 2016. While the company has since released Nano S Plus with expanded storage space (320 kB vs. 1.5 MB), Nano X has an even larger memory at 2 MB. Besides Bluetooth connectivity and compatibility with the Ledger Live app on iOS, another key feature of the Nano X is its built-in battery, which can last eight hours on standby and between three and four hours in active use.
You can connect your physical hardware wallet to desktop and Android devices via an OTG cable. For a more convenient user experience, you also have the option to establish a connection between the Nano X and mobile devices (iOS and Android) via Bluetooth.
The device has a 128×64 px OLED screen, which is enough to conveniently display information to users about their wallets. On the other hand, the Ledger Nano X lacks touchscreen functionality, meaning that you have to utilize buttons for navigation.
The Ledger Nano X is priced at $149/€149.
Like most crypto hardware wallets, the Ledger Nano X stores users’ private keys offline and requires a PIN code to unlock the device and sign transactions. In terms of safety features, the model is built with a CC EAL5+ certified secure chip. According to the manufacturer, this guarantees users the “highest levels of security available today.”
While Ledger devices haven’t been hacked yet, the French hardware wallet manufacturer suffered multiple security incidents in the past. In December 2023, numerous popular Ethereum-based decentralized applications (dApps) got compromised due to a unique supply chain attack against Ledger’s Connect Kit, which enables dApp creators to seamlessly integrate Ledger into their solutions. Since then, the vulnerability has been patched by the company.
Three years earlier, Ledger had become a victim of a large data leak, which exposed the personal information of more than 270,000 of its customers. In July 2020, another attacker gained access to the French company’s entire marketing database containing the detailed personal information of 9,000 users and approximately 1 million email addresses.
Even considering its past hacking incidents, Ledger Nano X remains one of the safest and most secure options for crypto users to store their funds. As a cold storage device, it keeps your private keys offline and leverages a CC EAL5+ certified secure chip for enhanced protection against external attackers. Simultaneously, due to its Bluetooth connectivity, it is the best hardware wallet for enjoying a convenient user experience.
- Trezor Model T: The best hardware wallet for privacy
- KeepKey: The best hardware wallet for beginners
- BC Vault ONE: The best hardware wallet for seedless backup
- ELLIPAL Titan 2.0: The best hardware wallet for security
- SafePal S1: The best hardware wallet for affordability
3. KeepKey: Best for Beginners
KeepKey
The best for beginners
Price
$78/€74.45
Looking for a secure yet beginner-friendly way to store your crypto? In that case, the KeepKey hardware wallet might be the best solution for you.
Review
Supported Coins
7,000+
Amazon Rating
3.9
Pros:
- Open-source code
- Quick, beginner-friendly setup
- Large OLED display
- Affordable price tag
- Long-standing history
Cons:
- No support for mobile devices
- Lack of advanced features
- A security vulnerability that can be potentially exploited in 15 minutes
KeepKey is a USB HID-class device. Similarly to a mouse or a keyboard, you don’t necessarily have to install any drivers on your desktop to recognize the hardware wallet. Instead, all you need to get started is to plug your KeepKey into a PC, Mac, or Linux device. After that, you can generate and back up your seed phrase, which you can utilize to recover your hardware wallet in case you lose it or forget your PIN.
That said, in its setup guide, the manufacturer recommends users download the latest desktop client from the company’s GitHub page. This enables users to ensure compatibility between their KeepKey devices and desktops, as well as allows them to take advantage of a better user experience.
While there is an official KeepKey app for Android on Google Play, the manufacturer highlights that the cold wallet is not compatible with smartphones (it only supports PC, Mac, and Linux). This can cause some inconvenience for those who prefer to utilize their hardware wallets on the go via their phones.
KeepKey was first created in September 2015, making it one of the longest-operating hardware wallet solutions on the market. At the time of its launch, the product was rolled out by an independent manufacturer. However, the Switzerland-based crypto exchange ShapeShift acquired KeepKey in August 2017. Due to the acquisition, the hardware wallet features a native integration with ShapeShift, enabling users to seamlessly swap between different cryptocurrencies.
In July 2021, ShapeShift transitioned from a centralized company into a decentralized autonomous organization (DAO). While the integration between the hardware wallet and the exchange remains, KeepKey is not owned by the ShapeShift DAO. Instead, it is operated independently by former ShapeShift employees, with the manufacturer distributing 10% of all device sale revenue to the ShapeShift DAO.
The KeepKey is priced at $78/€74.45, making it a cost-efficient option for hardware wallet users. In fact, it is the second-cheapest cold wallet solution we have listed and reviewed in this guide. While no touchscreen functionality comes at this reasonable price tag, KeepKey has a sleek design with a relatively large (3.12 inches) 256×64 px OLED display, which enables relatively easy navigation for users.
In terms of security, KeepKey’s code is completely open-source and available via the manufacturer’s GitHub page. This provides increased transparency and empowers the community to audit every release. Moreover, when you enter your PIN, the digits on the screen shift each time to prevent attackers from learning your password through the observation of the digits’ location.
Another key security feature is KeepKey’s dummy wallet functionality. With this feature, you can create a separate wallet with a different PIN on the same device to store only a small amount of your coins while keeping the rest in your main wallet. In case of a $5 wrench attack, you can provide access to the attacker to this dummy wallet to minimize your losses when they threaten you with physical violence.
However, it is important to mention a potential security vulnerability concerning KeepKey devices. Kraken Security Labs, the cybersecurity team of the Kraken cryptocurrency exchange, published a two-part blog post series in which it stated that it had found a method to extract seed phrases from KeepKey’s hardware wallets.
While researchers said that the vulnerability could only be exploited with physical access to the device, the process only took the team approximately 15 minutes. That said, without having the victim’s KeepKey in their possession, the hacker is unable to carry out the attack.
Responding to the incident while acknowledging the vulnerability, ShapeShift denied that it could be exploited in only 15 minutes due to the difficulty of the attack and the required expertise to execute it.
KeepKey is a beginner-friendly cold wallet with an affordable price tag, a nice big display, an easy setup process, open-sourced code, and a solid reputation as one of the first hardware wallets to hit the crypto market.
- Trezor Model T: The best hardware wallet for privacy
- Ledger Nano X: The best hardware wallet for convenience
- BC Vault ONE: The best hardware wallet for seedless backup
- ELLIPAL Titan 2.0: The best hardware wallet for security
- SafePal S1: The best hardware wallet for affordability
4. BC Vault ONE: Best for Seedless Backup
BC Vault ONE
The best for seedless backup
Price
$179.11/€166.55
Announced in November 2018, BC Vault defies the traditional seed generation of other cold wallet solutions (and most hot crypto wallets as well). So, if you are tired of manually backing up your secret phrases, then it could be the best hardware wallet for you.
Review
Supported Coins
1 Million+
Amazon Rating
N/A
Pros:
- Seedless backup via encrypted SD card
- No security incidents, breaches, or unpatched vulnerabilities to date
- Supports millions of cryptocurrencies
- Excellent durability via FeRAM storage
- Wide range of features
Cons:
- Restricted mobile functionality (monitor-only)
- Hefty price tag
- BC Vault ONE is made from plastic; aluminum models are more expensive
One area where BC Vault excels is the diverse range of cryptocurrencies users can store via the hardware wallet. According to the manufacturer, the cold storage device supports “millions of coins and tokens” across 30 different natively-integrated blockchain networks. There’s no need to install a different application for each chain; you can access all your digital assets in one single app via BC Vault ONE.
However, while it has excellent coin support, BC Vault is only compatible with desktop devices. Similarly to the Trezor Model T, mobile functionality is restricted to monitoring your balances.
BC Vault is probably the most durable hardware wallet we have listed in this guide. This is due to leveraging state-of-the-art Ferroelectric RAM (FeRAM) to store users’ private keys. According to the manufacturer, their FeRAM solution offers exceptional retention rates of up to 200 years. Thus, it could be an excellent choice if durability is among your top priorities.
The BC Vault has a relatively large, 2.42-inch OLED display that lacks touchscreen functionality. However, the manufacturer compensates for this shortcoming with its FeRAM storage and a large variety of additional features. These range from built-in swap functionality via Changelly integration and the ability to create up to 2,000 wallets with the same device to the inclusion of the old-school Snake game as a special feature and a pad designed with both right and left-hand users in mind.
The manufacturer has a diverse portfolio of BC Vault hardware wallets, allowing users to customize their devices to their preferences. Priced at $179.11/€166.55, BC Vault ONE is the most basic and cheapest model of Real Security’s cold storage offerings.
However, the only difference between the standard models (BC Vault Quicksilver and BC Vault Gunmetal) is the device’s material. While BC Vault ONE is made from plastic, aluminum was utilized to create the latter two products. However, higher quality materials cost more, as both BC Vault Quicksilver and BC Vault Gunmetal have a $241.79/€224.84.
Instead of generating long seed phrases from the private key, BC Vault enables you to recover your wallet through an encrypted SD card. This seedless backup method only requires a PIN, a password, or a combination of both for wallet recovery. Alternatively, you can print a series of QR codes, which can also be utilized to recover your BC Vault One.
BC Vault is manufactured by Real Security, a Slovenia-based IT security firm that has been safeguarding major European companies for over 20 years and hosting the largest security conference in the Adriatic region. The cybersecurity organization entered the hardware wallet market in late 2018 with the launch of BC Vault.
In terms of wallet protection, BC Vault ONE offers users the ability to choose up to two different passwords and PINs (a global password, a global PIN, a wallet password, and a wallet PIN) to secure their devices.
Moreover, the hardware wallet family has neither experienced any security incidents in the past nor has unresolved vulnerabilities present within its ecosystem. In fact, the manufacturer sells every BC Vault with 1 BTC loaded into a bounty wallet, offering anyone the chance to claim it by successfully hacking the device. To date, no one has been able to collect the reward.
In summary, BC Vault ONE is the best hardware wallet in our guide for seedless backups and durability. While it has a high price even for a model made from plastic, it has high-quality components, a record unstained by cybersecurity incidents, and a huge variety of features.
- Trezor Model T: The best hardware wallet for privacy
- Ledger Nano X: The best hardware wallet for convenience
- KeepKey: The best hardware wallet for beginners
- ELLIPAL Titan 2.0: The best hardware wallet for security
- SafePal S1: The best hardware wallet for affordability
5. ELLIPAL Titan 2.0: Best for Security
ELLIPAL Titan 2.0
The best for security
Price
$169/€157.28
ELLIPAL Titan 2.0 is an excellent solution for users looking for a hardware wallet with reinforced security. Launched in November 2023, the Titan 2.0 is the upgraded version of the original Titan model, which was first rolled out in August 2019.
Review
Supported Coins
10,000+
Amazon Rating
4.2
Pros:
- Large IPS touchscreen
- Air-gapped design
- CC EAL5+ security chip
- Built-in battery
- Upgraded design with full metal sealing and anti-tamper and anti-disassembly protection
Cons:
- Lacks desktop compatibility
- Multiple vulnerabilities identified with the previous version of the device
- Expensive
While ELLIPAL Titan 2.0 supports over 10,000 coins, it lacks compatibility with desktop devices. Instead, you can only utilize the wallet via iOS and Android smartphones.
What makes ELLIPAL Titan 2.0 unique is that it is the first air-gapped hardware wallet to launch in the world.
An air-gapped cold wallet is always completely isolated from the internet and can’t establish connections via cellular networks, Bluetooth, WiFi, NFC, or USB. Instead, ELLIPAL TITAN 2.0 has a built-in QR code scanner to sign transactions offline. With these measures, the device is safeguarded against malware, hacks, unauthorized access, and online threats.
Sold at $169/€157.28, ELLIPAL Titan 2.0 has a 4-inch IPS touchscreen, enabling users to navigate the hardware wallet seamlessly. The device also has a built-in 1,400 mAh battery, which can be charged with a USB-C charging cord. The package also includes an SD card that you can utilize for offline firmware upgrades.
Additionally, ELLIPAL Titan 2.0 features an integrated CC EAL5+ security chip, as well as anti-tamper and anti-disassembly protection.
The device has full metal sealing with no ports or online components, and its cutting-edge technology automatically wipes every data from the hardware wallet in case it detects a breach. Besides two-factor authentication (2-FA) via password and PIN entries, you can set up a secret second wallet on your device to protect against $5 wrench attacks.
The ELLIPAL Titan 2.0 has had no security incidents to date. However, its Hong Kong-based manufacturer had to release an upgraded version of the original Titan model due to several vulnerabilities that were discovered by its French competitor, Ledger. In a June 2019 blog post, Ledger’s security research team carefully analyzed ELLIPAL’s product and made the following major discoveries:
- WiFi was only disabled by software and could be activated.
- Due to the interface being physically unsoldered, researchers could enable a USB connection on the device to dump the flash.
- The hardware wallet was made from an Android phone with its interfaces locked via the OS’s software stack.
- The encryption algorithm that was used for the device was weak, creating a vulnerability that can be relatively easily exploited via brute force attacks.
Responding to Ledger’s blog post, ELLIPAL launched a bounty program, rewarded the researchers for revealing their findings, and upgraded the firmware of the device. Moreover, by launching the Titan 2.0 model, the manufacturer ensured that the new version of its flagship hardware wallet is free from all of the previously identified attack vectors.
After the previous model’s vulnerabilities, ELLIPAL doubled down on hardware wallet security. As a result, the Titan 2.0 is an air-gapped cold storage device with outstanding security and enhanced convenience via a 4-inch IPS touchscreen and a built-in 1,400 mAh battery.
- Trezor Model T: The best hardware wallet for privacy
- Ledger Nano X: The best hardware wallet for convenience
- KeepKey: The best hardware wallet for beginners
- BC Vault ONE: The best hardware wallet for seedless backup
- SafePal S1: The best hardware wallet for affordability
6. SafePal S1: Best for Affordability
SafePal S1
The best for affordability
Price
$49.99/€46.52
If you are on a budget, then the SafePal S1 might be the best hardware wallet for you to store your crypto stash securely.
Review
Supported Coins
100 Million+
Amazon Rating
4.3
Pros:
- Air-gapped signing mechanism
- Affordable
- Supports over 100 million of cryptocurrencies
- Compatible with Windows, Mac, iOS, and Android
- Integrated CC EAL5+ secure element
Cons:
- No Linux support
- Cheap housing material
- Identified security flaws
SafePal S1 supports an impressive selection of over 100 million coins across over 100 different blockchains and is compatible with Windows, Mac, iOS, and Android. While you can’t use the hardware wallet on Linux devices, it still has better compatibility than most cold storage solutions we have reviewed in this article.
Developed by a team of crypto enthusiasts led by Veronica Wong, SafePal S1 entered the market in May 2019. Prior to launching, the company was incubated by Binance in December 2018 as the digital asset exchange’s first and only hardware wallet investment.
In terms of convenience, SafePal S1 is lightweight, portable, and has the size of a credit card. It also has a 400mAh built-in battery and a 1.3-inch full-color screen with a 320×320 resolution. With no touchscreen functionality, navigation is performed via the device’s buttons, which is reasonable considering the hardware wallet’s cost-efficient price. Also, due to SafePal S1’s affordability, its housing material consists of a combination of ABS and PVC. This comes into contrast with the S1 Pro, which was made from aluminum alloy and tempered glass.
Interestingly, SafePal launched its native SFP token in February 2021 to complement its hardware wallet solution. The cryptocurrency has a limited total supply of 500 million coins, and its key use cases include:
- Distributing rewards to SFP token holders
- Higher staking APY from SafePal Earn
- Exchange gas fee tokens from various chains via the Gas Station dApp
- Submit a listing request for tokens or dApps as a Web3 project
SFP launched at the price of $1.32 in February 2021 during the peak of the bull market. Since then, the cryptocurrency’s value has dropped to $0.6681, featuring an all-time return on investment (ROI) of nearly -50%.
The SafePal S1 costs only $49.99/€46.52, yet it doesn’t sacrifice security, compatibility, asset support, or other important features for affordability.
Similarly to the ELLIPAL Titan 2.0, SafePal S1 also has an air-gapped signing mechanism via QR code scans using the device’s camera. At the same time, the crypto hardware wallet is equipped with a CC EAL5+ secure element, multiple layers of security sensors, and an anti-tampering feature that automatically erases all data on the device upon the detection of a physical breach.
On the other hand, Kraken Security Labs released a report about potential security flaws concerning SafePal S1 in February 2021. The exchange’s researchers had three key findings regarding the hardware wallet:
- The anti-tamper detection was ineffective, as researchers were able to restore the device and its contents without the auto-erasure mechanism deleting all the data.
- SafePal allegedly violated GPL licensing by utilizing the GPLv2 licensed Linux Kernel and U-Boot but failing to make the hardware wallet’s code open-source.
- The device didn’t detect a downgrade attack, in which researchers flashed back the device’s firmware to a previous version via a flash programmer.
In response to the blog post, SafePal emphasized the fact that Kraken’s researchers were unable to steal the seed phrase from the device. Also, the hardware wallet manufacturer patched the downgrade attack vector while stating that the tamper detection failure is a non-exploitable vulnerability that doesn’t affect wallet security at all.
To sum it up, SafePal is a secure hardware wallet that can be a top choice for those prioritizing affordability above anything else. It is compatible with every major OSes except for Linux, supports a massive number of tokens and coins, integrates a C EAL5+ secure element, has anti-tamper protection, and utilizes an air-gapped signing mechanism.
- Trezor Model T: The best hardware wallet for privacy
- Ledger Nano X: The best hardware wallet for convenience
- KeepKey: The best hardware wallet for beginners
- BC Vault ONE: The best hardware wallet for seedless backup
- ELLIPAL Titan 2.0: The best hardware wallet for security
How to Select the Best Hardware Wallet to Buy?
To choose the best hardware wallet to store your crypto securely, you must take multiple factors into account before making a purchase, including:
| Factor | Description | Recommend Hardware Wallet Models |
|---|---|---|
| Device Security | It is crucial to ensure that you are storing your crypto holdings on a secure hardware wallet solution. For that reason, you should consider each model’s security chip, past incidents, unresolved vulnerabilities, and additional features to protect your funds. | ELLIPAL Titan 2.0, Trezor Model T, and BC Vault ONE |
| Convenience | Convenience is a key factor when evaluating different hardware wallets. You should take into account how easy it is to set up and use the cold store solution, the devices it is compatible with, the number of cryptocurrencies it supports, and other user-friendly features. | Ledger Nano X and KeepKey |
| Affordability | No matter how secure and feature-rich a hardware wallet is, if it is way beyond your budget. Thus, it is essential to evaluate the affordability of each device. | SafePal S1 |
Where to Buy a Crypto Hardware Wallet?
Suppose you have selected your preferred cold storage device and have the funds to purchase it. But where should you buy your new crypto hardware wallet?
The answer is rather straightforward: always right from the manufacturer. Even though some models have built-in anti-tamper protection, you don’t want to risk losing funds due to purchasing a device from an unverified or dubious vendor selling hardware wallets that have been modified to extract your seed phrases.
No matter the discount or free shipping policies, you should never buy a hardware wallet from unauthorized third-party sellers. Stick with the original store of the manufacturer instead to protect yourself against tampering.
You can use any of the links above to visit the manufacturer’s store for each hardware wallet we have reviewed in this article.
Final Thoughts
Hardware wallets have become integral parts of the cryptocurrency market. Unlike hot wallets, these cold storage solutions keep private keys offline and provide enhanced security to users.
In this guide, we have collected and reviewed the best hardware wallet solutions that are currently available on the crypto market. Below, you can find a list of the top models we recommend based on your preferences:
- Trezor Model T: The best hardware wallet for privacy
- Ledger Nano X: The best hardware wallet for convenience
- KeepKey: The best hardware wallet for beginners
- BC Vault ONE: The best hardware wallet for seedless backup
- ELLIPAL Titan 2.0: The best hardware wallet for security
- SafePal S1: The best hardware wallet for affordability
Hardware Wallet FAQs
What is the best hardware wallet for crypto users?
For crypto users, the best hardware wallet is a device that has a fine balance of security, convenience, and affordability. We recommend the following models if you prioritize:
The safety of your coins: ELLIPAL Titan 2.0, Trezor Model T, and BC Vault ONE.
Ease of use and compatibility: Ledger Nano X and KeepKey.
Cost-efficiency: SafePal S1
How does a hardware wallet work?
A hardware wallet utilizes a physical device to sign transactions. Unlike hot wallets, it offers cold storage, meaning that your private keys are kept in an offline environment.
The hardware device only connects to the internet when you send outgoing transfers to other addresses. To access your wallet and confirm transactions, you must type in a PIN or a password (or a combination of both), which serves as an additional layer of security.
How to use a hardware wallet to send, receive, and store cryptocurrency?
To receive cryptocurrency via a hardware wallet, you must first share your wallet address with the sender. After that, the sender should transfer digital assets from their wallet to yours. You can also utilize this address to fund your hardware wallet with cryptocurrency.
On the other hand, you should get started by connecting your hardware wallet to another device (e.g., a desktop or a smartphone) to send digital assets. Type in your PIN or password (or both) to log in, open the manufacturer’s software on your device, paste it into the recipient’s wallet, or use your phone‘s camera to scan a QR code, set the amount, and submit the transaction.
Don’t forget to carefully review every detail before executing the transfer to ensure that everything is in the correct place and the funds are sent to the right address.
To start storing crypto on your hardware wallet, you must then fund it via an external wallet, purchase digital assets directly from an integrated service with fiat currency, or exchange fiat for cryptocurrency via an exchange and transact it on your cold storage device.
What happens if I lose my hardware wallet?
Most manufacturers offer a way to recover your funds if you lose your hardware wallet. In general, this is done by purchasing a new device and providing your seed phrase to initiate the recovery process.
How to transfer crypto to my hardware wallet?
You can transfer crypto to your hardware via the following ways:
1. From an external wallet
2. By purchasing crypto via an integrated service (e.g., Changelly, ShapeShift) with fiat
3. By trading fiat currency for crypto on an exchange platform and transferring your newly purchased coins to the hardware wallet
How much does a hardware wallet cost?
A hardware wallet can cost anywhere between $50 (€46.51) and $1,000+ (€930.22). In general, the prices of most cold storage wallets range between $50 (€46.51) and $200 (€186.04).
What is the difference between a hot and a cold wallet?
A hot wallet stores your private keys in an environment that is always connected to the internet. It is more convenient to use, but its users face increased risks of cyber attacks, fraud, and exploits.
On the other hand, a cold wallet stores private keys in an offline environment, only connecting to the internet when signing transactions and interacting with external dApps. Cold wallets, like hardware wallets, are considered the most secure solutions on the market for storing crypto.
WRITTEN
Benjamin Vitaris
Seasoned crypto, DeFi, NFT and overall web3 content writer with 9+ years of experience. Published in Forbes, Entrepreneur, VentureBeat, IBTimes, CoinTelegraph and Hackernoon.
