From touchscreen and QR-code devices to NFC cards and Bitcoin-only models, this guide compares hardware wallets by security, connectivity, usability and recovery options to help users choose the right fit.
A hardware wallet is a device designed to protect the private keys used to approve cryptocurrency transactions. In plain terms, your crypto remains on the blockchain, while a hardware wallet holds the keys that let you access it.
The main differences between wallets are which coins they support, how they connect to your phone or computer, and how you check and approve a transaction. This guide explains those differences and what they mean when choosing a wallet.
Cointelegraph tested Trezor Safe 7, Ledger Stax, Flex, Nano Gen5, Nano X, Nano S Plus and Coinkite’s Opendime. Testing used smartphones and computers running both Linux and macOS operating systems, with both third-party and official software. The Opendime was used as cold storage; the others were used to test both simple transactions and decentralized application interactions. All the other models covered in the article were reviewed based on publicly available information alone.
The review units were supplied to the author of the article free of charge by Ledger, Trezor and Coinkite at our request to be able to review the devices. No compensation or promise of positive coverage was made to any of the companies.
A hardware wallet keeps transaction signing separate from your phone or computer. This lowers the risk that malware on either device can steal your keys, keeping cybercriminals from accessing your digital assets.
Most hardware wallets also feature a screen, allowing you to verify transaction details on the wallet itself. This means that if the smartphone or computer the wallet is connected to displays incorrect information in order to trick you into signing a malicious transaction, you still have an opportunity to catch the issue before signing the transaction.
However, the protection has limits. The wallet must show enough information for you to understand what you are approving. You can still lose funds by approving a scam transaction, exposing your recovery backup or using vulnerable wallet software.
Your recovery backup needs protection, too. Someone who obtains it may be able to restore your wallet and access the funds.
If you hold more than one cryptocurrency, start by checking whether a wallet supports your coins and the networks you use. Also check which features work through the manufacturer’s app and which require another app.
The table below covers the multi-asset versions, and all specifications come from the manufacturer’s documentation.
Multi-asset hardware wallet comparison table. Source: Cointelegraph
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