Security is an important aspect to consider when buying or investing in cryptocurrencies. In an era where hackers always look for minor loopholes to get their hands on cryptocurrencies, it is essential to leverage a secure cryptocurrency wallet. Cold wallets are some of the best crypto storage solutions in the market that offer an ideal pathway for storing digital currencies away from crypto exchanges.
Contrary to perception, wallets don’t store the actual digital currencies. Instead, they offer safe storage of private keys and secret codes that allow people to access, store, spend or send digital currencies to others.
There are two types of cryptocurrency storage solutions:
- Hot Wallet
- Cold Wallet
A hot wallet is a crypto storage solution that stores private keys online. It is a more convenient storage solution that allows people access to their crypto holdings while on the go without any restrictions as long as there is an internet connection.
On the other hand, a cold wallet is a cryptocurrency storage solution that allows people to store private keys offline. Consequently, the wallet is not connected to the internet and, therefore, not susceptible to hack attacks from unscrupulous people online. Commonly referred to as hardware wallets, cold wallets are more secure.
A hardware wallet is a physical electronic device that must be connected to a computer, phone, or tablet for a user to access the coins to spend. Below are some of the best cold wallets for crypto storage.
Ledger Nano X
It is one of the best and most secure cold crypto wallets for storing, managing, exchanging, and buying cryptocurrencies. It comes as a USB stick that can connect to mobile devices like a laptop. It also connects to a smartphone via Bluetooth technology.
The wallet comes with the Ledger Live software, allowing users to check balances and send and receive currencies. The Ledger Nano X crypto supports over 1,800 digital coins and tokens. In addition, it supports coin staking allowing holders to earn some passive income from their holdings. It also offers access to all intelligent services, including Decentralized Finance apps and Non-fungible tokens.
The cold wallet retails for $149.
Trezor Model T
This one stands out as one of the best cold wallets, allowing access to third-party exchanges. Consequently, people can access and transfer their holdings from CoinSwitch and other crypto exchanges using the Trezor Internet interface.
The wallet lets people buy and sell crypto without connecting to third-party exchanges. Instead, Trezor Model T secures people’s crypto holdings using a 12 to 24-word long recovery seed and backed up offline.
The cold wallet has a small touchscreen for typing and is easy for new cryptocurrency users to operate.
In addition, the wallet comes with a 1 USBC and USBA cable that one can use to connect to a desktop laptop or a smartphone. It also has Bluetooth support for the connection.
Trezor Model T cold wallet offers unlimited wallet storage and supports over 1,800 cryptocurrencies. It also provides ultra-secure offline storage. The wallet costs $255.
Ngrave Zero is one of the best touch screen cold wallets as it comes with a large full-color touch screen at 4 inches long compared to 1 or 2 inches offered by other cold wallets. Additionally, the hardware wallet uses biometric security via fingerprint to establish a connection. Therefore, it is difficult for hackers to access the wallet’s contents.
All transactions in the cold wallets go through the QR codes. Consequently, the wallet never connects to the internet. While the wallet does not support as many cryptocurrencies as the other hardware wallets, it leverages advanced security features to secure people’s crypto holdings.
The Ngrave Zero hardware suits advanced crypto holders looking to spend vast sums of money in the burgeoning sector. The wallet costs $462.
Arculus Key Card
Billed as the next-generation cold storage solution, Arculus Key Card retails for $99 and comes with all the necessary features for safe crypto storage offline. It features a sleek metal card that enables the storage of private keys to crypto holdings offline.
In this case, keys are embedded in the sleek metal card and protected by a three-factor authentication for added security. In addition, the card also leverages the CC EAL6+ Secure Element as the Ledger Nano X cold wallet.
Instead of using the Bluetooth connection to enable connection, the Arculus Key Card uses NFC technology for communication with a smartphone or any other device. As a result, it is a streamlined and lightweight offline cold wallet as it does not require any power source or battery storage to operate.
The Arculus Key Card is ideal for people looking for a secure storage option for big cryptocurrencies, including Bitcoin and Ethereum. The only downside to the low-cost cold wallet is that it requires the Arculus Wallet App to operate.
ELLIPAL Titan Bundle
The ELLIPAL Titan Mini is a secure and easy-to-use hardware wallet suited for beginners. It is the first air-gapped hardware wallet that provides complete network isolation. Furthermore, the wallet does not have any online components or ports as an added security feature to keep hackers at bay.
Therefore, the wallet offers complete protection against any remote online attacks. In addition, the wallet provides fast and accurate backups while supporting 10,000 plus tokens.
Hardware wallets are the most secure and reliable cryptocurrency storage solutions as they don’t connect to the internet. The wallets store the private keys to crypto holdings passwords and decentralized finance apps offline.
While purchasing a cold wallet, safety is of utmost importance. For enhanced security, it is best practice to go with wallets that offer 2factor authentication biometrics and multi-signature support. In addition, it is essential to focus on general functionality. In this case, consider wallets that support several tradable assets, and offer live charts and staking capabilities.
Cost is another crucial aspect to consider. While opting for reasonably priced cold wallets, it is best practice to consider wallets that charge low processing fees.