Crypto wallets are necessary for buying, trading, and selling digital assets. Quite often professional traders use cold wallets to increase the security of their crypto assets.
Some brokerages and payment providers allow you to buy cryptocurrency without a cryptocurrency wallet. These services keep your digital currency in their own custodial wallets. Unless you’re a day trader, it is best to keep your crypto in a non-custodial wallet.
However, buying a cold wallet for offline storage is a tedious task. Therefore, through this article, we’ve brought to you some of the best crypto cold wallets.
Table of Contents
|Cold Wallets||Type of Wallet||Cost of Wallet||Top Features|
|Ledger Nano X||Hardware Wallet||$149||Ledger Live|
|Trezor Cold Wallet||Hardware Wallet||$ 72||Large Range Of Cryptocurrencies|
|Bitbox Cold Wallet||Hardware Wallet||$ 115.83||Strong Security Mechanisms|
|Prokey||Hardware Wallet||$ 69||Two-Factor Authentication|
|Armory||Hardware Wallet||Provide Phone Support Line|
Before we jump off to the top cold wallet list, let’s briefly understand what cold wallets are and what they are used for.
What are cold wallets?
A cold wallet is a crypto storage option that is not linked to the Internet. They are also known as Hardware wallets since they employ physical media, generally in the form of a USB stick.
It is the most secure sort of wallet since hackers would need access to your device and the related PIN/Password.
In contrast, there is another wallet known as a hot wallet. It is a bitcoin wallet that is constantly online and linked to the cryptocurrency network. Hot wallets are used to transmit and receive cryptocurrencies and to see how many tokens are available for use.
Throughout this guide, we’ll look at the best cold wallets for cryptocurrency. Let’s get started.
Ledger Nano X / S / STAX
The Nano X has ample storage space to handle up to 100 distinct assets at the same time and can store over 5,500 different tokens. The Ledger Live software comes standard with every Ledger device.
It also includes built-in trading and swapping features for investors who need to purchase or sell assets quickly.
Further, this software is powered by third parties due to which the exchange costs are a touch excessive, however, the convenience that it provides is fantastic.
It’s not the most convenient site to buy and sell regularly, but when the situation calls for a quick purchase, it sure comes in handy.
Overall, the Ledger Nano X is one of the finest cold storage wallets on the market. It’s easy to use, it’s fashionable, it’s from a reputable firm, and, most importantly, the software is incredibly safe for use.
Besides, It’s an excellent piece of equipment and an absolute must-have for any security-conscious investor. Having said that, a few phishing sites are trying to resemble Ledger, so we suggest you only purchase the device from the official Ledger website.
Trezor Cold Wallet
SatoshiLabs, a Czech Republic-based firm that specializes in manufacturing secure hardware wallets for cryptocurrency, initially unveiled the Trezor cold wallet in 2013.
The gadget gets its name from the Czech word “trezor,” which translates as “vault” in English.
The Trezor cold wallet is tiny and portable, making it convenient to transport. It connects to a computer through a USB connection and may be used on any device with a web browser that is compatible.
The Trezor cold wallet also supports a large range of cryptocurrencies, which is a significant feature.
The Trezor cold wallet supports over a thousand different cryptocurrencies in addition to prominent coins like Bitcoin and Ethereum, making it a versatile and practical alternative for customers who store numerous types of digital assets.
Finally, the Trezor cold wallet provides customers with a safe and convenient option to keep their bitcoin offline.
The Trezor cold wallet is a good solution for anybody wishing to preserve their digital assets, thanks to its sophisticated security features and compatibility with a wide range of cryptocurrencies.
Bitbox Cold Wallet
The BitBox cold wallet, created by the Swiss firm Shift Devices AG, is intended to give customers a simple and safe solution to store their digital assets.
It has an OLED display, infrared touch sensors, USB-C and USB-A compatibility, offline backups to both microSD cards, and the BIP39 mnemonic.
The BitBoxApp makes it simple to set up a BitBox02 wallet and manage your funds.
Support for a wide range of cryptocurrencies is one of the BitBox cold wallet’s primary advantages.
The BitBox cold wallet supports numerous different cryptocurrencies in addition to major coins like Bitcoin and Ethereum, giving it a versatile and practical alternative for customers who store several types of digital assets.
The strong security mechanisms of the BitBox cold wallet are another key feature. To prevent unwanted access, the gadget employs two-factor authentication and a passcode, and the user’s private keys are produced and kept offline, adding an extra degree of protection.
Prokey Cold Wallet
Just like any other cold wallet, prokey is a small physical device that is used in conjunction with a user’s password to provide an additional layer of security.
It works by generating a unique, one-time code every time a user tries to log in to an online account. This code is then entered along with the user’s password to gain access to the account.
Because the code is only valid for a single login attempt, it provides an extra layer of security that makes it much harder for hackers to gain access to a user’s accounts.
One of the key benefits of Prokey is that it allows users to access their accounts from any device, without having to install any additional software.
This makes it a convenient solution for people who use multiple devices to access their accounts, such as a desktop computer, a laptop, and a smartphone.
Prokey also offers a number of other features that make it a valuable security tool. For example, it allows users to set up two-factor authentication, which requires them to enter a second form of authentication in addition to their password.
This can be a code sent to their phone or email, or a fingerprint or facial recognition scan.
Another useful feature of Prokey is its ability to track login attempts. This allows users to see if anyone has tried to access their accounts without their permission, and take appropriate action if necessary.
Armory wallet is one of the first Bitcoin cold storage solutions. The wallet allows users to keep their Bitcoins safe from hackers and fraudsters.
This wallet is one of the safest and most popular solutions for users who wish to keep their BTC cash secure in an open-source, cold-storage wallet with offline functionality.
Armory wallet was the first to introduce the notion of cold storage in 2011. Since then, they’ve mastered the art of security.
The wallet presently supports multi-signature transactions and decentralized lockboxes for its users. This allows the user complete access to their private keys rather than keeping them on company-owned servers.
The wallet allows users to create a passcode to gain access to their cash. This adds an extra layer of protection for users. While it allows you to keep all of your cash offline, it also allows you to escape assaults.
Armory has advanced wallet encryption. It includes the Glacier Protocol, one of the most reliable cold storage solutions for Bitcoin.
Armory has a phone support line that is available 24 hours a day, seven days a week. When it comes to problems, some of the most typical ones that users are likely to encounter include password mistakes, coin withdrawal issues, an inexplicable delay during withdrawal, the wallet refusing to generate a password, and so on.
One disadvantage of this cold wallet is that it only supports Bitcoins, and future support for other currencies is uncertain.
Apparently, the wallet’s creators want to focus on providing the greatest security and user experience for its consumers rather than introducing new features. So far, they have delivered on this promise.
When it comes to picking the best Bitcoin wallet, you have a lot of alternatives. There are numerous cold wallets to choose from, including a piece of paper with your public and private keys printed on it.
There is a solid choice for your crypto storage needs, whether you want an easy-to-use internet cold wallet or a super-secure hardware wallet. We hope this article assisted you in locating the perfect cold wallet for your purpose. Kindly stay tuned for further articles on these subjects.
Frequently Asked Questions
What exactly is a cold wallet for cryptocurrency?
A cold wallet is a cryptocurrency wallet that is intended to be used offline. This increases the wallet’s security and protects the owner from digital threats.
Is a cold wallet for cryptocurrency worthwhile?
This question’s response will differ from person to person. If an investor just has $100 in crypto, it’s tough to justify investing the same amount for a wallet. However, as an investor’s holdings begin to accumulate, it’s well worth acquiring a cold wallet.
Are cold cryptocurrency wallets secure?
Crypto cold wallets are among the most secure methods of storing valuables. They are significantly more secure than a hot wallet and are an absolute necessity for high-volume or long-term investors.
Is it possible to transfer cryptocurrency to a cold wallet?
Yes, the sole function of a cold wallet is to safely store cryptocurrency, and every wallet allows an investor to send cryptocurrency to it.
What are the differences between a hot and cold wallet?
The primary distinction between hot and cold wallets is that hot wallets are internet-connected via your computer or phone, but cold wallets are hardware devices that may keep your data offline.