Cold wallets are essentially offline crypto wallets. These are also known as hardware wallets. In these wallets, users store their private keys offline for security purposes. Users use cold wallets or offline crypto wallets to keep their crypto coins safe. Some popular cold wallets include products from Ledger, Trezor, Tangem, SafePal, Ellipal, Cypherock, GridPlus and keepKey.
Unlike hot wallets that remain constantly connected to the internet, cold wallets are designed to connect with other devices through USB, Bluetooth or other connectivity methods. Due to their offline storage, cold wallets are considered the best storage medium for crypto assets. Currently, Ledger and Trezor are two largest cold wallets companies.
Ledger
Ledger first launched its hardware wallet, the Ledger Nano S, in 2016 as a secure storage medium for Bitcoin. Since then, the company has released nearly five cold wallets, including the Ledger Nano X, Ledger Flex and Ledger Nano S Plus. These wallets offer advanced features such as support for NFTs, crypto asset staking and asset purchasing through Ledger’s software interface.
With the Ledger Live app, users can manage their coins and access a variety of features, including support for over 500 coins and Ethereum and Polygon NFTs. Additionally, users can manage over 5000 coins and multi-blockchain NFTs through integration with around 50 third-party wallets like Metamask, Trust Wallet and more.
For each Ledger device, users are given a 24-word secret recovery phrase, which allows them to recover their assets if needed. Alternatively, users can opt for Ledger Recover, a service that helps recover lost private keys.
Ledger Nano S Plus
The Ledger Nano S Plus device starts at a price of $79. Its body is made of plastic and comes with a stainless steel swivel part. It features a small 1.09-inch display and a USB-C connection port. The device has an EAL6+ security rating and is ANNSII CSPN certified. It can be operated through the Ledger Live application and can connect to decentralized applications via third-party wallets. Also, the device only works on desktop and Android.
Ledger Nano X
The Ledger Nano X also features a 1.09-inch display and includes a battery that normally lasts for about 5 hours of use. It surpasses the Ledger S Plus in capabilities and is also compatible with iOS. For security, it has EAL5+ certification and an ANSSI CSPN certification.
The device comes with USB-C connectivity as well as Bluetooth support. It is currently available for $149.
Ledger Stax
The Ledger Stax is Ledger’s most advanced cryptocurrency cold wallet, boasting an impressive EAL6+ security rating. Priced from $399 (at the time of writing), it features a sleek 3.7-inch curved touchscreen display and offers up to 10 hours of battery life or support for around 150 transactions per charge.
Alongside the standard USB-C connectivity, the Ledger Stax is equipped with Bluetooth and advanced NFC (Near Field Communication) capabilities, making it highly versatile and user-friendly.
Trezor
Trezor is an open-source cold wallet. It uses a non-stored passphrase along with the seed phrase, which reduces the possibility of being hacked. Trezor first introduced the Model One on July 19, 2014 and later released several other models over time.
Currently, Trezor has three models. Each wallet supports 80 blockchains and can hold more than 1000 cryptocurrency assets. Trezor has a mobile app that allows users to connect their device with a smart device to trade and perform other activities, but every transaction must be approved through the Trezor hardware wallet. Like other cold wallets, Trezor also supports DeFi transactions through third-party wallet connections.
Trezor has some limitations, such as having only USB-C/USB-A ports for connection. It is compatible with macOS, Windows, Linux and Android, but on iOS it only has view capability.
Trezor Safe 5
The Trezor Safe 5 is their latest and most advanced device so far. It was released on June 14, 2024. It features a 1.54 inch Gorilla Glass 3 color touchscreen and is priced at $169. It has an EAL6+ security rating and like other Trezor wallets, it is open source. In terms of connectivity, theTrezor Safe 5 uses a USB-C cable.
Trezor Safe 3
The Trezor Safe 3 was released on October 12, 2023 and is currently priced at $79. It comes with a 0.96 inch monochromatic display and two control buttons. The Trezor Safe 3 also uses USB-C for connectivity.
Trezor Model One
The Trezor Model One is the first Trezor wallet device, released on July 29, 2014. It is priced at $59 and features a 0.96 inch monochromatic display and two control buttons. Unlike the other two Trezor models, it enables USB connectivity through a micro USB connection.
Conclusion
Offline crypto wallets are currently the most popular and considered the best crypto wallets because of better security. Most cryptocurrencies around the world are stored in offline crypto wallets. Keeping your crypto assets in a cold wallet is the safest option since it keeps your assets disconnected from the internet, protecting them from hacking threats. On the other hand, there have been reports of funds being hacked from hot wallets. However, the advantages of hot wallets cannot be denied, especially when it comes to fast transactions.
If you want to increase the security of your crypto assets by using an offline crypto wallet, this article will help you. If the benefits of cold wallets match your needs, you can consider using one. However, this article should not be taken as financial advice.