16 Best Cold Wallets in 2024 – Safest Cold Wallets Compared

Many people consider cold wallets to be much safer for storing cryptocurrency than hot wallets. After all, they are disconnected from the internet most of the time, meaning they are impossible to hack if you keep them in a safe place. Unfortunately, not all of them are affordable, let alone their complex interface.

If you’re not sure which wallet to select, you’ve come to the right place. We review the 16 best cold wallets for 2024 and describe their safety features, supported coins, pricing, and more. Read on to decide which one suits you best.

The Top 16 Cold Crypto Wallets

  1. ELLIPAL Titan 2.0Supports over 10,000 cryptos and offers 2FA protection with CC EAL5+ security.
  2. Ledger Nano S PlusSupports over 5,000 coins and connects to PCs or smartphones via USB-C.
  3. Trezor Model One Supports over 9,000 cryptocurrencies and connects to PCs and Android phones via USB-A.
  4. Trezor Model TSupports 9,000+ cryptos like the model One but comes with a touchscreen and USB type-C.
  5. Ledger StaxSupports over 5,000 cryptos and comes with Bluetooth, USC-C, and CC EAL6+ protection.
  6. Blockstream JadeBitcoin-only wallet with air-gapped functionality.
  7. NGRAVEOffers high security with EAL7 certification, fully offline operation using QR codes, and support for over 1,000 cryptos.
  8. BitBox02Supports 1,500 coins and has a USB-C connector, secure chip technology, and microSD backup.
  9. COLDCARDBitcoin-only wallet with a strong focus on simple design and ease of use.
  10. OpendimeEnables private, one-time-use transactions, mimicking cash-like transfers.
  11. CoolWallet ProSupports over 12,000 coins over 30 blockchain networks and also has a staking functionality.
  12. Safepal S1Supports over 100 blockchain networks with a huge number of cryptos and includes self-custody.
  13. SecuX V20Compatible with web-based applications, USB type-C, and supports over 10,000 cryptocurrencies.
  14. Material Bitcoin – Easy-to-use cold wallet offers a lifetime warranty and free assistance. Shock, flood, and fire resistant.
  15. KeepKeyWorks with over 300 blockchain networks and over 7,200 crypto coins.
  16. BitAddressesOffers a free alternative to typical cold wallets by generating Bitcoin wallet addresses and private keys on paper.

What is a Crypto Cold Wallet?

In a nutshell, cold wallets are devices or QR codes printed on paper that store cryptocurrencies offline. Obviously, their main advantage is that you’re not prone to hacking attempts because they are disconnected from the internet.

By contrast, hot wallets are often or always connected to the internet, one way or another. Even if you select one of the best hot wallets, there are still chances to lose your assets, especially if you opt for wallets hosted on crypto exchanges.

That said, keeping cryptocurrencies in cold wallets is always recommended. What’s more, even if you can’t afford one, you should never keep your assets online on an exchange. It’s always better to transfer everything to hardware wallets or those installed on your devices, such as laptops or smartphones. Exchanges are always prone to major hacks, while attacking individual devices presents a challenge, especially when you don’t run your wallets in the background.

Note that some cold wallets come with additional features, such as being able to swap or stake cryptocurrencies.

Review of the Best Cold Storage Crypto Wallets

Let’s dive into each wallet in more detail and cover why it made our list.

1. ELLIPAL Titan 2.0 – Overall the Best Cold Wallet

ELLIPAL Titan 2.0 is one of the top cold wallets to consider today. This device comes as a 4-inch device made of metal, has a battery of 1,400 mAh, and weighs only 140g. Best of all, the ELLIPAL Titan 2.0 verifies transactions via air-gapped technology, meaning it does not require Bluetooth, WiFi, or any other type of connection.

The wallet comes with a 5M AF camera capable of scanning QR codes generated on its native app. The ELLIPAL Titan 2.0 comes with unlimited storage, and users can create as many wallets as they need. It supports over 52 blockchain networks and 10,000 cryptocurrencies, including Bitcoin, ERC20, and BSC tokens.

ELLIPAL TITAN 2.0 cold wallet

As part of any ELLIPAL wallet review, it’s worth mentioning that The ELLIPAL Titan 2.0 app has various features that allow users to engage with the blockchain economy. This includes integration with Changelly for buying and selling cryptocurrencies with fiat money. The app also supports staking across multiple coins, including Cardano, Cosmos, Polkadot, and Tezos, and you can also use it to connect to dApps, which need to go through MetaMask or WalletConnect.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware wallet with an app and camera

Non-custodial storage

Over 10,000 cryptocurrencies across 52 blockchain networks, including Bitcoin, Ethereum, Solana, and Binance Smart Chain Costs $169.

Fiat payments are supported by Changelly (fees built into the price).

Yes Yes, supports Cardano, Cosmos, Polkadot, and Tezos Up to 10%

Pros pros

  • 100% air-gapped transactions
  • Comes with a 4-inch device and a 5M AF camera
  • Transactions are verified by scanning QR codes
  • Staking tools with APYs of up to 10%

Cons cons

  • Fiat transactions are processed by Changelly
  • Heavier than most other hardware wallets

2. Ledger Nano S Plus

Ledger Nano S Plus is the second best cold wallet with a huge user base. It is an example of how secure cold storage can be affordable, considering it costs just $79. This version comes packed with features quite similar to the Trezor Model One.

Users are provided with a backup passphrase when setting the wallet up. This is a 24-word passphrase displayed on the screen, and they also need to create a PIN. It’s not possible to authorize transactions without the PIN. If you ever lose it, you must access the wallet with the backup passphrase.

 

Ledger Nano S Plus cold wallet

If you lose, damage, or it gets stolen, you can recover your Ledger Nano S Plus remotely. It supports over 5,000 cryptocurrencies across multiple networks, including Bitcoin, Polkadot, Binance Smart Chain, XRP, and Ethereum. Additionally, this cold wallet supports Ledger Live, and you can also stake cryptocurrencies to earn passive rewards.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware wallet. Also offers a mobile app and desktop software for managing investments.

Non-custodial storage

Over 5,000 cryptocurrencies across multiple blockchains, including Bitcoin, Ethereum, Polkadot, and Binance Smart Chain Costs $79.

Token swaps, staking, and fiat purchases are provided by third parties.

Yes Yes, provided by third parties. Depends on the cryptocurrency and the third party.

Pros pros

  • Cost-effective
  • Supports more than 5,000 cryptocurrencies
  • Stores crypto and NFTs across multiple blockchain networks
  • Staking tool for earning passive rewards

Cons cons

  • Potentially high fees
  • Fiat payments require KYC

3. Trezor Model One

Although Trezor Model One is actually the entry-level model offered by Trezor, it has the same security features as more advanced devices. For example, the Trezor Model One is secured by a PIN.

The PIN can be between 4 and 50 digits and must be entered before any transaction. In other words, transactions cannot be authorized remotely, which is a huge safety net. Moreover, users are provided with a 12- or 24-word backup passphrase when setting up the wallet.

Trezor Model One review

This will come in handy if the user forgets their PIN or the device gets lost or stolen. In either scenario, the backup passphrase can recover the Trezor Model One remotely. For added convenience, this cold wallet connects to the Trezor Suite, enabling users to view and manage their cryptocurrencies on a laptop and smartphone.

Trezor Suite is supported by Windows, Linux, Mac, iOS, and Android. Trezor Model One supports almost 1,300 cryptocurrencies, including Bitcoin and some of the best altcoins in 2024, such as Ethereum and XRP. The main drawback of Trezor Model One is that it does not support staking.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware wallet. Also offers a mobile app and desktop software for managing investments.

Non-custodial storage

Nearly 1,300 cryptocurrencies, including Bitcoin, Ethereum, and XRP. Costs $69.

GAS is charged at a real-time rate. Fiat purchases are processed via third parties at fees of up to 5.75%..

Yes No N/A

Pros pros

  • Affordable
  • Supports almost 1,300 cryptocurrencies, including the best ERC20 tokens
  • Encrypted private keys are always offline

Cons cons

  • No staking
  • Debit/credit card fees of up to 5.75%

4. Trezor Model T

Trezor Model T is an advanced Trezor device that costs $219. It comes with many security features like the Model One, such as encrypted private keys.

However, the Model T has a touchscreen instead of a two-button pad. We found that this makes it slightly more convenient to process transactions. Moreover, the Model T supports the more commonly used USB type-C and 167 more cryptocurrencies than the Model One.

 

Trezor Model T cold wallet

Another interesting feature Model T has is an in-built staking tool, which supports some of the best staking coins, such as Cardano and Tezos. However, Trezor is yet to support staking for Ethereum 2.0. Just like the Trezor One, the T Model allows users to buy and swap cryptocurrencies. Once again, these services are facilitated by third parties that typically charge high fees.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware wallet. Also offers a mobile app and desktop software for managing investments.

Non-custodial storage

Over 1,450 cryptocurrencies, including Bitcoin, Ethereum, and XRP Costs $219.

GAS is charged at a real-time rate. Fiat purchases are processed via third parties at fees of up to 5.75%.

Yes Yes – supports Cardano and Tezos. Determined by the proof-of-stake network. GAS fees apply.

Pros pros

  • Top-notch security features
  • Features a touchscreen
  • Supports USB type-C

Cons cons

  • High price tag
  • Debit/credit card fees of up to 5.75%

5. Ledger Stax

Stax is an advanced model offered by Ledger and comes with a price tag of $279. Compared to the Nano S that costs $79, this is considerably higher. Nevertheless, one of the main differences between the two is that the Ledger Stax supports Bluetooth, making it a lot more convenient to connect with the Ledger Live software.

Moreover, Ledger Stax supports wireless charging and has a curved touchscreen. The latter makes verifying transactions on the Ledger device slightly less cumbersome.

Ledger Stax cold wallet

 

Additional features include customizable lock screens and embedded magnets. While these features might not justify an extra $200, the Ledger Stax has become popular among beginners and seasoned users.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware wallet. Also offers a mobile app and desktop software for managing investments.

Non-custodial storage

Over 5,000 cryptocurrencies across multiple blockchains, including Bitcoin, Ethereum, Polkadot, and Binance Smart Chain. Costs $279. 

Token swaps, staking, and fiat purchases are provided by third parties.

Yes Yes, provided by third parties. Depends on the cryptocurrency and the third party.

Pros pros

  • Curved touchscreen
  • Can be connected to Ledger Live via Bluetooth
  • Customizable lock screens for a personalized experience

Cons cons

  • High price tag
  • Witnessing huge demand with buyers being put on a waitlist

6. Blockstream Jade

The Blockstream Jade wallet is an affordable and compact cold wallet, priced at $64.99, tailored for Bitcoin and Liquid Network users. The wallet’s small size, featuring a 29 mm IPS LCD in a matte black body, improves user-friendliness without compromising functionality.

Focusing on security, the Jade wallet provides offline key storage, a secure element in the hardware, and Multisig Shield technology. Its unique feature is the fully air-gapped transaction capability, using an inbuilt camera for QR code scanning and display, improving security by avoiding USB or Bluetooth connections.

Blockstream Jade Wallet

Blockstream Jade’s open-source software promotes transparency and community contributions. However, its compatibility is limited to Bitcoin and Liquid Network assets like Liquid Bitcoin (L-BTC) and Liquid-based Tether (L-USDT). 

You can connect the wallet to Blockstream Green on mobile and desktop. Jade supports features such as Singlesig and Multisig, fee control, Tor integration, and managing multiple wallets. It also includes a unique security measure of creating spoof wallets to deceive potential attackers, alongside a self-destructing PIN that activates after three incorrect entries, ensuring full protection against unauthorized access.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware Bitcoin, Liquid Network assets (L-BTC, Liquid-based Tether) None (except initial purchase cost) Yes, Blockstream Green app NA NA

Pros pros

  • Affordable and compact design
  • Unique air-gapped transactions for enhanced security
  • Open-source software
  • Multisig support and spoof wallet creation

Cons cons

  • Limited to Bitcoin and Liquid networks

7. NGRAVE

The NGRAVE ZERO wallet is a cutting-edge wallet that stands out for its high-security features. Created in mid-2018, it is known for being one of the first financial products globally to achieve the top-level security certification, EAL7, ensuring a high-security standard in the crypto cold wallet space.

The key features of the NGRAVE ZERO include its fully offline design, eliminating the need for USB cables or network connections for communication. It uses QR codes for transactions scanned by the NGRAVE Liquid app, ensuring that private key generation and protection activities occur in a highly secure, isolated environment​​.

NGRAVE Wallet

It supports over 1,000 cryptos, including the major coins like Bitcoin, Ethereum, ERC20 tokens, and NFTs. The device is user-friendly, featuring a high-resolution 4-inch color LCD touchscreen. 

It’s powered by a 1200 mAh battery and includes a built-in camera and fingerprint scanner for better security. Like a high-quality smartphone, the wallet’s design is sleek, durable, and water and dust-resistant​​​.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware Over 1,000 (incl. Bitcoin, Ethereum, ERC20 tokens, NFTs) None (except initial purchase cost) Yes, via the NGRAVE Liquid app NA NA

Pros pros

  • Highest security level with EAL7 certification
  • Supports over 1,000 cryptos, including NFTs
  • Fully offline operation with QR code transactions
  • Sleek design with touchscreen, camera, and fingerprint scanner

Cons cons

  • Premium pricing

8. BitBox02

The BitBox02, developed by Shift Crypto, is a Swiss-made wallet for storing Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It costs $120, positioned as an affordable choice.

The wallet is known for its modern design, featuring an OLED screen and touch sliders for ease of use. BitBox02 also has a USB-C connector, allowing direct connections with computers and smartphones.

BitBox02 Wallet

The setup is simple and supports Windows, Mac OS, Linux, and Android. The process involves creating a password and backing up the wallet on a microSD card, a new approach compared to traditional seed phrases. Nonetheless, writing down the seed phrase is still recommended.

Security-wise, BitBox02 uses a secure chip (ATECC608A), and its open-source framework allows for expert inspection, increasing its security profile. It supports Tor and full-node connections to keep data like IP addresses confidential. Additionally, the BitBox02 serves as a FIDO Universal 2nd Factor (U2F) authenticator, improving security on various platforms. Its USB-C support makes it highly compatible with current technology, including phones, laptops, and desktops.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware Bitcoin, Ethereum, Litecoin, ERC20 tokens None (except initial purchase cost) Yes, BitBoxApp NA NA

Pros pros

  • Sleek design with easy-to-use touch sliders
  • USB-C connector
  • Open-source for enhanced security inspection

Cons cons

  • MicroSD backup might be less familiar to some users

9. COLDCARD

The COLDCARD wallet, designed exclusively for Bitcoin, is a unique option in the cold wallet market, known for its robust security features. The wallet is known for its air-gap support, allowing it to operate entirely offline, thus providing high protection against online threats.

COLDCARD Bitcoin Wallet

Another significant feature is the Micro-SD support, which simplifies the backup process. Users can easily back up the wallet’s seed phrase without needing to write it down. The COLDCARD wallet also includes unique security features like the Duress Pin and Brick Pin. The former allows users to open a secondary wallet. At the same time, the Brick Pin can make the device unusable, providing an extra layer of security in extreme circumstances​.

In terms of design, the COLDCARD Mk4 model comes with a USB-C connector, improving its compatibility with various devices. The device’s clear plastic case adds to its physical security, allowing users to detect tampering easily​.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware Bitcoin only None (except initial purchase cost) No NA NA

Pros pros

  • Air-gap support for high offline security
  • Micro-SD support for easy backups
  • Unique security features like Duress and Brick Pins

Cons cons

  • Limited to Bitcoin

10. Opendime

The Opendime wallet, known as the “Bitcoin Stick,” offers a unique approach to cold wallets, focusing solely on Bitcoin. This device is known for its simplicity and high security. That said, Opendime is small, portable, and boasts a user-friendly design. It’s a one-time-use wallet, allowing Bitcoin to be loaded once for off-chain spending. The latest v4 version improves its tamper-proof features.

Opendime’s key feature is allowing private, anonymous transactions like cash. This off-chain transaction capability increases privacy and helps address scalability issues by lowering network load. Transactions through Opendime are free, excluding the initial cost of purchasing the device.

Opendime Wallet

An important aspect of Opendime is that once its private keys are exposed, it becomes unusable as a Bitcoin wallet and should be disposed of. This single-use nature highlights its focus on secure, physical transactions. The wallet exclusively supports Bitcoin, targeting users predominantly involved in this crypto.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware (One-time use) Bitcoin only None (except initial purchase cost) No NA NA

Pros pros

  • Enables private, anonymous transactions
  • Simple, portable, and user-friendly

Cons cons

  • Single-use nature limits long-term utility

11.  CoolWallet Pro 

CoolWallet Pro aims to provide the ideal blend of security and convenience. It comes with a native mobile app for iOS and Android, enabling users to initiate transactions on the app before authorizing them on the physical device.

The CoolWallet Pro device connects to the app via an encrypted Bluetooth connection. This removes the need to use a USB cable to transact. Moreover, CoolWallet Pro is compatible with WalletConnect. This allows users to connect to dApps like OpenSea and UniSwap.

CoolWallet Pro review

We also like that CoolWallet Pro supports 27 blockchain networks. This translates into over 12,000 cryptocurrencies, including Bitcoin, Ethereum, BNB, Polkadot, Cardano, and Solana. CoolWallet Pro is also popular for its lightweight design, similar to a credit card.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware wallet. Also offers a mobile app for managing investments.

Non-custodial storage

Over 12,000 cryptocurrencies across 27 network standards. Costs $149.

Token swaps and other DeFi tools are determined by the connected dApp.

No, but comes with a USB connector for smartphones. Yes. Supports Everstake and Lido. Supported staking coins include Ethereum, Cardano, Cosmos, Solana, and Tezos. Determined by the chosen proof-of-stake network

Pros pros

  • Supports over 12,000 cryptocurrencies across 27 blockchain networks
  • Offers a native mobile app to streamline transactions
  • Bluetooth connectivity to avoid WiFi and USB cables
  • Staking tools for multiple PoS coins

Cons cons

  • Does not offer desktop software

12. SafePal S1

SafePal S1 comes with excellent security features. It is backed by air-gapped signing mechanisms. In simple terms, this feature allows users to sign outgoing transactions without a cable, Bluetooth, or WiFi connection.

Instead, transactions are initially set up on the SafePal S1 app or browser extension, supported by iOS, Android, Chrome, Edge, and Firefox. After entering the transaction details, SafePal S1 will display a unique QR code. The user will then scan the QR code with the SafePal S1 device with a built-in camera.

SafePal S1 review

The user can enter their PIN onto the SafePal S1 device to confirm the transaction. Another benefit of SafePal S1 is that it supports many cryptocurrencies. This covers various network standards, including Bitcoin, Ethereum Fantom, Optimism, Polkadot, Polygon, and Binance Smart Chain.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware wallet with an -built camera

Non-custodial storage

Over 30,000 cryptocurrencies across multiple networks, including some of the best-emerging cryptocurrencies Costs $49. Token swap fee is 0.3%. Fiat payments go through Simplex and average at 3.5-5%. Yes Yes, staking and yield farming tools provided by Binance Earn Varies depending on the cryptocurrency and product.

Pros pros

  • Air-gapped signing mechanism avoids internet, cable, and Bluetooth
  • Transactions are verified by QR codes
  • Built-in Binance API for trading and staking
  • Affordable

Cons cons

  • No desktop support
  • 0.3% token swap fee

13. SecuX V20

SecuX V20 is a perfect choice for diversified investors who need a cold wallet that stores a wide range of cryptocurrencies. Put simply, this wallet is compatible with 300 blockchain networks, including Bitcoin, Ethereum, Binance Smart Chain, Litecoin, Solana, Dash, XRP, and others.

The hardware comes with a 2.8-inch touchscreen interface. This is much larger than many cold wallets in this space, making it convenient to process transactions. Moreover, the touchscreen is big enough to display portfolio balances, including the cryptocurrency and number of tokens.

SecuX V20 review

Users will initially enter the transaction details on the SecuX V20 app or website to make transfers. The connection is secured via BlueTooth. Then, to confirm the transaction, the user must enter their PIN. The SecuX V20 also supports USB type-C, and users are provided with a backup passphrase when setting the wallet up.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware wallet with an app and web-based interface for managing transactions.

Non-custodial storage

Over 10,000 cryptocurrencies across 300 blockchains, including Bitcoin, Solana, XRP, and Ethereum. Costs $139.

Users can buy selected cryptocurrencies with a debit/credit card, but this service is provided by Coinify.

Yes Yes, but currently only supports FIO tokens. APYs not published by SecuX V20.

Pros pros

  • Transactions confirmed over Bluetooth or USB type-C
  • Supports more than 300 blockchains and 10,000 cryptocurrencies
  • Large touchscreen interface

Cons cons

  • Staking is only supported for FIO tokens
  • Uses Coinify for fiat money payments

14. Material Bitcoin

Material Bitcoin is a top cold wallet for storing BTC, ETH, and USDT tokens. One of the safest cold wallets in 2024, Material Bitcoin uses no electronic components, protecting it against cyber-attacks.  

Designed to last, Material Bitcoin is made of AISI 304L steel, which makes it fire, flood, and shock-resistant. Whether you’re a beginner or an advanced trader, Material Bitcoin is here to make your life easier with its tutorials, instructions, and free assistance.

Material Bitcoin wallet

To start depositing crypto tokens on Material Bitcoin, one must scan the QR code on the physical device. Investors can proceed to transfer funds to the scanned wallet address. 

By following an automated manufacturing process, Material Bitcoin ensures it does not store or see your private keys. A key engine generates the private key, which is then engraved onto the wallet’s steel plate using a robotic process. After engraving, the private key is removed from the system’s memory. 

This top cold wallet comes with a lifetime warranty and will be replaced free of cost if the private key’s legibility worsens. 

On this platform, you can access several cold wallets, such as Material Ether for storing Ethereum or Material USDT for storing USDT tokens. A DIY wallet option is available for those looking to engrave their own seed phrase. 

For storing Bitcoin, purchase the standard Material Bitcoin wallet, which retails at just $89. 

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware wallet with a QR code for processing transactions.

Non-custodial storage

Bitcoin, Ethereum, Tether Standard Material Bitcoin wallet costs $89. No No N/A

Pros pros

  • Easy-to-use wallet equipped with tutorials and free assistance
  • Provides a lifetime warranty
  • Uses no electronic components

Cons cons

  • Supports a limited number of cryptos
  • Better suited to hold assets for the long-term

15. KeepKey

KeepKey is a suitable cold wallet for accessing Web 3.0 dApps. There are several ways that KeepKey facilitates this securely. The first option is to download the KeepKey Client software to a desktop device powered by Windows, Mac, or Linux.

The other option is to connect the KeepKey device to a smartphone via a USB cable. Both options allow users to confirm the connection via a WalletConnect string. That said, the connection is only verified once it’s authorized on the physical device. Plenty of dApps are supported, including UniSwap, OpenSea, Aave, and Yearn.finance.

KeepKey review

This enables users to earn staking rewards and swap tokens in a decentralized way. In terms of security, KeepKey comes with a 12-word recovery phrase. Moreover, the wallet is never connected to the internet – even when engaging with Web 3.0 dApps. In total, KeepKey supports over 7,200 cryptocurrencies across 348 networks.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Hardware wallet. Also offers desktop software for managing investments.

Non-custodial storage

Over 7,200 cryptocurrencies across 348 network standards. Costs $49.

Token swaps and other DeFi tools are determined by the connected dApp.

No, but comes with a USB connector for smartphones. No N/A

Pros pros

  • Affordable
  • Connect to any dApp that supports WalletConnect
  • Supports over 7,200 cryptocurrencies
  • Creates an unlimited number of wallet addresses

Cons cons

  • Does not offer a mobile app
  • No staking

16. BitAddress 

BitAddress offers a unique way to store your Bitcoin offline — on a piece of paper. As such, it is a free and secure way to store BTC.

In a nutshell, BitAddress allows users to create a unique Bitcoin wallet address alongside its private keys, displaying them as QR codes. Next, the user will need to transfer Bitcoin to the newly created wallet address, and then they can print the address and public keys onto a sheet of paper. Needless to say, the user should keep the paper somewhere safe.

Bitaddress review

Just like most of the physical devices, paper wallets are always offline. Users should ensure the QR codes are printed correctly before transferring funds. Moreover, it’s worth remembering that BitAddress only supports Bitcoin.

Type of Wallet Supported Cryptos Fees Mobile App? Staking/Interest? Staking/Interest Rate
Paper wallet

Non-custodial storage

Bitcoin None No No N/A

Pros pros

  • Free cold wallet
  • Create an unlimited number of Bitcoin addresses
  • Private keys can be printed as a QR code

Cons cons

  • Can be cumbersome to transfer funds
  • Only supports Bitcoin

Top Reasons to Use a Cold Crypto Wallet

The overarching benefit of using a cold wallet is increased security. Unlike hot wallets, they are never connected to live servers. This protects investors from remote hacking attempts.

In this section, we explore some of the key benefits of the best cold wallets.

Offline Storage

Cold wallets are always offline, so there is no threat of being hacked. This is a major safeguard, as most cryptocurrency scams are conducted when you’re connected to the internet. Moreover, cold wallets are usually installed on physical devices, meaning the private keys are encrypted within the device itself, rather than being generated remotely.

Physical Authorization

Most of the wallets that we reviewed above require users to confirm transactions on the device. This is usually carried out using a PIN. In other words, funds can not be transferred to another location unless someone:

  • Has access to the physical device
  • Knows your PIN

The likelihood of this happening is very slim if you take the usual precautions.

Remote Recovery

Cold wallets can be recovered remotely via a backup passphrase, that is, a string of 12 or 24 random words. As such, it is possible to recover a crypto wallet if lost, damaged, or stolen by importing private keys. The cryptocurrencies will then be accessible on the new wallet and can be transferred elsewhere if needed. That said, never lose the passphrase or you will lose your funds forever.

Full Custody

The majority of cold wallets offer users 100% custody of their funds. This means that only the user has access to their private keys, so third parties cannot access the cryptocurrencies being stored.

Suitable for Diversification

The best crypto cold wallets support lots of cryptocurrencies and blockchain networks. For example, all Ledger models support more than 5,000 digital assets. This includes everything from Bitcoin, XRP, and Ethereum to other, less known cryptos.

What’s more, many cold wallets also support NFTs, enabling investors to safely secure their diversified portfolios in a safe place.

How Do the Best Cold Wallets Work?

While hot and cold wallets serve the same purpose, it’s easy to note some obvious differences.

Unlike hot wallets, you need to enter a PIN or pass another security step before sending funds to another address. Hot wallets, on the other hand, typically do not have such advanced security measures, and it’s easy to manipulate the balance once you gain access to the wallet.

The way cold wallets communicate with blockchain networks offline varies depending on the manufacturer. For example, some cold wallets come with Bluetooth, and users can connect their devices to an application while remaining offline, while others connect via a USB cable. 

We also need to mention wallets that use QR codes. For example, Safepal S1 displays a QR code when you initiate a transaction. Your next step is scanning the code using the Safepal S1 app and then verify the transaction.

As you can see, cold wallets keep cryptocurrencies safe and away from hackers. However, remember that cold wallets are non-custodial.

While non-custodial wallets give users control of their private keys, there is nowhere to turn if they are misplaced. As such, users should always write their private keys down on paper and keep them somewhere secure.

How Wallets vs Cold Wallets

Hot and cold wallets differ in the way they communicate with the blockchain, as well as the ways investors use them for.

Active Cryptocurrency Traders 

For example, investors looking to actively buy and sell cryptocurrencies need a hot wallet because transactions can be confirmed without a physical device. They can simply open their hot wallet app, software, or browser extension and complete the transaction. Hot wallets are also suitable for people investing in the best crypto presales or DeFi products due to the fact that they can purchase coins faster than using cold wallets.

Long-Term Cryptocurrency Investors 

Long-term investors or those with a large portfolio might prefer cold wallets because they don’t carry out as many transactions as active traders. If you’re one of those people, just transfer your coins to a cold wallet and forget about them till they hit the right price.

What Cryptocurrencies Can You Store in Cold Wallets?

Simply put, the amount and type of cryptocurrencies you can store on your cold wallet depends on the manufacturer. Some of them are intended to store Bitcoin only, while others accept more than 10,000 cryptos.

The same goes for blockchain networks. You’ll find wallets supporting Bitcoin’s blockchain and ERC20 tokens, but also those that include other common networks such as TRC20, TRON, and others. What’s more, it’s even possible to transact specific coins over different protocols.

How Many Cryptos Can You Store in a Cold Wallet?

You can store an unlimited amount of tokens per single unit. For example, there is no limit on how many Bitcoins you can store in a cold wallet. However, this does not mean that you can store unlimited amounts of different tokens. For example, Solana is one of the largest cryptocurrencies by market capitalization, but Trezor does not support it.

This is why users are advised to check what networks are supported before the purchase and see whether the cold wallet allows users to manually add custom tokens.

Conclusion

Long-term investors with high-value portfolios should opt for one of the best cold wallets. As they don’t need wallets on a daily basis, it’s a good idea to use the ones that are never connected to live servers, making them immune to remote hacking attempts. Moreover, they can recover the funds via a backup passphrase if the cold wallet is lost, damaged, or stolen.

By contrast, day-to-day traders require a solid hot wallet. Considering the nature of their trading operations, they need constant access to their funds, which is easier to carry out via wallets connected to the internet.

References

https://blog.invity.io/schedule-of-fees/

https://trezor.io/compare

https://coinmarketcap.com/alexandria/article/a-dive-into-ethereum-2-0

https://coinmarketcap.com/currencies/solana/

https://everstake.one/staking

https://walletconnect.com/

https://coinmarketcap.com/view/pos/

https://www.cnbc.com/2022/11/15/how-to-keep-crypto-safe-by-using-cold-storage-hardware-wallet.html

https://etherscan.io/tokens

https://www.coindesk.com/learn/hot-vs-cold-crypto-storage-what-are-the-differences/

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Kane Pepi
Editor
Kane Pepi
Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…