While less convenient than hot wallets, cold wallets provide cryptocurrency investors with the strongest security tools. Crucially, cold wallets are always offline – so cannot be hacked remotely.
This comparison guide reviews the 10 best cold wallets for 2023. Read on to discover the best crypto cold wallets for safety features, supported coins, pricing, customer support, and more.
The Top 10 Cold Crypto Wallets Ranked
Listed below are the 10 best cold wallets for 2023
- Trezor Model One – Overall, we found that Trezor Model One is the best cold crypto wallet in the market. While this is the $69 entry-level model, it offers the same security features as its $219 counterpart. This includes a requirement to verify transactions on the device via a PIN. Trezor Model One supports nearly 1,300 cryptocurrencies, including Bitcoin, XRP, Litecoin, and Dogecoin.
- Ledger Nano S Plus – Ledger Nano is also a popular cold wallet that remains offline at all times. Its basic ‘S Plus’ model retails for just $79. Just like Trezor, transactions are authorized via the hardware device. Ledger Nano S Plus supports over 5,000 cryptocurrencies.
- Trezor Model T – Those with a higher budget might consider the Trezor Model T. This supports slightly more cryptocurrencies than the basic mode, but comes with a touchscreen rather than a two-button pad. Moreover, Trezor Model T supports the more commonly used USB type-C.
- Ledger Stax – The most advanced model offered by Ledger is ‘Stax’. Retailing for $279, the Ledger Stax comes with a curved touchscreen and wireless charging. It also supports customizable lock screens and embedded magnets. Unlike the S Plus, the Ledger Stax supports Bluetooth connectivity.
- KeepKey – Attempting to challenge the status quo of Trezor and Ledger Nano is KeepKey. Retailing for $79, KeepKey offers affordable cold storage. One of its best features is the ability to connect with dApps like Uniswap and Aave while remaining offline.
- CoolWallet Pro – This cold wallet provider offers the perfect balance between convenience and security. CoolWallet Pro has a native app that connects to a physical device via Bluetooth. This makes it seamless to send funds and engage with the Web 3.0 economy. Transactions can only be approved on the CoolWallet Pro device.
- BitAddresses – BitAddresses offers a free alternative to the above cold wallets. This is because BitAddresses generates Bitcoin wallet addresses and private keys for paper storage. The credentials are presented as QR codes, making it less cumbersome to transfer the funds when needed.
- Safepal S1 – One of the cheapest cold storage wallets on the market, Safepal S1 retails for just $49. That said, the wallet still comes packed with solid security features. This includes an air-gapped signing mechanism. Put simply, instead of using WiFi or Bluetooth, transactions are verified via a QR code, which is scanned by the device.
- SecuX V20 – This cold storage wallet comes in many different versions, but the SecuX V20 is the most advanced. Retailing for $139, the SecuX V20 is compatible with web-based applications. While this makes it easy to send funds, transactions are still verified offline via the device. The SecuX V20 supports over 10,000 cryptocurrencies and is compatible with USB type-C.
- ELLIPAL Titan – ELLIPAL Titan is a secure cold storage device that retails for $139. It supports more than 10,000 cryptocurrencies, including Bitcoin, Ethereum, and XRP. ELLIPAL Titan uses air-gapped permissions, so does not require Bluetooth, WiFI, or USBs to verify transfers.
What is a Cold Wallet?
In a nutshell, cold wallets store cryptocurrencies offline. Usually via a hardware device, but paper wallets achieve the same goal. Ultimately, by remaining offline, cold storage wallets are not prone to remote hacking attempts.
In the cryptocurrency landscape, there are two primary wallet types – hot and cold. While the best hot wallets remain online at all times, cold storage does the exact opposite. That is to say, cold wallets are never connected to the internet. This means that cold wallets cannot be hacked remotely.
This is a huge security defense for cryptocurrency investors, considering that most wallet hacks are conducted online. That said, keeping cryptocurrencies in cold wallet storage is often more cumbersome to send and receive funds. While the specifics vary from one provider to the next, transactions often need to be verified on a physical device.
- For example, suppose an investor is storing Bitcoin on the Trezor Model One
- To initiate a transaction, the user would need to specify the amount and destination address via the Trezor app
- Then, to complete the transaction, the user would need to enter their PIN on the Trezor Model One device
Although not overly time-consuming, cold wallet transactions cannot be made without having access to the device. Nonetheless, cold wallets are the closest thing to institutional-grade security.
Some cold wallets come with additional features, such as being able to swap or stake cryptocurrencies. However, any features utilized will still require the physical device for confirmation.
Best Cold Storage Crypto Wallets Reviewed
Now that we’ve covered the basics, let’s move on to our reviews of the 10 best cold wallets for 2023.
1. Trezor Model One – Overall Best Cold Wallet for 2023
We found that across most metrics, the Trezor Model One is the overall best cold wallet in the market. Although this is the entry-level model offered by Trezor, it offers the same security features. For example, the Trezor Model One comes as a physical device and is secured by a PIN.
This PIN, which can be between 4 and 50 digits, must be entered on the device to verify transactions. This means that 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 the wallet up.
This will come in handy if the user forgets their PIN, or the device is 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. This enables users to view and manage their cryptocurrencies on a laptop and smartphone.
Trezor Suite is supported by Windows, Linux, Mac, iOS, and Android. But do remember that any outgoing transfers still require users to enter their PIN on the device. Nevertheless, the Trezor Model One supports almost 1,300 cryptocurrencies. This includes Bitcoin and some of the best altcoins – such as Ethereum and XRP.
The main drawback of Trezor Model One is that it does not support staking. For this, users will need to shell out $219 for the T Model. That said, if long-term safety is the main priority, the $69 price tag for the Trezor Model One offers good value. We should also mention that the Trezor Model One does not add any markups on GAS fees. As such, fees are sent straight to blockchain miners.
Non-custodial storage
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.
Nearly 1,300 cryptocurrencies, including Bitcoin, Ethereum, and XRP
$69 to buy the device. GAS is charged at the real-time rate quoted by miners. Fiat purchases are processed via third parties at fees of up to 5.75%.
Yes
No
N/A
Pros 
Cons 
2. Ledger Nano S Plus – Reputable Cold Storage Device at Just $79
The Ledger Nano S Plus is another example of how secure cold storage can be affordable. Ledger’s entry-level model retails for just $79. It comes packed with features that are not too dissimilar to the Trezor Model One.
For example, users are provided with their backup passphrase when setting the wallet up. This is a 24-word passphrase displayed on-screen. Users also need to create a memorable PIN. This needs to be entered on the device when authorizing transactions. If the PIN is forgotten, the user can access their device with the backup passphrase.
If the Ledger Nano S Plus is lost, damaged, or stolen, the wallet can be recovered remotely. The Ledger Nano S Plus supports over 5,000 cryptocurrencies across multiple networks. This includes Bitcoin, Polkadot, Binance Smart Chain, XRP, and Ethereum.
Additionally, this cold wallet comes with support for Ledger Live. This is an app and desktop software that offers additional features. For example, users can stake cryptocurrencies to earn passive rewards. Ledger Live also supports token swaps and the ability to buy cryptocurrencies with fiat money. However, additional features are offered by third parties, so fees will apply.
Non-custodial storage
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.
Over 5,000 cryptocurrencies across multiple blockchains, including Bitcoin, Ethereum, Polkadot, and Binance Smart Chain
$79 to buy the device. 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
Cons
3. Trezor Model T – Advanced Cold Storage Device With a Touchscreen
Next up on this list of the best cold wallets is the Trezor Model T. As mentioned above, this is the advanced Trezor device that retails for $219. It comes with many of the same security features as the Model One, such as offline storage and encrypted private keys.
However, the Model T comes with a touchscreen as opposed to 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 USD type-C. This version also supports 167 more cryptocurrencies than the Model One.
Another feature offered by the Model T is an in-built staking tool. This 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.
Non-custodial storage
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.
Over 1,450 cryptocurrencies, including Bitcoin, Ethereum, and XRP
$219 to buy the device. GAS is charged at the real-time rate quoted by miners. 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
Cons
4. Ledger Stax – Offline Crypto Storage With Bluetooth Support and Wireless Charging
The Stax is the most advanced model offered by Ledger. This comes with a price tag of $279. Compared with the $79 Nano S, this is considerably higher. One of the main differences between the two is that the Ledger Stax supports Bluetooth.
This makes 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 it slightly less cumbersome to verify transactions on the Ledger device.
Additional features include customizable lock screens and embedded magnets. While these features might not justify an extra $200, the Ledger Stax has reached its pre-order limit. As such, potential buyers are now being put on a waitlist.
Non-custodial storage
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.
Over 5,000 cryptocurrencies across multiple blockchains, including Bitcoin, Ethereum, Polkadot, and Binance Smart Chain
$279 to buy the device. 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
Cons
5. KeepKey – Popular Hardware Wallet for Combining Cold Storage and Web 3.0 Apps
KeepKey is one of the best cold wallets 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. This supports Windows, Mac, and 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 authorized on the physical device. Plenty of dApps are supported, including UniSwap, OpenSea, Aave, and Yearn.finance.
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 network standards. Finally, this is one of the best cold wallets for those on a budget, with KeepKey retailing for just $.49
Non-custodial storage
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Hardware wallet. Also offers desktop software for managing investments.
Over 7,200 cryptocurrencies across 348 network standards.
$49 to buy the device. Token swaps and other DeFi tools are determined by the connected dApp.
No, but comes with a USB connector for smartphones
No, but connects to dApps
N/A
Pros
Cons
6. CoolWallet Pro – Providing the Perfect Balance Between Security and Convenience
CoolWallet Pro aims to provide the ideal blend between security and convenience. This is a cold wallet device that retails for $149. CoolWallet Pro comes with a native mobile app for iOS and Android. This enables 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.
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, which is similar to a credit card.
Non-custodial storage
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Hardware wallet. Also offers a mobile app for managing investments.
Over 12,000 cryptocurrencies across 27 network standards.
$149 to buy the device. 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
Cons
7. BitAddresses – Best Free Alternative to Hardware Wallets
BitAddresses is the best cold storage wallet for budget-conscious investors. This is because unlike the other cold wallets discussed so far – BitAddresses offers paper storage. As such, this is a completely free way to store cryptocurrencies offline.
In a nutshell, BitAddresses allows users to create a unique Bitcoin wallet address alongside its private keys. BitAddresses displays these as QR codes. Next, the user will need to transfer Bitcoin to the newly created wallet address. Then, the user can print the address and public keys onto a sheet of paper. Finally, the user can keep the paper somewhere safe.
Just like hardware devices, paper wallets are always offline. Users should ensure that the QR codes are printed correctly before transferring any funds. Moreover, it’s worth remembering that BitAddresses only supports Bitcoin. Nevertheless, users can transfer their Bitcoin by importing the private keys into another wallet.
Non-custodial storage
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Paper wallet
Bitcoin
None
No
No
N/A
Pros
Cons
8. Safepal S1 – Low-Cost Cold Wallet Secured by Air-Gapped Signing Mechanism
Although Safepal S1 retails for just $49, it comes with one of the best security features in the market. This is because the wallet 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, the transaction is initially set up on the Safepal S1 app or browser extension. This is 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, which has an in-built camera.
To confirm the transaction, the user can then enter their PIN onto the Safepal S1 device. Another benefit of Safepal S1 is that it supports a huge range of cryptocurrencies. This covers various network standards, including Bitcoin, Ethereum Fantom, Optimism, Polkadot, Polygon, and Binance Smart Chain.
Non-custodial storage
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Hardware wallet with an -built camera
Over 30,000 cryptocurrencies across multiple networks, including some of the best-emerging cryptocurrencies
$49 to buy the device. 0.3% token swap fee. Fiat payments go through Simplex, so fees will average 3.5-5%
Yes
Yes, in-built staking and yield farming tools provided by Binance Earn
Varies depending on the cryptocurrency and product.
Pros
Cons
9. SecuX V20 – Top Cold Wallet Device Supporting Over 10,000 Cryptocurrencies
Diversified investors will need a cold wallet that stores a wide range of cryptocurrencies – and SecuX V20 fits the bill perfectly. Put simply, the SecuX V20 is compatible with 300 blockchain networks. This covers everything from Bitcoin, Ethereum, Binance Smart Chain, and Litecoin to Solana, Dash, and XRP.
The hardware device itself – which retails for $139, 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.
To make transfers, users will initially enter the transaction details on the SecuX V20 app or website. The connection is secured via BlueTooth. Then, to confirm the transaction, the user must enter their PIN on the device. The SecuX V20 also supports USB type-C, and users are provided with a backup passphrase when setting the wallet up.
Non-custodial storage Users can buy selected cryptocurrencies with a debit/credit card, but this service is provided by Coinify.
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
Over 10,000 cryptocurrencies across 300 blockchains, including Bitcoin, Solana, XRP, and Ethereum
$139 to buy the device.
Yes
Yes, but currently only supports FIO tokens
APYs not published by SecuX V20
Pros
Cons
10. ELLIPAL Titan – 4-Inche Touchscreen and Air-Gapped Transactions
ELLIPAL Titan is the final cold wallet to consider today. This hardware device comes as a 4-inch device made of metal. It comes with a battery life of 259 hours and weighs just 340g. Best of all, the ELLIPAL Titan verifies transactions via air-gapped technology. As noted earlier, this means that transactions do not require Bluetooth, WiFi, or any other type of connection.
Instead, the ELLIPAL Titan comes with a 5M AF camera, which scans QR codes generated on its native app. The ELLIPAL Titan comes with unlimited storage, and users can create as many wallets as they need. More than 52 blockchains and 10,000 cryptocurrencies are supported by this cold wallet. This covers Bitcoin and all ERC20 and BSC tokens.
The ELLIPAL Titan app comes with 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. The wallet can also connect to dApps, but this needs to go through MetaMask or WalletConnect.
Non-custodial storage Fiat money payments are supported by Changelly (fees built into the price).
Type of Wallet
Supported Cryptos
Fees
Mobile App?
Staking/Interest?
Staking/Interest Rate
Hardware wallet with an app and camera
Over 10,000 cryptocurrencies across 52 blockchains, including Bitcoin, Ethereum, Solana, and Binance Smart Chain
$139 to buy the device.
Yes
Yes, supports Cardano, Cosmos, Polkadot, and Tezos
Up to 10%
Pros
Cons
Why Use a Cold Crypto Wallet? Benefits Explained
The overarching benefit of using a cold wallet for increased security. Unlike hot wallets, cold wallets are never connected to live servers. This protects investors from remote hacking attempts.
In this section of our guide, we explore some of the key benefits of 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 over the internet.
Moreover, cold wallets are usually backed by hardware devices. This means that the private keys are encrypted within the device itself, rather than being generated remotely.
The best cold wallets that we reviewed require users to confirm transactions on the device. This is usually verified by the user’s PIN.
This means that funds can not be transferred to another location unless someone:
- Has access to the hardware device
- Knows the user’s secret PIN
The likelihood of this happening is very slim. After all, only the user knows the combination for their PIN.
Remote Recovery
Cold wallets can be recovered remotely via a backup passphrase. This is usually a string of 12 or 24 words.
As such, even if the cold wallet is lost, damaged, or stolen – recovery is still possible. That said, if the user misplaced their backup passphrase, the funds will be lost forever.
How are Cold Wallets Recovered Remotely?
In the event a cold wallet is lost or stolen, the cryptocurrencies can be recovered remotely. This can be achieved on any cryptocurrency wallet that allows users to import private keys. The cryptocurrencies will then be accessible on the new wallet and can be transferred elsewhere if needed.
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 cold wallets support lots of cryptocurrencies and network standards.
For example, all models offered by Ledger support more than 5,000 digital assets. This includes everything from Bitcoin and XRP to Ethereum and Litecoin.
What’s more, many cold wallets also support NFTs. This enables investors to safely secure their diversified portfolios in one safe place.
How do Cold Wallets Work?
While there are many similarities between hot and cold wallets, there are also some clear differences.
First and foremost, all cold wallets come with a public address. This enables users to receive funds from another wallet. No two wallet addresses are the same. Moreover, the format of a wallet address will vary depending on the cryptocurrency.
When sending funds from a cold wallet, the user will need to input the receiver’s public address. However, the way that cold wallet transactions are verified differs from hot wallets. This is because, in most cases, cold wallet transactions must be verified on the hardware device itself.
Here’s how it generally works:
- Let’s say the user wants to transfer Ethereum from their cold wallet to another location
- Most cold wallets allow the user to set the transaction via an app or desktop software. This includes the cryptocurrency and the amount being sent, plus the destination wallet address
- The transaction will then be verified by entering a PIN on the cold wallet device
- This is done without the cold wallet ever being connected to the internet.
In terms of how the cold wallet communicates with the blockchain offline, this will vary depending on the provider. For example, some cold wallets come with Bluetooth connectivity. This means that the user can connect their hardware device to an application while remaining offline.
Similarly, some cold wallets connect to applications via a USB cable. We also came across cold wallets that use QR codes.
- For example, after Safepal S1 transactions are initiated, its hardware device displays a QR code
- The user will then scan the QR code with the Safepal S1 app
- Finally, the user will need to verify the transaction on the Safepal S1 device
These are just a few examples of how cold wallets keep cryptocurrencies safe and away from hackers. However, just 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.
- Hot wallets are always online. They are usually backed by software, such as a mobile app or desktop software.
- Cold wallets are always offline. In most cases, cold wallets come as a hardware device. That said, paper wallets also offer cold storage.
When choosing between a hot or cold wallet, the decision should be based on the investor’s objectives.
Active Cryptocurrency Traders
For example, investors looking to actively buy and sell cryptocurrencies will be suited for a hot wallet. This is because transactions can be confirmed without needing a physical device.
Instead, investors can open their hot wallet app, software, or browser extension and complete the transaction. Hot wallets are also suitable for people wanting to invest in crypto presales or DeFi products. The latter includes staking and yield farming.
Ultimately, hot wallets make cryptocurrency transactions convenient, but they are also risky. This is because hot wallets are connected to live servers and, thus – are vulnerable to hackers.
Long-Term Cryptocurrency Investors
Long-term investors or those with a large portfolio value might prefer cold wallets. This is because cold wallets are much more secure than hot wallets.
As we have discussed, cold wallets are always offline. This is even the case when broadcasting transactions to the blockchain. This means cold wallets cannot be hacked remotely. Moreover, cold wallet transactions usually need to be confirmed from a hardware device. This requires the user to enter their PIN.
On the flip side, cold wallets are not suited for active traders.
- For instance, suppose a trader wishes to cash out a profitable cryptocurrency position.
- But they don’t have access to the device, which is currently at home.
- In this scenario, there is nothing the trader can do until they can confirm the transaction on the device.
Ultimately, the hot and cold wallet debate is often a trade-off between security and convenience. In other words, cold wallets are super-secure, but transacting regularly can be cumbersome.
What Cryptocurrencies Can You Store in Cold Wallets?
When reviewing the best cold wallets for 2023, we found that supported cryptocurrencies will vary depending on the provider.
For example, Ledger Nano supports over 5,000 cryptocurrencies. This includes Bitcoin, XRP, Ethereum, and BNB. KeepKey supports even more cryptocurrencies at over 7,200.
Moreover, beginners are often unaware that cold wallets usually allow users to manually add custom tokens.
- Take Trezor as a prime example
- As the wallet is compatible with the Ethereum blockchain, it supports all ERC20 tokens
- Even if the ERC20 token is not displayed on Trezor, users can add it manually
- This simply requires the user to paste the token’s contract address
This is also the case with other blockchains, such as Binance Smart Chain and Arbitrum. Some cold wallets even support multiple standards of the same cryptocurrency.
For example, the Ledger cold wallet allows users to store Tether across the ERC20 and TRC20 standards. Users should remember that sending tokens to the wrong network standard can result in a loss of funds. For example, sending ERC20 tokens to a TRC20 wallet address.
How Many Cryptos Can You Store in a Cold Wallet?
There is no limit to the number of cryptocurrencies that a cold wallet can store. That said, the range of supported cryptocurrencies will vary depending on the provider.
For example, while Solana is one of the largest cryptocurrencies by market capitalization, it isn’t supported by Trezor.
This is why users are advised to check what networks are supported before making a purchase. Users should also assess whether the cold wallet allows users to manually add custom tokens.
Conclusion
Long-term investors with high-value portfolios are best suited for cold wallets. This is because cold wallets are never connected to live servers, making them immune to remote hacking attempts.
Moreover, if the cold wallet is lost, damaged, or stolen – users can recover the funds via a backup passphrase. That said, cold wallets are not suitable for all investor types.
This is especially the case with investors that want to actively buy, sell, and trade cryptocurrencies. In this instance, a hot wallet could be the better option.
Still not sure whether a hot or cold wallet is best? Check out our ultimate guide on the best crypto wallets for 2023.
References
https://blog.invity.io/schedule-of-fees/
https://coinmarketcap.com/alexandria/article/a-dive-into-ethereum-2-0
https://coinmarketcap.com/currencies/solana/
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://www.coindesk.com/learn/hot-vs-cold-crypto-storage-what-are-the-differences/
