The Best Bitcoin Hardware Wallets In 2023

A bank account and online cryptowallet are similar, allowing traders to send and receive currency. Cryptowallets are fast, convenient, and very handy, allowing for the rapid transfer of currency during active trading. However, online wallets do have a downside, namely that they can get hacked. This isn’t to say that the digital wallets themselves are vulnerable, but rather that your phone and home computer are. Let’s face it; if a professional hacker wanted access to your phone or computer, they could probably get access without much fuss. Digital technology is, by its very nature, rather vulnerable. That’s where Bitcoin hardware wallets come in.

You want to keep your Bitcoin (BTC) as safe as possible, and the fact of the matter is that any online Bitcoin wallet is probably not the best solution. At least not for the long term. Simply put, the best place to store your crypto for the long term is offline in a physical wallet. As long as the physical device is safe, your Bitcoin will be safe. But what exactly is a hardware wallet, how does it work, and is it hackproof?

In this guide, we’ll take a closer look, get a better idea of how offline crypto storage works, and investigate some of the best options available in 2023.

Rating

5/5

Excellent

TESTED & VERIFIED

Binance.us Logo - Binance Crypto Exchange
Rating

4.9/5

Excellent

TESTED & VERIFIED

Binance Logo - Binance Crypto Exchange
Rating

4.8/5

Excellent

TESTED & VERIFIED

BigONE Logo - BigONE Crypto Exchange
Rating

4.7/5

Excellent

TESTED & VERIFIED

Bitcoin.com Logo - Bitcoin.com Crypto Exchange
Rating

4.6/5

Excellent

TESTED & VERIFIED

Why Not Store Your Crypto At An Exchange?

Given that the majority of the time you’ll spend trading is at an exchange, you might be tempted to leave your crypto in the exchange wallet. What is an exchange wallet for, after all, if not for storing your crypto? Yes, an exchange wallet is convenient when it comes to trading, but you’re strongly cautioned against leaving your crypto in that wallet for any longer than is necessary.

The infamous Mt. Gox incident is an example of what can happen at a crypto exchange. In 2011, the Japan-based Mt. Gox exchange was repeatedly hacked. 2,609BTC was sent to invalid addresses, the equivalent at the time of around $8,750,000. By using a flaw in the exchanges protocol, an unknown hacker was able to make off with the Bitcoin, given that none of the transferred BTC was assigned a private key. The flaw in blockchain to exchange transactions has since been corrected, but the incident still stands as a chilling reminder as to how crypto exchange wallets can be dangerous.

What Is A Hardware Wallet?

Essentially an online cryptowallet and a hardware wallet do the same thing. They store private keys; a string of 64 characters that act as undeniable proof of Bitcoin and other crypto ownership. A common phrase in the crypto sphere is ‘not your keys, not your coins,’ which refers to these private keys. The bottom line is that the person who has the keys owns the crypto, according to the law. It only stands to reason that smart traders will do everything in their power to keep their 64-character private keys safe. But is an online wallet the best place to store undeniable proof of crypto ownership?

The short answer is no.

A hardware wallet is a small, physical device that exists in an offline environment. The only purpose of most of these devices is to securely store private keys, a purpose that most hardware wallets do admirably well. Given that a hardware wallet is offline and completely isolated, the only chance a hacker has is to manually attempt to hack the device. Needless to say, manual hacks of physical storage devices are not particularly common. A hardware wallet’s biggest advantage is that it is inaccessible to the vast majority of hackers.

The additional levels of security, or additional features a Bitcoin hardware wallet may provide, will depend on the model. Some hardware wallets are dramatically more advanced than others.

Hardware Wallet Features

All hardware wallets will, of course, provide secure storage for Bitcoin and other cryptos. Depending on the device, 1000s of cryptos and other digital assets can be stored, including NFTs. Additional features include hardware wallets that can temporarily connect to nearby devices, or even directly to the internet.

For example, some hardware wallets have built-in secure Bluetooth capabilities, meaning that the wallet may establish a connection with a smartphone or laptop. This means that it is possible to transfer crypto to and from the hardware wallet without having to physically handle it. Such hardware wallets are excellent for traders that like to quickly and stealthily drop additional crypto into hardware storage. Such wallets are, of course, not detectable by unauthorised devices.

Some Bitcoin hardware wallets are also even compatible with apps and other trading software. This means that hardware-stored crypto can quickly and easily be traded online. Likewise, newly purchased crypto can be stored in a secure hardware location. Naturally, the hardware wallet is only connected to external devices for brief moments, only as long as is required to allow for trading. No permanent external connections are ever allowed to hardware wallets.

Best Bitcoin Hardware Wallets

Instead of simply listing the best hardware wallets across the board, we will list devices according to their complexity. If you’re a beginner trader you’ll likely be fine with a simple, straightforward device. If you’re a pro trader, you’ll perhaps be more interested in a device that comes with a multitude of additional features.

Beginner Traders

Ledger Nano S

First on our beginner’s list is the Ledger Nano S. The Ledger Nano S is a small, compact Bitcoin hardware wallet that resembles a simple USB stick. The device does, however, feature a handy miniature OLED screen, meaning that all its contents can quickly and easily be seen. As far as hardware wallets go, the Ledger Nano S is deceptively small and compact. The device is capable of much more than might be assumed, with the biggest drawback being that it does not feature any wireless connectivity. Even still, the Ledger Nano S supports active trading, will accept the installation of 3 trading apps, and is compatible with virtually all operating systems. You can use the device on IOS, Android, Apple Mac, Windows, and Linux.

The biggest drawback by far of the Ledger Nano S is the limited storage. Only a handful of crypto private keys can be stored at once, meaning that you’ll have to be picky about what you decide to put into hardware storage.

Pros:

  • Compact and extremely conveniently sized
  • Supports active trading
  • Compatible with virtually all operating systems
  • Supports the installation of 3 trading apps
  • Based on safe and secure chip technology

Cons:

  • No wireless connectivity
  • Very limited storage space

Trezor One

Next on our beginner’s list is the Trezor One. Although the Trezor One Bitcoin wallet is technically still entry-level, it does offer everything that even a pro trader could ask for. Putting it another way, the Trezor One does everything that the Ledger Nano S does, but with a ton of other features and additional functionality.

The Trezor One supports over 1000 popular cryptos, has wireless functionality, and features a much bigger screen. Additionally, this wallet steps things up by having numerous additional security layers. The Trezor One has a so-called “next-generation” security manager, though this does simply translate to added convenience when it comes to password management. The big update here is that the device has secure admin access, 2FA authentication, as well as a passwordless login system. Translating all of that into English, the Trezor One is both more secure and dramatically more convenient to use. This is to say that you won’t ever get frustrated trying to remember your password when you start trading every day.

Additionally, the Trezor One also has GPG encryption technology. Additional encryption is an often-overlooked extra security step that goes a long way. With your hardware wallet encrypted even if a sneaky individual does happen to steal the device, they have little to no chance of ever actually seeing what’s being stored.

Pros:

  • Multiple extra layers of security
  • Support for 1000s of popular cryptos
  • User-friendly and easy to operate
  • Third-party integration for maximum convenience

 Cons:

  • Some cryptos are still not supported
  • Storage space is still somewhat limited

BitBox02

The Bitbox02 hardware wallet is a mixed bag. While many consider the device the ultimate user-friendly crypto storage solution, others consider it a step down from the Trezor One. Either way, the BitBox02 is well worth a look, especially if you deal exclusively in Bitcoin. The BitBox02 has a Bitcoin-only special edition, meaning that it will only store Bitcoin and nothing else. This means that technically speaking, the BitBox02 is the ultimate Bitcoin wallet.

Meanwhile, the multi-edition BitBox02 supports over 1500 cryptos, allows for crypto buying and trading directly on the device, and features native desktop support. The device is also mobile-ready, features third-party app integration, and has a host of built-in guides. Simply put, the BitBox02 is heavily targeted at beginners while also having a respectable amount of additional special features,

Pros:

  • Supports a wide variety of popular cryptos
  • Allows for crypto trading directly on the device
  • Has built-in anti-klepto technology
  • Built-in guides for beginner traders
  • Special edition Bitcoin wallet version

Cons:

  • Very expensive when compared to alternatives
  • No native support for iOS
Rating

5/5

Excellent

TESTED & VERIFIED

Binance.us Logo - Binance Crypto Exchange
Rating

4.9/5

Excellent

TESTED & VERIFIED

Binance Logo - Binance Crypto Exchange
Rating

4.8/5

Excellent

TESTED & VERIFIED

BigONE Logo - BigONE Crypto Exchange
Rating

4.7/5

Excellent

TESTED & VERIFIED

Bitcoin.com Logo - Bitcoin.com Crypto Exchange
Rating

4.6/5

Excellent

TESTED & VERIFIED

Professional Trader Hardware Wallets

Now that you have a good idea of what’s available in the beginner market, let’s take a look at professional-grade hardware wallets. You’ll notice right off the bat that, for the most part, the professionally rated wallets offer most of the same features as the devices aimed at beginners. The biggest difference is that professional hardware wallets will take security to the next level. This isn’t to say that beginner wallets are easy to hack, only that pro-grade wallets go above and beyond as far as security is concerned.

Trezor T

If you were to take the Trezor One, upgrade it in every regard, and then pour a mountain of additional security over it, you’d have the Trezor T. The Trezor T is the Trezor One on steroids, taking the device from being casual to the standards set by professional traders. As well as doing everything the Trezor One does, the Trezor T also has an integrated backup system, utilises a so-called ‘self-destruct PIN system,’ is fully mobile compatible, features 2FA authentication, and has a GPG encryption feature.

Though, all these added features do come with a fairly big downside. Namely that the Trezor T is dramatically bigger and far bulkier than its little brother. The Trezor T is anything but petite, sitting amongst the bigger Bitcoin hardware wallets. If you’re hoping to keep your crypto trading conspicuous this probably isn’t the wallet for you. Additionally, the Trezor T is also dramatically more expensive than its little brother.

Pros:

  • Supports way more cryptos than the Trezor One
  • Features a better, more responsive built-in touchscreen
  • Features built-in crypto trading and buying utilities
  • Dramatically improved security

Cons:

  • Far more expensive than the Trezor One.
  • Bulky, impractical size and design.

Ledger Nano X

The Ledger Nano S also has a big brother, the Ledger Nano X. As far as Bitcoin hardware wallets go, the Ledger Nano X is considered the gold standard by many pro traders. The Nano X has extremely robust compatibility, supporting virtually every popular crypto in the world, boasts built-in Bluetooth and trading app support, and has an impenetrable wall of security. If you’re unsure about which hardware wallet to go with, you can’t go wrong with the Nano X. There is a reason that this is the current most popular crypto-storing device in the world. To look at it another way, The Ledger Nano X has everything the Trevor T has, except it is also convenient to carry and transport.

The biggest drawback of the Ledger Nano X is that it isn’t as user-friendly or easy to operate as most other hardware wallets. If you’re going to get the Nano X don’t forget that help is easily found online.

Pros:

  • Supports virtually all popular cryptos in 2023
  • Built-in Bluetooth
  • Built-in Ledger Live app
  • Easily carried and transported
  • Compatible with all mobile devices and desktop operating systems

Cons:

  • May not be beginner friendly
  • More expensive than most other options

SafePal S1

Last, we have the SafePal S1. The SafePal S1 makes our list because it is the ultimate simple solution for diehard professional traders. The device is less than half the price of other options on this list, though it’s dripping with industry-leading security measures and can store an astronomical amount of currency. The SafePal S1 also comes with a feature that many hard-core traders consider essential, a self-destruct mechanism. It isn’t clear in which circumstances you would want to destroy your hardware wallet, but the SafePal S1 is notorious for providing the option.

On the downside, the SafePal S1 lacks Bluetooth support, isn’t particularly user-friendly, is difficult to operate and isn’t even particularly attractive to look at. This is a Bitcoin wallet meant exclusively for those that want a cheap, robust storage option that features none of the bells and whistles.

Pros:

  • Supports an incredible 30,000 cryptos
  • Unlimited storage for currencies, a feature not seen almost anywhere else
  • Very cheap in comparison to other options
  • The famous self-destruct feature
  • Excellent security

Cons:

  • No wireless support of any kind
  • Difficult to use and very unfriendly for beginners
  • Almost every aspect of the design is lacking in user-friendly features

How To Transfer Funds To A Hardware Wallet

Now that you have a good idea of what a Bitcoin hardware wallet is, let’s look at some of the basic functionality. In this case, let’s consider that you have crypto stored at an online exchange and would like to move it to your hardware wallet. The same steps may not apply depending on the exchange and the device model, but this guide will give you a good idea of how everything works.

Step One. Connect To Or Insert Your Wallet

You’ll first want to connect to your wallet remotely, or manually connect to it. Which option you choose will, of course, depend on the device. Remember that for wireless connection the hardware wallet will have to be charged, active, and ready to receive a signal. If you’re connecting with a cable, be sure that the correct cable is being used.

Dealing With Security Features

When connecting to your device you will be required to provide a password, pin, or other authentication. Again, this will vary dramatically depending on the model of hardware. What is important to remember is that hardware wallets are designed for maximum security. It is, therefore, essential that you keep necessary passwords and other information close at hand. Writing passwords and pins down isn’t a bad idea. Keep in mind that the biggest risk to crypto is hackers, not thieves breaking into your house looking for hardware and passwords.

Readying The Device To Receive Crypto

You should now ready the device to receive a crypto transfer. This can be done by selecting a specific account if this is necessary, and then selecting the option to receive. The wallet will now generate an address. Copy this address down for your records.

Now head to the online exchange. At the exchange log into your account, select the option to withdraw, and then select the desired crypto and amount. When prompted, provide the address copied for your hardware wallet. The transaction should occur automatically.

Finalise The Transfer

Once you’ve made the transfer, and don’t intend on making any other transfers to the hardware wallet, it is important to return the device to safe storage. This means disconnecting cables and closing any wireless connections. Remember that as long as a hardware wallet is isolated and separate from the internet it is safe. Open, unsecured connections are the biggest threat to offline storage devices. Only connect to a hardware wallet when it’s necessary.

Rating

5/5

Excellent

TESTED & VERIFIED

Binance.us Logo - Binance Crypto Exchange
Rating

4.9/5

Excellent

TESTED & VERIFIED

Binance Logo - Binance Crypto Exchange
Rating

4.8/5

Excellent

TESTED & VERIFIED

BigONE Logo - BigONE Crypto Exchange
Rating

4.7/5

Excellent

TESTED & VERIFIED

Bitcoin.com Logo - Bitcoin.com Crypto Exchange
Rating

4.6/5

Excellent

TESTED & VERIFIED

Final Thoughts

Online storage of cryptos isn’t safe, especially if leaving currency at an exchange. It is recommended that you either withdraw crypto to an online wallet or a Bitcoin hardware wallet for safekeeping. Hardware wallets are the ultimate safe storage for those that take the safety of their currency seriously.

There are many powerful, secure hardware wallets available on the market. Most of the devices are user-friendly and fine for beginners, though those that come with additional security layers and special features will be more expensive. Most beginners will be happy with a mid-range device that is both affordable and secure.

FAQ

Is it Safe to Store my Bitcoin Online?

It is not recommended that you leave your Bitcoin or other cryptos at an exchange. It is best if you withdraw crypto from an exchange account to an online wallet or hardware wallet. Bitcoin hardware wallets are considered the most secure means of storage.

Are Hardware Wallets Expensive?

Hardware wallets vary in price. There are many cheap entry-level devices available, though they may not be as secure as pricier versions.

Are Hardware Wallets Easy to Use?

Most hardware wallets are designed with user-friendliness in mind. You should have no problem using a hardware wallet to store your Bitcoin and other cryptos.

Are Hardware Wallets Compatible With All Cryptos?

While most hardware wallets are compatible with the majority of mainstream cryptos, not every storage device supports all coins. It is best to check if a hardware wallet supports the crypto you intend on storing.

Are Hardware Wallets More Secure Than Online Storage?

Online cryptowallets are generally very secure, with there no instance of an ewallet getting hacked directly. However, phishing scams and other hacking methods may still make a digital wallet vulnerable. For this reason, offline storage devices are universally agreed as the safest, most secure means of storing Bitcoin and other cryptos.

Hardware wallets are virtually impossible to hack directly, with most devices utilising cutting-edge security techniques. Given that hardware wallets also exist in a state outside the internet, hackers rarely even get the chance to try hacking the devices manually. The only real way to hack a hardware wallet is for a hacker to physically break into your house and try to find your passwords.

Top Coins

Coin
Price
$27,440.87
$1,830.00
$331.56
$0.45
$0.38
$0.07

Top Exchanges

Exchange
Score
5.0
4.9
4.8
4.7
4.6
4.5
4.4
4.3
4.2
4.1
crosschevron-down