What to look for in a crypto wallet in 2022
There are three basic ways to hold your cryptocurrency and they have different levels of security. The first and least secure method is to keep your cryptocurrency on the exchange office where you bought it. An example would be buying bitcoin and never sending it to a safer wallet. This is not so certain because hackers will primarily target stock exchanges when they try to steal cryptocurrencies.
Next are mobile wallets on your phone or browser like Metamask. These wallets provide you with a set of private keys that ensure that only you have access to the funds. Private keys are a set of unique random words that can be entered to recover your cryptocurrency.
The only downside is that these mobile wallets run on software that is susceptible to hacking. Despite being much more secure than holding cryptocurrencies on the stock market, mobile wallets are by no means completely secure.
A hardware wallet is essential for maximum security. Most of these wallets look like a hard drive or flash drive and are offline storage, keeping your assets out of the reach of hackers. The best hardware wallets also do not store your private keys in any software. They eliminate the risk that anyone other than you has access to your funds.
Crypto wallet technology has come a long way since the early days of cryptocurrency. As in any emerging market, newcomers abound. As such, it can be a little confusing in trying to figure out which one serves the best purpose. And just like any other set of products, every hardware wallet does certain things better than others.
Some wallets have additional features that allow users to buy and sell cryptocurrencies on the wallet itself. Others aim to simply allow users to store their funds without additional ringtones and whistles, and some will even work with DeFi.
Depending on your needs, we believe that our choices below will have something for every type of cryptocurrency user.
Best Versatile Crypto Wallet: Vault Model T
- ✓ Very safe
- ✓ Upgraded touch screen
- ✓ It can buy and trade cryptocurrencies within the wallet
- ✓ Great support
- ✗ Expensive
- ✗ Cannot integrate with iPhones
Vault Model T is the industry standard for crypto wallets. The Model T is a newly redesigned version of its predecessor, the Model One Vault. As a result, it supports some of the newer cryptocurrencies that the older Model One does not support.
As part of the renovation, the Model T has a sleek touch screen and no extra buttons. Setup may take a little longer due to some of its features, but it is worth the effort.
One of these features is the ability for users to currently purchase cryptocurrencies in addition to fiat and swap cryptocurrencies within the Trezor Suite web application. All transactions made through the Vault Suite are updated in your wallet in real time.
The Model T comes with additional levels of safety compared to competitors. Bluetooth-enabled wallets can allow hackers to enter and steal your funds. Alternatively, the Model T is connected using a micro-USB cable only. It can also use secure QR codes to make it easier to send and receive cryptocurrencies.
And even better, unlike many other hardware wallets, Vault’s software is open source. This transparency means that all bugs are usually resolved quickly and that security updates are faster, keeping everything safe and sound.
All the additional features and increased safety, however, mean that the Model T is more expensive than its competitors. In addition, the Model T does not integrate with iPhone users. Android users can easily communicate with the T model by plugging in micro-USB. If you are an iPhone user and need a connection to it, you will want to buy another wallet.
The best crypto wallet for beginners: Vault Model One
- ✓ Affordable
- ✓ Simple interface
- ✓ It can trade cryptocurrencies using the Trezor Suite web application
- ✗ Clunky
- ✗ It does not support some newer cryptocurrencies
Sometimes newer devices like the Model T Vault are not the easiest to handle. A wallet that simply works and works well may be more desirable, especially for someone who is just dealing with cryptocurrency. If you want it to be simple, then the Model One Vault is what you need.
This hardware wallet was released in 2013. Despite that, the Model One still matches almost every other wallet – only with fewer functions and about half the price.
It supports more than 1,000 cryptocurrencies, but since it was developed nearly ten years ago it is not compatible with any of the newer cryptocurrencies such as Cardano or Tezos. It also does not support Ethereum-based tokens such as Chainlink, Polygon or Shiba Inu. Make sure Model One can store the coins you invest in before you buy!
A small screen and two buttons can be used to confirm the transaction. The One has no Bluetooth capability, but works over a micro-USB cable — making it more secure.
Finally, setup is relatively easy and when done, you can buy and sell cryptocurrencies directly from the Vault Suite web app just like Model T. As long as your coins are supported on Model One, it’s a great wallet tailored for beginners, both in features and price.
The best wallet for beginners
Safe Model One
Just entering cryptocurrency and need a simple, inexpensive wallet to store coins? The Model One vault is a great choice.
The most secure crypto wallet: NGRAVE ZERO
- ✓ Extremely safe
- ✓ Large touch screen
- ✓ Comes with a stainless steel recovery card
Our most secure hardware wallet for cryptocurrencies is a newcomer from one of the world’s leading research and development companies, Imec. The NGRAVE ZERO wallet has your security in mind in various ways that the competition cannot satisfy.
First, ZERO does not connect to the Internet in any way. There is no Bluetooth or USB compatibility. The only way to interact with your wallet is one-way QR codes.
This means that there is no risk of compromised software and all your information remains offline. The wallet is so secure that it has been awarded the highest security certificate, EAL7.
The NGRAVE wallet also comes with a fireproof, waterproof stainless steel card to which you can rewrite your recovery phrase — perfect if something happens to the wallet itself. If you seek complete peace, look no further.
Of course, ZERO also supports all types of cryptocurrencies, so you can protect all your investments. Users will love the large touch screen that makes navigation smooth.
This level of security is comforting, but it comes at a price. NGRAVE is easily the most expensive wallet on our list, costing over $ 400. However, the price pays off for those who want superior crypto security.
The crypto wallet that pays off the most for your money: Ledger Nano X
- ✓ Simple, elegant design
- ✓ More affordable
- ✓ It seamlessly supports a variety of applications
- ✓ Integrates with Android and iPhone
- ✗ Small touch screen
- ✗ You can’t buy cryptocurrencies with fiat
The Ledger Nano X is one of the most popular hardware wallets. For just $ 150, the Nano X has almost all the same features as the Model T, while having a sleeker look reminiscent of a flash drive. The more compact design makes the interaction with the device a little less user-friendly than the T-Model Vault – however, it’s a smaller compromise.
The Nano X takes its place on the list thanks to its compatibility with mobile devices and integration with up to 100 applications such as 1inch and POAP. For example, this means that users do not have to worry about opening one application to access their Ethereum and another for their Bitcoin. This is something the Treasury does not offer.
Using Bluetooth, Android and iPhone users can interact with their Nano X to buy and sell their cryptocurrency. In addition, the wallet supports over 1,000 cryptocurrencies, so you will probably be able to store all your coins in one place.
However, unlike the Treasury Model T, Nano X users cannot buy cryptocurrencies with fiat currencies. Nano X allows users to exchange cryptocurrencies, but not direct purchases.
One knock on Ledger’s Nano X is a security flaw that occurred in July 2020. Hackers have managed to obtain millions of customer phone numbers and email addresses as a result. Fortunately, private keys were not obtained, but there were attempts through phishing attacks. Since then, Ledger has publicly made security a priority and there have been no hacks since.
The best wallet for your money
Ledger Nano X
Ledger offers the best features at a great price with the Nano X.
The best crypto wallet for DeFi: SafePal S1
- ✓ Very affordable
- ✓ Compact and comes with a modest screen
- ✓ Great for DeFi applications
- ✓ Sure
- ✗ It does not support some lesser known coins
Made by Binance Labs, the SafePal S1 has hit the market in hopes of making a wallet that will satisfy DeFi fans. Those who are active farmers or interact with all types of dApp applications should look no further.
Users can start by downloading the SafePal app for Android or iPhone. Using the mobile app, investors can interact with all types of dApps such as Uniswap, Aave, Compound and Curve. Transactions can then be securely sent to your SafePal S1 by scanning the QR code or checking the private key to ensure they remain secure.
Other advantages of the SafePal S1 are the price and security it offers. For about $ 50, this wallet is definitely easy on your bank account. In addition, it works 100% offline because only QR codes are used. There is no USB cable, WiFi connection or Bluetooth to access the device. There is even a self-destruct mechanism if someone tries to enter your wallet.
One drawback is that the SafePal S1 does not support some significant coins such as Cardano, Tezos, Algorand or WeChain. To make up for this, Wallet supports every Ethereum-based token and Binance Smart Chain-based token. Just make sure SafePal S1 can keep your crypto assets before you buy!
The best wallet for DeFi
Need a crypto wallet that integrates well with your dApps? You will want SafePal S1.