Best Hardware Wallets of 2023

Nowadays, there are many hardware wallets on the market. This can make it difficult to choose. This article shows you the advantages and disadvantages of every hardware wallet. We help you make sense of it all.

What is a hardware wallet?

A hardware wallet is a device which you use to store the private keys of your public (receipt) addresses, securely and offline. This is important because only the people who have the private key can access the cryptos in the respective addresses.

This offers the advantage that you yourself manage your coins and that you don't have to store them with a central party, like an exchange. You are your own bank. Plenty of exchanges have been hacked in the past. A hot wallet (on a phone or PC which is always running) is also riskier than a hardware wallet (cold wallet). A hardware wallet largely operates offline and has a security chip.

What should I be mindful of?

• How do you wish to manage your coins (computer or phone)?
• Would you only like to store bitcoin, or also other coins/tokens?
• Would you like to stake coins?

Important: safely store your backup

When you install your hardware wallet, you'll see a seed phrase, just once. This is usually a list with 12 to 24 words, which you should store correctly and in the right order. This will always give you access to your wallet. It is super important that you properly store it, because there is no one who can give you access to your wallets except you. In order to properly store the seed phrase, you can buy a Seed Backup. You should also write down the name of the brand and type of hardware wallet with your seed phrase. There may be differences in the way different hardware wallets generate the public keys (receipt addresses) from your private keys.

Best hardware wallets

We mention the advantages and disadvantages for every wallet. We also tell you the things which are "good to know", about every wallet. Here, we describe the points which can be an advantage or disadvantage, depending on personal preference.

1. Ledger Nano x

The Nano X is the latest hardware wallet from the well-known brand of Ledger. Compared to its predecessor, the Nano S, the Nano X has far more memory, which enables you to install up to 100 applications simultaneously. The Bluetooth support allows you to easily connect your hardware wallet to your cell phone. With the Nano X, you can store more than 1000 different coins. You can also use the Nano X on the road, thanks to its battery.

Ledger Live is their own app, which allows you to manage many coins from your computer (Windows, macOS and Linux) and by phone (iOS and Android). This application is very user friendly. Configuring your hardware wallet and storing your seed phrase is very intuitive. The wallet has been EAL5+ certified. This is an indication of the degree to which its security has been tested.

2. Trezor One

With the Trezor One, you can manage many coins simultaneously, but far less than the Trezor T. Beyond that, the wallet is comparable to the Nano S, except the Trezor One has a display and allows you to install more apps on it.

3. CoolWallet Pro

The CoolWallet Pro is for mobile use. The hardware wallet is thin (0.8 mm thick) and has the size of a bank card. The Pro uses BlueTooth to connect to your phone. There are updates on the way which allow it to support NFTs. When you use WalletConnect, the CoolWallet also becomes completely DeFi and DApp ready. You can also store an increasing number of coins using this wallet. Thanks to its battery, the Coolwallet can also be used on the road.

4. BitBox02 Bitcoin only en Multi edition

Why would you choose a wallet that can only store Bitcoin? It's safer in theory. When a wallet only supports bitcoin, this means less code, which gives a hacker less opportunity to get inside. Less code also means less chance of bugs. In addition to Bitcoin, the Multi edition also allows you to store Litecoin, Ethereum and many ERC-20 tokens.

5. Trezor T

The Trezor T is the latest hardware wallet by SatoshiLabs. With the Trezor T, you can store more than 1000 different coins. The software is open source, which means that anyone can view it. This makes it extra easy, because the technicians in the community can quickly track down any bugs. The Trezor T also supports Shamir Backup. This allows you to partition and cut your seed phrase into multiple portions and configure that you need 3 of the 5 parts for instance to access your wallet. This way, you avoid the risk of losing a seed phrase backup.

6. Ledger Nano S

Most coins supported by the Nano X can also be stored on the Nano S. The main disadvantage of the Nano S is its limited storage capacity; only 2 to 4 coin apps can be installed on it simultaneously. However, you can remove the apps to install other apps and manage all your coins that way.

7. CoolWallet S

CoolWallet Pro's predecessor is the CoolWallet S. The S closely resembles the Pro, except it allows you to manage less coins than the Pro. Also, the S does not support DeFi.

8. SafePal S1

The SafePal S1 is a budget hardware wallet, but its functionalities are certainly not inadequate. The SafePal is even air gapped, thanks to the integrated camera. The number of coins the S1 can store is not bad, although it sadly doesn't allow you to stake coins.

9. Coldcard Mk3

The Coldcard is a wallet for the Bitcoin enthusiasts. It doesn't feature a camera but allows air-gapped use by plugging a micro-SD card into your computer after you've initiated an action. This way, the Coldcard will never be linked directly to your computer. This wallet has many extra security functions, but this only makes the wallet suitable for more advanced traders. The Coldcard does not have its own app and can be used via Electrum, Bitcoin Core and Wasabi, i.a.

10. Passport

The Passport is also a true wallet for the Bitcoin enthusiasts. It's a robust product which has a comfortable grip. Just like the Bitbox02 and Coldcard, you can make backups using an SD card. The combination of the built-in camera and keyboard make the wallet suitable for daily use.