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When you are working with cryptocurrencies or using them to invest in the cryptocurrency exchange market, it is important to think about how to store it safely. One of the safest ways to do this is to use a hardware wallet. A hardware wallet is essentially a secure offline setting, which means that they are immune to online cyber-attacks. If you are looking to take your cryptocurrency with you on the move, or you are wanting to store an extensive cryptocurrency portfolio, a hardware wallet can be the ideal acquisition. But, with many to choose from, which is the best one for you?
The Ledger Nano X is a hardware wallet which is designed to allow the user to quickly buy, sell and exchange their cryptocurrency. It is an updated version of the Ledger Nano S, but does contain a larger internal memory, as well as a larger display and an inbuilt Bluetooth support system. The Bluetooth support system allows the user to sync wirelessly with the Ledger Live app, which makes life much easier if you’re always on the move. The Nano X also includes a large range of supported cryptocurrencies, meaning that, if you have a diverse and varied cryptocurrency portfolio, you are more likely to find the support you need to keep it all safe and secure.
As well as being an updated version of the Nano S, the Nano X is also a larger version of its prototype. In spite of that, it is still a small device, which can mean that navigating through the menu can be a little difficult. With that being said, the larger display screen does make it easier for you to see cryptocurrency address and to complete address verifications and authorise transactions.
The Nano X is compatible with over 1000 digital assets, which includes 23 coins. Many of these assets can be managed through the Ledger Live app and do include well known assets such as Bitcoin, Ethereum and Litecoin. In terms of security, the Nano X incorporates a highly rated security system, as well as encrypting any data that is transferred via Bluetooth. With a considerable memory increase (from 320kb up to 2048kb), a state-of-the-art security system and the inclusion of a Bluetooth system within the hardware, it isn’t difficult to see why the Nano X is one of the most popular and lauded hardware wallets on the market.
The Trezor Model T is a uniquely designed hardware wallet (simply comprising of a touch screen rather than a display screen with buttons) which, although a little difficult to set up, can be easily personalised and does ensure that making and authorising transactions is a simple process.
Setting up the Model T does require for the device to be plugged into your laptop or PC at first. Once plugged in, the device will open Brave on your machine (as this is the browser needed to operate the Model T). Once you have downloaded the latest firmware available for your Model T, it is highly recommended that you proceed with the remainder of the installation process (although this is not compulsory) as it could lead to security problems further down the line.
The process of adding coins to the wallet does depend on the cryptocurrency that you’re working with, as does the time it takes to add to the wallet in the first place. Where the Model T falls short on user-friendliness is the overview of each cryptocurrency that you work with (unless you only work with one), as it can only display one type of wallet at a time. With that being said, once you have accessed all of your wallets, making transfers between them or adding coins to them does get easier. With a strong security system and a large number of cryptocurrencies and assets available, the Model T is one of the most popular hardware wallets on the crypto market.
Previously mentioned as the prototype for the newer Nano X, the Ledger Nano S has been described as the most popular hardware wallet on the market. The Nano S is a small sized device which, unlike the Nano X, does require for you to set it up using your laptop or PC before you can use it. You will also need to download the Ledger Live app, as that does control the vast majority of transactions and maintains the wallets that you use. Setting up the device is relatively straightforward – simply plug it into the laptop/PC and navigate through the steps as they appear on the Nano S’s display screen.
The Nano S is designed to hold apps – each cryptocurrency that you use will require installation of the relevant app onto the device and Ledger Live. You will need to allow Ledger Manager on your device, as this will allow the device to update when needed. The Nano S also allows you to use two-factor authentication when it comes to authorising transactions, which is a positive development in terms of security. Although looking for addresses and codes on such a small screen can be difficult, the Nano S (and Ledger in general) does offer one of the most secure cold storage solutions on the market which, in turn, gives you as a user great peace of mind that your data is in a secure state.
The Trezor One is the most affordable hardware wallet reviewed in this article, but is also the oldest. Small in stature (at just 12g), it can be carried or attached to a key using the included lanyard, which does make it a very portable device. Because it is designed to be such a small device, this does make usability and security a little problematic (as, if not fastened to a device or bunch of keys, the device could easily be lost.)
The Trezor One does gain a point in usability, however, in that you do not need to install individual apps for each cryptocurrency that you work with. The setup process automatically creates account for each crypto asset accessed, which does make viewing summaries and authorising transactions a much easier process.
As with the Model T and the Ledger Nano S, the Trezor One does require a wired connection, which dates it somewhat compared to the developments in the Ledger Nano X. In spite of that, the Trezor One does offer a peace of mind in terms of security, as it can be used to set a two-factor authentication method, which means that, once configured, the One will need to be at hand in order for you to access the services of the Trezor wallet. Because of the strength in its ease of use and the security that it offers, the Trezor One is a suitable device for those who are just starting out in the world of cryptocurrency and who don’t want to use anything too complex.
As you can see, there are a wide variety of hardware wallets available on the market, to meet your cryptocurrency exchange needs. In order to make sure that you get the right one for your needs, there are a few things to consider, such as value for money, ease of use, how the device updates and whether you need to take your hardware wallet with you. Once you have considered these points and made the choice that you need, you’re on your way to becoming a serious trader in the cryptocurrency exchange market.
