Best Cold Wallet Available

If you’ve spent at least a day on the various online cryptocurrency forums, you’ve probably heard about the never-ending war between hot wallets vs cold wallets. The ongoing debate of which is better - hot storage or cold storage - seems like one that will never end.

In this guide, however, I want to tell you about cold wallets (Ledger Nano X, Trezor Model T, and others) - why they’re superior to hot ones, their pros, and cons, price ranges and give you a list of the best cold storage wallets out there.

We’ll go over the definitions, compare and contrast cold wallets with the hot ones, list both of their benefits and drawbacks, and see if we can find a clear winner.

Learning the Terms Beforehand

The terms “hot wallet” and “cold wallet” are used to differentiate cryptocurrency wallets. Make no mistake, though, for it’s not the temperature that these terms differentiate.

Hot wallets are digital cryptocurrency wallets, while cold wallets are physical devices that store cryptos inside of them. There are other types of wallets, but hot and cold ones are the most famous ones.

Hot wallets are considered to be the more popular of the two. There are quite a few reasons why that is the case, and we’ll go through them in this guide. However, I will try to prove the point of why cold wallets are actually superior to hot ones.

Before moving further, here is a short summary of the main differences between hot and cold wallets:

Now that we got that out of the way, let's go back to the beginning - what is a hot wallet?

Hot Wallets

The digital cryptocurrency storing wallets have been around ever since the inception of Bitcoin. They come in two forms - online and desktop wallets. Mobile wallets are also considered digital, but because of their mobility, they could probably be classified as a hybrid wallet.

The two huge perks that digital wallets have are their ability to hold any cryptocurrencies AND that they’re free.

First, let’s cover the “all cryptocurrency holding” part. In the debate of “hot wallets vs cold wallets”, this point is often brought up by the digital wallet supporters.

When a cryptocurrency is created and the ICO is set underway, it’s not functional until you have a place to store it. The creators of the crypto are usually the people that also develop and create the wallet for it, too.

Various better-known and more mainstream cryptocurrencies (like Bitcoin, Ethereum, or XRP) have a wide variety of digital wallets available, with each offering different features and personalized customizations to choose from. Newer or lesser-known cryptos usually have one designated wallet with the basic functions of buying, selling, and trading enabled.

This is a key point in the “hot wallets vs cold wallets” debate - many people hold or want to hold different, less mainstream crypto coins, but they cannot do this whilst having, for example, a cold wallet.

Another huge factor is that hot wallets are generally free. You can simply find one that suits your wants and needs, register and just use it - free of charge. This isn’t leisure that the cold wallet lovers could brag about - devices cost money, which in turn lowers their popularity and use significantly. It is tough to say what the statistics would be if both hot and cold wallets were free, but that's not possible.

Cold Wallets

As I’ve mentioned earlier, cold wallets are specifically designed devices that are designated physical cryptocurrency storage. Though, do note that there are various types of cold wallets, including:

• Hardware wallet. This is the type most people think of when hearing the words "cold wallet," as it's the most widely used one. Hardware wallets are small USB-flash-drive-like devices that store your private keys. (This is the type I'll focus on in this article)
• Paper wallet. It actually is exactly as it sounds like - you have a paper with your private and public keys printed on it and it acts as your wallet. You have to store your paper wallet securely and out of reach, not only from others, but also from any damage. This type of wallet is quite old-fashioned, isn't it?
•  Sound wallet. This one surely sounds interesting (pun intended). Sound wallets encrypt and store your private keys as audio files on CDs, USB flash drives, or vinyl disks, which can subsequently be decoded with a spectroscope app or an actual spectroscope to reveal the hidden codes.
• Deep cold storage. This type can be used as an extra security measure on any of the cold wallet types mentioned above. Any approach that makes getting your wallet a hassle is considered deep cold storage. This includes putting your paper wallet in a safe and burying it underground, hiding your hardware wallet on your roof, or any other crazy idea you can come up with.

Now, cold storage wallets, just like the hot ones, have their pros and cons, so let’s go over them.

One of the biggest benefits that cold wallets provide is that you can have your cryptos beside you - wherever you go. You could never take the device out of your pocket - these wallets are usually small and compact, which enables both comfort and discreteness whilst transferring or simply carrying them around.

Cold wallets, however, have a few notable drawbacks when compared to their hot counterparts.

First of all, cryptocurrency cold storage tends to be expensive. A typical price tag for a cold wallet is around the $100 mark - depending on how much crypto coins you have, this could be dirt-cheap or extremely expensive.

Another huge drawback is that some cold wallets might have a limited variety of cryptocurrencies they can store. To be honest, most of the cold storage wallets out there are only able to store the main crypto coins in the market, such as Bitcoin, Ethereum, Dash, etc.

This reason, in addition to them being quite expensive, tends to lower the cold wallet usage by quite a bit.

Why Cold Wallets are Superior to Hot Ones?

If you’ve read the whole tutorial up to this point, you’re probably thinking - “how can cold wallets be superior? They are worse than hot ones!”. Well, there is one simple reason which makes cryptocurrency cold storage the way to go:

Security.

Cold wallets are the staple of security when it comes to cryptocurrency storage.

I have purposely kept this part out of the hot and cold wallet overviews. I have done this because it truly is so important that it deserves a section of its own.

Hot wallets are the most vulnerable wallets in the world. All of the digital wallets store your security keys and codes in their online servers, which are extremely vulnerable to hacker attacks, scamming attempts and other ill intent-driven actions.

Sure, most of the high-profile hot wallet-offering sites and companies have major security measures put in place, but all it takes is the smallest loophole for your savings to be gone forever.

When it comes to digital crypto storage, there is only one option worth considering - insurance. Some platforms automatically grant you 100% insurance if you choose to trust them with your cryptocurrencies, which is a very rare and reassuring option.

Cold storage wallets, however, have a reputation for being impenetrable. The fact that your codes are nowhere else but in that little device surely offers a huge feeling of calmness. Moreover, some of these devices emphasize security so much that even if you would plug them into a computer that has a virus (a keylogger, leacher, or any other type of malware), your device would remain safe and secure.

So, can a cold wallet be hacked? Yes and no. No, because, as explained above, most cold wallets could not be hacked even when plugged into a virus-infected computer.

Yes, because there is a possibility of someone physically stealing your wallet and your seed phrase. If someone has your wallet, they can try hacking it using various techniques (though many cold wallets have built-in protection for such cases). If someone has your seed phrase, on the other hand, they can create a new private key.

Thus, the lesson here is to make sure to keep your physical device and seed phrase out of reach for anyone else but you!

When thinking about appropriate crypto storage wallets, security should be your number one priority. Who cares if you get the best free wallet available if you are left broke and empty-handed just a few days later? The best cold storage wallets are most definitely the safest ones, too.

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	LEDGER NANO X	TREZOR MODEL T
Overall Score	9.8	6.4
Wallet Type	Hardware	Hardware
Best For	Best for Safely Storing, Sending, and Receiving Different Cryptocurrencies	Easily Controlling Funds and Managing Balance
Latest Coupons	Get deal All Ledger Nano X Coupons	See All Coupons of Best Wallets
Verdict	One of the best hardware cryptocurrency wallets ever made.	One of the most-secure cryptocurrency hardware wallets on the market.
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Table: The main features of the Ledger Nano X and the Trezor Model T

Think of it this way: imagine that you have $5000. Two options are presented in front of you - place your money into a bank account that offers free storage but is very prone to break-ins (and has a history of it happening multiple times before) OR choose a bank account where you have to pay, let’s say, $100 but you can be sure that the rest of your funds are safe and sound. Can you catch my drift?

This is the main reason why I would say that cold wallets are superior to hot ones - you feel safe and assured that your cryptocurrency is safe while it’s in the cold storage wallet, which can’t be said about the hot one.

Now that we’ve covered this, let me tell you about the best cryptocurrency cold storage devices out there.

Latest Ledger Nano X Coupon Found:

Best Cold Storage Devices

Let me just preface this by saying that this list isn’t composed in any particular order.

Ledger Nano X [Find the Best Offer]

Ledger Nano X is by far one of the best cold wallets the industry can offer. Not only it supports thousands of coins but it also allows you to store and manage your NFTs.

Ledger Nano X has some of the strongest security measures. Besides, with Bluetooth connection availability and compatibility with the Ledger Live app, Ledger Nano X is great not only for holding long-term (like most hardware wallets are) but also for day trading. Additionally, it's compatible with the most popular exchanges and dApps.

The price of the Ledger Nano X wallet ranges at around $149. While it might be more on the expensive side, it surely is worth it.

Trezor Safe 5 [Grab the Best Price]

Trezor Safe 5 is one of the best cold hardware wallets currently on the market due to newly introduced security measures. In addition, it also provides a user-friendly design with a vibrant color touchscreen and tactile feedback.

When it comes to security, Trezor Safe 5 is definitely not lacking in this field. The newly released model introduced a NDA-free EAL6+ certified Secure Element chip, designed to withstand brute-force attacks. For additional defense from physical breaches, users can encrypt their PIN with a microSD card.

That said, the Trezor Safe 5 cold wallet retails for €169, which is currently around $184.48. Evidently, it’s not the cheapest option out there, but it does provide top-notch security.

Trezor Model T [Get Limited-Time Offer]

Trezor Model T is a strong competitor of Ledger Nano X. 

It offers a sleek design with a wide touch screen, USB-C connection, and other advanced technical specifications. While it might be a bit bulkier, it still easily fits in your pocket. Besides, Trezor Model T offers great security measures, including Advanced Shamir Backup and FIDO2 & U2F authentication standards.

Trezor Model T retails at around $219. Obviously, it's not the most affordable option out there, but it definitely provides features that are worth the price.

Ledger Nano S Plus [See the Best Deal]

Ledger Nano S Plus is a more compact, entry-level, and lower-cost Ledger wallet compared to Ledger Nano X. Previously, Ledger offered the Nano S model. However, Ledger Nano S was discontinued and replaced with Ledger Nano S Plus.

Ledger Nano S Plus offers outstanding safety precautions as well as supports over 5,500 coins and NFTs (yes, it even supports NFTs). Besides, it is compatible with the Ledger Live app, which allows you to use your Ledger wallet for so much more than just storing crypto assets.

The Ledger Nano S Plus currently goes for around $79. Don’t let the price tag fool you, though - it is a huge name in the cold wallet industry.

Trezor One [Grab a Great Deal]

Released back in 2013, Trezor One is the very first cryptocurrency cold wallet ever made. By popular opinion, it is one of the safest possible ways to store your cryptocurrency.

Trezor is quite small and compact, making it easy to carry around. The company constantly updates its hardware to maintain the highest level of security possible.

Trezor retails around the price of $69. All things considered, it has a great price and quality ratio.

KeepKey [Unlock the Best Offer]

KeepKey has a reputation of being the most fashionable cold storage wallets. It’s quite a bit heavier than its two predecessors, which can be a good thing or a bad thing - you be the judge.

KeepKey is also one of the youngest hardware wallets in the industry, which means that it has a lot of catching up to do in terms of experience. However, it isn’t on this list without a reason - being so young, it has still managed to establish a name within the cold wallet enthusiast circles.

KeepKey retails at around the $49 range. As of writing, it has the best price compared to the wallets mentioned above.

CoolWallet S [Check Out This Offer]

The CoolWallet S is an up-and-coming cold cryptocurrency wallet that has been making the rounds as of late. It's the world's first mobile crypto wallet - this means that even though it stores your cryptocurrency offline, everything is accessible on the mobile app that comes along with it.

The CoolWallet S retails at $99. If you choose to buy two at a time, it will cost you $178. All things considered, that's a great price!

Even though the CoolWallet S is still relatively young, it has already proven to be extremely reliable and user-friendly. Though note that there is also an improved version of CoolWallet S called CoolWallet Pro, it's worth your attention as well.

Choosing a Cold Wallet

Now that you have an understanding of how different wallets behave and what benefits and drawbacks they have, it would be a good idea to define the criteria of picking the appropriate wallet for yourself.

I don’t want to get repetitive, but let me stress this just once more - security should be your highest priority when choosing a crypto storage wallet. There is nothing more important than keeping your cryptos safe, and a good wallet can ensure this with no problem.

	LEDGER NANO X	TREZOR MODEL T
Money Back Guarantee	14 days	15 days
Base Price	149 EUR	219 USD
Service Fees	N/A	N/A
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Table: The pricing options of the Ledger Nano X and the Trezor Model T

Secondly, you’ll want to make sure that your wallet isn’t stupendously hard to use. Some wallets do have a steep learning curve - all of the options and settings in the UI can throw even the biggest crypto experts off. There are plenty of wallets that have user-friendly, approachable and understandable interfaces - take your time and pick one that suits you the most.

Another thing to consider is convenience. If you’re more of a hoarder that likes to have as much of the cryptocurrency as possible (to perhaps sell it off later on), then you don’t need a wallet that’s super easy to access. If you do plan to perform a lot of transactions, however, then your wallet would preferably be quite easy to access.

Lastly, if we’re talking about cold wallets, the size and compactness of the wallet are probably also going to play a part in your choice. Maybe you’re a person that likes to feel the weight of your stuff, so having a heavier wallet is a pro rather than a con? Or maybe you want something really small and light, so you wouldn’t even notice it while carrying it around?

This part is honestly completely preferential - it all depends on the person in question.

Also, don’t forget that you can split your savings - let’s say, you can store the bulk of your Bitcoin in a cold wallet and then just lock it away somewhere, but at the same time keep a small portion of it in a digital wallet for easier accessibility and convenient use. Don’t be afraid to experiment - just be cautious while doing so.

Did you know?

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Conclusion

We’ve covered the debate of “hot wallets vs cold wallets” by giving different points of view and talking about the pros and cons of both sides, talked about the best cold storage wallets, and went over the main features to look at while searching for an appropriate cryptocurrency wallet. Be sure to put the information that you acquired here to good use - pick a wallet that will serve you for many years to come!

If you do decide on purchasing a cold wallet, don’t hesitate to do some more research on the internet beforehand - we only went over four of the main hardware crypto storing devices in this guide, but there are many more in the market! Perhaps you’ll come across one that will suit your needs perfectly.

If you want to decide instantly, I'd recommend checking out one of the two - Ledger Nano X and Trezor Model T.

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