What to look for in a crypto wallet in 2022
There are three main ways to hold your cryptocurrency and they have different degrees of security. The first and least secure method is to keep your cryptocurrency on the exchange you bought it from. An example would be buying Bitcoin and never sending it to a more secure wallet. This is not so secure because hackers will mainly target exchanges when trying to steal crypto.
Next up are mobile wallets on a phone or browser like Metamask. These wallets provide you with a set of private keys that ensure that only you have access to the holdings. Private keys are a set of unique random words that can be entered to retrieve your cryptocurrency.
The only downside is that these mobile wallets run on software that is subject to hacking. Despite being much safer than holding your crypto on an exchange, mobile wallets are not completely secure.
For added security, a hardware wallet is necessary. Most of these wallets resemble a hard drive or flash drive and are offline storage, keeping your assets out of the hands of hackers. The best hardware wallets also do not store your private keys in any software. They eliminate the risk of someone other than you accessing your funds.
Cryptocurrency wallet technology has come a long way since the early days of cryptocurrency. Like any developing market, newcomers are plentiful. As such, it can get a bit confusing trying to distinguish which one serves the best purpose. And just like any other suite of products, each hardware wallet does certain things better than others.
Some wallets have additional features that allow users to buy and sell cryptocurrencies in the wallet itself. Others aim to allow users to store their holdings with no additional bells and whistles, and some will even work with DeFi.
Depending on your needs, we think our picks below will have something for every type of cryptocurrency user.
Best Comprehensive Crypto Wallet: Trezor Model T
- ✓ Very sure
- ✓ Improved touch screen
- ✓ You can buy and exchange cryptocurrencies within the wallet
- ✓ Great help
- ✗ Expensive
- ✗ Can’t integrate with iPhones
The Trezor Model T is the industry standard for crypto wallets. The Model T is the newly revamped version of its predecessor, the Trezor Model One. As a result, it supports some of the newer cryptocurrencies that the older Model One doesn’t.
As part of the facelift, the Model T has a sleek touch screen and no extra buttons. Setup may take a bit longer due to some of its features, but it’s worth the effort.
One of these features is the ability for users to buy crypto with fiat today and trade crypto within the Trezor Suite web application. Any transaction made through the Trezor Suite is updated in your wallet in real time.
The Model T comes with extra layers of security compared to the competition. Bluetooth-enabled wallets can provide an avenue for hackers to break in and steal your funds. Alternatively, the Model T only connects with a micro-USB cable. You can also use secure QR codes to make it easy to send and receive cryptocurrency.
And even better, unlike many other hardware wallets, Trezor’s software is open source. This transparency means that any bugs are usually resolved quickly and security updates are quicker, keeping everything safe and sound.
However, all the extra capabilities and increased security mean the Model T is more expensive than its competitors. Also, the Model T does not integrate with iPhone users. Android users can seamlessly interact with the Model T by connecting a micro-USB. If you are an iPhone user and need connectivity with it, you will want to choose a different wallet.
Best Crypto Wallet for Beginners: Trezor Model One
- ✓ Affordable
- ✓ simple interface
- ✓ You can trade cryptocurrencies with the Trezor Suite web application
- ✗ clumsy
- ✗ Not compatible with some newer cryptocurrencies
Sometimes the newer devices, like the Trezor Model T, aren’t the easiest to operate. A wallet that just works and works well may be preferable, especially for someone new to crypto. If you’re looking to keep it simple, then the Trezor Model One is what you need.
This hardware wallet was released in 2013. Despite this, the Model One still matches almost all other wallets, just with fewer features and about half the cost.
It supports more than 1000 cryptocurrencies, but since it was developed almost a decade ago, it does not support some of the newer cryptocurrencies such as Cardano or Tezos. It is also not compatible with Ethereum-based tokens like Chainlink, Polygon, or Shiba Inu. Make sure the Model One can store the coins you invest in before you buy!
The small screen and two buttons can be used to confirm transactions. The Model One doesn’t have Bluetooth capability, instead it works via a micro-USB cable, which makes it more secure.
Finally, setup is relatively simple, and once complete, you can buy and sell crypto directly from the Trezor Suite web app, just like the Model T. As long as your coins are compatible with the Model One, it’s a great wallet for beginners. , in both features and price.
The best wallet for beginners
trezor model one
Just getting into crypto and need a simple and cheap wallet to store your coins? The Trezor Model One is an excellent option.
Safest crypto wallet: NGRAVE ZERO
- ✓ extremely safe
- ✓ large touch screen
- ✓ Comes with stainless steel recovery card
Our most secure hardware cryptocurrency wallet is a newcomer from one of the world’s leading research and development technology companies, Imec. The NGRAVE ZERO wallet has your security in mind in a variety of ways the competition doesn’t compare.
First, the ZERO does not connect to the Internet in any way. There is also no Bluetooth or USB support. The only way to interact with the wallet is with one-way QR codes.
That means there’s no risk of compromised software and all your information stays offline. The wallet is so secure that it received the highest security certificate available, the EAL7.
The NGRAVE wallet also comes with a fire and water resistant stainless steel card for you to transcribe your recovery phrase, perfect if something happens to the wallet. If you are looking for complete peace of mind, look no further.
Of course, ZERO also supports all kinds of cryptocurrencies, so you can keep all your investments safe. Users will love the large touch screen that makes navigation easy.
This level of security is comforting, but it comes at a cost. The NGRAVE is easily the most expensive wallet on our list, priced at over $400. However, the price is worth it for those who want the ultimate in crypto security.
Crypto Wallet plus “Bank for Your Buck”: Ledger Nano X
- ✓ Simple and elegant design
- ✓ more affordable
- ✓ Support different applications smoothly
- ✓ Integrates with Android and iPhone
- ✗ small touch screen
- ✗ I can’t buy crypto with fiat
The Ledger Nano X is one of the most popular hardware wallets out there. At just $150, the Nano X has almost all of the same features as the Model T, but sports a sleeker look that resembles a flash drive. The more compact design makes interaction with the device slightly less user-friendly than the Trezor Model T; however, it is a minor compensation.
The Nano X earns its place on the list due to its mobile device compatibility and integration with up to 100 apps like 1-inch and POAP. For example, this means users don’t have to worry about opening one app to access their Ethereum and a different one for their Bitcoin. This is something that Trezor does not offer.
By using a Bluetooth connection, both Android and iPhone users can interact with their Nano X to buy and sell their cryptocurrencies. Also, the wallet supports more than 1000 cryptocurrencies, so you will probably be able to store all your coins in one place.
However, unlike the Trezor Model T, Nano X users cannot purchase cryptocurrencies with fiat currencies. The Nano X allows users to exchange cryptocurrencies, but not to buy them directly.
The only hit on Ledger’s Nano X is a security lapse that occurred in July 2020. As a result, hackers were able to obtain the phone numbers and email addresses of millions of customers. Fortunately, no private keys were obtained, but there were attempts through phishing attacks. Since then, Ledger has publicly made security a priority and there have been no hacks since.
More Bang for Your Buck Wallet
Ledger Nano X
Ledger offers the best features at a great price with the Nano X.
Best Crypto Wallet for DeFi: SafePal S1
- ✓ Very accessible
- ✓ Compact and comes with modest screen
- ✓ Ideal for DeFi applications
- ✓ Sure
- ✗ Not compatible with some lesser known currencies
Built by Binance Labs, the SafePal S1 hit the market hoping to create a wallet that would suit DeFi lovers. Those who are active yield farmers or who interact with all kinds of dApps should look no further.
Users can get started by downloading the SafePal app for Android or iPhone. By using the mobile app, investors can interact with all kinds of dApps like Uniswap, Aave, Compound, and Curve. Transactions can then be securely sent to your SafePal S1 by scanning a QR code or verifying a private key to ensure they remain secure.
Other advantages of SafePal S1 are the price and the security it offers. Costing around $50, this wallet is definitely easy on your bank account. In addition, it works 100% offline since only QR codes are used. There is no USB cable, WiFi or Bluetooth connection to access the backgrounds. It even has a self-destruct mechanism if someone tries to break into your wallet.
One drawback is that SafePal S1 does not support some notable coins like Cardano, Tezos, Algorand or VeChain. However, to compensate for this, the wallet supports all Ethereum-based tokens and Binance Smart Chain-based tokens. Just make sure the SafePal S1 can hold your crypto assets before you buy!
The best wallet for DeFi
Do you need a crypto wallet that integrates well with your dApps? You’ll want the SafePal S1.