4 Best Crypto Cold Wallets for Storage in 2023

By 

Filip Dimkovski

 on October 31, 2022. 
Reviewed by 

Michelle Meyer

Person holding a Bitcoin in one hand and a cold wallet in another

If you've been reading about the cryptocurrency space for some time now, you're aware that hacks and cyberattacks have been happening left and right. Every month, at least one online exchange, protocol, or blockchain bridge is hacked, and thousands of crypto users lose their assets. Even Binance, the biggest online exchange, is not safe from such attacks—on October 6, 2022, it had over $500 million stolen from a hack.

So, with so much at stake, it's wise to invest in a crypto DeFi wallet like a cold wallet. Cold wallets are physical devices that hold your digital assets offline. Unlike hot wallets, they require no internet connection to work. Therefore, they aren't prone to cyberattacks or hacks, and the security of the assets is entirely in the hands of the owner. However, there are different types of cold wallets and you might not know which one to choose. Let's go over the best ones and uncover their features.

» Unclear on how crypto wallets work? Explore this explanation of crypto wallets

Ledger Nano X

  • Price: $150
  • Coins supported: Over 5,000 different coins, including BTC, ETH, DOGE, BNB, etc.
  • Built-in exchange: No

Made by Ledger company, the Ledger Nano X is widely thought to be the best crypto cold wallet on the market. It has an integration with the Ledger Live app, allowing you to trade and swap over 5,000 cryptos from your mobile device. Among the different types of crypto wallets, this one offers almost everything a beginner can expect.

With the purchase box, the Ledger Nano X also comes with a "Getting Started" leaflet for beginners and 3 recovery sheets. So, even if you don't exactly remember your private address, you can use the recovery sheets to retrieve your assets. As such, we would rate this wallet as incredibly beginner-friendly, though it can be used by anyone. It offers all of the features you can expect from a cold wallet, though its price is higher than some other options on the market.

Trezor Model T

  • Price: $190
  • Coins supported: Nearly 2,000 cryptos, including BTC, ETH, USDT, etc.
  • Built-in exchange: Yes

The Trezor Model T wallet offers more features than the majority of cold wallets, hence its price. With it, you can directly access multiple crypto exchanges like Changelly, ChangeHero, and MorphToken, allowing you to buy digital assets online and store them offline. The wallet is also beginner-friendly as it has a built-in touchscreen feature, allowing its users to easily manage their assets.

The box content of the Trezor Model T comes with 2 recovery sheets, which might be useful for beginners who didn't store their private key properly. So, we can classify this wallet as quite reliable and feature-rich, though it's the most expensive one you can find. Also, the mobile app for Trezor is not available for iOS users, so only those with Android will be able to use it.

SafePal S1

  • Price: $50
  • Coins supported: Nearly 10,000 cryptos, including BTC, LTC, DOGE, etc.
  • Built-in exchange: Yes

Widely thought to be one of the most cost-effective cold wallets on the market, the SafePal S1 is just as reliable as some of the more expensive options. Its microSD card allows you to store your digital assets offline and access them anytime you want. The device is also quite lightweight and can be easily transported, which is always a plus.

The SafePal S1 has a built-in display that allows you to check your assets and confirm transactions without connecting it to a computer. So, even if you lose the microSD card, you can still retrieve your data by using the SafePal app. However, one downside is that it's not quite beginner-friendly. So, if you're new to the crypto world, we recommend you pick one of the other options on this list.

Ledger Nano S

  • Price: $80
  • Coins supported: Almost 2,000, with BTC, ETH, and LTC featured
  • Built-in exchange: Yes

The Ledger Nano S is one of the most popular cold wallets on the market for a good reason. It's a reliable, yet cost-effective storage device that supports a vast number of digital assets. You can easily send and receive crypto payments, as well as confirm transactions offline. The device is also quite user-friendly as it comes with a built-in display that shows all of your data.

In terms of security, the Ledger Nano S is quite reliable because it has a chip that stores your private key offline. So, even if you lose the device, you can still retrieve your data by using the recovery phrase. Unfortunately, we wouldn't recommend it to beginners. The features are quite complex, and those new to crypto will have a hard time using them.

Conclusion

To conclude, we would say that all of the wallets on this list are quite reliable and offer a great way to store your digital assets. However, we would recommend the Ledger Nano X, as it's the most beginner-friendly option on the market. While it comes with a higher price tag, it's worth it if you want a reliable and easy-to-use device.

» Curious about hot wallets? Discover the difference between hot vs cold wallets before comparing the best hot wallets for 2023

Can't find what you're looking for?