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If you've spent at least a day on the online cryptocurrency forums, you've probably heard about the term of cold wallet and the never-ending war of whether they're superior to hot wallets.
In this guide, I will introduce you to the best cold wallets (Ledger Flex, Trezor Safe 5, and others) and give information you need to know about their price ranges, pros and cons, so you can fairly compare them:
- Ledger Flex - Secure and Convenient Hardware Wallet
- Ledger Stax - Cold Wallet With Customizable Touchscreen
- Ledger Nano X - Compact Yet Versatile Cold Wallet
- Trezor Safe 5 - Hardware Wallet With Top-Notch Security
- Trezor Safe 3 - Cold Wallet with Strong Security and Fair Cost
- Ledger Nano S Plus - Affordable Hardware Wallet
- Trezor Model T - Fully Open-Source Cold Wallet
- Trezor One - Compact and Affordable Hardware Wallet
- KeepKey - Cold Wallet with Wide Asset Support
- CoolWallet S - Credit Card Size Cold Wallet Storage
Don't worry, I will also explain the terms and the whole discussion of the hot wallet VS cold wallet debate so we can put an end to it. First, let's understand what a cold wallet is and then find you the best cold storage that suits your needs!
What is a Cold Wallet?
As I’ve mentioned earlier, cold wallets are specifically designed devices that are designated physical cryptocurrency storage, and there are various types of them, 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. I think it's a bit old-fashioned.
- 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.
I'm going to focus on the hardware wallet part in this article since they are more common and considered the safest options.
Did you know?
Choosing a Cold Wallet
Now that you have an understanding of how different wallets work, it would be a good idea to define the criteria for picking the appropriate wallet for yourself.
Let me stress this - 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.
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 who 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 who 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.
📚 Read More: Finding Your Ideal Wallet
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.
1. Ledger Flex - Secure and Convenient Hardware Wallet
Ranks #1 out of 10 Crypto Wallets
- + User-friendly design
- + Robust security
- + Long battery life
- + Thousands of digital assets
- + Platform and wallet compatibility
- - No wireless charging
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If you expect flexibility from a hardware wallet as much as you value security, Ledger Flex is perfectly designed for your needs.
It has a 2.84-inch E Ink® touchscreen and Bluetooth connectivity, making it convenient for managing assets on the go. With seamless integration with the Ledger Live app, Ledger Flex is perfect for both long-term holders and active traders.
Ledger Live is available on desktop, as well as iOS and Android devices, allowing you to use Ledger Flex seamlessly anywhere and anytime.
When it comes to security, it features multiple features to secure your assets. First of all, it has a CC EAL6+ certified Secure Element chip and Clear Signing technology, which allows you to review and confirm all transaction details directly on the touchscreen before they are executed.
Also, just like every Ledger device, you need to create a 4-8 digit PIN code to use your device securely.
It supports over 5,500 cryptocurrencies and also allows you to store and manage more than 500 NFTs with ease.
There are two color options for Ledger Flex at the moment, graphite and BTC orange, and the price of the wallet is $249. While it's a higher-end option, its combination of cutting-edge features and security makes it an excellent choice for dedicated crypto users.
2. Ledger Stax - Cold Wallet With Customizable Touchscreen
Ranks #2 out of 10 Crypto Wallets
- + A brand-new design
- + Industry-leading security
- + Coin, token and NFT storage
- + High levels of customizability
- + Very simple to use
- + Wireless charging
- - Pricey
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Ledger Stax redefines what a hardware wallet can be, blending cutting-edge technology with a focus on user experience. Supporting thousands of cryptocurrencies and NFTs, it’s not just a wallet; it’s a stylish and highly secure gateway to your digital assets.
It offers top-tier security among hardware wallets, it features a CC EAL6+ certified secure element chip, and runs on Ledger’s proprietary operating system, BOLOS, to keep your private keys safe.
Ledger Stax supports over 5,500 cryptocurrencies, but the main differentiator of this wallet is its design, among other Ledger products.
It has a groundbreaking curved 3.7-inch E Ink® touchscreen, designed to provide a sleek and interactive experience. This screen isn’t just functional – it’s personal. You can customize it with your favorite images or NFTs, making the device uniquely yours even when it’s turned off.
Unlike traditional wallets, Ledger Stax offers wireless charging, eliminating the hassle of cables and ensuring your wallet is always ready to use.
The price of the Ledger Stax wallet is $399. It's at the premium end of the spectrum indeed. However, Stax's unique features, unmatched usability, and lavish design make it an investment worth every penny.
3. Ledger Nano X - Compact Yet Versatile Cold Wallet
Ranks #3 out of 10 Crypto Wallets
- + Can be managed from mobile device
- + Very secure
- + Supports more than 5,500 cryptocurrencies
- + Comfortable design
- - Relatively expensive
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Ledger Nano X is definitely one of the best cold wallets the industry can offer. Just like other devices of Ledger, it also supports more than 5,500 assets (including coins, tokens, and NFTs) and seamlessly connects with Ledger Live via Bluetooth.
It's almost as small as a USB stick, which makes it very convenient to carry and use anywhere. But don’t let the small screen mislead you—Ledger Nano X still comes with a 24-word seed phrase and even allows you to create an optional additional passphrase for enhanced security.
It has a CC EAL5+ certified chip—a very high level of security, even if it's not EAL6+. Also, 95% of Ledger's code is open-source, which is a very important element in terms of transparency. Ledger devices come with a built-in Genuine Check feature to verify the device hasn't been tampered with during shipping.
Even though it does not support a customizable touchscreen, it comes with a range of colors you can choose from, like Sapphire Blue and Pastel Pink. However, color options may change over time, especially as part of limited-edition releases for holidays and special occasions.
The price of the Ledger Nano X wallet ranges at around $149, which is quite cheap compared to other best cold wallet options. Thus, it's an affordable yet powerful choice.
Did you know?
All Crypto wallets may look similar to you but they're NOT all the same!
4. Trezor Safe 5 - Hardware Wallet With Top-Notch Security
Ranks #4 out of 10 Crypto Wallets
- + Supports 1,000+ crypto assets
- + Easy navigation
- + Open-source
- + EAL6+ certified chip
- + Enhanced security features
- - Quite expensive
- - No seed recovery service
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Trezor Safe 5 is one of the best cold hardware wallets currently on the market, especially due to its security measures.
Trezor was founded in 2013, so it has experience in cold storage for over a decade now (and counting). Thus, when it comes to security, Trezor Safe 5 is definitely not lacking in this field.
It introduced an 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.
.jpg "Cold wallet: use Trezor Safe 5 with ease.")
Trezor features two different versions of Safe 5. You can choose either the "universal hardware wallet", which supports over 1000 cryptocurrencies, or there is also a "Bitcoin only" model that is exclusively designed for securing Bitcoin.
In addition, it also provides a user-friendly design with a vibrant color touchscreen and tactile feedback. You can connect your Trezor device to your phone or computer via Bluetooth or USB-C for more convenience with Trezor Suite.
Trezor Suite is an application that allows you to monitor your portfolio and track balances on the go. While it's a primarily desktop application, you can also find it as Trezor Suite Lite on your mobile devices.
That said, Trezor Safe 5 cold wallet retails for $169. Evidently, it’s not the cheapest option out there, but it does provide top-notch security and ease of use.
5. Trezor Safe 3 - Cold Wallet with Strong Security and Fair Cost
Ranks #5 out of 10 Crypto Wallets
- + Resistant to brute-force attacks
- + Easy to set up
- + Crypto-industry pioneer
- + Supports 1,000+ digital assets
- + Open-source code
- + Affordable pricing
- - Potentially uncomfortable design
- - Plastic screen prone to scratches
Trezor is known for its strong security standards, being the oldest cold wallet provider in the industry and fully open-source. Thais transparency and longevity have made it a trusted name among crypto holders seeking secure storage.
Just like other Trezor wallets, the Safe 3 model carries all the essential features you'd expect from a modern cold wallet. It comes with an EAL6+ certified secure element, passphrase protection, and a tamper-proof design — all packed into a compact body weighing only 14 grams.
.jpg "Cold wallet: Trezor Safe 3.")
Despite its small size, it still features a built-in display, allowing you to view and confirm transactions directly on the device.
Trezor Safe 3 supports thousands of crypto assets, which is a significant feature for a cold wallet. You can manage your portfolio through the Trezor Suite app on both desktop and mobile. However, it's worth noting that the device only connects via USB and does not support Bluetooth.
On iOS devices, functionality is limited to view-only mode, so you won’t be able to confirm transactions directly. That said, at a current price of $79, the Safe 3 offers impressive value, combining robust security with wide asset support at a very competitive cost.
6. Ledger Nano S Plus - Affordable Hardware Wallet
Ranks #6 out of 10 Crypto Wallets
- + Top-tier security
- + DeFi app support
- + Store over 5,500 assets, install up to 100 apps simultaneously
- + Fair-priced
- + NFT support (with Ledger Live)
- - Button placement could be better
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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.
Just like any other Ledger wallet, it offers outstanding safety precautions and supports over 5,500 coins and NFTs.
Although it doesn’t support Bluetooth, you can still connect it to your devices via USB-C and use the Ledger Live app, which lets you do much more than just store crypto assets.
Keep in mind that the Ledger Nano S Plus is only compatible with Android devices, besides desktops. Thus, you cannot use it on your iPhone or any other iOS-based gear.
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.
7. Trezor Model T - Fully Open-Source Cold Wallet
Ranks #7 out of 10 Crypto Wallets
- + Top-notch security
- + Colored touchscreen
- + Easy to set up
- + Supports around 1,000 crypto assets
- - Bulky
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Trezor Model T is a strong competitor of Ledger Nano X since they both are in the similar price range, and highly secure. But of course, they have some differences from one another.
Trezor Model T offers great security measures, including Advanced Shamir Backup and FIDO2 & U2F authentication standards. You can connect it to your devices via USB-C and seamlessly manage your assets with Trezor Suite without compromising the safety of your assets.
.jpg "Cold wallet: Trezor Model T.")
It has a 1.54" color touchscreen, which makes it pretty easy to use. While its design might be a bit bulkier, it still easily fits in your pocket.
Trezor Model T retails at around $129. While it's not the most affordable option out there, it definitely provides features that are worth the price.
8. Trezor One - Compact and Affordable Hardware Wallet
Ranks #8 out of 10 Crypto Wallets
- + Top-notch security
- + A very well-known crypto wallet
- + Holds a huge number of cryptocurrencies
- + Constant firmware updates
- - Small screen
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Released back in 2013, Trezor One is the very first cryptocurrency cold wallet ever made. Despite its age, it remains a popular and trusted option, especially for those just getting started with crypto or anyone looking for a simple and secure way to store their assets. By popular opinion, it is one of the safest and affordable ways to store your cryptocurrency.
It offers all the core security features you’d expect from a reliable cold wallet — PIN protection, passphrase entry, and a 24-word recovery seed. It also runs on open-source firmware, and the company constantly updates its hardware to maintain the highest level of security possible.
The wallet supports thousands of cryptocurrencies, including major assets like Bitcoin, Ethereum, and a wide variety of ERC-20 tokens. However, some popular coins like XRP, ADA, and SOL are not supported on this model, so if you’re planning to store those, you’d need to look at a more advanced model like the Trezor Safe 5.
The Model One has a small screen and two physical buttons, making transaction confirmation easy and secure. It's quite compact, making it easy to carry around.
Trezor retails around the price of $49, and is one of the most affordable hardware wallets on the market. All things considered, it has a great price and quality ratio.
9. KeepKey - Cold Wallet with Wide Asset Support
Ranks #9 out of 10 Crypto Wallets
- + Secure hardware wallet
- + Easy to use
- + Attractive price
- + Supports over 7,000 crypto assets
- - Can be heavy to carry around
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KeepKey had a reputation for being one of the most fashionable cold storage wallets for quite a while—especially before touchscreen hardware wallets became mainstream. Now that wallets like Ledger Stax are on the scene, I doubt that it's the case. However, it still has a compact and sleek design.
The wallet features an OLED display for clear transaction details and a single-button interface for simplicity. It’s a bit heavier than the wallets around its price range, which can be a good thing or a bad thing - you be the judge.
KeepKey supports over 7,000 digital assets, including major cryptocurrencies like Bitcoin, Ethereum, and a wide variety of altcoins. It’s compatible with Windows, macOS, Linux, and Android devices via USB connection.
.jpg "Cold wallet: KeepKey.")
It’s also slightly younger than some of the other major hardware wallets on the market, which means it still has some ground to cover in terms of advanced security features. That said, with almost a decade of presence in the industry, it has firmly earned its place, especially among cold wallet enthusiasts.
KeepKey retails at around the $49 range. As of writing, it has one of the best prices compared to the wallets mentioned above.
10. CoolWallet S - Credit Card Size Cold Wallet Storage
Ranks #10 out of 10 Crypto Wallets
- + Unique style and functionality
- + Encrypted connection
- + Cool storage - the most secure
- - The wallet isn't open-source yet
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.
It’s the size of a credit card and its battery lasts up to three months on standby, making it highly portable. It’s also water-resistant and bendable, adding extra durability. Plus, it features an EAL5+ certified secure element for enhanced security.
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.
The CoolWallet S retails at $99. If you choose to buy two at a time, it will cost you $158. All things considered, that's a great price!
Hot Wallet VS Cold Wallet
Now that we know the best cold wallet options, let's move on to the difference between hot wallet VS cold wallet.
These terms differentiate the types of cryptocurrency storage. Make no mistake, though, it’s not the temperature that these terms refer to. Hot wallets are digital cryptocurrency wallets, while cold wallets are physical devices that store cryptos inside them. There are other types, but these are the most famous ones.
📚 Read Further: Types of Crypto Wallets
Hot wallets are considered to be the more popular of the two. There are quite a few reasons why that is the case, but instead of focusing on them, I'll talk about why cold wallets are better than hot ones.
Before moving further, here is a short summary of the main differences between hot and cold wallets:
Hot Wallet | Cold Wallet |
|---|---|
Online | Offline |
Free (in most cases) | $50-$400 |
Averagely secure (vulnerable to hacking) | Very secure (cannot be hacked remotely) |
Stores most of the cryptocurrencies available | Stores a relatively limited variety of cryptocurrencies |
Fast access to exchanges (even faster with browser extensions) | Requires extra steps for accessing an exchange (like connecting your device to a computer) |
Great for day trading. | Great for long-term HODLing. |
Table: Hot wallet VS cold wallet
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 (web-based) and desktop (software) wallets. Mobile wallets are also digital, but because they offer portability like hardware wallets, some might loosely refer to them as a hybrid form, though this isn’t a standard classification.
Pros | Cons |
|---|---|
✓ You can hold any cryptocurrency you want. | ✗ They don't keep your private keys offline, so vulnerable to malicious activity. |
✓ They are usually free. | ✗ Some hot wallets rely on third parties, limiting user control. |
Table: Pros and cons of hot wallets
Let's break down these pros and cons a bit. In the debate of “hot wallets VS cold wallets”, holding any cryptocurrency is a point 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 who 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. At least that was the case a while ago because crypto support of cold wallets was somewhat limited. On the other hand, now there are a lot of cold wallet options like Ledger Flex, which support thousands of different assets.
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’s tough to predict what the stats would look like if both hot and cold wallets were free, but I honestly believe most people would get at least one cold wallet for its strong security.
Cold Wallets
We’ve already discussed what a cold wallet is and explored some of the best options. But to really break down the hot vs cold wallet debate, I’d like to go a bit deeper.
Now, cold storage wallets, just like the hot ones, have their pros and cons, so let’s go over them.
Pros | Cons |
|---|---|
✓ You can have and manage your crypto wherever you are. | ✗ Cold storage wallets may be expensive, depending on your preferences. |
✓ They are usually small and compact, which enables comfort and discretion. | ✗ Some cold wallets have a limited variety of cryptocurrencies. |
Table: Pros and cons of using a hardware wallet
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 convenience whilst transferring or simply carrying them around.
However, cold wallets also 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. Yet, it actually depends on how many crypto coins you want to keep or the design you are looking for; this could be dirt-cheap or extremely expensive.
Another downside 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, etc. However, as you've seen throughout this article, the best cold wallets on the market today typically support thousands of crypto assets.
Why Cold Wallets?
As I mentioned earlier, I strongly think that the cold wallets are better than the hot ones, and there is one simple reason which makes cryptocurrency cold storage wallets the way to go: they are considered the staple of security.[1]
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-intended actions.
Since cold wallets operate offline, they are less exposed to cyber threats than hot wallets,[2] which remain connected to the internet and are therefore more prone to hacking attempts.
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, like Binance, offer protections like SAFU (Secure Asset Fund for Users), providing a rare and reassuring layer of security if you choose to store your cryptocurrencies with them.
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? Well, 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.
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.
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.
📚 Further Reading: Hot Wallet VS Cold Wallet
Conclusion
I'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. There are many options in the market, so you’ll definitely find one that will suit your needs perfectly.
If you still haven't decided which cold wallet to get, I'd recommend you to check out Ledger Flex and Trezor Safe 5.
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
Scientific References
1. G. Haryadi, M. F. Rahaman, M. Subhan, J. M. Lee, D.-S. Kim: ‘Comparative Study of Cryptocurrency Wallet Security: A Hybrid, Hot, and Cold Wallet Approach’.
2. E. Nowroozi, S. Seyedshoari, Y. Mekdad, E. Savaş, M. Conti: ‘Cryptocurrency Wallets: Assessment and Security’;
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