There are thousands of scams out there such as phishing attacks that are out to steal your private keys and your funds stored in your wallet.
For example, there are actually paid Google ads that redirect you onto a fraudulent website where you then enter your private keys unknowingly, or unsolicited messages from random persons on Discord.
Therefore, one of the most important considerations as a cryptocurrency investor is storage and security of your tokens. As an investor, you can choose to store them in a hot wallet or cold wallet, depending on their preference for security or convenience.
Storing your tokens and coins on a hot wallet or exchange might be most convenient, but they are arguably one of the least secure methods to do so.
Hot wallets such as Metamask are very susceptible to theft via security vulnerabilities on your computer.
Maybe you saved your seed phrase in a notepad file, or you’ve copied and pasted your private key and a keylogger picks it up without you knowing, these are all areas of vulnerabilities that will compromise your hard-earned cryptocurrencies.
Exchanges are not safe avenues for storage too. They are prone to hacks and theft. Recently, tier-2 exchanges have been targeted by string of hackers and fraudsters, with BitMart recently losing US$150m to hackers and AscendEX recently losing US$77m to hackers — both occurred in December 2021 and among the more than 20 hacks in 2021 where a hacker stole more than US$10m from a crypto exchange.
You’ll never know when you’re made a victim of a security pitfall, the best thing to do today is to invest $100-$200 in a hardware wallet.
Hardware wallet act a impenetrable safe for your cryptocurrencies where nobody will have access your tokens unless you give them the password to it.
Here's a roundup of the best hardware wallets to secure your tokens and cryptocurrencies if you’re investing in crypto.
This post was last updated in April 2022
Ledger Nano X
The Ledger Nano X is one of the best hardware wallets out there with Bluetooth support. It allows you to safely and securely manage thousands of cryptocurrencies (5500+ tokens supported) on-the-go with the mobile Ledger app.
It uses an industry-leading certified secure chip (CC EAL5+) to store your cryptocurrencies with a USB-C connector to connect to your computer for firmware updates.
Ledger Nano S
The Ledger Nano S is the smaller sibling of the Ledger Nano X, inheriting most of its security features and widespread asset support. It was the predecessor of the Ledger Nano X and developed in 2014.
As a cheaper alternative, it does not come with its own battery nor Bluetooth functionality and it can only store up to 3 apps. This makes it more suitable as an entry level hardware device or as a backup device to the Ledger Nano X.
Ledger Nano S Plus
The Nano S Plus delivers an upgraded experience to the Ledger Nano S in many ways including a larger 128x64px screen to make it easier to navigate and sign transactions, more memory with support for 100 apps simultaneously and USDC connectivity.
Trezor Model T
The Trezor Model T is a second-generation Trezor wallet powered by a faster and better operating system and processor. It uses an open-sourced platform (unlike Ledger which uses its own custom operating system called BOLOS) and has a big RGB LCD touchscreen display for easy touch operations.
It also comes with an SD card slot and USB-C connector for mobile transactions. It’s priced extremely competitively compared to the Ledgers and they are considered a great alternative.
The SafePal S1 is one of the most affordable hardware wallets out made by a Binance-backed company that supports a large number of tokens and blockchains. It’s sized like a credit-card making it super portable to carry around.
Unlike the hardware wallets above, SafePal utilizes an offline air-gapped signing mechanism without Bluetooth, WiFi, NFC or USB connection.