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The next 100 million crypto investors. |
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Health, Wealth, and Happiness |
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“When you consistently maintain a positive frame of mind, you’ll become known as a problem-solver rather than a complainer. People avoid complainers. They seek out problem-solvers.”
– Joseph Sommerville
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In today's issue: With the well-publicized failures of centralized exchanges, more crypto investors are storing their tokens in cold wallets.
A cold wallet (which is completely disconnected from the internet unlike a "hot wallet") is the crypto equivalent of storing your money under your mattress.
Our editors rated and reviewed the top cold wallets for 2023. They rated them on reliability, ease of use, and user reviews.
If you absolutely want to keep your crypto safe, keep it cold. Read on.
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Premium Power-Ups
Level up your crypto investing game.
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19 days left to hook up your MetaMask wallet!
If you're a Premium member (or have been in the past), you'll want to hook up your MetaMask wallet for a one-time special event on January 1:
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To be totally clear:
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If you’re a Premium member, you need to connect your wallet before January 1.
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If you’ve been a Premium member in the past, you can also connect your wallet before January 1.
Not yet a Premium member? Sign up now for just $10 a month and connect your wallet ASAP.
Try it and let us know if you have any problems (just respond to this newsletter)!
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Must Read
Today's most important story for crypto investors.
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Here's a testimonial from a crypto investor who bought bitcoin just before the bull run of 2017, cashing out with $2.8 million after tax. It has since grown to $3.5 million.
Despite his investing success, he's now found that life has become boring after hitting his "number." While acknowledging this as a "rich person's problem," he's trying to find new meaning.
Investor takeaway: It's easy to believe that once you achieve a financial goal, everything will be smooth sailing. The reality is that all the money in the world won't satisfy you unless you're connected to a deeper purpose. Work on finding that purpose and the money will follow.
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Top Crypto Cold Storage Wallets, Rated and Reviewed
by Matthew Du
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Securely storing your crypto investments is essential, so we’ve rated and reviewed the top cold storage wallets to help you locate a hardware wallet that’s right for you.
What Is a Cold Storage Wallet?
A cold storage wallet (or hardware wallet) is a physical device that stores your cryptocurrency offline.
Since cold storage wallets don’t connect to the internet (as opposed to "hot wallets"), the chances of being hacked are heavily reduced. You do, however, trade off the convenience of having instant access to your crypto by choosing this type of wallet.
One compromise is to store the bulk of your crypto in a cold wallet and the rest in a hot wallet for your day-to-day transactions (learn more in our cold storage guide).
Our editors have rated and reviewed the top cold storage wallets based on their popularity, versatility, and prices. See our top picks below.
Cold Storage Wallet Pros and Cons
Pros
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Ease of Recovery: Should you lose your physical wallet, you can access your assets by inputting your seed phrase into another storage device.
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Multi-Currency Support: Many cold wallets offer support for over 1,000 asset classes. Access different assets from a single device no matter what network they operate on.
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Better Security: Cold wallets are characterized by their capability to store keys offline. This feature makes a cold wallet less susceptible to cyber attacks as transactions never expose your keys.
Cons
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Expensive: Where hot wallets are often free, cold wallets require you to pay between $60 - $170.
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Illiquid: As cold wallets are offline, it might take time to access in-device currency. Cold wallets are suboptimal for day traders and quick transactions.
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Susceptible to loss: While cold wallets are more secure, they could be lost, damaged, or broken. While you may be able to recover your funds, you should consider the hassle of purchasing a second hardware wallet.
Top Hardware Wallets
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Best For Bitcoin: Trezor Model T
The Trezor Model T is our pick for the best cold wallet for BTC. First released in 2019, the Trezor provides users with the ability to access third-party exchanges on a secure, touchscreen device originally designed by a company as a means to store bitcoin.
The original Trezor One, launched in 2014, was a hardware wallet that quickly became a favorite with bitcoin investors. The latest version, the Model T, comes in black and features a color touchscreen.
All input for the Trezor Model T is done via the device, preventing any risk of hacking by a keystroke logger. The Trezor Model T is compatible with Windows, macOS, Linux, and Android. It supports over 1,200 crypto assets.
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Best Value: Ledger Nano X
The Ledger Nano X offers secure cold storage and easier access by connecting your device through the Ledger desktop or mobile app. At $119, you get the best features without breaking the bank.
Ledger first released the Ledger Nano S in 2016. It quickly became a favorite among crypto investors. The Ledger Nano X is the most recent model, with more functionality than the original (and cheaper) Nano S.
The Nano X can support up to 100 apps. It has a larger screen and Bluetooth connectivity. It’s compatible with Windows, Linux, macOS, Android, and iOS. It also allows you to hodl over 1,800 digital assets.
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Best Security: NGRAVE ZERO
The NGRAVE ZERO is the world’s first crypto hardware wallet with the highest security certification: Evaluation Assurance Level 7. The NGRAVE ZERO was 2021’s winner of the Crypto Wallet Solution of the Year honor at the AIBC Summit. Completely air-gapped and equipped with biometric sensors, the NGRAVE ZERO is our top pick for the cold wallet with the best security.
First released in 2020, the NGRAVE ZERO seems like an unassuming device, but its graphene build is resistant to fire, flooding, corrosion, and electric shocks. With two-factor biometric security, it's difficult to hack the NGRAVE ZERO. As a bonus, the device seamlessly integrates into the rest of NGRAVE’s ecosystem for easier and faster transactions without exposing your keys online.
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Best Overall: Ledger Nano X and Trezor Model T
The Ledger Nano X and Trezor Model T are our picks as the best overall cold wallets. It’s hard to pick just one. They both provide advanced security in feature-packed touchscreen builds that sacrifice neither convenience nor aesthetics.
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Final Tips
Remember to always buy directly from the manufacturer or a reputable retailer. Once you set up your wallet, make sure you store the wallet and any backup or recovery codes securely. Never share these details with anyone, as they can be used to access the funds held in your hardware wallets.
At Bitcoin Market Journal, we work hard to provide objective and unbiased information for crypto investors. None of these companies have paid to be listed or reviewed. We're working to build your trust, one newsletter at a time.
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ICYMI
In Case You Missed It
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Why good laws will be a good thing.
Happy endings, dividendings.
That which goes down must come up. (Premium members)
Long-term, there's a lot at stake.
You've got one month to hook up MetaMask.
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Bitcoin Market Journal is a daily newsletter that makes you a better crypto investor. It's created by John Hargrave, Nick Marinoff, Steve Walters, Anatol Antonovici, Ben Burn, Preetam Kaushik, and Daniel Joel.
Premium subscribers get full access to our top crypto picks. Both free and Premium subscribers get content to build them into better investors.
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