Best Crypto Wallets

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Introduction: Choosing the Best Crypto Wallet for You

Today we are doing a deep dive, exploring the best cryptocurrency wallets available in 2023.

We will also find the safest crypto wallet with the highest level of security, according to the specific features of the wallet. I will show my top picks for the most secure wallets with this trophy. 🏆

If a clear first, second, and third place develops, I will include a 🏆🥇 first place medal, 🏆🥈 second place metal, or 🏆🥉 thrid place metal with the trophy.

Crypto wallets are one of the most important technologies when it comes to blockchain technology. With a crypto wallet, you can send and receive cryptocurrencies, but your wallet also holds your NFTs. NFTs or Non-Fungible Tokens exist on the Ethereum blockchain and other blockchains like Solana, Tezos, etc. NFTs can be collected and saved in your wallet which is why they need the wallet technology to participate in web3 and blockchain technologies like NFTs.

Why Do I Need a Crypto Wallet?

To use cryptocurrencies or use web3 technologies, one has to have a crypto wallet.

A crypto wallet is a software program or physical hardware that stores private/public keys to facilitate the sending and receiving of cryptocurrency. Private keys are stored by the user in various safe locations (hopefully), while public keys are shared with others so they can send funds to your wallet. This is a lot like how PayPal uses your email address as a "public key” to share with others to send funds over PayPal.

Another vital function your wallet serves is to sign messages or transactions, you will also use your wallet to connect to web3 dApps, like this NFT minting dApp I built this year.

<img alt="choose a wallet" src="https://user-images.githubusercontent.com/104662990/204112726-ebc540f4-226c-46e8-98fa-67425016b403.png">

How to choose between all the different types of cryptocurrency wallets

There are a few categories for finding the best type of wallet to store your crypto coins and tokens, those are:

• hot wallets
  • online wallet
    • custodial wallets
  • desktop wallet
    • defi wallets
  • mobile wallet
• cold storage wallets
  • hardware wallets
  • paper wallet

Hardware Crypto Wallets

Also known as “cold storage”, cryptocurrency hardware wallets, a physical device that stores your private keys and cryptocurrency.

Hardware wallets are considered to be the most secure way of storing your cryptocurrency. Hardware wallets are not connected to the internet, so they can’t be hacked remotely. With the increasing popularity of cryptocurrency, hardware wallets are becoming one of the best ways to store your digital currency. A hardware wallet is a physical device that stores your private keys and public keys on a secure chip. It is like a USB drive with a screen, which you can use to send or receive cryptocurrency.

Software Crypto Wallets

Also known as “hot wallets”, these can be a mobile app, or a wallet online (usually these are custodial), it could also be a desktop app.

Software wallets are generally considered less secure than a hardware wallet, but if used correctly they are just as secure as the digital money in your bank down the street. It would take some serious hacking to breaking into a correctly used software wallet.

Custodial Wallets

Think of centralized trading platforms, not your keys, not your coins. FTX, Terra Luna, etc. a lot of people found out the hard way that when these centralized trading platforms crashed and burned, they froze withdraws and you lost access to your coins in their custodial wallet.

These centralized platforms can also be hacked and there is no regulation for these centralized crypto exchanges to cover you if your assets are lost.

If you are interested in becoming a cryptocurrency trader, you're more than likely thinking of using a centralized exchange, as I am sure we all have. I have used a few centralized platforms myself and although I did not lose any crypto I did get locked out of a couple of them. Decentralized exchanges offer an alternative solution because the trades happen peer-to-peer and the risk of hacking is reduced.

DeFi Wallet

Your keys, your coins! Most are open-source and you are free to inspect the code if you feel the need to do so.

Access your wallet

<img alt="hardware wallet image" src="https://user-images.githubusercontent.com/104662990/203898777-427c63e2-0f23-4c58-8ed5-651e240daa1e.png">

Bitcoin wallets, Ethereum wallets, do wallets offer multi-blockchain options for storing cryptocurrencies long term while my private keys are completely secure?

Yes, some wallets offer multiple options for storing different cryptocurrencies.

🌱 Keeping your seed phrase safe 🛡

Keeping your secret seed phrase safe and secure is essential to the security of your crypto assets. While this may not seem like a difficult task, but there are many ways you can do it, and some are not as secure as my top seed phrase storage pick.

• One of the best ways to do this, is to make sure that you have the seed phrase stored in a fireproof manner, at multiple locations.

The seed phrase is so important to your wallet, that even if you need to write it down on a few pieces paper (this is called a paper wallet) at first to put in different locations, please do so, but for the love of crypto get a solid seed phrase storage solution ASAP.

One product stands out as a top pick for me in this regard: 

🏆 Impress Seed

<img alt="seed phrase storge image" src="https://user-images.githubusercontent.com/104662990/204594671-cfc6e8f6-3577-4400-9fb5-8a83c0e3ebde.png">

Acording to their website, Stamp Seed is a division of ImpressArt, "the world leader in hand stamping tools and supplies". They are committed to applying their deep experience in hand-stamping to help people around the world utilize cryptocurrency, DeFi and blockchains with confidence.

That sounds good to me, but what makes their product special? Why would I want to spend my hard earned money on their product? It's the fact that once the seed phrase has been stamped onto the titanium plate there are no other loose pieces to lose, like many of the other seed phrase storage products available.

• Laser etched solid titanium card, no loose pieces such as tiles, rivets, or screws
• Deep impressions that won't wear away, 3x greater depth than etching or engraving
• Made of super durable titanium, that can withstand the harshest conditions on Earth, without the loss of data

Remember, simple is the ultimate in security, and Stamp Seed has that, unlike some of these options here:

CryptoSteel

<img alt="seed phrase storge image" src="https://user-images.githubusercontent.com/104662990/204598753-e1d2d1fe-240b-4939-911b-aaba166ba7b6.png">

Just look at all those little pieces everywhere to make this storage solution work. Don't get me wrong this will work, but what a nightmare this would be if something loosened those screws to secure all of those little pieces in the frame of the storage solution, yeah no thanks.

Here is another storage solution from CryptoSteel:

<img alt="seed phrase storge image" src="https://user-images.githubusercontent.com/104662990/204601289-cc987dec-c71d-46d7-b28d-7ae9a4c05130.png">

Once again, even with the added benefit of not being able to read the data in the stack, it's the fact that there is even a slight chance for something to destroy the data because all it takes is for something to loosen the fastener and all those little pieces come loose flying all over the place, bye bye seed phrase, no thanks!

Are there any other storage solutions like this?

Ellipal

<img alt="seed phrase storge image" src="https://user-images.githubusercontent.com/104662990/204607393-d8f2efad-6043-4da4-a1a6-9246d5e5726f.png">

Yes, there are others that have the small pieces, and some of you might be saying to yourself, well I am not concerned with loosing all of those little pieces that determines my data. Great, if that's what works for you by all means please, do what works for you! Also I do think these seed phrase solutions work, I just don't like this style of storage, if you prefer this kind of solution, please don't hesitate to use my affiliate links to get one because that will support the blog, and help me produce this content.

I just want to help you make an informed decision, to cut through all of the advertising warm and fuzzy buzzwords.

With that said here is another one:

Keystone

<img alt="seed phrase storge image" src="https://user-images.githubusercontent.com/104662990/204606120-a263cb00-0fc9-4167-ae8d-a227ed990028.png">

I am a little suprised by this one, because Keystone makes some really nice hardware wallets, as you will see in the Top Hardware Crypto Wallets section a little further down in the article.

You might be asking are there any others like my top pick Stamp Seed?

There is, and I would love to show you this one, because:

🏆 NGRAVE

<img alt="seed phrase storge image" src="https://user-images.githubusercontent.com/104662990/204842379-07c100a7-9ab6-4662-933d-c3d14e682a1c.png">

NGRAVE offers an interesting storage solution, GRAPHENE.

• GRAPHENE uses base 16 hexadecimal representation, if you are not sure what that means hopefully this table below will help to explain it.

Base 16 Hexadecimal System - 1 byte = (8 bits) - 32 bytes = (256 bits)

4 bit Binary Sequence	Hex Representation
0000	0
0001	1
0010	2
0011	3
0100	4
0101	5
0110	6
0111	7
1000	8
1001	9
1010	A
1011	B
1100	C
1101	D
1110	E
1111	F

• NGRAVE GRAPHENE uses 64 characters in hex format described above,

This video shows exactly how GRAPHENE works.

Top Hardware Crypto Wallets

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The two most popular types of hardware wallets are the Ledger Nano S and Trezor One.

Hardware wallets are becoming more popular as a storage method for cryptocurrency. There are many types of hardware wallets, but some of the most popular ones are Ledger, Trezor, and KeepKey.

Ledger, "one place for all your crypto needs"

<a href="https://shop.ledger.com/pages/ledger-nano-s-plus/?r=d83717285958" target="_blank"><img width=728 height=90 src="http://affiliate.ledger.com/image/728/90/Default" alt="ad link"></a>

The Ledger Live App, explore web3 in one secure app.

Ledger Live is your one-stop shop to buy crypto, grow your assets, and manage NFTs. Join 4+ million people who trust Ledger for everything web3.

• Track the latest crypto prices
• Build your crypto knowledge
• Buy 50+ cryptos and sell Bitcoin
• Swap 100+ crypto assets
• Earn rewards and grow your assets
• Manage 500+ coins and tokens
• Oversee your NFT collection
• Access essential DeFi services

Unlock the full Ledger experience by pairing the Ledger Live app with a Ledger hardware wallet. Their wallets are independently certified and designed to resist sophisticated cyber attacks. Secure all your coins, gain peace of mind by securing and managing 35+ coins, including Bitcoin and Ethereum, plus all your tokens and NFTs. Keep your NFTs safe, oversee your collection, manage all your digital assets, and send your NFTs to another wallet with full transparency. Use your favorite dApps, access 15+ web3 apps (dApps) – including 1inch, Paraswap, Lido, and Zerion – and grow your portfolio.

All in Ledger Live.

Trezor, "the safe place for your coins"

Was one of the first companies to create a Bitcoin wallet with a screen and they were also one of the first ever to produce a hardware wallet. They were founded in 2013 and they are based in Prague, Czech Republic. Trezor hardware wallets are decent in Bitcoin and cryptocurrency security.

They claim they are the ultimate in hardware wallet security, but in my honest opinion, that's a bold claim compared to the other wallets on this list, but with that said Trezor wallets never expose your digital asset information to an insecure environment connected to the internet. So their security is not bad at all.

Trezor supports Bitcoin along with the most resilient & proven cryptocurrencies worldwide, your coins are safe, in your Trezor wallet.

KeepKey, "the premier wallet"

An American-based company that has been producing hardware wallets since 2015. They are based in Seattle, Washington, KeepKey is the premier wallet in the new ShapeShift Platform, a web-based interface for managing your crypto, now with commission free trading.

Stress-Free Security: 

Generate and manage your private keys offline in cold storage, guarded against computer vulnerabilities and viruses, while utilizing wallet software for safe transactions.

Comprehensive Crypto Management:

Use ShapeShift's intuitive web-based interface to buy, sell, send, receive, trade, track, and hodl your crypto. Trade for free with FOX tokens. Straightforward Backup and Recovery: Each device generates a 12-word recovery sentence during initialization that can be used to retrieve your private keys. Have peace of mind that your funds are secure, even if you lose or break your KeepKey.

Sleek and Simple Display:

The large display gives clarity to every digital asset sent and received on your device. Each transaction must be manually approved using the confirmation button, giving you control and visibility over your transactions.

Effortless Exchanges:

Trade crypto commission free with the ShapeShift platform, directly from your wallet.

• Supports the world’s leading cryptocurrencies, such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, Dash, and 46 ERC-20 tokens. We are also continually adding new assets; stay up to date with our latest updates or check our asset support page.
• KeepKey is a USB HID-class device.
• KeepKey generates your Bitcoin private key using its hardware-based random number generator, combined with randomness provided by your computer.
• KeepKey is virus and malware proof; because it does not have an operating system, the layers that viruses, malware, and key loggers infect do not exist on the device.
• Your private key is stored securely on your KeepKey, never leaving the device. Your KeepKey is PIN-protected, which renders it useless even if it falls into the wrong hands.

🔒 Safe and Secure

These may be popular, but are they the most secure with the most advanced, robust security features? When compared to the next hardware wallets, all others seem to be lacking in the same security features.

What are these security features?

Common Criteria Evaluation Assurance Level cisa.gov

There are seven Evaluation Assurance Levels (EALs). The higher the level, the more confidence you can have that the security functional requirements have been met.

The levels are as follows:

• EAL1: Functionally Tested. Applies when you require confidence in a product's correct operation, but do not view threats to security as serious. An evaluation at this level should provide evidence that the target of evaluation functions in a manner consistent with its documentation and that it provides useful protection against identified threats.

• EAL2: Structurally Tested. Applies when developers or users require low to moderate independently assured security but the complete development record is not readily available. This situation may arise when there is limited developer access or when there is an effort to secure legacy systems.

• EAL3: Methodically Tested and Checked. Applies when developers or users require a moderate level of independently assured security and require a thorough investigation of the target of evaluation and its development, without substantial reengineering.

• EAL4: Methodically Designed, Tested, and Reviewed. Applies when developers or users require moderate to high independently assured security in conventional commodity products and are prepared to incur additional security-specific engineering costs.

• EAL5: Semi-Formally Designed and Tested. Applies when developers or users require high, independently assured security in a planned development and require a rigorous development approach that does not incur unreasonable costs from specialist security engineering techniques.

• EAL6: Semi-Formally Verified Design and Tested. Applies when developing security targets of evaluation for application in high-risk situations where the value of the protected assets justifies the additional costs.

• EAL7: Formally Verified Design and Tested. Applies to the development of security targets of evaluation for application in extremely high-risk situations, as well as when the high value of the assets justifies the higher costs.

🏆 NGRAVE, "eternally yours"

<img alt='zero ad banner' src='https://cdn.uppromote.com/storage/uploads/banner/ngrave-io/01fc257580bf1a3d8eabd78a42d398f9_728x90-5.png' />

With the NGRAVE ZERO you create your keys and sign transactions with a fully offline device, you get state of the art security with an inuitive interface, to me that is extremly important, because if it is too difficult to use, I won't want to learn how to use it, I am busy like everyone else! I don't have time to learn all that.

Plus simple and easy will always be more secure, because there are less mistakes to be made!

Common Criteria EAL7:

• Highest level of security in the blockchain & financial industry, this is a true claim
• Impenetrable by design, anti-tampering protection against physical attacks
• Biometric & light sensor, enhanced security by light, fingerprint & QR scanning
• Generate and protect your keys offline, ZERO is fully "air-gapped", it does not rely on USB or any network connection capability such as WiFi, Bluetooth, NFC, or 4G.
  • All communication takes place via transparent QR codes.

The 4" touchscreen makes it:

• Easy to tap and swipe the huge screen, giving you control over multiple wallets

Combine the ZERO with the GRAPHENE and you have the the most GigaChad crypto storage solution available for the year 2023, but who knows what the competition will offer next.

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The next hardware wallet uses NFC technology.

🏆 Arculus, "crypto and NFT security made simple"

<img alt="arculus wallet image" src="https://user-images.githubusercontent.com/104662990/204362256-7668e82e-d321-40d6-b18b-615ee9fd87db.png">

Arculus Key Card, according to their website:

"The Arculus Key Card uses three-factor authentication to keep your crypto keys safe and secure. The card communicates with your wallet dApp via a tap-to-transact secure NFC connection. No Bluetooth, Wi-Fi, USB, or cords."

"Your private keys are encrypted and securely stored on your Arculus Key Card and are never stored online or saved on your phone. During initial wallet setup, you will be shown your recovery seed phrase in the app with instructions to write it down to store in a safe place. Your private keys are generated on the Arculus Key Card and never leave it. Your keys, your crypto."

• EAL6
• NFC (Near Field Communication) technology

The only vulnerability with this NFC technology that I could think of, would be:

There is a very slight possiblity for an attacker to steal the card and hack into the NFC chip, the level of difficulty for such an attack, naturally this alone, makes it remarkably difficult to attack. In terms of cyber-security, this is a data point to enter into a threat analysis matrix, with the level of difficulty to accomplish the attack affecting the likely hood of such an attack, therefore the possibilty of an attack like this occurring is very low.

Well unless your one of those GigaChads and your life is like living in the movies, then you better get an air-gapped EAL7 rated NGRAVE.

I am no GigaChad, so these NFC cards look really neat and I like them! They look sleek and slim, just like another debit or credit card at a glance.

🏆 CoolWallet, "a new kind of hardware wallet"

<a href="https://www.coolwallet.io/coolerwithcoolwallet-challenges-run2/?ref=keefeoverby&utm_source=tapfiliate&utm_medium=referral&utm_campaign=assets&utm_term=cw_challenge-2&tap_a=121441-ad252c" target="_BLANK" rel="nofollow"><img src="https://static.tapfiliate.com/637762cf5303c895957938.jpeg?a=121441-ad252c&s=3267988-b08949" alt="hardware wallet image" border="0"></a>

CoolWallets use a secure encrypted connection, wait one second, is Bluetooth safe? It depends. To remedy the Key Negotiation of Bluetooth (KNOB) vulnerability, the Bluetooth SIG has updated the Bluetooth Core Specification to recommend a minimum encryption key length of 7 octets for BR/EDR connections. I searched everywhere on CoolWallet's website, but I could not find any information regarding the meeting of this new Bluetooth Core Specification (a minimum of 7 octets).

I also wanted to look over some recent reviews on Amazon for any red flags, but after reading only a few negative reviews from Amazon about UI styling issues, and one was worried about the firmware updates, I could see no apparent lack of security, otherwise that is something that would be mentioned in the reviews of major retailers.

I know this is not a concrete answer regarding the meeting of this new Bluetooth Core Specification (a minimum of 7 octets), so if I recieve any new information about this specification, I will update this information here.

🏆 CoolWallet Pro

<img alt="hardware wallet image" src="https://user-images.githubusercontent.com/104662990/204927187-4eb7d7cd-9015-4c49-bbe2-48dda156921a.png">

• EAL6
• Bluetooth enabled, encrypted connection
• Credit card sized 8mm, lightweight 6g
• Mobile (Android & iOS)
• Trading features
• Connect to DeFi and dApps through WalletConnect
• 27 chains supported with 12,000+ coins & tokens
• Staking
• NFT in-dApp integration with Rarible and OpenSea

🏆 CoolWallet S

<img alt="hardware wallet image" src="https://user-images.githubusercontent.com/104662990/204925885-ca320edd-6743-400f-9cdb-d0d901c9530d.png">

• EAL5
• Bluetooth enabled, encrypted connection
• Credit card sized 8mm, lightweight 6g
• Mobile (Android & iOS)
• Trading features
• Connect to DeFi and dApps through WalletConnect
• 12 Chains supported with 10,000+ Coins & Tokens

🏆 Keystone, "the most powerful hardware wallet"

<img alt="hardware wallet image" src="https://user-images.githubusercontent.com/104662990/204116749-7eb8c72e-13f0-4d72-bbed-e5f4a1fbd494.png">

Keystone pioneered the industry's first open source hardware wallet project. All of their hardware and firmware designs are open sourced and available online.

• EAL5 Secure Element and Open Source
• A proprietary bank-grade secure element which generates fully random numbers, ensuring your crypto assets are stored in a secured way.
• Shamir Backup
  • Keystone supports SLIP39, it enables you to create a Shamir Backup for your recovery phrase.
• Dice Entropy
  • Generate your recovery phrase by manually rolling dices, the manual entropy eliminates all trust dependencies on the Secure Element or PRNG (Pseudorandom Number Generator). This also helps with counteracting against the two greatest risks involved with protecting your recovery seed: Theft & Destruction.
• Verifiable Transactions
  • Keystone decodes the details of a smart contract transaction and re-organizes it into a humanly readable format. This will allow you to verify your transaction within minutes via the device's 4-inch touchscreen and prevent you from signing any malicious transaction.
• Secure Your Sensitive Information
  • A built-in self-destruction mechanism will activate and thwart any attempts of physical tampering of your device. All sensitive information including your recovery phrase and private keys will be wiped as soon as the device detects any sort of physical dissembling.
• Protection from Supply-Chain Attacks Supply chain attacks are one of the most serious security threats for hardware wallets because they target vulnerabilities in the logistics process and can happen without anyone's knowledge. Keystone's Web Authentication process will give assurance that your device has not fallen victim to any sort of supply chain attack, for example device tampering.
• Your Shipping Information is Never Revealed
  • They understand how sensitive physical address information can be for crypto hodlers and respect the individual privacy needs of each one of our customers.
• All shipping information is automatically deleted 180 days after your order is placed. You can also request to have it deleted immediately after your device is delivered by contacting them at support@keyst.one

👍 Nice!

🔒 Safe, Secure, and really cool

It's nice to know there are hardware wallets with that much security and a diverse selection to choose from, but that does not mean the others are not secure, they are! If used properly most wallets are very secure, even hot wallets.

There are a lot of new amazing wallets that are extremely capable, secure, and feature rich, and they are:

Going to be covered in Part 2 of this article, to be continued...

<img alt="to be continued" src="https://user-images.githubusercontent.com/104662990/204943683-8e702abd-11a9-443b-a22d-062163744376.png">