How to choose a secure hardware wallet for cryptocurrencies

Ruheni Mathenge Last updated: September 17, 2022 Read time: 13 minutes Disclosure

Hardware cryptocurrency wallets are a must-have device for any cryptocurrency enthusiast wanting to keep his assets secure and offline. This article covers the basics needed to choose a wallet correctly.

Sneak peek at using a secure crypto hardware wallet

While using a hardware wallet to store cryptocurrencies is obvious, what’s crucial is picking up the right one that keeps your digital assets secure. It’s a bit tricky, and you must consider several factors before randomly jumping on the bandwagon. But once you reach the destination, you can trust your digital assets’ safety with the wallet. This detailed guide elaborates on choosing a secure hardware wallet to store your digital assets.

If you are taking your first steps into the cryptocurrency ocean, you must learn about choosing a secure “cold wallet” or hardware wallet. Do you know the type? Those things that look like USB sticks but are not?

But what are those things, anyway? And why are they all the rage for crypto investors suddenly? Are they really that safe?

This article will tell you what these hardware wallets are, how they keep your digital assets safe, and how to pick the one that will suit you best. 

So let’s begin with the basics.

Cryptocurrency wallets 101

Although, most crypto enthusiasts often recommend using a hardware cryptocurrency wallet. However, for new cryptonauts, choosing the right wallet, especially a bulky hardware gadget, sounds weird, particularly when plenty of alternatives are available. So, to help you understand better here’s a quick breakdown of the different categories of cryptocurrency wallets.

Web wallets

These wallets are available through a web browser. They are usually a service provided by a third party, such as a cryptocurrency exchange. All you need to have is an account as a web wallet user. No software downloads or clients can save a lot of time and energy. However, the user’s assets are stored in a third party’s vault, and such websites can (and have been) compromised. The result can be the total loss of the cryptocurrency. The best use for web wallets is to keep a small number of tokens you use for frequent transactions. But this is not a type of wallet in which you should keep a large number of tokens or any amount for an extended period.

Desktop wallets