Why do the trends of the crypto market in 2022-2024 make it necessary to own a hardware wallet?
The trends of the crypto market in 2022-2024 make it necessary to own a secure hardware wallet.
Since FTX’s abrupt collapse, investors have been on edge concerning liquidity issues that may surface at other centralized exchange platforms. As a result, sales of personal hardware wallets, such as those made by Ledger, Trezor, ELLIPAL, SafePal and CoolWallet, have spiked as long-term holders remove cryptocurrencies from exchanges and into self-custody solutions.
At the same time, the number of malicious external threats against hardware wallets is growing. How and which hardware wallet to choose? Which of the hardware wallets on the market is better and safer?
Why do the trends of the crypto market in 2022-2023 make it necessary to own a hardware wallet?
So, why will buying and owning a secure hardware wallet become a necessity for owners of crypto assets in 2023?
Content:
- Why will buying and owning a secure hardware wallet become a necessity for owners of crypto assets in 2023?
- Trends in the cryptocurrency market
- Trends in the use of custodial solutions for self-storage
- Which of the cold wallets should I choose to ensure the security of my crypto assets?
- TOP 30 best cryptocurrency hardware wallets
- The tendency to increase malicious external threats, protection against which is possible only with the most secure hardware wallet, which would be guaranteed to reduce the attack surface and ensure secure key generation
- The most popular air-gapped hardware wallets
- Which cold hardware wallet is better?
- TOP 4 Best Cold Wallets of December 2022 by Forbes Advisor
- Comparison and choosing of the best hardware wallet
- ELLIPAL Titan Hardware Wallet vs SafePal, vs Trezor and vs Ledger
- Bottom Line
- Methodology by Forbes Advisor
- What Is a Crypto Wallet?
- What’s a Cold Wallet?
- What to know about the ELLIPAL Titan Cold Wallet
Why will buying and owning a secure hardware wallet become a necessity for owners of crypto assets in 2023-2024?
1. Trends in the cryptocurrency market with liquidity problems on centralized exchanges.
2. Trends in the use of custodial solutions for self-storage.
3. The tendency to increase malicious external threats, protection against which is possible only with the most secure hardware wallet, which would be guaranteed to reduce the attack surface and ensure secure key generation.
1. Trends in the cryptocurrency market
Bitcoins Come Off Exchanges at an Accelerated Rate
Looking at exchange holdings, the recent steep decline of bitcoin on exchanges backs this story up. During November, investors withdrew over 190K bitcoins at a value of over $3.3 billion. While some of this flow might be from institutional investors sourcing coins from exchanges to hold in custodial solutions, a trend that has been a hallmark of the cycle since 2020, it seems that given the spike in hardware wallets, the recent phenomenon was likely driven by retail.
Bitcoins Held on Exchane Take a Leg Down
Source: Glassnode, NYDIG
We have highlighted this dynamic in the past, but it is worth revisiting given recent investor concerns about Binance. Through the current cycle, investor behaviors have been very different on Coinbase and Binance, the industry’s two largest exchanges by volume. The number of bitcoins held on Coinbase has steadily declined throughout the recent cycle. In contrast, the opposite has happened for Binance where bitcoins held on the exchange have steadily increased.
Binance's Bitcoin Balances Have Rsen Until Recently
Source: Glassnode, NYDIG
This trend of increasing coin count on Binance abruptly reversed over the past few days as a variety of fears have circulated through the market that resulted in $5.7B being removed from the exchange, roughly 10% of its asset balances. Investors in the Binance USD (BUSD) stablecoin (issued by Paxos) also redeemed about $3.6B worth of tokens. The market has been skittish generally about Binance’s reserve status but also around a potential investigation from the US Department of Justice.
Given the events of the past 6-9 months, investors are understandably skittish about the practices of exchanges, prop trading firms, and lenders. While it is impossible to predict the fate of any of these organizations, the one thing we are confident of is that it will take time for investors to regain the confidence to re-engage in crypto markets. Historically, after one of these cycle drawdowns, prices consolidate and industry chatter quiets down.
2. Trends in the use of custodial solutions for self-storage.
The market was badly shaken due to the fact that FTX and other exchanges stopped withdrawing funds by users, which led to another market collapse.
Due to this, the demand for cold wallets has increased significantly and sales have soared. We assume that you should also be seeing the same rise in demand as well.
During uncertain times such as now, cold wallets can be a sanctuary for many investors to keep their risks low.
Which of the cold wallets should I choose to ensure the security of my crypto assets?
There are about 30 hardware wallet market leaders, a list of which we have presented for you in the table below.
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In addition, we can learn more from the articles and reviews that are published on the HardwareWallets-Guide.com on the website and in our blog.
- What is a Hardware Wallet
- How to choose a hardware wallet: We'll guide you to decide based on security, convenience, price, and more
- How and which Hardware Wallet to choose?
- Comparison table of Hardware Wallets (2022-2024)
- Hardware Wallets Official Online Stores
- Hardware wallets: Articles & Reviews
3. The tendency to increase malicious external threats, protection against which is possible only with the most secure hardware wallet, which would be guaranteed to reduce the attack surface and ensure secure key generation
Security is a key factor when choosing a hardware wallet
Air-gapped Hardware Wallets
It should be no surprise that security is the key consideration when choosing a cryptocurrency hardware wallet. Though illicit activities represented just 0.34% of all crypto transactions in 2020 according to Chainalysis, that still amounted to a massive $523million in stolen crypto. In April 2021 one Coinbase user alone lost $11.6million in just 10 minutes to a fake notification scam.
With so many bad actors on the prowl, the first security consideration of your crypto hardware wallet is how the device protects you from malicious external threats, intent on stealing your cryptocurrency. This should focus on two areas:
- Reducing the attack surface
- Secure Key Generation
Reducing the online attack surface?
Attack surface has nothing to do with soccer tactics. It is a fancy tech security term that describes the sum of entry points where an attacker might try to gain access to systems or data.
Cryptocurrency hardware wallets have to interact with blockchains via the internet to enable you to transact. Most devices rely on a USB connection or BLE - Bluetooth Low Energy - creating a potential attack surface at the point of connection, turning the wallet from cold storage to hot.
The ideal is a hardware wallet that is 100% offline. The only way a cryptocurrency hardware wallet can be 100% offline is if the method of communication is one-way via QR Code, rather than USB or BLE, which tends to be the standard.
Only a few models of hardware wallets have such an "air gap", which guarantee the coldest storage of your crypto assets. These wallets are called "air-gapped hardware wallets".
See the table below.
The most popular air-gapped hardware wallets
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| 5 |  | PASSPORT |  |
These wallets have a built-in USB-C port, but this is isolated from the rest of the device - so the device remains offline - and is used for just two things only: charging and firmware updates.
Firmware updates - accessing newer versions of the device’s operating system - are another potential attack vector, as operating systems are regularly patched and improved. Look for the highest level of firmware/OS security known as the Evaluation Assurance Level (EAL). It runs on a scale from 1-7, with EAL7 being the highest.
The NGRAVE ZERO’s operating system is rated EAL7 - for comparison banks and governments are typically EAL5 certified - and firmware updates will be cryptographically protected and only available through the NGRAVE website.
Related: How to keep your crypto safe after the FTX collapse: Basic methods
Which cold hardware wallet is better?
In accordance with the multi-factor comparison methodology, Forbes Advisor has identified the 4 best cold hardware wallets in 2022. In comparison with the wallets Trezor, Ledger, SafePal - air-gapped ELLIPAL Titan Cold Wallet received the highest rating.
Air-gapped ELLIPAL Titan Cold Wallet never been hacked.
TOP 4 Best Cold Wallets of December 2022 by Forbes Advisor
Cold wallets are physical gadgets designed to store crypto in a format that is not connected to the internet, enhancing security. They are typically hardware devices, and some even look like USB sticks.
Whatever their form factor, a cold wallet provides cold storage for your crypto keys. This greatly reduces risks associated with hacking, but cold wallets lack many of the additional trading and integration features prevalent among hot wallets.
Forbes Advisor has also included the SafePal hardware wallet in the section "The Best Cold and Hot Wallets in 2022-2023".
Comparison and choosing of the best hardware wallet
ELLIPAL Titan Hardware Wallet vs SafePal, vs Trezor and vs Ledger
ELLIPAL, Ledger, Trezor and SafePal hardware wallets are among the most popular hardware wallet users. However, in addition to the general property - reliable protection of your crypto assets (first of all), these wallets have some differences. Let's compare their main parameters and consumer properties.
In the hardware wallet market, there are several dozen hardware wallet offers from both leading manufacturers and promising start-up companies. The leaders among hardware wallets are:
- Trezor (Model One, Model T)
- Ledger (Nano S, Nano S Plus, Nano X)
- ELLIPAL (ELLIPAL Titan, ELLIPAL Titan Mini)
- SafePal S1
Which of these wallets to choose, which parameters should be taken into account when choosing a wallet that is right for you and provides maximum protection for your crypto assets? It is also important to take into account the price of the device.
When choosing a hardware wallet, it is recommended to consider the following parameters by which you should compare hardware wallets and choose the most acceptable option for you:
1. Supported Currencies, Coins.
2. How you actually access your crypto.
3. Ease of Use & User Suitability
4. Supported Operating systems
5. Wallet Backup and restore coins
6. Security Features
7. Manufacturer’s Credibility & Reputation
8. Portability
9. Costs and Prices; Discounts and Codes
10. Independent reviews; consultations with experts, professionals, and experienced users of hardware wallets.
Compare the models of hardware wallets from leading manufacturers according to various technical and functional characteristics and choose the best option for yourself.
By considering these important features, you'll have a much better idea of which hardware wallet is right for you.
Use a comparison table:
 COMPARISON TABLE OF HARDWARE WALLETS * | ||||
| Logo | | | | |
| Model | Ledger Nano X | TREZOR Model T | ELLIPAL Titan | SafePal S1 |
| Image |  |  |  |  |
| Platform | Windows, MacOS, Linux, Android, Chrome OS, iOS | Windows, Mac, Linux, Android | Android, iOS | Android, iOS |
| Brand | Ledger | SatoshiLabs | ELLIPAL | SafePal |
| Altcoin Support | Yes | Yes | Yes | Yes |
| FIDO U2F Authenticator | Yes | Yes | Yes | - |
| Supported Coins | 90+ | 51 | 33+ | 32+ |
| Open Source | No | Yes | No | Yes |
| Weight | 34g | 16g | 138g | 28g |
| Interfaces | Bluetooth, USB-C | microSD, USB-C | Camera | Camera |
| Size, mm | 72x19x12 | 64x39x10 | 119,4x64x9,9 | 119x65x10 |
| Screen 2FA | Yes | Yes | Yes | Yes |
| Exchange integration Direct swap between crypto integration into the software | Yes. Buy and Sell Crypto | Yes. Buy and Sell Crypto | Yes | Yes |
| Integrated exchange platforms; Fiat-to-Crypto Gateways | Changelly, Coinify Wyre | Changelly, ChangeNow, CoinSwitch, ChangeHero, Fox.Exchange, MorphToken | Changelly Simplex MoonPay | Simplex |
| Sale Price (Official online store): Tax and duty not included | $149.00 | €219.00 | ELLIPAL Titan $139.00 ELLIPAL Titan Mini $79.00 | $49.99 |
| Sales, discounts, coupon codes | Yes | Yes | Yes | Yes |
| Online Store |  |  |  |  |
| Learn More |  |  |  |  |
*) - An interim change of product specifications, prices, delivery time and costs is possible.
Ledger Nano S
Ledger is one of the most well-known brands in the hardware wallet market thanks to it being one of the first brands to establish itself. Users like the Ledger Nano S for its affordable price and simple design that looks like a USB. To use the Ledger Nano S, the user must download a Ledger Live App to their PC and set up the wallet through the PC. The Ledger Nano S has 2 buttons and a small screen on the device that is used for authorization during wallet creation and transactions. However, some users may find the small buttons and screens difficult to navigate.
Although the Ledger Live App is well-made and simple to use, there is one major issue with the Nano S that users may find frustrating. To store a certain coin on the Nano S, users must manually install an APP for that coin from the Ledger Live App into the Nano S. Only 5 Apps can fit into the Nano S at a time meaning the Nano S can only hold 5 currencies at a time. This means you will need multiple Nano S if you are holding many currencies.
- Pros: Popular brand, affordable price, small size, Ledger Live App is simple to use.
- Cons: Must be used with PC through USB cord, must keep installing and uninstalling Apps, small buttons and screen.
- One drawback of this cryptocurrency hardware solution is it experienced a hack in July 2020, in which 1 million email addresses were leaked. The shipping information required to purchase an item was stolen. Ledger hired a new chief information security officer in response to the hack.
- While there are many plus points with Ledger, customer service is limited to submitting an online ticket and scrolling through a FAQs page.
Ledger Nano X
Ledger Nano X The upgrade for the Ledger Nano S but also comes with a bigger price tag. It also comes with a larger data storage so more Apps can be installed inside the Nano X at once and some major currencies are already pre-installed. The biggest change of all is that you can now access your coins through the Ledger Live smartphone App instead of your PC and it works with the Nano X through Bluetooth. Being able to use the Ledger wallet through their smartphone is a big plus for many users.
- Pros: Support smartphones users.
- Cons: Data storage is still limited, Bluetooth connection can be a security risk.
- One drawback of this cryptocurrency hardware solution is it experienced a hack in July 2020, in which 1 million email addresses were leaked. The shipping information required to purchase an item was stolen. Ledger hired a new chief information security officer in response to the hack.
- While there are many plus points with Ledger, customer service is limited to submitting an online ticket and scrolling through a FAQs page.
ELLIPAL Titan Cold Wallet
ELLIPAL is a cryptocurrency wallet start-up that started selling its hardware wallets in 2018. It quickly gained popularity among hardware wallet experts because it came with a new and effective security design not used before in hardware wallets - true air-gapped security.
Air-gapped refers to a device that cannot be connected to any online networks or any devices - this includes WiFi, Bluetooth, USB, Cellular connections, and so on. This means the ELLIPAL Titan is protected from every type of online attack which makes it incredibly secure compared to other hardware wallets. While the Ledger may carry risks when it connects with Ledger Live App through USB or Bluetooth, the ELLIPAL Titan eliminates that risk.
ELLIPAL Titan is known for using a technical solution to ensure the security of a hardware wallet - an air gap. The air gap isolates your hardware wallet physically, electromagnetically, and electronically.
Another big plus for the ELLIPAL Titan is that its frame is completely made out of a single piece of metal making it incredibly strong. If a hacker tries to crack it open, it will inevitably leave obvious damages. It also has anti-tamper capability, meaning the device can automatically delete every data when it detects a breach. This is huge security plus compared to other wallets as it can protect you against actual thief and supply chain attacks.
Last but not least, the ELLIPAL Titan also pinpoints one pain point Ledger users have which is not being able to access many currencies at once. On the ELLIPAL Titan, you can create multiple accounts on one device and each account can hold every coin that the ELLIPAL supports. No need to install anything which is very convenient.
The ELLIPAL is also very easy to use for every age group as it got a large touch screen. You will need to download the ELLIPAL App for your mobile phone. It works similarly to the Ledger and the Ledger Live but the main difference is that ELLIPAL uses QR code to communicate with the App instead of USB or Bluetooth.
- Pros: Very high-security thanks to being air-gapped, Protects against physical attacks, can store many currencies under one account.
- Cons: Priced a little higher than the Ledger, has some weight to it as it is made out of metal.
ELLIPAL Titan: Get a discount of $ 5
Use the Coupon Code "178490" and get a discount of $ 5 when buying an ELLIPAL Titan hardware wallet in the official ELLIPAL online store.
Trezor Model T
Trezor is the first company to sell hardware wallets and is loved by early adopters of cryptocurrency. It is created by Satoshi Labs - a very capable development team and the software is open-sourced. The Trezor is used more by experts in comparison to beginners as it is not as simple to set up. However, the software gives you plenty of freedom, for example, you can connect it to other wallets such as Mycelium, Metamask, meaning it is not bound only to the Trezor App.
The Trezor Model T comes at a high price but it does have a small touch screen to input digit pins and a USB port to connect with a PC or phone.
Every Trezor has a PIN code that never leaves the wallet. It makes sure that if the PC or phone the wallet is using is compromised, the PIN will not get stolen. The PIN system in Trezor also has an inbuilt system that prevents any brute-force attempts. After each incorrect guess, the waiting time between the guesses is raised by a power of two. Making 30 guesses will take as much as 17 years. This makes it very difficult to hack the Trezor without knowing the PIN code.
- Pros: High-profile development team, has a strong history in the crypto space, touch screen.
- Cons: High price, not wireless, not resistant to physical attacks.
- Security flaws identified in 2019
- Despite its reputable brand, Kraken claimed that its labs identified a critical security flaw with two Trezor models in a January 2020 announcement.
ELLIPAL Titan vs SafePal S1
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ELLIPAL hardware wallets and the SafePal are among the most popular among hardware wallet users. However, in addition to the general property - the presence of an air gap, these devices have some differences. In addition, they are strong competitors to the industry leaders - Ledger and Tresor hardware wallets. Let's compare the main parameters and consumer properties of ELLIPAL and SafePal.
SafePal is also a hardware wallet company that launched its first model, Safepal S1 in 2020. There are many similarities between these wallets but there are also strong differences that pull them apart. In this article, we will compare the two hardware wallets on the points that matter to you, as a trader.
Air-gapped Security
What the ELLIPAL Titan and SafePal S1 have in common is that both works without needing to physically connect to a computer via a USB cord or to a mobile phone via Bluetooth. This makes the system air-gapped because it will never get a chance to connect with anything online and risked getting hacked. This can be compared to other hardware wallets such as Ledger or Trezor that have to be linked with a PC to use. In this case, both Ledger and Trezor are not air-gapped.
Nonetheless, hardware wallets still need to be able to transfer data to an online proxy to allow the user to access their crypto. Instead of USB or Bluetooth connections, hardware wallets like ELLIPAL and SafePal use the QR codes scanning method and uses.
Being air-gapped brings many security benefits including it being impossible to be hacked through any online means. For example, if your computer is hacked, connecting a hardware wallet to access your funds via the computer may lead to your wallet being hacked and crypto being stolen. This is because the hacker can find a way to access your hardware wallet the moment the connection with the computer is established. For wallets like ELLIPAL, there is no connection so hackers can't gain access.
Hardware Security
The hardware is where the ELLIPAL Titan and SafePal S1 see a lot of differences. The ELLIPAL's system is placed inside a strong, 100% one-piece metal frame. A touch screen is then placed on top and sealed tightly to create a strong seamless piece of hardware. On the other hand, the SafePal S1's is made out of plastic and has a small screen and navigation buttons. Both devices have batteries inside for charging and a camera for QR code scanning.
A special feature about the ELLIPAL that many other hardware wallets don't have is its anti-tamper and anti-disassembly features. If a hacker or a thief tries anything to access the system such as prying it open, the ELLIPAL's system will detect it and automatically deletes every data on the wallet and make the wallet unusable. This protects the data of the user and also prevents crimes like supply-chain attacks. Users who received an ELLIPAL can always be sure that the wallet is safe to use because if it has been hacked or modified before, it won't be usable the moment you received it.
In top of that, the ELLIPAL is already very difficult to pry open thanks to how it is manufactured. If a hacker successfully pries it open, it will leave serious physical damage; and as you may know, nobody uses a damaged wallet.
Coin Support
ELLIPAL currently supports 40+ blockchains and all of their tokens while Safepal supports 20 blockchains and all of their tokens. ELLIPAL is now supporting more coins than SafePal.
ELLIPAL Titan vs SafePal S1: Conclusion
The ELLIPAL Titan and SafePal S1 are both very secure considering their air-gapped protection. In terms of protection from online attacks, they are more secure than both the Ledger and Trezor. They are also easy to use as users only need to download an APP on their phone and use it by only scanning QR codes.
However, the ELLIPAL Titan stands out due to its solid metal build that makes it strong against physical attacks and supply chain attacks as well. It is easy to not worry about dropping the ELLIPAL or damaging the ELLIPAL compared to the SafePal. ELLIPAL also has double the coin support as SafePal meaning users will have more choices if they use the ELLIPAL.
On the downside, customer service on SafePal is limited. Users have to fill out a “submit a request” form for support. Not intuitive for beginners.
Note: Keep in mind the following tips that will help ensure the security of your hardware wallet, and therefore your crypto coins and tokens:
- No wallet is 100% secure. If you want to ensure the safety of your funds, the buck stops with you. The most secure wallet in the world is useless unless you properly follow wallet setup or security instructions, so exercise caution at all times.
- Only buy from a reputable seller. Only buy hardware wallets direct from the manufacturer or an authorised reseller since buying a second-hand wallet puts you at risk of hacking and theft. The list of official online stores of leading manufacturers of hardware wallets can be found here.
- Keep private details private. You should never disclose your hardware wallet's secure PIN and your crypto private keys to anyone.
- Don't lose your recovery seed. You need your recovery seed to access your crypto coins if your wallet is lost or stolen, so make sure you write this seed on a piece of paper and keep it safe. Better yet, write it on several pieces of paper and keep them all in separate but secure places. Consider purchasing a recovery phrase backup device like CRYPTOTAG for even greater peace of mind. CRYPTOTAG provides you with a safe way to save your hardware wallets recovery seed. The letters of the individual words of the Recovery Seed can be embossed into extremely resistant titanium with a single hammer blow. This keeps your backup much safer than on simple paper. You can find out in detail how this works in the review.
Bottom Line
The trends of the crypto market in 2022-2023 make it necessary to own a secure hardware wallet.Since FTX’s abrupt collapse, investors have been on edge concerning liquidity issues that may surface at other centralized exchange platforms. As a result, sales of personal hardware wallets, such as those made by Ledger, Trezor, ELLIPAL, SafePal and CoolWallet, have spiked as long-term holders remove cryptocurrencies from exchanges and into self-custody solutions.
At the same time, the number of malicious external threats against hardware wallets is growing.
The tendency to increase malicious external threats, protection against which is possible only with the most secure hardware wallet, which would be guaranteed to reduce the attack surface and ensure secure key generation
Security is a key factor when choosing a hardware wallet.
With so many bad actors on the prowl, the first security consideration of your crypto hardware wallet is how the device protects you from malicious external threats, intent on stealing your cryptocurrency. This should focus on two areas:
- Reducing the attack surface
- Secure Key Generation
The ideal is a hardware wallet that is 100% offline. The only way a cryptocurrency hardware wallet can be 100% offline is if the method of communication is one-way via QR Code, rather than USB or BLE, which tends to be the standard.
Only a few models of hardware wallets have such an "air gap", which guarantee the coldest storage of your crypto assets. These wallets are called "air-gapped hardware wallets".
In accordance with the multi-factor comparison methodology, Forbes Advisor has identified the 4 best cold hardware wallets in 2022. In comparison with the wallets Trezor, Ledger, SafePal - air-gapped ELLIPAL Titan Cold Wallet received the highest rating.
Air-gapped ELLIPAL Titan Cold Wallet never been hacked.
ELLIPAL Titan is known for using a technical solution to ensure the security of a hardware wallet - an air gap. The air gap isolates your hardware wallet physically, electromagnetically, and electronically.
While most hardware wallets use USB or Bluetooth, ELLIPAL Titan with its ELLIPAL app only uses QR codes to sign transactions. ELLIPAL Titan is incompatible with Wi-Fi, Bluetooth and cellular, blocking all physical connections.
This feature is the main feature of the wallet and its main competitive advantage over some other hardware wallets (Ledger Nano S, Ledger Nano X, Trezor Model T).
Thus, it protects your device from network and remote attacks, and using a self-destruct mechanism - from unauthorized access during possible autonomous attacks. If he finds a serious violation, he will delete all information (private keys) stored inside. You always have the seed to rebuild your wallets, if that happens, of course.
The ELLIPAL Titan has a 4-inch color touchscreen, so you can easily customize it and see clearly all the transactions you sign.
It is best to store your assets in secure cold wallets like the ELLIPAL Titan and ELLIPAL Titan Mini. By taking your coins off exchanges and storing them in cold wallets, you have full custody of your coins and you can create backups as necessary. Cold wallet protection also assures you that your crypto will not be hacked and will be kept secure as long as you don't expose your private keys.
Methodology by Forbes Advisor
Forbes Advisor performed an in-depth assessment of the features and options offered by the leading crypto wallets. The data was collected between Aug. 1 and Oct. 7, 2022. From the data gathered, each wallet was scored and assessed based on seven key variables:
- Stablecoins. The number of popular stablecoins supported, with particular emphasis on Tether, USDC, Dai, TrueUSD and Paxos Standard.
- Top cryptocurrencies. The number of supported major cryptocurrencies by market capitalization. We put a specific focus on the availability of the most popular 20 cryptocurrencies.
- Usability. The approach for this metric differed for Best Exchange/Hot Wallets and Best Cold Wallets. But both types of wallets were measured for exchange integration(s) and staking accessibility. This metric also measures utilization, such as the ability to convert coins within the wallet.
- Customer service. Types of customer support available, ranging from phone, email and live chat to 24/7 support, as some prime examples.
- Costs and fees. Fee structures were assessed differently for Best Exchange/Hot Wallets and Best Cold Wallets. Fees for Best Exchange/Hot Wallets were assessed on a range of costs of fees charged to users, such as fees for moving coins in or out of a wallet, associated conversion costs and transactional costs. Additional data sets were used to evaluate costs and fees for Best Cold Wallets, such as the initial cost for a hardware storage solution.
- Security. With security paramount when it comes to crypto storage, security was heavily weighted in the scoring of Best Exchange/Hot Wallets and Best Cold Wallets. Some of the features assessed in both rankings include whether the wallet recoups stolen assets and provides several security measures (e.g., two-factor authentication, password encryption, etc.). Previous security breaches or hacks were also noted.
- Additional features. Other areas measured include, but are not limited to, whether the wallet provides educational resources and live charts and support for non-fungible tokens.
For each ranking, the sum of weighted values across all or some of these key factors was calculated to award each crypto wallet an overall rank.
What Is a Crypto Wallet?
Cryptocurrency exists as nothing more than a string of code on a larger blockchain. When you purchase a crypto, such as Bitcoin or Ethereum, your proof of ownership is based on a public key and a private key.
The public key is like your bank account number: It tells you where your crypto is, but it doesn’t provide access to it. The private key identifies you as the “true owner.
”If you lose the private key, you could lose access to your crypto. Likewise, any person who gets ahold of your private keys has full access to your crypto.
There’s a popular expression in the crypto world, “Not your keys, not your coins.” If you don’t control your keys, you don’t have full access to your crypto assets.
What’s a Cold Wallet?
Generally, A more secure type of wallet is a “cold” wallet. These hardware wallets come in several shapes and sizes, and they can be a USB stick that connects to the web or a device that scans a QR code, linking to a software application.
Hardware wallets help keep your private keys safe from hackers who would need to steal the physical wallet to gain access and usually involve a PIN as an extra layer of security.
You can typically purchase a hardware wallet for between $50 and $150, although there are some higher-priced options, too.
What to know about the ELLIPAL Titan Cold Wallet
If you have purchased yourself an ELLIPAL Titan hardware wallet, you are already on your way to securing your cryptocurrency in the most secure air-gapped cold wallet. However, it is also important for you, the user, to understand the basics of this wallet in order to keep your crypto secure at all time.
ELLIPAL Titan Cold Wallet, ELLIPAL, App, ELLIPAL Titan Mini
What is the purpose of the ELLIPAL Titan?
The ELLIPAL Titan helps you create your cryptocurrency account in a secure and offline environment. This consists of creating your private key and the public key. The public key is shared to the App and the private key will be kept securely within the ELLIPAL Titan, protected from any hackers. The ELLIPAL Titan is also used when users want to securely sign for a transaction.
What is the purpose of the ELLIPAL App?
The ELLIPAL App is designed to be paired with the ELLIPAL Titan. The ELLIPAL Titan simply pairs with the ELLIPAL APP via QR code and now, the APP now has all of your addresses. The addresses sync up with the blockchain and allows you to view your balance and create transactions. You cannot view your balance on the ELLIPAL Titan because it is completely offline.
You can also create an account directly on the App, this will create a hot wallet account.
How ELLIPAL keeps your Bitcoin and other Crypto secure?
The ELLIPAL Titan has 3 main security points:
1) Air-gapped: From the chip set level, the ELLIPAL Titan does not support any type of connections (USB, Bluetooth, WiFi etc.). This means the ELLIPAL Titan cannot be attacked in anyway through a network or another device unlike other hardware wallets. Your crypto will always be kept safe and offline.
2) Anti-Tamper: The ELLIPAL Titan is built strongly to prevent physical hacks. The unit is built upon a durable metal frame, hackers cannot crack open the device without causing permanent damage to the unit. If a hacker try to crack open the unit, the system will automatically deletes itself, protecting your crypto.
3) Trustless Trust: The ELLIPAL Titan is all about being transparent. All QR code coming out of the ELLIPAL Titan can be verified with any QR code scanner. Users can prove to themselves that every QR code is correct and contains the right information. A large screen also allows user to double-check their transactions and make sure they are always sending to the correct address. Lastly, the ELLIPAL Titan allows private keys and recovery seed import from user's own trusted source so their is no need to trust ELLIPAL's code.
Can ELLIPAL be hacked?
The ELLIPAL Titan is 100% air-gapped, meaning there is no way for it to be hacked remotely. The ELLIPAL Titan also has anti-tamper protection to prevent offline attacks such as theft and supply chain attacks.
How transactions work?
Transactions are firstly created on the App. The App sends the transaction information to the ELLIPAL Titan via QR code. The ELLIPAL Titan then confirms the transaction within the software using your private key and issues a confirmation QR code. The App scans the QR code, confirms the transaction and your crypto is sent.You can also create an account directly on the App, this will create a hot wallet account.How transactions work?
Transactions are firstly created on the App. The App sends the transaction information to the ELLIPAL Titan via QR code. The ELLIPAL Titan then confirms the transaction within the software using your private key and issues a confirmation QR code. The App scans the QR code confirms the transaction and your crypto is sent.
ELLIPAL Cold Wallet
ELLIPAL is the only air-gapped wallet in the world, which has a full product line to ensure transactions with cryptocurrencies, buy and sell, store your bitcoins, stablecoins, cryptocurrencies and to ensure their security. All in one product -
- ELLIPAL Titan Cold wallet
- ELLIPAL Titan Mini
- ELLIAL App
- ELLIPAL Seed Phrase Steel
- ELLIPAL BUNDLE
- ELLIPAL JOY Seed Phrase Generator
- ELLIPAL Adapter
- ELLIPAL Lock
- and even ELLIPAL Leather cases.
You can order a ELLIPAL Titan Cold Wallet and bundles at the ELLIPAL Official Online Store with a discount of up to 30% and receive shipping to any country in the world in 2-3 days. You can get a leather case for free!
Learn more about the best TOP 30 hardware cryptocurrency wallets
You can see this list here.
TOP 29 Hardware Wallets, the Official Online Stores
| 1 |  | Trezor hardware wallet, the official online store |  |
| 2 |  | Ledger hardware wallet, the official online store |  |
| 3 |  | KeepKey hardware wallet, the official online store |  |
| 4 |  | BitBox02 hardware wallet, the official online store |  |
| 5 |  | CoolWallet hardware wallet, the official online store |  |
| 6 |  | ELLIPAL hardware wallet, the official online store |  |
| 7 |  | D'CENT hardware wallet, the official online store. |  |
| 8 |  | SafePal hardware wallet, the official online store |  |
| 9 |  | SecuX hardware wallet, the official online store |  |
| 10 |  | BC Vault hardware wallet, the official online store |  |
| 11 |  | BitLox hardware wallet, the official online store |  |
| 12 |  | Keystone hardware wallet, the official online store |  |
| 13 |  | ProKey hardware wallet, the official online store |  |
| 14 |  | NGRAVE hardware wallet, the official online store |  |
| 15 |  | Keevo hardware wallet, the official online store |  |
| 16 |  | GridPlus hardware wallet, the official online store |  |
| 17 |  | Ballet hardware wallet, the official online store |  |
| 18 |  | OPOLO hardware wallet, the official online store |  |
| 19 |  | Foundation (Passport) hardware wallet, the official online store |  |
| 20 |  | ImKey hardware wallet, the official online store |  |
| 21 |  | Tangem hardware wallet, the official online store |  |
| 22 |  | HashWallet hardware wallet, the official online store |  |
| 23 |  | Material Bitcoin hardware wallet, the official online store |  |
| 24 |  | ShieldFolio hardware wallet, the official online store |  |
| 25 |  | OneKey hardware wallet, the official online store |  |
| 26 |  | Blockstream Jade hardware wallet, the official online store |  |
| 27 |  | Cypherock hardware wallet, the official online store |  |
| 28 |  | Keepser hardware wallet, the official online store |  |
| 29 |  | NEXA hardware wallet, the official online store |  |
TOP 20 Best Metal Cold Storage Seed Phrase Backups, the Official Online Stores
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