Now more than ever, protecting cryptocurrency assets is a priority for enterprises across all industries. A hardware wallet provides a strong foundation by keeping your private keys offline, protecting them from any threats online. Since there are many different hardware wallets to choose from, it’s important to do your research when choosing one.

This article unpacks everything you need to know about the best hardware wallets, including Trezor and various Ledger models. It enables consumers and businesses to better understand how to protect their digital property.

Trezor: A Pioneer in Hardware Wallets

The Trezor One, released in 2014, is the world’s first Bitcoin hardware wallet. Its small footprint, about the size of a key, allows great portability. With support for more than 700 cryptocurrencies and ERC-20 tokens, the Trezor One has you covered across the largest possible array of digital assets.

When you’re ready to set up your Trezor One, you create a new PIN code. This code can be 1 to 9 digits long, keeping your identity safe. Users need to diligently note down the 24-word recovery seed phrase given on the Recovery Sheet and keep it safe. This seed phrase is extremely important for recovering the wallet if the device is lost or damaged.

The Trezor Model T offers a new approach. Users can begin using the device immediately without having to back up the wallet with a recovery phrase beforehand. It’s critical that a backup plan is developed quickly to assure security. If someone buys a Trezor Model T, they will need to download Trezor Bridge, since it ships without pre-installed firmware. For Trezors, you first need to reset the device to factory defaults. Next, restore your wallet by entering the seed phrase of 24 words.

Ledger: Versatile and Feature-Rich

Ledger offers two popular hardware wallets: the Nano S and the Nano X. Aside from the very reasonable price point, the Ledger Nano S is well suited for all cryptocurrency users, especially those based in the US and Canada. Compatible with over 5,500 alt coins!

Additionally, the Ledger Nano X is the only hardware wallet that supports Bluetooth, offering you even more convenience. For Australian citizens, both the Ledger Nano S and Ledger Nano X are great choices.

Key Considerations When Purchasing

A hardware wallet comprises two essential components. The hardware element is in charge of verifying and signing transactions, prior to being painted on chain.

Additionally, it’s important to only buy hardware wallets directly from the manufacturer or authorized resellers. There have been multiple documented cases of people accidentally purchasing pre-initialized or fake devices from third party sellers.