8 Best Cold Storage Wallets 2025 (Expert Recommended)
Key Takeaways
- The best cold storage wallet depends on what you value — security, design, price, and/or ease of use.
- Ledger Nano X is the best option for beginners, NGrave Zero is best for security, while Trezor Safe 3 is best for affordability.
In this guide, we’ll walk through some of the best cold storage wallets that can help you keep your cryptocurrency secure for the long-term. Our panel of experts reviewed dozens of options on the market, and selected the eight best based on user experience, security features, design, price, and ease of use.
Why do I need a cold storage wallet?
Cold storage wallets are considered the best option for long-term security — especially compared to ‘hot wallets’ (software wallets connected to the Internet). Let’s walk through some of the advantages of cold storage wallets:
- Strong storage: Because cold storage wallets store your cryptocurrency offline, they’re considered the best choice to prevent hacks.
- Hardware-based security measures: Many cold storage wallets use Secure Element chips to protect against tampering and brute-force attacks.
- Support for multiple cryptocurrencies: Most cold wallets support a wide range of digital assets, allowing you to securely store all the cryptocurrencies you own.
- Backup and recovery options: Seed phrases (usually 24 words) are provided as backups, allowing users to recover their wallets in case of an emergency.
- Integration with software interfaces for transactions: Many cold storage wallets can interact with hot wallets to allow you to easily make transactions.
Cold wallets vs. Hot wallets
Cold wallets offer different benefits than ‘hot wallets’ (software wallets like Coinbase Wallet and MetaMask that are constantly connected to the Internet. Let’s walk through them:
Cold wallet security features
Here are some features you should keep in mind when selecting a cold wallet.
- Secure Element chips: These chips securely store private keys and handle cryptographic operations, offering a higher level of protection against attacks.
- PIN protection and optional passphrases: Many cold wallets come with PINs and additional passphrase options for increased security.
- Air-gapped functionality: Some wallets (e.g., COLDCARD) are air-gapped, meaning they are never connected to the internet — essentially making your crypto immune to online attacks.
- Open-source software: Software transparency allows the community to audit, review, and fix potential vulnerabilities.
- Physical tamper-evident design: Many cold storage wallets are designed with tamper-evident features, so unauthorized individuals cannot access your holdings.
How to set up and use a cold wallet
Let’s walk through 5 steps to help you get started using your cold storage wallet.
- Purchase a reputable cold storage device: To avoid counterfeit devices, buy from an authorized retailer.
- Follow the setup instructions: When you set up your wallet, carefully follow the manufacturer’s instructions.
- Generate and securely store the recovery phrase: Write down your recovery phrase (usually 24 words) and store it in a safe place. Remember, this phrase can help you recover access to your wallet in the event of an emergency.
- Transfer cryptocurrencies to the cold wallet: Use the wallet address to transfer your assets to your cold wallet.
- Verify transactions on the device: To protect yourself against hacks, carefully review and verify transactions you make on your wallet.
What are the disadvantages of cold storage wallets?
- Higher initial cost: While software wallets are free to use, you need to pay for a cold wallet.
- Less convenient for frequent trading: Cold wallets are best for long-term storage, so they may not be as convenient for frequent transactions.
- Risk of physical damage, loss, or theft: If your device is damaged, lost, or stolen, you could lose access to your assets unless you have a backup of your recovery phrase.
- Potential for user error: Incorrect setup or failure to securely store the recovery phrase could mean losing access to your assets.
- Firmware updates may require additional steps: Unlike software wallets that automatically update, cold wallets sometimes require manual action for firmware updates.
- Limited functionality: Cold storage wallets generally don’t support features like direct crypto purchases or built-in exchanges.
How long do cold wallets last?
The lifespan of a cold wallet depends on various factors, including the build quality of the hardware and how well it’s maintained. On average, a well-maintained cold wallet can last between 5 to 10 years.
Technological advancements in cryptocurrency and security standards may render older wallets obsolete, so it’s a good idea to periodically check for updates and consider upgrading devices every few years.
Remember, it’s important to backup your cold wallet to make sure that you can recover your assets in any scenario.
Conclusion
The best cold storage wallet depends on your specific needs, whether it’s versatility, security, or design. Before you make a purchase, be sure to understand exactly what you’re looking for.
Frequently asked questions
- What are the disadvantages of a cold wallet?
Cold wallets can be expensive, less convenient for frequent trading, and vulnerable to physical damage or loss.
- Do I really need a cold storage wallet?
If you're storing significant amounts of cryptocurrency for the long term, a cold storage wallet might be the best option to keep your crypto secure.
- Can you lose crypto in a cold wallet?
Yes. If you lose the cold wallet or fail to securely store the recovery phrase, you can lose access to your crypto.
- Do cold wallets need private keys?
Yes. Cold wallets store private keys securely offline to protect your crypto assets.
- How long do cold wallets last?
Cold wallets can last 5 to 10 years with proper maintenance, but technological advancements may necessitate an upgrade over time.