Top 3 Crypto Hardware Wallets in South Africa
Crypto hardware wallets offer highest level of protection for your assets. Check out the top picks in South Africa!
When it comes to securing your digital crypto assets, hardware wallets offer the most protection from any form of malicious threats or attacks.
Hardware wallets offer the maximum amount of protection at the cost of extra steps and verification processes, which are arguably negligible for the safety and peace of mind that you get in return.
What is a crypto hardware wallet?
Crypto Hardware wallets are physical devices that store your crypto private keys. They can be quite expensive but are worth the investment if you have a good amount invested in the crypto markets. Hardware wallets are safer than mobile and desktop wallets as they sign transactions offline.
Fun fact: Hardware wallets are also known as cold wallets because they store your crypto assets offline, as opposed to a hot wallet that is always connected to the internet.
Factors to consider when selecting a hardware wallet
Below are some things to consider when choosing a crypto hardware wallet:
- Coin selection: To get the best out of your money, select a hardware wallet that supports all the coins you hold or intend on holding.
- Security: While hardware wallets are the most secure type of wallet, it can be argued that some offer better security than others.
- Features: you may prefer a hardware wallet with particular features. For example, can it connect to my mobile device?
- Usability: Some hardware wallets are easy to use with well-developed user interfaces. Others are built to be used by those with more experience and crypto knowledge.
Crypto hardware wallets in South Africa
The two main competitors in the hardware wallet market are Ledger and Trezor. Most people will purchase one of these 2 brands. We will discuss these 2 wallets as well as a third option, ColdCard.
Ledger is one of the largest and most trusted wallet manufacturers in the world. Their firmware is closed source, meaning nobody can review or test their code for vulnerabilities.
Their interface, Ledger Live, is the easiest to use of all the hardware wallets and is available on both desktop and mobile devices. Their high end wallet, The Ledger Nano X, offers bluetooth connectivity which allows you send and receive your coins on your mobile device without a wired connection.
More details below:
- Visit the official Ledger website for the complete list of supported coins.
- You can compare their devices here.
Trezor is also one of the largest and most trusted wallet manufacturers. Their software and firmware is open source, meaning that anyone can review their code and one does not have to blindly trust their product.
They offer a desktop application Trezor Suite, which you use to manage the crypto stored in your device. Trezor is easy to use, however I find that Ledger Live is more user friendly.
More details below:
- Visit the official Trezor website for the complete list of supported coins.
- You can compare Trezor’s devices by visiting this page.
ColdCard is a bitcoin-only hardware wallet that is trusted by the bitcoin crowd. It is arguably the most secure wallets on the market: Secure element chip, Open source/verifiable code, and full air gap operation. Because the developers only work with bitcoin, there is less room for error when coding.
This also means the developers can pack it with bitcoin features. This wallet is difficult to use and only recommended for experienced bitcoiners.
Air gap operation allows users to send their bitcoin without their hardware wallet ever touching or connecting to the internet. If you only hold bitcoin, and want the most secure option consider adding this crypto wallet to your shortlist.
As prefaced above, choosing the right crypto hardware wallet can bring you peace of mind knowing that your crypto investments are well protected by the highest security standards.
Also important to note, this article is meant to serve as a starting point for those wanting to look into crypto hardware wallets, and to purely provide information and not interpreted as recommendation on behalf of Easy Crypto South Africa. We always recommend doing your own research before making any investment decisions.
With that being said, the wallets highlighted above have a good reputation and solid record for securing cryptocurrency assets. Below are our quick recaps of each one:
- Ledger: Has a user-friendly interface that makes it approachable for beginners. The most expensive model (Nano X) can even connect to your phone via BlueTooth. One downside is that Ledger is closed source, meaning no one can verify their code.
- Trezor: Trezor is also easy to use once you get over the learning curve. No Trezor device can connect to your phone via BlueTooth. Trezor however is open source, making it more transparent and arguably more secure than the Ledger.
- ColdCard: This wallet is the most secure wallet and offers air gap operation. The downside is that it is Bitcoin only and has a steeper learning curve.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated Sep 6, 2022