Best Cold Wallet 2022

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What Is a Cold Storage Cryptocurrency Wallet?

Today, the issue of storing and circulating cryptocurrency is much more acute than it was before. Changes in the laws of countries, which are aimed at increasing control over the circulation of the crypto, naturally push crypto enthusiasts to look for the most secure way to store their assets. In this article, we will explain why cold hardware wallets are the most reliable, present their strengths and weaknesses, and give recommendations on how to handle them safely.

A cold storage cryptocurrency wallet is a special physical storage device on which cryptocurrency is stored and remains available without an Internet connection.

The main reason for its reliability and security is complete independence from third-party servers. A cold wallet is not tied to any exchanges or online platforms – they store your assets in the same way as a flash drive stores files, but with the bonus of encryption.

The second reason why cold crypto wallets are the best option for protecting crypto assets and transactions is the special encryption of operations, the keys to which are unknown even to the owner of the device.

Unlike warm wallets (software on mobile or PC) and hot wallets (online services), each transaction with a cold wallet requires physical confirmation from the owner. Here you do not need to enter codes for transactions manually (like a paper wallet), but access to the account on the device is possible only through a PIN code or a button, and you have to enter it for each action.

Thus, the main feature of a cold wallet is the inability to hack it from the outside, but the main disadvantage is also associated with it  – the risk of losing or breaking the device without the possibility of online access, and in some cases, the restoration of all assets on it.

Of course, there are a lot of manufacturers and types of cold cryptocurrencies wallets – if you want to find and buy the best cold wallet 2022, the most suitable one for yourself, use one of the websites of official distributors. Such sites usually guarantee that the buyer receives an original new wallet, technical support in the language of your country, and a guarantee for the device.

Important: Avoid buying wallets from your hands, as they can be reflashed to steal funds when making transactions.

How to Use a Cold Cryptocurrency Wallet?

After the first launch and setting up a crypto wallet cold storage in accordance with the instructions in the kit, the moment comes for the first transaction.The procedure differs slightly between the types of wallets – if in the case of cards everything is done only through an application where you scan the card for transactions, then the SecuX, Ledger and Trezor devices require additional steps – the approximate order is as follows:

Go to the application associated with the wallet on a laptop, desktop or mobile device;

Connect the hardware wallet to the device;

Enter the pin code set at the first start;

Open the currency with which you will conduct the operation on the hardware wallet.

After that, the actions change depending on whether you are sending or receiving cryptocurrency:

To receive: click "Receive", copy the address to receive, paste it into the field of the site or application from which you send the crypto to yourself or send it to the person from whom you are waiting for the transfer, and confirm. You can use the address to receive the crypto several times, but for your safety, the wallet will generate a new one for each operation, so it is better to use it.

To send: Click "Send", copy the address you will send to, paste it into the application, enter the amount and confirm.

Remember that this instruction is very general: depending on the interface of the best cold storage wallet 2022 you have chosen, the procedure may change – for example, you will first select the type of transaction and only then the cryptocurrency. 

Where and How to Store a Cold Crypto Wallet? 

If you are afraid for the integrity of your data and at the same time rarely make transactions with crypto, then some secure place, access to which is restricted for other people, is well suited for storing a hardware wallet, for example, a safe or a safe deposit box.

If you do transactions several times a day, then it is better to keep your wallet in a safe place at hand – a lockable shelf in a closet or desk, a wallet or purse that you always carry with you.

Before choosing where to store your device, consider its climate characteristics – some hardware wallets do not survive low or high temperatures, as well as high humidity, as they can negatively affect batteries and chips.

Hardware Wallet Safety Guide

Never tell strangers about your crypto wallet cold storage and the amount of assets on it;

Do not give others, even the closest people, access to your wallet;

Do not use your wallet on dubious devices – although they are protected from outside access, including from a PC, technology does not stand still and scammers can at any time come up with a way to gain access to you through a poorly protected computer or phone;

Carry out transactions without haste, verifying all data before confirmation;

Do not place the device in a place where it can fall, be subjected to heavy physical impact;

Avoid storage in damp places and avoid contact of the device with liquids;

Do not connect your wallet to unstable networks;

Do not store large amounts of crypto on wallets that do not have a recovery phrase (SEED phrases);

Enable all available protection methods for related applications and the wallet itself;

Do not use a crypto wallet that has previously been assigned a recovery phrase and/or pin code by someone.

What Is the Best Cold Storage Wallet 2022?

What is the best cold wallet 2022? Currently, among the multi-currency hardware wallets, SecuX can be mentioned. Wallets of this brand are more massive compared to other devices and all have a touch screen. CoolWallet  is another simple and reliable hardware wallet. 

Hardware Crypto Wallets FAQ

This section contains generalized answers to the FAQ on hardware crypto wallets. 

#1 I forgot my hardware wallet pin.

Most wallets have a limit on entering an incorrect pin code – usually three times, after which the device automatically rolls back to factory settings and needs to be configured again. To do this, at startup after a rollback, you will need to use the recovery phrase and then set a new pin code.

#2 Lost or forgot your recovery phrase.

If you still have the hardware wallet itself, then do two things:

Get a temporary software wallet (hot or warm) and transfer your funds to it;

Reset the hardware wallet to factory settings, initialize it as a new wallet, enter a new SEED phrase and transfer funds to it.

#3 Lost or broken hardware wallet. 

If your wallet no longer starts, is physically broken or lost, then buy a new one and recover your data from the lost wallet via a SEED phrase. If you suspect that your first wallet and/or recovery phrase was stolen from you, then after the first step, do what is described in point #2 of this section. Remember that if your wallet is a card or other device without a recovery phrase, then you will not be able to restore it and return your resources in case of loss or breakdown.

#4 PC, laptop, phone has stopped recognizing a cold wallet.

If at the same time the wallet itself works autonomously and without problems, you need to check:

Settings and operation of the Bluetooth adapter on your device, if you connect through it;

The performance of the USB ports on your device – by connecting other flash drives to it or by trying to connect your wallet to another device;

Efficiency of wired connection and/or Bluetooth on a hardware wallet – this can be done by initiating a wallet connection to another PC, laptop or phone.

If everything is working properly or the problem is related to the wallet itself, contact the place of purchase with a request for advice and technical assistance.

In no case do not disassemble the hardware wallet yourself. If you damage its case, the seller's and/or manufacturer's warranty will no longer apply and you will not be able to get help.