Now that you understand the various ways to hodl your cryptos, you want to level up and hodl your cryptocurrencies like an adult. Time to get a hardware cold wallet – and that private key that separates the holders from the hodlers.
If you have more than one type of crypto, you’ll need a multi cryptocurrency cold wallet.
Little problem though: You have some Bitcoin and some Ethereum. Maybe you’ve even dabbled with some newer cryptos. What now?
Don’t worry: There are already several multi cryptocurrency wallets on the market for you to choose from.
We’re giving you the inside scoop on what each of these multi cryptocurrency wallets has to offer…and, in some case, what they don’t.
It’s worth nothing upfront that in light of the rapid growth of projects in the crypto space, there are currently no wallets that fully support all existing cryptocurrencies. Each crypto needs to have the support build in first, so the never/more obscure the project, the less likely it is to be supported by various multi cryptocurrency wallets.If the
Without further ado, let’s get into our top picks for multi cryptocurrency cold wallets.
1 & 2. The Ledger NANO multi cryptocurrency wallet (S and X models)
Ledger is the most established crypto hardware wallet manufacturer on the market.
Headquartered out of Paris, France, Ledger has over 350 employees and has sold over three million wallets. The company recently raised $380 million in capital, so they likely won’t be going anywhere anytime soon. It is widely considered to be one the most secure of all wallets.
With a decent-sized team of full-time engineers, the cryptocurrency wallet manufacturer is often the first of all the multi cryptocurrency wallets to enable support for new projects, tokens, and coins. For this reason, it is considered the be the best multi cryptocurrency wallet currently available on the market.
Additionally, the Ledger NANO wallet comes with the Ledger Live app. Once you’ve set up your Ledger NANO and created a Ledger Live account, you can tuck your hardware cryptocurrency wallet safely away in a safe and still monitor your crypto portfolio’s performance in real time. Ledger Live has cryptocurrency exchange Coinify built in.
Ledger NANO S or X?
There are two versions of Ledger’s NANO multi cryptocurrency wallet: The S and the X editions.
The main difference between the two is storage amount and price points.
The Ledger NANO S is the best-selling multi cryptocurrency wallet in the world. It is shaped like a USB drive with a slide-out metal covering. The screen looks pretty outdated in both color palette and font choice, it’s a forgivable knock. It is PIN enabled, which you have to get to digit by digit with up and down arrows, then clicking two buttons at once to move onto the next digit.
It retails for $59.99 and comes in five colors.
The Ledger NANO X looks very similar to the NANO S, however, it is about 30% bigger.
The interface and screen OI is the same as the NANO S. However, the Ledger NANO X retails for $119.99.
While it does have a longer lasting battery, the key difference between the X and S models is the storage per device. They are both enabled to directly support 23 cryptocurrencies, as well as compatible with apps that enable the wallet to hold over 1800 more. The Ledger NANO S multi cryptocurrency wallets only allows for three apps at a time, whereas the Ledger NANO X has enough storage to support over 1,000 apps at a time. Additionally, the Ledger NANO S can only hold five different cryptocurrencies at a given time.
Which Ledger model is the one for you?
This is the make-or-break criteria between the two models. For someone who mainly sticks with the larger scale blockchain projects like Bitcoin, Ethereum, and Polka Dot, chances are the Ledger NANO S will suit your multi cryptocurrency wallet needs.
But if you’re the kind of person who is highly engaged with the blockchain-crypto space and reads up on early-stage projects, the NANO X could be the better option for you. With the industry bubbling with new ideas and innovation, the three app-cap limitation of the Ledger NANO S multi cryptocurrency wallet could become a pain fast. It might be worth it the long run, if the doubled price point isn’t too off-putting.
We recommend buying your multi cryptocurrency directly from the manufacturer. You never know what type of malware can come preinstalled, and lately, Amazon has had some counterfeit goods on their platform. When it comes to something like your crypto wallet – always better safe than sorry.
3. The Trezor T model
If the Morse code way of inputting your PIN code into your hardware crypto wallets sounds like a dealbreaker, then the Trezor line of cold hardware wallets might be right for you.
Trezor is a significantly smaller and newer player to the cryptowallet space. It has fewer than twenty employees, and is headquartered out of Prague, Czech Republic. It is a much less well established company than Ledger.
It has a slightly different shape than the Ledger NANOs, more square with a connector. Because the Trezor’s body is made of plastic, it doesn’t have the same weight density as the Ledger NANOs.
One knock on the Trezor is that the product itself comes wrapped in a silver foil, presumably for security during shipping. However, the foil does not peel off the device easily, and leave traces of silver fleck residue once peeled off.
However, one feature that gives the Trezor an edge over the Ledger NANO multi cryptocurrency wallets is that it features a touch screen.
Though the Trezor website says it supports 1600 types of cryptocurrency, in reality, it functions similarly to Ledger in that it can support multi cryptocurrencies natively, but relies on app integration to support most others.
Additionally, the Trezor Model T is significantly more expensive than even the Ledger NANO X, clocking in at over $220.
Software and portfolio management
Like Ledger NANOs’ Ledger Live, Trezor’s multi cryptocurrency wallet offers portfolio management software so your hardware wallet doesn’t have to be connected in order to see how your holdings are doing.
Its user interface is just as reminiscent of 2002 cell phone aesthetics, much like Ledger NANOs. Whether Trezor’s touchscreen feature will be a strong enough selling point remains to be seen. The set up process is easy and intuitive.
As of right now, it is not worth the extra $100 over the Ledger NANO X in Upside’s opinion. The current gap in competition is not so much an inferior product as it is the challenge of being a small-scale company just starting out. Of course, newer companies carry higher risk for every one involved – employees, to investors, to consumers.
Considering Trezor’s tiny team, it is no small feat that they are still one of the best multi cryptocurrency wallets on the market. They will need scale to drive their price point down to a point that it is more competitive with Ledger’s.
Remember: You are the biggest security flaw of your multi cryptocurrency wallet
Though this year saw Bitcoin and the cryptocurrency space finally attract institutional investment and attention, the blockchain cryptocurrency space is still early in its development.
The tradeoff for big opportunity is taking risks. One of the risks you take on – especially when you start hodling your crypto in cold wallets – is that there is no back up plan. If you send crypto to the wrong address – it’s gone. If you lose the device and your 24-word passcode – It’s gone. There is no FDICC, no banker to call to pause your cards and send you a new one. You are your own banker, and you are your own security.
Scams intercepting people trying to transfer their crypto to their cold wallets via browser cookies or computer malware are not unheard of. In fact, they happen fairly regularly.
As such, hodlers need to be extra diligent about hodling their cryptocurrencies. If you receive a product that looks like it might have been tampered with in any way – broken or damaged seals, boxes that look like they’ve been smushed or opened – contact the supplier for another one.
For extra prudent hodlers, ordering the multi cryptocurrency wallet directly from the manufacture instead of third-party suppliers – including big names like Amazon – is just one extra measure to ensure your cold wallet is factory sealed.
Disclosure: Though Upside Chronicles reviews products independently, we receive an affiliate commission if you purchase product through links in our reviews. We are a small media organization that have operational costs to cover.