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How an NFT art website can make you money

Crypto KP Crypto insights, Free crypto research February 7, 2022February 12, 2022

There are some folks in my twitter feed that are making a killing from NFTs. They’re literally making millions of bucks. If you think I’m joking, their NFT buy and sell transactions are out there on the blockchain for anyone to verify. In this post, we’re going to look at the NFT art website where all of this money is being made, list out some alternative sites and why you might use them instead, and explain where to start to get a piece of the action (hint: it’s not an NFT art website!).

If you don’t know what NFTs are, here’s a quick read to get you up to speed.

Content

The Number 1 NFT art website in crypto
The downside to Opensea
Top alternative sites to Opensea
NFT art websites on other blockchains
Where to start looking for valuable NFT art
Tips to create your own collection
How to protect your NFT art

The number 1 NFT art website in crypto

So now you know what NFT’s are, let’s look at where all of the money is being made: website called Opensea.

Opensea recently raised $300 million in Series C funding, valuing the start up at $13.3 billion. For a company that start out in December 2017, that’s not bad growth.

But how did they deserve that kind of valuation? Well Opensea reportedly did $2.4 billion in sales volume in December 2021 alone.

And the website’s array of angel investors read like a list of top silicon valley start up investor-celebrities. Mark Cuban, Ashton Kutcher, Naval Ravikant and Tim Ferriss to name few.

So what does all this mean to you?

IT means Opensea is the Number 1 NFT art website in the crypto world, where you’ll find the most valuable NFT art, and where you’ll need to go to make serious money either creating or trading NFTs.

The downsides to using Opensea

Transaction fees

Opensea marketplace features mostly NFTs on the Ethereum blockchain. This currently means you’re going to pay exorbitant costs to transact or even transfer your NFTs using Opensea. These costs are not paid to Opensea itself (although they do take their cut of 2.5% of every transaction). The real costs are the fees you pay to use the Ethereum blockchain. High network gas fees on the Ethereum blockchain mean that for a large part of the Opensea NFT market, it’s not worth trading unless the price of the NFTs you buy and sell is above a certain floor. The gas fees you’ll end up paying to buy and sell will kill your profit potential.

The upshot is that Opensea is only for you if you have some capital to start out

You do have the option on Opensea of trading NFTs on the the Polygon blockchain. The fees are cheaper, but you don’t have access to the big collections that you will on Ethereum. So it’s a double edged sword if you’re looking to trade your way to wealth.

Network congestion

The Ethereum network can also be congested, so that NFT trades can sometime take hours to go through. Some trades even get ‘stuck’, usually because in the time it took to place a trade the network fees have gone up and your transaction can no longer complete. In the most insane cases, it can cost more in fees in unwind a ‘stuck’ ETH transaction.

So with these downsides of high fees and slow transactions, what are the alternative NFT art websites where you can still find cool NFTs but the fees are much cheaper to trade them and your trades are instantaneous? Let’s dive in.

The top alternatives to Opensea (on Ethereum network)

Firstly, we recommend checking out some direct competitors to Opensea that also use the Ethereum network. You’ll find different art and collections here, but you’ll also come across similar high transactions fees and sometimes network congestion in most cases.

Rarible – Rarible lets you trade NFTs on Tezos and Flow (with lower fees) as well as on Ethereum.
Nifty Gateway – Nifty Gateway is launching a feature that they advertise will allow you to trade NFTs on the Etherreum network but save you up to 75% on gas fees compared to other websites like Opensea.
SuperRare – this is a curated NFT art website where only invited artists can mint their collections or creations.

We’re going to make special mention of looksrare NFT marketplace here. It’s the first one we’ve seen that offers incentives (rewards) for transacting NFTs on their platform. Rewards are in the token $LOOKs, which you can also Stake to support their tokenomics, and earn interest in return. Looksrare has a rapidly growing following on Crypto Twitter and the model is very appealing. Looksrare is also new, so it’s yet to be determined whether it’s sustainable.

NFT art websites on other (cheaper) blockchains

Since NFT exploded in popularity during 2021, users started looking for ways to get around the expensive transactions fees of Ethereum. Other solutions, like those listed below, began to emerge.

The first solution is Immutable X. Immutable X is the first Layer 2 NFT marketplace on the Ethereum blockchain. For this reason, it deserves its own mention. But what does that mean if your are looking for NFT art? It’s an NFT art website with the security fn the Ethereum blockchain, but with zero gas fees. Huzzah!

If high gas fees or congestion on Ethereum are a big hurdle and you can’t find what you’re looking for on Immutable X, then here are 4 alternative NFT art websites on different blockchains:

Snowflake – Avalanche network
Solanart – Solana network
Artion – Fantom network
CNFT – Cardano network

All of these websites market themselves as cheap to use and fast to transact. They won’t have the same trading volume (and therefore eyeballs) as Opensea does, but they may be a great place to get started in trading or if you want to create art and make a name for yourself. These are not the only NFT art websites that use alternative blockchain networks, but they are among the most popular.

Where to start looking for valuable NFTs (hint: it’s not an NFT art website)

If you’re looking to get into NFTs to make money and to enjoy the art, then the best place to start is not NFT art websites! If you want to find art with potential, you need to look at things like community, followers, project roadmaps and project team connections. Here’s a high level run down of how to kick things off looking for NFT art with potential:

The first way to make serious money from NFT art is to participate in the ‘minting’ of what turns out to be valuable collections. If you want to know what minting is, check out this article.

The trick is, to find these valuable collections before they are listed for open sale on marketplaces like Opeansea. You need to find great projects at the minting or presale stages. So how do you go about this? Here’s 4 steps to take:

Find upcoming projects that have not yet released their collections.
Understand the rarity ranking of the art work within different collections. Rarity.tool ranks art based on the characteristics that are valued by the community with respect to a specific collection. Here’s a good explainer.
Apply basic supply and demand economics, using the rarity.tool. How many of the collection will ever be available? How many Twitter followers are there? How many Discord members are there? This will give an early indication of how much demand versus supply you’ll see when the collection goes up for presale.
Take a look at their website roadmap. Understand what additional value NFT holders will get, on top of owning the NFT. Will there be Airdrops? Does the NFT give you access to cool play to earn games.Think about how realistic and achievable the road map really is. Great blockchain gaming takes years to develop…

Tips to create your own collection

Another lucrative way to make money with NFTs is arguably to create the art yourself. But you can’t just whack up some digtal art in a collection on an NFT art website like Opensea and hope for great things. You need a combination of some of these features to succeed:

A stand out concept and great art.
Early buzz or effective marketing.
Social media followers. Twitter is the place to be.
Sometimes you need to be part of a project that’s about more than just the artwork.

Creating your own NFT art is going to be even more lucrative if you embed ongoing royalty payments in the smart contract for your NFT art, when you mint it (register it on the blockchain). NFT smart contracts allow artists to take a percentage of every sale of the art into eternity as an ongoing royalty income. Not all NFT smart contracts are set up this way, but you’re going to create NFTs and sell them on an NFT art website, make sure you have this feature available to you, as the creator.

You can create your own art and then list it for sale on marketplaces like Opensea or the alternative blockchain marketplaces we’ve listed here. You don’t need to have any coding skills – the NFT art websites that we have linked here all make it super easy with a step by step guide of what to do to turn your art file into an NFT and list it on their sites.

How to protect your NFT art

Crypto is a self-custody asset – there are no banks or safety deposit boxes to keep your digital assets safe for you. NFTs are an extension of that ecosystem. If you want to protect your assets, you need to take measures into your own hands. But don’t worry, we’ve got you covered. Our website is all about how to keep your crypto assets secure from theft and loss. So here’s the upshot – the minimum level security set up you need to protect your coins as you build your crypto nest egg:

Device security

Device security is your first like of defence. Set up security for your phone or computer as this is where you’ll interact with NFT files.

Firstly, you should set up up a password protector or manager for your various crypto accounts and online passwords (how many times have your passwords been exposed in a data leak?). Something like LastPass is free and effective. Then set up two factor authenticator in your device settings and download a 2FA app like Google Authenticator.

Hardware security

Next, buy and set up your cryptocurrency hardware wallet.

To really protect your NFTs you need to keep them offline where they are not exposed to cyber hack and theft. Online wallets are not the safest place for your nest egg assets. We recommend getting hold of the Ledger Nano X or the Trezor Model T hardware wallets. You can use these to store the private keys to your NFTs so that your art assets are never exposed to the internet. It’s simply the only way to really protect your digital wealth.

You can check out the Ledger website and purchase the Ledger Nano X here.

If you’re interest in the Trezor, we buy from the authorised reseller Privacy Pros.

For a simple explanation of all things crypto security, check out our FAQs page.

Safety back up

While your hardware wallet will safely store your private keys and therefore your coins, what happens if you lose your Ledger or Trezor? You will need your recovery phrase that was generated when you set up the hardware wallet. You can only recover the contents of your hardware wallet with this phrase. This of it as a master key for back up situations.

Some folks write their recovery phrase down but paper is a very risky strategy. We use seed storage wallets, otherwise known as metal storage wallets, to store our crypto recover phrase.

We suggest using the BillFodl metal storage wallet to store the recovery phrase to your Ledger or Trezor hardware wallet. We use it and it’s easy and pretty cool. You can buy the BillFodl direct from i’s maker Privacy Pros.

The safest and best wallet for Ethereum: everything you need to know

Crypto KP Crypto insights, Free crypto research November 23, 2021November 23, 2021best crypto wallet, cold storage wallets, wallet for ethereum

There are over 50 different wallet for Ethereum token as we write. Now we’re pretty sure you don’t want to go through the pros and cons of that many wallets to work out which one is the best wallet is for you. So that’s the question we will answer in this post!

To find the best wallet for Ethereum, we have to make some assumptions about what you, our readers, wants to do with your ETH tokens. So, we will assume that like most crypto users, you want to hodl some Ethereum as well as use the Ethereum ecosystem to access DeFi, blockchain gaming, and NFTs.

Before we launch into our Top 4 wallet picks, let’s first start with a quick look at what the Ethereum token is.

What is Ethereum (ETH)?

Ethereum (ETH) is a cryptocurrency and the native token to the Ethereum Mainnet. Ethereum Mainnet is the dominant layer 1 smart contract blockchain in the cryptocurrency world, and has been since crypto first began.

The Ethereum ecosystem comprises all of the layers of software products and services built on the Ethereum blockchain. The native Ethereum ecosystem is the most extensive ecosystem in cryptocurrency. Hundreds of different decentralised apps, Decentralised Finance protocols, crypto exchanges, gaming applications and NFT marketplaces are built on top of the Ethereum blockchain. You can explore the dApps built on the Ethereum Mainnet here.

Whenever these applications are used, the ETH token is required to pay ‘gas fees’ to use the Ethereum blockchain. ETH token is also used as native currency for some decentralised applications and protocols built on Ethereum. For example, many popular NFTs minted on the Ethereum Mainnet are priced in ETH.

The ETH token is multifunctional – ETH is ‘gas’ for the network, it’s a native currency, and it’s also a digital asset store of value for many crypto investors. This is important to understand because how you use ETH can impact the type of ETH wallet that best suits you.

What is an Ethereum wallet?

An Ethereum wallet stores the private keys to your ETH tokens. When you want to transact your ETH tokens, you use these private keys to sign the transaction. Blockchain transactions are cryptographically secured with private keys. Your private key ensures that only you have access to the tokens you are transacting, so that nobody can take your crypto from you without having your password or authorization.

Different types of Ethereum wallets

An Ethereum wallet can take different forms. For example you can have:

A cold storage Ethereum wallet that stores your private keys completely offline and never exposes them to the internet. This is the safest type of wallet for Ethereum as cyber criminals are unable to get access to your offline wallet to steal your private keys and crypto.

A hot wallet for Ethereum which is connected to the internet. A hot wallet is typically a mobile phone app, browser extension, or website. Because it is connected to the internet, it’s not as safe a cold storage Ethereum wallet. A hot wallet secures your private keys online using password security, 2FA and other similar means. Like anything with password protection, hot wallets can be cyber hacked and your private keys (and cryptocurrencies) stolen. There are ways to make your hot wallets more secure, but they generally involve connect and protecting them with cold storage security. We’ll go into this more below.

What to look for in a wallet for Ethereum?

The top features you should look for in an Ethereum wallet include:

Functionality – we’ve chosen wallets for Ethereum that you can use across the Ethereum ecosystem for DeFI, gaming AND NFTs.
Security – the best wallet for Ethereum should integrate with a hardware wallet, so you can make sure you keep your private keys offline at all times. This is the ONLY safe way to protect your crypto assets from hackers.
Portability – a good wallet for Ethereum should have both a mobile and web versions. A web version is important if you want to create and mint your own NFTs. A mobile version is critical to almost everything else.
Smooth on-ramp – we include only those wallets that allow you to buy ETH with a bank card or VISA.
Easy importing to other clients – the wallet needs to be partnered with lots of other crypto projects so its usable across the Ethereum ecosystem.

The best wallet for Ethereum – our Top 4

We’ve left the best til last! Based on these features, here is our list of the top 4 wallets for Ethereum:

1.Ledger and Trezor cold storage wallets

Ledger and Trezor are cold storage wallets. For all you need to know about cold storage wallets, check out our recent post here.

Functionality – Both Ledger and Trezor wallets support ERC20 (ETH and Ethereum based tokens) as well as NFT files.

Security – Ledger and Trezor are listed together because they are the best hardware wallets on the market from our extensive hardware wallet reviews. These hardware wallets are the most secure way to store or hodl your ETH. They are a MUST if you want the best protection for your crypto.

Portability – Ledger has an accompany Ledger Live (mobile and desktop) App. Ledger also supports WalletConnect. Trezor comes with Trezor Suite Desktop App (no mobile wallet version).

Smooth on-ramp – You can buy ETH and other crypto directly in the Ledger Live App (which you download and use with the hardware device). You’ll pay fees to these banking service providers, which are Wyre and Coinfy. Trezor wallet also lets you buy ETH through a selection of 9 different crypto exchanges or direct SEPA transaction.

Easy importing – Since both devices connect to MetaMask, you can virtually connect to any dApp or protocol in the Ethereum ecosystem with hardware level security.

The rest of the wallets on this list are hot wallets, which means they store your private keys on your mobile phone or laptop. While your private keys are protected by wallet security when online, they are still susceptible to hack. This is why we have prioritised hot wallets that connect with either Ledger, Trezor or both. We highly recommend using this combination when hodling and using your ETH, to get the flexibility and functionality of a hot wallet with the security of cold storage.

2.MyEtherWallet

Functionality – One of the original wallets for Ethereum and also one of the most trusted, you can use MyEtherWallet for the big 3 – DeFI, gaming and NFTs.

Security – MyEtherWallet connects with Ledger Nano and Trezor hardware wallets, to provide hardware level protection for your ETH and NFTs.

Portability – MyEtherWallet is available in app form and as a web wallet.

Smooth on-ramp – You can by ETH via simplex using your VISA or MasterCard. If you’re European, you can also cash out to Fiat currency through partner Bity.

Easy importing to other clients – MyEtherWallet connects seamlessly to exchanges and DeFi protocols through WalletConnect and WalletLink.

3.MetaMask wallet

Functionality – MetaMask is the ubiquitous ETH wallet – used for DeFI, gaming and NFTs. MetaMask does not offer a lot of native functionality in the wallet itself. However, it connects to almost every Ethereum platform, dApp and protocol out there, so you don’t really need the wallet to do much.

Security – You can use Ledger or Trezor hardware wallets to secure your MetaMask with cold storage protection for your private keys. We don’t recommend leaving your crypto on MetaMask without a hardware wallet connected however. Just too many hacks of the hot wallet version…

Portability – MetaMask comes as a browser extension and mobile app. Both sync pretty seamlessly.

Smooth on-ramp – You can buy ETH directly in-wallet through either Apple Pay, bank transfer or credit card. Metamask takes a fee itself in these transactions and you will pay a fee to Apple or Transak (for bank transactions). You also pay the gas fee to use the Ethereum network. It’s not the cheapest way to get your ETH.

Easy importing to other clients – We haven’t found a platform or application it won’t connect to in the enormous Ethereum ecosystem

4.Guarda wallet

Functionality – Guarda Wallet offers NFT storage as native and integrated DeFi capabilities. You can also manage your blockchain or .ENS domains using Guarda wallet. This is functionality Metamask doesn’t offer yet. For ETH hodlers, Guarda runs it’s own staking pool for ETH. This means you can stake your ETH in the Guarda app and earn 14.5%. Guarda supports over 50 different blockchains and hundreds of coins and tokens. There’s a coin search function here if you want to make sure your coins are supported. https://guarda.com/coins/

Security – Guarda Wallet lets you connect a Ledger device to their platform, so you can securely display your balances and manage your transactions.

Portability – The Guarda Wallet comes in mobile, desktop and web versions.

Smooth on-ramp – You can buy 300+ different coins and tokens, including ETH, directly in-wallet using VISA or MasterCard.

Easy importing to other clients – You can easily connect Guarda Wallet to various DeFI protocols with the WalletConnect integration.

Conclusion – which is the best wallet for Ethereum?

All of the wallets on this list will let you navigate the Ethereum ecosystem securely and access Ethereum’s its DeFi, NFT and gaming benefits. However, the combination of Guarda wallet + Ledger is overall the best wallet for Ethereum based on our research. This combination is easy to use, you can keep your private keys securely offline and best of all, you can stake your ETH inside the app and earn rewards while you hodl! (Note, all staked ETH is locked until the release of ETH2.0).

The best hardware wallet for your Bitcoin

Crypto KP Crypto insights September 27, 2021September 27, 2021best hardware wallet, top cryptocurrency wallet

If you are looking for the best hardware wallet to store your Bitcoin, then look no further. The Ledger Nano S is the best wallet on the market if you want something easy to use, that offers top level security at an affordable price point. There are many wallets out there that offer great features like multi-currency support and can act as a password authenticator, but they come with a higher price tag. Let’s take a closer look at what makes Ledger Nano S a great pick for your Bitcoin!

What to look for in a Bitcoin-only hardware wallet

So you have bought some Bitcoin because you think it’s a good investment. You understand that you’re now in charge of keeping your assets safe from hackers and you’ve discovered that hardware wallets are the best way to do this. Congratulations! You’ve made a great start to protecting your cypto!

Now you’re looking for the best hardware wallet to hodl (hold) your Bitcoin asset safely over the the long term.

But how do you go about picking the best hardware wallet for your Bitcoin?

After researching loads of cryptocurrency wallets, here is our list of the top 5 features to look for if you want to the best hardware wallet to store your Bitcoin.

Top 5 features – the best hardware wallet to store Bitcoin:

1. Security

Security is always first on the list, especially if you’re looking at securing a large amount of Bitcoin. Make sure you have these security features as a minimum to protect your Bitcoin private keys:

PIN Code security
Seed phrase security
Offline seed phrase generation
Secure element chip (CC EAL5+). The same types of chips that store sensitive information like biometrics and banking details. These have intrinsic security features that protect the information stored on them from attack.

2. Price

The price should be affordable given you’re only looking to store the one type of cryptocurrency (Bitcoin). You shouldn’t be paying for bells and whistles you just don’t need.

3. Brand trust

If you want to hodl your Bitcoin for a few years you need to know the company that produces your hardware wallet will be around to support the device for years to come. Some folks have been let down storing their coins on hardware devices only to find a few years later the company has disappeared. They have a hard time getting their coins back once this happens because there have been no firmware upgrades and there no tech support. You’re basically on your own. So while it is possible to recover your coins in this situation, it sure ain’t easy!

4. Simple set up and use

You need a hardware wallet that is intuitive, that will take you through the steps of set up quickly and easily. You just want peace of mind of knowing you can get your Bitcoin private keys stored in the wallet in one go, and they’re safe there, are we right?

5. Quality construction

The device itself needs to last as long as you want to hodl your Bitcoin. This will rule out a bunch of more flimsy card type hardware wallets from consideration.

You’ll find the best brands in the market offer great security for your private keys in simple to set up and well constructed hardware wallets. Some even have different models of hardware wallets that offer the features you need for an affordable price.

So lets take a look a the best brands in the market when it comes to finding the best hardware wallets for Bitcoin.

What are the best hardware wallet brands in the market?

The two most trusted, popular, widely used and best brands of cryptocurrency hardware wallets are Ledger and Trezor.

Ledger

Ledger is a company that was established in 2014 in France. It was established by eight individuals who were passionate about cryptocurrency security and wanted to contribute back to the crypto community by combining their expertise in cryptography and entrepreneurship.

Over the last 7 years the company has transformed from a start up to employing over 300 people around the world. It’s is now valued at $1.5 billion and recently raised another $380 million in venture capital to inject into its business and its devices.

Ledger has sold over 3 million hardware wallets and claims to secure around 15% of all cryptocurrency assets globally. They produce two hardware wallets. 1.5 million people use Ledger Live app (that complements their hardware devices) each month.

The company has a long history in crypto terms and is raising funds for the future. Our view is that it will be around for years to come.

Ledger produces the Ledger Nano S and Ledger Nano X (premium model).

For a full review of the Nano X and Nano S, check out this page on our site.

Trezor

Trezor was established in 2013 in the Czech Republic by Pavol Rusnak (“Slush”), Marek Palatinus (“Grafik”) and Tomáš Jiříček (“Carmac”). It’s a subsidiary of Satoshi labs that formed around Bitcoin mining and security. Satoshi labs produced the first Trezor prototype in 2012. The Trezor brand has been around ever since and has a strong following of customers buying their two hardware wallet models.

There is less public information available about the company value or number of Trezors sold. Trezor does continue to release product upgrades, such as the Trezor Suit desktop app. Trezor also publishes a forward roadmap of upgrades, projects and bug fixes on Github. One of the things Trezor enthusiasts enjoy about the tech is that it’s all open source.

Trezor produces the Trezor One and Trezor Model T (premium model).

For a full review of the pros and cons and stand out features of each model, click here.

Why Ledger Nano S is the best hardware wallet for your Bitcoin

The best wallet on the market if you just want Bitcoin is the Ledger Nano S. There’s a good reason Ledger has sold more than 2 million of these particular devices. Ledger Nano S offers the best of those features that you should be looking for in a Bitcoin hardware wallet. Let’s take a look.

Trust

We’ve already covered why Ledger is one of the two most trusted brands in cryptocurrency hardware wallets. Their Ledger Nano S model has been around for 6+ years and is widely used in the crypto community with over 2M sold.

Security

Ledger offers all of the security features mentioned above – they use a secure element chip, PIN code and offline seed storage phrase generation. They also offer a few security features that we think are incredibly value and stand them above the pack.

1) The Ledger devices themselves are certified by French cyber security agency ANSSI. They’re the only hardware wallet to go through this kind of certification.

2) Ledger has a software validation feature that allows you to confirm online that the hardware wallet you have received in the mail is a genuine Ledger device. Counterfeit of hardware wallets is a real risk in crypto. Even hologram tape and other secure packaging can be counterfeited. There’s no need to worry about this with Ledger.

Ease of set up

There are three simple steps to set up your Nano S. You have to set up the device, then choose your PIN code, and finally you have to write down your recovery seed phrase. You start out with downloading the Ledger Live app. The app then takes you through the steps to set up the device.

The Ledger Live app is another area where we think the Ledger shines over the Trezor One and Trezor Model T. While the Trezor has a large screen than the Ledger, the app just makes the Ledger easier to use without even needing a screen on the device. You mobile acts as the screen!

You just use the two buttons on the device to complete these tasks, following a set up guide that comes with the device and the instructions in the app. Easy peasy!

For Android users, you’ll need to buy what is called the “OTG kit” for an extra $24 if you want to connect to and Android phone or laptop. You will find these for sale on the Ledger website.

Quality construction

Ledger Nano S has been around for years and lasted the test of time. It’s a compact and solid USB type device made from brushed stainless steel and plastic. There is no battery required to operate it and it doesn’t rely on Bluetooth to connect. Connection with your computer or phone is via cable. All in all, it feels sturdy and durable and it’s performance over the last 6 years shows that it’s a long lasting piece of technology.

Price

This is where the Ledger Nano S shines. It has everything you need to store your Bitcoin and doesn’t charge you for things you don’t. Let’s look at what you get in the cheaper Nano S model versus the others.

Nano S versus Nano X

The Nano X premium model is almost double the cost of the Nano S so what are the extra’s you’re paying for and do they matter to securely storing your Bitcoin?

The Ledger Nano X has three things the Nano S doesn’t:

It can concurrently store 100 different coins and tokens. The Nano S is limited to 6.
While the Nano X has Bluetooth or cable connection to your mobile phone, the Nano S connects with a USB type B cable only.
The Nano X has a larger screen than Nano S, with touch sensor instead of buttons.

The good news is, none of these three things impact on you if your aim is to safely store your Bitcoin!

You can pay around $100 less for the Nano S and get the same strong security and Ledger Live app as the Nano X. You can easily set up the device, store your Bitcoin and manage it all with the Ledger Live app and Nano S.

If it’s just Bitcoin you’re storing, save your hard earned dough and go with the Nano S.

Nano S versus Trezor

Nano S is also around half the price of the premium Trezor hardware wallet – the Trezor Model T. So we’re going to compare the Nano S to it’s nearest Trezor competitor in terms of price – the Trezor One.

Trezor devices we just find are a bit more complicated to set up than Ledger. There are extra steps to take, like establishing a connection between your Trezor device and the Trezor software. You also have to install the firmware for the device before you can start setting up your PIN code and seed phrase.

You’ll come to find Trezor One doesn’t have the secure element chip for PIN, password and recovery seed phrase protection that the Ledger Nano S has.

While the Trezor One has a large device screen, with the Nano S + Ledger Live app you can use your mobile as your screen. You really don’t need a screen on the Nano S itself. The Ledger Live app is one the biggest drawcards Nano S has over Trezor One, and why we think Nano S is a better choice to secure your Bitcoin.

The Nano S is also slightly cheaper than the Trezor One to buy.

What else do you need to keep your Bitcoin secure?

It’s not enough to just have the Nano S and think that your Bitcoin is secure. What happens if your Nano S hardware wallet is lost or stolen, or damaged in fire or flood?

You will need to recover your coins using the seed phrase you wrote down when you set up the hardware wallet.

3 or 5 years down the track, are you going to remember where you wrote it down?

What if the flood or fire that destroyed your Nano S also destroys the paper or the book you wrote your seed phrase on?

Don’t worry. There’s a solution for every problem when it comes to securing your crypto!

The best Bitcoin bundle for security plus

Our advice is to get a metal storage wallet to store the seed phrase for your Bitcoin.

A metal storage wallet is a stainless steel lockable tablet with an inner and outer layer. It comes with stainless steel tiles that have letters and numbers engraved on them. You use the tiles to form your Bitcoin seed phrase on the inner layer. You then close the outer layer so your phrase is not visible. You lock the outer layer.

The construction makes your metal storage wallet indestructible in case of fire or flood.

Billfodl is our pick for the best metal storage wallet on the market. You can read why here.

Once you have a metal storage wallet set up for your Bitcoin seed phrase, just make sure you store it in a different location to your Nano S. You can then track it down and open it up to get the seed phrase, if you ever need to recover your Bitcoin.

Think of James Howells who lost $100 million worth of Bitcoin on a hard drive that went to the local rubbish dump. If he had a metal storage wallet, he’d have been able to recover his coins on the Blockchain. Big mistake. Huge.

You never know what’s going to happen. So don’t be the next James Howells and get yourself a Nano S and metal storage wallet to protect your Bitcoin. It’s your hard earned money – make sure it’s secure!

Getting started with cold storage wallets: all you need to know

Crypto KP Crypto insights September 20, 2021December 15, 2021best crypto wallet, cold storage wallets

The safest way to store your cryptocurrency is in a cold storage wallet. Cold storage wallets come by many names and have been around since crypto began. They are a secure type of storage for your cryptocurrency private keys that is not connected to the internet. You can either create a cold storage wallet on your own or buy a device that will store your private keys for you. In this blog post, we discuss different cold storage wallets, why you need them, and the three leading choices on the market today!

What are cold storage wallets?

Cold storage wallets are just a secure place to store the private keys to your cryptocurrency offline – not connected to the internet.

Your private keys give you access to your cryptocurrency on the blockchain. You need your private key any time you want to complete a crypto transaction (sell, send, stake it etc). Your private key is used to digitally sign your transaction. This means that if someone else has access to your private keys, then they can easily steal your cryptocurrency. They would do this by using your private keys to approve a transaction that sends your cryptocurrency to a different public address.

Cold wallets keep your private keys in an offline environment. They also let you sign any transactions in that same offline environment so that your private keys are never exposed to the internet.

Keeping your cryptocurrency in cold storage – not connected to the internet – is the best way to keep it safe from being hacked and stolen. Hacking and theft of cryptocurrency is one of the biggest risks to the security of your crypto today.

Different types of cold storage wallets

You can store your crypto in cold storage via a few different means:

Paper wallets
Crypto software wallets (in offline mode)
Hardware wallets

Let’s take a look at each…

Paper wallets

This is where you print out your public address for a particular cryptocurrency (for example Bitcoin) as well as the private keys for it. You then store the print out in a safe place offline – like in a safety deposit box or other secure location.

if you want to go down this route, you can use this site – bitaddress.org – to generate your paper wallet.

Before you use this private key generator tool, make sure you are in a secure operating environment (someone could be looking at your screen). Using something like Unbuntu might be the way to go. You should also make sure that your printer is offline. It’s a good idea to test everything before you go ahead and generate your private key.

Because it’s tricky to get right, this method of cold storage is not popular. We don’t recommend paper wallets as you need to be somewhat tech savvy to generate them securely. If anything happens to the paper your private keys are printed on, it would be hard for you to recover the crypto stored on it. It’s also not user friendly and not very accessible.

Crypto software wallet (offline)

You can also store cryptocurrency in cold storage using an offline version of the crypto software wallet. A software wallet is also called a desktop wallet. You can download these wallets offline and store them securely on your computer until you need to access them again. They are user friendly but not as convenient as hardware wallets. This is because many can’t to connect with other devices like smartphones, tablets etc.

Armory is a popular desktop wallet. It’s regarded as the most stable and secure because private keys are kept in an offline computer and only the person with access to the physical location of your machine can steal your crypto. Users have total control over their secret key.

Another popular desktop wallet is Exodus. These software wallets allow you to store your crypto in ‘offline mode’ but you can’t transact with them when offline.

Crypto hardware wallet

You can also store your cryptocurrency in cold storage using a crypto hardware wallet. A hardware wallet is a small USB sized device that stores your private keys and lets you send and receive crypto. The main benefit of a hardware wallet is that it’s much easier to use than paper wallets – all you do is plug in the hardware, create a pin number, make sure you have your recovery phrase stored somewhere and go!

A crypto hardware wallet is definitely the best way to go if you are looking for cold storage. This is because hardware wallets offer the best offline security. They also offer increasing convenience to transact your crypto and interact with third parties like DeFi protocols in a secure way.

If you’re looking for a hardware wallet it can be difficult to tell the difference between top brands on the market. You’re going to need to know which has the best security features, which to use with your mobile phone or desktop computer, and which coins each device supports. That’s why we’ve done the research and ratings for you, right here!

In the meantime, let’s look at the top three cold storage wallets on the market.

Top three cold storage wallets

Ledger Nano X

Ledger Nano X is one of the most popular hardware wallet on the market and our pick for top cold storage wallet.

The Nano X is super easy to use and has many customizable features that make it user friendly for anyone. This device can store 100 different cryptocurrencies at once and supports a list of up to 1800 coins and tokens.

You also have peace of mind when you buy the device that you are receiving the real deal in the mail because Ledger offers a software device validation check when you’re setting it up. No other hardware wallet that we know offers this. Ledger also has a great native app – Ledger Live that allows you to monitor, manage and transact your crypto in tonnes of different ways. You can also connect to third party providers for more options.

Trezor Model T

Trezor Model T is the gold standard cold storage device from Trezor and another popular hardware wallet. It offers two factor authentication features that are not available with the Ledger hardware wallets. It’s also one of the best cold storage wallets for security and has a user friendly interface that makes it easy to use for anyone looking for an offline crypto solution.

Ledger vs Trezor — Trezor Model T our of the box – great cyber security and extra 2FA.

Trezor doesn’t have the full featured app that Ledger Nano X has. To try to overcome this, Trezor has teamed up with software wallet provider Exodus. If you use both together you can get the security of a hardware wallet with the simplicity and user-friendly design of a software wallet (Exodus). You can use a Trezor to overcome all software wallets’ security problems while Exodus gives you the nice user experience while managing your crypto assets.

Ledger Nano S

Ledger Nano S our third ranked hardware wallet, and best budget option. Ledger, the makers of the Nano S claim it is the most sold hardware wallet in the world! This cold storage device has a sleek user interface and is one of the best ways to keep your cryptocurrency safe from being hacked for around half the price of the Nano X.

So how does the Nano S compare to the Nano X from Ledger? For one, it’s cheaper. This is because there are some trade-offs compared to the premium Nano X wallet. Firstly, the Ledger Nano S only connects to your phone via cable. The Nano X on the other hand has both Bluetooth and cable connectivity. Secondly, Ledger Nano S supports the same diversity of coins as the Nano X, but you can only store up to 6 at once. This is why it’s the budget option. Lastly, the Nano S doesn’t have Bluetooth connectivity like the Nano X.

If you just have some Bitcoin and want somewhere safe to hold it, the Nano S is a top choice cold storage wallet. Check out our choice for best ‘Bitcoin only’ wallet here.

It’s important to find the best hardware wallet for the way you use cryptocurrency. You don’t want to pay for bells and whistles you don’t use! To find the best wallet for you, check out our full review of each of these wallets here. We review the pros, cons, pricing and features that differentiate each wallet.

The importance of diversifying your crypto storage

The thing about cryptocurrency is that you are your own bank. You need to make sure you have the best security in place for your investments. If anything does happen, such as hack or theft of your hardware wallet, it’s best to make sure you don’t lose everything. The solution is to diversify your asset storage across different cold storage wallets. Use multiple hardware wallets and store them in different locations.

Why cold storage wallets are not the only security you need

Cold storage wallets are not the only security you need for your crypto assets. You should also make sure you have a metal storage wallet for each hardware device you own. A metal storage wallet is where you store your 12 word recovery phrase for your Bitcoin or Ethereum.

We recommend the Billfodl metal storage wallet to securely store you recovery phrase. If you want to see our complete Billfodl review, check it out here. Once you have your metal storage wallet set up, make sure you keep it in a separate location to your hardware wallet.

Your metal storage wallet is your last line of defence. With a metal storage wallet, you can always recover your crypto should anything go wrong with your cold storage wallets.

metal crypto wallet — Billfodl metal wallet with alphabet tiles

billfodl — Billfodl metal seed storage wallet in the box

How to cash out your crypto – change your Bitcoin to cash in 4 easy steps

Crypto KP Crypto insights September 15, 2021September 15, 2021best crypto wallet, best cryptocurrency app, bitcoin to cash

If you are interested in converting your bitcoin to cash, there are many ways to do this. This post will cover the quickest and easiest ways to get your Bitcoin into cash using these five popular and simple to use apps: Cash App, Binance, Gemini, Coinspot, Coinbase.

There are just 4 steps you need to cash out your Bitcoin. Where you start depends on where your Bitcoin is. You need to make sure it’s on some kind of wallet. You’ll probably start with the Bitcoin in one of these locations:

in a hardware wallet like Ledger or Trezor
in a cryptocurrency wallet app like Celsius or BlockFi
On a crypto exchange like Binance, Coinspot or Coinbase
in a mobile trading app like Cash App or Robinhood.

The process is simple – you need to sell your Bitcoin into dollars and then transfer that USD into your bank account, where you can withdraw it for cash.

4 steps to get your Bitcoin to cash

Step 1 – sign up to your ‘cash out’ wallet or exchange

Open an account with a wallet or exchange that allows you to sell your Bitcoin directly to USD. The wallet or exchange also needs to either:

link with your bank account and allow you to send cash to your bank account, OR
come with a debit card that you can use at an ATM to get your cash

Here is a list of ‘cash out’ wallets and exchanges where you can change Bitcoin to cash easily:

Coinbase – US based cryptocurrency exchange platform with a mobile wallet app
Cash App – US based investment and banking app that includes Bitcoin
Binance – non-US crypto exchange platform with mobile wallet app
Coinspot – Australian crypto exchange platform (no mobile wallet app available)
Gemini – US based crypto exchange with a mobile wallet app

If you’re based in Oz we recommend either Binance or Coinspot.

Step 2 – Transfer your Bitcoin to your ‘cash out’ wallet

Send your Bitcoin from its current location into the wallet account you have opened. If you chose a wallet from the list of 5 above then the wallet will provide you with a public address to transfer you Bitcoin in. Look for either a ‘deposit’ or a receive’ button.

You will need to pay a network fee to transfer your Bitcoin over to your ‘cash out’ wallet.

Step 3 – sell your Bitcoin to cash (your fiat currency of choice)

You need to trade your Bitcoin for the fiat currency of your choice. The apps and exchanges we’ve selected above allow you to sell your BTC to either USD (for US) or AUD (for Australia) directly.

Step 4 – transfer your dollars into your bank account

Some of the Apps listed above, like Cash App, have a debit card attached which means the money is available to spend as soon as your Bitcoin is sold.

The ‘how to’ guide to carry out these four simple steps is going to be slightly different in each App. Let’s look at the most popular Apps.

3 popular Apps to change your Bitcoin to Cash – a step by step guide

Coinbase (includes US citizens)

To convert your Bitcoin into cash on Coinbase follow these steps:

Login to your Coinbase account.
On the homepage, tap “Sell”
Choose how much you want to sell and select USD Wallet as your payment method. Your bank account will be selected by default so leave that button alone if it is not already active.
Tap ‘Confirm Sell’.

The funds should show in your linked bank account 1 to 5 days after the transfer is completed.

Cash App (US only)

To cash out your Bitcoin on Cash App follow these steps:

Open the Cash App and tap ‘+’.
Tap “Cryptocurrency” then select BTC, BCH or LTC (your wallet address will already be there).
Enter how much you want to sell and hit Sell. You’ll have a choice of tax options. Enter your Cash pin if you chose to use one and hit Sell again. The cash will be in your Cash App wallet after the transfer is completed (usually within minutes).
Withdraw this cash from an ATM using the Cash App Cash Card if you have one set up in your account.

If you don’t have a Cash Card you can get the cash out of Cash App and into your regular bank account using these steps:

Tap the Balance tab on your Cash App home screen.
Press ‘Cash Out’.
Choose an amount and press ‘Cash Out’ again.
Select a deposit speed.
Confirm with your PIN or Touch ID.

Binance (non US citizens, e.g. Australians)

Go to your wallet on Binance, tap BTC and chose the trading pair you need to get the cash you want. In this case it would be BTC/AUD.
Select how much Bitcoin you want to sell and the price. The wallet will calculate your AUD payout.
Tap ‘Sell BTC’.
The transfer will show on your Balance page after it’s completed (usually within minutes).

Now you have AUD sitting in your Binance wallet.

You need to go through KYC to transfer your fiat cash out of Binance. You can check if you’ve done this by clicking your profile, then ‘identification’.

To transfer dollars out of Binance to your bank account:

Go to your wallet
Choose the currency you would like to withdraw from your wallet. In this case, choose AUD.
Select Withdrawal and enter the withdrawal amount $AUD.
Select ‘Bank’ as the destination account and press Confirm & Make Payment when ready.
After Binance sends the money out, your bank will receive it in a few days.

Bitcoin price prediction – will we see $100,000 in 2021?

Crypto KP Crypto insights September 15, 2021September 15, 2021best crypto wallet, bitcoin price prediction, top cryptocurrency wallet

No-one had a crystal ball but cryptocurrency ‘experts’ are not shy of making a bold Bitcoin price prediction or two. Lately, financial institutions have also weighed in with their views. Some based on analytics, others probably plucked out of thin air. As recently as May 2021, pundits had written off any chance of Bitcoin hitting $100k in 2021 following a 50% retrace in BTC price action. But prices have since rebounded.

In this blog post, we’ll look at the most up-to-date bitcoin price predictions from crypto industry experts and leading investment houses for the end of 2021 and beyond. Is Bitcoin on track to meet expectations this September day in 2021? Let’s dive in and see.

What is Bitcoin?

For the crypto uninitiated, Bitcoin is a cryptocurrency and digital worldwide store of value. It’s the first decentralized digital currency, as the blockchain technology it is built on works without a central bank or single administrator. The network is operated through peer-to-peer and transactions take place between users directly through a public ledger, without an intermediary. These transactions are verified by network nodes through the use of cryptography.

What is the price of Bitcoin today?

The price of Bitcoin at the time of writing is $47,251.

BTC’s 2021 YTD trading high is $64,854.

BTC 2021 YTD trading low is $28,130.

That’s quite the range in a 9 month period, meaning any Bitcoin price prediction should be taken with a grain of salt! So lets have a look at what the big names in crypto have to say…

A Bitcoin price prediction from the Bulls

Tim Draper

Tim Draper is the founder of Draper Associates, a seed stage venture capital firm. He is also a Bitcoin investor. Tim Draper predicted that BTC would hit a whopping one million dollars in 2018, which didn’t quite hit the mark.

He now believes the price of Bitcoin will be $250k in 2022/23 and see a total market cap around $100 trillion.

Cathie Wood

Cathie Wood is the CEO of Ark Invest, a popular global funds manager. She’s also an expert on investing in disruptive technologies.

Cathie Wood believes that the value of BTC could reach $100,000 by 2021 (sources: Coin Telegraph and CNBC ). She says the technology is advancing quickly – in just a few years blockchain tech has gone from an idea to real applications with working projects.

Wood’s long term Bitcoin price prediction is closer to $500,000. And that’s in just 5 years.

Mike Novogratz

Mike Novogratz founder of Galaxy Digital a investment manager specialising in cryptocurrency and block chain predicted in November 2020 that Bitcoin would hit $65,000 in the short term. It almost met those expectations. According to Financhill, Novogratz expects a price of $100,000 by the end of 2021.

Raoul Pal

Raoul Pal is a widely respected macro economic analyst formerly of Goldman Sachs, and an expert on global economics. He founded Real Vision TV, a financial media website.

Pal sees Bitcoin hitting $100k in the short term (sources: Business Insider Financhill ). Pal’s most recent prediction has Bitcoin at between $250,000 and $400,000 a coin by March 2022.

He predicts that BTC will be worth somewhere between one to ten million by 2025 – depending on how quickly the world begins to adopt crypto.

Pal believes the currency could achieve this if it becomes “the global standard for value transfer” which will require widespread adoption from governments and banks. The number might be about right but the timeframe in our view is too short. Government regulators are painfully slow to move on new tech and there is fierce resistance in some quarters of government to decentralised currency and value transfer.

What do the Bitcoin bears say?

John Paulson

John Paulson is a hedge fund manager and a billionaire. He’s famous for making $15 billion in 2007 by shorting the US housing market as it collapsed – which turned him into an overnight multi-billionaire.

Recently John Paulson predicted to Bloomberg that Bitcoin would crash to zero, calling it a limited supply of nothing.

Peter Schiff

Peter Schiff, well known gold bug and CEO of Euro Pacific Capital, asserts that bitcoin is worthless. He famously called the cryptocurrency a bubble in 2017 (sources: Business Insider ).

Schiff was calling for BTC to fall back to $0.01 but then most recently conceded that the price may actually hit $100,000 by the end of 2021.

Warren Buffet

And then of course there is the greatest stock market investor of all time Warren Buffet, who famously called Bitcoin ‘rat poison squared’. Buffet is reported as thinking Bitcoin owners are delusional.

What price do financial institutions predict for Bitcoin?

Forbes reported at the end of 2020 that a leaked Citi report predicted the price of Bitcoin to be $300,000 by the end of 2021. We’d need a 600% increase in 3 months to get there. That would be crazy, even for crypto.

Credit Suisse predicts a high-end estimate for bitcoin prices by 2025 at around $50,000.

In 2021, JPMorgan issued a target price for of $140,000 but says because of price volatility the price could be closer to $23,000. Their mid term price valuation is between $23,000 and $35,000.

UK banking behemoth Standard Chartered has reportedly issued a new price prediction for Bitcoin or $100,000 this year.

In God we trust, all others bring data – so what do the charts say?

Logarithmic charts are often used over linear charts to understand the uptake and price of assets that grow exponentially. Exponential growth is where growth compounds continuously. If you think about how compound interest provides interest on interest, that’s an example of exponential growth. Bitcoin is an exponential growth asset. If you take a look at a linear Bitcoin chart it resembles a hockey stick – exploding growth – like the chart I posted above. A logarithmic chart plots the growth of Bitcoin so that analysts can better understand its trend.

If you take a look at Bitcoin on this logarithmic chart it indicates a high in December 2021 of $145,000.

Stock to flow model charts like this one by Plan B show a price hovering around $100,000 at the end of 2021.

If you want to know more about Bitcoin price prediction charts have a read of this great article.

As you can see, there is no real consensus about what to expect in 2021 for BTC prices. Not overly surprising given how volatile the market is. The other thing is bulls are mainly already Bitcoin investors. They don’t mind if you buy some Bitcoin because they predict the price is going up.

We like the logarithmic charts , because one thing about Bitcoin is that it’s programmed value. The logarithmic charts reflect the Bitcoin price playing out along the line’s we’d expect, based on the way the asset is programmed with supply halving every four years.

If you want to buy some Bitcoin use our link to Celsius crypto wallet and you’ll get $40 free BTC! Or just type in referral code 1910143eb7 when you set up the wallet. T&Cs apply. You can also earn 3.51% interest on your Bitcoin with Celsius wallet!

And don’t forget to keep your crypto safe from hackers with one of our recommended hardware wallets.

Ledger vs Trezor – find out who wins the battle of the best crypto wallet

Crypto KP Crypto insights September 6, 2021December 5, 2021best crypto wallet, Ledger vs Trezor, top cryptocurrency wallet

The Ledger vs Trezor hardware wallet comparison is THE battle of the crypto wallet kings and one of the most sought after research articles among cryptocurrency newcomers.

Both of these cryptocurrency hardware wallets have many similarities and specific peculiarities that might appeal to different users. Our research and review looks only at the facts and features of Trezor and Ledger and weighs their pros and cons before making a final verdict.

Ledger and Trezor are premium manufacturers of secure hardware wallets, the most secure type of crypto wallet due to their security against hackers. With over 1500 coins supported by these brands and the option to swap between endless different cryptocurrencies, it is easy to see why the two wallets have staunch supporters.

But.. after extensive research on the features of both, we pick the Ledger Nano X in this battle of the hardware wallets. Here’s why:

Content

What is Ledger?
- How does Ledger work?
What is Trezor?
- How does Trezor work?
Ledger vs Trezor – which is better?
- safety and security
- supported currencies and third party integrations
- Android and iOS mobile support
- Price
- Mobile and web integrations
- User experience
- Connectivity
Final verdict – battle of the hardware wallets

What is Ledger?

Launched by cryptocurrency experts in 2014, Ledger was created to provide solutions for safe blockchain transactions. Ledger, a company with headquarters in Paris, offers two cryptocurrency hardware wallets: the Nano X and Nano S. With either of these wallets, you can store the private keys for your cryptocurrencies offline and protect your coins permanently from hackers.

How Does Ledger wallet work?

There are several reasons that users prefer the security of hardware wallet to other types of wallets. The most significant reason is the fact that they are not susceptible to hackers. When you conduct transactions using cryptocurrencies, you need cryptographic private keys. Usually, these keys are stored online, which makes them a target for hackers.

Ledger’s hardware wallets use a USB-type secure device to store the private keys to your cryptocurrency offline, preventing anyone with online access from hacking them. With Ledger wallets, you can send and receive cryptocurrencies and also run other applications from the wallet.

If your hardware wallet is stolen or lost, there is also a 24-word recovery phrase that you can use to recover your private keys and your stolen cryptocurrencies. Ledger Nano S and Nano X are similar in functionality, but the more expensive one, Nano X, offers more features. Ledger’s Nano X hardware wallet is commonly considered the best crypto wallet on the market by many users.

What is Trezor?

Founded by SatoshiLabs in 2013, Trezor has gained a significant boost in its reputation after creating several user-friendly products. Trezor makes two hardware wallets for securely storing your cryptocurrencies: Trezor One and Trezor T.

While Trezor T uses a touch screen, Trezor One comes with two control buttons. If you’re a beginner, you will not have trouble using Trezor hardware wallets due to the excellent tech support and the detailed how-to guide on their website. Trezor’s recent cryptocurrency wallet, Trezor T is widely regarded as the top competitor to Ledger Nano X for the title of best crypto wallet.

How Does the Trezor wallet work?

Trezor wallet works similarly to the Ledger wallet. It is offline cryptocurrency storage that guarantees the safety and security of your private keys from hackers. All transactions on Trezor are confirmed in the device so that the wallet keeps all private keys away from the internet. Before sending your cryptocurrency, Trezor allows you to check the screen to confirm the address and the transaction fees.

Trezor T is a significant upgrade on the older Trezor One. Trezor T has a card slot that allows you to insert MicroSD cards and encrypt a security pin code for enhanced protection. Its screen touch feature also makes it easier for beginners to use than the Trezor One, which has control buttons.

Ledger Vs. Trezor: Which Is Better?

While researching the best cryptocurrency wallet, it is hard to look further than these two brands.

As a beginner, you can’t go wrong with either of these devices for outstanding user experience. Both offer excellent tech support and step by step guides on their respective websites. If you’re finding it hard to decide between the two, here’s a comparison to help you.

We compared Ledger and Trezor over a wide range of important uses, and arrived at a verdict based on the user features of both. In the Ledger Vs. Trezor battle, we considered several features in particular – the safety and security, user experience, interface, cost, complexity, customer support – in order to rank the two.

Safety and Security

Winner: Ledger Nano X

Whether you’re a beginner or a professional cryptocurrency investor, your first priority is always the safety of your cryptocurrency. Both Ledger and Trezor have outstanding safety features that put them above their peers in the cryptocurrency market. Trezor improved its security significantly by adding new features to Trezor T compared to the older version Trezor One.

With Trezor T, users can input their pins, passwords, and seed phrase using the touchscreen rather than on the keyboard used on Trevor One, making the privacy keys secure from attacks on the web. Ledger also requires its users to input passwords and pins on the hardware directly. Because both device’s firmware is open source, users can view the code and report weaknesses.

Trezor is favoured by many diehard crypto enthusiasts because it’s built on open source code, making it’s security more transparent to users. While this is philosophically in tune with the crypto community it doesn’t mean Trezor hardware wallets are more secure than Ledger ones.

Indeed, while Ledger requires the user to generate a seed phrase while setting up his wallet, Trezor is more flexible with this. The strict approach of Ledger is better for security, while Trezor’s flexible approach makes it more user-friendly.

Anti counterfeit protection

Ledger’s device authenticity validation makes it stand out against Trezor in the security stakes. In crypto, device counterfeiting is one tactic used to steal your coins. Device counterfeiting is when you unknowingly buy or receive a fake device instead of the genuine article. Once you load your private keys on the fake device, they are stolen and your crypto is gone. Ledger is the only device to protect against this with software. They offer an online device look-up and validation, which you should do when you’re setting up your Ledger (before you send your private keys to the device).

Overall, we like knowing that the hardware wallet we buy online is the real deal and because Ledger provides this peace of mind, we rate it’s security over the Trezor T.

Price

Winner: Ledger Nano X

At the time of writing, the Trezor One was around $59 while Trezor T was around $190 although it’s always best to check the price when you buy.

On the other hand, Ledger Nano S costs $60 while Ledger Nano X costs $119.

You can check the Ledger price here.

Trezor One is the cheapest. But Nano S is also affordable and supports more coins than Trezor One. So if you’re on a budget and want to hold coins like Monero or Cardano, choose the budget Ledger Nano S over the Trezor One.

Check out the price of Trezor from authorized reseller PrivacyPros here.

The Ledger Nano X generally comes out cheaper than its competitor Trezor T and so wins in this category.

Supported Currencies

Winner: Ledger Nano X

Ledger (both Nano S and Nano X) supports over 1800 coins and tokens in its hardware wallets compared to Trezor T, which supports 1,649 coins and tokens. Trezor One supports fewer tokens than Trezor T. Because of the higher number of supported coins and tokens, Ledger Nano X wins this stage in the Ledger vs Trezor battle.

Android and iOS Mobile Support

Winner: Ledger

All Ledger and Trezor wallets support Linux, Macbook, and Windows computers. However, while Ledger supports both Android and iOS mobile devices, Trezor only works on Android.

If you’re an iPhone user, you would be more inclined to choose Ledger, knowing that Trezor does not support your phone.

Mobile and web integrations

Winner: Ledger

Although Ledger wallet is a cold hardware wallet storage, its technical team has created a Ledger Live application that allows users to monitor and manage their accounts and buy, sell and swap coins on both mobile and desktop. Trezor does not have an app. Instead, Tresor has the Trezor suite feature which uses Chrome extensions on your desktop to manage your crypto in your wallet, but has no mobile support.

Both Ledger and Trezor support third-party integrations such as with MetaMask wallet or crypto exchanges, but Ledger supports more integrations than Trezor.

User Experience

Winner: Trezor Model T

Although Ledger and Trezor are easy for beginners to navigate, some unique features make Trezor more favorable to users. Trezor T has a small color touchscreen that allows easier navigation and control. Ledger’s Nano X is bigger than the Nano S wallet, but it can still be harder to read than the Trezor T due to its smaller size.

Connectivity

Winner: Ledger Nano X

Ledger’s Nano X is best for users that value mobile convenience as it has an optional Bluetooth capability that allows the wallet to connect to mobile phones. Trezor does not support Bluetooth connection and depends on USB cable support to connect to the mobile phone.

Final Verdict – battle of the crypto wallets

From this review, there is very little that separates Ledger and Trezor wallets. While Trezor trumps Ledger in its user experience and open source code, Ledger tops Trezor in its anti counterfeit security protections, number of supported currencies, iOS support, Bluetooth connectivity, price, and supported mobile applications.

In the Ledger vs Trezor comparison, Ledger Nano X comes out on top as the best crypto wallet.

Buy Ledger Nano X here.

The Trezor Model T is available through authorised Reseller Privacy Pros.