Which hardware wallet to buy?

[SFR10]

I would just like a device I can store my crypto on with as least hassle as possible - Ideally paying no more then £100 for it.

Trezor Model One fits your description, but it doesn't support ^[directly] a portion of your portfolio ^{[Algorand, Gala, Cronos and LCX]}.
^{- It seems that you can use a third-party wallet like Exodus for storing both Gala and Cronos [source] with your Trezor device.}
With a bit of leeway, you can also go with the "multi-edition of BitBox02 ^{[it equates to roughly £110, but I did manage to find a 5% working discount code (BITTEN)]}".
^{- No support for "Algorand and Gala"!}

[1714886075]

1714886075

[JamesDaniel90]

I would just like a device I can store my crypto on with as least hassle as possible - Ideally paying no more then £100 for it.

Trezor Model One fits your description, but it doesn't support ^[directly] a portion of your portfolio ^{[Algorand, Gala, Cronos and LCX]}.
^{- It seems that you can use a third-party wallet like Exodus for storing both Gala and Cronos [source] with your Trezor device.}
With a bit of leeway, you can also go with the "multi-edition of BitBox02 ^{[it equates to roughly £110, but I did manage to find a 5% working discount code (BITTEN)]}".
^{- No support for "Algorand and Gala"!}

The Ledger Nano S plus supports all the crypto I own , I think.

Is this not the most important thing when deciding which hardware wallet to go with? Even if it has some cons, the main thing I want is my crypto to be secure.

There is no point me purchasing a device that does not support half the crypto I own.

[SFR10]

The Ledger Nano S plus supports all the crypto I own , I think.

Is this not the most important thing when deciding which hardware wallet to go with? Even if it has some cons, the main thing I want is my crypto to be secure.

To some extent, it matters but I wouldn't label it as the most important thing in purchasing a certain type of hardware wallet... If you really care about the security of your cryptos, you shouldn't have a portfolio that's composed of mostly alternative cryptocurrencies ^{[most of them just follow BTCitcoin, and the majority of users consider them as shitcoins + sooner or later, "this is going to be the outcome"]}, that's not a proper way of diversifying. The main issue with Ledger as a whole is the fact that they're no longer that reliable and if you decide to go with one of their products, prepare yourself to face some issues as soon as you get your hands on their products ^{[I'm not implying that other brands are perfect, but they tend to have more satisfied customers]}!

[n0nce]

If the assets owned by the OP are all in bitcoin, then I believe electrum is also a good choice in addition to its need to have a hardware wallet.

It's not all in Bitcoin. He posted a list previously. He owns Bitcoin and 9 other altcoins.

In that case, I guess the (not sure why) pretty unpopular, but super cheap, and reproducible open-source KeepKey could be an option. It costs less than a Ledger, it's been around for 7 years and supports lots of coins.

The Ledger Nano S plus supports all the crypto I own , I think.

Keep in mind its tiny memory means it only supports a handful of coins (at most) at a time. If you dabble with more than 2-3 currencies, your workflow will include deleting and installing individual 'apps' for each cryptocurrency every time you have to interact with that currency (like a deposit or withdrawal).

To add to what SFR10 said about diversifying and investing in altcoins - since you mentioned being new to cryptocurrency - I'd just like to recommend giving this thread a read, too.
What Can Happen If You Want to Trade Cryptocurrencies, but You Don’t Know How?

I also believe the main quality of a wallet shouldn't be how many coins it supports; if I were trading, I'd leave the coins I trade on a trusted exchange (with all the risks that go along with that, never forget) so I can make quicker moves when the market changes and stuff like that. That's why you buy those coins; not for holding them for years. You don't want to sit around with a device whose screen suddenly glitches out, doesn't turn on, or have to install an 'app'; then send the coin to the exchange, hope it's not blacklisted and then try to get that trade in real quick.
For long-term it has been shown time and time again that Bitcoin is the best bet compared to other cryptocurrencies; and if you're looking at Bitcoin-only, there are great, reproducible open-source devices for that. The amounts you want to store in Bitcoin should also be able to justify paying more than £100 for such a device.

Your budget for the device also shows me that you're probably dealing with capital that should be fine (not financial advice) to keep on an exchange - as I said, also for more efficient / fast trading ability.

[Pmalek]

Keep in mind its tiny memory means it only supports a handful of coins (at most) at a time. If you dabble with more than 2-3 currencies, your workflow will include deleting and installing individual 'apps' for each cryptocurrency every time you have to interact with that currency (like a deposit or withdrawal).

You are thinking of Ledger's first model, the Nano S. OP wants to purchase a Nano S Plus, the device that came out just a few months ago. It has received a memory upgrade that allows it to hold up to 100 different apps at the same time. In theory at least. Even if it's just half of it, that will still be enough for OPs current needs.

Your budget for the device also shows me that you're probably dealing with capital that should be fine (not financial advice) to keep on an exchange - as I said, also for more efficient / fast trading ability.

OP owns £3.000 worth of crypto. Personally, this wouldn't be an amount I would be comfortable storing in an exchange account. Not to mention that these £3.000 can easily become £5k or £6k during the next bull run. But people have different needs. OP doesn't strike me as a day trader for him to require access to an asset within a minute or two.

[NeuroticFish]

You are thinking of Ledger's first model, the Nano S.

I think that this is a bad choice of words. Nano S is the smallest, the oldest they're still selling, but, afaik, not their first.

Your budget for the device also shows me that you're probably dealing with capital that should be fine (not financial advice) to keep on an exchange - as I said, also for more efficient / fast trading ability.

OP owns £3.000 worth of crypto. Personally, this wouldn't be an amount I would be comfortable storing in an exchange account. Not to mention that these £3.000 can easily become £5k or £6k during the next bull run. But people have different needs. OP doesn't strike me as a day trader for him to require access to an asset within a minute or two.

You said that the coins can double or more on next bull run... I would say that the bitcoin may double or more, while some of the altcoins will probably turn to dust.
So (as a second thought) I would do different. I would get the Bitcoins to the hardware wallet (or, even easier, I would generate a paper wallet offline) and I would keep the altcoins on exchange(s).
Altcoins are much more volatile than Bitcoin and one may want to sell them. Fast. Bitcoin, on the other hand, tends to do great on long term.

[Pmalek]

I think that this is a bad choice of words. Nano S is the smallest, the oldest they're still selling, but, afaik, not their first.

My bad. I could have expressed myself better. I was trying to say that the Nano S is the oldest Ledger model that is still available on the market. It's certainly not the first one they ever produced, but it did sound like I said exactly that. I think the Ledger HW 1 and Ledger Nano were their oldest models. There was also the Ledger Blue. All these products have been discontinued in the meantime.

You said that the coins can double or more on next bull run... I would say that the bitcoin may double or more, while some of the altcoins will probably turn to dust.
So (as a second thought) I would do different. I would get the Bitcoins to the hardware wallet (or, even easier, I would generate a paper wallet offline) and I would keep the altcoins on exchange(s).

I guess it depends on the altcoin. Some of them probably will, either after this bear market or the next one. But generally, Bitcoin tends to pull their price upwards when it begins its run. Even if they are altcoins, I would wait for better times to sell them. The overall state of the market right now isn't the best one.

[JamesDaniel90]

Now that I have began investing in Bitcoin and plan to do so for many years, is it best if I just find a hardware wallet to store my Bitcoin on and leave the altcoins on the exchanges then?

What is the most convenient but still safe way of storing my Bitcoin?

[Lucius]

Now that I have began investing in Bitcoin and plan to do so for many years, is it best if I just find a hardware wallet to store my Bitcoin on and leave the altcoins on the exchanges then?

What is the most convenient but still safe way of storing my Bitcoin?

After 3 pages of tips and suggestions that you received, you ask practically the same question as when you opened this thread? You don't seem to realize that the only real and correct way to keep your coins is in a way that only you are in possession of your private keys. It's up to you to decide which hardware wallet to buy or whether to make a cold wallet - because no matter how you set things up, the worst decision is to keep your coins on crypto exchanges, there's not too much wisdom.

[o_e_l_e_o]

What is the most convenient but still safe way of storing my Bitcoin?

The answer is still going to be a hardware wallet, short of setting up your own cold storage device (which sounds like something you are probably not ready for yet).

If it were me, I would sell all those shitcoins for bitcoin and then just put the bitcoin on any good hardware wallet.

But, if those are the coins you want to hold, then just get a Ledger Nano of some description since it will support the majority of those coins. They are all as secure as each other. If you need Bluetooth for on the go transacting when paired to your phone, get the X. If you don't need that, get the S or S Plus. The only real difference between the S and S Plus is the screen size and how many apps you can have installed at once, but it takes literally 20 seconds to uninstall one coin's app and install a different coin's app (with no effect whatsoever on your coins themself), so up to you whether that small convenience is worth the extra price.

Once you've got your device, head to https://support.ledger.com/hc/en-us/categories/4404376139409, click on the device you bought, and follow the set up guide.

[m2017]

Now that I have began investing in Bitcoin and plan to do so for many years, is it best if I just find a hardware wallet to store my Bitcoin on and leave the altcoins on the exchanges then?

What is the most convenient but still safe way of storing my Bitcoin?

Keeping bitcoin on hardware wallet is a good, safe, and convenient choice. Millions of people around the world use this method and don't complain, because so far there have been no incidents with the theft of crypto from hardware wallets. If a new and better way of storing crypto comes along, you can always change your storage. Therefore, it seems to me that the question is not whether to use the hardware wallet, but which hardware wallet to use.

Regarding altcoins. It seems to me that it would be better to get rid of most of them, completely, because it will finally depreciate in the current bear market, but whether they will rise in price later is already in question.

[JamesDaniel90]

Now that I have began investing in Bitcoin and plan to do so for many years, is it best if I just find a hardware wallet to store my Bitcoin on and leave the altcoins on the exchanges then?

What is the most convenient but still safe way of storing my Bitcoin?

After 3 pages of tips and suggestions that you received, you ask practically the same question as when you opened this thread? You don't seem to realize that the only real and correct way to keep your coins is in a way that only you are in possession of your private keys. It's up to you to decide which hardware wallet to buy or whether to make a cold wallet - because no matter how you set things up, the worst decision is to keep your coins on crypto exchanges, there's not too much wisdom.

Was all set on going for a ledger then a few negative comments takes me back to square one again.

I don't mind paying good money but don't want a wallet that is going to cause headaches & problems.

[Lucius]

Was all set on going for a ledger then a few negative comments takes me back to square one again.
I don't mind paying good money but don't want a wallet that is going to cause headaches & problems.

I have been a Ledger user for years and I have no complaints about the security of the device itself, but due to the hacking of the Ledger user database and the publication of hundreds of thousands of data including full name, address and phone numbers, I no longer consider them a company to trust. Does that mean I trust the Trezor more? Of course, not because they also have their security vulnerabilities in the devices themselves, but also because part of their database (allegedly only e-mails) has been hacked.

If you are looking for something perfect then I have to disappoint you that such a thing does not exist - but if you want the greatest possible security then a properly made cold wallet really has no alternative. All you need is an additional device (computer) that will not have any contact with the Internet and the fact that you have to get used to such a setup.

Here is an example of such a setup using Electrum -> Coldstorage

Special note : it is recommended to verify Electrum files before installation. -> How to Safely Download and Verify Electrum

[n0nce]

Another point to consider: self-custody can be accomplished without buying a hardware device.
The coins will already be much safer and 'actually yours' if you withdraw them to a trusted, secure software wallet whose seed you properly backed up.

If you want to hold relatively small amounts of some altcoin / shitcoin semi-long term (basically trading; so do consider reading: Here Is What Can Happen If You Want to Trade Cryptocurrencies, but You Don’t Know How), you can do so on your phone or computer, as long as you follow basic security practice.

Most people who believe in 'crypto diversification' usually put at least 50% in Bitcoin anyway; so I'd probably setup cold storage and / or get a decent quality hardware wallet for Bitcoin, leave the most volatile shit on the exchange to sell it as soon as it 'moons' and withdraw everything in between to a software wallet.
I wouldn't want to make a compromise in the quality, privacy and security of the device that stores my BTC (usually majority of people's crypto investment), to be able to also store $50 of a few shitcoins on it, too. Does it make sense?

[JamesDaniel90]

Another point to consider: self-custody can be accomplished without buying a hardware device.
The coins will already be much safer and 'actually yours' if you withdraw them to a trusted, secure software wallet whose seed you properly backed up.

If you want to hold relatively small amounts of some altcoin / shitcoin semi-long term (basically trading; so do consider reading: Here Is What Can Happen If You Want to Trade Cryptocurrencies, but You Don’t Know How), you can do so on your phone or computer, as long as you follow basic security practice.

Most people who believe in 'crypto diversification' usually put at least 50% in Bitcoin anyway; so I'd probably setup cold storage and / or get a decent quality hardware wallet for Bitcoin, leave the most volatile shit on the exchange to sell it as soon as it 'moons' and withdraw everything in between to a software wallet.
I wouldn't want to make a compromise in the quality, privacy and security of the device that stores my BTC (usually majority of people's crypto investment), to be able to also store $50 of a few shitcoins on it, too. Does it make sense?

Yes makes sense I am with you.

Now that Bitcoin is in this price range I want to focus on it and accumulate more and less on altcoins.

I will keep researching but yes now I realize the main thing for me is focusing on Bitcoin and storing it safely by getting it off Coinbase.

[Falconer]

I will keep researching but yes now I realize the main thing for me is focusing on Bitcoin and storing it safely by getting it off Coinbase.

Of course, you should consider it as soon as possible because there's no better reason you want to safely hold your bitcoin if they're still on an exchange. What's more, if you have decided to use a Ledger wallet, then go for it. Some users will be ready to help you based on their experience so far.

Most people including myself also like asset diversification, which is great. But I will not own more than 50% of the total capital I have. 50% for bitcoin and another 50% might be good for some potential altcoin but only between 1-3 altcoin.

[n0nce]

Yes makes sense I am with you.

Now that Bitcoin is in this price range I want to focus on it and accumulate more and less on altcoins.

I will keep researching but yes now I realize the main thing for me is focusing on Bitcoin and storing it safely by getting it off Coinbase.

Sounds like a plan! Honestly; if you really wish, you could also get a multi-coin wallet like Ledger or (in my opinion better quality and more modern; plus easier to use through the ability for microSD backups) BitBox02. And then later get a Bitcoin-only, more premium device & transfer the funds.

In a way; separating coins on 2 devices is also a type of 'diversification' (of risk; e.g. risk of theft or loss). I have high hopes (and expectations) for Foundation Passport v2, but can't recommend it yet, since I haven't had it in my hands so far.

Most people including myself also like asset diversification, which is great.

I don't want to get too much into this topic here; but just a little recommendation to the 'diversification fans': do some more research on what diversification means. Basically you don't want all your eggs in one basket; sure - however if you 'diversify' by investing in different cryptocurrencies, which are proven to depend a lot on what Bitcoin's doing, that's not a great idea. You could invest in Bitcoin, a stock, a metal, you know, very 'diverse' things that are as probable as possible not to be affected simultaneously (up or down).

[Pmalek]

But, if those are the coins you want to hold, then just get a Ledger Nano of some description since it will support the majority of those coins. They are all as secure as each other. If you need Bluetooth for on the go transacting when paired to your phone, get the X. If you don't need that, get the S or S Plus. The only real difference between the S and S Plus is the screen size and how many apps you can have installed at once, but it takes literally 20 seconds to uninstall one coin's app and install a different coin's app (with no effect whatsoever on your coins themself), so up to you whether that small convenience is worth the extra price.

There are other less significant differences like the connector type. The Nano S Plus is equipped with a USB Type-C, while the old Nano S uses USB Type Micro-B. Another more important element could be the chip depending on if there is a vulnerability with the older models or one will be discovered in the future.

Nano S uses ST31H320 as secure element and STM32F042.
Nano S Plus uses the ST33K1M5.

https://shop.ledger.com/products/ledger-nano-s
https://shop.ledger.com/products/ledger-nano-s-plus 

Was all set on going for a ledger then a few negative comments takes me back to square one again.

No matter what you go for, there will always be negative comments and bad feedback about it. Not just for your choice of hardware wallets. Weigh up your options and consider how those comments affect you personally.

For example:
Has Ledger caused privacy leaks for its users? YES.
Has Trezor caused privacy leeks for its users? YES
Have Ledger or Trezor users lost their crypto because of bad design of their wallets? NO
Can the wallets be hacked remotely? NO (for now).
Can seeds, PINs, or private keys be extracted by having physical access to the device? Possibly, YES. If the person knows that they are doing.
Can you and me do it by watching a YouTube video? NO.
Which one is more vulnerable to physical manipulation between the two? Trezor because they don't have a secure element. Some would say Ledger is equally vulnerable due to its close-source nature and I would agree there is a danger in not knowing what is going on.

If you want to see which hardware wallets members of Bitcointalk own, you can take a look at Show off your hardware wallet. Ledger dominates the table followed by Trezor.

[JamesDaniel90]

Think I am going to just go with the Nano S plus - looks like a solid and popular pick and will hold the majority of my crypto.

I just feel I need to get my crypto off of these exchanges, I don't mind leaving one or two on the exchanges as long as the majority are secure on a cold wallet. 

Is it safe to buy on Amazon or for the sake of £10 more just buy through the actual site?

[o_e_l_e_o]

Is it safe to buy on Amazon or for the sake of £10 more just buy through the actual site?

Lots of people will give the advice to only buy directly from the Ledger website, but as long as you are buying from the official Ledger store on Amazon and not some third party reseller you should be equally as safe. The easiest way to do this is to follow the link for your country from their official website as listed near the bottom of this page: https://www.ledger.com/reseller

There is a theoretical risk that there will be more people in the supply chain who will have their hands on the hardware device before it reaches you. Instead of going Ledger -> carrier -> you, it will go Ledger -> carrier -> Amazon -> carrier -> you. However, there are steps to follow when you first get your device (regardless of where you buy it from) to confirm its authenticity and that it hasn't been tampered with: https://support.ledger.com/hc/en-us/articles/4404389367057-Is-my-Ledger-device-genuine

Ironically, despite most people saying you should only order directly from Ledger, the people who did order from Amazon in the past were protected against the data breach which was discussed previously in this thread, since the data breach only affected the database of Ledger's own web shop, with all their Amazon customers' data being stored with Amazon instead.