Following the recent attack on South Korean crypto exchange GDAC, you might want to transfer your digital assets from a hot wallet into a cold storage. In essence, a hot wallet must be connected to the internet for you to access and perform transactions in cryptocurrency. On the other hand, cold wallets store private keys offline to protect your digital assets from online attacks.
However, choosing an ideal wallet to store the best cryptos in South Africa can be A daunting task, especially for newbies. There are many cold wallets out there with different functionalities.
For that reason, this guide will discuss the best wallets for storing your crypto assets and important considerations when choosing a cold wallet.
Key Features to Consider When Choosing a Crypto Wallet
When choosing the best crypto wallet, it’s important to consider its security, interface, multi-currency support, portability, and wallet provider reputation.
Since the main reason for the wallet is to store crypto safely, the first consideration should be the level of security and reputation of the wallet providers. You should choose a wallet from a provider with a large user base, a proven track record, and the one offering security features like two-factor authentication.
With these considerations in mind, here is a list of the best cold wallets for crypto storage in South Africa.
1. Ledger Nano X
Ledger Nano X is our first pick for the best cold wallet for South African investors. This is because it has a high level of security (no Ledger device has ever been hacked) and supports 5500+ crypto assets and NFTs. It is also compatible with Android and IOS devices allowing users to trade and spend crypto on the go.
Additionally, users can access Ledger Live to check their balance, send, receive or stake over 1800 coins and tokens.
On the downside, the price of Ledger Nano X Wallet is relatively high compared to similar wallets, retailing at $149 (2758.53 ZAR).
2. Trezor Model T
Trezor Model T was created by SatoshiLabs in 2018. It is an upgrade of its predecessor Trezo One, the first crypto cold wallet released in 2014.
Trezor Model T comes with solid security features and allows users to access third-party exchanges like CoinSwitch and Changelly.
The wallet supports over 1800 currencies and has a USB-A to USB-C cable to connect to a computer. Besides, you can follow the user manual to connect it to your computer via Bluetooth.
Moreover, Trezor Model T has several unique features, like Shamir Backup and Taproot.
To use this wallet, you have to pay an upward of $219 (4,032.69 ZAR), making it one of the most expensive cold wallets in the market.
On the downside, Trezor Model T has limited mobile compatibility.
3. SafePal S1
SafePal S1 is a cold wallet developed by Binance Labs in 2019. As you would expect, users can access various crypto assets and store unlimited cryptos across 54 blockchains.
The wallet has high security because it combines various security elements like two-factor authentication, pin code and recovery seed and will self-destruct to defend against malware attacks.
It is also one of the cheapest cold wallets on the market, retailing at $49.99 (922.51 ZAR.)
On the downside, SafePal S1 does not integrate with other software wallets apart from SafePal.
4. Ledger Nano S Plus
Ledger Nano S Plus was introduced in April 2022 and is an improved version of Nano S but offers the same level of security. For $79 (1456.99 ZAR), users can manage 5500 crypto assets, tokens and NFTs and run 100 blockchain apps concurrently.
Nano S Plus users can also access Ledger Live to buy, sell and swap crypto assets.
Unlike its predecessor Ledger Nano S, the Nano S Plus can manage NFTs through the Ledger Live app without relying on third-party software.
But even with the upgrade, Ledger Nano S Plus does not have Bluetooth and is not compatible with iOS. Plus, it can only stake a few cryptocurrencies on Ledger Live.
Final Thought
If you want to venture into cryptocurrency trading, finding the right wallet to protect your investment from malware attacks should be the top priority. Hopefully, this review will help you choose the right storage for your needs.
