Studies show that one of the main reasons cryptocurrency and the blockchain have failed to achieve mass adoption yet is their vulnerability to hacks due to their online nature.
Hardware wallets solve this by keeping private keys and transaction signatures offline. This makes them virtually impenetrable to online hack attempts.
The top 5 Hardware wallets are:
- Ledger Nano X
- SafePal S1
- Trezor Model T
- KeepKey
- Ellipal Titan.
TRON Hardware wallets come in various types: air-gapped wallets, Bluetooth wallets and USB wallets.
What are Hardware Wallets, and How Do They Work?
A hardware wallet (sometimes also called a cold wallet) is a type of cryptocurrency wallet that stores private keys offline on a physical device. The device is usually small and cannot access the Internet, making it immune to online hack attempts.
Hardware wallets usually come with a screen and a few physical buttons used to sign and confirm transactions. The buttons are to ensure that even if the computer the hardware wallet is plugged into is compromised, funds on the wallet still remain safe because you still have to push a button to sign the transaction physically.
What to Look Out For When Picking a TRON Hardware Wallet
Here are some of the important things to look out for when choosing a TRON wallet:
1. Security Features: Probably the most important thing to look out for as the whole point for picking a hardware wallet is improved security. Make sure that the hardware wallet uses a secure element to save private keys.
Also, check the hardware wallet’s Evaluation Assurance Level (EAL). The higher the EAL, the more security assessments it has undergone.
2. Supported Cryptocurrencies: Since you’re looking to store TRON, it is important to ensure that the hardware wallet supports TRC-20-compliant tokens.
3. Ease of Use: It’s also important to pick a hardware wallet that is easy to set up and has an interface that is easy to navigate.
4. Customer Reviews: You should also check previous reviews from other users to gauge their experiences and make the right choice based on your own preferences.
Top 5 Hardware Wallets for TRON
Based on most of the criteria we’ve discussed, here are the top 5 hardware wallets for TRON:
1. Ledger Nano X: The Ledger Nano X is the Bluetooth version of the base Ledger wallet. It is one of the most popular hardware wallets in the world. It supports storing both TRON tokens and NFTs. It is usually used together with the Ledger Live app.
2. SafePal S1: Safe Pal was founded in 2018, and the S1 is the hardware variant of its array of cryptocurrency wallets. The SafePal S1 supports thousands of cryptocurrencies, including TRON.
3. Trezor Model T: The Trezor Model T is probably the sleekest, with a 1.5-inch touchscreen. It uses a USB-C connection, and you can choose between a 12, 20, or 24-word passphrase.
4. KeepKey: KeepKey is one of the oldest and most secure hardware wallets. It has a screen to monitor transactions and, unlike most other hardware wallets, has only one button.
5. Ellipal Titan: The Ellipal Titan is another one that makes the list. It is an air-gapped hardware wallet with a 4-inch screen for monitoring and approving transactions. Elliptical Titan supports TRON and a thousand other cryptocurrencies.
Best Practices When Using Hardware Wallets for TRON
While hardware wallets are essentially secure from online attacks, it’s still important to take note of a few things to ensure the maximum safety of your funds.
Here are some of the best practices when using TRON hardware wallets:
1. Do not store your passphrase on a computer or a mobile phone. Always write your passphrase down and store it in a safe physical location.
2. Choose a very strong password during the wallet setup. Avoid using things like your birth date, your mother’s maiden name, or your dog’s name. “admin”, “password”, and other common phrases that can be easily brute-forced.
3. Never share your passphrase with anyone. Your passphrase is the key to all your funds, and whoever has it has your funds.
4. When purchasing your hardware wallet, make sure to purchase directly from the manufacturers or verified retailers. This is just to ensure the hardware has not been tampered with.
Frequently Asked Questions (FAQs) About Hardware Wallets for TRON
Can I recover my TRON if I lose or damage my hardware wallet?
Yes. Your passphrase is basically a backup for your wallet. So, as long as you have your 12- or 24-word passphrase, you can just enter it in a new wallet and recover your TRON.
Can hardware wallets be used for staking TRON?
Yes. Many hardware wallets allow staking through a third-party app that runs on the hardware wallet. For example, Ledger lets you stake TRON through the Ledger Live app.
Can I transfer TRON from my hardware wallet?
Yes. You can make TRON transfers directly from your hardware wallet. You initialise the transaction and sign it directly on the hardware wallet. Your private keys never leave the hardware, ensuring maximum security.
What makes a hardware wallet more secure than hot wallets?
Private keys on hardware wallets are stored directly on the hardware and never leave it. This helps keep the private keys offline and, hence, secure from online hack attempts. Additionally, unlike hot wallets, to gain access to funds in a hardware wallet, you need physical possession of the hardware.
Can my TRON hardware wallet be hacked?
Yes. While hardware wallets offer top notch security, it’s still not 100% secure from every attack vector. Your TRON wallet can still be hacked and funds stolen if the attacker manages to convince you to reveal your passphrase via phishing attacks.
Another possible attack route could be to tamper with the hardware and install keyloggers or other malware even before it reaches you.
Conclusion
There are so many TRON hardware wallets, and picking the right one is the first step in keeping your funds safe.
Whether you decide to use a Ledger Nano X or an Ellipal Titan, your TRON funds will always be safe as long as you follow best practices like buying directly from the manufacturer, choosing a strong password and keeping your passphrase in a safe physical location.
