How do beginners choose a Hardware Wallet? 2024 Edition

A custodial wallet is a wallet where we do not store our private keys ourselves. It is a wallet where we still rely on others to generate keys for us, including both the public key (used to generate the wallet address) and the private key for ownership verification. If we want to use it, we need to sign up for a service, such as Bitkub, BinanceTH, Bitazza, or other exchanges.

However, custodial wallets don't only have disadvantages. Most of us use custodial wallets or exchanges because they are easy to use, convenient, and simpler to understand than non-custodial wallets. They are suitable for buying and selling assets, as you can trade just by opening your phone.

Summary of pros and cons of custodial wallets:

Pros:

• Easy to use, convenient, and fast for buying and selling.
• Suitable for short-term trading, not ideal for long-term holding.

Cons:

• We don't hold the keys ourselves; the service provider we use holds them.
• If the exchange shuts down and disappears, we are out of luck and cannot withdraw our coins.

Open source firmware or not?

The Source Code Firmware that develops the Hardware Wallet, whether it is publicly accessible or not, indicates transparency and allows everyone to jointly inspect the Hardware Wallet's Source Code.

I have therefore made this the first point in deciding which hardware wallet to choose. Transparency and auditability should come first, because if the Firmware is not open, we cannot know what the updated Firmware is or if it is secure.

Not open source firmware

This point will separate the Ledger group into the side that is not open-source firmware.

For those who are not overly concerned about the disclosure of Source Code Firmware, the Ledger group can still be considered.

The next point for Ledger is whether you want to use it with a mobile phone.

• If you don't want to use it with a mobile phone, you can choose the Ledger Nano S Plus.
• If you want to use it with a mobile phone, there are two more options: Ledger Stax and Ledger Nano X, which differ significantly in price. You can see the differences between these two in this table. I've already compared them.

I won't go into too much detail with the Ledger side, as they don't open source their firmware.

Open source firmware

Let's move on to the side that has open-source firmware. This side has three brands that made the cut: OneKey, Keystone, and Trezor, which offer various models. I'll proceed to the next point.

Do you need to use it with a mobile phone?

If you choose not to, slowly follow this side of the path until the end, then you can go back to the other side. :)

Do not want to use it with a mobile phone

This option is suitable for those who don't trade frequently and intend to hold long-term, as it can only be used on a computer and cannot connect to a mobile phone. These include OneKey mini, Trezor Model T, Trezor Safe 3, and Trezor Model One. You can still track your portfolio via mobile, however. You can find apps for this here.

Want to use it with a mobile phone? Click here to skip to the next flow.

Does it have a Secure Element Chip EAL6+?

A Secure Element Chip is a design that makes hardware wallets more secure. The function of a Secure Element Chip is to store highly confidential information, which typically includes the Seed Phrase or Master Private Key.

Do not want a Secure Element Chip EAL6+

You can choose OneKey mini, Trezor Model One, and Trezor Model T.

Want a Secure Element Chip EAL6+

You have several models to choose from, including OneKey Classic 1S, OneKey Touch Pro, and Keystone.

Budget less than 3,000 Baht?

Yes, budget less than 3,000 Baht.

Choose OneKey mini! It costs 2,400฿ and can be purchased here.

No, budget more than 3,000 Baht.

There are two models to choose from: Trezor Model One and Trezor Model T. You can see the differences between each model in this table.

To summarize the options for those who cannot use it with a mobile phone, the OneKey mini is a standout: small but mighty, with a gentle price of just 2,400 Baht, making it suitable for beginners.

If this doesn't meet your needs, let's go back to the top of the flow. For those who still want to use a hardware wallet with both a computer and a mobile phone, you'll need to look at this side.

Do you need to use it with a mobile phone?

Want to use it with a mobile phone.

Models that can be used with mobile phones include OneKey Classic 1S, OneKey Touch, OneKey Touch Pro, and Keystone. They all share basic features such as portfolio tracking, transaction notifications, coin trading, and coin transfers. However, using mobile wallets like MetaMask mobile will be discussed in the next point.

Does it have a Secure Element Chip EAL6+?

Many who have skipped to this point might not have read what a Secure Element Chip is.

A Secure Element Chip is a design that makes hardware wallets more secure. The function of a Secure Element Chip is to store highly confidential information, which typically includes the Seed Phrase or Master Private Key.

Do not want a Secure Element Chip EAL6+

Choose OneKey Touch, priced at 10,200฿. However, there is an updated model, the OneKey Touch Pro.

Want a Secure Element Chip EAL6+

There are several models to choose from, including OneKey Classic 1S, OneKey Touch Pro, and Keystone.

Connect to DeFi App via air-gapped or not?

A mobile wallet refers to using a wallet on a mobile device via an air-gapped connection, such as MetaMask wallet, OKX wallet, Wallet Connect, etc. An example of using MetaMask mobile on a phone is preferred by many in the DeFi community for connecting to various protocols like Aave, Compound, Uniswap, or Synthetix, among others.

Do you NOT connect to DeFi Apps via an air-gapped method?

If you're not into DeFi and prefer long-term holding without frequent use of a mobile wallet, the OneKey Classic 1S is sufficient at an affordable price of 3,990 baht. Order here.

Do you want to connect to DeFi Apps via an air-gapped method?

If you're a DeFi user who prefers using a mobile wallet and doesn't want to waste time opening a computer, we recommend these two models: OneKey Touch Pro and Keystone. You can see the differences in the table provided.

Budget less than 10,000 baht?

The last consideration is your budget. This is a primary factor when purchasing a hardware wallet.

No, budget more than 10,000 baht

For a full-featured option with premium materials, this is the one: OneKey Touch Pro, priced at 10,700 baht. Order here.

Yes, budget less than 10,000 baht

While the material might not be as good, the features are comparable. We recommend the Keystone 3 Pro, priced at 5,990 baht. Order here.

Quick summary for choosing a Hardware Wallet

For those new to hardware wallets, with a limited budget, focusing on long-term holding, and not needing frequent use, we recommend the OneKey Mini. Buy here.

For those new to hardware wallets who also want to use them on their mobile phones, for receiving, sending, and occasionally swapping coins, but not heavily relying on mobile wallet functionalities, we recommend the OneKey Classic 1S. Buy here.

For DeFi users who want to use a mobile wallet on their phone, for easy and convenient use without opening a computer, the recommended entry-level option is the Keystone 3 Pro. Order here. Alternatively, if you want better materials and functionality through the OneKey app, we recommend the OneKey Touch Pro. Order here.