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This rating describes our personal assessment of the user-friendliness of the product. How easy is the onboarding process? How modern is the user interface and is it easy to use? Are all the important functions quick and easy to find? We ask ourselves all these questions in order to give a personal rating from 1 to 10 points.
For products or services in the crypto space, trust and security should be the biggest factors in the selection process. Since we could not seriously evaluate the technical security of a platform or product, we analyze publicly available factors such as security features, location, regulation, certifications, audits, team/company, general reputation and, of course, track record.
Crypto doesn't have to be cryptic. Especially for beginners, the first contact with the crypto world can be overwhelming. With this rating, we give our assessment of how easy it is for beginners to find their way around: from the onboarding process to using the most important functions.
Customer support is an important factor for many users. A long wait or no response at all in the event of problems can be frustrating, especially when it comes to sensitive topics such as finances. With this rating, we give our assessment of the quality of customer support. In order to provide as balanced an assessment as possible, we also include user opinions from other platforms in our evaluation.
Some exchanges and brokers are regulated by financial supervisory authorities in certain countries/states. This often entails strict financial regulatory requirements and compliance requirements to which the company must adhere. Regulatory clarity can contribute to greater transparency and thus also greater trustworthiness.
Do you have ideas or suggestions for changes? Then we look forward to your feedback! We make every effort to keep all metrics and information as up-to-date as possible. However, if you discover an error or outdated information, we would be delighted to hear from you.
Feel free to write to us:
A wallet that is “open source” makes its software code public (e.g. on Github). Either the entire program code or at least significant parts of it are publicly accessible. This has the advantage that many parties can review the code and security gaps or other vulnerabilities are discovered and improved more quickly.
The so-called "private key" is a unique sequence of numbers and characters and the private key that gives you direct access to and control over your cryptocurrencies. The private key is used to sign transactions. In simple terms, it can be seen as a digital fingerprint that proves that you are the owner of the cryptocurrencies. If you store your cryptocurrencies on so-called "custodial wallets" (e.g. crypto exchanges), you are not the owner of your private keys.
The anonymity of “non-custodial wallets” is generally relatively high. However, there are differences between providers when it comes to collecting and storing user data. There can also be differences in the ordering process for hardware wallets as to which user data is stored and for what period of time
The so-called “secure element” is a chip (microprocessor) that stores your private key and is separated from the rest of the hardware. This special chip gives the hardware wallet significantly more protection against local, physical attacks. Depending on the chip, a different level of security can be offered. Some chips can be compromised with less effort, while with others this is only possible with special equipment and is extremely complex.
The so-called “secure element” is a chip (microprocessor) that stores your private key and is separated from the rest of the hardware. This special chip gives the hardware wallet significantly more protection against local, physical attacks. Depending on the chip, a different level of security can be offered. Some chips can be compromised with less effort, while with others this is only possible with special equipment and is extremely complex.
The overall rating is the average of our individual ratings. Our ratings do not constitute investment advice, but merely our personal opinion. You are welcome to use them as rough indicators and additional perspective. In the dynamic and fast-growing crypto sector, parameters can often change from one day to the next, so we cannot guarantee that the rating data is up to date. Therefore, please never use our ratings as an isolated basis for decision-making and not as a substitute for your own research.
Some wallets offer an integrated trading function within the wallet to buy and sell cryptocurrencies directly. This functionality is usually made possible by a connection to the web interface of an exchange. The integrated trading function in wallets offers enormous advantages: cryptocurrencies can be bought in the same place where they are to be stored. The manual transfer of cryptocurrencies from an exchange to your own wallet is therefore no longer necessary, which can save time and money.
Multisignature wallets or multisig wallets are wallets that require at least two private keys to sign a transaction. This additional process makes it possible to greatly increase security against unwanted access, for example through personal threats. This security mechanism is particularly useful when storing particularly high assets.
If the hardware wallet or the device with the corresponding software wallet is lost or damaged, there is no need to panic. As long as you have your private key or recovery seed (also called “seed phrase”) in your possession, you can restore your wallet at any time. The recovery seed is a combination of 12-24 words and is the most common backup method for wallets. Important: Keep your recovery words and private keys secret and never share them with other people!
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BitBox02
Overview
Quick Facts
The BitBox02 from Switzerland is arguably the safest hardware wallet on the market today. The manufacturer focuses on advanced security and privacy features, deliberately avoiding unnecessary frills. A "Bitcoin-only" version is also available for purists.
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Pro's & Con's
- Offers the best overall security package.
- Innovative features like the "fake wallet" for plausible deniability.
- Strong focus on security and privacy throughout the user experience.
- Bitcoin-only version available for reduced attack vectors.
- Fewer integration options, apps, and features compared to other hardware wallets.
- Limited functionality for users needing broader cryptocurrency support.
- Requires trade-offs in terms of convenience and versatility.
BitBox02
Hardware
Offer and features of
BitBox02
Functionality
Unique Features
- BitBoxApp
- Multiple accounts possible
- Optional gate connection
- Hidden wallet (plausible deniability)
Platforms
Our
BitBox02
Review
Test Result
Conclusion
The BitBox02 hardware wallet, priced at €129, offers the best overall package in terms of security. The team continuously introduces new security features, such as a secondary "fake wallet" for use in the event of forced access (e.g., raids or other threats). This separate wallet contains only a fraction of the actual assets, enabling "plausible deniability." From ordering to usage, it's clear that the team is fully committed to security. However, this focus on security comes with some trade-offs: compared to other hardware wallets, the BitBox02 and its software offer significantly fewer integration options, apps, and features. For those interested in storing only Bitcoin, there is a "Bitcoin-only" version of the hardware wallet, which has even fewer functions and potential attack vectors. In our view, the BitBox02 is the best choice for those prioritizing maximum security and privacy.
BitBox02
User Reviews
The BitBox02 has been praised by users for its simple and intuitive operation. The app interface is cleanly designed and allows for easy navigation. Users appreciate the clear display and the ease of conducting transactions. However, some users have made comments on how to improve the interface, especially in terms of optimizing it for smaller screens.
The BitBox02 is praised for its basic but solid features. Users appreciate the support for Bitcoin and a variety of altcoins, as well as the integration with popular software wallets. Some users express a desire for more advanced features, such as integrated trading functions or advanced analysis tools.
The wallet supports popular cryptocurrencies such as Bitcoin and Ethereum, but also a number of altcoins. However, some users would like an even larger selection of supported cryptocurrencies, especially when it comes to lesser-known or newer altcoins.
The BitBox02 is praised for its high security standards. As a hardware wallet, it offers an additional layer of protection over pure software wallets. Users particularly appreciate the two-factor authentication and the backup and restore options. However, some users express concerns about trust, particularly regarding the company's headquarters in Switzerland, which is a high-security country, and the fact that the company develops and controls all aspects of the wallet in-house.
The BitBox02 is often described as being particularly beginner-friendly. Users praise the wallet's ease of setup and operation and the well-designed tutorials and instructions. However, some users note that despite the general user-friendliness, a certain amount of training time is required.
Overall, user experiences with BitBox02 support are positive. Users report quick and helpful responses to their queries. The availability of support through various channels, including email and social media, is also highlighted positively. However, some users express a desire for live chat support.
In summary, the BitBox02 generally receives positive reviews, particularly for its high security standards and support for a solid number of cryptocurrencies. Users appreciate the intuitive operation and easy setup, although some see the interface as having room for improvement. Opinions on beginner-friendliness and customer support are mixed, with some users wanting some learning curve and improved support. Overall, however, experiences are mostly positive, indicating general user satisfaction with the BitBox02.
About
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BitBox02
About the author
Ethan is the go-to crypto guru at Exchange Flow, with nearly a decade steering traders through crypto exchange platforms worldwide, Ethan brings welcome clarity to the complex terrain of digital currencies. His hands-on approach to testing and analyzing exchanges worldwide makes his reviews and articles valuable information for readers and newcomers in the crypto world. Beyond his crypto expertise, Ethan is a retro gaming enthusiast and an explorer at heart, using his crypto gains to fuel adventures around the world. Dive into Ethan’s articles and reviews for a global perspective on cryptocurrency that’s as enlightening as it is engaging.