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 However, if you discover an error or outdated information, we would be delighted to hear from you.
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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!
Trust Wallet vs Ledger Nano S in comparison
Overview
Trust Wallet is the official software wallet of the Binance exchange, enabling easy sending, receiving, and trading of coins and tokens. Aside from the clear design and features, it also offers an internal browser for decentralized applications; as well as support for staking and lending cryptocurrencies.
The Ledger Nano S Plus is a compact hardware wallet that keeps your private keys offline on a secure element chip and connects to a computer or an Android phone over USB-C. Ledger has discontinued the original Nano S and replaced it with the Nano S Plus, so this review now covers the newer model.
- Supports a wide range of cryptocurrencies
- Clear and user-friendly app
- Integrated DApp browser
- Direct connection to Binance
- Very poor customer support
- No desktop application
- Secure element chip with CC EAL6+ certification.
- Room for up to 100 apps and, according to Ledger, more than 15,000 supported coins and tokens.
- USB-C connection for desktop computers and Android phones, with no battery to charge.
- Supports Bitcoin multisig setups through the Ledger Bitcoin app.
- Does not work with iPhones or iPads, according to Ledger.
- No Bluetooth, so every connection needs a cable.
- Small screen: checking a transaction takes several steps.
- No Transaction Check scam warning, which Ledger offers only on its touchscreen models.
Information
Hardware
Features
- DApp browser
- Lending (earn interest)
- Ledger Wallet app (formerly Ledger Live)
- Up to 100 apps
Wallet Rating
About
Our Review
Trust Wallet is a reliable software wallet, particularly suitable for beginners. Aside from the clear design and features, it also offers an internal browser for decentralized applications; as well as support for staking and lending cryptocurrencies. App store reviews are quite positive but also indicate the lack of customer support and more advanced features.
In our view, the Ledger Nano S Plus is a good first hardware wallet for beginners who manage their crypto from a desktop computer or an Android phone. It keeps your keys on a secure element certified to CC EAL6+, holds up to 100 apps and, according to Ledger, can manage more than 15,000 coins and tokens. The trade-offs are a cable-only connection without Bluetooth and no iOS support: Ledger states that the Nano S Plus does not work with iOS devices, so we think iPhone users are better served by the Ledger Nano X. The optional Ledger Recover subscription works with this model in the desktop app only.
About the author
At Exchange Flow, Ethan is recognized as the resident crypto expert. With 10+years of experience navigating the waters of global crypto exchanges, Ethan is a trusted voice in the ever-evolving world of digital currencies. He tests and scrutinizes exchanges so you don’t have to, offering reviews and articles that newbies and seasoned traders alike find invaluable. When he’s not coding, Ethan likes to travel and play retro games. He uses his crypto earnings to fund his trip around the globe.
