Digital assets and blockchain-based currencies have exploded in popularity in recent years. As more people acquire these new forms of money, the need for secure storage solutions has also grown. This is where cold wallet apps come in.
Cold wallets keep your keys offline, away from internet connectivity, offering enhanced protection against hackers. Mobile cold wallet apps bring this extra security to your smartphone, giving you full control of your assets on the go.
In this article, we break down the top 5 best cold wallet apps available for iOS and Android devices today. We’ll look at their key features, security, coin support, and ease of use to help you choose the right one for your needs.
What is a Cold Wallet?
A cold wallet is a type of digital currency wallet that keeps private keys offline. This prevents keys from being stolen by hackers, offering superior security over hot wallets connected to the internet.
With a cold wallet, keys are generated on the device itself through encrypted algorithms. The keys remain on the device and are never transmitted online, putting them out of reach from cyberattacks.
When you want to make a transaction, the offline cold wallet signs it with the private key. The signed transaction is then broadcasted to the network, without the key ever being exposed.
Cold wallets come in two main forms – hardware wallets and paper wallets. Mobile apps offer the convenience of a cold wallet on your smartphone.
Why Use a Cold Wallet App?
Here are some of the key benefits of using a mobile cold wallet app:
- Enhanced security – Keys are stored locally on your device, not on a server or in the cloud. This protects against hacking, server outages, or data breaches.
- Control & ownership – You fully control your keys and your digital assets. No centralized third-party holds custody of your funds.
- Convenience – Cold wallet apps enable you to securely access and manage your holdings on the go via your mobile device.
- Backup & recovery – Carefully-designed cold wallet apps have backup and restore features to protect against phone loss/damage.
- Support – Leading apps support a wide variety of blockchain-based currencies and digital assets beyond just Bitcoin.
- Cost – Most reputable cold wallet apps are free to download and use. The security is in your hands.
For the optimal mix of security, convenience, and functionality, a mobile cold wallet app is hard to beat.
Top 5 Cold Wallet Apps
- Ledger Live
Ledger Live is the official app for Ledger hardware wallets. Manage your Ledger Nano S or X on the go seamlessly and securely.
Security:
– Built around Ledger’s secure chip technology to safeguard private keys
– Cryptographically-verified transactions with the touch of a button
– Support for adding a PIN code and device password
Coins Supported:
Supports 1,500+ coins, including Bitcoin, Ethereum, Ripple, Litecoin, and more.
Cost:
Free to download and use. Requires a Ledger Nano S or X hardware wallet.
Ease of Use:
Easy to install and intuitive UI. Easily manage digital currency, check balances, send/receive.
Other Features:
– Built-in exchange via third-party integration
– Staking capabilities for supported coins
– Support for NFTs
Ledger Live offers a seamless way to use your Ledger device on-the-go. The connection between the app and device ensures optimal security.
- Trezor Wallet
Trezor Wallet works in conjunction with Trezor’s hardware wallets, bringing cold storage connectivity to your phone.
Security:
– Trezor devices use an isolated environment to keep keys safe
– Key-Based Authentication via the device for transactions
– Password manager for storing sensitive data
Coins Supported:
Supports 1000+ coins including top ones like Bitcoin, Ethereum, Litecoin, Ripple, etc.
Cost:
Free to use. Requires a Trezor One or Model T hardware wallet.
Ease of Use:
Simple and intuitive mobile interface. Easy to use for transactions and managing your portfolio.
Other Features:
– In-app exchange via third-party partners
– Supports ERC-20 tokens and most Ethereum-based assets
– Ability to add password-protected wallets
Trezor Wallet offers excellent security coupled with support for a vast array of coins. Seamlessly connect your Trezor device to securely view and manage digital currency on the move.
- Iron Wallet
Iron Wallet touts bank-grade security features for protecting your assets. The cold wallet app is available on Android and iOS.
Security:
– Non-custodial, encrypted local storage, multi-signature support
– Time-based 2-factor authentication and other advanced security tools
– Biometric security
– IronKey support – offline transaction signing
Coins Supported:
Supports 1000+ tokens including top assets like Bitcoin, Ethereum, Ripple, Dash, etc.
Cost:
Free to download. Upgrades available for premium features.
Ease of Use:
Streamlined interface. Slight learning curve due to advanced options.
Other Features:
– It is possible to create many separate wallets in one application for different purposes
– Hardware wallet support
– 24/7 user support
– 20 supported interface languages
Iron Wallet prioritizes security through both cold storage techniques and numerous advanced security features. It also provides a broad range of functionality.
4 Exodus
Exodus provides a sleek wallet app focused on an aesthetically-pleasing user experience and simplicity.
Security:
– Keys only stored locally, not on company servers
– Built-in exchange removes need to store coins on trading platforms
– Encrypted secrets feature and other security tools
Coins Supported:
Supports 100+ top tokens including Bitcoin, Ethereum, Litecoin, Tether, and more.
Cost:
Free to download and utilize. Has premium features available via subscription.
Ease of Use:
Beautiful intuitive design with graphs and charts. Easy to track portfolio.
Other Features:
– Swap token assets directly within the app
– Intuitive pie chart design showing asset allocations
– Support for NFTs
Exodus focuses on delivering an exceptional user experience coupled with solid security features. The in-app exchange is also extremely convenient.
- Atomic Wallet
Atomic Wallet is a decentralized open-source wallet packing numerous features into a slick UI.
Security:
– No registration needed, non-custodial, keys not held by company
– Mnemonic seed phrase generated on device for backup
– Encryption and other security tools
Coins Supported:
Supports 500+ coins and tokens including Bitcoin, Ethereum, Litecoin, Stellar, and more.
Cost:
Free to download and use. No paid add-ons or subscriptions.
Ease of Use:
Clean, intuitive UI provides great user experience. Easy to track coins and make transactions.
Other Features:
– Built-in decentralized exchange
– Staking capabilities to earn rewards on supported coins
– Cashback rewards program
Atomic Wallet offers a feature-packed app with a decentralized ethos. All delivered through an aesthetically-pleasing and easy to use mobile interface.
Security Tips for Cold Wallet Apps
Using a cold wallet app dramatically improves the security of your digital assets compared to hot wallets. However, it’s important to take precautions to get the most protection.
Here are some top security tips:
- Carefully record your recovery phrase during setup and keep it private – this allows restoring your wallet if you lose access.
- Enable any available security options like PIN codes, password encryption, multi-signature, etc. These add additional layers of protection.
- If supported, use a hardware wallet in conjunction with the app for enhanced security.
- Keep your phone safe and secure when not in use. Use a lock screen.
- Enable remote wipe capabilities in case your phone is lost or stolen.
- Backup your wallet to allow recovering your assets. Store backups securely.
- Only download cold wallet apps from official stores like the Apple App Store or Google Play Store.
Conclusion
There’s no shortage of options when it comes to cold wallet apps for iPhone and Android. While most leading apps have solid security, you can’t go wrong choosing from the top 5 covered in this article.
Just make sure to enable all available security precautions, safely backup your wallet, and store any recovery phrases or keys securely. This will ensure your digital assets remain protected against unauthorized access or theft.
With cyberattacks on the rise, moving your coins to cold storage is a savvy idea. Combined with the convenience of a mobile app, a cold wallet provides the ideal way to safeguard and manage your holdings on the go.