Tue. Apr 23rd, 2024

Now, crypto trading is one of the most promising investment spheres. Hence, it is not surprising that brokerage platforms and exchanges offering such assets attract extreme fuss. Still, besides a reliable broker, a trader needs a safe place to store his coins to feel fully confident. And one of the most sought-after products is Ledger.

First, what are cold wallets? On the contrary to hot wallets (which work like any online fiat wallets), cold ones are not connected to the Internet. In their essence, these are storage spaces, which are installed right on a trader’s computer. As a result, the risk of hacking attacks and other threats is reduced to the minimum.

Nevertheless, there still may be certain doubts concerning the reliability of Ledger, especially taking into account compromising events in the past. So, for you to feel confident about the safety of your funds, let us clarify the security status of this product.

Is Ledger safe? To give an answer, we would like to mention the major precautions it offers to its users:

·         100% protection from malware (as this hardware is isolated from other components of your device);

·         protection against installation on an unknown computer;

·         a high-tech chip for storing your keys (it is resistant to physical damage and any changes);

·         a random number generator for creating keys that are impossible to guess;

·         its own operating system, which ensures easy compatibility with any devices, including mobile phones, and high speed of transactions;

·         a recovery phrase including 25 words;

·         compliance with EAL5+ standards;

·         a design resembling an ordinary USB stick (which means it will not attract unwanted attention).

As you can see, this product can boast a complex multi-layer protection system. Yet, as a user, you must also be ready to bear a certain part of the responsibility — namely, you must make sure you remember your recovery phrase correctly and keep it away from anyone’s reach.

Speaking about past safety events, there was an attack a couple of years ago, which led to a leakage of users’ data: names and contact information. However, there was no financial loss. Sure, since that point, the company has implemented extra security measures.

In sum, we must acknowledge that this hardware crypto wallet is one of the safest products on the market, due to its advanced and diverse safety functionality.

Meanwhile, it also boasts reasonable and affordable pricing, smooth compliance with over 1000 crypto assets, and a user-friendly design.

By Manali