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With the increasing value of cryptocurrencies, securing your digital assets has never been more important. The risks of hacks, frauds, and the collapse of exchanges like FTX highlight the need for reliable and secure ways to store your crypto. In response to these concerns, hardware wallets have emerged as one of the best ways to protect your assets.
Among the most popular options, Tangem, OneKey Classic, and Cypherock X1 stand out. These wallets each offer unique security features, ease of use, and ways to manage your crypto holdings. In this comparison, we’ll explore their design, security, backup and recovery features, usability, and more, to help you make the best choice for your crypto storage.
The Cypherock X1 offers a modern, multi-component design that separates itself from other hardware wallets. At the core of this device is the X1 Vault, which securely stores part of the private key, paired with X1 Cards for additional layers of security.
This decentralized approach to key storage ensures that no single device holds the full key, greatly enhancing the overall security. The X1 Vault has an OLED display and a 5-way joystick that allows users to securely confirm transactions with a touch of a button.
This design is intended to combine flexibility with security, offering a robust and high-tech experience for users who prioritize privacy and control. The wallet's durable hard case adds an extra layer of protection, making it ideal for those who travel frequently.
The OneKey Classic wallet is designed for simplicity and ease of use. It is compact, lightweight, and features a clean, user-friendly interface. The wallet includes a large screen that allows you to verify transactions before confirming them, as well as 4 physical buttons for easy navigation. OneKey focuses on portability while providing a solid, secure user experience.
While it is smaller than many competitors, its design doesn’t compromise on functionality. The Bluetooth connectivity also offers added convenience for mobile users, making it a good option for those who need a portable solution.
Tangem takes a minimalistic approach to design with its smart cards, which are lightweight and easy to carry. However, one of the major drawbacks of this design is the lack of an on-device display. This means that users must rely on the companion app to verify transactions, leaving them vulnerable to potential security risks. Additionally, Tangem does not feature any physical buttons, which means you cannot confirm transactions directly on the card itself.
The card-based design is highly portable, but it sacrifices essential security features like trusted display and physical confirmation. While this makes it easy to carry around, it compromises the wallet’s overall security.
Cypherock X1 is built for security. Its multi-component architecture separates the private key into five parts, stored across different hardware components. To access the full private key, you need at least two of these components—either two X1 cards or a combination of an X1 Vault and an X1 card. This decentralization of key storage makes Cypherock X1 far more secure than traditional wallets, which store the entire private key in one place.
Additionally, Cypherock X1 is PIN-protected and provides email 2FA for authenticity verification. The wallet has also undergone a security audit by KeyLabs, ensuring that its firmware is free from vulnerabilities.
The OneKey Classic hardware wallet also provides robust security, featuring two secure chips: an MCU (Microcontroller Unit) and a Secure Element (SE). These chips are responsible for creating the seed phrase and private keys based on the BIP-39 standard. FIDO2 and FIDO protocols are used to authenticate your identity, adding an extra layer of security during interactions.
While OneKey Classic is highly secure, it had a security issue in March 2023, where attackers exploited a vulnerability in the device’s communication process. This vulnerability allowed attackers to gain access to the wallet by bypassing the PIN code. Fortunately, this issue was quickly addressed and resolved, but it did raise concerns for users.
Tangem's security is more basic, relying on the secure element within the cards. However, Tangem's lack of an on-device display makes it more susceptible to blind signing. This vulnerability could lead to users unknowingly authorizing harmful transactions via the Tangem app, which may be compromised.
Additionally, Tangem’s reliance on the companion app means that if your phone is compromised, your entire wallet could be exposed to attacks, including phishing and social engineering attacks. Moreover, Tangem recently faced criticism over a significant security vulnerability that inadvertently collected users' private keys through email interactions.
This issue, which was acknowledged by the company, raised concerns regarding the storage of sensitive data in email histories. In terms of security, Tangem lags behind Cypherock X1 due to the lack of an on-device display, the centralization of private key storage, and these vulnerabilities. For more details on this vulnerability, you can read about it here.
With Cypherock X1, recovery is straightforward and secure. Since your private key is split into five separate parts, even if you lose one, two or even three components, you can still recover your wallet. Two out of five components are needed to access your private key. If you lose components, you can order a new set and sync them with your existing ones.
The OneKey Classic wallet allows for seed phrase recovery. If the device is lost or damaged, you can use the 12, 18, or 24-word seed phrase to restore access to your assets on a new device. Additionally, OneKey supports Bluetooth connectivity, allowing you to manage the wallet remotely for added convenience during the recovery process.
Tangem operates a unique backup model. The wallet does not display the seed phrase, and users do not directly manage backups. Instead, Tangem cards are used as backups, and one primary and two secondary cards work together to store the private key. If a card is lost, users will need to purchase a replacement to restore access to the wallet. Since Tangem doesn’t use a traditional seed phrase backup, users face challenges if the cards are lost or damaged.
Cypherock X1 offers a user-friendly experience with its OLED display and joystick for transaction confirmation. The process is completely offline, ensuring security while maintaining ease of use. The wallet’s multi-component design may seem complex at first, but it provides added flexibility and security. The CySync app provides further support for managing your crypto portfolio on windows, MAC, Linux, IOS and android.
OneKey Classic is lightweight and intuitive, with a large display and physical buttons for ease of navigation. The Bluetooth connectivity makes it simple to manage your wallet on the go. The wallet is compatible with many blockchains, making it an excellent option for both novice and experienced users.
Tangem is extremely easy to use, thanks to its NFC-based card system. You simply tap the card on your smartphone to sign transactions. However, the lack of an on-device display and physical confirmation button makes it a less secure option compared to other wallets like Cypherock and OneKey.
The Cypherock X1 firmware is fully open-source, and the code is available on GitHub. This transparency ensures that users can independently verify the wallet’s security features. The wallet’s firmware has also undergone a positive security audit by KeyLabs, which further assures users of its reliability and security.
OneKey Classic also features open-source firmware that is available on GitHub. The wallet’s code transparency has been praised, ensuring users can inspect the code for any vulnerabilities. This open-source nature provides confidence in the wallet’s security and allows for community contributions and audits.
In contrast, Tangem has closed-source firmware, which limits transparency. The company claims that the firmware is independently audited, but the lack of open-source access raises concerns about the ability to fully verify the code and ensure it is free from vulnerabilities.
The Cypherock X1 supports 9000+ assets across 10+ blockchains, making it one of the most versatile hardware wallets. It includes support for Solana, Ethereum, Polkadot, Cardano, and many more. With its interoperability, Cypherock X1 ensures that you can store and manage a wide range of tokens and assets without restrictions.
The OneKey Classic also supports 43+ blockchains and offers compatibility with thousands of tokens. It is compatible with many popular wallets like MetaMask, Phantom, Zerion, and TokenPocket, allowing users to import their wallets and access their assets easily.
Tangem supports 38 networks and allows for the storage of several thousand tokens. While it provides good coverage, it doesn’t offer the same extensive range of blockchains as Cypherock X1 or OneKey Classic.
The CySync app, available on Windows, Mac, Linux, Android, and iOS, is designed for ease of use, offering support for wallet management, backup, and recovery. It also allows you to track your entire crypto portfolio across multiple wallets, making it an all-in-one management tool for users with assets spread across different platforms.
With the CySync app, users can manage their entire crypto portfolio, consolidating assets from various wallets into one place. This integration streamlines the process of monitoring and managing your holdings, providing a seamless experience for those with diversified portfolios.
The OneKey app is simple and intuitive, making it easy to connect your wallet, manage your assets, and interact with DeFi platforms. The app works seamlessly across desktop and mobile devices, offering a convenient experience for users on the go.
The Tangem app is the central tool for managing the wallet, but it lacks some of the security features that other wallets provide. Since Tangem cards lack a display and button, the app becomes critical for transaction verification, which can leave users vulnerable if the app is compromised.
Cypherock X1 excels in this area with its decentralized key storage, which ensures your assets are secure even in the event of device loss or theft. The wallet also offers inheritance support, allowing users to pass down their crypto assets securely without compromising control.
Additionally, Cypherock X1 supports multi-wallet functionality, meaning it's like having four separate hardware wallets in one device, allowing you to manage multiple wallets with different seed phrases for added security and flexibility in managing diverse crypto holdings.
While OneKey Classic doesn’t offer a formal inheritance feature, it allows you to manage multiple wallets, making it easier to transfer assets between different accounts.
Tangem does not offer an inheritance feature, and its design could make it difficult to pass down assets securely. Since the backup cards are the only recovery method, losing cards or having them stolen would result in a total loss of access to your crypto assets.
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Cypherock X1 is suited for users who value security, flexibility, and advanced features like decentralized key storage, inheritance options, and third party security audits. It offers unmatched control over your assets and peace of mind for long-term storage.
OneKey Classic is a great option for those looking for a lightweight, portable wallet with open-source firmware and solid security. It’s ideal for users who want a balance of security and user experience, but recent security issues raise some concerns.
Tangem is suitable for users who prioritize simplicity and portability but should be avoided by those who want stronger security measures and independent transaction verification. Its reliance on the Tangem app for transaction signing makes it vulnerable to app-based attacks.
Ultimately, your choice depends on your specific needs, but if you’re looking for top-tier security and flexibility, Cypherock X1 is your best friend.
Start securing your crypto journey today—visit Cypherock X1 to learn more.
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