Crypto hardware wallets are increasingly popular amid the rise in hacker attacks, which have been ravaging the crypto community. More traders, investors, and long-term holders opt for cold storage devices that safely guard crypto assets offline. In 2023, the hardware wallet market reached $320.5 million, and some estimate it will surpass $1.2 trillion by 2028.
However, as the market grows, choosing a hardware wallet for your crypto becomes trickier. New and innovative storage solutions challenge decade-long, established brands, sometimes delivering better protection for a lower price. This review looks closer at the Cryptnox Hardware Wallet and how this new release performs compared to Trezor Safe 3, a market-leading product.
Cryptnox Hardware Wallet in a Nutshell
The Cryptnox wallet was launched in 2023 using the latest advances in smartcard technology to provide users with safe storage and easy management of their digital assets. It is designed by a Swiss company specializing in high-security back-end solutions and offers maximum convenience for end users, regardless of crypto experience or technical know-how.
Cryptnox uses a secure mobile application and two smartcards to provide bulletproof protection for cryptocurrencies, NFTs, and GameFi assets. This way, you can access and manage your wallet without the mnemonic phrase or additional steps. You only need the Cryptnox app, biometric authentication, and the card.
More importantly, if your card gets stolen, lost, or misplaced, you can always use the backup card to continue using your Cryptnox wallet without hassle. This measure combats poor private key management, one of the most common causes of crypto loss for cold storage users.
Trezor Safe 3 in a Nutshell
Trezor Safe 3 is the latest hardware wallet from the industry-leading Czech brand. It is aimed at crypto beginners and is the company’s first cold storage solution to feature a secure element. Unlike its predecessors, Safe 3 contains an isolated chip storing a secret that can decrypt the device’s recovery seed. This element is CC EAL 6+ certified – one of the highest standards in security evaluation assurance.
Trezor prioritizes the security of its products over their design. This is visible in Safe 3’s two-button pad, which has a small, bulky build and is quite rough along the edges. The device also sports a 128 x 64 pixels screen, providing a dimmed, minimalistic display. Also, it’s incredibly lightweight (only 14g), making it convenient to carry wherever you go, but also easier to lose or misplace.
Trezor has been a customer favorite for storing and managing digital assets since 2013. Its longevity earned the company a top spot in the industry, especially among Bitcoin holders. To this end, Trezor Safe 3 comes in two versions – a black one dedicated to 8,000+ cryptocurrencies and a Bitcoin-only, orange edition. The latter has Coinjoin support, enabling users to anonymize BTC transactions online.
When using Cryptnox, you will interact with the card via your smartphone. The card’s interface is “delegated” to the secure element of the phone, which can be used for biometrics authentication, transaction verification, and confirmation. This is possible thanks to the delegated screen on the phone, secured by the phone’s secure element.
Moreover, the transaction verification occurs on a big phone screen with more data, which increases the accuracy of the verification. The wallet’s dual card system generates an identical seed phrase in the two cards during installation and stores it securely without ever exposing it.
This whole process is possible because the wallet uses highly-encrypted and secure Near Field Communication (NFC) and AES 256-bit Secure Tunnel protection with MAC for integrity and authentication, enabling a seamless communication between your phone and the cards by pairing them with the secure element of the phone. From there on, you are the only one who can access the wallet, sign transactions, and manage its cryptocurrencies and NFTs.
In addition IOS and Android authentication with Biometrics ( via Secure Enclave), the Cryptnox wallet’s security features also include:
- File Encryption and Decryption (Encryption Key derived from Seed)
- On-Card Transaction History and Counter Log
- Common Criteria EAL6+ Certified Chipset
Trezor Safe 3
Longtime Trezor adepts will find an impenetrable shield for their crypto in the Safe 3 model. The wallet is protected via a passphrase and secure element, with direct on-device confirmation for every transaction. On the other hand, first-time crypto users may need a bit more time to become accustomed to the product and its features.
Trezor upgraded its security standards from the EAL 5+ certification available in its predecessors to EAL6+. It’s a big step for the company that insists on providing open-source hardware wallets to its broad consumer base. This means that users can check the code’s integrity and stress-test it. While not all Trezor owners have the tech know-how for this, the manufacturer insists the secure element cannot access their PIN when attempting a wallet recovery.
Trezor Safe 3 enables you to store and manage your digital assets securely via the Trezor Suite app. You can install and use it on your desktop computer or an Android-running smartphone. Its main recovery feature is Shamir backup – a system creating several lists of words that must be combined to recover the wallet.
Compatibility & Supported Currencies
Crypto users can connect their existing wallets, such as MetaMask or other Web3 platforms via WalletConnect to Cryptnox. This way, they get even more from the wallet’s functions and utilities. Also, the wallet’s advanced settings enable you to inject other seed phrases within the Cryptnox wallet if compatible with the BIP32 and BIP39 standards.
The Cryptnox Wallet lets you sign transactions on some of the most popular blockchain networks, including the Bitcoin Mainnet, Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, and Arbitrum One.
You can store and transfer the most used coins and assets with Cryptnox, including Bitcoin, Ethereum, BNB, Tether, Polygon, and more. Also, you can manually add blockchains and tokens to your app’s dashboard if they are EVM compatible.
Trezor Safe 3
Trezor Safe 3 claims it supports over 8,000 crypto assets, NFTs, and tokens. These include Bitcoin, XRP, BNB, Litecoin, Ethereum, and almost all ERC-20 tokens. The grand variety allows users to store popular cryptocurrencies in their wallets but also manage and sign transactions on obscure tokens.
Unfortunately, the Safe 3 model from Trezor does not support some well-known assets, including Cosmos, Solana, and Avalanche. These three cryptocurrencies are among the top 20 assets by market cap. As a result, it might be a deterrent for the millions of crypto enthusiasts worldwide dealing with them.
Lastly, Trezor Safe 3 users can connect various third-party software wallets to their devices, including MetaMask, MyCrypto, Ronin, MyEtherWallet, and more.
Ease of Use
The Cryptnox mobile app delivers a user-friendly experience with smooth navigation across an intuitive menu. Transferring cryptocurrencies, NFTs, and even GameFi assets is quick and effective.
For example, you can order your Cryptnox Hardware Wallet, and Amazon will deliver the smartcards in just a few days. Also, you can freely download and install the Cryptnox mobile app from the Apple Store or Google Play Store.
After receiving your cards and installing the app on your phone, you can set up your new crypto wallet in only 23 seconds. Here’s how that works:
The Cryptnox app will scan the QR code on your access card via the smartphone’s camera. Next, hold the Main Card before the phone to scan and pair it with the app. Repeat the previous step with the Backup Card. Next, scan the Main Card again to complete its synchronization with the app. Now you can explore the Cryptnox App, access your portfolio page, and securely manage your cryptocurrencies using your Cryptnox card.
In fact, the app quickly guides you each step of the way, so even crypto novices can complete installation swiftly. Once the wallet is up and running on your phone, you should store the backup card with the access card safely and only use them if your primary card gets stolen or lost. The access card contains the credentials to authenticate with the backup card.
Generally, a transaction on Uniswap will take only a few minutes, depending on network traffic and the amount you are attempting to transfer. You can use WalletConnect to link Cryptnox to MyEtherWallet and to MyCrypto or other platforms and access all Web3 use cases, including DeFi, NFTs, and GameFi. Also, you can connect to MetaMask via QR hardware wallet communication. Lastly, with the Cryptnox solution, there is no firmware update, all required updates are performed via the update of the phone application.
Trezor Safe 3
Trezor Safe 3 is virtually unusable without the Trezor Suite app, which is compatible with PC and Mac computers. Upon receiving your Safe 3 wallet, you must link it to your computer via a USB-C cable and set it up through Trezor Suite. The installation process will take around 20 minutes for experienced wallet users and more for beginners.
The setup is straightforward despite being lengthy. You must update the Safe 3’s firmware before installation begins to ensure you have a genuine Trezor product. Fortunately, the Suite app provides a step-by-step tutorial with easy navigation links.
Next, you will create a new wallet or a backup from a recovery seed. Here, you can choose a standard 12-word wallet or a more intricate but secure Shamir backup. The latter generates numerous word lists that must be combined in a specific way to enable wallet recovery. You can skip creating a backup phase. However, the app notifies you incessantly to return and complete the process.
The manufacturer strongly recommends you write down your 12-word wallet recovery seed phrase and store it safely. You will need it to recover access to your crypto if the wallet is stolen, lost, or misplaced.
Finally, you will have to activate a selection of coins to display on the Trezor Suite dashboard before continuing to the app. From here on, you can safely store and manage your digital assets. Transactions via Trezor Safe 3 should take only a few minutes or seconds, depending on network traffic. Some users have complained about “pending transactions” taking too long. That’s why Trezor provides a “speed-up” option for this scenario via the RBF (Replace-by-fee) method, which enables users to substitute one version of a pending transaction with another version of the same transaction that pays a higher fee.
Final Verdict – Cryptnox vs. Trezor Safe 3
Cold storage solutions have been the second choice for most crypto enthusiasts from the industry’s early days. Many cited slow or inconvenient asset management as the main reason for picking hot, online wallets over them. After all, many hardware wallets are clunky devices that are difficult to use when executing fast transactions. Alternatively, others find crypto recovery impossible if their devices are lost or stolen.
Cryptnox provides a solution for everyone looking to deal with crypto. Its high-security hardware wallet eliminates the handling of a mnemonic phrase, which you don’t need to save, as you can have a backup card as a clone of the primary card with the same seed. It makes crypto storage and management safer, more user-friendly, and easily accessible without revealing private keys. Simply put, Cryptnox reassures users that their assets are always secure, even when losing their primary cards.
Trezor is an established powerhouse in the crypto storage sector. Its open-source Safe 3 model pushes for more power and responsibility in the user’s hands. The concept of self-custody of their digital assets may seem risky to some. Still, the Czech manufacturer dispels all fears through a super-secure, high-performance hardware wallet.
Both Cryptnox and Trezor Safe 3 are reliable cold storage solutions for your crypto in 2024. They feature some of the latest innovations in crypto security and minimize the risk of losing your assets to a malicious attack.
If we could call a winner in this tightly fought contest, we would pick Cryptnox. This crypto wallet prioritizes user experience without taking anything away from its high-security level. Cryptnox is ideal for crypto beginners with minimal technical know-how. At the same time, it suits all the needs of an experienced crypto user, providing advanced settings and a high degree of compatibility with other wallets and Web3 platforms.
Here’s a recap of the Cryptnox vs. Trezor Safe 3 comparison:
|Trezor Safe 3
|Dual Smart Card System
|Invisible and identical seed phrase stored on two cards + PIN & PUK, which are only read once when pairing the card, then it relies on the secure element and biometrics.Certified Chip EAL6+
|PIN & passphraseCertified Chip EAL6+
|Less than 1 minute
|Around 20 minutes
|Standard & Shamir Backup
|Bitcoin mainnetAll EVM-Compatible Coins
|8000+ supported coins and tokensNo support for Cosmos, Solana, and Avalanche
|iOS and AndroidAn open source command line interface application is available for desktop. However, you need on card reader foryour desktop
|Desktop & Android only
|MetaMask and other Web3 platforms, MyEtherwallet and MyCrypto via WalletConnect
|NFC via Card, which can also be used via a contact reader on your desktop, with compatible applications.