CRYPTO WALLET RATING METHODOLOGY

Athena Alpha’s hardware crypto wallet rating methodology gives a score between 0 and 5 stars with 5 indicating a perfect hardware crypto wallet and 0 indicating that it has failed. The 5 stars are worth 10 points each, making up a total of 50 points. These points are broken up into two distinct sections: Security & Privacy (25 Points) and Features (25 Points)

We are Bitcoiners and as such, we’ve made sure that the entire review and rating methodology process is both open source and can be verified by anyone at anytime. All wallet score data can be accessed here in standardised JSON format.

Each Hardware Crypto Wallet displayed on our Crypto Wallets list is assessed and given points as per the criteria outlined below. We do not accept any type of financial compensation from any company when grading a wallet. While the vast majority of hardware crypto wallets are purchased by Athena Alpha without any knowledge of the vendor, free samples are sometimes provided for review. Ratings are only based on the objective privacy, security and features that a wallet supports and no vendor has any weight over what score they receive or what is said in our reviews or guides.

In Production

It’s common and normal for Hardware Crypto Wallets to be replaced by newer models from time to time. We will mark a Hardware Crypto Wallet as “Discontinued” in our list if either of the following two criteria apply:

It’s no longer sold by the manufacturer (end of life)
The code for it has not received any updates in 2+ years (end of support)

Security & Privacy (25 Points Total)

Code Openness (8 Points)

8 Points: Awarded if all Hardware Crypto Wallet source code is publicly available and is Open Source
6 Points: Awarded if all Hardware Crypto Wallet source code is publicly available, but is not Open Source
0 Points: Awarded if all Hardware Crypto Wallet source code is not publicly available and is not Open Source

Reproducible Build (5 Points)

Determining whether the code provided is reproducible is more complex than it seems. It can take considerable technical knowledge to troubleshoot the manufacturers build instructions and this analysis must be done for each new firmware released. In order to provide the best information we have partnered with Wallet Scrutiny who specialise in hardware crypto wallet firmware analysis. Scores for this section are based on their results for each wallet and as thanks we provide a direct link to the wallet analysis whenever it’s displayed.

5 Points: Awarded if the Hardware Crypto Wallet firmware can be built from source and the binaries match (Wallet Scrutiny score of 12/12)
3 Points: Awarded if the Hardware Crypto Wallet firmware can be built from source but the binaries don’t match (Wallet Scrutiny score of 11/12)
0 Points: Awarded if the Hardware Crypto Wallet firmware cannot be built from source (Wallet Scrutiny score of 10/12 or below)

Seed Generation (4 Points)

4 Points: Awarded if the Hardware Crypto Wallet uses multiple unpredictable physical processes to generate the seed such as a True Random Number Generator (TRNG), sensors, dice rolls or camera images.
0 Points: Awarded if the Hardware Crypto Wallet does not use multiple unpredictable physical processes to generate the seed.

Seed Storage (4 Points)

4 Points: Awarded if the Hardware Crypto Wallet stores the seed on a Secure Element or does not store the seed (stateless)
0 Points: Awarded if the Hardware Crypto Wallet stores the seed on the main microprocessor

Can Buy With Bitcoin (4 Points)

Hardware Crypto Wallets should never be purchased with a link to your real world identity. This is because it’s possible for the vendor to be hacked and your personal details be leaked to hackers and scammers, for example Ledger. When a Hardware Crypto Wallet can be purchased using Bitcoin, it means you are able to buy it without this link, ensuring life long security and privacy.

4 Points: Awarded if the Hardware Crypto Wallet can be purchased with Bitcoin
0 Points: Awarded if the Hardware Crypto Wallet can only be purchased using legacy fiat purchase options

Features (25 Points Total)

Ease Of Use (8 Points)

The score for Ease Of Use is calculated by adding up the following:

+2 Points: Awarded if the Hardware Crypto Wallet has a user interface that is easy and intuitive to navigate and use
+2 Points: Awarded if the Hardware Crypto Wallet displays characters that are easy to see and read
+2 Points: Awarded if the Hardware Crypto Wallet has detailed user guides available
+1 Point: Awarded if the Hardware Crypto Wallet physical buttons are durable and easy to interact with
+1 Point: Awarded if the Hardware Crypto Wallet comes with everything needed to start immediately

Multisig (5 Points)

5 Points: Awarded if the Hardware Crypto Wallet supports Multisig wallets
0 Points: Awarded if the Hardware Crypto Wallet does not support Multisig wallets

Air Gap / PSBT (3 Points)

2 Points: Awarded if the Hardware Crypto Wallet supports Partially Signed Bitcoin Transaction (PSBT) (BIP-0174 or BIP-0370) and can be used to sign transactions without being connected to a computer. This can be done via microSD card, camera, NFC or Bluetooth
0 Points: Awarded if the Hardware Crypto Wallet does not support Partially Signed Bitcoin Transaction (PSBT) (BIP-0174 or BIP-0370)

MicroSD Backup (3 Points)

3 Points: Awarded if the Hardware Crypto Wallet seed can be backed up to / restored from a microSD card
0 Points: Awarded if the Hardware Crypto Wallet seed cannot be backup to / restored from a microSD card

Passphrase (2 Points)

2 Points: Awarded if the Hardware Crypto Wallet supports Passphrases (BIP-0039)
0 Points: Awarded if the Hardware Crypto Wallet does not support Passphrases (BIP-0039)

USB-C (2 Points)

The goal of this test is to ensure that if a Hardware Crypto Wallet is using a USB port, that it’s using the latest USB-C type.

2 Points: Awarded if the Hardware Crypto Wallet uses the latest USB-C port or connector for data or charging, or does not have USB
0 Points: Awarded if the Hardware Crypto Wallet uses any older USB port or connector such as micro USB, USB-A, USB-B etc

Customer Support (2 Points)

2 Points: Awarded if the Hardware Crypto Wallet company offers customer support
0 Points: Awarded if the Hardware Crypto Wallet company offers no customer support

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