Hardware Wallet Rating Methodology

What the score is and is not

The Squaby Score is a number from 0 to 100. It summarizes how well the documented facts about one hardware wallet model meet 41 published criteria in 7 weighted categories. Each model is a separate review with its own score. Facts about the manufacturer, such as its track record, its software and its support, are part of the score of each of its models.

The score describes the model's global offering: the manufacturer's international store and its English pages. Prices, availability and the warranty required by law differ by country; the reviews name these differences, and you must check what applies to you.

The score is built from public documents and public records: certification registers, company registers, the manufacturer's documentation and independent reports. Squaby has not bought or lab-tested the devices it scores.

The score is not a guarantee of safety, not a recommendation and not financial advice. A high score does not mean that a device cannot be compromised, and how you store your recovery phrase matters more than any device feature.

How a score is calculated

1. For each criterion, Squaby records the fact it found (a number, a named outcome, a list of features found, or yes or no), together with its source and the date it was checked.
2. The points for that fact are calculated from the published point rule. Points are never typed in by hand.
3. Each category score is the points earned divided by the points that could be assessed in that category, times 100.
4. The total is the weighted average of the category scores, using the category weights below.
5. The total is rounded to a whole number (half up) for display, and the class is taken from that rounded number.

Categories and weights

Every category has 100 possible points.

Classes

• Class A: 80 or more
• Class B: 65 to 79
• Class C: 50 to 64
• Class D: below 50

The class is taken from the total rounded to a whole number.

Evidence coverage and rankings

Evidence coverage is the share of the possible points that could be assessed, weighted like the score. A hardware wallet is ranked only when its coverage is at least 80%. Wallets below that are shown without a score or a place.

The criterion "Squaby hands-on test" carries 2.5% of the coverage. Without a documented hands-on test, the highest possible coverage is 97.5%. No hardware wallet on Squaby has had a documented hands-on test yet.

Criteria that are not assessed

When a fact cannot be checked from a usable source, the criterion is marked "not assessed". It is left out of both the points earned and the points possible, so it never counts as zero; it lowers the evidence coverage instead. Each review lists its criteria that were not assessed, with the reason.

Evidence and sources

Every assessed criterion needs at least one source with a valid https address and the date it was checked. A hands-on test needs a dated description of what was tested instead. Each review shows the sources and the check date next to every criterion.

Each recorded fact names its basis:

• Official register or public record: An entry in an official register or a public record, such as a security certification register or a company register.
• Stated by the manufacturer: The manufacturer’s own documentation. It shows what the manufacturer says; Squaby did not confirm it independently.
• Independent report: A report by an independent third party, such as an audit, an evaluation or a researcher’s report.
• Public reports and the manufacturer’s announcements: Reports by reputable media together with the manufacturer’s own announcements. Used only for security incidents.
• Hands-on test by Squaby: A hands-on test that a Squaby reviewer completed and documented on a stated date.

Secure element certificate, Device-level security certification and Manufacturer identified earn points only when the fact is confirmed in an official register or public record. A certificate or a company identity that a manufacturer claims but that cannot be found in a register earns nothing.

Squaby reads the manufacturer's international site and English pages where they exist and records which regional version of a page was seen.

Rules for hardware wallets

• Squaby records the exact model and the firmware version that was current on the check date.
• A secure element certificate counts only when it names the same chip that the manufacturer names. It covers the chip, not the whole device. An archived or expired certificate counts as lower.
• Incidents, data breaches and vulnerabilities are counted for the last 5 years before the check date. Sources are the manufacturer's own advisories and reports, vulnerability databases and the researchers' own reports; media reports only show that an incident happened. Losses caused by phishing, by fake apps not made by the manufacturer, or by users revealing their recovery phrase are not counted as the manufacturer's incidents; a review may still describe them.
• Companion software counts only when the manufacturer makes it. Third-party wallets count only when the manufacturer lists them as compatible.
• Supported assets are counted as networks (blockchains) on the manufacturer's official support list. Tokens on a supported network are not counted separately, because token counts are not comparable.
• For services that store or export recovery data, the score rewards documentation of who holds the data and how, not the choice to offer such a service. Each review describes the added risk of such a service and what it protects against.
• Paid register extracts are not used. A fact that only a paid register shows is not assessed.

Check dates and re-checks

Squaby re-checks the facts behind every score every 3 months. Each review shows the date of its oldest check. When that check is more than 90 days old, the review shows a notice that the information may be out of date.

What is not scored

Only the 41 criteria below count. Anything else does not change a score, for example:

• The price itself: only whether the official price is published counts.
• Materials, size and battery.
• The connection type, such as USB, Bluetooth, NFC, QR codes or memory cards. Each has trade-offs; the reviews describe them without points.
• The type and size of the screen. Whether the device shows the transaction on its own screen is scored.
• Who owns or invests in the manufacturer.
• Popularity, the number of devices sold and user reviews.
• Whether Squaby has a partner link with the manufacturer.

All criteria and point rules

The 41 criteria with their rules and points, by category. Open a category to see its criteria.

• ▸Device securityWeight 25% · 7 criteria

  • Secure elementup to 10 points

    Rule: The manufacturer states that the keys are protected by a named secure element chip: 10 points.

    Exactly one row applies.

    Finding	Points
    Yes	10
    No	0

  • Secure element certificateup to 15 points

    Rule: Only with an official register as the basis. Active certificate for the named chip at EAL5+ or higher (with AVA_VAN.5) found in a public register: 15 points. Active certificate below that level, or an EAL5+ certificate that is archived or expired: 8. Not found: 0. A chip certificate covers the chip, not the whole device.

    Note: Earns points only when the fact is confirmed in an official register or public record.

    Exactly one row applies.

    Finding	Points
    Active certificate at EAL5+ or higher	15
    Active certificate below EAL5+, or archived or expired	8
    No certificate found in a public register	0

  • Device-level security certificationup to 10 points

    Rule: Only with an official register as the basis. The device or its operating system (not only the chip) holds an active certificate from a national security agency or a Common Criteria scheme, found in the register: 10 points. Archived or expired: 5. None found: 0.

    Note: Earns points only when the fact is confirmed in an official register or public record.

    Exactly one row applies.

    Finding	Points
    Active device-level certificate	10
    Archived or expired device-level certificate	5
    No device-level certificate found	0

  • On-device protectionsup to 25 points

    Rule: 5 points each: PIN needed to unlock; the device wipes or locks permanently after a limited number of wrong PINs; address and amount shown on the device’s own screen before signing; every signature needs a physical confirmation on the device; the device checks the firmware’s signature before installing or starting it.

    The points of every feature found are added up.

    Feature	Points
    PIN needed to unlock	5
    Wipe or permanent lock after wrong PINs	5
    Address and amount shown on the device’s own screen	5
    Physical confirmation on the device for every signature	5
    Firmware signature checked by the device	5

  • Genuine-device checkup to 10 points

    Rule: A cryptographic genuine-device (attestation) check is documented and offered to the user: 10 points.

    Exactly one row applies.

    Finding	Points
    Yes	10
    No	0

  • Firmware maintenanceup to 15 points

    Rule: A firmware release with published release notes within the last 6 months: 15 points. Within the last 12 months: 8. Older, or no release notes: 0.

    Exactly one row applies.

    Finding	Points
    Release with notes within 6 months	15
    Release with notes within 12 months	8
    Older, or no release notes	0

  • Unfixed known vulnerabilities (last 5 years)up to 15 points

    Rule: No publicly disclosed vulnerability affecting this model that is still unfixed on the check date: 15 points. An unfixed one that needs physical possession of the device and lab equipment: 8. An unfixed one that can be used remotely or without special equipment: 0.

    Exactly one row applies.

    Finding	Points
    No unfixed known vulnerability	15
    Unfixed, needs physical possession and lab equipment	8
    Unfixed, usable remotely or without special equipment	0

• ▸Track record and transparencyWeight 20% · 7 criteria

  • Fund-loss incidents (last 5 years)up to 25 points

    Rule: None: no incident in which users lost funds because of a flaw in the manufacturer’s device, firmware, app or distributed code (including supply-chain attacks on its code): 25 points. Compensated: incident, flaw fixed and affected users compensated: 15. Uncompensated: fixed, losses not compensated: 8. Unfixed: 0. Losses from phishing, fake apps not made by the manufacturer, or users revealing their recovery phrase are not counted.

    Exactly one row applies.

    Finding	Points
    No incident with user losses	25
    Incident, flaw fixed, users compensated	15
    Incident, flaw fixed, losses not compensated	8
    Incident, flaw not fixed	0

  • Customer data breach (last 5 years)up to 10 points

    Rule: No reported breach of customer personal data: 10 points. A breach that the manufacturer disclosed itself: 5. A breach known only from third parties: 0.

    Exactly one row applies.

    Finding	Points
    No reported breach	10
    Breach disclosed by the manufacturer	5
    Breach known only from third parties	0

  • Years in operationup to 10 points

    Rule: Full years since the manufacturer was founded, at the check date. 8 or more: 10 points. 5 to under 8: 6. 2 to under 5: 3. Under 2: 0.

    Exactly one row applies.

    Finding	Points
    8 or more years	10
    5 to under 8 years	6
    2 to under 5 years	3
    Under 2 years	0

  • Open sourceup to 20 points

    Rule: Both the firmware (apart from closed code supplied by the secure element vendor) and the main companion app published under an OSI-approved licence: 20 points. Only one of the two, or code published without an open licence: 10. Neither: 0.

    Exactly one row applies.

    Finding	Points
    Firmware and main app both open source	20
    Only one open source, or published without an open licence	10
    Neither open source	0

  • Independent security auditup to 15 points

    Rule: An independent audit or evaluation of the device or firmware, published within the last 3 years: 15 points. Older than 3 years: 7. None published: 0. Certification reports already used for the certificate criteria do not count again.

    Exactly one row applies.

    Finding	Points
    Published within 3 years	15
    Published, older than 3 years	7
    None published	0

  • Vulnerability disclosureup to 10 points

    Rule: 5 points each: a published disclosure policy or security contact; a bug bounty programme with published rules.

    The points of every feature found are added up.

    Feature	Points
    Published disclosure policy or security contact	5
    Bug bounty programme with published rules	5

  • Manufacturer identifiedup to 10 points

    Rule: Only with an official register as the basis. The manufacturer’s legal entity name, registered address and company number are published on its site and match an official company register: 10 points.

    Note: Earns points only when the fact is confirmed in an official register or public record.

    Exactly one row applies.

    Finding	Points
    Yes	10
    No	0

• ▸Backup and recoveryWeight 15% · 6 criteria

  • Portable backup standardup to 30 points

    Rule: The recovery backup follows a published open standard (BIP-39 or SLIP-39) that at least one wallet from another maker can restore: 30 points.

    Exactly one row applies.

    Finding	Points
    Yes	30
    No	0

  • Optional passphraseup to 15 points

    Rule: An optional passphrase (hidden wallets) is supported: 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • Multi-share backupup to 15 points

    Rule: The device can split the backup into shares (for example SLIP-39 Shamir): 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • Backup checkup to 10 points

    Rule: The device can verify a written backup without exposing it (dry-run recovery check): 10 points.

    Exactly one row applies.

    Finding	Points
    Yes	10
    No	0

  • Recovery guideup to 10 points

    Rule: An official step-by-step guide for restoring funds on a replacement device: 10 points.

    Exactly one row applies.

    Finding	Points
    Yes	10
    No	0

  • Third-party handling of seed dataup to 20 points

    Rule: Scores transparency, not the design choice. No service that exports or stores seed data exists: 20 points. An optional, opt-in service exists and it is documented who holds the data and how: 20. Optional but not documented that way: 5. Required for normal use: 0. The review text describes both the added risk of such a service and what it protects against (a lost or destroyed written backup).

    Exactly one row applies.

    Finding	Points
    No such service exists	20
    Optional service, holder and method documented	20
    Optional service, not documented that way	5
    Required for normal use	0

• ▸Assets and softwareWeight 15% · 5 criteria

  • Supported networksup to 25 points

    Rule: Networks (blockchains) on the manufacturer’s official support list; tokens on a supported network are not counted separately. 50 or more: 25 points. 25 to 49: 18. 10 to 24: 10. 5 to 9: 5. Under 5: 0.

    Exactly one row applies.

    Finding	Points
    50 or more networks	25
    25 to under 50 networks	18
    10 to under 25 networks	10
    5 to under 10 networks	5
    Under 5 networks	0

  • Major assetsup to 25 points

    Rule: 5 points each for support of the five largest non-stablecoin assets by market cap, fixed for version 1.0 on 2026-10-22: Bitcoin, Ethereum, XRP, BNB and Solana. Support through the manufacturer’s app or through a compatible wallet the manufacturer lists.

    The points of every feature found are added up.

    Feature	Points
    Bitcoin (BTC)	5
    Ethereum (ETH)	5
    XRP	5
    BNB	5
    Solana (SOL)	5

  • Own companion appsup to 20 points

    Rule: 5 points each for a companion app made by the manufacturer: desktop; iOS; Android; browser extension or web app.

    The points of every feature found are added up.

    Feature	Points
    Desktop app	5
    iOS app	5
    Android app	5
    Browser extension or web app	5

  • Works without the manufacturer’s appup to 15 points

    Rule: The manufacturer lists compatible third-party wallets: 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • Connection to decentralized appsup to 15 points

    Rule: A documented standard way to connect to decentralized apps (for example WalletConnect or a browser wallet integration): 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

• ▸Price and purchaseWeight 10% · 6 criteria

  • Published priceup to 20 points

    Rule: The official list price is shown on the manufacturer’s international store: 20 points. The size of the price is not scored.

    Exactly one row applies.

    Finding	Points
    Yes	20
    No	0

  • No subscription for basic useup to 20 points

    Rule: Receiving, sending and storing need no subscription or paid service: 20 points.

    Exactly one row applies.

    Finding	Points
    Yes	20
    No	0

  • In-app service fees disclosedup to 20 points

    Rule: No paid in-app services, or the fees of in-app buy, swap or staking services (including partner fees) are disclosed: 20 points.

    Exactly one row applies.

    Finding	Points
    Yes	20
    No	0

  • Official sales channelsup to 15 points

    Rule: The manufacturer publishes its official stores or authorized resellers: 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • Warrantyup to 15 points

    Rule: Warranty months stated by the manufacturer. 24 or more: 15 points. 12 to 23: 8. Under 12 or not stated: 0.

    Exactly one row applies.

    Finding	Points
    24 or more months	15
    12 to under 24 months	8
    Under 12 months	0

  • Return policyup to 10 points

    Rule: A return or refund policy is published: 10 points.

    Exactly one row applies.

    Finding	Points
    Yes	10
    No	0

• ▸UsabilityWeight 10% · 5 criteria

  • Setup guideup to 20 points

    Rule: An official step-by-step setup guide: 20 points.

    Exactly one row applies.

    Finding	Points
    Yes	20
    No	0

  • Interface languagesup to 20 points

    Rule: Languages of the manufacturer’s companion app (of the device if there is no app). 10 or more: 20 points. 5 to 9: 12. 2 to 4: 5. One: 0.

    Exactly one row applies.

    Finding	Points
    10 or more languages	20
    5 to under 10 languages	12
    2 to under 5 languages	5
    Under 2 languages	0

  • Learning resourcesup to 15 points

    Rule: Official learning material on self-custody basics: 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • No account neededup to 20 points

    Rule: The device and the manufacturer’s app can be used without creating an account or giving an email address: 20 points.

    Exactly one row applies.

    Finding	Points
    Yes	20
    No	0

  • Squaby hands-on testup to 25 points

    Rule: Only as a documented Squaby test (a reviewer set up the device, restored a backup and signed a test transaction, with notes): 25 points. Not assessed while Squaby has no device.

    Note: Recorded only as a documented hands-on test by a Squaby reviewer. Without such a test the criterion is not assessed.

    Exactly one row applies.

    Finding	Points
    Yes	25
    No	0

• ▸SupportWeight 5% · 5 criteria

  • Support channelsup to 30 points

    Rule: 15 points each: live chat; ticket or email.

    The points of every feature found are added up.

    Feature	Points
    Live chat	15
    Ticket or email	15

  • Help centerup to 20 points

    Rule: A searchable help center: 20 points.

    Exactly one row applies.

    Finding	Points
    Yes	20
    No	0

  • Scam warningup to 20 points

    Rule: An official page saying that support never asks for the recovery phrase, or listing the official domains and apps: 20 points.

    Exactly one row applies.

    Finding	Points
    Yes	20
    No	0

  • Status pageup to 15 points

    Rule: A public status page for the manufacturer’s online services: 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

  • Response targetup to 15 points

    Rule: A stated support response time: 15 points.

    Exactly one row applies.

    Finding	Points
    Yes	15
    No	0

Independence

• Manufacturers do not see their score before it is published.
• No manufacturer pays Squaby to be included.
• Partner links do not change a score: points come only from the recorded facts and the published point rules. Squaby may earn a commission from partner links, which are marked as sponsored.
• Squaby has not bought or lab-tested the devices it scores.
• The reviews are written by Squaby. They are not produced, reviewed or approved by the manufacturers.

Who is responsible

Responsibility for Squaby's content, including these scores, and the contact details are described in the Editorial Policy.

How AI is used

AI tools help find sources, read documents and draft text. AI output is never used as a source. Every recorded fact comes from a primary source with a check date, and a person decides every judgment call before it is published.

Corrections

If you find an error or an outdated fact, report it as described in the Editorial Policy. When an error is confirmed, the recorded fact is corrected and the score is recalculated from it.

Version history

When a weight, a limit or a point value changes, the version number goes up and every hardware wallet is scored again.

• October 22, 2026 · version 1.0First version: 41 criteria in seven weighted categories, class limits, the evidence coverage rule for the ranking and the out-of-date notice.

See the reviews

The hardware wallet reviews are listed on the crypto wallet comparison. 3 hardware wallet reviews show a score. Using crypto involves risk of loss; see the Risk Disclaimer.