BitBox02 Hardware Wallet Review: A Ledger Alternative?

The BitBox02 is a swiss-made, open-source hardware wallet packed with security features. It’s also easy to use and can support 1,500 coins and tokens. Read the pros and cons here.

Updated: Aug 8, 2023

BitBox02 Hardware Wallet Review 2

Highlights

  • BitBox02 is a Swiss-made, open-source hardware wallet that retails for about $153. You can buy the Bitcoin-only firmware or multi-currency edition that supports 1,500+ digital assets.
  • You can manage your assets using the BitBox App by plugging it into your computer or Android phone (MacOS and Android is supported, iOS is not).
  • It has lots of security features like an OLED display to help you verify transactions, open-source design for transparency, and two different backup methods.

What Is It?

The BitBox02 is a Swiss-made, open-source hardware wallet designed to store your cryptocurrency offline. It has many layers of security like open-source firmware, a dual-chip design, and the option to backup onto a microSD card. It's also user-friendly and easy to use.

The wallet retails for about $153 USD and plugs into your computer or Android phone via an encrypted USB-C connection (no iOS app yet). Once plugged in, you can manage your digital assets using the BitBox app. The wallet comes in two editions. Users can either purchase the multi-currency wallet which supports 1,500+ coins or the Bitcoin-only firmware, made specifically to protect your BTC.

Pros and Cons

  • Open-source for transparency and lots of security features
  • Backup and restore your funds with a microSD card or a 24-word seed phrase
  • Dual-chip design
  • User-friendly and easy to use
  • Relatively small selection of 1,500 coins
  • Tad expensive at $153 USD
  • No iOS App for your phone but there is a MacOS
  • Limited features on the software app

Things To Know

  • There are two versions you can buy: Bitcoin-only or a 'Multi Edition' which supports 1,500+ coins
  • The BitBox02 has a dual-chip design for enhanced security: One chip handles connectivity and the other keeps your crypto completely offline
  • The BitBox companion app has good reviews on Google Play, with a 4.4-star rating across 170 reviews
  • Many reviews online love that the wallet and app are easy to use, with lots of security features

Key Features & Benefits

  • 1,500+ Coins and Multiple Wallets: Supports Bitcoin, Litecoin, Ethereum, and over 1000 ERC-20 tokens. See the list of supported coins here. You can also connect to wallets like Electrum, MyEtherWallet, and Sparrow and use the UI you're most comfortable with.
  • Offline Backups: Allows for offline backups using a microSD card or a BIP39 mnemonic, enhancing security and providing peace of mind to users.
  • User-Friendly: Easy to setup and tutorials are just a click away. The device itself also has an OLED display and touch sensors for easy navigation.
  • Cross-Platform Compatibility: Works with popular desktop operating systems like Windows, macOS, and Linux, making it accessible to a wide range of users.
  • Advanced Security: The BitBox02 Wallet features a dual-chip design that enhances security by segregating sensitive operations like private key handling from less sensitive tasks. The wallet's code is open-source, allowing for transparency and the ability for developers worldwide to audit the code, ensuring high-security standards.

How Does BitBox02 Secure Your Crypto?

BitBox02 has many layers of security, including an open-source design, dual-chip architecture, and multiple backup methods for easy recovery options.

It uses the same mnemonic backup method as other popular wallets like Ledger, Trezor and SafePal. However, it also allows you to create an additional offline backup using a microSD card.

It also a discreet design, appearing like a normal USB drive. Here are more security details:

  • Dual-Chip Security: It uses two chips that work independently to separate important tasks. It has a standard 'microcontroller chip' and an 'ATECC608B secure element chip'. One handles connectivity and the other keeps your crypto completely offline. Learn more.
  • Open-Source: Both the BitBox02 firmware and mobile app are open-sourced.
  • Two Backup Methods: The first backup option is a 24-word mnemonic seed phrase like most wallets (Trezor, SafePal, etc). The second is a microSD card backup, which is a more discreet and easy way to recover your funds if needed.
  • Encrypted USB-C Port Connection: Plug directly into your PC or Android phone to manage your assets with the BitBox app.
  • Secure Display: A small screen to verify your transactions.
  • External Security Audit: Firmware was audited by Census Labs and they've worked with multiple third-party security firms.
  • Optional Bitcoin-Only Firmware: Special firmware just for Bitcoin, 'less code means less attack surface.'
  • Connect Via Tor: Control your privacy by optionally directing your transaction activities via the Tor browser.
  • And More: See all security features here.

What's In The Box?

BitBox02 Box Contents

Online Reviews From Reddit And More

Online reviews of the BitBox02 are positive, with very few people leaving negative comments or having bad experiences with the device. Most people praised its robust security features, user-friendly interface, and open-source nature. Here are some of the top reviews:

  • A verified user on Trustpilot wrote: “Had a problem with my device, reported to support and they replaced the device since it was a problem from the early models. Even after the warranty expired. With no cost.

    For a company to assume the problem was theirs and replace everything, there are not many like this. Great communication. And a 5* product they have. Keep the good work!”

  • Another user mentioned: “I switched from Ledger Nano X to BitBox02 because of the Recovery-gate. I like the design of the hardware and the usability. It is discreet and efficient. This reflects the crypto philosophy perfectly. I also love that it's made in Switzerland and it's open sourced. I expect ALOT more compatibility with dapps. Also I should be able to at least monitor all my funds with the BitBoxApp. Switching back and forth to monitor everything is more secure but also time consuming. Overall I recommend it but it needs more features software wise. The security aspect is excellent.”
  • A Google Play user wrote, "Becoming my favorite hardware wallet, the BitBox02 is a powerhouse of state of the art security design, elegance, and simplicity... The experience was great, easy, sleek, beautiful, and it just works!"

Comments and threads on Twitter and Reddit are also positive. Some mentioned Bitbox as a better alternative to Ledger, especially after their new seed phrase recovery service. BitBox02 wallet has an overall rating of 4.8 out of 5 stars from 446 reviews

BitBox02 Summary

The BitBox02 is an easy to use hardware wallet that's packed with security features. Here is our summary:

  • Easy To Use: The app and overall design are easy to navigate, with tutorials along the way.
  • Lots Of Security Features: Open-source design, multiple backup methods, and much more.
  • Great Reviews: As far as the online reviews are concerned, it's a great hardware wallet.
  • A Bit Expensive: In the same price range, you can get the Keystone Pro which has a 4-inch touchscreen, fingerprint sensor, and many security features.
  • Small Range Of Altcoins: BitBox supports ~1,500 assets. Competing brands like Ledger, Tangem, and Keystone support 5,500+ assets and SafePal has 30,000.
  • No iOS Support: There is a MacOS version so Apple users need to use the desktop application.

BitBox02 Alternatives

Our list of hardware wallet reviews is growing. While the BitBox02 is user-friendly and packed with security features, other wallets support more coins, support more DeFi applications or cost less money. Check out these other top hardware wallets to pick the best one for you:

NDAX.io

Keystone Pro is a $169 wallet with a touchscreen and packed with features.

  • Open source and air-gapped
  • Lots of features
  • Great user-interface
  • Higher price point
  • Battery can die quickly
Ledger

Ledger is the #1 brand for hardware wallets, but they made questionable choices in 2023.

  • Store 6,500 coins
  • Great mobile app and UX
  • Most popular wallets
  • Controversial moves in 2023
  • Not open source


MEXC Global

Blockstream Jade is a Bitcoin-focused wallet at an affordable price.

  • Open source and air-gapped
  • Bitcoin-only
  • Affordable price: $64.99
  • No support for altcoins
  • App can be buggy

Author

At RankFi.com, our goal is to be your trusted source for crypto reviews, guides and research. We seek out researchers with extensive crypto knowledge and firsthand experience using dozens of CeFi and DeFi platforms.

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