Choosing the best multisig wallet we must admit, has been extremely tough! All of the below can be used to create a powerful bitcoin wallet that will protect your private keys far more than just a single sig device ever could and each have their own unique pros and cons that will appeal to some and put off others.
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5 Best Multisig Wallets For 2023
What Is A Multisig Wallet?
A multisig wallet is a cryptocurrency wallet that operates using more than one private key. While single sig wallets use only one key to sign a transaction, multisignature wallets can incorporate up to 15 different private keys that are all used to secure your funds.
Why Use A Multi Signature Wallet?
Multisig wallets allow for a whole host of additional features that are useful for both regular users as well as full blown multi-national companies such as:
- Increased Security: As there are multiple private keys protecting your funds, this dramatically increases the security of the crypto wallet in a number of ways
- Protection Against Lost Keys: Users often lose access to their private keys. They forget the PIN to their hardware wallet, forgot where they stored it or can lose it due to a natural disaster. Multisig wallets protect against lost Bitcoin as users are still able to recover funds even if they lose one private key
- Collaborative Custody: Businesses that wish to hold bitcoin can not only increase their security, but also enable unique use cases like requiring multiple company board partners to agree before company funds are spent
- Inheritance Planning: Using a multisig wallet enables users to create simple or complex inheritance setups that let them retain control over their funds, whilst still allowing for recovery of them when they pass away
We have a full, step-by-step guide on How To Create A Multisig Wallet that covers each and every step from creation to sending and receiving as well as proper back up and restore. Whichever way you build your multisig wallet, you should pair it with the top of the line hardware wallets below in order to ensure it’s the best it can be.
Blockstream Jade: Best Connected Multi Signature Wallet
The Blockstream Jade is one of the cheapest crypto wallets out there. It’s clear right from the start that they know exactly what they’re doing with it acing all our privacy and security tests.
On top of this it’s earned our best connected multisig wallet award due to its unique combination of incredibly low price paired with its ability to sign multi sig wallet transactions in a variety of different ways. It supports QR codes, Bluetooth, USB and also SeedQR codes combined with stateless operation.
We did however have a lot of trouble using it to sign transactions with QR codes due to its small screen, so if you wish to use QR codes as part of your multisig work flow we’d instead recommend the Passport.
Highlights
- Amazing value for money
- Aces all privacy & security tests we could throw at it
- Supports USB, Bluetooth, QR (air gapped) and stateless modes
- Super simple interface and software
- Fully supports registering of multisig wallets on device
Foundation Passport: Best Air Gapped Multi Signature Wallet
The Foundation Passport is a hardware wallet made by Foundation Devices that scores top marks in all our tests. While it looks like an old Nokia phone (great for a bit of nostalgia!), it has a premium design and feel to it and can perform all functions while never being connected to a computer. It also has a companion envoy mobile app, but can be used without this for all functions if you prefer.
This is Foundation Devices second iteration (also called Batch 2) and is a highly secure hardware wallet that excels at signing your transactions with scanning a QR code thanks to its rear camera and huge, high resolution color screen. Its robust security model ensures your seed words are also securely generated and stored.
It gets our best air gapped multi signature wallet award for two main reasons. It can sign via QR code scanning and microSD giving the users excellent flexibility. While the COLDCARD Mk4 can sign using microSD cards and NFC, the Passport’s build quality is much more solid and higher quality, plus their software and hardware are entirely FOSS where as the COLDCARD Mk4 is only publicly viewable.
Highlights
- Super premium materials, design and feel
- Aces all privacy & security tests we could throw at it
- 100% fully air gapped design, from seed generation to signing to firmware updates
- Beautiful design with big buttons and a clear color screen
- Supports signing via QR code or microSD card
- Is so solid it can double as a brick to knock people out with
- Fully supports registering of multisig wallets on device
BitBox02: Best USB Multi Signature Wallet
The BitBox02 is made by BitBox (formally Shift Crypto) and comes in two versions, the BitBox02 Bitcoin-only edition and the BitBox02 Multi edition.
While the hardware for each is identical, the Bitcoin only firmware is entirely dedicated to Bitcoin (with no support for other cryptocurrencies) with the Multi edition supporting other cryptocurrencies as well as Bitcoin.
It’s one of only two hardware wallets that scores perfect marks in all our tests and has support for a ton of great features. In fact, it has so many security features that we couldn’t cover them all in our review and its support for multi signature wallets is similarly fantastic.
We consider the BitBox02 to absolutely be on par with the Jade or Passport, however it can only connect via its USB data port meaning it’s not Air Gapped. We don’t consider this a downside and are neutral on the matter, especially when it comes to multisig wallets, but we know some people aren’t fans.
Highlights
- Low key, incredibly small and stealthy design
- Aces all privacy & security tests we could throw at it
- Great touch button interface and screen
- Simple and widely supported desktop and mobile app
- Fully supports registering of multisig wallets on device
SeedSigner: Best Stateless Multi Signature Wallet
SeedSigner is an amazing free and open source software project that allows anyone to create an extremely secure crypto wallet completely out of cheap and general purpose hardware that you buy off the shelf.
With full installation instructions as well as a shopping list to boot, all you have to do is go to your local electronics store, buy the hardware, assemble it like Lego and flash the OS onto it.
While this isn’t as easy as just buying a pre-made one, it helps to avoid supply chain attacks plus can double as a fun home project for you to do one weekend. It should also be noted that many countries have strict import rules that will actually seize more well known hardware wallets like a COLDCARD or Trezor. For people in these countries SeedSigner is fantastic way around this.
Another very unique thing about this cold storage device is that it’s completely stateless, meaning that it never stores any information on it. Once you turn it off, everything is wiped from memory. For those that don’t want to have to worry about securing three or more hardware wallets this can be very handy.
SeedSigner aces all our privacy and security tests, is cheap and its case can be easily 3D printed into any shape or color you want. As far as bitcoin wallets go, it’s one of the most self sovereign ways to securely store bitcoin.
Highlights
- Cheap and fun project for those that enjoy electronics
- Aces all privacy & security tests we could throw at it
- 100% fully air gapped design, from seed generation to signing to firmware updates
- Fully stateless operation meaning the device itself doesn’t need to be secured
- Avoids supply chain attacks by using general purpose hardware
While SeedSigner is one of the most secure crypto wallets you can get, we’d only recommend it for those that are comfortable with things like Raspberry Pis, soldering, compiling, flashing and installing software etc.
Coinkite COLDCARD Mk4: Runner Up Best Multi Signature Wallet
The COLDCARD Mk4 is one of the most popular, long standing and well known hardware wallets out there, and for good reason too. On its 4th generation Coinkite is tirelessly continuing its never ending quest for a more secure, more feature rich Bitcoin only wallet.
From trick PINs to safety LEDs to literal parts of the hardware device that you can destroy to permanently turn off certain features, it’s got it all.
Custom built from the ground up for fully air gapped operation, it comes in a bunch of different colors, has a number of accessories and scores near perfect marks in our privacy and security tests. The only part they fall down on is that their software is publicly visible, but not fully open source.
To be perfectly clear both the COLDCARD Mk4 and the Foundation Passport are amazing devices that everyone will be 100% happy with. The COLDCARD Mk4 gets the runners up award only because we prefer to promote FOSS and the build quality is better on the Passport.
That being said, if you prefer a smaller device, trick PINs and NFC then the COLDCARD Mk4 might be better for you. If you prefer a bigger screen, QR code scanning and having an internal battery then the Passport should be your preference. Each to their own and we’re thrilled that users have such great choices!
Highlights
- Unmatched feature set and third party wallet support
- Near top marks for privacy & security
- 100% fully air gapped design, from seed generation to signing to firmware updates
- Big buttons and incredibly well thought out hardware design
- Fully supports registering of multisig wallets on device
Multi Signature Wallets: Peak Security
Multisig wallets are the most advanced form of crypto wallet and provide both users and companies with a wealth of highly useful security benefits. If you’re an investor or someone that has serious funds stored in digital assets like bitcoin, we heavily recommend taking the time and effort to learn about them.
While you technically don’t have to buy multiple different devices when making up multisig vaults, it’s recommended to do so to improve security. Having more than one vendor means you have an extra layer of security both when generating the private keys as well as when it comes to signing transactions.
If there’s a software bug on one device, you’ll be able to catch it using a second device meaning one less single point of failure in your wallet.
All of the above recommended multi signature wallets – besides the SeedSigner – also register the full multisig wallet configuration. This means they’re able to properly verify receive and change addresses before broadcasting them to the bitcoin network as well as act as an output descriptor backup source, greatly enhancing your multi sig wallet security
FAQ
Can Multisig Wallets Be Hacked?
Yes. Multi sig wallets can be hacked, but in different ways to how single signature wallets typically are. Multi signature technology is still far, far safer than single signature wallets and hardware wallets have quickly adapted to help prevent these more complex types of hacking attacks.
What Are The Cons Of Multisig Wallets?
The main cons of using multiple private keys with multi sig wallets is that it requires more technical knowledge from the user and slightly increases complexity. It also takes longer and costs more to transfer funds, but these are all considered very reasonable trade offs given all the benefits multisig brings.
What Wallets Are Multisig?
Both your software wallet and hardware wallet needs to support multisig in order for it to work properly. Software wallets that support multiple signatures include Sparrow, Nunchuk, Specter, Electrum and more. Hardware wallets that support multi signature functionality includes BitBox02, Jade, COLDCARD Mk4, Passport, Trezor and more.
What Is Needed For Multisig Wallet?
You will need multiple private keys, likely generated in different secure ways on different hardware wallet devices and a mobile or desktop wallet such as Sparrow wallet to coordinate it all. If you are wanting to use multisig we also heavily recommend setting up and connecting to your own full Bitcoin Node first.
Do I Need A Multisig Wallet?
It’s generally considered good security practice to use multi signature wallets once you are storing a significant amount of crypto currencies. This obviously means different things to different people, but a common fiat value used is anything greater than $100,000 USD.
