Trezor vs Ledger: Which Wallet is Better to Use

Ledger vs Trezor

Ledger and Trezor are names that can often be heard in the context of the hardware wallet topic. And it is not surprising, because they are ranked among the safest places to store cryptocurrency assets today. However, it is unlikely that you will need two wallets of the same type, so it is worth figuring out how they differ and which option is more suitable for you. But before we start analyzing the characteristics of the Ledger and Trezor wallets, it doesn’t hurt to get a basic understanding of the hardware wallet itself.

What are Hardware Wallets?

A hardware wallet is an external digital device for securely storing private keys that provide access to a cryptocurrency account. It looks like a keychain the size of a USB flash drive or mp3 player with a display and several control buttons. 

The differences between hardware and other types of wallets are as follows.

• Isolated storage of private keys. Not a single virus or hacker will get to information that is located outside the computer’s operating system on a special microchip.
• All transactions are signed within the device and transmitted to the computer in a confirmed form. An attacker will never be able to get passwords from their code that never leave the gadget.
• To start a working session with a wallet, you must enter an additional settable PIN-code. If you lose the key fob, it will protect your money, because the finder thief will not even be able to turn it on.
• You can safely transfer money even from a compromised computer. The screen, which always displays the wallets of the sending and receiving parties, will protect against auto-spoofed addresses. Since all operations are confirmed by buttons on the housing, any automatic and unauthorized transfers will be suppressed.

Ledger vs Trezor Compare

As it was mentioned, there are two undisputed leaders in this type of wallet: Trezor and Ledger. Before Trezor One was created by SatoshiLabs in 2014, there was only one cold storage method in the world (using a paper wallet). The Ledger Nano S followed Trezor in 2016 and quickly gained popularity among the crypto community thanks to the support of many of the popular altcoins at the time. Today, despite competition from new hardware wallets, the Trezor One and Ledger Nano S are still popular for first time purchases.

However, in order to determine in favor of which wallet to make a choice, it is not necessary to focus on the basic characteristics that must be taken into account when choosing such devices, namely: security, price, ease of use, durability, supported currencies.

Ledger vs Trezor: Security

It should be said right off the bat that both options are excellent choices in terms of security, as they are both virtually immune to hacking. Firstly, most of the time they are not connected to the network, which means that it is not possible to hack them in this state. Secondly, even when you connect any of these wallets to a device with Internet access, it only transmits information that is useless to an intruder, such as transaction details.

The Ledger wallet is built on a dual-chip architecture, whereas Trezor is built on a single chip base. Both Ledger and Trezor devices use PIN protection to prevent unauthorized access. However, there are differences in that Trezor wallet users enter their password from the keyboard, whereas to use the Ledger wallet, the password is entered directly on the device. When you enter the code for the Trezor wallet, the digits are not displayed on the monitor screen, they are displayed by the wallet. Therefore, if an attacker suddenly monitors your PC screen, it will not be possible to determine the PIN code you enter.

In order to hack the hardware of the Trezor wallet, it must be stolen. After several unsuccessful attempts to enter the code, the wallet erases all contents, self-destructs and blocks the suspicious user. Also, during a hacker’s attempts to hack a wallet, you can transfer all your savings to another device using a seed phrase. There is also the possibility of compromising before you get your device for the first time. However, the Trezor developers introduced tamper-evident seals which help to identify if the wallet has been compromised. Ledger’s developers have also kept pace with their competitors by developing a robust computing base that users can use to confirm device integrity by performing an attestation check.

And to summarize on the reliability issue, although both Ledger and Trezor are highly secure, some people prefer the Trezor wallet because of its open-source feature.

Ledger vs Trezor: Price

Reliability comes at a price. The cost of Trezor and Ledger wallets varies depending on the model. The newest ones usually have the highest price. Thus, the cost of the latest Trezor Model T Express is 189 EUR ($216.27). The price is quite impressive, but if the wallet is not in a hurry and you can wait up to 3 months, the distributor offers a 13% discount (for this, you need to specify the Trezor Model T Reserve in the order). For the time-tested Trezor Model One, you will have to pay only 53 EUR ($60.67). The Ledger Nano S is 59, while the new Ledger Nano X is twice as expensive.

In addition, both companies have interesting offers. So, you can buy three Ledger Nano S wallets for only $170. Trezor offers a set of two wallets (Trezor Model T and Trezor Model One) and a Cryptosteel Capsule for 293.42.

Ledger vs Trezor: Comfortability use

The usability of hardware wallets is often associated with the software that is used. Ledger has the Ledger Live app, Trezor has Trezor.io. To work with the latter, you also need to install the Trezor Bridge program. Trezor.io and Ledger Live are designed with the beginner user in mind.

The apps help you send, receive and sign payments and provide useful graphs that show how your portfolio has changed in value over time. Both wallets also allow you to split your money into multiple accounts, helping you better manage your money and budget. Trezor has slightly more advanced software that allows you to sync transaction information with your DropBox account. There is also a convenient password manager and an infinite number of hidden accounts can be created.

Many people point out that due to the size of the screen, Trezor is more convenient to use. Public addresses of crypto wallets fit entirely on the display, while on Langer you have to scroll to see the full address. In addition, on Trezor, when the device is loaded, you can set an avatar on the screen or change the wallet name. This is very convenient when working with several wallets at the same time.

The location of the buttons is more convenient in Ledger than in Trezor. Also, the Nano S model has a bluetooth function, so you can easily manage the wallet from your mobile phone, while the Trezor models use USB connections.

Even a beginner can figure out how to send coins from his wallet. All you need to do is indicate the recipient’s address, amount and agree with the transaction fee. However, Trezor is equipped with an interesting “sent to money” option, which allows you to send funds to some recipients at once. However, Ledger has what his competitor lacks: a built-in crypto exchange.

Ledger vs Trezor: Durability

Many people point out the material of the Ledger, which is made of stainless steel. This makes the wallet more durable and portable than plastic Trezor wallets. Sure, Trezor customers have a wide selection of cases to help extend durability, but they cost money.

Both Trezor and Ledger are stated to be water-resistant, however, this is not recommended to be tested. Therefore, in this category, Ledger Wallet is the indisputable winner.

Ledger vs Trezor: Currencies

Both Ledger and Trezor support an impressive number of digital assets, however Ledger is still ahead of its competitor, especially the latest model, which allows you to install 100 applications for various wallets. According to the latest data, Ledger allows its users to store over 1,800 different coins and tokens compared to 1,649 supported by Trezor. However, in this regard, the Trezor Model T has stepped far from its predecessor, the Trezor Model One. Full lists of supported coins are available on the official websites of the companies.

Ledger Nano X vs Trezor T

The world of technology never stands still. Ledger and Trezor are constantly working to improve their earlier models in order to offer the crypto community a device with a wider range of features and coin support. The result of this work was the release of new models: Ledger Nano X and Trezor Model T. 

Trezor Model T

In the case of the Trezor Model T, you can immediately see many external differences from its older brother Trezor One. The Model T features a large 240 x 240 pixel RGB LCD with touch function. This is the main reason for the slight increase in size and weight of the Model T.

However, internal change also overtook the new model. As a result, the ARM Cortex-M3 processor, running at 120 MHz, was replaced with a newer and more powerful ARM Cortex-M4, which runs at 168 MHz.

The main selling point of the Model T is the touch screen, with which the use of the wallet has become more convenient and secure, since now you do not need to enter anything through the computer keyboard.

The Model T also supports more coins than the previous Model One, and provides additional features such as Shamir Backup and an SD card slot.

Trezor’s software is also open-source, and information on how everything works is publicly available. With the Trezor Bridge, you can manage the coins stored in the Trezor online wallet, but unfortunately, it is not available as an app.

The Trezor Model T comes in one stylish option, matte black, and is priced at $169.99 (~ 180 EUR).

Ledger Nano X

More than a year after the release of the Trezor Model T, Ledger introduced its new Nano X wallet.

The Nano X is heavier than its Nano S sibling and its competitor, the Trezor Model T. It weighs 34 grams, with the extra weight largely due to the 100mAh battery inside. This is because the Nano X has Bluetooth connectivity, which allows you to control the device from your smartphone. This feature is unique among hardware wallets and helps make up for the lack of a touchscreen like the one found on the Model T. To navigate your device without using Bluetooth, the Nano X has two built-in buttons, similar to those used by the Nano S and Trezor One.

Nano X has also expanded the range of coins it can store. While the Nano S can only store five wallet apps, the Nano X has room for a hundred. The Ledger Live app has integration with Coinify, which allows you to safely buy crypto (you need to go through full KYC procedures to use it). In addition, due to the fact that there is a desktop and mobile version, it can be used on different devices. Ledger Live supports 26 coins and 1250+ ERC-20 tokens, and the staking feature will allow you to receive passive income. The only downside is that, unlike Trezor, Ledger’s code is not open source.

The Nano X is available on the Ledger website for $144 (£109 €122) inclusive of VAT, making it a lot cheaper than the Trezor Model T.

Benefits of Using Hardware Wallets

Among the reasons people choose hardware wallets for their digital assets are the following:

• Hacker attacks are not possible while the wallet is offline.
• Autonomy in money management. If requests for unauthorized transfers are received from the computer as a result of hacking, then none of them will be carried out without confirmation with the button of the gadget. All false transactions are easily recognized and ignored by the user.
• To access the money, you need to go through three levels of protection. PIN code (enable), software password (balance display) and seed phrase (full access to all functions). If you make several mistakes in a row on any of them, the gadget will be blocked.
• No one can restrict your access to funds and request documents, as is the case with crypto exchanges.
• The case is made of durable materials and will not break over time or from accidental physical impact.
• Compatible with any OS (Windows, Android, IOS).

Conclusion: Ledger vs Trezor Which one to choose?

It is rather difficult to choose one thing. Both devices are worth their money, while the prices differ slightly. Ultimately, the buying decision should come down to which wallet supports the coins the user wants and personal preferences for the look and feel. The most important point is that regardless of whether you choose a wallet from Trezor or Ledger, your crypto assets will be protected in any case.

FAQ

Can I transfer from Trezor to Ledger?

Yes, this is possible if Ledger supports the type of currency you want to transfer from Trezor. For example, it is important that if you have an ERC-20 token on Trezor, this Ledger also offers support for the same currency.

What happens if I lose Trezor?

If you lose your Trezor wallet, you can restore it using a seed phrase on another device or a multicurrency wallet supporting the same standard. A detailed guide to recovering your wallet is available on the official Trezor website.

Can my Trezor be hacked?

If a hacker accesses the wallet physically, the seed phrase can be extracted, which means that it will not be difficult to hack the wallet. However, during this time, funds from the wallet can be transferred to another safe place.

Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.