In this article we compare two popular hardware wallets, Trezor vs Ledger, based on several criteria.
We will dive deep into how these wallets compare with each other in terms of display, security, compatible apps, ease of use, cost, and supported cryptocurrencies in order to help you choose the best hardware wallet for your needs.
What are hardware wallets?
A hardware wallet, also called a cold wallet, is a physical device that stores your private keys and cryptocurrencies. Hardware wallets can work with multiple apps, cryptocurrencies, and other third-party wallets.
They can store cryptocurrencies in an offline environment without any need to connect to the internet. This allows for more secure transactions. Therefore, they are safe from attacks, such as malware or viruses.
These devices sign only specific types of transaction data. Therefore, you need a PC or laptop to connect it to the internet and download a program to interact with it to carry out transactions. Only those who have access to the physical device can make transactions. That’s why your funds are secure as long as you’re the only one who has access to the wallet.
They are protected with an encrypted pin that their owners create. When someone tries to enter three consecutive times by pushing the wrong pins, the device deletes the private keys to keep the cryptocurrencies safe.
As with all cryptocurrency wallets, you must remember your private keys, or seed phrase, to access your funds. The keys are stored only on the hardware device. That’s why it’s almost impossible to hack them, contrary to hot wallets like the one described in this Coinomi review.
Despite these positive sides, there are also some drawbacks you must keep in mind when you are using hardware wallets. You should not lose them; they are not free, and transactions can take really long due to safety precautions.
In addition, there are many fake hardware wallets that are sold to steal your cryptocurrencies.
That’s why it’s very important you select one that’s reliable. Two of the most well-known hardware wallet brands are the Trezor wallet and Ledger wallet.
Each brand has two different models:
Trezor One:
Trezor Model T:
Ledger Nano S:
Ledger Nano X:
Trezor vs Ledger: Operating Systems and Mobile Apps
Trezor wallet uses an open-source firmware and operating system, while Ledger wallet runs its own operating system, BOLOS.
All models of Trezor and Ledger work with Windows, macOS, Linux. While Ledger supports both Android and iOS, Trezor can only support Android phones. Ledger has the additional advantage of Bluetooth capability.
Furthermore, both hardware wallets are compatible with several in-house and third-party applications.
Ledger has a native app called Ledger Live, which is available for PCs and mobile devices. Thanks to this app, users can check their balances in real-time carry out transactions like sending and receiving funds.
Trezor doesn’t have its own mobile app. But users can install browser extensions or the Trezor Bridge application to operate the wallet. Trezor Bridge facilitates communication between the Trezor hardware wallet and supported browsers. To manage their accounts, users can use Trezor Suite, which is a desktop application.
Apart from these fundamental apps for carrying out transactions and managing portfolios, Ledger and Trezor devices also support third-party apps.
Ledger wallets are compatible with Magnum, Binance, GreenBirs, Electron Cash, Copay, and Electrum. Ledger wallets can connect with Kyber Network as well.
Trezor wallets are compatible with Mycelium, Magnum, Copay, GreenBits, Electrum, and MultiBitHD. Moreover, Trezor can connect with Exodus.
Trezor vs Ledger: Supported Currencies
Both hardware wallets offer more than 1000 cryptocurrencies. But Ledger has an advantage over Trezor in this category. Since it supports third-party apps, it provides a broader range of cryptocurrencies.
You can view the current list of the supported currencies by Ledger here. Both Ledger models can support all of the listed coins.
Trezor has a narrower cryptocurrency portfolio because it uses its own wallet interfaces. We should emphasize that particularly the cryptocurrencies that run on DAG-based frameworks lack in the case of Trezor wallets. Some examples are IOTA and NANO. DAG, or directed acyclic graph, is used in cryptocurrencies as a data modeling tool. In contrast to blockchains that consist of blocks, DAGs have vertices and edges. This means that transactions are recorded as vertices.
You can view the updated list of the cryptocurrencies supported by Trezor here. Keep in mind that not all currencies are available in both Trezor models. Trezor Model One supports fewer currencies. As of writing this review, for instance, Cardano, Ripple, Tezos, Monero, and EOS are available in Trezor Model T but not in Trezor Model One.
Trezor vs Ledger: Security
Which one is safer, Trezor or Ledger?
- To date, no serious security issues have been reported for either of the wallets. First of all, as mentioned above, since they do not connect to the internet directly and only transfer data like transaction information, both Trezor and Ledger are protected from remote attacks as far as the hardware designs are concerned.
- Security features that are related to seed phrases and private keys also function in a similar fashion. This confidential information never leaves the devices.
- Trezor runs an open-source code. That’s why third parties can review the code and report security vulnerabilities. This advantage is missing in Ledger devices; Trezor is more reliable in this respect.
- While Trezor uses a single ship base, Ledger is built on a double chip base. This second chip is a bank-grade secure element that provides an additional security precaution.
- In the case of Ledger models, users enter the passwords directly on the hardware devices; they do not need to use a keyboard. This is a clear advantage in terms of keylogging security attacks. Contrary to this, Trezor wallets require users to enter the passwords via a keyboard, making them more vulnerable to keylogging security attacks.
- Thanks to Ledger’s trusted computing base, it’s possible to verify the integrity of the device.
- Both Trezor and Ledger support BIP39 passwords. Trezor Model T has also the Shamir Backup for additional security. The Shamir Backup is a private key security system. Trezor introduced it in 2019. It uses a native cryptographic algorithm called Shamir Secret Sharing. Trezor Model T is the first hardware wallet that supports this standard.
- However, Trezor wallets lack Bluetooth, which makes it challenging to use the wallet on the go.
- Trezor, on the other hand, has tamper-evident seals, making it difficult to put the glue back after making any changes to the hardware. This is another precaution against physical attacks because if your wallet is new, you immediately understand it’s been compromised due to a broken seal.
Trezor vs Ledger: Display and Ease of Use
Trezor and Ledger both have display screens to show the seed phrase and the transactions. Trezor wallets have larger displays.
The Ledger One model has a 128×64-pixel OLED screen, while the Ledger Nano model has S a 128×32-pixel OLED screen. Ledger Nano X model has a 128×64 pixel OLED display.
The premium model Trezor Model T has the largest display; it is 240×240 pixels. A large screen is a sought-after feature in a hardware wallet because you need to read the prompts on the screen clearly to confirm them. That’s why as far as the display screen is concerned, Trezor Model T is the winner among the four wallet models.
Trezor Model T also has a color touchscreen, which makes it even more attractive and easier to use.
Since Ledger devices have Bluetooth capability, they are easy to connect to cell phones, while you need USB connections for the Trezor models.
Both wallets come with buttons to manage the devices. It is more comfortable to use Trezor wallets with this respect because there is more space between the buttons compared to the Ledger buttons, eliminating the risk of pressing two buttons at the same time.
Trezor devices are a little bit lighter than the Ledger devices. Ledger wallets are made up of steel. That’s why they are more durable. Trezor One comes with an ABS plastic case; they are robust and resistant against minor physical damages.
Trezor vs Ledger: Prices
As of writing this guide, the prices for Trezor Model One, Trezor Model T, Ledger Nano S, Ledger Nano X are $85, $215, $59, and $149 respectively. The Ledger Nano S is the most affordable one.
Final Words
We compared two popular hardware crypto wallets in this article in terms of operating systems, compatible apps, security, supported currencies, prices, displays, and ease-of-use.
These wallets both have minimal and simple designs that support more than 1000 currencies. They are easy to set up and more secure than their hot crypto wallet counterparts.
Note that, as in the case of hot wallets, you should keep your wallet’s private keys in a safe place in written format.
Ledger wallets’ main advantages are the native mobile app, the possibility to connect iOS phones, and their Bluetooth capability. Thanks to these positive features, Ledgers are usually a better choice while traveling or using on the go. Trezor Model T has the advantages of a color touchscreen and Shamir backup for extra private key security.
However, keep in mind that no wallet is completely safe. You should take all precautions possible so that you don’t use your physical cryptocurrency wallets.