Trezor vs. Ledger: Which Hardware Wallet is Best in 2022?
No one wants to wake up one day and find their digital assets just gone.
The right hardware wallet can protect your crypto investment over time.
That is why finding the wallet for your needs is vital.
Whether you’re looking for an NFT wallet that can hold all sorts of assets or want to ensure that you’re using the best Ethereum wallet to protect your crypto holdings, knowing the features that your wallet has is key.
However, doing your research and finding the right one for you can be tricky – especially with various options available on the market.
With security and ease of use always top of mind, you may be wondering what other factors to consider when making a decision.
I’ll go over the key features of each, as well as other important considerations to consider, all with the aim of helping you make an informed decision about which one is right for you.
Keep reading to learn everything you need about Trezor vs. Ledger.
A hardware wallet is a cryptocurrency wallet that stores your private keys in a secure physical device.
Hardware wallets are considered one of the most secure types of crypto wallets available, as they are not connected to the internet and are therefore less susceptible to hacks.
To access your funds, you must connect your hardware wallet to a computer or mobile device.
Once connected, you can view your balance, perform transactions, send and receive cryptocurrencies and more.
All in all, hardware wallets are ideal for those seeking maximum security for their crypto holdings.
Both devices offer a high level of security and ease of use for beginners and more advanced users and have built up a loyal following among cryptocurrency enthusiasts.
Let’s look in more detail at each device, highlighting some key features.
Ledger Nano X Uses the operating system known as BOLOS (Blockchain Open Ledger Operating System) to ensure its security.
This operating system is based on the Linux Kernel and was explicitly designed for use with Ledger hardware wallets.
Ledger supports over 1,000 tokens and an excess of 107 cryptocurrencies, including Bitcoin (BTC), Ripple (XRP), Monero, Cardano and more.
Using the Ledger Live app, you can easily manage your crypto holdings and make transactions on the go.
The Ledger Nano X has an additional security feature called Secure Element.
This is something that many passports and payment systems are now using to provide intrinsic countermeasures against sophisticated attacks.
This secure element comprises a microchip that stores private keys and cryptographic algorithms needed to conduct transactions.
This makes the device as tamper-proof as possible, which is essential for a hardware wallet.
There is also further protection provided against threats such as power usage spying, and electromagnetic radiation, two things which could potentially damage the device and cause it to malfunction.
There is also protection against a fault attack when an attacker tries to guess the private keys by repeatedly resetting the device and observing the changes in the device’s behavior.
One point to mention is that since this device allows for Bluetooth connectivity, some people are initially turned off by this.
However, it’s good to know that only the public keys are transferred over Bluetooth connectivity, and any critical data will never be exposed.
In addition, for those that want to turn off the Bluetooth function, it is straightforward to do so.
SatoshiLabs created the Trezor Model T using open-source software and firmware.
Using the interface known as TrezorSuite, this wallet can handle all of the hundreds of cryptocurrencies it supports.
Since there are more than 1200 supported coins, the Trezor Model T is one of the market’s most popular Trezor hardware wallets.
It also has a large and vibrant community, which means you can always find someone to help you with any issues.
For those that want to take security to the next level, this device can take a microSD card, allowing it to have onboard encrypted storage.
This is an excellent feature as it means that the user’s funds can be backed up on the device itself, making it much more difficult for hackers to access them.
Users can also remove the SD card and store it separately from the device to further protect their funds.
This means that even if the device is stolen, the attacker would not be able to do anything with it as they would not have the SD card which contains the additional information, including private keys.
In addition, there is the option to use a password manager, which is a great way to further secure one’s funds.
Since the user does not have to remember their private keys, which will be stored on the password manager, this adds another layer of security to the device.
These two wallets have a lot in common, but there are also some essential differences that you should be aware of.
Users can use a USB cable connection to connect the devices to their main computer.
When it comes to looks, the Ledger looks like a standard storage device which can be a significant factor in its safety and security features – as it doesn’t stand out from other storage devices.
The Trezor, on the other hand, looks like a small calculator which can be easily carried around with you.
One key difference is that the Trezor supports a connection to an Android device, limiting its use for some people.
However, it can also connect to Windows, macOS, and Linux desktops.
On the other hand, the Ledger can connect to Android and iOS devices, making it much more versatile when it comes to on-the-go transactions.
The Trezor models typically have a larger LCD display which makes reading the information on-screen much easier.
For example, the premium models (the Trezor Model T and the Ledger Nano X) come in at a 240×240 pixels color touchscreen and an OLED 128×64 pixel screen, respectively.
However, the Ledger Nano X offers Bluetooth mobile connectivity, a feature not found on any of the Trezor models.
This can come in handy as you can use your hardware wallet at all times and make transactions on the go – more on this later.
One aspect to consider when comparing hardware wallets is durability.
This is important as you want to ensure that your device can withstand being dropped or knocked around.
The Ledger Nano X is the more durable device, thanks to the foldable stainless steel casing.
The Trezor Model T, on the other hand, does not have any casing and is, therefore, more susceptible to damage if it is dropped.
This Trezor wallet is also made from plastic and does not feel as durable as the Ledger Nano X.
To combat this, there is the option to buy hardware wallet cases for the Trezor Model T, which can help protect it from damage.
With various leather and silicone options for different wallets, this could be an extra yet necessary expense.
With the threat of both online and offline hacks and data breaches, hardware wallets have become the go-to solution for many cryptocurrency users.
They provide an extra security layer not found in software wallets.
With a hardware wallet, the user’s private keys are stored on the device itself and never left, making it much more difficult for hackers to steal digital assets.
This type of cold storage means that your crypto hardware wallet is isolated from the internet and, therefore, less susceptible to attacks.
This also decreases the chances that your crypto assets are lost if your computer is hacked or damaged.
As opposed to hot wallets, which are constantly connected to the internet, hardware wallets are only connected when the user wants to make a transaction.
To access the funds in a hardware wallet, the user must physically press specific buttons (whether physical or on a touchscreen) on the device, adding an extra layer of security.
If a hacker somehow gained access to your hardware wallet, they would still need your physical device and PIN code (or passphrase) to steal your funds.
Trezor devices use private and public keys to conduct digital signatures and cryptographic operations.
These keys can unlock the ability to perform transactions with specific coins, using the device as an authenticator.
This means that no coins are held on the device, and are instead stored on the blockchain, making it much more difficult for hackers to access your funds.
To do this, they would need to hack into the blockchain itself, which is nearly impossible.
The device is also used to accurately sign any transactions made so that the blockchain can verify that the user is the coins’ owner.
Again, the aim is to make it much more difficult for anyone to try and impersonate the user and conduct fraudulent transactions.
It’s also good to know recovery phrases can be used to recover funds if your device is lost or stolen.
Those using Ledger Wallets Must plug in their device whenever they want to make a transaction.
They will then have to use a pin code to unlock the device, after which they will receive a seed phrase which they must enter into the wallet to access their funds.
This process may seem tedious, but ensuring that the user’s funds are secure is necessary.
One key feature that both Trezor and Ledger devices offer is that if an incorrect PIN is entered three consecutive times, the content on the device will be wiped clean, which means that the device becomes useless.
This feature found on these devices acts as an additional layer of security, as if a hacker somehow managed to gain physical access to the device, they would not be able to do anything with it after entering an incorrect pin multiple times.
In terms of entry-level devices, known as the Trezor One and the Ledger Nano S Plus, the price is currently $77 for the Trezor Model One and $79 for the Ledger Nano S Plus.
When it comes to the top-of-the-line models, a.k.a the Ledger Nano X and Trezor Model T models, there is a bit of a price difference between the two.
At the moment of writing, the Nano X retails for $149, while the Model T sells for $249.
Both of these devices can be easily set up by following the instructions on the screen.
When it comes to everyday use, most find that having a touchscreen is a better experience than using buttons.
This is because inputting your PIN on a touchscreen is much easier than on buttons.
However, both devices are easy to use; after a few minutes of using them, you will get the hang of it.
The Trezor Model T also has a color touchscreen which can provide a slightly better user experience as it is easier to navigate.
That said, the physical buttons have more spacing between them on the Nano X, making it easier for those with larger hands.
All in all, it depends on the user’s preference.
The Ledger Live application can manage your crypto funds for mobile and desktop devices.
One must do the initial setup through this app to connect your device.
The app is very user-friendly and easy to navigate.
The app also has various features that allow users to manage, check and transfer their funds efficiently.
As of the time of writing this article, Trezor doesn’t have a mobile app.
ERC-20 tokens are digital assets built on top of the Ethereum blockchain.
They are often used to represent different cryptocurrencies or utility tokens.
Yes, you can store NFTs in wallets.
However, not all wallets support NFTs.
You’ll need to check with the wallet provider to see if they support NFTs.
A recovery seed is a phrase you can use to recover your wallet if you lose your device or forget your passphrase.
It is essential to keep your recovery seed in a safe place.
Yes, you can use credit cards to buy a wallet.
Most wallet providers will have no issue if you want to use your credit card to buy a wallet, as it is a standard payment method.
However, some wallets may have higher fees associated with credit card purchases, so it’s always important to check before making a purchase.
When it comes to the Ledger vs Trezor battle, both companies make sophisticated, secure hardware wallets for Bitcoin and cryptocurrency investors.
Both provide access to various cryptocurrency exchanges through their cold wallets, have well-designed user interfaces, and come in different form factors to suit diverse needs.
The different price points offered by both companies mean that it’s easier to find a wallet that meets your budget and keeps the other company in check.
So, which one is the better choice?
It depends on your needs.
Knowing the key features provided will help you choose the right wallet.
Do you prioritize security or ease of use?
Do you want a mobile app, or are you okay using a desktop application?
These are some questions you should ask yourself before deciding which wallet is best for you.
Further reading on AdamEnfroy: Using only the top crypto trading platforms to buy crypto is essential to having security and peace of mind.
Here are some of the top platform reviews to check out before you start trading cryptocurrencies:
In addition, the right crypto credit card can make it easier and more affordable to use your crypto to make everyday purchases.