Ledger and Trezor are multi-currency crypto hardware wallets that store private keys in an offline mode. Both wallets are compatible with several interfaces, apps and other third-party wallets such as Samourai, Mycelium and Exodus.
Ledger and Trezor offer top-of-the-line security for your crypto assets. Both being big names in the crypto space, they are not exactly the same. Their differences start from their pricing, features to their designs. In this hardware wallet Ledger vs Trezor review, we will compare the two to see what each has to offer.
Cold Wallet vs Software Wallet (Hardware Wallet vs Software Wallet)
- Cold wallets or hardware wallets such as Trezor and Ledger function without being connected to the internet. They are the most secure crypto wallets. Software wallets or hot wallets are wallets that need to be connected to the internet using computers or mobile devices to function.
- 1 Benefits of Hardware Wallets
- 2 Disadvantages of Hardware Wallets
- 3 Trezor Wallet vs Ledger: Design
- 4 Trezor vs Ledger: Supported Operating Systems
- 5 Ledger Wallet vs Trezor: Pricing
- 6 Ledger vs Trezor Security
- 7 Trezor vs Ledger Supported Coins
- 8 Ledger vs Trezor: Compatibility With Other Apps
- 9 Final Thoughts on Ledger vs Trezor Wallet: Which Is Better Ledger or Trezor?
- 10 More Information
Benefits of Hardware Wallets
Some of the main benefits of hardware wallets include:
- Since hardware wallets store private keys offline, they are more secure and less vulnerable to attacks.
Hardware wallets can store multiple cryptocurrencies at once.
You can enter your private key only on the encrypted hardware device, making it unexposed to other people.
You cannot make a transaction on a hardware device if you have no access to it. This is because the verification of the transaction is done by the hardware wallet itself.
Disadvantages of Hardware Wallets
The disadvantages of hardware wallets include the following:
- They are no free, with some being quite expensive.
The presence of fake hardware wallets in the market may lead to losses when you purchase one unknowingly.
Being highly secure, sometimes it is difficult to set up hardware wallets.
It is difficult to extract a private key.
Trezor Wallet vs Ledger: Design
The Ledger wallets have a steel casing while the Trezors are made of plastic. The steel casing makes the Ledgers more durable than the Trezors. Comparing the two in size, Trezors are wider than Ledgers. The wider Trezors have bigger screens to display the recovery phrase and recovery seed for your private key. The screen helps to ensure that the displayed information is right. Ledger devices have smaller screens that do not support colour, making it difficult to read for people who struggle to read the fine print.
Both devices have two buttons used to manage their software. There is good space between the two buttons on the Trezor device, making it easier to operate. The buttons on the Ledger device are too close, making it hard to press one button without pressing the other one accidentally.
Trezor vs Ledger: Supported Operating Systems
Both Ledger and Trezor devices are compatible with smartphones and computers. Trezor supports Windows 10, macOS 10.11 and higher, Linux and Android operating systems. On the other hand, Ledger supports Windows 8+, macOS 10.10+, Android 7+, and Linux excluding ARM Processors.
Ledger Wallet vs Trezor: Pricing
Both Ledger and Trezor wallets have two models; the first entry model and the second entry or second generation model. The first entry models for both wallets are fairly cheaper compared to the next level wallets. The Ledger Nano S costs $59 and the Trezor One costs $55. The second entry devices are expensive, with the Trezor Model T costing $159 and the Ledger Nano X $119. The high price of the second entry wallets is justified in the many features they come with.
Ledger vs Trezor Security
Being hardware wallets, your private keys are stored offline making the devices almost impossible to hack. They do not connect to the internet directly, instead they are connected indirectly through an internet-enabled device. Even then, the devices do not share sensitive data.
When entering passwords in Trezor wallets, you enter the password via the keyboard of the connected device (e.g. computer, etc) making the Trezor device vulnerable to hacking. For Ledger wallets, there’s a password app which let’s you enter the password directly from the Ledger device.
Additionally, Trezor devices use tamper-evident seals to ensure the device is not tampered with before it is sold. They are usually sealed using industrial glue which is hard to put back on. So, when you are given a Trezor device with a damaged or broken seal, do not buy it. Ledger on the other hand uses a computing base that is validated using cryptographic proofs. You can check the validity of the Ledger device by performing an attestation check.
Trezor vs Ledger Supported Coins
Both Ledger and Trezor hardware wallets support a wide range of cryptocurrencies, bitcoin and altcoins as well. Looking at the number of supported coins, the Ledger wallet can store more coins compared to the Trezor device. However, the support for popular tokens carries more weight. The major coins that Trezor One does not support include Cardano, Monero, EOS, and Ripple. If you want to trade in these coins, you can opt to use the Trezor Model T or the Ledger Nano S.
Ledger vs Trezor: Compatibility With Other Apps
Both Trezor and Ledger wallets are compatible with a large number of apps, some of which are common with both devices. Ledger is compatible with Mycelium, Binance, Copay, MyCrypto, MyEtherWallet, Magnum, Ledger Live, Electron Cash, GreenBits, etc.
The Trezor device is compatible with Copay, MyEtherWallet, Magnum, MultiBitHD, Electrum, Mycelium, GreenBits, MyTrezor, etc.
Final Thoughts on Ledger vs Trezor Wallet: Which Is Better Ledger or Trezor?
The Ledger and Trezor devices are both big players in the crypto space with several similarities. However, there are a few differences that set them slightly apart. Your choice of device will depend with how much money you are willing to part with, what you want the device for, and the coins you want to store on it. Either choice you make, both devices are great.