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Trezor vs. Ledger

Trezor is easier to use

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Trezor and Ledger are two of the world’s premier manufacturers of crypto hardware wallets. Trezor was the first hardware wallet ever created. The Ledger Nano S is among the most popular, having sold over 3,000,000 units worldwide.  

Hardware wallets like those made by Trezor and Ledger also provide a way for users to bring their wallets online and send or receive transactions. In the case of Ledger, users can also trade cryptocurrencies inside the Ledger Live app.

The most popular hardware wallet made by Trezor is the Trezor Model One, and the most popular hardware wallet made by Ledger is the Ledger Nano S Plus and the older version it replaced the Nano S. The more expensive models include the Trezor Model T and the Ledger Nano X. 

We reviewed both companies and their wallets based on supported currencies, security, fees, features, and more so you can decide which is the best choice.

Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by The Balance or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.

Trezor


Trezor

Trezor

Pros
  • Larger screen that is easier to read

  • No apps need to be installed to store various coins as with Ledger

  • Trezor Model One can manage 1,000+ cryptocurrencies at once

Cons
  • Model One doesn't support for XRP

Ledger


Ledger

Ledger

Pros
  • Built-in crypto exchange

  • Secure element EAL 5+ certified

  • Stainless steel body is more durable

Cons
  • Only up to 100 different coins at a time

  • Requires the Ledger Live app to manage everything

At a Glance

  Trezor Model One Ledger Nano S Plus 
Type of Wallet Hardware (cold storage) Hardware (cold storage)
Currencies  1,000 +  5,500+ and up to 100 at a time
Purchase Cost  $70 $79 
Incorporated Exchange  Yes Yes 
Device Size  60mm x 30mm x 6mm (2.4in x 1.2in x 0.2in)  62.39mm x 17.40mm x 8.24mm 
Mobile App  Android  Android, iOS

Trezor vs. Ledger: Ease of Use

Both wallets made by both companies are designed for beginners and advanced users alike. Getting set up involves:

  • Updating the device’s firmware (either through an app or web-based interface)
  • Creating a wallet
  • Creating a backup seed phrase
  • Creating a PIN for the device

Both apps make the process as simple as possible and users are guided along every step of the way. Ledger wallets include the additional step of installing the Ledger Live app, which can be downloaded and installed like any other app and includes a built-in crypto exchange where users can trade different currencies. 

Trezor wallets interact with a computer through the Trezor Suite. This software lets your manage your assets from a computer or phone. It also allows you to buy, exchange, and spend crypto.

Some users may find using the Trezor to be more intuitive because of the bigger screen and the web interface. There are also no extra apps to install on the Trezor.

The Ledger wallets, on the other hand, require users to first install an app for each specific cryptocurrency they want to use. If you want to use Bitcoin, you have to install the BTC app. If you want to use XRP, you have to install the XRP app, and so on. Both the Ledger Nano S Plus and Ledger Nano X can hold up to 100 apps. 

Trezor vs. Ledger: Security

Both Trezor and Ledger are hardware wallets that hold crypto in cold storage, which means coins are kept offline where they are safest from hackers. 

To provide additional security, Ledger uses Secure Element chips. These are the same chips used in passports, SIM cards, credit cards, and similar devices. Ledger wallets are also Evaluation Assurance Level (EAL) 5+ rated.

EAL is an increasing scale of universally recognized security standards for software or hardware products, and there are different degrees of EAL. There are only two levels higher than EAL 5, and the company claims to be the only company to make hardware wallets with this level of security certification. 

Trezor doesn’t use secure hardware elements due to the fact that some of the tech involved is closed-source. The company argues that this goes against the open, transparent ethos of crypto. However, the Trezor Model One wallet requires users to enter their password using their computer’s keyboard. 

While this isn’t a security flaw in itself, it does open up the possibility of a keylogger logging the keystrokes of a user’s password. The Ledger Nano S, on the other hand, lets users enter their PIN directly on the device itself. 

In 2019, Kraken Security Labs revealed that both the Trezor Model One and Trezor Model T have a physical vulnerability. While the wallets are thought to be safe from remote, internet-based attacks, Kraken Security Labs proved that if someone gets their hands on the physical device itself, they could compromise it within approximately 15 minutes. 

That said, all of these hardware wallets are still much more secure than any hot wallet. 

Trezor vs. Ledger: Features

Both wallets have a display screen, although Trezor screens are larger and can display additional lines of text. Those who struggle to read fine print may prefer a Trezor wallet as they have a large colored display that makes things easy to read and verify. 

For Ledger, most of the actions that users take happen in the Ledger Live desktop app (or mobile app). The Trezor Suite or the Trezor app for Android will be required to use a Trezor wallet.

The Ledger wallets have a smaller screen that doesn’t support color. Ledger text also scrolls across the screen slowly to accommodate for the smaller size, whereas the Trezor screen is large enough to show six lines of text simultaneously. The buttons on the Trezor wallets are also easier to use. 

As far as design, Trezor wallets have a somewhat bulkier design to support their larger screens and are made of hard plastic. Ledger wallets look like USB drives encased in a sleek stainless steel shell, making them more durable and aesthetically appealing.

Trezor vs. Ledger: Currencies

The Ledger Nano S Plus supports over 5,500 different currencies. The Trezor Model One supports over 1,000 currencies, and it’s logical to assume there is plenty of overlap. However, one partial exception is XRP. Trezor's Model One does not have support for XRP, only the Trezor Model T does. Both Ledger devices support XRP.

New users looking to trade ETH or one of the many popular ERC-20 tokens should know that both wallets can interact with these tokens without any additional steps required by the wallet user.

Trezor vs. Ledger: Price

The price for the basic models of Trezor and Ledger wallets is nearly identical: The Ledger Nano S Plus costs $79 before shipping costs and the Trezor Model One costs $70. 

The more expensive models, the Ledger Nano X and Trezor Model T, cost $149 and $250 respectively. Most users will be fine with the cheaper models, although there are a couple of reasons someone might prefer one of the more expensive wallets. 

The Ledger Nano X is battery-powered, has bluetooth connectivity, and has a larger screen. Those who trade on the go might prefer the higher priced model due to the flexibility and ease of use.

The Trezor Model T supports more crypto currencies than the Trezor Model One and also works as a U2F (universal second-factor) hardware token that generates one-time passwords for an extra layer of security on supported apps and websites. The Model T also has a larger screen than the Trezor Model One and it's a touchscreen which the Trezor Model One doesn't have. The larger touchscreen may make it easier to use for some people. The added cyber security feature is a nice option to have as well.

Trezor vs. Ledger: Mobile App

Ledger has its own mobile app available on both iOS and Android. Trezor doesn't have its own app. However, you can access your wallet on smartphones using third party apps or through the browser. Having its own app makes Ledger the obvious choice in this category.

Final Verdict

Both Trezor and Ledger offer affordable wallets that support a large selection of cryptocurrencies. While Ledger is EAL 5+ rated and has a sleeker design. Trezor offers a larger screen, is easier to use, and supports more frequent trades. Additionally, the more expensive option, the Trezor Model T, offers security add-ons. Both have a web have application for managing your wallet that also connects to an exchange and facilitates trading. However, Ledger Live is more impressive with more features than Trezor Suite.

Beginner users who have no crypto experience or those who struggle to read fine print should consider the Trezor Model One. Users who value the highest security ratings and best technology or want a more feature-rich app interface to go with their hardware wallet, should consider the Ledger Nano S Plus.

What Are Trezor and Ledger?

Trezor and Ledger are the two most popular brands of hardware wallets. The main purpose of these types of wallets is to take their crypto off of exchanges and store it more securely for the long term. 

How Do Trezor and Ledger Work?

Hardware wallets work by storing the private keys to a user’s cryptocurrency and letting them take those funds offline, into what’s known as “cold storage.” 

The way it works in practice is simple. Users create their wallet account and either send crypto to their wallet’s public address or buy crypto directly within an associated app like Ledger Live. Later on, if a user so chooses, they can use their hardware wallet to send transactions as well.

Is the Trezor Wallet Safer than Ledger?

It’s hard to say exactly which hardware wallet is objectively more secure. It comes down to the beliefs about how software and hardware work and which solutions are best.

Those who believe in open-source software as being the safest solution for everything will say that the Trezor is safer. Others who believe in independent security certifications and objective evaluation standards will say that the Ledger is safer. 

Who Should Use Trezor vs. Ledger?

Beginner users who have no crypto experience or those who struggle to read fine print should consider the Trezor Model One. Users who value the highest security ratings and best technology or want a more feature-rich app interface to go with their hardware wallet, should consider the Ledger Nano S Plus.

Methodology

When reviewing Trezor vs. Ledger, we looked at features like security, price, ease of use, currencies supported, and device features. We also considered the types of users who might benefit from each wallet along with other features such as the mobile app and device design.

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