Look like you have finally made up your mind to invest in a crypto hardware wallet but aren’t able to decide, ‘which is better trezor vs. ledger?’
If that’s the case, I must tell, you are in the right place.
I am not going to beat around the bush or manipulate you like other comparisons that I read today on the internet on Ledger Vs. Trezor.
At TheMoneyMongers we have used both these wallets from last two years and have plenty to share with you. We do this often so that you can leverage our insights to make an informed decision.
Before we begin, let me tell you, we are going to look at both wallets under these 7 criterions:
- Based On Security
- Based On Supported Size & Design
- Based On Supported Coins
- Based On Compatibility With Other Softwares
- Based On Native Apps
- Based On Setup Process
- Based On Value For Money
So stick around, if you want to know everything about Ledger Nano S & Trezor to conclude for yourself. After all, it’s a matter of security of your cryptocurrencies.
Let’s get down to the meat:
Trezor Model T wallet is one of the best cryptocurrency wallets you will yet find in the market.
It is developed by SatoshiLabs, a Czech Republic-based company who pioneered the era of hardware wallets.
SatoshiLabs started making some of the best hardware wallets for Bitcoin and other cryptocurrencies in 2013, and since then it is continuing its innovation with its most flagship product i.e. Trezor Model T.
In line with that, Trezor Model T is the next-generation cryptocurrency hardware wallet designed carefully to act as a digital safe for your digital assets.
On the other hand:
Ledger Nano S is one of the world’s most popular hardware wallet to safely store your cryptocurrencies, developed by a France based start-up.
Ledger is also innovating its cryptocurrency hardware wallets since 2014 when it launched its first product Ledger Nano wallet and is well-experienced in making crypto hardware wallets.
Based On Security
Security of your device should be the paramount criteria for you to choose your hardware wallet. That’s because the safety of your funds will be as good as the ability of your hardware wallet to secure your private keys.
So first things first, those of you who don’t know:
Ledger Nano S is not an open-source project, and it has two micro-controllers that make it possible for you to use your cryptocurrencies on it.
Out of these two micro-controllers, one is the SE chip where your seed is stored and retained by the device. The exact implementation of this part of the hardware wallet is only known to the Ledger team, and this obscurity serves as security as per the Ledger team.
On the other hand:
Trezor Model T has only one chip or one micro-controller for generating and storing the private keys. Also, unlike Ledger, Trezor is an entirely open source project.
Now, this debate of which one is better? Secure hardware (closed systems) or an open-source system, has been going for ages. But I will not get into it for now.
But I will like to comment that the open-source system gets peer-reviewed a lot. Hence, in the long run, remains more secure and scalable.
However, I acknowledge that closed systems with secure hardware like Ledger makes it difficult for the attackers to carry on a successful attack. But being a closed system also means that other attack vectors to exploit the devices will be unknown or will be found at a very slow rate as compared to open source.
So I think Trezor has a clear edge over Ledger in terms of security. Also, check out how a 15-year old was able to break the security model of Ledger Nano S.
Based On Supported Size & Design
Ledger’s design is sleek. It looks like a flash drive which you can stash in your pocket and go around the world with millions in it.
It has an OLED screen with two-sided buttons on it to help you navigate the options presented by the device. At present, Ledger Nano S available in 6 different colors.
- Content of the box: 1 USB hardware wallet, 1 USB cable, Instruction manual, Key chain, Recovery seed sheet
- Dimension & weight Size: 56.95mm x 17.4mm x 9.1mm & Weight: 16.2g
- Materials: Brushed stainless steel and plastic. No battery required.
Trezor’s design I like more.
I am talking about the Trezor Model T because it makes sense in comparing Ledger Nano S with the latest Trezor device. The best part is it looks like a beautiful piece in your hand just like a chained pendant pocket clock.
But of course, it is not a clock.
It is a hardware wallet with an OLED screen bigger than Ledger Nano S. Guess, what? It is a colored LCD, unlike the Ledgers. It also has two front buttons to help you select options on the device so that you can navigate.
Also, size-wise it is a little bit bigger than Ledger Nano S but slightly lighter, just 0.2 grams.
- Content of the box: Trezor Model T device, Model T magnetic dock, USB-C cable, 2x Recovery seed booklet, Trezor stickers
- Dimension & weight Size: 64 mm x 39 mm x 10 mm & Weight: 16 g
- Materials: Plastic. No battery required.
Based On Supported Coins
Following are some of the currencies supported by both the devices, but in reality, you can store more than 700+ coins, tokens, and cryptocurrencies on the Trezor Model T device.
And if you have noticed, Ledger Nano S supports ERC20 tokens also. That’s why the total number of coins and tokens supported by Ledger Nano is above 1100+.
So clearly, Ledger has the edge over Trezor here but having Trezor means having a place to store all your popular cryptocurrencies/tokens safely.
|Trezor Model||Ledger Nano S|
|Ethereum (ETH)||Bitcoin (BTC)|
|Ripple (XRP)||Ripple (XRP)|
|Litecoin (LTC)||Ethereum (ETH)|
|Bitcoin Cash (BCH)||Bitcoin Cash (BCH)|
|Binance Coin (BNB) ERC20||EOS (EOS)|
|Tether (USDT)||Stellar (XLM)|
|Stellar (XLM)||Litecoin (LTC)|
|Cardano (ADA)||Tether (USDT)|
|Monero (XMR)||Tron (TRX)|
|Dash (DASH)||IOTA (MIOTA)|
|MakerDAO (MKR) ERC20||Binance Coin (BNB)|
|Ethereum Classic (ETC)||Monero (XMR)|
|NEM (XEM)||Dash (DASH)|
|Zcash (ZEC)||Neo (NEO)|
|Basic Attention Token (BAT) ERC20||Ethereum Classic (ETC)|
|Tezos (XTZ)||USD Coin (USDC)|
|USD//Coin (USDC) ERC20||Maker (MKR)|
|Dogecoin (DOGE)||Zcash (ZEC)|
|Bitcoin Gold (BTG)||Waves (WAVES)|
|TrueUSD (TUSD) ERC20||Dogecoin (DOGE)|
|Qtum (QTUM)||Vechain (VET)|
|OmiseGO (OMG) ERC20||Bitcoin Gold (BTG)|
|ENJIN (ENJ) ERC20||TrueUSD (TUSD)|
|Chainlink (LINK) ERC20||Qtum (QTUM)|
|Decred (DCR)||Ontology (ONT)|
|Zilliqa (ZIL) ERC20||OmiseGO (OMG)|
|Lisk (LSK)||Zilliqa (ZIL)|
|DigiByte (DGB)||0x (ZRX)|
|Holo Token (HOT (Holo)) ERC20||Decred (DCR)|
|0x Project (ZRX) ERC20||
Basic Attention Token (BAT)
|Augur (REP) ERC20||Lisk (LSK)|
|Theta Token (THETA) ERC20||Nano (NANO)|
|Aurora (AOA) ERC20||Icon (ICX)|
Based On Compatibility With Other Softwares
Another thing to look while selecting a hardware wallet is the software. After all, hardware wallets also run through softwares and their compatibility with other software wallets can open up many possibilities.
So let’s look how compatible these both wallets are with other popular software wallets available in the market:
|Popular Wallets||Trezor Wallet||Ledger Nano S|
However, from this comparison, you should not have this impression that Ledger Nano S is not good.
It merely shows, it has fewer options for integration with other wallets. But for specific currencies like Bitcoin Private, Bitcoin Classic, Zcoin, etc. Ledger Nano S is compatible with their respective desktop clients.
Note: It’s fine to take your Trezor or Ledger with you on the airplane. Like all modern electronics, the X-Rays won’t hurt your devices.
Based On Native Apps
Both Ledger Nano S and Trezor wallet have their native apps that let you connect to the hardware device for using multiple currencies.
This is very straightforward for me as I have been using the Trezor App and Ledger Live App from some time and clearly, Ledger Live app is much superior, usable, and lightweight than Trezor app.
Of course, with Trezor app you get the work done, but Ledger Live app is more premium to use. Moreover, Ledger Live app is available for mobile as well as desktop devices.
Whereas Trezor app is usable on the desktop and Android app, but the mobile experience is a bit cumbersome as compared to Ledger Nano S.
Another advantage of Ledger Live app is that you can track your digital assets in real-time without connecting your Ledger device which isn’t possible with Trezor yet.
Based On Setup Process
Setting up both the devices is pretty much the same and not that difficult as it may look.
For Ledger Nano S you need to:
- Start the device by plugging it in a desktop or mobile.
- Download and install the Ledger Live app
- Initialize the device and write down the seed words it shows.
- Confirm those seed words.
- Set a PIN & you are ready to use the device through Ledger Live app
Note: You need not install the firmware on Ledger Nano S while initializing it for the first time. However, it recommended that you keep updating your firmware through the option provided in the Ledger Live app as and when the update comes !!
For Trezor Model T you need to:
- Download and install the Trezor app.
- Connect the device to a desktop and install the firmware as Trezor comes without it.
- Once the firmware is installed, remove and replug your device.
- Select ‘create a new wallet’ and take the back-up of the recovery seed.
- You are set to use your Trezor Model T.
Note: If your desktop or mobile has C-type port and you plan to use Ledger Nano S, you will be required to arrange USB-C type connector because Ledger Nano S has USB 2.0.
Whereas Trezor has a C-type port and also provides USB-C connector in its tool-kit for connecting to the computer or mobile phone.
Based On Value For Money
Now let’s come to the most important part, i.e., the price tag and the value for the money.
There is no doubt both the wallets are good in there own ways, and that’s why have been able to serve millions of customers around the world.
But the price difference between both the device is significant because Trezor Model T will cost you $167 whereas Ledger Nano S will cost you $70. Both these prices are excluding customs duty and courier charges, if any applicable.
So if you are short on your budget Ledger Nano S is truly value for money and if you want to invest in a future proof of device Trezor Model T is the best thing you can get right now in the market !!
|Trezor Model T (Buy Now)||$167|
|Ledger Nano S (Buy Now)||$69|
Trezor vs. Ledger nano s vs. keepkey
After reading all this comparison, I know some of you might still be thinking about another hardware wallet, i.e., KeepKey. But let me tell you KeepKey shouldn’t be an option for you untill unless you need a bulky device with a large screen.
Also, KeepKey is less durable than Trezor and Ledger Nano S. However, in terms of security your funds will remain safe in KeepKey as well.
KeepKey is an $80 device but in my opinion, you shouldn’t look at it untill you have some specific usecase that isn’t being satisfied with the other two hardware.
Trezor Vs. Ledger Nano S: Which One To Choose?
I hope that after reading this article, you must have got the answer to your following questions such as:
- Is Trezor or Ledger better?
- What’s better Trezor or Ledger?
Nevertheless, I still want to clarify:
Trezor or Ledger? It really depends upon the ideology you want to embrace. If you want a closed system, go and buy Ledger Nano S. If you want an open-source system go and get a Trezor.
Both these wallets are fantastic, but if you ask me, my personal priority order of hardware wallets is as follows:
- Trezor Model T (I use this one often)
- Ledger Nano S (I use this too but less)
So that’s all from our side in this comparative article on Ledger and Trezor device. This is our first such article, and we are expecting your feedback which matters the most. It helps us optimize our process to produce good content. So do let us know your thoughts in the comments section below 🙂
Hey there! I am Sudhir Khatwani, an IT bank professional turned into a cryptocurrency and blockchain proponent from Pune, India. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.