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A COMPREHENSIVE GUIDE TO TREZOR VS. LEDGER: 2022’S BEST HARDWARE WALLETS

Published
May 23, 2022
Written By

ZenLedger

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TOPICS
‍

 1. What Is A Crypto Wallet?
 2. Software Wallet Vs. Hardware Wallet
 3. 1. Trezor
 4. 2. Ledger
 5. Unique Features of Ledger Nano X
 6. Unique Features of Trezor Model T
 7. Trezor Vs. Ledger: Comparison
 8. Final Verdict: Trezor Vs Ledger - Best Hardware Wallets

Have you just started buying cryptocurrencies? Has managing your crypto coins
been difficult? Are you confused about the difference between software wallets
and hardware wallets? If you answered yes, then this guide is for you!


In this guide, we’ll take a deep dive into the two most secure wallets, Trezor
vs. Ledger, and help you decide which is a better choice for you.



WHAT IS A CRYPTO WALLET?


Similar to a physical wallet, a cryptocurrency wallet lets you store your
cryptocurrency, such as Bitcoin, Ethereum, etc. Since cryptocurrency is a
virtual currency, the wallet is used to store your private key or backup seed
which is used to carry out crypto transactions.


Having said that, it is important to note that there are two types of crypto
wallets:


 1. Software wallets, such as Coinbase, Gemini, BlockFi, and others.
 2. Hardware wallets, namely Trezor, Ledger, Mycelium, and many more.


SOFTWARE WALLET VS. HARDWARE WALLET

A software wallet is like a mobile or computer application that lets you perform
all the functions mentioned above. But, even though the hardware wallet performs
the same function, it is a physical device and not an application.


Hardware wallets are not connected to the internet and are thus considered a
safer option. Because of this, they are also known as cold storage or cold
wallets. There are numerous hardware wallets available in the market and they
are all loaded with features.


Let’s study Trezor vs. Ledger, 2022’s most popular hardware wallets, and see how
they are different from each other.



1. TREZOR

Trezor is a hardware wallet that was released in the year 2013. It is a part of
SatoshiLabs and is headquartered in Prague, Czech Republic.



PROS OF TREZOR


 * Touchscreen colored display
 * High-level security
 * Wide variety of supported cryptocurrencies
 * Open-source platform
 * Regular firmware updates
   


CONS OF TREZOR


 * Lacks mobile app
 * Not compatible with Bluetooth
 * Plastic case
 * A bit on the pricier side
   


2. LEDGER

Founded in 2014 and headquartered in Paris, Ledger is a fast-growing hardware
wallet. It is best known for its advanced security and blockchain apps. 


BOLOS, Ledger’s native technology has been integrated into its lines of wallets
to ensure security.



PROS OF LEDGER


 * Set-up easily
 * User-friendly interface
 * Support of 1500+ digital assets
 * Portable
 * Supports Bluetooth connectivity
 * Excellent battery life
   


CONS OF LEDGER


 * Not touchscreen
 * Not open-source platform (closed-source)
 * Expensive


UNIQUE FEATURES OF LEDGER NANO X

The unique feature of Ledger Nano X is its Secure Element, a type of chip
generally used in passports and payment systems. As per Ledger, it ingrains
essential countermeasures against attacks and makes it “tamper-proof and
resistant to hacks.”

Secure Element safeguards the wallet from power usage spying and electromagnetic
radiation. This feature also protects the wallet from ‘fault attack,’ a ploy
attack that upsets a circuit while it is running. Ledger Nano X’s simple system
with a few interfaces reduces the possibility of software attacks as well. 

This device offers Bluetooth connectivity, giving it the capability to connect
with iOS and Android without cables. Adding Bluetooth connectivity raises some
security concerns and Ledger addresses them as well. For one, Bluetooth is used
to transport public data only. Critical data such as seed and private keys never
leave the device. For two, in case the device is hacked via Bluetooth, the
Secure Element asks for the owner's consent for any action. To make the security
even sturdier, your Bluetooth connection can be disabled for the users who don’t
want to use it. 


UNIQUE FEATURES OF TREZOR MODEL T

The Trezor Model T goes old school with its unique security feature but it works
like a charm. The device has a microSD card slot, which enables the user to have
additional encrypted storage in the future. Right now, the card can be used to
encode the PIN and further safeguard the physical device against serious
attacks. 

The microSD card can be used to unlock the device and you can bind them together
and ensure that the wallet can’t be unlocked with the card. You can disable the
function intentionally or factory reset the device. 

If you are concerned about physical theft of the device, you can take out the SC
card and store it in a different location when the wallet is not in use. In this
case, if the wallet is stolen, it would be worthless. 

Additionally, the Model T offers the password manager option. To unlock the
password manager, you need to click on the wallet. Each password is encoded with
a separate unique key.


TREZOR VS. LEDGER: COMPARISON

Now that we have a brief idea about the pros and cons of both hardware wallets,
let’s take a closer look at their features, in terms of their hardware,
supported currencies, price, accessibility, and security.



TREZOR VS. LEDGER: USER INTERFACE

The more complicated a device is, the higher its chances of getting attacked.
Trezor and Ledger both have minimal and simple designs and are very easy to set
up since they both have strict account protocols. These include verification of
account as well as passphrase configuration.



TREZOR VS. LEDGER: HARDWARE

The Trezor wallet comprises an ARM Cortex-M3 processor. The screen resolutions
vary depending on the model, such as:

Model Screen Type Resolution Trezor Model T LCD touchscreen 240*240 pixels
Trezor One OLED screen 128*64 pixels

The Ledger wallet, on the other hand, functions on its own operating system
called BOLOS (Blockchain Open Ledger Operating System) and as a dedicated chip
called Secure Elements. This latter is responsible for carrying out all the
programs of the BOLOS ecosystem.



TREZOR VS. LEDGER: SUPPORTED CURRENCIES

Ledger allows about 1800+ cryptocurrencies, whereas Trezor supports only 1649+
cryptocurrencies. Both hardware wallets support famous altcoins like:


 * Bitcoin (BTC)
 * Ethereum (ETH)
 * Polkadot (DOT)
 * Stellar (XLM)
   

Ledger Nano S and Nano X support the same crypto. The Trezor Model T on the
other hand supports more crypto than Trezor One. To name a few:


 * Binance Chain (BNB)
 * Cardano (ADA)
 * Eos (EOS)
 * Monero (XMR)
 * Ripple (XRP)
 * Tezos (XTZ)
   

But there are some coins that are not supported by either of the Trezor devices
but are supported by both the Ledger wallets, such as:


 * Avalanche (AVAX)
 * Celo (CELO)
 * Graph Token (GRT)
 * Uniswap (UNI)
 * Ocean Token (OCEAN)
 * Yearn.Finance (YFT)
 * Reef Finance (REEF)
   

Both these hardware wallets have built-in crypto exchanges that help users buy,
sell, and trade.



TREZOR VS. LEDGER: SECURITY

These are the eading among all hardware wallets in terms of security because
both wallets provide their users with a private key that is built into the
device.


The difference between Trezor and Ledger is that the former uses a single chip
base, while the latter is built on a double chip base, called Secure Element
(SE). As mentioned earlier, this SE provides an extra layer of security against
hardware attacks.



TREZOR VS. LEDGER: PRICE

Trezor One and Trezor Model T are the two Trezor devices and Ledger Nano S and
Ledger Nano X are the two Ledger devices. The cost of the Trezor One and Ledger
Nano S is about the same, $60 for the former and $59 for the latter.


Apart from the price, all the features are mostly the same, such as both have
physical buttons and OLED screens. But users who have invested in Cardano (ADA),
Monero (XMR), and Ripple (XRP) will choose Ledger Nano S as these coins are not
supported by Trezor One.


Coming to the premium devices, the Ledger Nano X is a more inexpensive option at
$119 compared to the Trezor Model T which is priced at $190. This price
difference is because the Trezor Model T offers a colored touchscreen display,
whereas the Nano S is only a little larger in size than the Nano S device.

Company Model Price (USD) Trezor Trezor One $60 Trezor Model T $190 Ledger
Ledger Nano S $59 Ledger Nano X $119


TREZOR VS. LEDGER: OPEN-SOURCE

An open-source platform offers multiple ways to solve a bug or an issue, but
also has added security risks. The Trezor wallet uses open-source software and
firmware, but Ledger has its own operating system, BOLOS. This simply means that
the codes that go into the Trezor device are open to all, but it is not the case
for Ledger. Ledger has its device specifications and details completely open to
all.


TREZOR VS. LEDGER: PASSWORD

Both the wallets come with a password function. Not just that, we can set
multiple passphrases that unlock a unique set of accounts. 

The password function is really useful as the wallets can have one main account
and more than two hidden accounts, with the same 24-word recovery seed. So, even
if we have the recovery seed, we cannot access the corresponding wallets without
the password. Moreover, if you are forced to give your password to someone, you
can always give the one with fewer assets. 

For the Trezor wallet, you have to connect the device to a laptop to enter the
password, which makes it vulnerable to attacks. 

However, in the Ledger Wallets case, the password is connected to another PIN,
which can be entered using the normal keys. 

As mentioned earlier, Trezor wallets have a password manager that can be
accessed on the Chrome browser on Windows, Linux, and macOS laptops. To use it,
you have to install the Chrome extension, Trezor Password Manager (TPM), and
sign in with either your Dropbox or Google Drive.



TREZOR VS. LEDGER: MOBILE APPLICATION

The Ledger Live application is a must-have for users with Ledger wallet. It can
be downloaded on your desktop and your mobile. The Ledger Live application
serves the following functions:


 * Initial wallet setup
 * Manage crypto accounts
 * Check your crypto balance
 * Make crypto transactions (send and receive)
   

Trezor doesn’t have a mobile app yet, but it’s planning to roll one out later in
2021. As of now, users can leverage their Chrome extension or Trezor Bridge that
is compatible with their operating system. They also have a desktop application
called Trezor Suite, which provides information on portfolio management and
compatible exchanges.


As far as third-party wallet applications are concerned, Trezor offers 15 while
Ledger offers 24 of them. 



TREZOR VS. LEDGER: SUPPORTED OS

Both Trezor and Ledger are compatible with desktops and mobile devices. Here are
the supported operating systems in each:

Wallet Desktop OS Mobile OS Trezor Windows 10 macOS 10.11 and higher Linux
Android OS Ledger Windows 8+ macOS 10.10+ Linux excluding ARM Processors Android
7+


FINAL VERDICT: TREZOR VS LEDGER - BEST HARDWARE WALLETS

Trezor and Ledger both support a wide variety of supported cryptocurrencies, but
they differ in their display properties, security measures, and price.


If you’re new to the crypto space, the Trezor One will be best suited for you,
but if you’re looking for a wider variety of crypto, Ledger Nano S is your best
bet. If security is your major concern, you can opt for the Trezor Model T, but
if Bluetooth connectivity is your priority, you can go for Ledger Nano X.


To conclude, keep your primary priorities and concerns in mind while choosing
the hardware wallet for you.


TREZOR VS LEDGER FAQS


1. WHAT ARE LEDGER AND TREZOR?

Founded in 2014 and headquartered in Paris, Ledger is a fast-growing hardware
wallet. It is best known for its advanced security and blockchain apps.
Trezor, on the other hand, is a hardware wallet that was released in the year
2013. It is a part of SatoshiLabs and is headquartered in Prague, Czech
Republic.


2. WHICH IS A SAFER WALLET BETWEEN LEDGER AND TREZOR?

Both Trezor and Ledger are the leading among all hardware wallets in terms of
security because both wallets provide their users with a private key that is
built into the device.
The difference between Trezor as well as Ledger is that the former uses a single
chip base, while the latter is built on a double chip base, called Secure
Element (SE). As mentioned earlier, this SE provides an extra layer of security
against hardware attacks.


3. AMONG TREZOR AND LEDGER WHICH IS BEST SUITED FOR NEW CRYPTO USERS?

If you’re new to the crypto space, the Trezor One will be best suited for you as
it offers a seamless user experience along with the essential functionality at a
decent price point. The wide range of educational content offered by Trezor is
an added bonus for beginners.


4. WHICH CRYPTO DOES TREZOR SUPPORT?

Trezor supports about 1649+ cryptocurrencies including Bitcoin (BTC), Ethereum
(ETH), Polkadot (DOT), and Stellar (XLM).
The Trezor Model T supports more crypto than Trezor One, such as, Binance Chain
(BNB) Cardano (ADA) Eos (EOS) Monero (XMR) Ripple (XRP) Tezos (XTZ)


ZenLedger easily calculates your crypto taxes and also finds opportunities for
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