As a way of enhancing additional security of cryptocurrencies, hardware wallets emerged. As the cryptocurrency sector expands, the demand for hardware wallets is also on the rise. When you opt for hardware wallets, you are adding an extra layer of security since hackers can compromise desktop and mobile wallets. Additionally, hardware wallet shields you from scams that might attempt to steal your private keys. Note that hardware wallets stores your private keys on the device. All hardware wallets usually come with a list of seed words that help you restore your assets in case of loss or damage. For safety purposes, the seed words should be kept somewhere safe to avoid unauthorized access.
Over the years, Ledger and Trezor have emerged as the biggest producers of hardware wallets. Based on the security features, Ledger and Trezor have an excellent reputation in the market. It is worth pointing out that these two wallets do not necessarily store cryptocurrencies. Instead, they follow coin information on the blockchain while the wallet serves as the protection for all the private information. In this article, we look at how Ledger and Nano fare against each other.
What is Ledger?
Ledger is a cryptocurrency hardware wallet with roots in France. The wallet is in the shape of a USB and it was created by a team of experts with a background in embedded security. The developer’s main goal was to develop secure solutions for blockchain products. The Ledger wallet was released in 2014 and has undergone modification ever since. To date, more that one million units have been sold worldwide.
What is Trezor?
Trezor also released its first product in 2014. At that moment, it was the first Bitcoin hardware wallet. The Trezor wallet is a product created by a Czech-Republic-based company SatoshiLabs. Since joining the market, Trezor has also built a reputation for itself with unique security features in place. Notably, the original Trezor wallet has undergone improvements to meet market demands.
Ledger Vs. Trezor
We now look at how Ledger and Trezor fair against each other based on features. At the moment, Trezor has the Trezor one, the Trezor Model T while the for Ledger, we have the Ledger Nano S and the Ledger Nano X.
This is the most vital feature to look at when comparing these two hardware wallets. The Ledger supports Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Tokens, Ethereum Classic, Litecoin, Dogecoin, Zcash, Ripple, Dash. Stratis, Komodo, Ark, Expanse, Ubiq, Vertcoin, Viacoin, Neo, Stealthcoin, Stellar, Hcash, Digibyte, Qtum, PivX, and PosW.
On the other hand, Trezor supports Bitcoin, Litecoin, DASH, Zcash, Bitcoin Cash / Bcash, Bitcoin Gold, Ethereum, Ethereum Classic, ERC-20 Tokens, Expanse, UBIQ, NEM, Namecoin, and Dogecoin. It worth noting that that Trezor does not offer full software support for all these cryptocurrencies. For instance, you have to use MyEtherWallet or a similar application to store Ethereum in and ERC-20 tokens in Trezor.
Upon purchasing your Ledger wallet, the box will include a USB Cable for connecting to your computer, a Key Chain and a Lanyard. Other features include Ledger, USB Cable, Key Chain, Lanyard, Instruction Card, and recovery card. The Trezor will be in a small square box protected with a safety seal. The seal means that the device has not been tampered with. Inside the box, you will find a USB cable, Trezor, Strap, USB Cable, Instruction Card, and x2 Recovery Seed Cards.
The Trezor and Ledger wallet works on Windows, Linux, and MacOS. They both need to be connected to a computer via a USB cable. Both wallets have the same setup procedures. For the two wallets, the setup process entails two main steps, setting a PIN code and writing down a backup recovery seed. The PIN protection is essential as it avoids unauthorized access, in the event the wallet is lost. For both wallets, if someone makes more than three incorrect PIN entry attempts, the device deletes all the data stored on it. Note that seed recovery phrase does not display on the screen, meaning that nobody can view it. Both wallets have two buttons that control most activities. For example, the buttons are used for navigating the menus.
Both Trezor and Ledger have scored almost the same on security features. The outstanding feature is that the two wallets generate private keys offline on their screens. This means that hackers can never access the keys. Another security feature with the two is that both offer a recovery seed and ask you to set up a PIN to access the wallet interface. The recovery seed is vital when you want access to your coins while the PIN bars anyone else from accessing your wallet.
We also the Passphrase feature for both wallets. This is an additional layer of security that entails 25 words of your recovery seed. With both wallets, you have an option of setting up the passphrase. After you set up the PIN always remember that in the event you forget or lose your passphrase, you cannot get your coins back.
Both wallets have also enhanced physical security features. The Ledger stores your private keys on secure chips, just like the ones found on a SIM card. These chips offer the highest level of certification. On the other hand, we don’t have more information about Trezor’s use of chips. According to Trezor, when you limit the number of methods to communicate, the security of your device is enhanced.
How to Use the Wallets
As seen earlier, the Ledger works well with MacOS, Linux, Windows, and even Chrome OS. However, to operate the wallet, you will need a Chrome extension. Additionally, you can access the interface through an Android device if you are using the Ledger Nano X. The connection is made through Bluetooth. The interface is very easy to navigate since all the information is clearly labeled out. All the cryptocurrencies are in one place and accessible from one screen. The interface is very user-friendly.
For Trezor, it is compatible with desktops and hand-held devices. It supports MacOS, Windows, and Linux, and all Android devices. We also have Google Chrome extensions support for Trezor. On the user interface, it is clean and friendly to all levels of users.
The Ledger wallet is made up of stainless steel, giving it a stylish look. The use of steel ensures the wallet is durable. On the other hand, Trezor is plastic. This does not mean that Trezor is weak. Both wallets are strong but Ledger has an edge over Trezor due to the use of steel. Both devices have two buttons for managing their software. For Trezor, we have some right amount of space among the button, making it easier to use. For Ledger, the two buttons are very close to one another, something that increases the risk of pressing both at once.
In terms of size, Trezor is larger than the Ledger Nano S. The Trezor wallet dimensions are 59 mm x 30 mm x 6 mm while Ledger wallet dimensions are 98 mm x 18 mm x 9 mm. Based on the small size, you can easily carry around the Ledger wallet. Furthermore, both wallets have screens. The Trezor has a color screen while the Ledger has an OLED display. The screen allows you to back up the recovery phrase without exposing it on a computer. It also allows you to review the addresses and amounts before confirming an outgoing transaction.
Before you can put any hardware wallet in use, you will have compatible software. The software is useful in commanding and interacting with the wallet. For Ledger, it is compatible with Electrum, Mycelium, Copay, GreenBits, and GreenAddress. On the other Trezor is compatible with Electrum, Mycelium, Copay, GreenBits, and GreenAddress, myTREZOR, and MultiBit HD.
Ledger and Trezor wallets come at different prices. You can purchase the wallet on the official websites or platforms like Amazon and eBay. The Ledger Nano S Wallet costs $116.68 on the official websites while on Amazon you can buy it at $99.However, we do not recommend buying any hardware wallet from Amazon because of the safety risks. For Trezor, on the official website, it is retailing at $109 while on Amazon it goes for $104.29. The difference in price is not very much. The Ledger Nano S is cheaper on Amazon.com, by around $5. Therefore, when buying a hardware wallet, look at factors like coin support, security, and usability.
Ledger Nano S at a Glance
- Simplicity: two button management
- Lightweight and USB design
- 700 cryptos supported
- Security: a smart card chip
- Powered by Ledger’s operating system BOLOS
- Ledger live app for Mac or PC
- Backup and easily restore by a passphrase
Trezor at a Glance
- Trezor Strong GPG encryption
- Color touch screen (Model T only)
- 2F Authentication
- 700 cryptos supported
- Coinmama and Changelly exchanges built in
- Easy backup and password manager
- Good customer support
- Modern design
There you have it. These are the difference between the Ledger and Trezor hardware wallets. One thing to note is that both wallets have a focus on security. This aspect makes hardware wallets more secure compared to the web, paper, and mobile wallets. Both wallets also support a wide range of coins. All you have to do is to ensure that your preferred currency is supported. In terms of cost, there are is no much difference. A difference of $5 is not very significant. Therefore making the right pick solely depends on you. As the cryptocurrency market realizes the benefits of hardware wallets, we expect to see many other hardware wallets coming up. This will increase competition and in return lowering the price. Additionally, we should expect improvements in terms of the upcoming versions.
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