In the race of buying cryptocurrencies, people forget about the safety and security of digital cryptocurrencies and in the unfortunate condition, they lose their coins, why because they are not using a hardware wallet, so here is all your best option Trezor vs Ledger.
Many people got confused with the differences and operational ways of both hardware wallets and how they are different from the software or web wallet.
After reading this guide till the end you will get all the information about security features, the number of coins supported, price and comparison with another wallet.
If you are unaware of the digital wallet then you can go through our detailed guide on the best cryptocurrencies wallet and security features.
Both Trezor and ledger coexisted as the best seller of hardware wallet since 2014 and start from that they have introduced multiple products.
Let learn first what is Trezor and Ledger hardware wallet and how it works? What makes them different than other web wallet.
What is Trezor vs Ledger Hardware Wallet?
The hardware wallet is like a USB device that holds the private key offline or away from the internet world.
It is a sort of pen drive kind of device which has a display screen and few buttons to check the availability of balance and perform any action if it requires.
If you have heard about the web wallet like Coinbase, Binance, etc which are all-time connected with the internet and cause always under the radar of hackers.
However, it is not the case with a hardware wallet where your funds will be stored into that pen drive or USB kind of device and no one can connect through that until you link it with the laptop.
Trezor and Ledger are the two most famous hardware wallet products providing services in the world and they have designed the product in such a way to hold the private key with the device only.
The private key is used for digitally verifying any amount of cryptocurrencies transactions you are going to perform on your hardware wallet.
It is like the key to coming in or out from the hardware wallet and completely isolated from the online internet which makes it more secure and safe for holding digital cryptocurrencies.
But do you know what happens while transactions happen on the hardware wallet? Here is how a hardware wallet works.
How does Hardware Wallet work?
Security of any digital cryptocurrencies is correlated with the private key which digitally signed every transaction.
If you have the private key of any wallet you can get access to his wallet and can spend the available balance in a single go.
It is the most possible case of hacking if you are using the web or online wallet where your private key is live on the internet and using some phishing techniques the hackers can steal your key.
Hardware wallet also uses some online cryptocurrency software to receive or send funds, which require connection of your hardware wallet with the PC or internet.
But here is one big change with the private key or signing of the transactions, where signing will be done at the hardware wallet only and the private key won’t be online on the internet.
This means while spending any cryptocurrency, the request will be initiated from the piece of software on the PC but the request verified or approved at the hardware wallet controller.
Which ensures no hacking or stealing of that private key and more security to the existing funds.
The funds in the hardware wallet will be stored in like a cold wallet where no internet access and it completely out from the hackers reach.
Cryptocurrency is a digital asset that is always under the cyberattack and we already witnessed a big hack in the past hence the best possible solution is using a hardware wallet.
I imagine you got an idea of how a hardware wallet works and what makes them different than the online wallet and what makes Trezor vs Ledger security feature advance.
Let’s learn and differentiate each one of them and get an idea of which one is best and why?
Trezor Vs Ledger Which one is Best?
Both are best on top of the industrial standards and till date got a wide review from the worldwide users and most recommended hardware wallets.
But having your digital asset with any 3rd party always needs a brief study about the features each individual offering and their brief history of success.
But here are few cons of having the hardware wallet.
- The hardware wallet is expensive and available to buy in the range of 50$-500$ based on the brand and features.
- The hardware wallet is a physical USB device that requires care like a physical thing.
- Hardware wallet supported with only limited cryptocurrencies.
- It will take time having a hardware wallet and set up however, the online wallet can be set instantly.
Above are the only four major cons that need to know before buying any hardware wallet and here in the crypto industry, the two most trusted hardware wallets are Trezor vs Ledger.
Hence we will lay down first with what are they and how they originated and later will differentiate each based on features and services they are offering.
What is the Trezor wallet?
Trezor wallet is owned by a SatoshiLab and was started back in the year 2014 to provide the best cold storage for your cryptocurrencies.
It currently supporting 670+ cryptocurrencies and available in more than 150+ countries.
The founder of the satoshi lab and Trazor wallet are Marek, Pavol, and Alena who is also the founder of slush pool very famous mining pool.
Where the idea came first from the mining of bitcoin, which was a bit difficult in earlier days and he decided to set up a mining pool with the cooperation of other miners.
Then later with the threat of hacking and experience hacking of digital cryptocurrencies, he decided to create a wallet where the private key will be safe and secure.
Then after evolution from its secure proved prototype in 2012, the first commercial version was unveiled in the year 2016 and was widely popular among the people, here is the story of success.
Trezor has introduced various models such as Trezor one and Trazor Model T, where Trezor One is introduced with 2FA security and password manager for best security standards.
However, Trezor Model T is been advanced and next-generation wallet originated with the modern need of the demand.
Trezor is well-reputed and a well-rated hardware wallet, to learn more on them make sure to visit their official website.
What is the Ledger Wallet?
Ledger was started back in the year 2014 by 8 expert people with a background in security, embedded security, and cryptocurrencies.
All of them were focused on providing a software solution on building a system that is more secure and the best solution for blockchain applications.
They have created a distinctive operating system called BOLOS which they integrate with ledger secure chip or a hardware security module to ensure high-level safety of the wallet.
From their official site, it claims that they have sold around more than 1.5 million ledger wallets already to 100 resellers globally and their clients are lived in 165 countries.
They have introduced two wallets one is light ledger Nano s and other is touch screen ledger blue and where both can support directly 22 and few other cryptocurrencies from the third party.
It also offers Bluetooth and mobile app services to control your wallet on a single tip and can be easy to recover in case of loss using a 24 digit seed keyword.
If you are really keen to secure your digital asset then I must say wallets like Ledger and Trezor must be in your possible choice.
To learn more about their products and services make sure to check their official site for reference.
Let learn the major differences between Trezor vs Ledger.
Number of Cryptocurrencies Accepted
There are more than 2000+ cryptocurrencies trading in the market where few are newly introduced and few are older than the hardware wallet introduced.
Hence it is not possible due to security reasons to link every crypto asset with every wallet hence they have added a few major cryptocurrencies which consider as good enough.
Trezor supported cryptocurrencies
Trezor supports more than 1000+ cryptocurrencies where few will be managed by own and rest by connecting with another 3rd party wallet.
Above are the few listed cryptocurrencies but there is a huge list and it is worth to check from their official coin support page.
ERC-20 tokens are not fully integrated with Trezor wallet but available in Trezor(Beta) wallet and still you can use the MyEtherwallet where your private key will be secure by Trezor.
Ledger supported cryptocurrencies.
Ledger manages 22 cryptocurrencies with their own ledger wallet and integrates with other 3rd party applications to manage more.
While referring to their official page they are supporting almost every major cryptocurrency which you are supposed to be the holder of including 1000+ other cryptocurrencies.
It is also compatible or supports the MyEtherwallet which also ensures you can hold all ERC-20 tokens without a doubt and can eliminate the user of MyEtherwallet.
Make sure to check from the official page on which cryptocurrency support in which model of ledger wallet.
While comparing both it seems like Ledger has more value addition with the number of cryptocurrencies listed and managed inhouse especially including ERC-20 tokens and Ripple in Trezor is only supported with its advance version Trezor Model T.
Cost of The Hardware Wallet
If you are willing to have a hardware cryptocurrency wallet then it is obvious that you have to lose the money but was not the case with online or web wallet which is free.
While referring to the price range of Ledger vs Trezor wallet it varies based on the product your purchase.
Ledger provides three types of the hardware wallet- from the official shopping page
Ledger Nano X – Approx 120 USD (Amazon)
Ledger Nano S – Approx 60 USD (Amazon)
Ledger Blue – Approx 300 USD (Amazon)
Trezor provides the most famous two range of hardware wallet- From Official Shopping page
TREZOR Model T – Approx 150 USD (Amazon)
TREZOR One – Approx 70 USD (Amazon)
Prices are subject to change and you can compare their prices from their official shopping page and Amazon on the day you are willing to purchase.
In terms of cost, seems like Ledger Nano S is good enough for the beginner and is a bit cheaper on Amazon however on their shopping site is around 6$ expensive.
Display and Size of the Wallet
Both are easy to use and providing a display screen to validate what you are sending and how much amount you are sending.
The display in Trezor is broader as compared to Ledger which makes it easy to operate or verify the transactions.
So the choice is yours which one you love the best for display purpose but you can view all your balances in the computer software as well and the screen is just to validate or verify purpose.
Considering the size dimension
- Trezor One wallet is 60*30*6mm
- Trezor Model T wallet is 64*39*10 mm
- Ledger Nano S wallet is 57*17.4*9 mm
- Ledger Nano X wallet is 72*18.6*11.75 mm
From the above screen, you can see the shape of Ledger is close to Pendrive only and Trezor is bit wider and both can be connected with PC or crypto software using USB Cable.
Security and Setup Features
Well, both Trezor and Ledger work on the same way to set up as both are compatible with Mac, Windows, and Unix OS.
You can connect both with PC/Mobile software using USB Cable but here are some changes with the model you buy for each device.
Such as Ledger Nano S only supported for PC with USB cable only, however, Ledger Nano X is supported for both PC and Mobile using both USB cable and Bluetooth feature.
However, Trezor both model supported with PC and Mobile with only USB or WebUSB cables which do not provide the facility to connect with Bluetooth.
While setting up both the security feature will be common as both will ask you to deal with two things.
This PIN will be asked by a user to provide while the first time setting up your device which will act as your security code to log in the device.
In case your device got stolen then the person who finds it needs security PIN to log in and if he tried three times failed attempt all data stored in the wallet get deleted.
12-24 words Seed Keyword
It is like a recovery passcode generated by the device itself which ensures the recovery of your digital asset or account in case stolen or forgot the password.
It is a type of security question that will be asked during your first-time account creation with any social media account.
Whenever you want recovery of account or willing to access or reset the existing password, a seed keyword which is a collection of 12-24 words will be asked.
After providing that keyword you can recover your account or can reset the new password, which means anyhow your funds will be safe and secure even your hardware wallet stolen.
But make sure your private key and seed keyword should not be stolen at any condition.
While comparing the security feature it looks both are at the same level but in terms of access, Ledger is providing not only USB but the Bluetooth which makes it better as compared to Trezor.
Desktop or Mobile App Access
Ledger Nano S provides both mobiles as well as PC software to access your wallet online anywhere you want which they call Ledger Live.
The setup process is as simple as other software and it supported for Mac OS, Windows, Linux, iOS, and Android.
On desktop Ledger Blue, Ledger Nano and Ledger Nano X fully compatible with ledger Live however in mobile App only Ledger Nano X is fully compatible.
Ledger Nano s for mobile use import the detail from the desktop application and check your available balance and send and receive feature is only available for Android7+ or iOS 9+ smartphone
While considering the Trezor it also has mobile access which offers you to manage your wallet even without accessing the PC.
But it supports only Android devices with the support of USB cable, which needs an OTG cable to connect Trezor to your phone or tablet.
To manage your password you can download the mobile app called Trezor manage App from Google play but to process the transaction using mobile you have to connect to WebUSB.
Where need to connect Trezor to mobile, open the Google Chrome and browse wallet.trezor.io now it will work the same as using the wallet on the desktop.
Which makes Ledger as the clear winner over Trezor as it is very easy to use and you would be able to access wallet from mobile and desktop and can do the hassle-free transaction.
My View on Trezor vs Ledger
If you are a crypto investor and really care about the privacy or security of your cryptocurrencies then this is highly recommended to have one hardware wallet.
We have learned a lot about the hardware wallet and Ledger vs Trezor and which one is offering what kind of services.
While considering the price and supported features and availability to access on mobile or PC using USB or Bluetooth. It seems like Ledger is the winner of the race.
Well, this is just analysis and technology keeps changing day by day it may be the case currently while writing what ledger offering may be in future more or the same case can be with Trezor.
But make sure to check all the above parameters while purchasing any of this in the future. Let us know if you bought any or planning to buy any in the future.