Security is a primary fear for investors as the Bitcoin sector develops and grows. Phishing emails, social media giveaways, and free airdrops are all related to these scams.
Thankfully, there’s a solution: hardware wallets. These devices provide an added layer of security that traditional software wallets cannot match.
So, which cold wallet should you choose? In this in-depth review, we’ll compare and contrast Ledger Nano X vs Trezor Model T, analyzing their features and capabilities in detail.
- A hardware wallet is a tamper-proof device that stores your private keys offline and provides cold storage for your digital assets.
- Ledger and Trezor are reputable hardware wallet manufacturers to safeguard your assets through a secure element chip.
- The Ledger Nano X supports more cryptocurrencies and has Bluetooth connectivity, while the Trezor Model T has a larger touchscreen display.
Ledger Nano X vs Trezor Model T: Key Differences
|Ledger Nano X||Trezor Model T|
|Security Features||Secure Element chip and a PIN code||Secure Element chip, PIN code, and Shamir backup|
|Connectivity||Bluetooth and USB connectivity||USB connectivity only|
|Display||Larger color screen||Touch screen LCD display|
|Battery Life||built-in battery with 5 years life||No Battery, works only when plugged-in|
|Seed Backup||12, 18, and 24 words||12-24 words|
|Customer Support||Email and a help center||Email and a knowledge base|
|Availability||Widely available through official and third-party retailers||Worldwide|
Ledger Nano X Review
The Ledger Nano X is a self-custodial, small, portable device that resembles a USB flash drive. Size is approximately 72mm x 18.6mm x 11.75mm, and weighs only 34 grams, making it easy to carry around in a pocket or purse.
The device has a small, clear OLED screen that displays essential information, such as the current balance of your cryptocurrency assets and transaction confirmations. It also has two buttons on the side that can be used to navigate the device’s menus and confirm transactions.
It has a modern design with a brushed stainless steel cover. That gives it a premium feel. It has a USB-C cable connecting to a computer or mobile phone and Bluetooth connectivity for wireless access.
Key Features of Ledger Nano X
- Large storage capacity: The device can store up to 100 different applications so that you can manage multiple cryptocurrencies in one wallet.
- Enhanced security: It uses a secure element chip to protect your private keys and prevent unauthorized access.
- Backup and recovery options: Using a seed phrase, you can back up your wallet and recover your funds. You can always access your cryptocurrencies even if you lose or damage your device.
- Multi-currency support: The device supports over 5,500 cryptocurrencies, allowing you to manage various digital assets.
- Durability: Ledger devices are made with high-quality materials and are designed to be durable and resistant to damage.
Pros and Cons of Ledger Nano X
|Wireless connectivity||High price point|
|Large storage capacity||Limited screen visibility in bright sunlight|
|Integrates with multiple hot wallets||Not 100% open-source firmware|
|Secure and tamper-proof|
|Allows for backup and recovery|
Trezor Model T Review
Trezor Model T is the successor to the original Trezor One and offers several improvements and new features.
It has a rectangular shape with rounded corners and a size of 64mm x 39mm x 10mm. The front of the device features a full-color LCD touchscreen display, which is used to navigate the device’s menus and input data.
It also has a black plastic casing and a metal plate on the back. The USB-C port is located on the bottom of the device and is used to connect it to a Trezor suite app.
Trezor Model T also has a microSD card slot, which can store encrypted backups of your private keys.
Key Features of Trezor Model T
- Supports multi-signature transactions for high security
- Encrypted Shamir backup and recovery options
- Supports over 1,456 cryptocurrencies including all ERC-20 Tokens
- Integration with popular software wallets like Electrum, Metamask, etc.
- Open-source software for transparency and security audits
Pros and Cons of Trezor Model T
|Large Touch Screen||No Bluetooth connectivity|
|User-Friendly Interface||Expensive compared to some competitors|
|Open-source software||No waterproof or dustproof rating|
|Supports a wide range of cryptocurrencies|
|Can be used as a U2F token for 2FA|
Unique Features of Ledger Nano X and Trezor Model T
First, let’s talk about Ledger Nano X. This device comes equipped with a Secure Element, a chip commonly used in payment systems and passports that provides an extra layer of security against known attacks.
It guarantees the device is tamper-proof and secure from hacks, electromagnetic radiation, power usage spying, and fault attacks.
Apart from the Secure Element, the Ledger Nano X also boasts Bluetooth connectivity, allowing it to be used wirelessly with Android or iOS devices. Only public data is transmitted via Bluetooth, while private data, such as private and seed keys remain on the physical device.
In the event of a compromised Bluetooth connection, the Secure Element prompts the user for consent before taking any action. However, users can disable Bluetooth if they choose not to use it.
Moving on to the Trezor Model T, this device also offers unique features that make it a popular choice among cryptocurrency enthusiasts. It has a microSD card slot that can be utilized for onboard encrypted storage in the future.
It encrypts the PIN and further safeguards the device against malicious attacks. The microSD card can be bound to the device, making it impossible to unlock without microSD. Unless the user intentionally disables the feature or resets the device to factory settings.
Users can also store the microSD card in a different location than the Trezor device to protect against physical attacks. The microSD card’s secret is an entirely random value that does not expose any information about the seed or passphrase of the device.
Trezor Model T also features a unique password manager. Unlike other password managers that require a master password to handle passwords for different websites, the Model T necessitates a click on the physical device to unlock the manager.
Moreover, each password is encrypted separately with a unique key. The signature is derived from a unique private key on the device, ensuring that Trezor cannot access the data stored within the password manager.
Related Comparision: Ledger Stax vs Ledger Nano X (2023): Which Wallet Is The Best?
Ledger Nano X vs Trezor Model T: Which is better?
Regarding security, the Ledger Nano X and Trezor Model T are highly regarded as some of the most secure hardware wallets on the market.
The Ledger Nano X uses the ST33J2M0 chip, which is certified to Common Criteria EAL5+ security standards. This chip provides robust security against physical and software attacks.
Trezor Model T uses the ST31H320 chip, which is certified to Common Criteria EAL6 security standards. It is also licensed by RoHS (Restriction of Hazardous Substances). In addition, this model is designed to withstand exposure to X-ray machines and can be taken on airplanes without any issues.
One notable difference between the two devices is their firmware. The Ledger Nano X features an operating system called BOLOS (Blockchain Open Ledger Operating System), which runs on a secure element chip. BOLOS provides robust security features and ensures that the device can only be updated with signed firmware.
The Trezor Model T has open-source firmware that various third-party security experts have audited. Both devices offer a passphrase feature to tackle physical tempering.
The Model T also features a Shamir Backup. It allows users to split their recovery seed into multiple parts while providing extra protection against theft or loss. Users can store different parts of the seed in different locations.
Ledger Hack 2020: Ledger experienced a data breach that resulted in the theft of customer data, including email addresses, phone numbers, and first and last names. The breach affected around 272,000 users. At the same time, the private keys of customers were not compromised.
But still, it posed a significant risk to security as attackers could use the stolen information to carry out phishing attacks and social engineering scams.
2. Hardware Specifications
Ledger Nano X is slightly larger and heavier, with dimensions of 72mm x 18.6mm x 11.75mm and a weight of 34g. It is made of brushed stainless steel and plastic and has a lithium-ion 100mAh battery.
The Trezor Model T is smaller and lighter, with dimensions of 64x39x10 mm and a weight of 22g. It has a 1.54″ color LCD touchscreen with 240×240 pixels.
Both devices have a USB cable to connect to a computer or mobile device. However, the Nano X uses a USB Type-C connector, while the Model T uses a USB-A to USB-C cable.
The Trezor Model T has an embedded ARM processor running Trezor Core and can be used in operating temperatures ranging from -20°C to +60°C.
3. Supported Coins and NFTs
The Trezor Model T offers over 1,456 digital assets, including many of the same coins as the Ledger Nano X.
The Ledger Live software directly supports Ethereum and Polygon-based NFTs. However, you must link to a third-party app within the Ledger Live app to access NFTs on other blockchain networks.
Again, the Model T doesn’t have native support for NFTs, so users will need to download and install a third-party app to use their NFTs. For instance, you can store your NFTs on a Metamask wallet and your private keys on Trezor.
4. Hardware Cost
The Ledger Nano X typically costs around $149, while the Trezor Model T sells for about $219. Therefore, we can see that Trezor Model T is more expensive than the Ledger Nano X.
Please note that the prices and discounts may vary depending on your region and the currency you are using.
5. Staking and DApp Integration
Regarding staking, both offer support for popular proof-of-stake (PoS) cryptocurrencies. Ledger Live allows staking for a broader range of cryptocurrencies, including Ethereum liquid staking with Lido finance (through Metamask), Polkadot, Cosmos, Neo, and many more.
Trezor Model T staking capabilities are more limited. Users will need to use third-party wallets like Metamask or Atomic Wallet to stake their coins.
For DApp, both support Ethereum and ERC-20 tokens. Ledger has recently added support for Polkadot and Kusama.
Ledger X and Trezor T are integrated with popular software wallets like MyEtherWallet, Trust Wallet, Metamask, and Exodus. However, Ledger has a more extensive list of compatible wallets, making it a more versatile option.
Ledger Nano X vs Trezor Model T: User Experience and Setup
When comparing ease of use and convenience, the clear standout is the Nano X wallet.
The Nano X offers a seamless and user-friendly experience, making it the most hassle-free. Its setup process is uncomplicated, and the wallet can be easily connected to mobile devices through Bluetooth.
Moreover, the Nano X wallet boasts a larger screen with buttons and a more friendly interface, providing users a comfortable and straightforward way to manage their cryptocurrency portfolio. Its compatibility with a broad range of cryptocurrencies also adds to its appeal.
How to Use Ledger and Trezor Wallets?
- Connect the device to a computer or mobile device using the provided cable
- Set a PIN code to secure the device
- Write down and securely store the recovery seed
- Install the corresponding desktop or mobile app (Ledger Live and Trezor Suite App)
- Follow the on-screen instructions to create a new wallet or import an existing one
- Once the wallet is set up, you can transfer your cryptocurrency assets and start managing them using the app.
Ledger Live vs Trezor Suite: Mobile App Comparison
Both apps are available on iOS and Android devices. Ledger Live is also available on Windows, Mac, and Linux operating systems, while Trezor Suite is only available on desktop devices.
Ledger Live and Trezor Suite allow users to track the value of their cryptocurrency portfolio in real-time and view historical trends and price charts.
While both apps support their respective hardware wallets (Ledger and Trezor), Ledger Live can also be used with the Ledger Nano X, Ledger Stax, and Ledger Nano S plus models, as well as with Ledger Backup Pack. Trezor Suite can only be used with other Trezor devices, such as the Trezor One and Trezor T.
Ledger Live can interact directly with decentralized finance (DeFi) platforms from the app. Users can connect their Ledger device to the app and easily access DeFi services such as lending, borrowing, and swapping without leaving the app.
Trezor Suite offers a unique feature called “coin control,” which allows users to manually select which inputs and outputs they want to use when making a transaction. This feature gives users more control over their transaction fees. It can be beneficial when dealing with small amounts of cryptocurrency.
Both apps are available in multiple languages, an essential factor for non-English speakers who prefer using a mobile app in their native language.
Final Thoughts: Which Should You Choose?
Choosing between the Ledger Nano X and Trezor Model T depends on personal preference and individual needs. Both devices provide a high level of security for storing cryptocurrencies. However, they differ in design, storage capacity, connectivity options, and price.
The Ledger Nano X has a higher storage capacity, with the ability to store up to 100 applications simultaneously. It also has Bluetooth connectivity, allowing for wireless transactions on mobile devices. And it is less expensive than the Model T.
The Trezor Model T is more expensive and has a touchscreen interface. But, it can only store less number of applications at a time and lacks Bluetooth connectivity.
Both devices have advantages and disadvantages, and users should carefully consider their needs before deciding.
Related Article: 10 Best DeFi Wallets for Decentralized Finance You Should Know
Is Ledger Nano X better than Trezor Model T?
The Ledger Nano X offers more storage capacity, supports more cryptocurrencies, and has a built-in Bluetooth connection for convenient mobile use. However, the Model T has a larger screen, making it easier to use and read information on the device.
Why is Trezor better than Ledger?
While the Ledger Nano X is generally considered more advanced than the Trezor, there are still some reasons why one might prefer the Trezor over the Ledger.
One benefit of Trezor is its user-friendly interface with a touchscreen display, which many people find easier to navigate than the Ledger’s interface. Additionally, Model T’s open-source firmware makes it more trustable than Nano X. It means code is publicly available and can be audited by anyone. This can provide greater transparency and security for users.
Another benefit of Trezor is its support for Shamir Backup. It is a method of splitting a backup seed phrase into multiple parts, called shares, which can be distributed among trusted individuals. This provides an extra layer of security in case one or more backup details are lost or stolen.
How many Wallets can Ledger Nano X and Trezor Model T Hold?
In general, both Ledger and Trezor devices support multiple accounts and can hold an unlimited number of wallets for each supported coin. But, the Trezor suite app can hold only 10 accounts per crypto currency.
For example, a single Ledger or Trezor device can hold multiple wallets for Bitcoin, Ethereum, and many other popular cryptocurrencies.
Also, The exact number depends on several factors, including the wallets’ size and the device’s available storage capacity.
Does Ledger Nano X and Trezor Model T support HD addresses?
Yes, both Ledger and Trezor support Hierarchical Deterministic (HD) addresses. HD wallets allow users to generate a tree-like structure of public and private keys from a single master key, making managing multiple addresses for different transactions easier. It is best for your wallet’s high privacy, decentralization, and anonymity.