Ledger Vs Trezor: Which Hardware Wallet Should You Use?

Choosing a hardware wallet is difficult when Ledger and Trezor are your only options. These two are leading hardware wallet brands available for digital assets. Both have outstanding features and top-notch security. So, which of the two should you go for when shopping for a cold wallet? Here’s a Ledger vs Trezor comparison article to help you out. 

Overview

Ledger

Ledger wallet is a brand name for one of the most popular hardware cryptocurrency wallets. The brand has several models including Ledger Nano S and Ledger Nano X. Here are some pros and cons of using this hardware wallet.

Pros

• Most secure hardware wallet
• Allows users to exchange and even grow their cryptocurrency holdings and NFTs
• More affordable than most brands

Cons

• Some models do not support buying cryptocurrencies
• Certain models have very limited storage

Trezor

Trezor wallet is another leading cold storage wallet for digital assets. A cold storage wallet is the same as a hardware wallet. Like Ledger wallet, Trezor is also a brand name. Under the brand, users will find two models, the Trezor Model T and the Trezor Model One. Let’s explore some of the pros and cons associated with Trezor Wallets.

Pros

• Allows users to buy, sell, receive and monitor their crypto assets.
• Supports a wide range of tokens.
• Allows users to purchase crypto using fiat.

Cons

• It is more expensive than other brands
• Has a bulkier design than other brands

Trezor vs Ledger Wallet: Model Comparison

Trezor and Ledger wallets both have two models. For each brand, one of the models is an advancement of the other. These advancements may impact the accessibility and use of wallets, but they hardly affect security. Let’s compare each brand’s model to the others to see what benefits users get.

Trezor One vs Ledger Nano S

Trezor Model One and Ledger Nano S are the flagship models for Trezor and Ledger wallets. These wallets were the pioneers, so some of their features may be less advanced than later models. Still, these wallets have some of the best security features that future models have borrowed. However, their significant downside is they may have less advanced interfaces and storage. 

The most outstanding trait of the Ledger Nano S is its affordability. This wallet costs about $59, which is lower than most cold storage wallets. Besides, its price does not affect its features. Even at this affordable price, Ledger Nano S still has high-level security and supports at least 1100 currencies. However, its major shortcoming is its storage. Ledger Nano S can only support three to five applications, making it only suitable for investors with a small portfolio.

On the flip side, Trezor Model One is popular for the wide range of assets it supports. The wallet grants access to over 1000 crypto assets and allow users to purchase crypto using fiat. However, this wallet does not support iOS, which is one of its most significant flaws.

Here’s a feature-by-feature breakdown for each wallet.

Ledger Nano X vs Trezor T

Ledger Nano X and Trezor model T are the more recent models for each brand. These advanced models resolved some of the issues that their predecessors had. They, for instance, have more advanced designs and are simpler and beginner-friendly. 

An excellent example is the Trezor Model T. This model is known for simplifying transactions and managing crypto assets. The wallet comes with a touchscreen interface, over 1000 cryptocurrencies, and an easy set-up process that beginners would appreciate. On the flip side, though, the wallet is more expensive than its past versions and considerably bulkier.

On the other hand, Ledger Nano X is known for its wide use. The wallet has Bluetooth connectivity which enables mobile trading. Additionally, it can store NFTs. Ledger Nano X is also user-friendly and supports at least 1500 coins. The wallet’s major flaw is that it doesn’t support buying any crypto assets. 

Here’s a feature-by-feature breakdown for each wallet. 

Other Features

Trezor and Ledger wallets have multiple features. Among these are the cryptocurrencies that the wallets support, the staking options, security, and user satisfaction. Let’s explore these features to determine which of the two wallets is worth your investment.

Trezor Vs. Ledger Supported Coins

Across the board, Trezor and Ledger Wallets support over 3000 cryptocurrencies. When broken down, however, it is easy to spot that the Ledger wallet has a wider variety of coins. Let’s analyze the cryptocurrencies that each wallet supports. 

Wallets and Cryptocurrencies Supported on Ledger

Ledger wallets support at least 50 other crypto wallets. This includes wallets Electrum, Mycrypto, MyEtherWallet< Electron Cash, PolkaDot JS, Binance, and Cosmostation. Such a wide range of partner wallets ensures that Ledger devices can access some of the most in-demand coins. Here’s a list of the ten most popular coins you can access using a Ledger wallet.

• Bitcoin (BTC)
• Ethereum (ETH)
• Polkadot (DOT)
• Binance Coin (BNB)
• Tether USD (TRC20) (USDT)
• Monero (XMR)
• Cardano (ADA)
• Stellar (XLM)
• Dogecoin (DOGE)
• Ripple (XRP)

Wallets and Cryptocurrencies Supported on Trezor

Trezor also supports several cryptocurrencies. However, the Trezor One model has a limited range of coins. For instance, the model does not support some of the most popular altcoins like Monero, Cardano, and Ripple, which are all available on both Ledger models. Still, the brand has a ton of coins to explore. Here’s a breakdown of the ten most popular cryptocurrencies supported on Trezor.

• Bitcoin (BTC)
• Ethereum (ETH)
• Tether USD (TRC20) (USDT)
• Binance Coin (BNB)
• USD Coin (USDC)
• Binance USD (BUSD)
• Ripple (XRP)
• Dogecoin (DOGE)
• Cardano (ADA)
• Polygon (MATIC)

Ledger vs Trezor Staking Options

Staking crypto on a hardware wallet comes with some benefits. Unlike staking on an exchange, where investors have to pay a fee for staking, hardware wallets offer taking services at no additional cost. This is why Ledger and Trezor wallets have staking options to explore. 

Ledger Wallet has a broader range of coins to stake. Here’s a list of the coins you can stake in the wallet.

• Ethereum (ETH)
• Terra (LUNA)
• Tron (TRON)
• Cardano (ADA
• Nem (XEM)
• Cronos (CRO)
• Cosmos (ATOM)
• Internet Computer (ICP)
• Elrond (EGLD)
• Algorand(ALGO)
• Neo (NEO)
• Tezzos (XTZ)
• EOS (EOS)

On the other hand, Trezor supports staking for fewer but rare crypto assets. Here’s a list of crypto assets you can stake on Trezor.

• Algorand 
• Solana 
• Cosmos
• Cardano
• Ontology
• Tezos
• Vechain 

Staking rewards depend on the platform you choose to stake your crypto on. These rewards have nothing to do with the hardware wallet except that different wallets give access to various platforms where you can stake.

Trezor vs Ledger Security

Another dominant feature to analyze between Trezor and Ledger is security. Both wallets are known to be very secure. However, slight variations may seem favorable depending on what a specific user wants.

Trezor has a very robust security system. One of the wallet’s most outstanding security features is its Shamir backup setting. This security protocol protects your seed phrase from destruction and theft. The Trezor wallet also applies the Bitcoin Improvement Proposals, a high-level security feature that enables users to add an extra password phrase to the existing seed phrase. 

On the other hand, Ledger wallets have Bankrate Secure Elements (SE). These are secondary chips that ensure the wallet is secure from attacks. These wallets also use BIP39 passphrases, and unlike Trezor wallets, they have closed-source firmware, meaning their programs are not accessible to third parties.

How to Set Up a Ledger Wallet

Ledger wallets have a beginner-friendly setup process. This tutorial used the Ledger Nano X, but the process should mostly be the same for other ledger models. Now, let’s explore how to set up a Ledger wallet.

1. Download the Ledger Live app that matches your operating system.
2. Complete the Installation process, open the app and click on Get Started.

3. Read the terms and conditions, and agree to them by checking the “I have read and accept the terms of service and privacy policy” checkbox.
4. Click the “Enter Ledger app” button to access the dashboard.

5. Select the type of Ledger wallet you are using.

6. Click the Set up a new Nano X option on the app’s dashboard.

7. Read the walkthrough materials provided and when you’re done, tap on Let’s do this to start setting up the wallet.

8. Read the contents on the new tab, then click OK, I’m ready!
9. Click OK. I Got It on the pop-up reminder to navigate to the main page.

When you get to the main page, use your USB cable to connect your Ledger wallet to your computer. Once connected, use your device’s black and gray buttons to scroll through the instructions.

10. Find the “Set up as a new device,” instruction and press both buttons simultaneously to select it.

11. The instruction: Choose a pin with 4 to 8 digits will pop up. Again, press both buttons to select the option.

Use these buttons to scroll through digits and press them simultaneously to select the number you want to use in your pin. Repeat this process until you have your complete pin.

12. Press both buttons simultaneously when done to save your pin. 
13. Repeat processes 1, 2, and 3 above to Confirm your pin.

If you complete the above instructions correctly, you should see an instruction to Enter your recovery phrase. Get one of the three recovery phrase cards that came with your device. Have a pen with you and follow the steps below to get your seed phrase.

14. Use the right scroll button to read through the disclaimer until you get to the Press both buttons to continue the instruction and select it. This will give you the first word in your seed phrase.
15. Write down the phrase next to its corresponding number on the card, and keep scrolling to the right until you have all the words. 
16. When you’re done, scroll back to proofread your phrases and confirm their order. 
17. Go back to the final phrase and press the gray and black buttons simultaneously to confirm your seed phrase.

You will now need to confirm your recovery phrase by looking at the number displayed on your screen and matching it to its phase. Press both buttons when you find the word matching the number and repeat the process until you have all the words.

18. When complete, you will receive the “Your recovery phrase is set. Keep it in a secure place” instruction.
19. Scroll right and press both buttons simultaneously to process your device. Once processing is complete, you will get a “Device is ready” message.
20. Scroll right and click both buttons to access the Install app instruction on the app’s dashboard.
21. Return to the app, and go over the instructions from Get started to Hide your recovery phrase. On the Hide your recovery phrase tab, click Ok, I’m done.

22. Click the Let’s take this quiz button on the pop-up that appears.

23. Complete the three-question quiz, click Check my Nano in the app and simultaneously click the buttons when you see the Allow Ledger merger instruction.
24. Click the Continue button on the app, and your Ledger wallet setup is complete.

How to Set Up a Trezor Wallet

Setting up a Trezor wallet is simple. We used the Trezo Model One setup process for this tutorial, but it is mostly the same for all Trezor devices. So, here’s the step-by-step process to get your Trezor wallet up and running.

1. Download and install the Trezor Suite desktop app, then click on the Setup Trezor button.

2. Click the Install Firmware button to install firmware on your device.

3. Once this is complete, click Continue.

4. Select the ‘Create new wallet’ option, choose ‘Standard seed backup’ as your preferred recovery method.

.

At this point, you are just about to unlock your recovery password. So, get a pen and one of the seed recovery password cards that came in your Trezor’s packaging, then click on Create backup.

5. Read the backup instructions and check every checkbox once you understand its instruction. When done, click Begin backup.

6. Go to your device and click the Confirm button to generate your 24-word secret passphrase.
7. Record all the words on the Seed phrase card and click Enter.
8. Click Continue to pin on the new page that appears.

9. Hit the Set Pin button to set up a secondary pin, and press Confirm on your Trezor device.

This process redirects you to a Set the pin page that has a 3×3 matrix on the right side. Look at your Trezor’s display screen to identify the position of each number on the matrix, then use your desktop’s cursor to select your desired pin.

10. Click Enter once you’re done inputting the pin.

11. Repeat the pin input process on the Repeat pin  page and hit Enter

12. Once you’re done, you’ll see the PIN set tab. Click the  Continue button.

13. This redirects to the  Activate coins page. On this page, select the cryptocurrencies you intend to use on the Trezor suite. You can also change your selections later.
14. Click Complete setup to finalize the selection.

15. Tap on Access suite to get started on Trezor Suite, choose Select wallet type, and click on the Standard Wallet option. When this is done, your Trezor wallet is ready for use.

FAQs

1. Which should I choose: Trezor or Ledger?

The choice of a hardware wallet depends mainly on your needs as a user. Ledger wallets have more security features and are regulated by the ANSII. They also have a sleeker design and more cryptocurrency options for staking. On the other hand, Trezor wallets have access to rare coins and connect to taking software like Exodus wallet which offers impressive returns.

2. Ledger vs Trezor: Which is safer?

Ledger wallets are safer than Trezor ones. These wallets are regulated by the ANSII. They also have closed-source firmware that prevents third parties from accessing their programming. Additionally, Trezor wallets have secondary Bankrate secure element chips for an extra layer of protection. The features are absent in Trezor wallets.

3. Trezor vs Ledger: Which Is cheaper?

The Trezor Model One wallet costs $67, while the Trezor Model T costs $213. Ledger wallets are relatively cheaper, with the Ledger Nano S going for $59 and the Ledger Nano X retailing at $196.

4. Trezor vs Ledger supported coins

Combines both Trezor and ledger wallets support more than 3000 coins. However, the Ledger Nano S and Nano X have a wider range of coins as compared to those supported by Trezor devices. With the Trezor one not supporting coins like Monero, Cardano, Tezos, BNB and Eos.