Trezor vs Ledger: Which is better in 2023?
Comparing Two Popular Hardware Wallets
Update: As of May 2023, Ledger has been under fire for varying security concerns. Be sure to read up on the Ledger Key Recovery Service.
The cryptocurrency world can be daunting and confusing, especially for those just starting.
Oftentimes, new users need help choosing the perfect hardware wallet to store their digital assets. Two of the most popular options on the market are Trezor and Ledger.
But which one is better? First, talk about a hardware wallet and why you need one. We will also discuss cold wallets and why they may be best for storing crypto.
Trezor: Features and Benefits
Design and Build Quality
Trezor, known as the "original" hardware wallet, boasts a sleek and compact design.
It is well-built and exudes durability, giving users confidence in its physical security. The device is made with high-quality materials, ensuring long-lasting performance.
Security Features
Trezor prioritizes security, offering several features to safeguard your cryptocurrencies.
It employs a strong PIN system to prevent unauthorized access and utilizes a secure element chip to protect your private keys. Additionally, Trezor incorporates a recovery seed phrase, allowing you to restore your wallet if the device is lost or damaged.
User-Friendly Interface
One of the key advantages of Trezor is its user-friendly interface.
The wallet is designed with simplicity in mind, making it accessible to both novice and experienced cryptocurrency users. The intuitive interface guides you through the setup process and provides a seamless user experience.
Ledger: Features and Benefits
Design and Build Quality
Ledger, a major competitor to Trezor, also boasts a sturdy and well-designed hardware wallet.
Its build quality is excellent, and the device feels premium in hand. Ledger offers different models to cater to various user preferences.
Security Features
Similar to Trezor, Ledger prioritizes security as well. It incorporates a secure chip and a PIN system to protect your funds from unauthorized access.
Ledger wallets also support an extensive range of cryptocurrencies, ensuring compatibility with various blockchain networks.
User-Friendly Interface
Ledger wallets are known for their user-friendly interfaces. The devices provide clear instructions and an easy-to-navigate menu, making the wallet setup and management straightforward.
Whether you are a beginner or an advanced user, Ledger offers a seamless experience.
NFTs Web3 Browser Extension
Ledger introduces Ledger Connect, its first browser plugin. Ledger clients will be able to connect with Web3 apps using their hardware wallets, enhancing user experience and security for NFT holders throughout the metaverse, beginning in early 2023.
With user experience in mind, the program was created exclusively for use with Nano X and Stax hardware wallets.
Web extension wallets are nothing new, but Ledger Connect will enhance the user experience for NFT enthusiasts all over the crypto and Web3 world.
Trezor vs Ledger: Key Differences
While Trezor and Ledger are reputable hardware wallets, they have some differences that may influence your decision. Here are a few key differences to consider.
It’s important to realize that not all wallets with both vendors have the same features, so we will cover this in general rather than specifically.
Price
As of writing this (2023), the prices for Trezor and Ledger models are as follows:
Trezor Models
Trezor Model One: $82.80
Trezor Model T: $262.80 ​1​
Ledger Models
Supported Cryptocurrencies
One notable difference between Trezor and Ledger is the range of cryptocurrencies they support.
Trezor supports many cryptocurrencies, including popular ones like Bitcoin, Ethereum (All ERC-20 tokens), BNB, USDC, and Litecoin.
Conversely, Ledger supports even more cryptocurrencies and tokens, making it a versatile choice for those with a diverse portfolio. Some of these include BTC, ETH, XRP, USDT, DOT, BNB, and even XTZ.
Connectivity Options
When it comes to connectivity, Trezor and Ledger offer different options. Trezor primarily connects to devices via USB, providing a reliable and secure connection.
On the other hand, Ledger wallets offer USB and Bluetooth connectivity, allowing for greater flexibility and convenience, especially when using mobile devices.
Backup and Recovery
Trezor and Ledger offer backup and recovery options, but their approaches differ slightly. Trezor generates a recovery seed phrase during the initial setup, which can be used to recover your wallet if needed.
Ledger utilizes a similar recovery seed phrase system, but it also provides an additional security feature called the "recovery sheet," which requires physical access to the sheet during the recovery process, adding an extra layer of protection.
Staking
Staking is a way to generate income while holding a particular coin using your hardware wallet. Users can only earn staking revenue from cryptocurrencies and tokens that use the Proof-of-Stake algorithm.
The Trezor hardware wallets do not support the staking of cryptocurrencies. However, users can connect the Trezo Model T or Trezor One wallet to a staking pool or external validator. Additionally, they can use Exodus as a staking interface.
Up to seven coins may be staked simultaneously using a ledger wallet on the platform or an external wallet. Ethereum, Tezos, Tron, Cosmos, Algorand, and Polkadot are among the cryptocurrencies that can be staked.
Frequently Awkward Questions
Trezor One VS Ledger Nano S
When comparing the Trezor One and the Ledger Nano S, there are several factors to consider, especially if you're a cryptocurrency user primarily investing in altcoins.
Price: The Ledger Nano S is cheaper at $59 compared to the Trezor One, which is priced at $82.80. If investing in lower-value coins, you may prefer a more affordable device.
Coin Support: Both devices support a variety of cryptocurrencies. However, Ledger generally has broader support for altcoins compared to Trezor.
Security: Both devices provide robust security. However, they use slightly different security philosophies.
Trezor is fully open source, which means its code is available for inspection by the public, allowing potential security issues to be caught by the community.
Ledger's software is partially open source, but its hardware is proprietary. Ledger argues that this "element of secrecy" makes its devices more secure against physical attacks.
Both approaches have their merits, but it's up to individual users to decide which they prefer.
User Interface: Both have user-friendly interfaces, but the overall design and feel might sway some users. Trezor has a bigger screen which can be easier to navigate, but Ledger's sleek design is also appealing.
Privacy: Both devices allow you to manage your coins privately, but remember that privacy also depends on how you use the device, your internet connection, and other factors.
Durability: Both devices are well-made, but the Ledger Nano S's stainless-steel cover might provide more durability.