January 10, 2022
2077
0Trezor vs. Ledger: Which Wallet Should You Choose?
With the impressive statistic of one cyberattack every 39 seconds, users have something to worry about regarding their investments and hard-earned money. This is partly why many still prefer real wallets with real money. But, of course, Bitcoin is good as long as it is not stolen.
However, today there are many options for the safe storage of crypto. For a long time, crypto experts have seen the security risk and have developed a solution: hardware wallets.
Trezor and Ledger are two leading brands in the field of hardware wallets. But which one is best for you?
Don’t know which coin to choose for mining? Here is a list of safe and trusted options.
Trezor vs. Ledger: What are they?
Trezor is an offline bitcoin wallet designed to help users keep their cryptocurrency safe and within reach. It is secure “cold storage,” disconnected from the internet. At the same time, it provides flexibility and connects to the network only when there is a need for transactions with cryptocurrencies. Therefore, Trezor is considered the safest and most reliable way to store bitcoins.
Ledger is a hardware wallet in the form of a USB drive. It is designed with maximum attention to security and is perfect for storing digital assets and making payments. Ledger is compatible with any modern computer.
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So what about these two wallets? To properly compare them, you need to weigh several essential factors:
- Which coins they support.
- How easy they are to use.
- What level of compatibility they have.
- What additional features they offer.
- What users say about them.
To look at all the possibilities of hardware wallets, we will consider two premium models from both manufacturers: Trezor Model T and Ledger’s Nano S.
Let’s start with the main thing.
Supported cryptocurrencies by Trezor and Ledger
When choosing a wallet, the first thing to consider is whether it supports the coins or tokens you use. Perhaps this is where Trezor and Ledger differ the most.
Both wallets support the most popular crypto assets: Bitcoin, Ethereum, Litecoin, Dash, and ERC-20 tokens. Otherwise, Trezor has an obvious advantage in supporting other cryptocurrencies. Trezor supports 689 coins and tokens, while Ledger supports 41. However, unlike the latter, Trezor does not support popular coins like Ripple, Stellar, and Monero.
Features
Of course, security is a paramount issue when it comes to storing funds. And in this, each device can boast of its developments.
Let’s start with the Trezor Model T. The device is equipped with a color touchscreen. It uses three key elements to restore the device: log in with a PIN, a passphrase, or a complete device reboot. In addition, Model T provides 2FA authentication, GPG and SSH encryption, password manager, and software support.
Ledger Nano S has its own set of security protocols and functions. Unlike the Model T, the Nano S does not have a touchscreen. Actions are performed using the buttons. Security is ensured by a PIN-protected chip for private keys and the use of BOLO — individual “shields” for each application on your device. According to the creators of Nano S, this reduces the probability of hacking to zero.
Depending on the coin or token, both devices are compatible with software wallets such as MyEtherWallet and MyCrypto. And although Ledger supports far fewer coins, tokens, and wallets than Trezor, the accompanying Google Chrome Ledger application offers many convenient features.
Physical security
Ledger Nano S stores your private key on very reliable chips. These chips are similar to the ones you see on the latest credit cards or SIM cards. In addition, these chips have the highest level of certification. This ensures that your private key is cryptographically secure.
Although Trezor doesn’t say much about its chips, they do mention that the device doesn’t have a battery, Wi-Fi, Bluetooth, fingerprint scanner, or NFC. However, Trezor believes that by limiting the number of ways to interact, the device’s security is improved.
Although both the Trezor wallet and Ledger wallet have impressive security features, you need to keep in mind the things you can do to avoid risks. Here are some of them:
- Never enter your recovery phrases on your computer or smartphone.
- Store recovery phrases in a place safe from fire, water, and sunlight.
- Never take pictures of your recovery phrases.
- Never use a wallet created by someone else.
User reviews
Of course, customer reviews help make the right choice, but user comments are pretty optimistic about both platforms.
Even though Ledger Nano S loses a little in technical terms and allows simultaneous work with only 2-4 coins, the device compensates for this disadvantage with its ease of use. In addition, the Trezor Model T is about a third more expensive than the Nano S, and its installation and configuration take longer.
Trezor, in turn, is often touted in significant publications, including Forbes, CoinDesk, and CNN.
The cost of wallets
Unfortunately, if you want to get a hardware wallet, you will have to pay for it.
Currently, Ledger Nano S costs $81.87, including free shipping. On the other hand, the Trezor One costs 49 euros, without shipping costs. Furthermore, Trezor discounts when ordering three or more; Ledger does not have such an offer.
Although both options cost more than just using software or an online wallet, the security and peace of mind they provide will quickly pay off.
At the same time, manufacturers often give out discounts, timing them to national holidays, special events, and landmark dates in the cryptocurrency industry.
Where can you freely mine cryptocurrency without taxes? Here is the list of countries.
So which wallet is better: Trezor or Ledger?
It would be easier if there were an obvious winner in this confrontation, but such an outcome is not possible. Both platforms are secure, compatible with many tokens and coins, and provide good customer support.
In the end, you will have to decide which wallet is more suitable for you. Double-check whether the coins you use are compatible with the device and make your choice based on the price tag and the features you need. Although Ledger boasts “ultra-reliable protection against hacking,” do not forget about the layers and encryption protocols of Trezor.
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