Ledger Vs Trezor – Which Is The Best Hardware Wallet?

Trezor is a SatoshiLabs product launched in 2013 and is based in Praha, Czech Republic. Ledger is based in Paris, France, and was launched in 2014. Which of these two is the best hardware wallet?

Our evaluation framework on these two wallets are based on the following:

Transparency

  • Privacy
  • Security
  • Coin Support and Integrations
  • User Friendliness
  • Cost

Ledger Nano S and X

The Nano S and X are multi-coin hardware wallets. These are the most popular on the market, with the most coin support and integrations of any other device.

Transparency And Privacy

All the specifications of the device are public and documented. Ledger allows for black-box testing on the device but the firmware and seed generation is not open source and can’t be verified. It uses third-party nodes but is compatible with certain software wallets that allow full nodes as well.

Security

In terms of security, it’s got an industry-leading security chip that is EAL level 5 certified. The Ledger Nano does have a larger attack surface, but it constantly updates its software. Seed generation security meets the AIS31 standard. This is the highest standard for RNS (random number generation). The Nano Ledger is also multi-sig compatible.

These types of wallets are great and designed for people who transact, stake and trade a lot. There is one problem with Ledger. They were hacked in the past. The device itself was not hacked but the database of the company was hacked which lost a lot of customer information.

Coin Support And Integration

Ledger is the leader in terms of coin support and the first wallet to support a new coin that comes out. Ledger devices are also a device with the most compatibility. They are integrated with MetaMask and other web 3 wallets. The Nano X is mobile is compatible with Bluetooth.

User Friendliness And Cost

It is great for beginners and advanced users and super easy to use. The Nano X has a huge memory, which gives you the ability to download up to 100 different apps. The Nano S does have very limited memory and it only lets you use four to five apps. Model X does have a higher-end price tag of about $143.00 while the S has a lower price tag of about $71.00.

Ledger Evaluation

It remains the best choice for traders, defi users, and those who have a variety of different coins and looking to add to the latest coins. It also has the most integrations with dexes, staking protocols, and web3 to allow you to interact with defi easily. Ledger is the best when it comes to everyday use, with its Bluetooth mobile integrations, security, transparency, etc.

In terms of security against physical attacks, its firmware also has one of the biggest attack surfaces. Companies, customer database hack puts into question some of their security standards.

Trezor One And Trezor Model T

They are multi-coin hardware wallets and are popular in the market. Trezor is the most beginner-friendly hardware wallet with a simple intuitive desktop client. They are also the first creators of crypto wallets back in 2014.

Transparency And Privacy

The specifications of the device are public and documented. Trezor’s firmware is open-sourced and verifiable. It uses third-party nodes but is compatible with certain software wallets that allow full nodes as well.

Security

Trezor got a general-purpose STM32 microcontroller that stores keys on non-volatile flash memory. This causes a higher risk for physical attacks. The firmware security is moderate and has a moderate attack surface. The firmware is regularly updated. The seed generation security is open-sourced and it is multi-sig compatible.

Coin Support And Integration

The Trezor Model T has comparable coin support, the same as the Ledger. The Trezor One also has quite a lot of coin support, but it’s missing major coins like Cardano and XMR. Trezor devices have the second most compatibility and it’s also easily integrated with MetaMask and other web 3 wallets.

User Friendliness And Cost

Trezor’s simple design makes it ideal for beginners, and it has the best desktop client. The larger screen allows you to see and confirm your details more easily. Trezor One has a low price tag of $60.00. The Trezor Model T has a very high price tag of $190.00.

Trezor Evaluation

It is the best balance of security user-friendliest and integrations. It’s great for beginners and has the second most integrations to ledger. Coin support is decent, but it’s missing a few major coins and the chip can be vulnerable to physical attacks compared to other options.

The Model T is pretty much the same as Trezor One, but with more coin support and a much higher price. Its chip can still be vulnerable to physical attacks. For those with a lot of coins and that need to be stored, it could be a good option but can be a lot more expensive.

Final Thoughts

Because of their offline cold storage capabilities, hardware wallets are now the industry standard for securing your funds. Which one of these is right for you? It all depends on your particular needs. All the solutions for both Ledger and Trezor are great options if you’re holding more crypto than you can afford to lose.

Leave a Reply

Your email address will not be published.

Related Articles
Read More

Do Crypto ATMs Offer Good Value For Money?

Although an ATM, it's different from the typical Automated Teller Machine that allows bank customers to withdraw cash or transfer funds physically. Crypto ATMs are standalone kiosks that enable people to buy and sell BTC and other cryptocurrencies. They produce blockchain transactions via QR codes...
Read More

Top 5 Hardware Wallets Of 2021

While all these options have their advantages and disadvantages, there's no better option than a hardware wallet when it comes to saving your cryptocurrency. Even though centralized exchanges let you store on the platform, the risk of the exchange being hacked makes it a bad...
Total
0
Share