Over the last few years, several hardware wallets have been launched, all touting themselves as the best cold storage option. However, Trezor and Ledger remain the leading hardware wallets in the market. In this guide, we will make an unbiased comparison between the two to help you decide which one fits your offline crypto storage needs.
An Overview of Ledger Wallets
Ledger wallets are manufactured by a Paris-based company, Ledger. They include Ledger Nano X and Ledger Nano S. The former is ideal for crypto fans looking for an affordable yet secure hardware wallet, while the latter is the best option for people with a diverse crypto portfolio.
An Overview of Trezor Wallets
Manufactured by Satoshilabs’ Czech Republic-based subsidiary Trezor, Trezor wallets entered the market in 2013. They include Trezor One and Trezor Model T. The latter is easy to understand and affordable, while the former is a superior alternative as it offers more advanced features such as touchscreen functionality.
Trezor vs. Ledger Comparison
Now that you know the manufacturers of Ledger and Trezor, it is time to compare the features of these two hardware wallets.
Trezor vs. Ledger: Security
Crypto enthusiasts choose to store their assets in hardware wallets because of the security they offer. As for Ledger wallets, they use a secure element chip called ST33, powered by the Blockchain Open Ledger Operating System (BOLOS), to provide a proper security experience.
Additionally, Ledger wallets are compatible with hot storage wallets like Electrum, allowing users to turn them into multi-sig to decentralize wallet access.
On the other hand, Trezor wallets use the Shamir backup to address security concerns. But what is it? The Shamir backup is a way of distributing your recovery phrase to various trusted parties to ensure key access is not centralized. Trezor wallets are also compatible with Electrum, making it possible for users to adopt a multi-signature system.
Trezor vs. Ledger: Crypto Coverage
Both Ledger Nano S and Ledger Nano X support more than 5,000 crypto assets. Meanwhile, Trezor Model T supports 4,500 cryptocurrencies, with Trezor One supporting less than this amount. It is worth highlighting that the two Trezor wallets do not support some of the popular coins like CELO and XRP, making them less attractive to adventurous crypto holders.
Trezor vs. Ledger: Compatibility
Before buying a hardware wallet, consider its compatibility spread. Trezor wallets are compatible with third-party wallets like MyEtherWallet and MetaMask. Trezor also offers Android and iOS support through its Trezor Suite Lite app, available on App Store and Play Store. This app also runs on Windows, MacOS, and Linux operating systems.
Similarly, Ledger wallets work with several third-party wallets. Its Ledger Live app is compatible with Android, iOS, Windows, and MacOS operating systems.
Trezor vs. Ledger: Battery Support
Many hardware wallets currently do not come with battery support. Although ignored, it is an important feature for users who are constantly on the move and want to monitor their crypto holdings. Such users can consider buying Ledger Nano X. The wallet has a 100mAh rechargeable battery. Conversely, none of the Trezor wallets offer battery support.
Trezor vs. Ledger: Price
In terms of prices, Ledger Nano S costs around $80 while Ledger Nano X retails at $134. If you prefer Trezor wallets, Trezor One will leave you $55 short, whereas Trezor Model T will cost you $215.
Trezor vs. Ledger: Open-Source
Although Ledger’s infrastructure is largely closed-source, its firmware is open-source, allowing developers to review the code. On the other hand, Trezor’s code is 100% open-source, making it possible for developers to build other features that can help enhance third-party integrations.
Trezor vs. Ledger: Wireless Connectivity
Not many people prefer hardware wallets with wireless connectivity. But if that’s something you would consider, go for Ledger Nano X. The wallet offers Bluetooth support and all transfers made using this feature are encrypted.
Trezor wallets do not support any type of wireless connectivity.
Now that you know the key differences between the two leading hardware wallets, you can use this information to decide which wallet will serve you best.
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