Trezor vs. Ledger: Key Comparisons before you Choose

Trezor and Ledger are two of the world’s premier hardware wallet manufacturers. Unlike hot wallets, hardware wallets are normally immune to computer viruses, have added security due to pin encryption, and require verification on the hardware device.

Let’s dive into how these two popular crypto-hardware wallets compare against each other.

What is Trezor?

Trezor wallet is a hardware wallet developed by SatoshiLabs in 2013. These crypto wallets are known for providing a high level of security when it comes to storing private keys. Its user-friendly interface helps users to easily carry out transactions in the crypto market.

As it is an offline wallet, Trezor protects user’s funds by not only staying offline but also by using its high-end encryption. Trezor was one of the first companies to introduce cryptocurrency hardware wallets.

What is Ledger?

Ledger wallets are developed by Ledger, headquartered in Paris with branches in the US. After entering the market in 2014, it has quickly established itself as one of the most popular hardware crypto-wallets.

Ledger wallets are device-based, which means that they employ storage mechanisms such as USB drives to store private keys.

These storage wallets enable users to send and receive cryptocurrencies from third-party apps and blockchains on the device.

Ledger wallets provide maximum security of funds by using a proprietary operating system complimented by a secure encryption system. They also use a 24-word backup recovery phrase in case the device containing the private key gets misplaced.

Difference between Trezor and Ledger

Here are the main differences between Trezor and Ledger wallets.

Wallet Features

Both Trezor and Ledger offer similar features, such as connecting via a USB cable. Trezor devices come in a unique shape, housed inside a plastic casing. On the other hand, Ledger devices have a sleek design akin to an ordinary steel universal serial bus storage device.

Versions/Models

There are two versions of Trezor wallets available:

Trezor One, which was released on 29 July 2014. It comes with advanced features such as U2F two-factor authorization and Password manager.

Trezor Model T was released on 26 February 2018. The premium hardware wallet has a colored touchscreen, a modern design, and an SD card slot.

Ledger wallets are available in two versions – the Ledger Nano S and Ledger Nano X.

Ledger introduced the Ledger Nano S in 2016 and the Ledger Nano X in 2019. Both the wallets integrate a certified secure chip, but the latter wallet allows the storage of a more significant number of applications.

The Ledger Nano X also comes with a Bluetooth connection, allowing users to manage their cryptocurrency assets anywhere.

Operations

Trezor Wallets:

• Trezor hardware wallets protect users’ private and public keys from the threat of online and physical attacks.
• Trezor does not store the coins on the device itself. Instead, the keys unlock them, allowing the coins to be moved to a new address.
• The seed phrases are stored in the device’s internal memory, and the keys are isolated so that networks cannot reach them.
• Trezor applies strict rules to create a limited interface with particular commands.
• Once a transaction is made, its details are accurately passed on to the device for signing with the keys.

Ledger Wallets:

• Ledger wallets work like any other hardware cryptocurrency wallet, and users have to plug it into their computer and allocate a PIN.
• Then, they receive a 24-word seed phrase that adds additional security to the wallet.
• Ledger employs BOLOS, a unique blockchain open ledger operating system, and is an open-source framework. Ledger users have to enter their password directly on the device.

Security

• Trezor models use a single chip base, and they use closed-source firmware and are not open to third-party vulnerability tests. It offers improved private key security with Shamir Backup.
• Ledger hardware wallets use a double chip base. The first one is a general-purpose 32-bit microcontroller (STM32F042K), with the second chip being a bank-grade secure element (SE).

Display

Every cryptocurrency-related product needs to provide the best user experience.

• Trezor does not fail to deliver in this aspect. The Trezor One has a 128×64 pixel display, while the Trezor T has a 240×240 pixels liquid crystal display (LCD) which is also a touchscreen.
• In this aspect, Ledger isn’t too far behind. The Ledger Nano X has a 128×64 display, while the Ledger Nano S has a 128×32 display.

While Trezor Model T has a more prominent display than either of the Ledger wallet, the Ledger Nano X offers a Bluetooth connection, which Trezor does not provide.

Size

Both Trezor and Ledger wallets do not differ much when it comes to their size.

• Trezor’s biggest model is the Trezor Model T, 64mm x 39mm x 10mm in size.
• Ledger’s biggest model is the Ledger Nano X, which is 72mm x 18.6mm x 11.75mm.

Mobile transactions

• Trezor wallets have a USB Type C connector, enabling mobile transactions. For ERC20 token transactions, Trezor uses its web-wallet interface.
• Ledger wallets only support wired transactions and aren’t devised for mobile transactions.

Currencies

• Trezor wallets support 1000+ cryptocurrencies
• Both Ledger wallet versions support more than 5500+ cryptocurrencies.

Price

• The Ledger Nano S and the Trezor One Wallets are similarly priced at 53 EUR and 59 EUR.
• Trezor Model T is priced considerably more at 189 EUR than the Ledger Nano X, which is priced at 133 EUR.

Many people prefer the Ledger Nano X as it provides Bluetooth connectivity at a lesser price.

• Ledger Nano S – $59 (52.92 EUR)
• Ledger Nano X – $149 (133.65 EUR)
• Trezor Model T- $210.70 (189 EUR)
• Trezor One – $65.77 (59 EUR)

Interface

• Trezor uses a touchscreen to interact with the crypto assets.
• Ledger wallets have physical buttons on the device, and they require users to install an app for each specific token they want to use.

The physical buttons in Ledger wallets may be tricky for many users to navigate, especially if they are used to larger displays and touchscreens.

Appearance

• The Ledger Nano S can store about 3 apps simultaneously, while the Nano X can store up to 100 apps.
• Trezor wallets may appear more intuitive due to the bigger screen and interface.

Mobile app

• Users have the Ledger Live application for Ledger devices, which allows anyone to manage accounts, send and receive crypto funds, and check their balances in real-time. The app is available for desktop as well as mobile.
• Trezor users can interact with their wallets using the Trezor Suite, compatible with Linux, Windows, Mac. However, Trezor still does not have a mobile app. Users instead have to install a Trezor Bridge or a Chrome extension.

For people preferring mobile-friendly apps, they should go for Ledger wallets.

Source code

• Ledger runs on BOLOS; it’s a custom operating system, not open source.
• Trezor wallets implement open-source firmware and software.

Some users prefer the open-source nature of Trezor wallets because of their transparency, and this allows other users to view the code and report any weaknesses that might exist.

Operating System

• Ledger supports operating systems such as Windows 10, macOS 10.11, Linux, and Android OS.
• Trezor supports operating systems such as Windows, macOS, Linux, and Android OS.

Trezor supports more versions of the Windows operating system that caters to more users.

App compatibility

• Ledger wallets are compatible with Electron Cash, GreenBits, MyCrypto, Binance, Ledger Live, Electrum, Copay, Mycelium, Electron Cash, Magnum, etc.
• Trezor wallets are compatible with MyTrezor, Copay, Magnum, GreenBits, Electrum, Mycelium, etc.

User Interface

• Ledger’s live interface is rich in features and consists of four main elements: Application controls, menu, starred accounts, and main viewer.
• Trezor is compatible with various interfaces. The main interface is the Trezor Suite, easy to set up and use.

Security vulnerabilities

• An attestation check verifies the authenticity of Ledger’s firmware. The only way to attest to Ledger wallets is to have the Secure Element ask the MCU to send the firmware code.
• Trezor One uses the STMicroelectronics chip STM32F205, which contains a significant flaw. It disables the write-protection feature meant to offer the bootloader protection.

Applications

Trezor and Ledger are hardware wallets that store a user’s private keys and let them take those funds offline, called cold wallets. When it comes to security, it’s tough to determine precisely which wallet is better, and it comes down to a user’s preference.

• Users who prefer international standards for banking cards and state requirements will likely go for Ledger due to its Secure Elements.
• On the other hand, other users see Trezor’s open-source software as one of the safest solutions in the cryptocurrency market.

Staking

Staking is a method to earn income by using your hardware wallet and holding a certain kind of cryptocurrency. Only those cryptocurrencies and tokens which run on a Proof-of-stake algorithm can yield staking income for users.

• Trezor hardware wallets do not allow cryptocurrency staking. Users can, however, link the Trezo Model T or Trezor One wallet to a third-party validator or staking pool. They can also use the Exodus wallet as a staking interface
• Ledger wallets allow staking up to seven coins simultaneously, both in their platform or an external wallet. The cryptocurrencies available for staking include Ethereum, Tezos, Tron, Cosmos, Algorand, and Polkadot.

Bluetooth compatibility

• Trezor has not added Bluetooth connectivity to its device as it offers better protection by limiting the attack surface.
• Ledger’s Bluetooth communication (BLE) uses an end to end encryption to protect user privacy. Attackers would be unable to extract private keys if the BLUE transport was compromised.

Customer support

• Trezor’s customer response time is slower than Ledger’s.
• Ledger provides better customer service, offering fast and sincere help when needed.

Advantages

Trezor:

• Trezor wallets come with a color touchscreen that enables easy visibility.
• Trezor wallets are installed with open-source firmware that offers multiple ways to solve an issue or bug and increases security risks.
• Trezor wallets offer Shamir Backup, based on the Shamir Secret Sharing cryptographic algorithm.

Ledger:

• Ledger wallet devices come with optional Bluetooth connectivity.
• The Ledger live mobile app provided by Ledger is one of the most intuitive apps of its kind.
• Ledger wallet devices have a durable steel case which adds both style and protection to the device.

Disadvantages

Trezor:

• Trezor wallets do not support Bluetooth connections.
• Trezor is less physically secure than Ledger and is priced steeply compared to other hardware wallets.

Ledger:

• Ledger wallets do have a touch screen interface.
• Ledger had its database breached, exposing client data belonging to almost 270,000 clients.

How to Set Up Trezor Wallets?

Setting up Trezor wallets is fast, taking about ten to fifteen minutes. Users have to connect the device with the USB cable provided.

Step 1) Users will have to first go to trezor.io/start. They will then be redirected to wallet.TREZOR.io, where they can install either the TREZOR Bridge or the TREZOR Chrome Extension.

Step 2) As no firmware is installed in a new device, users will have to install it with the latest firmware version.

Step 3) They should then follow instructions to generate the PIN. Trezor uses a grid-based PIN generation system.

Step 4) After the PIN has been generated, users should note down the unique combination of 24 words generated.

How to Set Up Ledger Wallets?

Setting up Ledger wallets is pretty simple and can be completed in simple steps.

Step 1) Users will have to wait for the device to generate private keys to provide them access to their crypto assets.

They will also have to write down their unique recovery phrase (24 words), which serves as a backup of the user’s private keys.

Step 2) To begin the set-up process, users simply have to connect the device to the computer and wait for the Welcome message.

After navigating through the instructions, users have to press both buttons simultaneously to start setting up a new device.

Step 3) After that, follow the steps to choose a PIN code. After selecting the checkmark, users have to press both buttons to confirm their choice.

The device will now display the 24-word recovery phrase, which you should write/note down.

Which is better?

Trezor and Ledger are two popular hardware wallets available in the market. Both devices are user-friendly and provide the highest degree of security for cryptocurrency storage.

They both support thousands of cryptocurrencies and allow access to exchanges. However, while the Ledger Nano X offers Bluetooth, Trezor’s Model T offers easy-to-use.

Ledger beats Trezor regarding price, mobile app, IOS compatibility, and more cryptocurrency support. However, users who prefer a touchscreen and want Shamir Backup should go for Trezor’s Model T.