As the value and importance of cryptocurrency investments continue to rise, safeguarding them is more crucial than ever. Fortunately, various reputable companies and innovative startups have emerged, offering reliable options for cryptocurrency storage you can trust.
In the current market landscape, two prominent options shine bright. Trezor and Ledger .
Why use a Hardware Wallet?
We thoroughly examined Hardware wallets in our Best Bitcoin Wallets publication, which essentially highlights that by choosing a hardware wallet, users significantly bolster the security of their cryptocurrency holdings. This added layer of protection comes into play in case of a computer infection by malicious software or phishing websites that could otherwise compromise your private keys. With a hardware wallet, your keys remain unseen, safely stored within the device, and you gain access through a pin entered directly on the gadget.
If your trusty hardware wallet suffers damage or is misplaced, don't fret. Restoring your wallets is straightforward using a list of 'seed words' created during setup, which you should jot down on provided cards. For extra security, keep these seed words tucked away in safe locations, ideally more than one.
Anyone dabbling in cryptocurrencies should seriously consider a hardware wallet—they're among the most effective tools to secure your investments in today's landscape.
Getting to Know the Wallets
The crypto community holds both products in high regard for the security and peace of mind they deliver. It's crucial to clarify, however, that they don't actually hold the currencies. Instead, Trezor and Ledger track blockchain data while protecting the confidential information needed to access digital assets.
Trezor
Trezor This device serves as an offline bitcoin vault, keeping your cryptocurrencies securely at hand. Operating as a cold storage unit, it stays disconnected from the internet, ensuring its robust security. But when it's time to trade or exchange, it's flexible and ready to connect.
Ledger
Ledger Ledger's hardware wallet resembles a sleek USB drive, boasting cutting-edge security features ideal for holding digital assets and ensuring secure digital transactions. Its broad compatibility with modern computers makes it a top choice.
Take a look at our full review of the Ledger Nano for further insights on this device.
Appearance of the Systems
Trezor wallets are crafted from durable plastic, whereas Ledger opts for a sleek stainless-steel casing, offering exceptional damage resistance. Both boast impressive durability, but Ledger's steel body adds an extra layer of protection and a bit more style while being less bulky.
Both gadgets are equipped with dual buttons to control cryptocurrency wallet functionalities. They feature USB ports and displays—the Trezor screen surpasses the Ledger in size. Though Trezors are slightly larger, this size difference doesn’t affect functionality. Each device’s design uniqueness warrants a closer examination.
What's in the Box?
Interested buyers will find value in understanding what comes packaged with each device.
Trezor
Trezor’s packaging is compact and secure, ensuring untampered delivery—a square box with a safety seal houses the device nestled in black foam, complete with a hanging strap, USB cable, user guide, recovery seed cards, and some promotional stickers.
Box Contents:
- Trezor
- Strap
- USB Cable
- Instruction Card
- x2 Recovery Seed Cards
Ledger
Ledger offers a similar set: a USB Cable for connectivity, a Key Chain, a Lanyard for portability, as well as detailed instructions and a card for seed phrases.
Box Contents:
- Ledger
- USB Cable
- Key Chain
- Lanyard
- Instruction Card
- Recovery Card
Using the Devices
Trezor's compatibility spans desktops and mobile devices, with support for MacOS, Windows, Linux, and all Android devices—a significant advantage for certain users. Additional Google Chrome extensions also facilitate managing the device and its data.
With Trezor's user interface, transactions are straightforward, featuring clear send/receive tabs. Notably, a dropdown in the top left allows you to switch between cryptocurrencies—an oversight could, as I found, result in mistakenly sending Litecoin to a Bitcoin address, but there’s a tool to fix such snafus.
Ledger works seamlessly with MacOS, Linux, Windows, and even Chrome OS, though it necessitates Google Chrome or chromium, along with extension installations, to function optimally.
Ledger boasts a similarly elegant and intuitive interface where necessary tools and information are easily accessible.
The convenience of consolidating all your cryptocurrencies under one interface with Trezor or Ledger is a major enhancement over juggling multiple wallet software. Plus, their sleek and intuitive designs significantly elevate the user experience.
Cryptocurrency Support
The breadth of cryptocurrency support is crucial in selecting the right apparatus, yet you're free to utilize both for comprehensive coverage if desired.
Trezor
Trezor supports an expansive range of digital currencies, continually expanding its roster. However, due to hardware limitations, not all coins receive full support.
List updated April 2018
- Bitcoin (BTC)
- Litecoin (LTC)
- DASH
- Zcash
- Bitcoin Cash / Bcash (BCH)
- Bitcoin Gold (BTG)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- ERC-20 Tokens
- Expanse (EXP)
- UBIQ (UBQ)
- NEM (XEM)
- Namecoin
- Dogecoin
Ledger
Ledger handles an array of currencies, including standouts like Bitcoin and Ethereum, through its Google Chrome enhancements. It caters well to the average cryptocurrency enthusiast, surpassing Trezor in currency variety, see the current list as of April 2018 .
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Ethereum (ETH)
- Ethereum Tokens (ERC-20)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Zcash (ZEC)
- Ripple (XRP)
- Dash (DASH)
- Stratis (STRAT)
- Komodo (KMD)
- Ark (ARK)
- Expanse (EXP)
- Ubiq (UBQ)
- Vertcoin (VTC)
- Viacoin (VIA)
- Neo (NEO)
- Stealthcoin (XST)
- Stellar (XLM)
- Hcash (HSR)
- Digibyte (DGB)
- Qtum (QTUM)
- PivX (PIVX)
- PosW (POSW)
A telling aspect of these devices is their pioneering nature—Trezor, for instance, was the first hardware solution for Bitcoin, while Ledger extended its expertise to Ethereum, both evolving with regular updates and ever-increasing support.
Setup
Setting up both Trezor and Ledger involves similar steps, with a pin for security to thwart unauthorized access. Multiple wrong attempts lead to data deletion, with built-in recovery seeds for safety.
Navigating the Ledger and Trezor is button-based, allowing for straightforward menu browsing and option selection. They stay locked without computer connection and proper pin input.
Conclusion
Everything—from sending coins to transaction oversight and on-screen operation—is managed via these devices. Notably, a Ledger costs about $60, while a Trezor sits near $100. Trezor’s software excels with DropBox syncing and abundant hidden accounts via password protection.
Both devices support numerous cryptocurrencies, expanding constantly, with Ledger currently holding an edge in currency support. Verify compatibility against the updated list.
Lost or corrupted wallets can be recovered without Ledger-PC connections, although its software isn’t as advanced as Trezor’s. It lacks shrouded account or password administrative functionalities.
Choosing the superior device is complex—they both offer excellent value. Pricing differences are minimal, focusing instead on supported coins and personal design or interface preferences.
52Comments
Is it really okay to use these wallets on shared computers?
In principle, it's safe as your private keys remain hidden. However, using public computers for crypto transactions is risky and not advisable.
Thanks for the insightful comparison! I'm wondering, do I need a separate wallet for each cryptocurrency I hold?
It's quite alright to keep various coins in a single wallet. For safety, it's wise to have a backup by purchasing a duplicate unit and securing it with seed words.
Hope that helps!
Sending a mere $35 with Trezor costs a ridiculous $15 in fees—I'm pulling all my bitcoins out!
That's actually a characteristic of the Bitcoin network, not Trezor itself. As mining demands more power, transaction fees rise, making Bitcoin less suitable for smaller transfers.
Are you kidding? Didn't you learn it has nothing to do with the hardware wallet?
It’s definitely not the wallet's fault. You should get familiar with blockchain's transaction fees instead.
Bonjour,
Too bad NXT cryptocurrency isn't supported on these two hardware devices; I would have invested.
Hoping this reply is apt—I’m aware of the frustration when so many cryptos are missing. Maybe wait until they expand their offerings.
Appreciate the detailed comparison! But I’m puzzled about one thing:
Why don't any of the hardware wallets work with iOS devices?
Actually, they're compatible. I use Ledger Nano S on an iMac. Ensure you're running relevant apps via Google Chrome.
He's talking about iOS as in iPhones, not Macs. Macs use MacOS, not iOS. Due to iOS’s security restrictions, apps have limited permissions.
You forgot to mention Stellar Lumens in your list for Ledger Nano S, buddy!
If picking Trezor means I need to get Ripple XRP elsewhere, does Trezor support XRP? And when you refer to Ripple, do you imply Ripple XRP, considering market listings show just Ripple?
Ripple and XRP are the same thing
Ripple is the company, and XRP is its currency. While Ripple may be engaging with businesses, it might not involve XRP. They offer various products, which is why context is key.
What's Microsoft doing with RIPPLE? They're adopting xCurrent to upgrade to xRapid for banks, achieving 60% savings. Post-banking, retail follows. It's common sense many lack.
Thanks for the review – Is it true that the Ledger Nano S can only store four cryptocurrencies at once? What about Trezor?
Nope, Trezor handles all supported currencies simultaneously.
The Ledger Nano S can manage multiple currencies, but you have to juggle apps without affecting the coins themselves. Installations can be rotated as needed.
How does one acquire forked currencies using these hardware wallets when new ones emerge?
One word private key
Is there a plan to improve compatibility for forthcoming forks?
What do you mean by Trezor's partial cryptocurrency support due to hardware limitations?
And how does Ledger outperform Trezor in Ethereum capabilities? Are there Trezor limitations I should know about?
How can I withdraw funds from my hardware wallets? Does it require going back to an exchange like Coinbase?
Indeed, Coinbase is one avenue. Other methods are detailed here – https://level-up-casino-app.com/cash-out-cryptocurrencies/
You have the option to either sell to someone directly or return to an exchange. Spending directly also depends on your objectives.
I've had a frustrating attempt to buy a Ledger Nano S directly from them.
I ordered on December 16, 2017, and got an order confirmation but never received updates on shipping. On chasing up by December 29, they addressed my inquiry with a canned response about failed payments, leading to my order's cancellation by January 4, 2018.
Seriously?! The delay led my credit card to expire its authorization, and Ledger only informed me after relentless follow-ups. Now I’m switching to Trezor.
Crypto websites are overwhelmed by the exponential increase in users—exchanges pause registrations, and support g times suffer as a result.
Ledger is possibly dealing with similar conditions given the current surging interest in all things crypto.
You'll find TREZOR is facing similar pressures and might disappoint as well. The growth in Crypto has been astronomical.
This isn't Ledger's fault as they're situated in France. The bank flagged it as a suspicious transaction fearing hacking.
OK.
Calm down Jerry …
I concur. My original comment was fueled by annoyance. Still learning to relax.
Does anyone know if XEM (NEM) qualifies as an ERC-20 token? Does either Trezor or Ledger support it?
No, XEM requires its own dedicated wallet, downloadable here –
https://nem.io/downloads/
It works alongside Trezor. Unfortunately, Ledger doesn't support it as of now.
https://blog.trezor.io/announcement-trezor-integration-nanowallet-nem-xem-cryptocurrency-feature-803e7ffbf023
Immense thanks, Dale. Many will join me in expressing gratitude for your dedication to helping the community.
Hi there, a guide on online wallets would benefit novices, covering setup ease, cost, safety comparisons, and so on.
Hi Oliver, thanks for informative insights. Just ordered a Trezor directly; arrived promptly to me in Cambridge, UK.
I’m puzzled as I can't locate some recommended currencies—only Bitcoin variations, Dash, Litecoin, ZCash, Ethereum, and Ethereum Classic appear, omitting others like Dogecoin and ERC-20 Tokens.
I’m using Firefox since Trezor is partly incompatible with Safari on a new iMac. Is this related to browser selection, although I installed the latest firmware days ago?
I found using Trezor simple and purchased BLT via Bittylicious, after giving up on Coinbase due to lengthy ID verification.
Thanks again. I wish I knew Trezor doesn't support Ripple pre-purchase—any Ripple wallet recommendations? Thanks, John.
Hi John,
For Ethereum and ERC-20 tokens, use in conjunction with MyEtherWallet. I'm unsure about Dogecoin—reach out to confirm, they're listed here as supported:
https://doc.satoshilabs.com/trezor-faq/overview.html#which-coins-are-currently-supported
The Ledger wallet supports Ripple – https://www.ledgerwallet.com/apps/ripple
While waiting for my Ledger wallet, on backorder until March 2018, what's a secure interim storage for BTC and Ethereum? Suggested options were Mycelium, Copay, Breadwallet, or Airbitz—are they safe as free apps?
Oliver, endless thanks for the enlightening guide on cold wallets. I'm about to buy one and your advice was crucial in shaping my decision. Any tips for securing IOTA optimally?
Hello, can Trezor manage Tron (TRX) or Cardano (ADA) along with ERC-20 altcoins?
Waiting for kind reply!
Thanks!
Ledger accommodates five currencies at any moment—are there other devices offering more?
I'm wallet-less currently but plan on purchasing Trezor T once it's available. My only worry is whether waiting months to order is wise.
The Nano S is also out of stock.
Is Trezor T expected to significantly surpass the Nano S and justify the wait?
Trezor doubles as a password manager—an excellent tool against phishing and the like. It's incredibly convenient!
Thanks for the article. My confusion stems from the wallet's role in safeguarding my crypto; if lost or damaged, seed words recover them—so where's the crypto actually located?
Hey John. From what I gather, without access to your private key, safely stored in your cold wallet, potential hackers can't reach your crypto.
All cryptocurrencies exist on the blockchain, not within the wallet itself.
A wallet primarily secures your private keys, facilitating transactions. Crypto remains on the blockchain, while keys are your responsibility. Hardware wallets ensure these keys' safety.
Ledger's transition from Chrome apps to the standalone Ledger Live application necessitates an updated comparison.
Hi Olivier,
Just to let you know, when it comes to keeping your assets secure, the Ledger device outshines its competitors like Trezor. This is because Ledger uses the same sophisticated secure element technology found in credit cards.
While Trezor is vulnerable to hardware hacks, the Nano S is designed to be resistant to such attacks, ensuring your peace of mind.
Regards,
The Ledger Nano S is an amazing device, but exercise caution when purchasing—buy directly from Ledger's official site rather than third-party sellers such as Amazon or eBay. While it might take some time to get familiar with it, its compact and robust design ensures a safe user experience.