LEDGER VS TREZOR

HARDWARE WALETS ARE THE SAFEST WAY TO KEEP YOUR CRYPTO ! LEDGER VS TREZOR REVIEW 2021

The True Power of “Cold wallet”.

Ledger and Trezor are definitely the two most popular offline wallets in the crypto world. Both offer high secure hardware wallets, support over 1000 coins and have cryptocurrency exchanges built in.

Ledger was founded in 2014 and is based in Paris, France. Trezor is a part of SatoshiLabs and was launched in the Czech Republic in 2013.

Trezor and Ledger hardware wallets also provide ways for users to access their wallets online to make transactions. Ledger users can also trade cryptocurrencies inside the Ledger Live app available on the app store and Android. 

Ledger’s most popular hardware wallet is the Ledger Nano S, and Trezor’s most popular hardware wallet is the Trezor One. The more expensive models include the Trezor Model T and the Ledger Nano X.

Everyday in the crypto world, we hear about hacks, scams or even people losing their private keys or recovery phrases. Private keys or recovery phrases allow one to prove ownership and access crypto assets stored on the blockchain.

While there are many ways to keep your cryptos safe, both online and offline, hardware wallets offer the highest levels of security for your crypto.

What is a hardware wallet ?

A hardware wallet is a physical device that stores cryptocurrencies. Private keys are stored in an offline mode, so they can’t be accessed via the internet or run complicated apps, keeping them safe from attacks.

Therefore, they are also called cold storage (or cold wallets). Hardware wallets support multiple cryptocurrencies and are compatible with multiple interfaces and apps. Additionally, they are compatible with third-party wallets that act as an interface for managing coins.

What are the benefits of having a hardware wallet?

• Your private keys are kept offline and off of computers making it impossible to be hacked or copied.
• Hardware wallets are protected from malware and viruses.
• Transactions are verified on the device itself, not on the computer.
• Hardware wallets are encrypted with a long pin you create, therefore, the device is useless to a thief.

With wallets like Ledger and Trezor, Your private keys are kept on the device, where you authorize transactions. Therefore, your private keys never touch your computer or the online world. It is by far the safest way to keep your crypto.

both companies offer a premium wallet with more features and a standard wallet with less features:

• Ledger has the Ledger Nano X (premium) and the Ledger Nano S (standard).
• Trezor offers the Trezor Model T (premium) and the Trezor One (standard).

Since many are seeing their crypto wealth grow over time, investing in a hardware wallet makes perfect sense, and they’re not really expensive.

When it comes to choosing the right hardware wallet, most crypto investors tend to opt for Ledger and Trezor.

Here’s our “Ledger vs Trezor” review, where we compare these two popular hardware wallets in terms of security, price, crypto support, ease of use, and availability of apps.

Note: We publish unbiased reviews; our opinions are our own and are not influenced by payments from advertisers.

Ledger VS Trezor: Quick Overview.

Ledger VS Trezor: Security Features.

Ledger and Trezor are industry leaders in security, as both companies provide private keys that never leave the devices. They also store crypto in cold storage, meaning coins are held offline, which make it safe from hackers.

Ledger uses Secure Element chips to provide additional security. They are the same chips used in passports, SIM cards, credit cards, and similar devices. The Ledger wallet is also rated 5-star by the Evaluation Assurance Level (EAL).

There are different levels of EAL, which are universally recognized security standards for software and hardware. Ledger claims to be the only company that manufactures hardware wallets that come with this level of security certification.

Trezor does not use secure hardware elements because some of the technology it uses is closed-source. In the company’s view, this goes against the open and transparent nature of cryptography. However, Trezor One wallet users have to enter their password using their computer’s keyboard. We know this isn’t a security flaw, but it opens the door for a keylogger to record a user’s keystrokes. On the other hand, the Ledger Nano S allows users to enter their PIN directly on the device.

In 2019, Kraken Security Labs stated that both Trezor One and Model T were vulnerable to physical attacks. Even though those wallets are considered safe from remote, internet-based attacks, Kraken Security Labs found and proved that if someone gets their hands on the physical devices themselves, they can compromise them within approximately 15 minutes.

With that being said, all of these hardware wallets are still much more secure than any hot wallet.

Ledger VS Trezor: Features & Mobile App.

Although both wallets have a screen, Trezor screens are larger and can display additional lines of text. If you have trouble reading small print, you may prefer a Trezor wallet as they have a large colored display that makes things easy to read and verify. 

Ledger wallets have smaller screens without color. Ledger text also scrolls slowly to fit on the smaller screen, but Trezor screens can display six lines of text simultaneously. It is also easier to use the buttons on the Trezor wallet. 

The Ledger devices work with the Ledger Live application, which is available for download for both mobile and desktop devices. It allows users to manage accounts, check their crypto balance in real-time, send and receive funds.

Trezor currently does not have a mobile app, but the company plans to introduce one soon. However this wallet is compatible with android devices. The Trezor Suite is a desktop application, which gives you access to portfolio information and the incorporated crypto trading platform.

As far as design goes, Trezor wallets have a somewhat bulkier design to accommodate their larger screens. They are also made of hard plastic. Ledger wallets have the appearance of USB drives encased in a sleek stainless steel shell, making them both more durable and attractive.

Also, both companies support third-party wallet applications, like MetaMask, MyCrypto, and MyEtherWallet. Overall, Trezor offers about 15 third-party wallets versus 24 offered by Ledger.

Ledger VS Trezor: Supported assets

Ledger wallets support over 1800 coins and tokens, while the Trezor One only supports 1649 currencies. 

Users can hold popular altcoins, such as Bitcoin (BTC), Ethereum (ETH), Stellar (XLM) and Dogecoin (DOGE).

The Ledger Nano S and Ledger Nano X support the same coins, while the Trezor One wallet supports fewer currencies than the Model T.

The Ledger wallet is ideal for any new user trying to trade ETH or one of the many popular ERC-20 tokens. This is because Ledger wallets can interact with these tokens without the wallet user needing to take any additional steps. Trezor supports over 1600 currencies, but to use ETH and the many ERC-20 tokens built on the Ethereum network, you need to have third-party wallet software such as MetaMask or MyEtherWallet.

FINAL STATEMENT !

Hardware wallets from Trezor and Ledger are secure, easy to use, and safe for storing cryptocurrencies. Each offers access to cryptocurrency exchanges and supports thousands of coins and tokens.

Users who are new to crypto and struggling to read fine print should consider the Trezor One. Those who only wish to store a few cryptocurrencies long term, or who want a built-in exchange to use with their hardware wallet, should consider the Ledger Nano S. 

Though it’s difficult to choose, we prefer Ledger because of its lower price, mobile app, iOS compatibility, and support for a few more popular coins and wallets than Trezor. However, if you want a touchscreen and Shamir Backup, go for the Trezor Model T. 

Note: There are lots of people and online shopping platforms involved in making and selling fake hardware wallets, be careful because they will steal all your funds. Only buy from official websites.