Ledger or Trezor. Things you have to know before you are buying.
Every new person who comes cryptocurrency world and are buying Bitcoin must know that safety is a must.
You must understand that safety of yours Bitcoin and other cryptocurrency is a first thing to do as you may have lost all your life savings in a second when hackers will hack your cryptocurrency storing device.
The smart way you should try to start Bitcoin trading with small amount of money
So how do we need to keep safe our Bitcoins?
This cryptocurrency store guide will help you find the best cryptocurrency storage solution choosing one of the Trezor or Ledger Nano S.
This guide will let you understand differences and make a right choice before you buy one of them.
It is a comparison of two brands and their futures, what coins do they support, what is cost of it, security issues and others cons and pros you should know about.
At the end of this comparison you will be sure which one to buy and which one suits more for you Trezor or Ledger Nano S.
Before we dive into comparison lets check out the basics of a hardware wallet.
What is a hardware wallet and for what we use it?
Both the Trezor and Ledger Nano S are hardware wallets. It is a hardware wallet in a physical device like your mobile phone or any other physical devise. This hardware wallet is used for cryptocurrency storage like Bitcoin or any other cryptocurrency. These devices use a USB connection and these hardware wallets store your cryptocurrency private key securely. Any of these hardware wallets like Trezor and Ledger Nano are many times more secure like a web browser wallet or your mobile device wallet.
It is secure because hardware wallets are not connected to internet or any your computer and it prevents from hijacking or any malware injection.
How it is secure and how works hardware wallets we will explain in a second.
Hardware wallets – Transaction Security
Must be easiest way to realise how hardware wallet works is to think that it is a small portable computer and his main purpose is to secure store your cryptocurrency private key.
And yes hardware wallet will need to connect to your computer, and yes it must be connected to an internet connection to do a transaction but, however the whole transaction will be signed inside of a hardware wallet but not in your computer browser so there is no chance that any malware injection or a hacker will reach your Bitcoin private key, the key will not be transferred to your computer or a web browser. In fact, you can’t even see your private key on the hardware wallet itself!
What are cons of a hardware wallet?
Must be the one biggest reason is the price. Ever people think that they do not need it before they lose a lot of money via cryptocurrency hijacking or malware injection. While most of the web wallets are free to use hardware wallets cost varies from $70 dollars per unit to a $200.
Other cons of hardware wallet are that ordering, waiting delivery, setting it up will take way longer than to login to a web wallet and set it up.
If you are owner of cryptocurrency like Bitcoin in a big amount of money you should diffidently use one of hardware wallets or maybe even couple of them to be sure you will not become, hijacked, malware injected and you will not lose big amount money.
Trezor and Ledger Nano S are the most popular of the bunch, so let’s compare them!
Hardware wallet Trezor vs Ledger: Where, When and Why They Were Created
We have to remember that first Ledger hardware wallet was released in December 2014. Timehave passed and Ledger wallet was improved many times. The latest version is called the Ledger Nano S. At a moment I am writing it’s been sold more than a million units of it.
Ledger is one of the leading companies when it comes to secure technology for cryptocurrencies. They have the right mix of team, passion and vision, which makes it a very trustworthy brand.
Trezor wallet has built a great reputation since it launched and has continued to improve. Over the time there features have been added over time, as well as support for new coins. This helps it to meet the growing demand for crypto!
Trezor wallet’s reputation is helped by the fact they have a great team behind the project.
We do have a two responsible and respectful companies creating hardware cryptocurrency wallets and all we have to do is chose the right one.
Hardware wallets Trezor vs Ledger: Comparing Their Features
It must be the most important section of this article. We will look at Trezor and Ledger comparison and will try to decide which one hardware wallet is suitable for us.
What Currency Support do have hardware wallets?
There is a possibility that you will buy coins that are not supported by your hardware wallet. Let’s check what coins are supported by our wallets to avoid disappointment in future.
Trezor hardware wallet Supported Coins
At writing present, Trezor wallet supports the following cryptocurrencies:
• Bitcoin Cash
• Bitcoin Gold
• Ethereum Classic
• ERC-20 Tokens (tokens on the Ethereum blockchain)
• Testnet Bitcoin
You have to be aware that Trezor hardware wallet do not fully supports some of the coins and you have to use MyEtherWallet or any other application to store Ethereum in and ERC-20 tokens in Trezor.
Ledger Nano S hardware wallet Supported Coins
The Ledger Nano S currently supports the following coins:
• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Bitcoin Gold (BTG)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• Litecoin (LTC)
• Zcash (ZEC)
• Dogecoin (DOGE)
• Ripple (XRP)
• Dash (DASH)
• Stratis (STRAT)
• Komodo (KMD)
• Ark (ARK)
• Expanse (EXP)
• Ubiq (UBQ)
There comes the first leadership that unlike Trezor, Ledger Nano S provides full support for most of the coins, including Ethereum.
It comes to that you do not have to use third party applications to store your coins in a hardware wallet and that means that you have a way bigger security.
Ledger Nano S vs Trezor hardware wallet: Coins supported
All you have to do is to pic the right one hardware wallet to hold yours coins. Coins that are supported are mentioned above. One popular cryptocurrency that are not supported by Trezor is a XRP but you see that the Ledger Nano S does.
Cost of the harwareWallets
Here, you can see the difference in price between Trezor vs Ledger Nano S.
Trezor hardware Wallet Cost:
If you will buy wallet from an official store and I highly suggest it price would be around $109.
There is a possibility to buy it on amazon a couple dollars cheaper but I do not recommend to do it.
Ledger Nano S Wallet Cost:
Buying this hardware wallet on an official store would be around $117.
And again there is a possibility to buy cheaper on an amazon but again I do not suggest it in a matter of a security.
Trezor vs Ledger Nano S hardware wallet: Cost
We may see that hardware wallet price are almost same. That is why we should not take in mater a price of a wallet but we should think about hardware wallet coin support, security and usability.
Hardware wallet Display Screen
The Trezor wallet and Ledger wallet both have display screens!
Display screen is an improvement in a security and a help to a regular user.
A display screen is an important security feature because:
Hardware wallet display may be used for the recovery phrase or recovery seed for your private;
Hardware wallet display lets you confirm operation, amount is correct and you did not miss anything.
Personally I do prefer a bigger hardware screen in a Trezor wallet.
Hardware wallet Set-Up & Usability
The Trezor wallet and Ledger wallet both work with Windows, Linux and MacOS. These hardware wallets will be connected to a computer using micro USB connection.
Set up process in a hardware wallet is easy and fast, quit similar both. The Trezor wallet and Ledger wallet both have two main steps. Setting your wallet a PIN code and writing down your recovery seed that is the most important part of everything what can be with a hardware wallets.
Important: you have to remember that you can lose or destroy your Trezor wallet and Ledger wallet and your cryptocurrency will not be lost. You will be able to buy new one hardware wallet and transfer your cryptocurrency right there again as cryptocurrency are hold in a blockchain. It all will be possible only in one way if you will have a recovery phase seed written in a paper and locked up in a safe or any other secure place. There will be a random word of a 24 word and it is the only possible way to sere restore your funds.
Ledger Nano S interface
One thing to know that Trezor has an Android app and you will be able to use Trezor with your mobile device.
Hardware wallet Physical Appearance and Durability
Trezor hardware wallet is made from plastic, while the Ledger wallet comes with a stainless-steel body. This gives the Ledger Nano S a more stylish look, but that’s not what’s important. Important is that Ledger Nano S may hold a stronger hit and can hold more damage.
Either one is from plastic and other is from stainless-steel body both of them are durable and can be used daily.
Either devices come with two buttons which allows you to manage their software to proper usage. Do have to say that Trezor’s buttons are more comfortable for me to use. It may be because there is a decent amount of space between buttons.
Ledger Nano S have two buttons but they are near each other what may cost some discomfort and mistake chance to push not the right button or both buttons at a time.
You can check out the look of Trezor vs Ledger in the images below.
Trezor hardware wallet connected to pc
Ledger Nano S hardware wallet connected to pc
Hardware wallet Size:
Both wallets are really small but Trezor is bigger than the Ledger Nano S.
• Trezor wallet dimensions: 59 mm x 30 mm x 6 mm
• Ledger wallet dimensions: 98 mm x 18 mm x 9 mm
It does not make difference on a performance but may be a different when u carry it every day, when are using on a daily transaction.
Hardware wallet App Compatibility
There is a possibility that we can use hardware wallets with a third party App. The following table shows app compatibility for Trezor vs Ledger with some popular wallets.
Either one or other wallet works almost with all App that we can using it.
Hardware wallet Trezor vs Ledger: How Secure Are They?
Either Trezor or Ledger Nano S are very secure and must be the most secure way to hold your cryptocurrency in a cold storage. Both devices are strong and works properly. The most important thing is that both devices generates your security key offline and it makes unreachable you to a hacker.
Both devises give u a chance to set up a recovery seed with a PIN code to get an access to your lost wallet cryptocurrency holdings.
You use your recovery seed to get your coins back, and your PIN prevents anyone else from accessing your wallet — if it is lost or stolen, no one else can get into your hardware wallet without your PIN!
Third phase of a security layer is a ‘Passphrase’. It may be up to 25-word length and will work as a security recover seed.
You will be given a chance to set up a passphrase after you set up the PIN. It can be a word or a set of letters. Many of people say that you should remember it but as I am not so well on remembering 25 words I prefer to keep it written in a safe or any other not related place.
You must remember that recovery passphrase is very important as you cannot get your coins back if your wallet breaks, gets lost or gets stolen!
So, most of the important security features are the same for both Trezor and Ledger.
Hardware wallet physical security
The Ledger Nano S stores your private key on very secure chips. These chips are like the ones you see on the latest credit cards or SIM cards. These chips have the highest level of certification! It ensures your private key is cryptographically secure.
While Trezor does not say a lot about its chips, it mentions that there is no battery, Wi-Fi, Bluetooth, fingerprint reader or Near-Field Communication (NFC) on the device. Trezor believes that by limiting the number of ways to communicate, the security of the device is better.
Both wallets come with a high security standards and features to avoid risks:
Do not enter your recovery seed to any device it be computer or mobile device;
Store your recovery seed in place where it cannot be damaged;
DO not take pictures of your recovery seed;
DO not use wallet that was setup before you start usage;
Hardware wallet Trezor vs Ledger: Final Thoughts
If you were able to read to the end of this article you already realise that either one or other wallet are safe and the best decision to store your cryptocurrency.
These wallets are the best in market so you have only to choose one and purchase it.
All depends on what coins you will be storing in wallet and which one suits you more.