Trezor vs Ledger: Which Wallet is Right For You in 2024?

Trezor vs Ledger: A Detailed Comparison

Price

Trezor and Ledger are the best hardware wallets out there but when it comes to price, Trezor wins. The price range of Trezor hardware wallets lie anywhere between $59 to $179. But, Ledger costs a bit higher as its price range lies between $79 to $279.

The most affordable ones are the Trezor Model One, which costs $59 and the Ledger Nano S that costs $79. The reason for this is that Trezor Model One supports fewer cryptocurrencies compared to Ledger Nano S. If you are more into Cardano, Monero, and Ripple, then choosing Ledger Nano S would be the wise choice.

When it comes to the premium devices, Trezor charges $179 for Trezor Model T and Ledger charges $279 for Ledger Stax product. People who would like to have a hardware wallet with a touch screen can choose these premium products.

Security

Both Trezor and Ledger hardware wallets are known for offering industry-best security features. But the ways they operate are different. While Trezor uses single chip architecture, Ledger is built on double chip architecture. The additional chip that the Ledger has is actually a bank-grade secure element (SE) that offers additional security to users.

Ledger wins when we consider security features of both the hardware wallets. Because it has two chips and it protects the funds against hardware-related breaches as well. Adding to that, Ledger uses a unique framework called Blockchain Open Ledger Operating System (BOLOS) for its hardware models.

Even though Ledger strives to provide industry-best security, users’ trust in Ledger wallets was questioned a couple of times. In 2020, Ledger’s marketing database was breached and the hardware wallet provider is doing its best for the incident to not repeat. On the other hand, Kraken’s security division opined that Trezor wallets can be hacked using specialized hardware.

Features

Trezor and Ledger do not differ much when it comes to their features. Both hardware wallets are like USB devices that you can connect to PCs to access the funds. However, Ledger Stax is a unique one, looking almost like a smartphone.

All the devices from both Trezor and Ledger companies are compatible with Windows, Linux, and Mac OS softwares. However, when it comes to mobile applications, you can only use Trezor devices on Android. Ledger devices can be used both on Android and iOS.

Both the companies also have similar display features ledger Nano S Plus both have 128×64 pixel display. However, their premium products differ in terms of display. Trezor Model T has a liquid crystal display (LCD) and color touchscreen which consists of 240×240 pixels. Ledger’s premium product, Ledger Stax has a bigger display of 400×672 pixels but it is not a colored display.

The bluetooth connectivity feature is present in both Ledger Nano X and Stax models. But, Trezor does not offer this feature in any of its products. Additionally, Ledger supports NFT asset management and allows users to access DeFi tools with its Ledger Live application, without any need of other devices and third parties. However, both Trezor and Ledger support staking of cryptocurrencies.

Supported Cryptocurrencies

Ledger is a clear winner when it comes to supported cryptocurrencies. Even though Ledger devices support over 500 cryptocurrencies, the number goes up to 5,500 with its Ledger Live application. On the other hand, Trezor Model T supports 1,456 cryptocurrencies and Trezor Model One supports 1,289 cryptocurrencies.

However, the fact that Trezor products do not support some of the top cryptocurrencies like Cardano (ADA), Ripple (XRP), Monero (XMR), Binance Coin (BNB) is noteworthy.

Ease of Use

Both Trezor and Ledger hardware wallets are easy to set up and use. Setting up both of these hardware wallet devices include account verification and passphrase configuration. The basic model versions of Both Trezor and Ledger are simple to use but they have small screens and minimal buttons.

If you are someone who would like to have a touchscreen and more simplicity in usage, then premium devices are suitable for you. When we compare the premium devices of Ledger and Trezor, Trezor wins because it has a color touchscreen display. If we consider the simplicity in usage, Ledger Nano S Plus is good because you can connect it to mobile devices with bluetooth.

Trezor vs Ledger: Which Wallet is Right for You?

Both Trezor and Ledger hardware wallets are good hardware wallets, providing their best possible features and security. There are some differences when it comes to pricing, display features, and security features. But none of them are major.

If you prioritize affordability more than anything else, then Trezor is your choice. Adding to that, the color touchscreen display of Trezor is also a win.

If you are an experienced crypto user and are well-versed with dApps and NFTs, then Ledger makes it possible for you. It is easier to access all kinds of decentralized applications with Ledger Live application on all Ledger hardware devices. Also, if you prioritize security and would like to have the most secure hardware wallet even if it is costly, then Ledger is your choice!