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Ledger Nano S vs. TREZOR One – The Comparison 2019

The Ledger Nano S and TREZOR One are without doubt among the most sought-after hardware wallets. Therefore, the question arises again and again: Which hardware wallet is better: The Ledger Nano S or TREZOR One?

I have tested both models extensively and try to help you with this guide. If you have any questions about one of the Hardware Wallets you are welcome to leave me a comment.

ledger nano s vs trezor

Which of the two hardware wallets is better: TREZOR One or Ledger Nano S?

Quick Overview between the two Models

Ledger Nano S Front view slightly unfolded
ModelTREZOR OneLedger Nano S
Test Result



Comments-5  comments
Altcoin Support
Supported Coins14 Coins55 Coins
FIDO U2F Authenticator
Open Source
Screen 2FA
Reviewto the shopReviewto the shop

Comparison between Ledger Nano S and TREZOR One

The quick overview has already shown it: The two hardware wallets are quite similar. However, there are also some differences, which are highlighted below.

General Information of the two Hardware Wallets

TREZOR One is the first hardware wallet on the market and is probably the best known. It was invented by slush, who is still CEO and IT developer in his company SatoshiLabs. The Hardware Wallet is manufactured in Prague, Czech Republic. You can purchase the Hardware Wallet directly from the official shop or from one of the resellers.

Ledger Nano S is the first model from Ledger with its own screen and keys. Theforerunners are no longer available in the official shop. The hardware wallet is manufactured in Paris, France. You can purchase the Hardware Wallet directly from the official shop or from one of the resellers.

In the following I will explain the differences between the two hardware wallets. Details can be read in the corresponding test report:

Difference: Open Source

One difference you already notice when comparing the criteria in the table above is that the Ledger Nano S is not completely open source. For Ledger, the firmware is not open source, as non-disclosure agreements with manufacturers prevent the company from releasing source code that would be useful to users. However, the specifications are completely open and detailed, and all cryptographic operations are deterministic, allowing any user to check if the map answers, what it should do and if there is no side channel.

However, this validation of both card behavior and customer behavior based on the specifications should already create sufficient confidence to keep up with the hardware wallet TREZOR One. Because this is completely open source.

Difference in Password Encryption

Most hardware wallets offer a password function. Such a password can be any word, any sequence of letters or even a sentence. You could also imagine the passphrase as the 25th word of the recovery seed that is never stored on the device. A passphrase generates another wallet.

These settings are useful to have one main account and two or more hidden accounts from the same wallet, with the same 24 words Recovery Seed.

So even if you have the recovery seed, you cannot access the corresponding wallet without the password. Therefore, this feature is also suitable in case of blackmail by issuing a false password that releases a less important hidden account.

However, TREZOR One and Ledger Nano S differ slightly in this enhanced security feature.

With TREZOR One, this password is entered via the keyboard of the PC to which the wallet is connected. This makes it possible for attackers to read it. For Ledger, on the other hand, the password is linked to another PIN, which is then entered using the normal keys.

Handling and Operation

In principle, both models use the same input and output options: Two buttons and a small screen.

However, the design of the Ledger Nano S is slightly better for attaching to a bunch of keys, and it looks more like a USB stick – but here you need two hands to operate it. The TREZOR One can be easily operated with one hand. But this wallet requires less device interaction anyway, since more input is taken from the ECU.

Supported Cryptocurrencies

Another difference between the two hardware wallets are the supported crypto currencies. With its hardware wallets, Ledger clearly has the edge here, as new crypto currencies are regularly implemented here. But also at TREZOR One the community is constantly working on new supports.

However, you should note that the number of apps to be installed on the Ledger Nano S is limited. This means that you have to switch between the apps for many crypto currencies with constant de- and install. More about this in the review of the Ledger Nano S. There is no such limitation with TREZOR, since the firmware cannot be supplemented modularly by other apps.

Ledger Nano S vs TREZOR One: Conclusion

At first glance, the ledger Nano S and TREZOR One do not seem very different. But the exact comparison of the two models has shown that there are indeed differences.

The Ledger Nano S is not completely open source, but is more secure with password encryption. TREZOR One performs slightly better in handling and operation, even if the Ledger Nano S is somewhat more convenient to transport. An important point is that Ledger seems to be more ambitious in implementing new currencies.

Personally, I prefer Ledger’s hardware wallet, even though the difference is not really big and both offer great security.

Which Hardware Wallet did you choose? Please leave your opinion in the comments.

Ledger Nano S

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