Ledger vs. TREZOR – The Hardware Wallet Comparison 2022
The hardware wallets from Ledger and TREZOR are undoubtedly among the most popular. Ledger has laid the foundation with the Ledger Nano S and TREZOR with the TREZOR One. In the meantime, both manufacturers have released a successor model, the Ledger Nano X on one side and the TREZOR Model T on the other.
Therefore, the question arises again and again: Which hardware wallet should I choose? I have tested all models extensively and try to help you with this guide to help you decide. If you have any questions about any of the hardware wallets, feel free to leave me a comment.
Quick overview between TREZOR and Ledger
|Model||Ledger Nano X||Ledger Nano S||TREZOR One||TREZOR Model T|
|Comments||31 comments||12 comments||4 comments||10 comments|
|Platform||Windows, Linux, Mac, Android, Chrome OS, iOS||Windows, Linux, Mac, Android, Chrome OS||Windows, Linux, Mac, Android||Windows, Linux, Mac, Android|
|FIDO U2F Authenticator|
|Interfaces||Bluetooth, USB-C||USB||USB||microSD, USB-C|
|Reviewto the shop||Reviewto the shop||Reviewto the shop||Reviewto the shop|
Comparison between Ledger and TREZOR
The quick overview has already shown it: The two hardware wallet brands are quite similar. But there are also some differences, which are highlighted below.
General information about the two hardware wallets
The manufacturer TREZOR launched the first hardware wallet on the market in 2014. It was invented by slush, who is still CEO and IT developer in his company SatoshiLabs. TREZOR is based in Prague in the Czech Republic. You can get the hardware wallet directly from there via the official shop or via one of the resellers.
Ledger is a manufacturer from France, which is probably one of the best known hardware wallet manufacturers today. Ledger originated in Paris, France. You can get the hardware wallet directly from there via the official shop or via one of the resellers.
In the following I will go into the biggest differences between the two hardware wallets from Ledger and TREZOR. Details can be read in the respective test report:
- Ledger Nano S test report
- Ledger Nano X Test Report
- TREZOR One Test Report
- TREZOR Model T Test Report
Difference: Open Source
One difference that you’ll notice when comparing the criteria in the table above is that Ledger doesn’t fully disclose its source code because non-disclosure agreements with manufacturers prevent the company from doing so. However, the specifications are completely open and detailed, and all cryptographic operations are deterministic. This will allow any user to check if the hardware wallets are doing what they are supposed to or if there are side channels.
TREZOR’s hardware wallets, on the other hand, are completely open source.
Difference in password encryption
Most hardware wallets offer a password function. Such a password can be any word, string of letters, or even a phrase. You could also think of the passphrase as the 25th word of the recovery seed that is never stored on the device. So a passphrase generates a different wallet.
These settings are useful for having one main account and two or more hidden accounts from the same wallet, with the same 24 word recovery seed. Thus, even if you are in possession of the recovery seed, you cannot access the corresponding wallet without the password. Therefore, this feature is also suitable in case of blackmail by giving out a false password that unlocks a less important hidden account.
However, the TREZOR One and Ledger Nano S differed slightly in this advanced security feature.
Because with TREZOR , 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 out. With Ledger, on the other hand, the password is linked to another PIN, which you then type in using the normal keys.
Handling and operation
In principle, the first two models rely on the same input and output options: Two buttons and a small screen.
The design of the Ledger Nano S is a little better for attaching to a keychain, though, and it looks more like a USB flash drive – though you’ll need two hands to operate it here. The TREZOR One can be easily operated with one hand. But with this wallet, less device interaction is required anyway, as more input is taken from the controller.
However, things diverge a bit when it comes to the successor models. While the Ledger Nano X still relies on a small display with two buttons, the TREZOR Model T has a relatively large touchscreen with color display. But thanks to a rechargeable battery, the Ledger Nano X can also be used on the go via a Bluetooth connection with a smartphone.
Another point of difference between the two hardware wallets is the cryptocurrencies supported. Because Ledger is clearly ahead here with its hardware wallets, as new cryptocurrencies are regularly implemented here. But also at TREZOR the community is constantly working on new supports.
According to official data, Ledger’s hardware wallets supported more than 1800 coins and tokens, TREZOR “only” more than 1600.
Ledger vs TREZOR: Conclusion
At first glance, the hardware wallets from Ledger and TREZOR don’t seem very different. But a close comparison of the two brands has shown that there are very real differences.
I personally prefer Ledger’s hardware wallets, even though the difference isn’t really that big and both offer great security.
Which hardware wallet did you choose? Feel free to leave your thoughts in the comments.