The increase in popularity of cryptocurrencies and decentralized applications (dApps) have also increased the usage and need of crypto-wallets for the secure storage of funds. Even though decentralized exchanges (DEXs) for cryptocurrencies have heavily secured their protocols to protect their clients, it is always recommended to store your crypto-funds in crypto wallets.
Crypto wallets are designed to hold private keys in a secure and easy-to-access way. They provide the users with ease of sending, receiving, swapping, and buying cryptocurrencies. Standard wallets are made to hold actual cash. On the contrary to this, cryptocurrencies are stored on their native network’s blockchains, but crypto wallets store the private keys used to access those funds.
Below, we broadly explain the differences between cold and hot wallets. As you may already know, both Ledger Nano X and Trezor Model T are cold-storage wallets. This means that both are highly-secure and great places to store your Bitcoin or other cryptocurrencies.By bitbit21
Crypto wallets come in different types ranging from simple-to-use applications to complex security solutions. Some of the most popular types of crypto-wallets are as follows:
Based on Internet connectivity, a wallet is considered hot or cold. Therefore, hot wallets are connected to the Internet and are more vulnerable and less secure. However, they are more user-friendly, usually easy to set up and access, and are used for quick transactions. On the other hand, cold wallets have no internet connectivity and store private keys offline. These are considered more secure, less risky, and hack-resistant.
Paper Wallets: one of the popular ways of storing private keys in the early days of cryptocurrencies. Paper wallets are private keys and QR codes in printed form.
Hardware Wallets: These kinds of wallets are used for offline storage of crypto funds. They are hardware devices used for storing public and private keys and work like USBs that can be connected to PCs/laptops and accessible by their native applications. These are more user-friendly than paper wallets.
Desktop Wallets: These are a type of hot wallets as these are connected to the Internet. Desktop wallets are computer programs that can be installed on your desktop/laptop. These stores and manage your private keys on your hard drive. However, they require anti-virus software and regular backups of your computer to make sure the system’s security is not compromised.
Mobile Wallets: similar to desktop wallets with the difference that they are made for usage on smartphones. These are more convenient to use and practical for daily use. However, they are vulnerable to malware and viruses hence require encryption.
Web/Online Wallets: these wallets are accessible through internet browsers. They are more prone to DDOS attacks and are the least secure kind of wallets. They are ideal for small investments and quick transactions.
Every crypto wallet fulfils different needs and provides an additional level of security; subsequently, one should always be careful about their choice of wallet. Different companies offer different types of wallets with varying security and other features. In this article, we will compare Ledger Nano X Wallet and Trezor Model T Wallet based on security and supported currencies while also looking at ease of use, cost, features, and more. With this comparison, we intend to help our readers choose the wallet that meets their needs and provides good security and supporting features.
Both Trezor and Ledger have gained to mark themselves as the most dominant and preferred hardware wallets to use by the crypto community. Both offer secure hardware wallets, support 1,000+ coins, and have incorporated cryptocurrency exchanges. Launched in 2013, Trezor is manufactured by SatoshiLabs with headquarters in Praha, Czech Republic. Ledger was founded in 2014 and had its headquarters in Paris, France.
While there are vast amounts of devoted supporters of both companies, the $190 Trezor Model T offers a larger touchscreen, making it easier to use. However, it does not offer Bluetooth connectivity or a mobile app like the Ledger Nano X. Additionally, the Ledger Nano series supports a few popular coins, like Graph Token (GRT) and Uniswap (UNI), which Trezor does not.
Founded in 2014, Ledger is one of the biggest hardware wallet companies. With a team of over 130 professionals, it is a leader in security and infrastructure solutions for cryptocurrencies and blockchain applications. Ledger specializes in developing a variety of products and services targeted to facilitate the safeguarding of cryptocurrency assets. The Ledger Nano X is the latest hardware wallet introduced by Ledger.
The main difference between Nano X from its predecessors is its larger screen and Bluetooth connectivity. The Bluetooth connectivity facilitates controlling the Nano X wallet via a mobile phone and hence provides better mobility. The Nano X is a cold wallet; it offers cold storage by creating and storing your wallet’s private keys offline. It is also capable of natively managing ERC-20 and ERC-721 tokens.
The Trezor series manufactured by SatoshiLabs is one of the oldest cryptocurrency hardware wallets. Trezor’s first hardware wallet was prototyped in 2012, and their first product (the Trezor One) was released in 2014. The Trezor Model T is the latest higher-end device released in 2019.
The Model T suits both HODLers and active crypto traders alike. It offers all the features of its predecessor, the Trezor One, and support for newer cryptocurrencies and exchanges such as XRP, Cardano, Monero, etc. One of the most significant plus points of the Trezor Model T is that everything about it, from its hardware specifications to the software that powers it, is released under an open-source license.
Furthermore, a built-in touchscreen gives the Model T a premium feel. It enables the users to enter the security PIN and passphrase on the device itself, rather than using a mobile device or desktop, which increases security and convenience for the users.
Feature Comparison of Trezor Model T and Ledger Nano X
Below we provide a comparison of the major features offered by both products.
The Ledger Nano X is priced between $119-$113. At the same time, the Trezor Model T is priced at $189-$195. The full-colour touch screen is the reason for the higher Trezor T price. Based on price, the winning candidate is Ledger Nano X.
Our personal favorite is the Ledger Nano X; it is more beginner-friendly, has a wonderful interface & manual and the pricing is better compared to its competitor. You can get your Ledger Nano X from Ledger.comBy bitbit21
Size and Design
Trezor Model T looks like a chained clock in your hand and gives a premium look with its touch screen. It also has two buttons on the front that helps in navigating the user interface and options displayed on the screen.
- Content of the box: Trezor Model T device, Model T magnetic dock, USB-C cable, 2x Recovery seed booklet, Trezor stickers
- Dimension & weight Size: 64 mm x 39 mm x 10 mm & Weight: 16 g
- Materials: Plastic. No battery is required.
Whereas Ledger Nano X’s design gives a rad look on your hands. It has an OLED screen which is stylish, but it isn’t a touch screen like Trezor T. However, some may argue that the touch screen is not a requirement.
The buttons have come at the front compared to its older model and in terms of size, and it is a bit smaller than Trezor T but a bit heavier. Almost twice as heavy as Trezor T, but that’s because of the battery.
- Content of the box: 1 hardware wallet, 1 USB cable, 1 getting started leaflet, 3 recovery sheets, 1 keychain strap
- Dimension & weight Size: 72mm x 18.6mm x 11.75mm & Weight: 34g
- Materials: Brushed stainless steel and plastic. Battery required.
Based on the size and design, Ledger Nano X is the winner.
Due to its battery and Bluetooth feature, when compared for mobility, Ledger Nano X wins over Trezor T and any other hardware wallets, hands down. Ledger Nano X comes with a 100 mAh battery that can last up to 5 hours making it the perfect mobile hardware device. The battery life is five years if used properly. Also, the Bluetooth feature facilitates connecting your hardware device to iOS and Android devices without any USB cables. At the same time, Trezor T lacks a battery, which is considered a prerequisite for providing optimal mobility to the users. Furthermore, Model T does not support wireless connectivity.
Trezor and Ledger are amongst the best Bitcoin wallets and offer similar features. While, on the one hand, both brands connect via a USB cable, the sleek Ledger devices look like ordinary, steel universal serial bus (USB) storage devices. Meanwhile, Trezor devices are slightly lighter, housed in a plastic casing, and uniquely shaped. Both the devices can connect to computers running Linux, Windows, and Mac operating systems. However, Trezor users can only connect to Android devices, whereas Ledger also supports iOS phones and Android.
The Trezor models also feature larger displays, making it easier to read the screen. The Trezor Model T offers a liquid crystal display (LCD) colour touchscreen that’s 240×240 pixels. In contrast, the Ledger Nano X has a display that is an OLED having 128×64 pixels.
When it comes to connectivity, mobile users appreciate the optional Bluetooth capability of the Ledger Nano X—a feature not offered by Trezor.
Both Ledger Nano X and Trezor T are rated equally in security. Trezor T is entirely open-source. However, Ledger Nano X is not fully open-source, but it is still more secure than keeping your cryptos open in software wallets.
Trezor and Ledger are industry leaders in security, as both companies provide private keys that never leave the devices. The Trezor models are built on a single chip base, whereas Ledger devices use a double chip base. Ledger’s second chip is a bank-grade secure element (SE), providing additional security against hardware-based attacks.
Ledger uses a unique blockchain open ledger operating system (BOLOS), an open-source framework. However, unlike Trezor, Ledger wallets use closed-source firmware, meaning it’s not available for third parties to review or test for vulnerabilities. On the other hand, the Trezor Model T is entirely open-source. Both Model T and Nano X facilitate the users to enter their PIN codes directly on the hardware.
Along with support for BIP39 (Bitcoin Improvement Proposals) passphrases, the Trezor Model T offers Shamir Backup for improved private key security. It’s important to note that Ledger lost some public confidence after a breach of a marketing database in 2020 that exposed people’s contact information. Likewise, Kraken’s security division could hack Trezor hardware wallets when they obtained the physical devices as part of vulnerability testing.
One thing we need to note is that Ledger uses a closed-source firmware and Trezor is 100% open-source. This can be a deal-breaker for some so if that person is you, purchase your Trezor Model T from Trezor.ioBy bitbit21
Ledger has the edge for supported currencies, allowing users to store more than 1,800+ different coins and tokens compared to 1,649 supported by Trezor. Ledger claims to support 5,500 crypto assets, as stated by the official website. Users can hold popular altcoins, such as Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), and Stellar (XLM). Ledger Nano X also supports the staking of different selected coins. Trezor and Ledger users can access built-in cryptocurrency exchanges to buy, sell, or trade coins while using their hardware wallets.
Ease of Use
Trezor and Ledger devices are relatively easy to set up because they follow strict account verification and passphrase configuration. The Trezor Model T earns slightly higher ratings for ease of use over the Ledger Nano X due to the colour touchscreen. Although the Nano X is somewhat larger than its predecessor, the Nano S, with a bit more spacing between the physical buttons, the screen is still more challenging to read than the Trezor Model T.
However, it’s easier to connect the Ledger Nano X to a cell phone via Bluetooth. In contrast, the Trezor models require a USB connection.
Ledger devices work with the Ledger Live application, available as a download for desktop or mobile devices. The application lets users manage accounts, check real-time crypto balances, and send and receive funds. The Ledger devices must connect to Ledger Live to complete the initial setup procedure.
Although Trezor does not currently have a mobile app, the company plans to introduce one soon. However, users can install either a Chrome extension or the Trezor Bridge corresponding to their operating systems. Trezor offers the Trezor Suite a desktop app, providing access to portfolio information and the incorporated exchange.
Furthermore, both companies support third-party wallet applications, such as MyEtherWallet, MetaMask, and MyCrypto. But only Trezor connects with Exodus, while Kyber Network wallet users must use Ledger. Overall, Trezor offers about 15 third-party wallets versus 24 offered by Ledger.
Ledger vs. Trezor Staking
Staking is a process that takes place on Proof-of-Stake (PoS) networks. You lock your assets to secure the network and validate transactions in return for rewards during this process. Staking can also be done in some hardware wallets.
The Ledger wallet allows you to stake up to 7 coins simultaneously directly in their platform or an external wallet. On the contrary, Trezor does not support staking crypto directly in their platform. Nevertheless, Trezor wallets are eligible to link to staking pools through third-party software such as AllNodes.
The popularization of the PoS (Proof-of-Stake) incentivezed Ledger to add Ethereum, Polkadot, Tezos, Cosmos, Solana and many more cryptocurrency stakings in their system. The is a huge advantage for popular altcoins holders who are willing to stake their tokens.By bitbit21
Although it is a tough call, Ledger Nano X edges out Trezor Model T due to its lower price, mobile app, iOS connectivity, Bluetooth connectivity, staking capabilities, and support for a few more popular coins and wallets than Trezor. However, if one is willing to spend the extra money on a touchscreen and Shamir Backup, the Trezor Model T is perfect.