The complete review of the Ledger vs Trezor between the Ledger Nano S and the Trezor Model One. This review is based on 7 key criteria starting with price. Best Hardware Wallets
Ledger Nano S vs Trezor Model One
The price of the Ledger Nano S is about 70 USD without shipping charges. The price of Tresor model 1 is about 60 USD, which is slightly cheaper. Depending on your location including the shipping charges both will have a similar price range. So for Ledger vs Trezor price comparison, there is no bigger price difference.
Tresor and Ledger are made of plastic but Tresor has a stainless steel protective case. Also, the Trezor is slightly larger and the Ledger is more like a traditional USB in terms of its shape of it. The Ledger feels and looks sturdier and it just feels like a higher quality product.
3. Hardware Functions
Both of them have a very small display screen and are controlled by two buttons. Although the Trezor buttons are much larger and easier to hit, the Ledger buttons are quite small and are on the side as opposed to the front. Both crypto wallets operate in a pretty similar way and you need to take them and plug them into your computer and then activate them and confirm transactions by hitting buttons. The Ledger does come with a much longer cable, which actually is a pretty significant benefit. The Ledger vs Trezor hardware functions competition is similar.
4. Software or Application
The software or the application that you actually use to access your crypto assets. Looking at the basic app, they are pretty similar. There are some key differences in functionality, for example, the Ledger Nano S has a space limit for applications and has a capacity of 144 kilobytes. That means for managing different cryptocurrencies you can only choose a few. It only means you can only actively manage the ones that you’ve installed. Let’s say you’ve downloaded the bitcoin and the Ethereum apps but then you realize that you also want to access XRP. Well if you want to do that you have to uninstall one of the other ones then install xrp app. While you’re actively managing that asset and afterward you can go back and uninstall and reinstall whichever you want. But it does take a little bit of extra work.
Though Ledger offers much more functionality and it’s actually easier to stake your crypto. For example, you can use it to secure your NFTs, and soon they’re going to be adding the ability to actually borrow and or loan your crypto assets.
Tresor on the other hand doesn’t actually require you to download and install an app to use it. You can just choose to toggle them and the firmware is actually hosted through the app, so it doesn’t have to be downloaded onto the actual Tresor hardware wallet. So in this way Tresor is a little bit simpler to manage multiple cryptocurrencies simultaneously. Both apps have a feature that allows you to exchange one crypto asset for another with quite high fees.
When it comes to connecting with third-party wallets. Both the Ledger Nano S and the Trezor Model One have a number of options. The Ledger is compatible with at least 24 different third-party wallets including AdaLite Cardano Wallet, which is used to manage Cardano and to stake Cardano. The Trezor is compatible with at least 15 third-party wallets including exodus.
5. Supported cryptocurrencies
In terms of the number of coins or crypto assets supported. Both of these offer over 1000 but technically the Ledger Nano S offers 100 more than the Tresor model one. Also, the Ledger Nano S offers access to some cryptocurrencies that Trezor doesn’t offer unless you upgrade to Trezor Model T. Which is a more expensive model of the hardware wallet. So Ledger wins this category although it is quite close. The Ledger Nano S has a little bit more difficulty to manage multiple cryptocurrencies simultaneously, but it does have a number of additional features that the Tresor doesn’t offer.
The security of Ledger is stronger as compared to Trezor. In terms of security, the Trezor wallet asks for the pin code when plugin into the computer. It could potentially be hacked more easily if someone has access to your network and to your computer. On the other hand with Ledger, you confirm your pin code with the actual buttons on the hardware wallet.
Another point is that the Trezor software or firmware is open source, which does have pros and cons. It’s easier to find bugs and to fix them and also anybody that actually has knowledge of code can look at the Trezor code and determine if there’s anything in there. It does mean that hackers do have total access to the code and can look through it and try to find ways to exploit it. With Ledger, their software and their code are not open source. So you don’t have the problem of hackers being able to just look at it. When comparing all the factors in this category again the Ledger has a slightly better.
Both of these are compatible with MAC, Windows, Linux and neither of them is compatible with mobile applications. The Ledger Live app is available to download on a mobile device but you won’t actually be able to access it with the Ledger Nano S. For that you need the Ledger nano x. The Trezor Model One also doesn’t have any mobile applications. The Ledger Nano S provides you with another way that you can check the price of cryptocurrencies every 10 minutes to see if it’s actually changed. So compatibility category for Ledger vs Trezor is also similar.
The Ledger Nano S is the superior crypto wallet at least at the entry-level. The Ledger Nano S just looks and feels like a superior product. The app is slightly more good as compared to Trezor. It offers more coins that are available with native support. It has more integrations with third-party wallets and it offers more additional features and functions. The Ledger Nano S is a better option if you’re looking at buying a hardware wallet.