Ledger vs Trezor - Detailed Comparison
By: Gaurav Agrawal
Tags: Ledger, Hardware Wallet, Wallet, Bitcoin, Trezor

In this article, we will compare Ledger vs Trezor based on multiple criteria and help you decide which is the best hardware wallet suited for your need.

What are hardware wallets?

Hardware wallets are physical devices that store cryptocurrencies. They contain private keys in an offline mode and cannot connect to the internet or run complicated apps, hence, safe from attacks.

Therefore, they are also known as cold storage (or cold wallets). Hardware wallets are compatible with several interfaces and apps and support multiple cryptocurrencies. They are also compatible with other third-party wallets that act as an interface to manage coins.

Always remember, the more complex the device is, the greater is the chance of it getting attacked. These wallets have a minimal and simple design, reducing the overall attack surface.

How do hardware wallets work?

Hardware wallets only sign transactions. Therefore, in order to prepare the transactions and broadcast them to the network, you need to use another device (ex- laptop) that is connected to the internet.

Usually, you need to download a program to interact with the hardware wallet because these wallets allow only specific types of information such as transaction data.

To start the transaction, we need to enter the pin(password) in the hardware wallet. Always make sure that the transaction we are approving on the hardware wallet’s screen is the same as the connected device (Laptop).

You should always remember the seed phrase, which is a 12- 24 words combination that is given to us to initialize our hardware wallet. Anyone who has access to the seed phrase can access your cryptocurrencies, therefore you must keep them offline in a secure place.

Ledger vs Trezor: Physical Appearance

Display

Both the Trezor and the Ledger wallets have a display screen. They are used to display the seed phrase and send cryptocurrencies. Trezor has a larger display screen compared to Ledger, thus making it more convenient to view. However, Trezor Model T also has a nice color touchscreen.

Material

Trezor wallet is made from plastic, while the Ledger wallet comes with a stainless-steel body. The stainless steel makes the Ledger wallet more durable and portable, giving it a more stylish look.

Buttons

Both the devices come with two buttons that are used to manage their software. It is important to note here that Trezor’s buttons are easier to use since they have a good amount of space between them. The buttons in the ledger wallet are very close to each other, increasing the risk of pressing both at once.

Size

Trezor is bigger than the Ledger Nano S. Therefore it may be easier to carry the Ledger wallet with you because of its smaller size.

Physical appearance of wallets

Ledger vs Trezor: Cryptocurrency support

It is very important to know what coins are supported by both wallets. Currently, both Trezor and Ledger wallets support 1000+ coins. Both wallets support all ERC20 tokens on the Ethereum network.

Also Read: Ledger Nano S vs Trezor one vs Trezor T vs Ledger Nano X

Ledger vs Trezor: Open source

Ledger

The Ledger wallets run their own custom operating system BOLOS. This means that we cannot see what code goes into the device and the firmware that it runs on. However, the specifications are completely open and detailed, and all cryptographic operations are deterministic, allowing it to have the required information.

Trezor

The Trezor wallets use open-source firmware and software. Using an open-source has both pros and cons. The bugs can be identified easily but it comes with an attached security risk.

You can learn more about Trezor on its GitHub.

Ledger vs Trezor: Supported OS

Trezor and Ledger are compatible both with computers and smartphones. The supported operating systems are Windows 10, macOS 10.11, and higher, Linux, and Android OS.

Ledger supports Windows 8+, macOS 10.10+, Linux excluding ARM Processors. It is also compatible with Android 7+ smartphones.

Ledger vs Trezor: Difference in password encryption

Both Trezor and Ledger wallets have a password function. Each different passphrase unlocks a unique set of accounts. We can use multiple passphrases.

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 regardless of whether we have the recovery seed, we cannot access the corresponding wallet without the password. If you have to forcefully give your password, you can always give the one which has fewer assets.

In Trezor wallets, this password is entered via a connected device such as a Laptop, making it vulnerable for attackers to read it.

However, in Ledger wallets, the password is linked to another PIN which is entered using the normal keys.

Trezor wallets have a password manager that works with Chrome and cross-platform on your MacOS, Windows, and Linux. We can install the Trezor Password Manager Chrome extension (TPM) and sign in with Google Drive or Dropbox. We can also connect our Trezor device by entering our PIN and then enable Password Manager on our Trezor device.

Ledger vs Trezor: Compatibility with other apps

Ledger

The Ledger wallet is compatible with apps such as Ledger Live, Electrum, MyEtherWallet, Copay, Mycelium, Electron Cash, GreenBits, MyCrypto, Binance, Magnum, etc.

Trezor

The Trezor Wallet is compatible with apps such as MyTrezor, Copay, MultiBitHD, Magnum, GreenBits, Electrum, Mycelium, MyEtherWallet, etc.

Both of the wallets are compatible with a large number of apps and have a lot of those apps in common. So always choose, depending on what you need.

Ledger vs Trezor: Hardware

Ledger

The ledger wallet has a very distinctive hardware architecture, consisting of a very secure Operating System BOLOS (Blockchain Open Ledger Operating System), and specialized chips known as Secure Elements.

In order to utilize the Secure Element’s unique security capabilities while being able to manage the different peripheral devices, the Secure Element has been provided with a STM32 microcontroller (MCU) which acts as a router between the peripherals and the Secure Element and notifies it whenever new data is to be received.

The Secure Element is responsible for executing all of the applications of the BOLOS environment.