Digital wallets (both hardware and software) are devices programmed or produced as a storage device for digital currencies to be kept in, to aid their safety, plus easy transfers and receipts. In this article, we will be reviewing two of the most famous crypto wallets in the market right now; Ledger Nano S vs Trezor.
Hardware wallets are physical wallet devices where cryptocurrencies are stored offline but accessed online using a USB cable. Amongst the most popular and outstanding hardware wallets out there used by many crypto adopters and users to store, transfer and receive crypto coins and tokens are the Ledger Nano S wallet and the Trezor One wallet.
What is Ledger Nano S?
The Ledger Nano S is a hardware wallet that is used to store cryptocurrencies, examples are; Bitcoin, Ethereum, ZCash, Bitcoin Cash, Litecoin, etcetera, and also to transact them to other wallets and users.
Being a hardware wallet makes it physical and able to touch. It is a small and compact device, with a screen, and a stainless-steel body casing that gives it style and protection against damage. It is not a cold wallet, it stores coins offline but they can only be accessed by plugging the wallet to an online computer system using a USB cable.
In giving a ledger nano s review, one will say it is a popular and widely used cryptocurrency hardware wallet (though not open-sourced), which has been in the crypto market since 2016 and supports a wide variety of coins, has a Bluetooth feature for it’s Android and iOS smartphones users, offers high security and has an easy-to-use interface.
Ledger nano s fees are pegged at an affordable rate of an estimate of 60 dollars, excluding shipping expenses. It’s transfer fees for sending coins are affordable and acceptable by the crypto community.
If your question is whether ledger nano s is safe, then my answer to that is a very loud and big YES! You own complete control over your wallet, you create the PIN yourself, the private keys are not stored on their servers and they never leave the device. Also, you can wipe and generate new wallets multiple times. Before each “send transaction” is done, the sender is required to press a physical button on the wallet, which any hacker who might have gotten connected to the device online would never be able to do. It also comes with Anti-Tampering Seal but it is highly recommended to buy from an authorized and trusted seller.
What is Trezor?
In giving a trezor review; Trezor is a popular open-source hardware wallet used to store cryptocurrencies. It was launched in August 2014 and is the first Bitcoin hardware wallet that offers secure cold storage plus the ability to spend with the convenience of a hot wallet.
It is a sizeable, fit-for-the-pocket device that connects to your computer with a USB cable. It stores your Bitcoin and other cryptocurrencies’ private keys offline and signs transactions which makes it safe to use even on a malware-infected computer.
Trezor’s transfer fees are also at a normal rate, depending on the speed of the block, convenience needed and user. It’s purchase price is at an estimate of 80 dollars (also shipping fees not inclusive).
Is Trezor safe?
Yes, Trezor is super safe as a hardware wallet to store crypto coins. Just like that of ledger nano, it also requires a physical button to be pressed before any “send transaction” is activated and also comes in an Anti-Tampering Seal. You own full control over the wallet, it’s PIN, and private keys.
Though there was a reported vulnerability in the Trezor hardware in 2017, Trezor still remains one of the safest hardware wallets since the said vulnerability has long been fixed by the Trezor Team.
Ledger Nano S vs Trezor Review
In comparing and contrasting ledger nano s against Trezor (i.e. ledger nano s ‘s Trezor), we see some key features embedded in the hardware wallets, such as:
- Design: Ledger has a stainless-steel body that gives it a stylish look and more protected from damage but also heavier than Trezor which is made with plastic, and has a larger screen which aids the user to gain extra protection and verification while making transactions.
- Price: Another point in ledger nano s ‘s Trezor is the price. Trezor goes for an amount rounded up to 80 dollars while ledger nano s goes for 60 dollars, making it more affordable than Trezor.
- Company Reputation: Trezor has a more wide acceptance from the crypto community than ledger nano s. It has a higher company reputation and has earned larger and better recommendations than ledger nano s.
- Usability: Ledger according to many popular reviews from the crypto community is easier to use than Trezor, it has a more robust live wallet interface which makes it more user-friendly than Trevor.
- Open-Source: Trezor is an open-source coded device while ledger nano s is not. Also, Trezor has the qualities of both cold and hot storage while ledger nano s is just a hot wallet.
- Bluetooth Feature: Ledger nano s has a Bluetooth feature available, making it possible for it to be used and accessed through Android and iOS smartphones by simply connecting the smartphones to the hardware wallet device via Bluetooth. Though there are been many criticisms against this feature and in favor of Trezor maintaining its connections to computer systems only, it stands out as a point when conducting a Ledger Nano S vs Trezor review as a feature that ledger has which can’t be gotten with Trezor.
- Support: Ledger nano s and Trezor supports over a thousand coins and tokens each. But in this category in Ledger Nano S vs Trezor, it’s worthy to note that Ledger Nano S supports more coins than Trezor. Trezor supports up to 1,071 coins, a little below the number ledger nano s supports. But the criticism in Trezor’s favor regarding coin support feature is that it supports all those coins without any need of installing any additional applications from the coin developers, while ledger requires the installation of the coin applications of certain coins to it before they are fully supported and activated.
Ledger nano s and Trezor all safe and highly recommended crypto hardware wallet devices with the capacity to store thousands of coins and tokens in them and with easy-to-use features also.
The reason for a “ledger nano s vs trezor” review is to bring to your notice some features characterized by the wallets, so you could be able to make informed choices when getting a hardware wallet, depending on what you want.
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Jesus Cedeño is a certified doctor turned cryptocurrency expert, writer, and investor who lives in New York City. Jesús specializes in cryptocurrency product reviews, tutorials & technical analysis. Follow him on LinkedIn to stay up to date on his latest work on blockchain, decentralization and crypto investments.