Where Is It Better to Store Your BTС and NAV: A Trezor vs Ledger Review
When you are growing your cryptocurrency portfolio, safely storing your private keys is essential. Hardware wallets protect your crypto from remote attacks that would steal your funds from an exchange or your device. They even allow you to recover your funds if you lose your device. But, which one should you choose to store your BTC, NAV, and other currencies?
Here we’ll look at Trezor vs Ledger to see which one you should use to keep safe.
Trezor vs Ledger: Wallet Features
Both Trezor and Ledger are cutting-edge hardware wallets and well-known brands in the crypto industry. They are both highly secure, well-tested, have built-in cryptocurrency exchanges, and support over 1,000 digital currencies. The difference between them comes down to the details of their features and how they’re built.
Trezor has been around for longer than any other hardware wallet company and has a great track record. Trezor is built on an open-source platform, meaning anyone can inspect the code used for their wallets and give feedback. Trezor Model T has a touch screen for the user interface. This is useful, but the screen does feel quite small.
Ledger takes a different philosophy. All of its code is proprietary, meaning you cannot inspect it. The hardware wallet comes with the Ledger Live app that lets you manage, store, exchange, and even stake your cryptocurrencies from within the app. The Ledger Nano X uses buttons for its user interface, which are surprisingly easy to use.
Both wallets offer excellent support for well over 1,000 cryptocurrencies, including NAV and BTC. They also give you access to built-in exchange features to buy, sell, and exchange coins directly using the hardware device. There are different features for different cryptocurrencies. For example, you can store and stake Cardano tokens on any Ledger wallet, but you can’t buy or swap them using the Ledger Live exchange.
Supported currencies may also change with different device models. Ripple and Monero are supported by the Trezor Model T, but not the Trezor Model One.
Trezor and Ledger both store your private keys on the device, and they never leave the devices. This is why they are so secure, because even if a hacker gains access to your machine, it still won’t have your private keys. Both have similar security in this regard and great track records.
Ledger does have an extra layer of protection when it comes to physical attacks. It uses a double-chip setup, where the second Ledger chip is a bank-grade secure element (SE). Trezor only uses a single chip base and is more vulnerable if your device is lost or stolen.
One key security problem with hardware wallets is people hacking your device before you receive it. To prevent this, it’s essential you buy your wallet directly from the manufacturer.
Here are the prices of Trezor vs Ledger devices as of 2022:
- Trezor Model One: 69 Euro (~$73)
- Trezor Model T: 249 Euro (~$265)
- Ledger Nano S: $59
- Ledger Nano S Plus: $79
- Ledger Nano X: $149
As you can see, the Ledger wallets are cheaper overall. The Nano S is about $15 cheaper than the Model One, with a similar look and features. When it comes to the high-end models, Ledger offers two options, both cheaper than the Trezor Model T. Overall, Ledger wins on pricing and options.
Trezor or Ledger: Choose the Winner
Deciding between the Trezor vs Ledger wallets is a close call to make. First, you need to check which of them supports the currencies you use and features you’d like (e.g., the ability to trade NAV to BTC natively in the wallet). If they both do, then the Ledger wallet comes out slightly ahead as the winner. It has extra security features, an all-in-one system, cheaper prices, and more model options available for you to choose from.
However, it is worth paying attention to your personal preferences and comfort, because both companies guarantee basic security needs for their customers.