Trezor vs Ledger Nano S — What You Need To Know

Trezor Vs Ledger Nano S

People invest in Cryptocurrencies with the excitement of making huge profits and holding what could be the futures currencies. The basics of buying, trading and investing in digital currencies have been broken down and understood by many, however, the major challenge is — keeping your digital assets secure!

We have heard cases of people losing their Cryptocurrencies on web and software wallets. These wallets are perpetually targeted by cyber criminals due to their vulnerability. Apparently, these criminals will go to any length to steal your coins, and as the value of Cryptocurrencies increase so also does the urge to steal them.

This review is aimed at introducing you to the most secured way to store your Cryptocurrency investments – the Trezor and Nano S hardware wallets. Here, we will be walking you through all you need to know about them; to enable you to make the right purchase decision.

The brands will be compared based on their basic features, company track record, currency support, wallet cost, set up and usability, appearance, size, app compatibility and a lot more.

Before we go furthermore, it’s important we get to understand what hardware wallets are, what makes them stand out? Why everyone isn’t using them despite the security they present.

Trezor Vs Ledger Nano S

 

What is a Hardware Wallet?

Hardware wallets are basically tangible devices used in storing digital currencies. They store user’s private keys securely in offline mode and are a lot more secure than software and web wallets. Click to have a better understanding of what web and software wallets are.

Why are hardware wallets so secure? Keeping your Cryptocurrencies in a hardware wallet means keeping them offline (out of the internet) and can be likened to taking your money out of a bank and keeping them in a secured safe. This allows you to have total control over the security of your funds since the internet nowadays is plagued with a multitude of viruses and malware intended to steal funds and identities.

Why hardware wallet? Why not store your private keys in a USB drive? Well, that sounds like a good idea, but you won’t store your keys forever, you will need to attach that USB drive to a computer to make transactions and when you do that, booom! Your private keys are accessed.

Here’s what happens to your transactions when using a hardware wallet.

Trezor Vs Ledger Nano S

 

How do Hardware Wallets Secure Transactions?

Hardware wallets store your private keys securely and can be rightly referred to as mini-computers.

However, to transact using your hardware wallet you still need to connect to a computer and the internet as well. And since the wallet signs your transactions, you can rest assured that your private keys are not exposed in the process and are inaccessible to your computer and software you use for transactions.

Your private keys are so safe in hardware wallets that, you can’t even see them yourself.

 

If Hardware Wallets are so good, Why isn’t Everyone Using Them?

The major reason why hardware wallets are currently not in every household is the price tag that comes with them.

Other wallets such as web wallets, paper wallets and software wallets are free and can be set up within 2-5 minutes. However, hardware wallets come at the price range of $50 to $180 (N15,000 Naira to N55,000 Naira) and require a bit of time to set up.

If you are serious about providing total immunity for your Cryptocurrencies from virus and hack attacks, then the extra bit of funds you will spend on purchasing a hardware wallet should not be a cause for concern. However, buying a hardware wallet might not be a good idea if you plan on holding small amounts of Cryptocurrencies.

At this point, we shall go ahead to compare the most popular hardware wallets —Trezor and Ledger Nano S.

 

The Companies Behind Trezor and Nano S Hardware Wallets.

Trezor was created by a Czech Republic-based company called Satoshilabs, it was launched in 2014 as the world’s first Bitcoin hardware wallet. Its founder – Marek Palatinus also founded Slushpool, which is a popular mining pool.

The idea of putting digital currencies in their owners’ control and out of reach from hackers, viruses and third party fraudulent software’s and devices led to the birth of the first Trezor device, the wallet has since improved, adding more features and currency support and gaining a reputation in the crypto world.

The ledger wallet, on the other hand, was created by a French company called Ledger. This company commenced operations in 2014, through the fusion of ideas between 8 experts with extensive knowledge on security and Cryptocurrencies.

Ledger created their first hardware wallet in December 2014 and has since made upgrades. Their latest wallet is the ledger Nano S. Furthermore, the Ledger Nano S has gained widespread acceptance since its launch due to the quality it brings to the table. It has sold over a million units already.

Ledger since its launch in 2014 has been committed to providing secure technology for Cryptocurrencies. The company’s track record has been commendable, hence the reason for the success and popularity they have enjoyed thus far.

Both the Trezor and Nano S have been trusted by many to get the job done, and they haven’t failed to deliver till date. The companies have a perfect mix of great developers, passion and vision, and are well worth the hype.

Things will get more interesting from here as we – compare their features!

 

Trezor Vs Ledger Nano S – Features Comparision. 

To know which is better between our contesting wallets, it’s imperative that we take a look at their basic features. First on our list is — currency support.

 

Supported Currencies

This is very important as it offers users with more options in the type of Cryptocurrency they wish to hold. The more currencies supported the more value for money.

 

Trezor Currency Support

Trezor currently supports the following currencies. (At the time this article was written)

  • Bitcoin
  • DASH
  • Litecoin
  • Bitcoin Cash
  • Zcash
  • Ethereum
  • Bitcoin Gold
  • Ethereum Classic
  • Expanse
  • ERC-20 Tokens
  • UBIQ
  • Namecoin
  • NEM
  • Dogecoin
  • Testnet Bitcoin

Not all the currencies above are fully supported; some require external software’s like MyEtherWallet for Ethereum and ERC-20 tokens. Click here for more details on Trezors supported coins.

Buy Trezor

 

Ledger Nano S Currency Support 

The following currencies are currently supported by the Ledger Nano S. (At the time this article was written).

  • Bitcoin (BTC)
  • Bitcoin gold (BTG)
  • Bitcoin cash (BCH)
  • Ethereum (ETH)
  • Ethereum classic (ETC)
  • Ethereum Erc-20 Tokens
  • Dogecoin (DOGE)
  • Litecoin (LTC)
  • Dash (DASH)
  • Ripple (XRP)
  • Zcash (ZEC)
  • Stratis (STRAT)
  • Ark (ARK)
  • Komodo (KMD)
  • Vertcoin (VTC)
  • Ubiq (UBQ)
  • Expanse (EXP)
  • Stealthcoin (XST)
  • Neo (NEO)
  • Viacoin (VIA)
  • Digibyte (DGB)
  • Hcash (HSR)
  • Stellar (XLM)
  • Pivx (PIVX)
  • Qtum (QTUM)

All the currencies above are fully supported.

From the above, we can clearly see that the Ledger Nano S supports more currencies than Trezor including the much sort after cryptocurrency — Ripple.

To store Ripple you will need a Ledger Nano S, at least for now until Trezor includes supports it.

Buy Ledger Nano S

Trezor Vs Ledger Nano S

 

Wallet Cost

A Trezor wallet is currently selling at around $109 (N39,300 Naira) in their official store, while the Nano S is selling at $94 (N33,778 Naira).

From the above, you can see that the Ledger Nano S cost less than the Trezor, notwithstanding its support for more currencies.

Let’s move on to more features.

 

Display Screen

A majority of hardware wallet users agree that a screen is a vital component to any hardware wallet; it ensures sensitive information’s like backup seeds, PIN codes and private keys are not leaked out to third-party devices or malware. To this effect, most quality hardware wallets come with built-in display screens, and that includes our beloved Trezor and Nano S.

Display screens are essential features in every hardware wallet in the sense that, they display recovery phrases and ensure users transfer the right amount of funds and to the right recipient amongst other pertinent functions.

 

Set Up & Usability 

Both the Trezor and Nano S work almost identically; they are both compatible with Windows, Mac OS and Linux and require a computer connected via USB.

Furthermore, their set-up processes are similar and relatively easy; entailing the creation of a PIN Code and writing down back-up/recovery seeds. They both have well-tailored interfaces which can be seen below.

TREZOR INTERFACE

TREZOR VS LEDGER NANO S

 

LEDGER NANO S INTERFACE

trezor vs ledger nano s

Trezor has an android app which offers an opportunity for users to easily access their funds on the go. The Nano S, on the other hand, is compatible with an android app but the process is not as easy as going to the play store, downloading and putting it to use. It entails some measure of technicality.

Trezor’s software seems more advanced than the Nano S as its data can be synced with Dropbox, coupled with an easy to use android app.

 

Physical Appearance

The Trezor device is made of plastic material while the Nano S is made of stainless-steel. This gives the Nano S a better physical appearance and makes it more resistant to drops and falls.

Both devices have 2 buttons, however, the buttons on the Trezor are more convenient to use since they have more spaces in-between. Those on the Nano S are closer, giving rise to the risk of pushing both at once.

Here is what they look like

Trezor Wallet

trezor vs ledger nano sLedger Nano S Wallet

trezor vs ledger nano s

 

Size

The Trezor is larger than the Nano S, coming in at a size of 59 mm * 30 mm * 6 mm against the Nano S which has a dimension of 98 mm* 18 mm * 9 mm.

Although this shouldn’t impact much on the overall performance of both wallets, it surely makes the Nano S more portable.

Trezor Vs Ledger Nano S

Software Compatibility 

Software’s are essential to all hardware wallets, it is impossible to use a hardware wallet independently without software as they serve to interact and command the wallet.  I shall list the most prominent wallet software’s below and their compatibility with our contesting hardware wallets.

WALLET SOFTWARETREZORLEDGER NANO S
MYCELIUMYESYES
ELECTRUMYESYES
GREENBitsYESYES
MULTIBits HDYESNO
COPAYNOYES
My TrezorYESNO
LEDGER CHROMENOYES
MyEtherWalletYESYES
7/86/8

Trezor has a slight edge when it comes to software compatibility. However, both wallets are compatible with all necessary software apps.

Trezor Vs Ledger Nano S

 

How Secure are They?

Both the Trezor and Nano S have similar security features:

  • They store your private keys offline
  • They provide backup security seeds; to help in the recovery of your wallet should it get lost, stolen or damaged.
  • They both require the set up of PIN Codes to prevent third-party access to your wallet
  • They both support passphrases as a third layer of security

The Ledger Nano S stores private keys on a secure chip, just like our regular credit/debit ATM or SIM cards. The chips are highly certified to provide cryptographic security. Trezor hasn’t disclosed how its device works, however, the absence of Wifi, Battery, Bluetooth, Near-Field Communication or Fingerprint reader means no communication with third-party devices, which is ideal for Cryptocurrency security.

To better protect your coins from phishing attacks, it is advised that you do not save your recovery seed on any Smartphone or computer, always keep your recovery seed in safe places and away from water, fire and sunlight, never take a photograph of your recovery seed, and most importantly, never buy an already-used (second hand) wallet.

Trezor Vs Ledger Nano S

 

CONCLUSION

Cryptocurrencies are the future of money as we know it. Investing in them is the first step, making a healthy profit from your investments is another, but what is most important is safeguarding your profits and staying successful. Hardware wallets are to digital currencies as banks are to fiat, their importance can never be overemphasised. Invest in a hardware wallet today; they are worth every penny spent on their purchase.

Both the Trezor and Nano S hardware wallets are decent devices and can be trusted to get the job done, they are the best available on the market today. If you will like to store multiple currencies, go for the Ledger Nano S.

Like a device fully packed with features, go for the Trezor Wallet.

 

Buy Ledger Nano S

Buy Trezor

 

Also read;

KeepKey Vs Ledger Nano S — Which Is Better?

KeepKey vs Trezor Review 2018 – Which Is Better Bitcoin Hardware Wallet?

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