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Trezor vs. Ledger
Whether you’re a seasoned crypto veteran or someone fresh-faced and brand new to the space, everyone needs a hardware wallet. No, your phone isn’t good enough. No, a browser extension isn’t good enough. You need a proper cold wallet—a hardware wallet—to secure long-term holdings. While there are other options out there, Trezor and Ledger are the two most popular manufacturers of hardware wallets. Which one is right for you? Let’s dive in and investigate.
Trezor vs. Ledger
Trezor
In June 2024, Trezor unveiled the Safe 5 hardware wallet, featuring a larger color touchscreen with haptic feedback, an enhanced secure element for robust protection, and an advanced 20-word backup process utilizing Shamir's secret sharing. This model also introduced a Bitcoin-only version, catering to users focused exclusively on Bitcoin.
In October 2023, Trezor launched the Safe 3 wallet, aimed at simplifying self-custody for crypto novices. The Safe 3 supports Bitcoin, Ethereum, and over 7,000 other coins, offering a user-friendly design with two buttons and a secure element for enhanced protection. Additionally, Trezor introduced the Keep Metal, a corrosion-resistant stainless steel solution for securely backing up recovery seed phrases, addressing concerns over the physical security of digital asset backups.
Further expanding its support, Trezor added compatibility for Solana (SOL) and Solana Program Library (SPL) tokens in December 2023. This update enables users to manage SOL and SPL tokens alongside a vast array of other cryptocurrencies, enhancing the versatility of Trezor devices.
Ledger
Ledger offers a series of hardware wallets—such as the Ledger Nano S Plus, Ledger Nano X, and the newly introduced Ledger Stax™—designed to securely store private keys offline, safeguarding users' cryptocurrency assets from online threats. These devices work in conjunction with the Ledger Live application, available for Windows, macOS, Linux, iOS, and Android, enabling users to manage a wide array of cryptocurrencies and NFTs. Ledger Live facilitates purchasing, swapping, and staking digital assets, all while ensuring that private keys remain protected within the hardware wallet. The latest models, like the Ledger Nano S Plus, support over 5,500 tokens, providing robust security features, including a Secure Element chip and PIN protection, to enhance user security. Additionally, Ledger has introduced Ledger Recover, an optional subscription service that offers encrypted digital backups of recovery phrases, further enhancing asset security.
Ledger Hack & Security Incidents
In June 2020, Ledger suffered a significant data breach compromising the personal information of over 270,000 customers, including email addresses, phone numbers, and mailing addresses. This exposure led to a surge in phishing campaigns targeting affected users. Attackers sent fraudulent emails pretending to be from Ledger, attempting to steal recovery phrases, which are crucial for accessing cryptocurrency wallets. Some phishing attempts even threatened physical harm unless a ransom was paid.
On December 14, 2023, Ledger identified an exploit involving the Ledger Connect Kit, a JavaScript library enabling decentralized applications (DApps) to connect with Ledger hardware wallets. A malicious actor injected code into compromised versions of the Connect Kit, affecting versions 1.1.5 to 1.1.7. This code manipulated DApp users into unknowingly authorizing transactions that drained their wallets. Ledger responded promptly by removing the malicious code and collaborating with partners to mitigate the impact.
In December 2024, new phishing campaigns emerged, with attackers sending emails masquerading as data breach notifications. These emails urged users to verify their recovery phrases on fake Ledger websites, aiming to harvest sensitive information. Additionally, a user reported losing 10 BTC and NFTs valued at $1.5 million from their Ledger Nano S wallet, attributing the loss to a phishing attack from 2022 that had remained dormant until then.
Trezor Security Incidents
On January 17, 2024, unauthorized access to Trezor's third-party support ticketing portal compromised the personal data of approximately 66,000 users. The exposed information included names, usernames, and email addresses of users who had interacted with Trezor Support since December 2021. While postal addresses and phone numbers were also stored on the breached system, Trezor did not confirm their exposure. Importantly, no digital assets were compromised, and Trezor promptly notified affected users, advising caution against phishing attempts exploiting the breach.
Beginning on February 27, 2023, Trezor users received phishing communications via SMS and email, falsely claiming a security breach and directing recipients to a counterfeit Trezor website. This fraudulent site prompted users to enter their recovery seed phrases, compromising their wallets. Trezor responded by warning users about the phishing campaign, emphasizing that they had not experienced a database breach and would not contact users via calls or SMS.
In 2019, Kraken Security Labs identified a vulnerability in Trezor's hardware wallets, allowing attackers with physical access to extract private keys using voltage glitching techniques. The attack required specialized equipment and technical expertise. Trezor addressed the issue by releasing a firmware update and recommended that users set a passphrase for additional security.
Features Breakdown
Ledger and Trezor are two of the most well-known and trusted brands in the cryptocurrency hardware wallet space. Both offer secure solutions for storing digital assets, but each brand has its unique features and benefits. Here's a comprehensive comparison based on several key aspects:
Hardware Models and Design
Ledger:
Ledger Nano S Plus: A compact and affordable device that supports over 5,500 cryptocurrencies and tokens. It has a small screen and uses a micro-USB connection.
Ledger Nano X: The more premium option, with Bluetooth connectivity for mobile device integration and support for up to 100 apps simultaneously. It has a larger screen and a rechargeable battery.
Ledger Stax: The latest model, designed with a large touchscreen and a sleek design, focusing on usability and user experience.
Trezor:
Trezor One: The entry-level wallet from Trezor, featuring a small screen and USB connection. It supports over 1,800 cryptocurrencies.
Trezor Model T: A higher-end model with a color touchscreen and more advanced features, such as increased memory capacity, supporting over 1,800 cryptocurrencies, including coins like Cardano and XRP.
Trezor Safe 5: A newer model with a larger screen and enhanced security features, including a 20-word recovery phrase system using Shamir's Secret Sharing.
Trezor Safe 3: Designed for newcomers, it features basic functionality with two buttons and a simple interface.
Security Features
Ledger:
Secure Element (SE) Chip: Ledger devices incorporate a tamper-resistant Secure Element chip (e.g., ST33 for Nano X and Nano S Plus) to store private keys safely.
Recovery Phrase Backup: Offers a 24-word recovery phrase for backup, stored securely offline.
Ledger Recover Service: An optional paid service offering encrypted backup of your recovery phrase with additional recovery options.
Firmware and App Security: Ledger’s firmware is regularly updated for security, and the Ledger Live app is a key tool for managing assets.
Trezor:
Open-Source Software: Trezor’s firmware and software are open-source, allowing transparency for security audits.
Passphrase Support: Trezor offers an additional layer of security through passphrase functionality, which is optional but adds an extra layer of protection.
Shamir’s Secret Sharing (SSS): Available on the Trezor Safe 5, this feature allows users to split their recovery phrase into multiple parts, improving recovery and security.
Physical Security (Voltage Glitching): In 2019, it was found that Trezor devices were vulnerable to physical attacks like voltage glitching. However, Trezor has since patched this issue with new firmware.
Software and User Experience
Ledger:
Ledger Live App: A dedicated application that supports Windows, macOS, Linux, iOS, and Android, used for managing assets, transactions, and settings. It allows buying, swapping, and staking cryptocurrencies directly.
Bluetooth Compatibility (Nano X): The Nano X model includes Bluetooth support for managing assets via mobile devices, adding convenience.
Multi-Currency Support: Ledger supports over 5,500 coins, tokens, and NFTs across multiple blockchains, including Bitcoin, Ethereum, Solana, and more.
Trezor:
Trezor Suite: A desktop and web-based app that provides a comprehensive interface for managing your crypto assets, settings, and apps. It also integrates with third-party wallets like Exodus.
Supported Cryptocurrencies: Trezor supports over 1,800 coins and tokens, including Bitcoin, Ethereum, Litecoin, and more, although it supports fewer assets than Ledger.
Touchscreen (Model T): The Model T features a color touchscreen for ease of navigation, making it more intuitive than Ledger's smaller screens.
Advanced Integration: Trezor integrates with third-party services like MyEtherWallet, CoinJoin, and others for advanced users.
Backup and Recovery
Ledger:
24-Word Recovery Phrase: Ledger provides a 24-word recovery phrase to restore the wallet in case it is lost, damaged, or stolen.
Ledger Recover Service: An optional service for users who want a backup of their recovery phrase stored with Ledger, making it easier to recover lost or forgotten recovery phrases securely.
Trezor:
24-Word Recovery Phrase: Like Ledger, Trezor uses a 24-word recovery phrase. However, Trezor also allows for passphrase functionality for extra security.
Shamir’s Secret Sharing (Safe 5): The Safe 5 model supports Shamir’s Secret Sharing, which allows users to split their recovery phrase into multiple parts (e.g., 3 of 5 or 2 of 3), offering an enhanced level of recovery security.
Offline Recovery: Trezor emphasizes that recovery phrases should be stored offline, away from the reach of online threats.
Pricing
Ledger:
Nano S Plus: Priced around $79, this is the more affordable model for users who want basic security.
Nano X: Typically priced at $149, offering more features, Bluetooth compatibility, and support for more apps.
Ledger Stax: Expected to be priced at $279, with a focus on a sleek, larger touchscreen design.
Trezor:
Trezor One: Priced at around $59, this is the budget model with basic features.
Trezor Model T: Priced around $219, the Model T offers a higher-end experience with a color touchscreen and additional security features.
Trezor Safe 5: Pricing for the Safe 5 is around $250, with additional security features like Shamir's Secret Sharing.
Recovery and Support
Ledger:
Ledger Support Portal: Provides extensive documentation, troubleshooting guides, and a customer support team for users.
Ledger Recover Service: An optional subscription for encrypted recovery of recovery phrases, providing added peace of mind.
Trezor:
Trezor Support Portal: Trezor also offers a robust support portal with FAQs, guides, and direct support. However, Trezor does not have a recovery service similar to Ledger’s paid option.
Open-Source Nature: The open-source design of Trezor means that security enthusiasts can inspect and contribute to the codebase.
Security Incidents and Vulnerabilities
Ledger:
In 2020, Ledger experienced a data breach, exposing customer email addresses, which led to a series of phishing attacks targeting affected users. Despite this, no digital assets were compromised.
Ledger’s security exploits are mostly focused on its software and cloud systems, but hardware vulnerabilities like the Secure Element are considered industry-leading.
Trezor:
Trezor has faced fewer high-profile data breaches, though it has encountered vulnerabilities like voltage glitching in 2019. Trezor patched this issue quickly, and no user funds were lost.
Phishing attacks have been a recurring issue with Trezor users, particularly as phishing attempts target people with compromised email addresses or stolen private keys.
Key Takeaways
Trezor and Ledger both offer highly secure hardware wallets, but with distinct differences in design, features, and compatibility. Trezor's devices, such as the Trezor Model T and Trezor One, are known for their open-source nature, which appeals to users who prioritize transparency. Trezor wallets feature a touchscreen (in the Model T), a user-friendly interface, and support for over 1,800 cryptocurrencies. They also emphasize easy integration with third-party apps like Exodus and Mycelium. Trezor provides advanced security features, such as a secure chip and Shamir's Secret Sharing for backup, along with the option for a Bitcoin-only wallet (Trezor Safe 5).
On the other hand, Ledger's wallets, including the Nano S Plus and Nano X, offer robust security features with a Secure Element (SE) chip, which is widely regarded for its strong protection of private keys. Ledger devices also support a broad range of cryptocurrencies (over 5,500 tokens) and integrate with the Ledger Live app, which allows for easy management of assets directly from the wallet. The Nano X model supports Bluetooth connectivity, enabling mobile access, while Ledger's Recover service provides an encrypted backup of recovery phrases, enhancing security.
Trezor has a slight edge for users who favor open-source software and want extensive third-party app support. Ledger, however, shines with its extra layer of security provided by the Secure Element, as well as its more extensive device ecosystem and the Ledger Live app, which consolidates asset management in one place. Both brands continuously innovate to improve the user experience, but Trezor's emphasis on simplicity and Ledger's focus on enhanced security and additional features make each wallet suitable for different user preferences.
Trezor & Ledger in the News
