Ledger Nano S vs Trezor Model One — Best Hardware Wallet Showdown (2023)
Introduction — two bestselling hardware wallets compared
In the past few years, investing in cryptocurrencies like Bitcoin, Ethereum, and Litecoin has become popular. Many people do this to diversify their portfolios. But as cryptocurrency becomes more popular, theft and fraud become more likely. Cryptocurrency is kept in digital wallets, which can be hacked or otherwise broken into.
Hardware wallets like the Ledger Nano S and Trezor Model One have become popular ways to solve this problem. Hackers will have a much harder time getting to your private keys if you store your cryptocurrency on these small devices.
In this article, we’ll compare two of the most popular hardware wallets on the market: the Ledger Nano S vs Trezor One. We’ll look at how well they’re designed and made, how easy they are to use, if they support cryptocurrencies, how much they cost, and how much they’re worth. By the end of this article, you’ll have a better idea of how these two devices are different and will be able to choose which one is best for you.
It’s crucial to make a backup of your hardware wallet in case it gets lost or broken. Ledger Nano S (plus) and Trezor Model One both provide you with a recovery seed phrase which you should keep safe in a metal crypto wallet like Coinplate Alpha. This is the case for all hardware crypto wallets in general.
Let’s get started and look at the Ledger Nano S vs Trezor One more closely.
Update: New improved model — Ledger Nano S Plus
Since the Ledger Nano S came out, Ledger has come out with the Ledger Nano S Plus, which is an updated version of the device. The Ledger Nano S Plus offers improved processing power, and more storage capacity. The Ledger Nano S Plus makes handling many cryptocurrencies easier but overall is very similar to the previous model. Even though the Ledger Nano S Plus costs a little more than the Nano S, it might be worth it for people who need more space or more advanced features. Since that, the earlier model — Ledger Nano is discontinued and now you can only buy the newer version — Ledger Nano S Plus.
Why you should use hardware wallet instead of software wallet
Software wallets are easy to use and can be accessed from anywhere with an internet connection, but they are more likely to be hacked or infected with malware. Hardware wallets, on the other hand, are physical devices that store your private keys offline. This adds an extra layer of security against possible cyber threats. Hardware wallets are thought to be a safer way to store large amounts of cryptocurrency, while software wallets are better for smaller transactions and day-to-day use.
Design and Build Quality
The way the Ledger Nano S and Trezor Model One look is the first thing you’ll notice about them. Both devices are small and lightweight, so you can take them with you wherever you go. But there are some differences in how they are made and how they look that may be important to think about.
The Nano S looks sleek and modern. It is made of black plastic and has a small OLED screen that shows details about transactions. The device is about the size of a USB stick and has two buttons on the front for navigating. It comes with a lanyard that can be attached to a keychain or other items.
The Trezor One, on the other hand, has a larger, rectangular screen and a white (or black) plastic body that makes it look a bit more retro. It has two buttons on the front like the Ledger Nano S, but they are in a different place. The Trezor Model One is a little bigger than the Ledger Nano S, and it has a keychain attachment as well.
Both devices are made well and will last for a long time. They are made to stand up to wear and tear, so if you take care of them, they should last for many years. The Nano S, on the other hand, is a bit more durable. It has a metal case that gives it an extra layer of protection. The Trezor One is made entirely of plastic, which may worry some users.
Overall, both devices are well-made and last about the same amount of time. In terms of looks and materials, the choice between them may come down to what you like best.
Security — Ledger Nano S vs Trezor One
Security is the most important thing to think about when it comes to hardware wallets. Both the Ledger Nano S and Trezor Model One offer robust security features that make them among the most secure ways to store cryptocurrency.
The Ledger Nano S has a chip called a Secure Element. This chip can’t be changed, so it keeps your private keys safe from people who shouldn’t be able to get to them. It also has a PIN code and a recovery seed. If your device is lost or stolen, you can use the PIN code and recovery seed to unlock and restore it. The Ledger Nano S also supports two-factor authentication, which gives your account an extra layer of security.
The Trezor One also has a PIN code, a recovery seed, and a Secure Element chip. Trezor hardware wallets, on the other hand, take security one step further by using open-source firmware that has been checked by security experts and found to be safe. This means that the code has been tested carefully and is less likely to have bugs or hidden doors.
Both wallets offer about the same level of security and will keep your private keys safe, but the open-source firmware of the Trezor Model One may be more appealing to users who value trust and transparency.
During recovery from seed phrase, on Ledger Nano S you enter your seed words with built in screen and buttons. This is the most secure way of doing wallet recovery, as it keeps your seed phrase safe. On the other hand, by default Trezor One makes you enter your seed phrase on your computer which could be infected by viruses which is in our opinon worse way.
Both Trezor One and Ledger Nano S feature passphrase protection, which lets you make your wallet even more secure by requiring a passphrase along with your PIN code.
As far as physical security goes, both devices are resistant to attacks like tampering and hacking. They are set up to delete all the data if someone tries to break into the device.
Overall, both Trezor and Ledger have strong security features that make them very safe ways to store your cryptocurrency. In terms of the security features they offer, the choice between them may come down to what you like best. It’s important to note that both wallets are BIP39 compatbile which is the industry standard for seed phrases.
It’s important to have a backup in case your hardware wallet gets broken, lost, or stolen. Users of both the Ledger and Trezor wallets get a recovery seed phrase when setting it up, and by default most people use paper for backups. Paper backup is not a good way to store your seed phrase. It is advisable to use a solid, metal device for storing recovery seed phrases. This makes sure that your cryptocurrency is safe even if the hardware wallet stops working.
When picking a hardware wallet, it’s important to think about which cryptocurrencies it can store. Both the Ledger Nano S and the Trezor Model One support a wide range of popular cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and many others.
The Ledger Nano S can store more than 1,000 different types of digital currency, including all ERC-20 tokens. It also works with Ripple, Bitcoin Cash, and Stellar, among other altcoins. The device is managed by software called Ledger Live, which is updated regularly to support new cryptocurrencies as they come out.
The Trezor Model One only works with a smaller number of cryptocurrencies than the Ledger device, but it still works with more than 1,000 different coins. It also works with all ERC-20 tokens and a number of alternative cryptocurrencies, such as Bitcoin Cash, Litecoin, and Dash.
Overall, both devices support a large number of cryptocurrencies, but the Ledger Nano S has a few more choices than the Trezor Model One. But for most users, the difference in the cryptocurrencies that can be used may not be a big deal when making a choice.
Both devices support a wide range of cryptocurrencies, but not all of them. Before buying a hardware wallet, you should look into which coins it can store to make sure it meets your needs.
Ease of use
When picking a hardware wallet, you should think about how easy it is to use. Both the Ledger Nano S and the Trezor Model One are made to be easy to use, but their interfaces and overall ease of use are a little bit different.
The Ledger hardware wallet is known for how sleek it looks and how easy it is to use. It has a small OLED screen that shows information about transactions and asks users to confirm or reject them. The device is controlled by two physical buttons, which are used to navigate the menus and confirm actions.
On the other hand, the Trezor Model One has a larger screen that makes it easier to read transaction details and move through the menus. It also has a slightly easier-to-use interface than the Ledger Nano S.
Both devices are easy to set up and use, but the Trezor Model One may be easier for people who don’t know much about cryptocurrency or hardware wallets to understand. The Ledger Nano S may need a little more getting used to before it can be used, since it has a smaller screen and a more complicated interface.
Both devices have easy-to-use software that makes it easy to manage and access your cryptocurrency. The Ledger Live software that the Ledger Nano S uses is updated regularly with new features and supported coins. Ledger also offers the possibility to connect Nano S to the mobile device and use their mobile app wallet which is availbe on both Android and Apple devices. The Trezor Wallet software that the Trezor Model One uses is also quite good and easy to use, but their mobile wallet is only available on Apple devices at the moment.
Overall, both devices are easy to use, but the Trezor Model One may be better for people who are new to cryptocurrency and hardware wallets because it has a bigger screen and a simpler interface.
Price and Worth
When thinking about buying a hardware wallet, price is an important thing to think about. Both the Ledger Nano S and the Trezor Model One have prices that are about the same, but their value for money is different.
At about $79, the Ledger Nano S plus is one of the least expensive hardware wallets on the market. Even though it’s cheap, it has strong security features and works with a lot of different cryptocurrencies. The device is also strong and can handle a fair amount of wear and tear, which makes it a good deal for the price.
The Trezor Model One is priced slightly similarly to the Ledger Nano S Plus, at around $69. Even though it costs more or less the same as the Ledger Nano S, it has a bigger screen and an easier-to-use interface. This makes it a good choice for people who may not be as familiar with hardware wallets. The device is also made to last and is built to last.
When figuring out the value of each device, it comes down to what you want and what you need. The Ledger Nano S may be a better deal for people who care most about price and a wide range of supported cryptocurrencies. On the other hand, the Trezor Model One may be a better choice for people who care most about how easy it is to use and how big the screen is.
Both manufacturers offer also higher-tier products: Ledger Nano X and Trezor Model T. These are more premium products, that comes with a few extra capabilities like Bluetooth connectivity, but at a much higher price point.
It is also important to think about how using a hardware wallet could save you money. By keeping your cryptocurrency in a hardware wallet, you can avoid potential losses due to hacking or other security breaches, which can save you money in the long run.
Overall, both devices are a good deal for what they cost, and the one you choose will depend on your own needs and preferences.
Customer help and service
Customer service is an important thing to think about when it comes to hardware wallets. Both the Ledger Nano S and the Trezor Model One have customer service, but they aren’t always available or quick to help.
The Ledger Nano S has different ways to help customers, such as a knowledge base, user manuals, and a support ticket system. Users can also talk to customer service directly through the Ledger website or through social media. But some users have said they had to wait a long time for a response from customer service, which can be frustrating.
The Trezor Model One also has a number of ways for customers to get help, such as a knowledge base, user manuals, and a contact form. Users can also get in touch with customer service directly through email or social media.
It’s also important to note that there are active communities of users for both devices who are willing to help and support new users. People who are new to using hardware wallets and need extra help getting started may find these communities helpful.
Overall, both devices have customer service options that are good enough, but the Trezor Model One may have better customer service than the Ledger Nano S. Both devices also have active user communities that can offer more support and help when needed.
A must-have: a backup for your hardware wallet
It’s important to remember that even the safest hardware wallets can still be damaged, lost, or stolen. Because of this, it is very important to have a good plan B in place in case something like this happens. Both the Ledger Nano S and the Trezor Model One give users a recovery seed phrase that can be used to regain access to their cryptocurrency holdings if their device is lost or broken.
The best way to keep this seed phrase safe is in a metal crypto wallet meant for backup and recovery, like Coinplate Alpha. By taking this extra step to protect your recovery seed phrase, you can rest easy knowing that even if your hardware wallet fails, your cryptocurrency will still be safe.
Conclusion — which of the crypto hardware wallets is better for you in 2023?
The Ledger Nano S and the Trezor Model One are two of the most popular hardware wallets on the market. Both have strong security features, are easy to use, and are priced similarly.
In terms of security, both devices use advanced encryption methods and offer two-factor authentication to keep users’ cryptocurrency safe.
The Trezor One might be a bit easier to use because it has a bigger screen and a simpler interface. This may be better for people who haven’t used a hardware wallet before. On the other hand, the Ledger Nano S Plus supports more cryptocurrencies and is usually less expensive.
In the end, your personal preferences and needs will determine which of these two devices you choose. Both devices are very safe and give you a good value for what you pay for them. People who care more about how easy it is to use may like the Trezor One, while people who care more about how cheap it is and how many cryptocurrencies it supports may like the Ledger Nano S.
In our opinion, both base models from Ledger and Trezor are well sufficient for most users, but we tend to prefer Ledger devices. If you are looking for more features or have a higher budget, you could take a look at their premium offerings: Ledger Nano X and Trezor Model T respectively.
No matter which device you choose, using a hardware wallet is an important step in protecting your cryptocurrency. It provides you with a much higher security level than one provided by software wallets.
By taking the time to do research and choose a high-quality hardware wallet like the Ledger Nano S or Trezor Model One, you can be sure that your cryptocurrency investments are safe and secure. Remember to not stop there and make a proper, solid backup of your hardware wallet recovery phrase with metal backup like Coinplate to be truly safe.
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Ledger Nano S vs Trezor Model One — Best Hardware Wallet Showdown (2023) was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.