If you are a user or investor in cryptocurrencies like BTC, ETH, Litecoin, etc.:
You must have encountered a sense of insecurity in view of the various news about the theft and stealing of the cryptocurrencies, numerous malwares, etc. Now, you have a number of products and offerings to deal with such threats with the use of cryptocurrency hardware wallets.
We review two of the most popular cryptocurrency hardware wallets i.e. Ledger Nano S and Trezor in a professional and unbiased style. The various features, characteristics, and pros/cons of Ledger Nano S and Trezor are as follows:
Ledger Nano S
Ledger Nano S is one of the most popular cryptocurrency hardware wallet among the cryptocurrency users and investors.
You can store your various cryptocurrencies like BTC, ETC, Litecoin, etc. on it. It has an OLED display embedded securely to double check and confirm your transactions through a single tap on the side buttons. You can also send or receive your coins or tokens securely through Ledger Nano S.
When you are first setting up your Ledger Nano S, you need to manually write down the recovery seed. This helps you to reconfigure a new replacement Ledger Nano S and thus, recover your wallets. In case of theft, its security feature wipes out the wallet after three failed pin attempts.
Ledger Nano S offers you the following facilities:
- You can check and confirm your transactions on the Ledger Nano S display.
- You can confirm with the help of physical buttons. This is useful as anti-malware second factor.
- Your data is secure. Your data is secured inside the robustly isolated environment, which is locked by the PIN code
- You can use various companion apps e.g. cryptocurrencies wallets. You can also use GPG, FIDO/U2F, SSH etc. You can also develop your own applications.
- Ledger Nano S also supports FIDO Universal Second Factor authentication standard on Google, GitHub, Dropbox, or Dashlane.
- Your accounts are also backed up on the recovery sheet. You also have the facility for easy restoration on other Ledger devices and compatible wallets.
- You have multi-crypto support on the single Ledger Nano S device. You can store various cryptocurrencies like Bitcoins, Ether, Litecoin, etc. on the same device at same time.
- You have a recovery seed that you manually write down when you first setup your Ledger Nano S. So you can recover all of you wallets safely by re-configuring a new replacement Ledger Nano S with your recovery seed.
- if Ledger Nano S is stolen, the security feature would wipe the wallet clean after three failed pin attempts.
Trezor is a pioneering cryptocurrency hardware wallet launched by Satoshi Labs. Trezor provides ultimate security and ease of use. It is based on modern cryptography and community driven open-source environment. It works on Windows, macOS, Linux and Android.
Trezor currently supports Bitcoin, Bitcoin Cash/Bcash, Ethereum, Ethereum Classic, ERC-20 Tokens, Litecoin, DASH, Zcash, Namecoin, Dogecoin, and Bitcoin Testnet. They can be stored on Trezor at the same time. You can also send or receive your coins or tokens securely through Trezor.
Trezor offers you various facilities, many of them are similar to those of Ledger Nano S, such as:
- You can check and confirm transactions on Trezor display.
- You can confirm with the help of physical buttons.
- Your data is secured inside and locked by the PIN code.
- You can use various companion apps.
- Trezor also supports second factor authentication standards.
- Your accounts are also backed up on the recovery sheet with the facility for easy restoration.
Key Differences between Ledger Nano S and Trezor
- Ledger Nano S is much cheaper than Trezor, which cost one and half times more at $99 as compared to the price of Ledger Nano S of about $65.
- Ledger Nano S has secure chip setup, while Trezor has a mini computing device like set up.
- Ledger Nano S supports a larger number of cryptocurrencies, while Trezor supports a lesser number of currencies.
- Ledger Nano S is a trendy, compact and handy product; whereas Trezor is a sturdy and durable product, but a little bit bulkier.
- Ledger Nano S UI is easier to use in comparison to Trezor.
- Ledger Nano S is a newer product as compared to TREZOR, which has been around since a longer period of time and better time tested.
- Some users find putting the pin in Ledger Nano S easier and quicker as compared to Trezor.
- Ledger Nano S has more accessories like leather wallet, security card, chain strap, etc. in the box as compared to Trezor.