If you are a cryptocurrency fan just like me, then you might be knowing that Trezor and Ledger are two prominent names in the cryptocurrency industry. And herein we will compare Ledger Nano X Vs Trezor Model One.
As we talk about these two, we get to know that both of these hardware wallets are equally good and secure and can support thousands of coins. And we do need these hardware crypto wallets to secure coins.
While dealing with cryptocurrency we have to deal with various private keys for different currencies which are difficult to remember.
Hence private keys are used to create digital signatures that can easily be verified and used in cryptocurrency transactions to show ownership of a blockchain address, it is very necessary to store these keys securely.
For the readers who are unaware of cryptocurrency and crypto wallets, here we go.
- What is Cryptocurrency?
- Hardware wallets
- Trezor Model One
- Technical specifications of Trezor Model One
- Advantages of Trezor Model One
- Constraints of Trezor Model One:
- Ledger Nano X
- Ledger Nano S Plus vs. Ledger Nano X
- Technical specifications of Ledger Nano X
- Advantages of Ledger Nano X
- Limitations of Ledger Nano X
- Setup of Trezor Model One VS Ledger Nano X
What is Cryptocurrency?
Cryptocurrency is today a global phenomenon, known by many people but is understood by few. Almost every bank, accounting firm, a software company, or government has already done its research on cryptocurrency. But, many fail to understand the basic concept of crypto.
The crypto wallets allow you to securely store your cryptocurrency. The top-known wallets are Ledger Nano X and Trezor Model One.
In the following article, we will see Trezor Model One VS Ledger Nano X and which one among these is better.
A hardware wallet is a cryptocurrency wallet that stores the user’s private keys in a hardware device. It is a portable wallet to access your crypto resources safely from anywhere.
Advantages of using hardware wallets:
- The private key remains safe: Private keys are secure in this wallet.
- Increased Access Security of Pin Encryption: Normal wallets can lose security but these have an increased ingress of security.
- No vulnerability to computer viruses: These wallets are secure because they are not susceptible to viruses.
- Transaction verification on the hardware device: In cryptocurrency transactions, digital signatures are used to show ownership of a blockchain address. Private keys are used to create digital signatures that can be easily verified and these devices hold the verification.
The following article is going to centre on the two big names in the category of hardware wallets. One is the Trezor Model One and the other is Ledger Nano X. Both are highly competent and one must consider either quality.
With the basic introduction complete, let’s now get onto the comparison of Ledger Nano X Vs Trezor Model One
Trezor Model One
Trezor One is manufactured by Satoshi Labs, a company founded in 2013 that is a respected bitcoin community participant. The lab always had the aim to create a hardware wallet. And when they got the chance, Trezor came.
After the invention of Trezor, the management of cryptocurrencies became easier. One could now trade online with the complete security of Trezor.
The device’s creation was to store the private keys in it rather than storing them in wifi-connected devices. No hacker can ever gain access to the funds in this small device with dimensions 3.2X0.39X3.3 to 5.91X5.91X5.91 inches. The information is put away in an offline way without giving any access to the web.
Trezor gets the patent for releasing the Trezor Model One wallet and it is cheaper than its other model Trezor Model T.
Trezor is an equipment wallet providing a tall level of security without relinquishing comfort. Not at all like cold capacity, Trezor is able to sign transactions while associated with an internet gadget. This means investing in bitcoins is secure indeed when employing a compromised computer.
Trezor may be an equipment wallet giving progressed security for taking care of Bitcoin and other cryptocurrencies’ private keys.
The Trezor Model One is a hardware wallet that is inexpensive and it is a good choice for those who are looking for a wallet of reasonable price and good security.
The Trezor Model One supports all prime computer operating systems including Windows (version 10 or newer), macOS (version 10.11 and higher), and Linux.
If we talk about mobile devices then Android is supported but IOS and Windows Phone are not yet supported. Also, it doesn’t support ChromeOS yet officially, but it should work via Google’s WebUSB.
Trezor Model One supports more than 1800 coins including Bitcoin, Ethereum, Litecoin, Dogecoin, Avalanche, Chain Link, Tether, Uniswap, Nem, and many more.
Technical specifications of Trezor Model One
- Dimensions & Weight of the device: 60mm*30mm*6mm, 12 g
- Connectivity120 MHz embedded ARM processor (Cortex M3) running a custom developed system.
- Bright OLED – 128×64 pixels. Sufficiently retain six lines of text.
- The Trezor is CE and RoHS certified, hence we can say that it is approved and meets all quality, and environmental criteria.
Advantages of Trezor Model One
- Security: Security features of Trezor enthral everyone’s excitement. It is no secret that storing crypto on a hardware wallet is much more secure than leaving it online on an exchange, or even on mobile and desktop wallets. Trezor is the primordial creator of Bitcoin hard wallets. They started as early as 2014 and hence we cannot target their security features. With the Trezor Model One, viruses and keyloggers on your computer are not the reasons to worry. Until someone robs your device physically, your keys cannot be accessible to any hacker or keylogger. There you can also use Trezor Model One as your U2F (Universal 2nd Factor) hardware token. One additional feature present in it is that it has an OLED display which is lacking in regular security tokens. Trezor Model One has a 128×64 pixel OLED Display. It informs you about the authentication request before you approve it, by displaying the service you are logging in to.
- Support for over 1000 coins: Trezor Model One will support almost all the coins that we are using. Examples of some of the coins supported by Trezor Model One are BTC, ETH, BNB, USDT, DOGE, USDC, UNI, LINK, WBTC, LTC, and MATIC. Here’s a complete list of coins that Trezor supports>>
- Affordable price point: Trezor Model One bears the price tag of €53, this price gives permits to even small cryptocurrency holders to secure their currency offline. A very common hurdle that comes across new crypto investors in using hardware wallets is that the price is too high, particularly in comparison to their portfolio. The reasonable price of the device proves it beneficial for new investors also.
Constraints of Trezor Model One:
- Trezor Model One does not endorse some prominent coins, such as XRP, ADA, XTZ, XMR, and EOS.
- Its boundaries include the absence of Bluetooth capabilities. Trezor has a higher-end device, that is the Trezor Model T. It provides a superior experience with advanced operations not available in their entry-level models.
Ledger Nano X
These wallets are hardware wallets made by Ledger for storing cryptocurrency. Ledger is a company whose headquarters are in Paris, France.
In 2014, eight professionals established it, who had pieces of knowledge in embedded security, cryptocurrencies, and entrepreneurship.
Ledger’s hardware wallets are designed as multi currency wallets that are used to store private keys for cryptocurrencies offline. If you want to Conduct transactions using cryptocurrencies it requires the use of cryptographic private keys. But these private keys are susceptible to theft and hacks.
Ledger’s wallets are device-based, which means they use storage mechanisms such as USB drives to store private keys, which makes it difficult for the hackers to get the key access from an online location.
Ledger offers two hardware wallets and they are the Ledger Nano and the other is Ledger Nano S.
Both these wallets are USB (Universal Serial Bus)storage wallets that give access to users to perform a wide variety of functions, which includes sending and receiving bitcoin from blockchains or running third-party apps on the device.
Let’s consider an example, the users can run the two-factor authentication on Google and Dropbox, using wallets. Ledger products have a proprietary operating system and a secure element. This secure element protects a user’s cryptocurrency assets.
In any consequence, if the device containing the private key is stolen then in that case these wallets use a 24-word backup recovery phrase which can be to access a user’s cryptocurrency. For the extra-cautious, the 24-word phrase can be etched into steel in a Billfold, a device designed to hold your seeds and keys forever in a physical form.
Ledger Nano S Plus vs. Ledger Nano X
Evidently, Ledger is one of the world’s two biggest hardware wallet companies. The company is a leader in cryptocurrency security.
Their newest hardware wallet model is the Ledger Nano X. It is capable of attaining up to 100 apps simultaneously which is a huge leap from the previous model or we can say the sibling of Ledger Nano X that is Ledger Nano S Plus. As Ledger Nano S Plus had the capability of holding only 3 apps simultaneously. Ledger Nano X supports over 1000+ coins
In 2022, Ledger introduced the Ledger Nano S Plus. This wallet bears the name the original hardware wallet. Ledger Nano S Plus costs $79.00 one can to cryptocurrencies and manage and secure assets. The Ledger Nano S has a certified secured chip integrated within allowing users to store applications ranging from three to 20 applications.
The Ledger Nano X came into existence in 2019. It retails at $149.00. It finds its use in buying cryptocurrencies and also in securing and managing cryptocurrency assets. Just like the Ledger Nano S, the Ledger Nano X coordinates a certified secure chip, but it lets clients store a more apparent number of applications (up to 100 applications). In acquisition, the it has a Bluetooth connection so you can handle your cryptocurrency assets from anywhere.
It is a cryptocurrency hardware wallet constructed to keep a particular digital wealth as secure as feasible. The hot wallets are connected to the internet and hence are powerless to attack so in that case the Ledger Nano X stores the private keys offline, on the device itself.
Ledger Nano X shows all the features of Ledger Nano S which is a cheaper sibling of it; it has the ability to store a tremendous range of assets at once and to handle the portfolio of the particular and this is done by linking the device to the smartphone app with the help of Bluetooth.
Technical specifications of Ledger Nano X
- Capacity: Can handle up to 100 cryptos on your device, among 5500+ compatible crypto assets depending on app size.
- Coins supported: Ledger Live app can support 5500+ coins and tokens, on your computer or smartphone (Android and iOS). Here is a complete list of coins that Ledger Nano X supports
- Security: It has a Certified secure element (CC EAL5+)
- Size: 72mm × 18.6mm × 11.75mm
- Connecter: It has a USB type C connector.
- Screen: 128 x 64 pixels
- Battery: It has a battery backup of 8 hours.
- Bluetooth: Bluetooth is compatible with the Ledger mobile app.
Advantages of Ledger Nano X
As we already know that a Nano X is a hardware wallet that stores the cryptocurrency securely and mobile devices can help measure the Ledger Nano X.
- Ledger Nano X is very secure as it does not store private keys online unlike cold storage wallets.
- It can support more than 5500 cryptocurrencies
- It has a very comfortable design
Limitations of Ledger Nano X
- It is relatively pricey.
- Ledger Nano X cannot store more than 100 applications.
- Bluetooth is only compatible with a ledger mobile app, but it is not compatible with a desktop.
- Ledger Nano X does not provide a platform to purchase assets or tokens.
Setup of Trezor Model One VS Ledger Nano X
Trezor Model One setup
- In Trezor Nano X, there are two security seals on either side of the box of Trezor Model One. You need to make sure that neither of the seals is broken and that the box is properly shrink-wrapped.
- While ordering the Trazor wallet you need to make sure that the wallet is ordered from the official website of Trezor which is trezor.io
- The Trezor wallet comes with a booklet in which you have to write the 24-word recovery phrase which the trezor wallet generates randomly once you start it.
- This 24-word recovery phrase is important. If in any case the wallet gets damaged or stolen, then you can recover your data by using this recovery key.
- Once you are done with the unboxing of the trezor wallet, the first thing you have to do is to visit trezor.io/start and that will show you how to get set up.
- Download the desktop app and then it will allow you to interact with the hardware wallet.
- Connect your wallet with your desktop with the help of a USB cable. The first step is to install the firmware.
- Now it will tell you to connect and disconnect the wallet.
- Once done so it will allow you to continue and now you can create a new wallet or for the backup.
- To recover your wallet you will have to click on recover wallet and put the 24-word phrase in it.
- In order to create a new wallet, you need to do a standard seed backup.
- When you do that it will prompt you on the wallet whether you want to confirm the wallet. So, you need to click on any button on the wallet to confirm.
- And the wallet is created. And once you click on the wallet it will randomly generate the 24-word phrase.
- Once done so you can set up a pin no. to secure your wallet.
- Now you will get to the final part where you choose which cryptocurrency you want to add to your wallet.
- Now your setup is complete.
Ledger Nano X setup
- Ledger Nano X is the light product from the ledger and it got a number of upgrades from the older models that is Ledger N and Ledger S. But the main upgrades are the digital display, the two buttons on the front rather than on the top.
- Purchase the ledger X from the official website. Make sure that it comes in original packaging.
- It has a USB cable if you want to connect it to your desktop but it also has Bluetooth enabled.
- Step 2 is to download the Ledger live app from the official ledger website onto your computer. You can also get a ledger live app on the phone and pair it via Bluetooth.
- Once the ledger live is downloaded, open the app and click on get started.
- Now if you want to recover the data of your ledger and if you have your backup phrase, then you can choose the restore device from the recovery phrase open.
- If you are using it for the first time, then you need to initialise it as a new device.
- It will ask you to choose the pin code for your device. The steps for choosing your pin code are:
- Connect the Ledger Nano X to your computer.
- Press both buttons to choose Set up as a new device.
- To select a digit press the left or right button.
- Select ✔ to confirm your pin code and select ← to erase a digit.
- Write the recovery phrase in the correct order.
- Confirm the recovery phrase.
- Finalise the setup on the ledger live app.
- Ledger live password lock is an optional step to set up an additional layer of security.
- Now you need to install an app.
- After installing the app you need to add an account.
Physical Appearance Trezor Model One VS Ledger Nano X
Ledger Nano X cryptocurrency hardware wallet has a white-on-black background.
Ledger uses brushed stainless steel and plastic. This makes the device more durable and portable. It is small and compact. It has a minimalistic interface.
Trezor uses reinforced plastic. For assembling the casing, ultrasonic welding is of great use.
It is easier to operate due to it being similar to operating smartphones. For Ledger Nano X, if you long-press both the buttons you can directly go back to the home screen.
Ledger Nano X can connect to smartphones and tablets only using Bluetooth. It uses the Ledger Live mobile application. Bluetooth connection does give an attack surface but even if it is compromised the attacker won’t be able to get hold of the keys.
Trezor One does not require a battery. It draws power through a USB connection.
Ledger Nano X has a battery with a 100 mAh capacity. By connecting a USB cable to a PC or a tablet, you’ll charge the battery. It has a battery life of 8 hours when the device is in a phase of continuous use. Whereas, if kept idle, the battery life can extend up to around 3 months.
Compatibility with other devices
Trezor One hardware wallets are compatible both with computers and smartphones. It supports Windows 10, macOS 10.11 and higher, Linux, and Android.
Ledger Nano X is also compatible both with computers and smartphones. It supports Windows 8+, macOS 10.10+, Linux excluding ARM Processors, and Android 7+.
Other crypto wallets support
While talking about Ledger Live App, it is capable of managing 27 assets and ERC20 tokens from the mobile and desktop.
Ledger Nano X comes with features that help it support both Android and iOS.
They are congruous with more than 50 applications.
Trezor has its proprietary application Trezor Wallet. It has an easy-to-use interface. You can manage your funds easily.
Here we have the conclusion of the above discussion.
- The touch screen in Trezor Model T is nice but can be a little bit clunky sometimes. So the Ledger wins even though it’s a lot more simplistic.
- The user interface of Ledger Nano X is better in my opinion because it comes together a lot more nicely.
Therefore, if budget is not a constraint, you can choose a Ledger Nano X however if you do not want your pocket to take a serious hit and want assured security then you can go for a Trezor Model One.