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Ledger vs. Trezor Review: How Do They Compare?



Ledger vs. Trezor Review: How Do They Compare?

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Ledger and Trezor rank among the most popular and affordable cryptocurrency hardware wallets. Ledger and Trezor both offer extremely secure digital wallets for offline storage — or cold storage — of your valuable cryptocurrencies, non-fungible tokens (NFTs) and other crypto assets. Here’s an in-depth look at Ledger vs. Trezor so you can decide which is better for your crypto needs.

Note from the author: Ledger and SatoshiLabs hooked me up with free wallets to review.

Ledger vs. Trezor at a Glance

Ledger Nano S (top left), Ledger Nano X (bottom left) and Trezor Model T (right)

Ledger is a hardware wallet manufacturer based in Paris, France. It offers the Ledger Nano S and Ledger Nano X hardware wallets. Both wallets work with the companion Ledger Live app for desktop or mobile. The Ledger Nano is a top pick for budget-friendly hardware wallets, selling for $59 directly from Ledger. Both versions support the same list of more than 5,500 cryptocurrency coins and tokens.

Trezor is a hardware wallet made by SatoshiLabs, based in Prague, Czech Republic. Like Ledger, Trezor comes in two versions, the Trezor One and Trezor Model T. Trezor One supports more than 1,000 cryptocurrencies, with the Model T including a slightly larger list. The premium Model T is a touchscreen device that’s more fun to use if you’re willing to shell out over $200.

Find out more: Hot Wallets vs. Cold Wallets

How Do Trezor and Ledger Work?

Ledger and Trezor are hardware cryptocurrency wallets. This means the wallets (and companion software) can securely store your cryptocurrency wallet address and private key entirely offline. Your data is stored away from potential hackers looking to access your computer or phone. In cryptocurrency community slang, a hardware wallet that stores your wallet keys offline is called a cold storage wallet.

Ledger Live includes features to track your cryptocurrency portfolio and send, receive and swap for other currencies.
Ledger Live includes features to track your cryptocurrency portfolio and send, receive and swap for other currencies.

Depending on which wallet you choose, you can connect to your computer or smartphone using a USB wire or Bluetooth. To withdraw funds or interact with the wallet, it must be connected to your computer or phone and then unlocked using your unique PIN. Once unlocked, the companion app has access to your keys, enabling you to enter a transaction.

Other cold wallets are also available and may work differently. For example, Keystone wallets are completely air-gapped. This means they never connect to your computer. Tangem uses unique wallet cards that pair to your computer using NFC, the technology used for Apple Pay and Android Pay. However, Ledger and Trezor set a high crypto wallet standard to follow.

Wallet Features

Now we’re going to get into the nitty-gritty of wallet hardware and software features for a more thorough Ledger vs. Trezor review.


Ledger Nano wallets are about the size of a USB thumb drive. Each has the option to connect to your computer using a USB cord. But the higher-end Nano X also works via Bluetooth. Both require you to install an app for each currency you want to use, though they can hold currencies without the app installed. Nano S has enough storage for three apps at a time, while Nano X can hold up to 100.

Both devices use extremely strong security and encryption, including a Ledger-designed chip meeting CC EAL5+ security standards. Both wallets support an impressive list of more than 5,500 coins and tokens. Odds are good that it works with whatever cryptocurrency you’re trying to store.

In addition to Ledger Live, Ledger Nano wallets are compatible with more than 50 additional software wallets, such as MetaMask. Wallets are unlocked with a PIN code and you get a 24-word recovery phrase when setting up the wallet for the first time. This can be used to retrieve your wallet keys if you ever lose access to the hardware device.


Trezor’s Model One and Model T connect to your computer with a USB cable. The native software for Trezor devices, Trezor Suite, makes it easy to send, receive and trade supported currencies. The touchscreen Model T is easy to unlock with your personal PIN directly on the device, while Trezor One requires you to enter your PIN on your computer or phone. Both devices do a very good job of making cold storage user-friendly.

Trezor Suite is the optimal companion for Trezor devices.
Trezor Suite is the optimal companion for Trezor devices.

Trezor uses multiple authentication and encryption standards to keep private keys safely locked away until you enter your PIN. Security buffs may also appreciate that Trezor uses open-source software, allowing anyone to look for bugs and security issues.

Trezor supports 1,800 currencies and tokens, with a few missing on the lower-cost Trezor Model One. The device works with popular software wallets, including Exodus and Electrum. Recovering currency from a lost or broken device requires a backup seed phrase of 12 to 33 words. But if you treat the device well and keep it somewhere safe, that shouldn’t be an issue.


Ledger is the winner here if your priority is support for the largest number of currencies. Ledger works with an incredible list of more than 5,500 coins and tokens. Because it works with other wallets and blockchains, including Binance Smart Chain and Ethereum wallets, you can store obscure coins without direct support.

Trezor lists 1,816 supported coins and tokens. While the list is less than half the size of Ledger’s, chances are still good that it works with whatever currency you’re considering. The most significant gaps are the lack of support for cryptocurrencies cardano, ripple, tezos, monero and EOS on the Trezor One.

Regardless of which you choose, popular coins like bitcoin and ethereum are well supported and easy to buy, sell, swap and store using either wallet.


The biggest reason to choose a hardware wallet over a software or paper wallet is security. Both companies do a very good job with security and you should feel safe using Ledger or Trezor to keep your valued digital assets safe.

The companies take different approaches to security, which could influence which you prefer. Ledger handles everything in-house, using closed-source software, a Ledger-designed chip and a fully Ledger-controlled experience.

SatoshiLabs prefers an open-source system for Trezor wallets. Trezor follows a philosophy of sharing its code with the public to build trust and open up its software for anyone to find problems and opportunities to improve.

Ledger does have one bad mark in its security history. Its user database was hacked in 2020, exposing customer details for past orders. This information didn’t expose Ledger devices or user keys but did leave some questioning Ledger security practices. And it exposed past customers to phishing attacks.


Ledger and Trezor wallets are priced as follows:

  • Ledger Nano S: $59
  • Ledger Nano X: $149
  • Trezor One: $63
  • Trezor Model T: $220

As far as costs go, Ledger Nano S is the most affordable option, though the Trezor One costs not much more. If you’re willing to pay $220, the Model T offers a premium experience thanks to the touch screen. Ledger fans will find a sweet spot of extensive features and a slightly more modest price tag with the $149 Ledger Nano X.

Ease of Use

If you’re not as tech-savvy, ease of use could be an important consideration. Both wallets are reasonably straightforward once you read the basic instructions, but Trezor is a bit easier to navigate and use, thanks to device design and the Trezor Suite software. The big touch screen on the Trezor T makes it the easiest to use of these four hardware wallets.

Among the higher-end devices, the option to connect a Ledger Nano X via Bluetooth is unique and makes the experience a little easier. However, you will need to plug it in at least occasionally to recharge.

For the typical cryptocurrency enthusiast who is generally comfortable with computers and the web, any Trezor wallet or Ledger wallet should do just fine.

Who Should Use Trezor vs. Ledger?

If you’re still on the fence, here are some insights into which wallet may be better for different types of users and goals.

Ledger wallets are best for those looking to save a little money while getting support for the largest number of currencies and outside wallets. They are best for higher-tech users who want flexible options to use the device in several ways.

Trezor wallets are a little pricier and easier to use but support fewer currencies and outside apps. They are best for users looking for the best experience and who don’t mind the higher cost and shorter list of compatible coins and features.

For what it’s worth, if I were chatting with my friends, I would recommend a Ledger Nano S for the best low-cost experience and Trezor Model T for the best user experience.

Ledger vs. Trezor Review: Final Thoughts

While the companies don’t provide numbers that allow us to know which is more popular, both are clear market leaders for cryptocurrency hardware wallets. For the typical cryptocurrency user, you can’t go wrong with either. Digging into the details on cost, supported currencies and additional software wallet support can help you pick the right one for your cryptocurrency portfolio goals.

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Sushiswap developers propose to divert 100% of fees generated to Sushi’s multisig



Sushiswap developers propose to divert 100% of fees generated to Sushi’s multisig

  • Sushiswap developers have submitted a new governance proposal to the community.

  • The proposal seeks to divert 100% of fees generated on the platform to Sushi’s multisig.

  • The funds would be used for Sushi’s multisig for a year or until new tokenomics are implemented.

Sushiswap developers want to divert trading fees

Developers of the decentralised finance (DeFi) protocol, Sushiswap, have submitted a new proposal to the community. According to the proposal, 100% of the fees generated on the platform would be diverted to Sushi’s multisig for one year or until new tokenomics are implemented.

This latest cryptocurrency news comes as Sushiswap is currently facing a significant deficit in its treasury. The deficit threatens the protocol’s long-term operational viability. 

In his proposal, the Head Chef, Jared Gray, said;

“After reviewing expenditures, it’s clear that a significant deficit in the Treasury threatens Sushi’s operational viability, requiring an immediate remedy. In my original proposal, Sushi operated with an annual runway of 9M USD. However, after my detailed review, we reduced that requirement to 5M USD. We made the reduction possible by renegotiating infrastructure contracts, scaling back underperforming or superfluous dependencies, and instituting a budget freeze on non-critical personnel and infrastructure.”

Despite reducing the project’s annual runway requirement from $9 million to $5 million, the treasury still provides for only about 18 months of runway.

The developers are now proposing to set up Kanpai, a fee-diversion protocol. The proposal, if accepted, will lead to 100% of fees diverted to the Treasury multisig for one year or until the project’s new token distribution and reward schemes become active. 

Sushiswap’s fee-diversion solution is temporary

The developers pointed out that the proposal is a temporary solution to a long-term problem. The proposal was put in place because new tokenomics will take time to implement

The Head Chef said;

“Kanpai is a temporary solution to a long-term problem, and a new tokenomics proposal is on the horizon, which will help address the long-term value proposition of Sushi for stakeholders. Sushi must implement a holistic token model that allows the rebuilding of the Treasury and delivers value for all stakeholders while reducing the fiscal liability carried solely by the protocol.”

In addition to Kanpai, the Sushi team said it increased its funding by securing several multi-million dollar partner deals. 

However, the developers added that relying on business development deals is only part of a successful business model to secure Sushi’s future. In October, asset management firm GoldenTree invested $5.2 million in Sushiswap.

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Europe’s McGuinness pushes for global rules after FTX collapse



Europe's McGuinness pushes for global rules after FTX collapse

Mairead McGuinness, financial services commissioner for the European Union spoke to CNBC in Brussels.

Bloomberg | Bloomberg | Getty Images

BRUSSELS — Some market players are purposely avoiding regulation in the crypto space, the EU’s top regulator told CNBC as she called for a global approach to protect retail investors.

The European Union agreed in June on the Markets in Crypto-Assets (MiCA) regulation. This is meant to reduce risks for consumers buying crypto assets. In essence, the rules mean providers would become liable if they lose investors’ crypto-assets, but the regulation is only due to start 12 months from now.

“It will not come into effect for a year, but I think it’s already having an effect,” Mairead McGuinness, European commissioner for financial services, told CNBC Tuesday.

She said that firms in the crypto industry that want to be part of the regulated system — and therefore have the seal of approval from a regulatory authority — are “already acting in a way that our legislation is pointing.”

However, she added that some crypto players are choosing to, and are fundamentally against, stricter rules.

“Some of those who were involved in crypto, from the very outset, were doing it because they didn’t want to be part of the regulated, managed system. They want it to be separate from and in parallel to it. That’s a very dangerous path,” she said.

Recent crises in the crypto world have clearly exposed the risks for consumers. The recent collapse of FTX, an exchange once valued at more than $30 billion, and the crash of supposed “stablecoin” terraUSD both highlighted the risks associated with these assets.

U.S. interest

The European Union has been stepping up rules in this space and has pushed for a global approach. In meetings last month, McGuinness discussed crypto regulation with her U.S. counterparts.

“What I found in the U.S. is huge interest in what we were doing here, and the markets and crypto assets legislation. And I believe there will be developments there,” she said.

In the wake of the downfall of FTX, some U.S. policymakers urged the Treasury to do more to tackle the risks for investors. The U.S. Treasury was not immediately available for comment when contacted by CNBC.

In the U.K., officials are reportedly working on a new plan to regulate crypto as well.

“We have seen events, let me put it like that, in this crypto space. Which maybe is a wake-up call for those who thought that investments would only increase in value,” McGuinness said.

She added that crypto is like climate change, in that it needed a global approach.

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New crypto wallet designed by iPod creator Tony Fadell



New crypto wallet designed by iPod creator Tony Fadell

The creator of the iPod, Tony Fadell, designed a new hardware wallet for people to store their cryptocurrency.

The product, created by French crypto asset security firm Ledger, launched at the company’s annual Ledger Op3n event Tuesday. Its launch comes at a time when trust in centralized crypto platforms is fading as a result of the collapse of Sam Bankman-Fried’s FTX.

It’s called Ledger Stax and resembles a small smartphone or credit card reader. Measuring 85 millimeters long and 54 millimeters wide, it’s roughly the same size as a credit card. It is also about 45 grams, weighing less than an iPhone. Users can deposit or exchange a range of tokens, including bitcoin, ether, cardano, solana and nonfungible tokens, or NFTs.

The Ledger Stax sports a black-and-white E-ink display, similar to that of Amazon’s Kindle e-readers. It also includes magnets, so that multiple devices can be stacked on top of each other, like a pile of books or cash — hence the name Stax. Users can connect it to their laptop through a USB cable or their phone via Bluetooth.

“Many Ledger owners have multiple devices, some store their NFTs, some store different crypto, some have multiple because they have different clients that they store for,” Fadell told CNBC in an interview.

The display also has a spine that curves around the edge, “so you can see what’s on each one, just like an old CD or cassette tape or book,” he said.

The iPod for crypto?

Initially, Fadell turned down working with the Ledger team on Stax. “This was not something I wanted to do,” he said. “When they first approached me I’m like, ‘I don’t want to do it. No thank you.’ I was interested in crypto, I had crypto at the time but I’ve basically got a lot of other things to do.”

The Ledger Stax is the latest hardware crypto wallet from French startup Ledger. It’s roughly the same size as a credit card and sports an E-ink display.

What is DeFi, and could it upend finance as we know it?

Ian Rogers, Ledger’s chief experience officer and a former executive at Apple and LVMH, said he’s confident about the mass market potential.

“There’s no question about the need for security and there’s no question that we lead increasingly online lives,” he told CNBC. “Instagram, Nike, Starbucks, Amazon — many companies are finding real life use cases for digital assets. And so I think that we will grow with that.”

Not your keys, not your crypto

After the recent collapse of FTX into insolvency, crypto holders have sought alternative means of storing their digital assets. One is via cold storage, where a user’s private key — the code they need to access their account — is kept on a device that’s not connected to the internet.

Since these wallets are offline, they’re less susceptible to hacks or failures. Ledger says that, to date, none of its devices have been hacked.

Ledger has seen a boost in sales as a result of fears around the contagion from the FTX collapse. Last week, BlockFi, a crypto lender, entered bankruptcy after revealing Alameda Research, Bankman-Fried’s trading firm, defaulted on $680 million worth of loans from the company.

November “will be our all-time high biggest month ever,” Pascal Gauthier, Ledger’s CEO, told CNBC. “All the news that you’ve seen since the beginning of the year, from Celsius all the way to FTX, has really pushed a lot of users towards self custody.”

Ledger has sold more than 5 million devices to date.

However, a sharp downturn in digital asset prices could spell trouble for the company with retail investors becoming more wary. Only 21% of Americans feel comfortable investing in cryptocurrency, according to Bankrate’s September survey. That’s down from 35% in 2021.

The Ledger Stax will compete with a slew of consumer gadgets this holiday shopping season, including Apple’s new iPhone 14, at a time when budgets are being constrained by rising inflation.

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