Do you want to know the difference between the Trezor Model T and the Ledger Nano hardware wallet? As a crypto enthusiast, it’s understandable if you’re perplexed about choosing one of these two hardware wallets. From this guide, you will learn:
- How to use the Trezor and Ledger wallets?
- What are the pros and cons of using the Trezor and Ledger wallets?
- Which of these two hardware wallets is better?
The Trezor Model T and Ledger Nano are two well-known names in the crypto industry for good reasons. Both wallets offer their users high security, support for over a thousand crypto assets, incorporated exchange.
If you’re going to invest in the crypto industry, it’s advisable to store your crypto assets safely. According to several cyber security experts, storing your crypto assets offline in a hardware wallet is the most secure way to keep your crypto assets. But don’t get too excited yet; using a hardware wallet also has its downsides. Read on to learn all you need to know about getting started with one of the two most popular hardware wallets.
Comparison Table of Trezor Model T vs. Ledger Nano Crypto Hardware Wallets
How to Use Trezor Model T?
Before we go into how this wallet works, let’s talk about the Trezor Model T wallet. A project by SatoshiLabs, the Trezor Model T is a type of hardware wallet with a free web wallet interface. In other words, while your crypto assets are technically stored offline, to access them, you need to connect the device to the web. So, you can always log in to your wallet whether you have its software installed on your device or not.
You can assess your wallet via your local browser if you don’t have the installed app. Trezor comes with many more advantages, which we will be looking at later in this guide. But for now, if you want to use the Trezor Model T wallet, follow the steps below.
Step 1: Buy it from a reliable source
The first step to using this wallet is to acquire one. When buying a hardware crypto wallet, you must do so from a reliable source. When you buy your Trezor wallet, check to ensure that the hologram sticker on the device is authentic and has not been meddled. You can also confirm the retailer you want to buy the wallet from if the retailer is listed as a reseller on the Trezor website.
Step 2: Connect it to your device
The Trezor Model T is a USB-connected device. You’d get a Type-C USB cable in the box when you buy one. Use the cable to connect the device to your PC to set up. Fortunately, the Trezor Model T is compatible with all major operating systems, and it works with Google Chrome, Firefox, and Mozilla. When you plug the Trezor into your device, you will get an on-screen setup instruction; follow it to get started. If you want to use Firefox, ensure you install Trezor Bridge as the user’s guide instructed.
Step 3: Create a new wallet
On the browser of your choice, open “trezor.io/start.” If the Trezor is appropriately connected, it will detect it. Automatically, you will be redirected to install the latest firmware for your wallet. Accept and install the update, and after a few minutes, the update will be complete. When complete, the device will reboot, and you can proceed with signing in or creating a new wallet. Note that the Trezor Model T accepts all BIP39 seeds, but we recommend creating a new wallet. Creating a new wallet is pretty straightforward, and it takes only a couple of minutes.
Step 4: Store your seed phrase
Once you have completed the account creation process, you will get a message that your wallet is not backed up. Click on the “create backup wallet” option to protect your crypto assets from the unexpected.
The Trezor Model T will generate a unique 12-word unique phrase. Securely store the seed phrase in the order in which they are generated. Ideally, you should as well save the seed phrase offline. Ensure you read the warning message about the recovery seed phrase before proceeding.
Step 5: Name your device
When you are done with the backup process, pick a unique name for your Trezor device. You can use your name or choose from the list of predefined samples.
Step 6: Create a unique PIN
Lastly, create a unique PIN. The PIN can be a maximum of nine digits long. The PIN will ensure your wallet is secure from unauthorized access. Ensure that when creating the PIN, you avoid using things closely related to you, such as date of birth, phone number, etc. You can then use your Trezor wallet safely after you have created the PIN.
Pros and Cons of Trezor Model T
The Trezor Model T comes with a bigr touch-sensitive colored screen and has some other great features.
The Trezor Model T is a user-friendly and secure hardware wallet.
One thing that stands out with this wallet is that it is relatively easy to use. The onboarding process is straightforward, plug in the device to your laptop and follow the prompt. Trezor designed its wallet such that its users can go through the entire setup process themselves.
Unlike the Trezor Model One, the Trezor Model T comes with a full touchscreen display. The large touch screen makes operation a breeze, giving its design an exotic look. Measuring 240 by 240 pixels, the LCD screen is bright and brilliant both day and night. And despite its bigger screen, it is still quite portable.
Support digital assets
One of the most exciting features of this wallet is that you can use it to store thousands of digital assets. But note that Trezor will only let you operate ten different crypto wallets at any time. This restriction seems quite limiting, but it is crucial to ensure their server is manageable.
The Trezor Model T comes with several security measures that ensure you can safely store your crypto assets. The on-device PIN ensures that no one manipulates their way into your hardware wallet. At the same time, the SLIP-39 Shamir and other security measures give the Trezoe Model T a solid cryptography standard security.
One of the main challenges of using a hardware wallet is the fear of losing all your funds with little to no hope of recovering them. With the Trezor Model T, you can ease your mind from such anxiety. Trezor offers its users a feature called the backup option. This option ensures that whatever happens, your crypto assets are safe. If you lose your Trezor device, it gets damaged, and so on, you can always visit “wallet.trezor.io” to recover your wallet.
The Trezor Model T lacks a smartphone app and has a couple of other minor minuses.
No smartphone app
The Trezor Model T does not come with a smartphone app you can download. Nevertheless, using the Trezor Model T with your smartphone is possible via an OTG cable. With the Trezor Suite web app supported via a local browser, you can also use your local browser on your smartphone to get started.
Quality could be better
The overall build quality of the Trezor Model T could be better. The body of the Trezor Model T feels made out of a cheap plastic material. It wouldn’t have mattered much if the Trezor Model T was cheap, but many users expected a much better build quality for its price.
Liquidating crypto assets to FIAT is quite long.
Unlike other hardware wallets, withdrawing your crypto asset to FIAT currency using the Trezor Model T can be tedious. Trezor wallet does not have native support to withdraw assets directly to bank accounts. To withdraw your funds, you need to use an exchange.
How to Use Ledger Nano?
The Ledger is not a new manufacturer of crypto hardware wallets. If you are familiar with the Ledger lines of products, you may have heard about the Ledger Nano S. The Ledger Nano S, released in 2016, was able to hold a small variety of crypto assets.
While the Ledger Nano S was a great success, in 2019, Ledger introduced the Nano X as an update that can hold thousands of diverse crypto assets. Whether you get the Nano S or the Nano X, you can securely store and manage your digital assets. If you’re going to get the Ledger wallet, here’s how to set it up.
Step 1: Buy the Ledger wallet from a reliable source
Always buy a Ledger wallet from a reliable source. Buying a fraudulent or counterfeit Ledger wallet defeats the whole purpose of buying a Ledger wallet in the first place. So, look out for an anti-tamper seal on the Ledger packaging and ensure it has not been tampered with. Also, use the Ledger Live functionality to verify the authenticity of your device.
Step 2: Connect the Ledger wallet to your device
Next, you are to connect the Ledger Nano wallets to your device, be it a PC or smartphone. To do so, you can use USB Type-C, Wi-Fi, or Bluetooth, depending on the model of Ledger wallet you own. Note that the Ledger Nano S does not come with Bluetooth connectivity while the Nano X does. So, after establishing a secure connection, proceed to download the Ledger Live app on your PC or smartphone (Android and iOS).
Step 3: Update firmware
On opening your Ledger Live app on your device with the Ledger device plugged in, you will receive a notification to “configure as a new device” or “register an existing account.” Choose the appropriate option and then proceed to update the firmware of the Ledger device.
Step 4: Set PIN
After that, you will be asked to set a PIN. Your PIN can be as long as four-digit to eight-digit long. When setting your PIN, note that you will be filling it every time you want to use this device, so ensure to use something you can never forget.
Step 5: Save your recovery phrase
As a final step, you have to save your recovery phrase. The Ledger wallet uses a 24-word seed phrase generated from a standardized list called the BIP-39 list. Note that the recovery phase is critically important to the security of your crypto assets. In the Ledger Nano device box are two recovery phrase sheets where you can write it down. After writing the recovery phrases, you are all set up and ready to receive your first crypto assets.
Pros and Cons of Ledger Nano
The Ledger wallet offers great value for money and will help keep your crypto assets secure.
The Ledger Nano X is a great device boasting some cool features.
Ledger Manager and Ledger Live
You can easily manage your crypto assets, such as store them or trade them. One of the main features of the Ledger Nano device that makes it well sought out is the Ledger Manager and Ledger Live feature. The Ledger Manager is a downloadable PC software, while the Ledger Live is a downloadable app for smartphones.
The Bluetooth support available on the Ledger Nano X allows users to connect this hardware wallet to their devices, be it a PC or smartphone, wirelessly. The wireless connectivity feature on the Ledger Nano X means you will always have access to your crypto assets even when you do not have a USB cable or an OTG cable. This feature makes the Ledger Nano X very convenient to use.
When buying a hardware wallet, especially one that works with wireless connectivity, the battery capacity is something you want to consider. The Ledger Nano X wallet comes with a strong 100 mAh battery capacity. With a battery this size, you can use the Nano X for up to 8 hours on a single charge. And if the Nano X is on standby, the battery can last for weeks. Note that the battery is non-removable, but it can easily be recharged by connecting the USB type-C to your PC’s USB port.
The Ledger Nano wallets support thousands of crypto assets. However, there is a restriction to the number of crypto assets you can hold simultaneously. You need to install its respective app when you want to add a new crypto asset. For example, if you want to send and receive Bitcoin, you need to install the Bitcoin app. Depending on the size, you can install between 3 and 7 apps simultaneously with the Nano S, whereas the Nano X allows you to install up to 100 apps simultaneously.
Regular firmware update
One of the main reasons that Ledger Nano wallets are so secure is that their firmware is regularly updated to keep on top of security and features. Although Ledger has no regular schedule as to when a new firmware update will be released, whenever it is released, you can be sure to receive a notification to update now and then.
The Ledger Nano wallets prices start from around $59 but surpass the $100 mark for top versions.
The Ledger Nano wallet is quite pricey, especially if you want to go for the updated Nano X version. The Ledger Nano X goes for about $119. If this price feels too steep, you can always go for the Ledger Nano S, about $59. If you do not mind the extra cost, the Nano X is a better buy than the Nano S because of the extra features it offers. However, if the price of the Nano X is too steep, the Nano S is also a great buy as it offers you exceptional security and extra features.
Small non-touch display
While the Ledger Nano wallet comes with a display screen, for its price, users expected more. But even though the screen is handy as it allows you to confirm transactions, it is incredibly small and non-touch. The Ledger Nano S comes with 128 x 32 pixels, while the Nano X has 128 x 64 pixels.
Which Hardware Wallet is Better: Trezor Model T or Ledger Nano?
After comparing both hardware wallets, it’s evident that the Ledger Nano is the better hardware wallet. However, it is essential to state that no one specific hardware wallet suits everybody. But the Ledger Nano X offers you better value for your money. The Ledger Nano wallets are better than the Trezor Model T wallet because they allow you to trade crypto assets from its app and support wireless connectivity. Also, the Ledger Nano X supports more crypto apps than the Trezor Model T. The Trezor Model T comes with a bigger touch-sensitive colored screen. However, the Trezor Model T display made its price way more expensive than the Ledger Nano wallets.
While overall, the Ledger Nano Hardware wallet is a better and more affordable choice, some users may prefer the Trezor Model T for its display screen. You can rest assured that whichever of the two hardware wallets you buy will help keep your crypto assets secure.