The hardware wallet market is growing as cryptocurrency grows.
Competition has lowered prices, but it makes choosing the right hardware wallet a tough decision.
In this guide, we will see how the three main competitors in the space fare in many areas like security, coin support, setup and user experience.
The Ledger Nano X is Ledger’s newest hardware wallet.
The main benefit is that it has Bluetooth, making it the first hardware wallet that connects with iOS devices.
It’s more secure than using just an app on your phone, because all transactions are signed with the Nano X.
➤ MORE: Ledger Nano X vs S
It’s very easy to setup and use.
The TREZOR Model-T is a second generation Bitcoin/crypto hardware wallet manufactured by SatoshiLabs.
The TREZOR line debuted in 2014 with the TREZOR One and has remained one of the most popular cryptocurrency cold storage solutions to date.
A screen is a really important security feature for hardware wallets. If you don’t have a screen on a hardware wallet, it is COMPLETELY USELESS.
The screen lets you backup the recovery phrase without exposing it on a computer. It also allows you to review the addresses and amounts before confirming an outgoing transaction.
Both devices have a screen.
The TREZOR T has a 240x240 pixels color LCD screen. Ledger Nano X has a 128x64 LCD screen.
The Ledger Nano X features the smallest and lowest resolution screen of the 3 hardware wallets. Of course, you don’t really need a very large screen to use a hardware wallet, but generally bigger is better.
One problem with the Nano X screen is its low resolution, making m’s look like r’s and n’s put together - see “m” vs “rn”. This makes it more difficult to verify addresses (as mentioned above). That may be worth the additional $40, but for many it won’t be.
The Model T’s full color touch screen makes it the easiest hardware wallet to navigate and the easiest to use when verifying addresses.
The Ledger Nano X supports the most coins. The TREZOR T also supports a good amount of coins.
Both Ledger Nano X and Trezor T support all ERC20 tokens.
Here are the supported coins out of the top 20 largest cryptocurrencies:
|Ledger Nano X ||TREZOR T |
|Binance Coin (BNB)|
|Bcash SV (BSV)|
|Ethereum Classic (ETC)|
The Ledger Nano X will run you $155, while the Trezor T will run you $320 USD or 320 Euro. The reason for the higher Trezor T price is due to the full color touch screen.
Not only is it much easier to navigate than the Ledger Nano X, but also potentially less likely to result in a user error.
Each wallet does have some unique differences that are hard to see in the picture.
The Ledger Nano X has two physical buttons, while the Trezor Model T has a touch screen.
The Trezor and Ledger devices are a very safe way to store your cryptocurrencies.
Still, there are some important differences between the devices. The main difference is the Ledger Nano X is based on a dual chip architecture featuring a secure element.
The Trezor model T does not have a secure element because (they claim) there are no open source secure elements availabe on the market.
You can see the importance of open-source software to Trezor because they have even open-sourced their own software and hardware so you could (if you wanted to) make your own trezor T by parts your source yourself.
This also means there are many eyes on both the hardware and the software.
Ledger Nano X does not open-source any part of their software or hardware.
Another feature offered by Trezor T is its support for Shamir’s Secret Sharing, which is a way to split up your private key into multiple parts and spread them out, decreasing the chance of catastrophic loss. Learn more about this feature in our Trezor Model T review.
Both devices have screens which means you don’t need to expose the recovery phrase to your computer.
The Trezor and Ledger devices are compatible with most multisig software, such as Specter and Caravan.
In order to use any hardware wallet you need software that helps you command and interact with the wallet.
The table below shows the compatibility of Bitcoin wallet software with each hardware wallet.
|TREZOR T||Ledger Nano X|
|MultiBit HD |
Unfortunately, only Ledger offers full node support on their native software. For the others, you will need to turn to 3rd party wallet software like Electrum if you want to get the most out of your full node with your hardware wallet.
Both wallets support integrations with electrum or electrum server. You can find documentation on setting that up for each wallet below:
Ledger recently announced that full node support is now live through its satstack software. However, you will need to be able to use a command line interface for now.
Yes, all three wallets support Segwit addresses.
The main benefit of Segwit is lower fees when sending Bitcoins.
We wouldn’t say there is a “best”.
You really just need to decide what is more important to you: Bluetooth capability or an easy to navigate touch screen.
If you are always on the go and make lots of trades, the Nano X is the better option because you can connect it to your phone and easily make trades. You can also easily send crypto while you are out and about.
If you want the easiest to use hardware wallet and won’t be sending or trading lots of tokens, the Trezor Model T is the better option. The touchscreen on the Model T makes it much simpler to navigate than the two button navigation system on Ledger Nano X.