Hardware wallet heavyweights: Trezor vs. Ledger
Jul 23, 2025・6 min read
Buying crypto on an exchange is like owning a car that’s parked in someone else’s garage. You have the title and keys – but they have the garage door opener. In the same way, your crypto might be yours in name, but the exchange controls access. To take full control of your digital assets, you need to transfer them from the exchange into your own secure storage where you hold the keys.
When investors feel ready to take that step, the first move is choosing a solid self-custodial crypto wallet. Unlike custodial accounts on centralized exchanges (CEXs), self-custodial wallets grant you access to the private key that gives direct access to the crypto without intermediaries.
Among the many wallet options, two frontrunners lead the pack: Trezor versus Ledger. Both offer USB-like devices designed to protect crypto from unauthorized access, and both are known for their strong security features. But is one better than the other?
In this guide, we’ll break down their features to help you decide which crypto wallet is right for you. And help do that, let’s start by explaining the difference between hot and cold wallets.
Software vs. hardware crypto wallets: An overview
Two types of crypto wallets exist: "cold" hardware wallets like Trezor and Ledger – physical, USB-like devices that store private keys offline – and "hot" software wallets, which are mobile or desktop apps that store keys on your device.
Hot wallets are convenient and often free to download, but they’re more vulnerable to hacks because they are on devices which are typically connected to the internet 24/7. Even with strong encryption and security features like two-factor authentication (2FA), the risk of a data breach is significantly higher.
Hardware wallets come in many styles and may include features like touchscreens or Bluetooth, but their core function is the same: they keep private keys offline in a physical device. To use crypto stored on a hardware wallet, you connect it to a computer and open a compatible app to view assets and approve transactions. This added layer of separation makes it much harder for hackers to access your funds compared to software wallets.
Here’s an overview of their main features:
2025
Crypto Tax
Guide is here
CoinTracker's definitive guide to Bitcoin & crypto taxes provides everything you need to know to file your 2024 crypto taxes accurately.
Trezor vs. Ledger: Key comparisons
Despite the growing hardware wallet market, Trezor and Ledger remain two of the most talked-about brands with large, loyal followings. Of the two, the Prague-based Trezor has been around longer and holds the distinction of launching the first commercial crypto hardware wallet in 2013: the Trezor Model One. The French company Ledger followed in 2014 with its Ledger Nano S.
Both hardware wallet manufacturers still offer their original flagship devices, but they’ve since improved security and expanded their product lines to offer customers more options and greater flexibility.
Here, we'll compare how Trezor and Ledger size up in terms of security, usability, supported coins, and price.
Security: Trezor vs. Ledger
The main reason most crypto traders opt for a hardware wallet is peace of mind – specifically, protection from hackers. Both Trezor and Ledger store private keys offline, but each takes a different approach to claiming the title of “most secure.”
Trezor’s approach to wallet security
Trezor stands out for its open-source software, which allows anyone to audit its code. This transparency shows confidence in its security standards, but it also opens the door to potential exploits if bad actors discover any vulnerabilities.
Trezor also offers added protections like an optional passphrase and a feature called Shamir backup. The optional passphrase lets users attach an extra password to their seed phrase, creating a hidden wallet that stays invisible – even if someone has the original phrase. Conversely, Shamir backup splits a recovery phrase into multiple “shares ” that wallet owners can distribute to trusted contacts. While these features add complexity, they offer more control for users who prioritize security.
That said, Trezor isn’t without criticism. A well-known report from Kraken showed that, with the right tools and expertise, Trezor hardware wallets are indeed hackable. Trezor acknowledged the risk but noted that hardware wallet hacks are far rarer than online breaches – and that its optional passphrase helps prevent such attacks.
Ledger’s approach to wallet security
Paris-based Ledger promotes its Secure Element (SE) chip as a cornerstone of its security approach. This tamper-resistant hardware is designed to protect private keys even in the event of physical theft, making it more difficult for bad actors to extract sensitive data from the device.
Unlike Trezor, Ledger doesn't use open-source firmware. Instead, it runs on a proprietary operating system called BOLOS, which gives the company full control over its software. While some appreciate the added control, others see it as a drawback because users must trust Ledger’s internal security practices without being able to review the code themselves.
Ledger’s track record also includes some controversy. The company experienced past data breaches involving customer information and faced backlash in 2023 after announcing Ledger Recover – a feature that lets users back up and restore their seed phrase by encrypting it and sending fragments to third-party custodians for safekeeping.
Critics questioned the safety of this approach and raised concerns about a potential “backdoor” – a hidden way for Ledger or a third party to access user wallets. Although the company continues to defend the program’s security, the launch sparked lasting skepticism among many in the crypto community.
Ultimately, choosing between Trezor and Ledger comes down to your security philosophy. Trezor is open source, which appeals to those who value transparency and the ability to independently audit code. If that's your priority, Trezor may be the better fit. If you’re more focused on physical resilience and advanced hardware protections, Ledger’s Secure Element chip is hard to overlook – despite some PR challenges.
Usability: Trezor vs. Ledger
Some Trezor and Ledger crypto devices are arguably easier to use than others – especially for beginners. Higher-end models like the Ledger Stax, Ledger Nano X, and Trezor Model T offer larger touchscreens, which tend to feel more intuitive. While these devices are more expensive than the entry-level Ledger Nano S Plus or Trezor One, the additional screen space and touch functionality can make the user experience smoother with less of a learning curve.
Some Ledger models also offer Bluetooth connectivity, giving users the option to go wireless. Devices like the Nano X and Stax can connect to phones or computers without the hassle of USB cables.
On the software side, Ledger uses the Ledger Live app, while Trezor offers the Trezor Suite. Both apps are available in major app stores and offer clean, user-friendly interfaces. That said, Ledger Live tends to have more favorable ratings on the App Store and Google Play than the Trezor Suite.
Supported coins: Trezor vs. Ledger
The list of cryptocurrencies that Trezor and Ledger devices support constantly changes with each new firmware or software update. Compatibility also varies by model – some wallets, like the Bitcoin-only Trezor Safe 3, only work with Bitcoin (BTC).
In general, Ledger crypto wallets support a broader range of cryptocurrencies than Trezor. For instance, Tron (TRX) – a major altcoin – is available on Ledger hardware devices but not Trezor. Similarly, Trezor doesn’t support certain deprecated digital assets like Bitcoin Gold (BTG) and Dash (DASH), while Ledger still does.
That said, Trezor wallets still work with thousands of coins and tokens, including major names like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). For the latest list of supported assets, visit the official Ledger and Trezor websites.
Price: Trezor vs. Ledger
For anyone with significant crypto holdings, the security that hardware wallets promise can feel priceless. Still, cost matters when comparing models in the Trezor and Ledger product lines. While pricing is subject to change – especially during sales events like Black Friday – average prices for each brand’s current lineup fall roughly within these ranges (as of this writing):
Trezor average prices
Ledger average prices
Cold wallets? Hot wallets? CoinTracker tracks it all
No matter how many wallets or exchange accounts you use, CoinTracker helps keep tabs on your digital asset activity. With CoinTracker’s Portfolio Tracker, it’s easy to link API keys and public wallet addresses for a bird’s-eye view of your blockchain transactions. CoinTracker also automatically organizes your activity into categories for easier tax reporting.
After generating IRS-compliant forms, users can send their data to a crypto CPA or import it into tools like TurboTax or H&R Block for seamless filing.
Discover how CoinTracker simplifies crypto taxes – get started with a free account today.
Disclaimer: This post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.