One of the simplest ways to keep your cryptocurrencies safe from hackers and malicious actors is to store them off cryptocurrency exchanges and onto a cryptocurrency wallet. These wallets store your private keys offline so hackers cannot access your cryptocurrencies. In this section we review the most popular cryptocurrency wallets to help you decide which is the best wallet for you, and teach you how to set up and use your cryptocurrency wallet with our simple guides and tutorials.
Trezor One and the Trezor Model T (Model T) are cryptocurrency hardware wallets produced by Satoshi Labs in 2014 and 2018 respectively. Comparing the two, Trezor One is good for budget-conscious people or those who don’t need a diverse portfolio. Those willing to pay a lot more primarily for better displays can consider the Trezor Model T.
In this article, we compare the 2 models and give our verdict on which model would suit you best.
Sophisticated traders who trade or are interested in trading numerous different altcoins. For example the Trezor One does not support Ripple (XRP), Cardano (ADA), Solana (SOL) and a number of later ERC-20 coins.
Users who want clear and vivid displays: The Model T has an almost 2x larger colour touch screen.
Hardware wallets are generally impossible to hack. Most vulnerabilities are rather from users who accidentally disclose their passwords and recovery phrases. However, in 2020 a serious hardware vulnerability was found by Kraken Security Labs for both of the devices that allows a hacker to crack the PIN code within 15 minutes of physically having the device. This is an inherent flaw contained within the Trezor’s microcontroller that cannot (and has not) be fixed with a firmware upgrade.
Trezor have since released several firmware updates and recommendations that help minimize this risk. One such recommendation was to protect the wallet with a password in addition to a PIN, that way this vulnerability is completely overcome.
Both models have similar security features starting from a protective seal on its box to alert you of any tampering. Both models allow you to set: 1. PIN code (up to 50 digits) to access your device, 2. Passphrase for accessing specific sub-wallets; and 3. Recovery phrase to restore your device.
The major distinction between the 2 models is that for the Trezor One, the PIN code, passphrase and recovery phrases are all inputted on your computer or mobile. Whereas you input on the device itself for the Model T.
Multicurrency Support
This is one area where you can clearly see the different times the wallets were released.
A sample of the different coins supported by the 2 devices
Trezor One
Can handle fewer coins but supports most major coins like Bitcoin, Ethereum, Litecoin and many others. However, subsequent coins such as Cardano, Monero, Ripple, and Tezos are not supported. Since firmware upgrade 1.5, the wallet supports every ERC-20 token.
Trezor Model T
It is capable of supporting these new coins. For this reason, cryptocurrency investors looking to trade more types of newer coins generally should use it.
Similar to Trezor One, Model T does not support Cardano, Solana, Ripple and others, but does support Tezos and ERC-20 tokens.
Both devices have a plastic exterior which make them less susceptible to damage due to drops. This I can certainly attest to since I’ve accidentally swept the device off my desk and onto the floor numerous times- and it still works fine.
Trezor size comparison, Apple Airpods for scale
Trezor One
It is a smaller device at 2.36 x 1.18 x 0.27 inches (60x30x6mm), and weighing 0.42oz (12 grams). It has a 128 x 64 pixel monochrome display. With 2 buttons below the screen for operating the device.
The device uses a USB micro-B connection to connect to your computer.
Trezor Model T
Slightly larger and heavier at 2.52in x 1.54in x 0.39in (64mm x 39mm x 10mm) and weighing 0.77 oz (22 grams). The display is substantially improved with at a 240 x 240 pixels coloured LCD touchscreen.
The device uses the newer and more durable USB Type-C connection.
Verdict
Both devices offer exceptional security for your digital asset needs. The Model T obviously has the edge by virtue of being newer and its features and greater currency support shows for it.
The clear standout new feature of the Model T is its larger colour touch-screen display. Having tried both devices myself I still prefer the physical buttons on the Trezor One. This is because whilst the Model T has a larger screen is still not large enough to easily press accurately.
However I do appreciate not having to squint to read the addresses displayed on the Model T’s screen.
Address displayed on Trezor One- much larger than it looks IRL
However, you do have to pay top dollar for the Model T. At US$170, it costs 46% more than the Model One. Does it accordingly offer 46% more features? Honestly, no- and that is accounting for the additional cryptocurrency support- which I consider the most important upgrade.
For investors with diverse crypto holdings, the Model T is definitely an obvious choice. It is newer and supports hundreds more coins. Alternatively for casual users or those with a limited budget, Trezor One still does what it needs to do in terms of securing your cryptocurrencies.
Trezor One was launched on 29 July 2014 and was the first-ever cryptocurrency hardware wallet. This wallet brought an unprecedented level of security to the burgeoning cryptocurrency field. As such, it paved the way for subsequent upgrades in this field.
You can also check out my video unboxing and guide below.
Key Features
Clear screen – The Trezor One features a clear monochrome screen. Trezor uniquely allows you to customise your home screen.
Integrated exchange support– The device has integrated exchange support so users can trade seamlessly.
Proven security– Trezor One, being one of the original wallets has a track record of security.
Security Features
The security features of the Trezor Model One begin in its packaging. The device is inside a completely sealed box together with a hologram sticker. Be sure to only buy your device from the official website. If your box seems to have been tampered with, DO NOT use it and contact their customer support immediately.
Similar to the newer Trezor Model T, passwords on the device are individually locked with the Trezor Password Manager using a user’s digital keys. The device also functions as a U2F hardware token. This allows Trezor to utilize the screen and inform users about any authentication requests before approving them.
The device is protected with a private key recovery phrase. This is a 24 word phrase to restore your device.
NOTE: You should write down the phrase offline and keep it in a safe place. It is extremely important to keep this phrase outside the view of any camera as anyone can use it to restore your device and steal your funds.
For daily use, the wallet features a security PIN to use the Trezor One. Once your device is connected, the digits 1 through 9 show up in randomised order. You then go to your computer and enter your PIN code based on the location of the digits on your device screen. This is an extra layer of security to prevent keyloggers.
An extra layer of security is the Trezor’s passphrase feature which allows users to generate a new wallet. If you enable this feature, you will be required to enter your passphrase in addition to your security PIN to access those specific wallets.
So say a thief demands you to give them access to your device. You can give them your PIN code which accesses a wallet with fewer funds. Whilst keeping the bulk of your crypto assets stored safely behind passphrase protected wallets.
Can the Trezor One be hacked?
Kraken Security Labs announced they devised a new way to hack into Trezor devices within 15 minutes of physically having the device. They did this through voltage glitching using a device and cracking the PIN code using a custom Python script, which will reveals the recovery seed. According to them, the attack makes use of inherent flaws within the Trezor’s microcontroller. So it will be difficult for Trezor to fix this vulnerability without redesigning the hardware and putting out a new device.
In reply, Trezor noted that the attack cannot work remotely and if users turn on the passphrase feature on the device. Trezor also reassured users that physical access is only a threat to 6-9% of cryptocurrency users.
Trezor Model One 1.9.0 firmware update- does it fix the Kraken Security Labs hack?
In mid-April 2020 the Trezor One announced their latest firmware update to ver. 1.9.0 which features some updates on their security measures. Before we answer whether it can resolve the 15-minute hack devised by Kraken Security Labs earlier this year (see above section), let’s take a look at what these features are.
The new updates include 2 passphrase updates which firstly, allow temporary passphrase caching so you can switch between your various passphrase protected wallets when using the device. The passphrase cache is only temporary, so once you disconnect the device, nothing is saved. Secondly, users will now be asked to choose how to enter their passphrase on the device itself, rather than on your computer or phone.
A notable new features is the wipe code which acts as a “self-destruct PIN”. When entered either on the device itself or your computer or phone, the wipe code erases all private data from your Trezor and resets the device to the factory defaults. Trezor suggests users can write the wipe code somewhere near your device as a decoy PIN, so if a thief tries to unlock your device, they will make the Trezor erase itself.
It is also specifically noted that the latest firmware updates include a SD card protection feature exclusive to the Trezor Model T. See here to read more about the Model T’s firmware 2.3.0 updates.
From our research, Trezor has not directly responded whether their latest security firmware update fixes the hack devised by Kraken Security Labs. As mentioned previously, the vulnerability identified by Kraken cannot be resolved unless the hardware is redesigned. So the latest firmware updates can only indirectly give hackers have a harder time accessing your device but not resolve the core vulnerability. The fact that it only took Kraken 15 minutes of physical access to the device to hack it, and their suggestion that the glitching tool could be mass produced for sale at around USD$75 continues to be extremely worrying. For this reason, whilst we appreciate Satoshi Lab’s efforts to continue improving the device we cannot reinstate the security score given to the Trezor prior to the Kraken hack being discovered.
Security 3/5
Multicurrency Support
Trezor One has support for around 1000 coins including BTC, BCH, Litecoin, Ethereum, Dash, Zcash and Stellar. However, of the most common coins on the market, it does not support Ripple (XRP), Cardano (ADA), Solana (SOL) and others.
Trezor One supports most major altcoins…with a few exceptions
This can be a limitation in comparison with more recent hardware wallets.
The Trezor One is relatively compact at 2.36 x 1.18 x 0.27 inches (60x30x6mm), and weighs 0.42oz (12 grams).
It has an 128×64 pixel OLED monochrome display. Despite the screen being small, it is still better than the Ledger Nano S in that cryptocurrency addresses can fit entirely on the screen.
Trezor has the unique feature where you can personalise your home screen. Your device can show off your personality by choosing from 1 of the default pictures or uploading your own.
You can customise your own home screen
The device has two physical buttons to help users navigate the wallet functions.
It relies on USB type-B for connection to the computer. However, the cable provided is quite short, which can be inconvenient when using the device with your computer.
The included USB cable is quite short
In terms of portability, the device is conveniently small and can easily fit into your pocket. Additionally, some people would enjoy the home screen customisation function.
Hardware design 4.5/5
Ease of use 4/5
Mobility
The device supports laptops and Android mobile devices. There is currently no support for iOS. Users will need to download the software, Trezor Manager from the Google Play Store. This enables users to use the app to send cryptocurrencies, generate addresses, and view their account details.
It also supports integration with Bitstamp and Bitex exchanges. So users can sign in and send cryptocurrencies to these exchanges directly using the device.
Trezor One: Worth it in 2022?
The device is by no means outdated. Save for a few major altcoins as outlined above the device still supports most major cryptocurrencies.
Unless you really want the colour touchscreen of the Trezor Model T, this older Trezor One device still does what most casual cryptocurrency traders need it to do.
And the lower price point is definitely an attractive factor.
Verdict
Trezor One
The wallet supports most major cryptocurrencies. However, the lack of support for Ripple (XRP), Cardano (ADA), Solana (SOL) and a number of later ERC-20 coins is a serious disadvantage.
Some will appreciate the recent IDEX, Switcheo and other DEX integrations as an added bonus.
Lack of iOS support is also problematic, though this is for any Trezor device.
The device has a decently sized screen. Whilst not as nice as the colour touchscreen of the Trezor Model T, the buttons make it easy to use. Being able to see the entire address on-screen is a huge plus.
Some users may be enticed by the ability to customise your home screen which is a feature unique to Trezor devices only.
Updated on 10th March 2020 on the device’s security concerns. Updated on 14th May 2020 on the Trezor One’s firmware 1.9.0 update and whether it can resolve the hack devised by Kraken Security Labs.
The KeepKey wallet was released in 2015. Retailing for USD$49, it is a hardware wallet that digital asset holders can use to store their cryptocurrencies safely. This is a relatively affordable price tag compared to its competitors. But its lacking features and security issues do make it lag behind in the cryptocurrency hardware wallet competition.
The wallet supports well over 40 different types of cryptocurrencies. However, the wallet does not have the reputation of its competitors: the Ledger Nano S, Ledger Nano X and Trezor Model T. Regardless, the wallet still features certain structural and aesthetic features that could make it a decent option.
At the moment, the future of ShapeShift, its hardware division KeepKey, and its namesake hardware wallet are up in the air. In 2021, ShapeShift began winding down its operations as a business and transitioning governance and ownership to a DAO holding its FOX tokens. Given that this is a substantial change for such a project with not just software products but also hardware, our readers should think twice before committing themselves to a product from a company with such an uncertain future.
Key features of the KeepKey:
Larger screen– Displays full cryptocurrency addresses without scrolling
Weighty luxury feel– Smooth finish and does not feel like it would break easily.
This multicurrency wallet can provide you a less costly alternative with a lot of the features of premium hardware wallets. Despite lacking the reputation of its counterparts, its beautiful design and ease of use still makes it a contender in the cryptocurrency wallet market.
Packaging
KeepKey comes with a unique product design and packaging. The box already has security seals on two sides to confirm it has not been tampered. Inside the box, you will find the KeepKey wallet, a USB-A to USB-C nylon braided cable to connect it to your computer, a card to write your recovery sentence on, and a warranty card. A leather case is also included to store your card safely.
The wallet also features a 2nd screen protection like Trezor which guards against Keystroke spying.
At the time of launch in 2015, KeepKey retailed a high price. With more established competitors, the price is now considerably lower at US$79.
KeepKey stores your private keys on its air-gapped chip, completely offline from the internet and other devices.
In addition, the KeepKey can be protected by a PIN code and is backed up by a 12 word recovery sentence. These features however are basically expected in hardware wallets nowadays with both the Ledger and Trezor having the same.
Specifically, the KeepKey has number randomisation to prevent hackers from stealing your cryptocurrencies with malware. This is where the location of the PIN numbers is randomised each time.
KeepKey has PIN number randomisation
KeepKey, however, does not go into any further details on its security features.
Update: KeepKey PIN Vulnerability Discovered by Ledger team
Ledger (yes the ones behind the Ledger Nano X) has previously discovered a physical vulnerability in the Trezor and KeepKey hardware wallets which allows hackers to access to your recovery phrase in less than 5 minutes if they physically have your device. Unfortunately this vulnerability appears to be completely unfixable as it relates to how the devices are manufactured. Here we discuss this vulnerability in a bit more detail in relation to the Trezor.
Now the Ledger team have discovered another vulnerability, this time in relation to PIN verification. This hack involves creating a database of the differing voltage output compared with the secret values mixed with the PIN code stored in the KeepKey’s memory. This database can then be used to recover the secret values in any KeepKey device. So if a hacker has physical access to your KeepKey, they can connect your device to read your chip’s voltage output and compare it against the database. From there the hacker can recover your PIN code.
ShapeShift, the manufacturers of the KeepKey have patched the PIN verification vulnerability in their firmware version 6.4.1. Despite this, we have still had to revise our security rating from 3.5 to 3 out of 5 for the KeepKey, as the physical vulnerability remains unfixable.
3/5 Security Rating
Multi-Currency Support
Keepkey natively supports 7 of the most common cryptocurrencies: Bitcoin, Bitcoin Cash, Bitcoin Gold, DASH, Dogecoin, Ethereum and Litecoin, as well as 40+ ERC-20 tokens.
At the release of my video in August 2018 comparing the Trezor Model T, Ledger Nano S and the KeepKey, the latter did not support ERC-20 tokens.
However, KeepKey does continuously work on developing their firmware and ERC-20 tokens are now supported.
Nearly 4 years later, there is still no support for it by KeepKey. And seeing the rate at which they’re adding new non-ERC-20 tokens, they’re unlikely to make much progress with that or any other top coins like SOL, DOT or ADA, among many more.
2.5/5 Multi Currency Support
Hardware Design
Size comparison: KeepKey vs Trezor vs Ledger
The KeepKey is one of the largest cryptocurrency hardware wallets at 38 x 93.5 x 12.2 mm. It also has a substantial feel making it more luxurious than other cryptocurrency wallets. However some people, myself included, would prefer smaller sized wallets.
The KeepKey also boasts a simple design by only having 1 button.
One may be concerned that having only 1 button will mean that it will take ages to set up the recovery seed and enter PIN numbers. However, KeepKey makes it simpler by having most of the processes done via its app. The button is generally only used for on/off and as a confirmation button.
The KeepKey also has the largest display screen sporting a 256×64mm 3.12″ OLED screen. The screen is protected by a polycarbonate casing although its still easy to scratch. The scratches, however, are only cosmetic and do not affect the use of the device.
The benefit of this large display screen means it can display cryptocurrency addresses and even the recovery phrase in its entirety. This saves users from scrolling back and forth, which is a huge plus.
The KeepKey uses a USB-A to USB-C interface for charging and connecting to the PC. Windows users would surely prefer this. One problem with Ledger Nano S devices is that the USB micro-B connection becomes unstable after prolonged use. With the updated USB-C connection, its longevity should be greatly improved. However, it is unknown whether this is also a problem in the KeepKey wallet because frankly, we do not use it often.
Installation
Since ShapeShift acquired KeepKey and retired the KeepKey Chrome extension, the setup of your KeepKey can only be done through the official ShapeShift web platform. It’s also important to point out that during the setup you’ll also have to download and install the KeepKey updater software, so one should take extra care in making sure that they’re interacting with the real ShapeShift website to avoid installing malware and losing your digital assets.
It goes without saying that when writing down the recovery phrase; ensure there are no cameras recording and do not save a copy of it onto your computer. This is because anyone with the recovery phrase can use it to restore your device and potentially steal your assets.
4/5 for Hardware Design 4/5 of Ease of Use
Shapeshift Integration
The main selling point of the KeepKey is its integration with Shapeshift. This means that the wallet already has an in-built crypto-to-crypto exchange inside. This makes trading between cryptocurrencies easy and convenient.
This feature is held back by its limited cryptocurrency support. However it should not be a problem for users who do not intend to trade in any cryptocurrencies other than the major ones supported by Shapeshift.
KeepKey Client Interface
Verdict: Is the KeepKey still worth buying in 2022?
Whilst their newest firmware update has fixed the recently discovered PIN code vulnerability, there are other vulnerabilities which directly relate to KeepKey’s hardware and are not fixable.
And whilst the KeepKey is the most affordable wallet at USD 49, the security issues are enough to make consumers seriously consider spending an extra USD 10 for a Ledger Nano S (soon to be retired), or a USD 30 extra for the new Nano S Plus, both of which are more secure, compact, and have a wide range of cryptocurrency support available.
Security Rating: 3/5 Multi-currency support: 2.5/5 Hardware design: 4/5 Ease of use: 4/5 Final Score: 3.38/5
No more clicking around every manufacturer’s website to do a comparison!
Updates
12 July 2022: Updated list of top 100 coins on CoinMarketCap 26th November 2019: Included top 100 coins on CoinMarketCap 19th September 2019: Included top 50 coins on CoinMarketCap and all coins supported by the KeepKey wallet.
Token/Coin
Nano X
Nano S/Plus
Model T
Trezor One
KeepKey
Enjin Wallet
Bitcoin (BTC)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Ethereum (ETH)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Tether (USDT)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
USD Coin (USDC)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
BNB (BNB)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Binance USD (BUSD)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
XRP (XRP)
✔︎
✔︎
✔︎
✔︎
Cardano (ADA)
✔︎
✔︎
✔︎
Solana (SOL)
✔︎
✔︎
Dogecoin (DOGE)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Dai (DAI)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Polkadot (DOT)
✔︎
✔︎
✔︎
✔︎
TRON (TRX)
✔︎
✔︎
Shiba Inu (SHIB)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
LEO Token (LEO)
✔︎
✔︎
✔︎
✔︎
Wrapped Bitcoin (WBTC)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Avalanche (AVAX)
✔︎
✔︎
✔︎
✔︎
Polygon (MATIC)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Uniswap (UNI)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Litecoin (LTC)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
FTX Token (FTT)
✔︎
✔︎
✔︎
Chainlink (LINK)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Cronos (CRO)
✔︎
✔︎
✔︎
✔︎
Stellar (XLM)
✔︎
✔︎
✔︎
✔︎
Cosmos (ATOM)
✔︎
✔︎
✔︎
✔︎
✔︎
NEAR Protocol (NEAR)
✔︎
✔︎
Monero (XMR)
✔︎
✔︎
✔︎
✔︎
Algorand (ALGO)
✔︎
✔︎
Ethereum Classic (ETC)
✔︎
✔︎
✔︎
✔︎
Bitcoin Cash (BCH)
✔︎
✔︎
✔︎
✔︎
✔︎
Flow (FLOW)
✔︎
✔︎
VeChain (VET)
✔︎
✔︎
Decentraland (MANA)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
The Sandbox (SAND)
✔︎
✔︎
ApeCoin (APE)
✔︎
✔︎
Tezos (XTZ)
✔︎
✔︎
✔︎
Internet Computer (ICP)
✔︎
✔︎
Hedera (HBAR)
✔︎
✔︎
Filecoin (FIL)
✔︎
✔︎
TrueUSD (TUSD)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Elrond (EGLD)
✔︎
✔︎
Theta Network (THETA)
✔︎
✔︎
Axie Infinity (AXS)
✔︎
✔︎
✔︎
✔︎
✔︎
Helium (HNT)
Bitcoin SV (BSV)
Pax Dollar (USDP)
EOS (EOS)
✔︎
✔︎
✔︎
Maker (MKR)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
KuCoin Token (KCS)
✔︎
✔︎
✔︎
✔︎
Zcash (ZEC)
✔︎
✔︎
✔︎
✔︎
Aave (AAVE)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
BitTorrent-New (BTT)
✔︎
✔︎
✔︎
✔︎
eCash (XEC)
OKB (OKB)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
IOTA (MIOTA)
✔︎
✔︎
USDD (USDD)
Quant (QNT)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Huobi Token (HT)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Klaytn (KLAY)
✔︎
✔︎
THORChain (RUNE)
✔︎
✔︎
✔︎
✔︎
The Graph (GRT)
✔︎
✔︎
✔︎
✔︎
Fantom (FTM)
✔︎
Basic Attention Token (BAT)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
PAX Gold (PAXG)
✔︎
✔︎
✔︎
✔︎
Chiliz (CHZ)
✔︎
✔︎
✔︎
NEO (NEO)
✔︎
✔︎
Waves (WAVES)
✔︎
✔︎
Loopring (LRC)
✔︎
✔︎
✔︎
✔︎
✔︎
STEPN (GMT)
Stacks (STX)
✔︎
✔︎
Ziliqa (ZIL)
✔︎
✔︎
Enjin Coin (ENJ)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Curve DAO Token (CRV)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Dash (DASH)
✔︎
✔︎
✔︎
✔︎
PancakeSwap (CAKE)
Fei USD (FEI)
✔︎
Kusama (KSM)
✔︎
✔︎
✔︎
Celo (CELO)
✔︎
✔︎
✔︎
✔︎
Kava (KAVA)
✔︎
Amp (AMP)
✔︎
✔︎
✔︎
✔︎
Arweave (AR)
Gala (GALA)
✔︎
✔︎
Mina (MINA)
Holo (HOT)
✔︎
✔︎
✔︎
NEM (XEM)
✔︎
✔︎
✔︎
✔︎
1inch Network (1INCH)
✔︎
✔︎
Compound (COMP)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Nexo (NEXO)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
GateToken (GT)
✔︎
✔︎
Convex Finance (CVX)
✔︎
Decred (DCR)
✔︎
✔︎
✔︎
✔︎
XDC Network (XDC)
✔︎
✔︎
✔︎
✔︎
✔︎
Synthetix (SNX)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Gnosis (GNO)
✔︎
✔︎
✔︎
✔︎
✔︎
✔︎
Qtum (QTUM)
✔︎
✔︎
✔︎
✔︎
Symbol
✔︎
✔︎
Kadena (KDA)
BORA (BORA)
Bitcoin Gold (BTG)
✔︎
✔︎
✔︎
✔︎
Theta Fuel (TFUEL)
✔︎
✔︎
ICON (ICX)
✔︎
✔︎
For the full list from the respective manufacturers, click here:
We compare the top 3 cryptocurrency hardware wallets available on the market: Ledger Nano X, Trezor Model T, and KeepKey. They are designed to keep your private keys — and thus your cryptocurrencies stored safely offline.
Features that will be Used to Compare the 3 Hardware Wallets
We will compare the Ledger Nano X, Trezor Model T and KeepKey hardware wallets to see which one is the best by looking at these features:
Price
Security
Hardware design
Multi-currency support
Ease of use
You can also check out our individual reviews for each of these devices:
The much lower price of the KeepKey is probably because it is the oldest of the 3 devices.
Ledger Nano X: US$149.00.
Trezor Model T: US$267.00.
KeepKey: US$79.00.
KeepKey wins based on price alone, followed by Ledger Nano X and Trezor Model T.
Security (Winner: Ledger Nano X)
Ledger Nano X
It is the only hardware wallet with 2 layers of security. The device has an additional secure element chip with its own storage and functionality. It cannot be breached by hackers even if connected to a compromised mobile phone or computer.
Ledger Nano X Teardown showing Secure Element Chip
It is also the only hardware wallet with CC EAL 5+ certification i.e. it has been tested on an international standard for computer security certification and ranked as being formally designed and tested. Together with its predecessor the Nano S, they are the only 2 hardware wallets on the market with CSPN (First Level Security Certificate) certification issued by the ANSSI (National Agency for Information Systems Security).
Similar to the Model T and KeepKey, users can set up wallets protected by a passphrase in addition to your PIN code. So say a thief demands you to unlock your device, you can give them the PIN code to access wallets with fewer funds. Whilst hiding the bulk of your crypto behind passphrase protected wallets.
The Nano X has the addition of Bluetooth support. Unfortunately Bluetooth’s security record is not spotless and presents a new vector of attack for the device. Ledger CTO Nicolas Bacca stated during an interview that the Bluetooth on the Nano X functions assuming the connection has been compromised. So it will only send transactional information and at no point will hackers be able to take over the device.
Trezor Model T
Its unique feature is that the Model T has publicly available code to protect users in the unlikely event that its manufacturer SatoshiLabs shuts down. This means that other developers can maintain the wallet and add new functions to it.
The Model T is also compatible with other BIP32, BIP39 and BIP44 compatible wallets. So whilst it is not recommended, users can use their Model T recovery seed to recover their funds using another company’s hardware wallet.
The Model T and KeepKey both have number randomisation on the PIN code keypad to prevent hackers from stealing your cryptocurrencies with malware.
The device allows users to set up wallets protected by an additional passphrase.
KeepKey
Similar to the Nano X and Model T, the KeepKey allows you to recover your device with a recovery seed, and you can set your unique PIN code and additional passphrase for “secret” wallets.
The KeepKey also has PIN code keypad randomisation to combat attacks using malware.
Verdict
Ledger Nano X wins for uniquely having 2 layers of security which brings the most wide-reaching and immediate benefit to users. Followed by the Trezor Model T and the KeepKey.
However, it must be mentioned that Kraken Security Labs managed to hack the chips inside the Model T, Trezor One, and KeepKey, as they all share the same architecture. They could recover the recovery phrases by having physical access to the devices. Although the companies have since issued various software upgrades that make it difficult or, in case of adding an extra password phrase protection, impossible to hack it, the inherent vulnerability is still present in their underlying chips. So it could be said that the Nano X not only wins, but wins by a landslide.
Hardware design (Winner: Trezor Model T)
Nano X, Model T and KeepKey. Apple Airpods for scale
Size (mm)
Screen Size (pixels)
Screen Type
Weight (g)
Connection
Controls
Nano X
72 x 18.6 x11.75
128 x 64
OLED
34
USB-C
2 buttons
Model T
64 x 39 x 10
240 x 240
Colour
22
USB-C
Touchscreen
KeepKey
38 x 93.5 x12.2
256 x 64
OLED
54
USB-A
1 button
Nano X’s USB Type-C is a welcome feature for any Macintosh computer users. It will become helpful as more devices switch away from USB micro-B to the newer USB Type-C.
For the Model T, the touch screen is a welcome addition. But if you have larger fingers you may find you will have to use your pinky finger to operate the device accurately.
Meanwhile, the KeepKey has the largest screen of the 3 and thus the easiest to see. It also definitely has the most substantial feel when holding it.
Verdict
Trezor Model T finds the balance between device size with the most functionally superior screen. Followed by the Ledger Nano X and the KeepKey.
Multi-Currency Support (Winner: Ledger Nano X)
Ledger Nano X
It is one of the most diverse support for different cryptocurrencies with over 1800 assets supported. Many cryptocurrencies like Vechain (VET) or NEO are not found on the Model Tor KeepKey, making Ledger the only hardware wallet available for many coins.
It is also the only device which supports IDEX or Switcheo exchanges.
Trezor Model T
The device also supports over 1800 cryptocurrencies, and is integrated with decentralized exchanges such as IDEX and Switcheo.
KeepKey
Supports some of the major cryptocurrencies and 40+ ERC-20 tokens. This is substantially less than that of the Nano X and Model T.
Verdict
Ledger Nano X wins by having support for DEXs such as IDEX and Switcheo exchanges and exclusively supporting many more cryptocurrencies that even Model T doesn’t. Conversely from my research of top 100 market cap list, I could find only a couple of cryptocurrencies that are exclusive to the Model T or the KeepKey and not available on Ledger devices.
This is followed by the Trezor Model T and the KeepKey in 2nd and 3rd place respectively.
Firstly, setup is a pain as you have to install the Ledger Live desktop app. Then you need to install the individual apps for each of the coins you will use.
Note that installed apps are for usage, so if you uninstall an app to make room for another coin- you will still retain your cryptocurrency balance for the uninstalled app. This can be troublesome and is a major disadvantage of the device.
That being said, once the initial setup is complete, the Ledger Live app is very intuitive and easy to use. The pop-up window displays all your basic information e.g. amount, date, to/from account and transaction fees (which as we see the other devices don’t do!) in a clear format.
Ledger transaction screen
Its’ unique mobile feature, whilst controversial for some due to security concerns and whether it is practical at all, can be a huge plus for some specific users.
Using Ledger Live on mobile
Trezor Model T
The Model T is comparatively easier to set up since you only need to download the Trezor bridge and then use your device via the Trezor website. Unlike the Nano X you don’t need to download any apps for the coins you want to use your device with.
Trezor transaction screen
However, looking for information on specific transactions is overly complicated. From the above picture, you can see the information immediately displayed on the website is very basic.
To find out more you will need to click on the time of the transaction (which isn’t obvious at all). A separate blockchain explorer window will then pop up, where you will need to find your transaction amongst a sea of others.
Trezor explorer screen-I eventually found my transaction somewhere amongst this list.
As a relative newbie to cryptocurrency, I find this page very intimidating.
KeepKey
The KeepKey actually has the simplest setup, you only need to download and install the KeepKey client. You then use the device with the client only.
The interface is the cleanest of the 3 devices. But again I find the displayed information insufficient. But unlike the Model T it is obvious that you click on “details” to find out more.
Keepkey transaction screen
This will open up a blockchain explorer where you again have to find your transaction like a needle in a haystack.
KeepKey explorer screen-again my transaction was hidden somewhere on this page
Since having been acquired by ShapeShift, the KeepKey wallet installation, setup and use was transitioned to the ShapeShift’s web platform. Installation is very straightforward and intuitive, with the user only having to download and install an updater software, while the rest of the setup happens inside the browser on the ShapeShift website.
Sending transactions is also very smooth, and the transaction fees are also calculated at before transaction signing is required.
Verdict
Sending and receiving is basically the same on all 3 devices and is intuitive.
Ledger Nano X loses points for having the additional step of installing apps for the coins you use. However it is redeemed by the clean interface and displaying just enough basic information without having to dig through the blockchain explorer.
This is followed by the KeepKey and the Model T.
Final score (Overall winner: Ledger Nano X)
Ledger Nano X
Trezor Model T
KeepKey
Price
⭐⭐
⭐
⭐⭐⭐
Security
⭐⭐⭐
⭐⭐
⭐
Hardware design
⭐⭐
⭐⭐⭐
⭐
Multi-currency support
⭐⭐⭐
⭐⭐
⭐
Ease of use
⭐⭐⭐
⭐
⭐⭐
Final score (no. of stars)
13
9
8
So now we compared the top 3 cryptocurrency hardware wallets, which one is best?
Ledger Nano X is my top pick followed by the Trezor Model T and the KeepKey. Whilst it is not the cheapest device, it is justified by having the best security features and currency support. The initial set up is troublesome but afterwards the interface is easy to use and transaction information that I usually need to know is already available at a glance.
Updated on 28th November 2019 by Angela Wang on the Nano X’s security certifications and multi-currency support.
Ledger Nano S was first released in 2016 with more than 3 million units sold around the world. Ledger announced that they will retire the Nano S in June 2022. This is to let its new and improved version, the Nano S Plus, take its place going forward. Even though Nano S will stop production, firmware upgrades for it will keep rolling out in the future.
The final (and special) edition was called Ledger Nano S Final Edition. It came with a POAP card that allows you to claim an exclusive NFT created by the artist “what is real?”. However, it is sold out.
We recommend you get the upgraded Ledger Nano S Plus as it has added DeFi and NFT friendly features. Check out our review of the Nano S Plus here.
Ledger Live allows for staking a growing number of coins, including ETH (Ethereum), SOL (Solana), ATOM (Cosmos) and DOT (Polkadot). Users can lock up their cryptocurrencies and in return they get interest. This feature expands Ledger into more than just a secure place to store your cryptocurrency. It can even help you grow your digital assets.
Depending on the coin, staking can be done natively on Ledger Live, or through a dedicated wallet. For example Yoroi Lite for ADA (Cardano). Staking is done in 3 simple steps for coins that can be staked on Ledger Live.
First, freeze your assets by logging onto Ledger Live. Choose the relevant account for the asset you wish to stake and click “earn rewards”. A popup window will appear. There you will be allowed to select the amount in your wallet you wish to freeze. Secondly, vote for your validator(s) who will be making the blocks on your network. The cryptocurrency earned by making these blocks will be redistributed to voters. Lastly, claim your rewards by clicking “Claim” in your relevant account. Rewards are claimable every 24 hours.
Swapping
Ledger has released a Ledger Swap feature which allows users to exchange their cryptocurrencies through Challengly, Wyre, Paraswap and 1inch. You send your cryptocurrency from your device to the exchange, which will then send you back the swapped cryptocurrencies.
To swap you will need: Ledger device, Ledger Live, the app for the crypto you want to swap and receive, and the exchange app.
Lending
Ledger is working with Compound (COMP), Aave (AAVE) to allow users to lend DAI, USDT and USDC through their decentralised finance (DeFi) protocols. The purpose of doing this is that the lender could earn an interest on their loan. Ledger Live has also integrated with Alkemi Earn. This is a lending-borrowing protocol that utilizes a permissioned liquidity pool of digital assets comprising ETH, wBTC and stablecoins. The purpose of which is to generate yield for liquidity providers.
There are numerous benefits when using Ledger to lend:
Control: You have control and proof that the crypto you lend and generated interest belong to you. When you lend on Compound, you receive cTokens as proof of ownership of lent cryptocurrencies and generated interest. You can redeem your assets and interest by sending cTokens back to the smart contract.
Security: cTokens are stored on your ledger hardware wallets.
Convenience: Compound’s lending features are available directly through Ledger Live.
You can lend crypto using Compound or Aave and Ledger Live in 3 simple steps. Firstly, on Ledger Live’s Manager, install the application for the cryptocurrency you want to lend and create an account. Secondly, enable your account to authorise Compound/Aave’s smart contract to interact with your account. Finally, select the amount of cryptocurrencies you want to lend and issue a transaction to Compound/Aave. Verify and approve the transaction on your device.
Security Features
Ledger Nano S features 2 hardware chips: ST31H320 & STM32F042
One of the key reasons to buy Ledger hardware wallets is the firms reputation for security. Cryptocurrencies hardware wallets are like bank accounts – they contain full access to funds and need banking grade security. Ledger Nano S contains two hardware chips:
Secure Element: ST31H320 (secure) is independently certified CC EAL5+ and stores the private key and signs transactions
Operating system: STM32F042 chip is responsible for Ledger’s BOLOS proprietary Operating System.
Secure elements are separate pieces of hardware (second layer of security). Secure elements have their own storage and limited functionality that hackers cannot breach.
Even if hackers or malware compromise your computer, the Ledger will still keep your cryptocurrencies secure. Devices like the Trezor One and Trezor Model T have chosen not have secure elements. And so only have a single layer of security.
The Nano X, Nano S Plus and Nano S are the only cryptocurrency hardware wallets to receive CSPN (First Level Security Certificate) certification. This is issued by the ANSSI (National Agency for Information Systems Security). The certification scheme evaluates multiple aspects of a device’s security. For example firewall, identification, authentication and embedded software by putting it through multiple attack scenarios.
Similar to the Nano X, users can also protect their funds using a PIN code and passphrase. The PIN code is to generally unlock your device to use it. Whilst you can also set up wallets protected by a passphrase in addition to your primary PIN code.
If someone threatens you to unlock your device, you can give them the PIN code to access wallets with fewer funds. Meanwhile, passphrase protected wallets contain the bulk of your crypto assets.
Ledger firmware version 1.6: security enhancements
24 words recovery phrase confirmation has been simplified and shortened. Now for each of the 24 words of the recovery phrase, users will only choose among 4 words. Therefore making it much easier to get through the process;
The Nano S now has the Control Center feature that was originally on the Nano X. Allowing for functions such as accessing settings, locking device or deleting applications possible directly on the device;
Added support for Bitcoin Taproot upgrade;
Added support for the seed derivation algorithm EIP-2333. Thus allowing you to securely sign a deposit contract transaction for Ethereum 2.0 on your device;
Before the firmware update. The power consumption is in a predictable pattern.After the firmware update. The device consumes power in an unpredictable pattern and inverts the PIN code display.
After the update, we find that being unable to enter PIN code digits in order anymore may be slightly inconvenient. However with cryptocurrencies, security always comes up top over convenience. And with the added partial screen inversion, we see that Ledger’s bounty program is not just a PR stunt. Ledger actually looked into submissions and made the security improvements even when the suggested hack was only hypothetical.
Ledger Hack?
In July 2020, Ledger confirmed they suffered a data breach. An unauthorised third party had accessed Ledger’s e-commerce and marketing database. (www.gamepur.com) Ledger collaborated with forensic firm Orange Cyberdefense and determined that the data breach affected around 292,000 customers and exposed approximately 20,000 customer personal records.
Ledger had reported the matter to authorities and are working with Orange Cyberdefense to investigate.
Subsequent the breach, users have reported receiving phishing emails and texts. These emails and texts ask users to download a new version of the Ledger software. Clicking the email link redirects users to a fake Ledger site. If users download the “update”, it asks for their Ledger’s recovery phrase but is actually malware. The attacker uses the entered recovery phrase to recover the user’s wallet and sends the user’s cryptocurrencies to the attacker’s wallet. For a full explainer on how the phishing attack works see the report from Kraken.
Phishing email sent from info@ledgersupport.io address (Image credit: Kraken)
Therefore this incident was a “data breach” rather than a “hack”. More importantly, this breach had no link or impact on the Ledger hardware wallets or the Ledger Live app. Cryptocurrencies stored on the Ledger devices have never been at risk.
Even before the firmware update, the Nano S scored full marks on security. We also note that the hack does not affect the Ledger device itself, so our scores remain unchanged.
Ledger has one of the most diverse support for different cryptocurrencies such as Algorand (ALGO), Solana (SOL) and Chainlink (LINK). With their open policy to development from project teams, the Ledger Nano S supports 1800+ different assets. Many of these assets like Vechain or NEO are not found on competitors like the Trezor Model T or KeepKey. Thus making Ledger the only hardware wallet available for many coins.
One of the initial weaknesses of the Nano S was that it only fit 2-3 apps on the device. However Firmware Version 1.6 allowed users to install 5-11 apps (depending on the type of app installed). This will certainly answer the prayers of a lot of average cryptocurrency holders who generally hold around 5-10 different coins.
If you need more apps, you can uninstall the ones you’re not using and reinstall them later. Uninstalling apps won’t delete coins and all account information will remain. The newly released Ledger Nano X fixes this problem by increasing the internal memory to 2 MB.
Ledger’s firmware update directly addressed a significant weakness in the Nano S. Whilst it still can’t beat the Nano X in terms of multi-currency support, it is good enough for most traders. For this reason, we give our thumbs up and bumped the score up from 4/5 to 4.5/5 for multi-currency support.
Multi-Currency Support: 4.5/5
Hardware Design
Ledger Nano S compared with Nano X
Ledger Nano S has two hardware buttons – located on the top of the device. These two buttons allows us to access menus (hold both buttons), make selections (press both buttons). And even input recovery phrases (use buttons to scroll). We found that entering PINs and recovery phrases to be tedious with only 2 buttons. Perhaps a touchscreen or additional buttons could have helped?
With the update 1.6, the Ledger Nano S has an improved display UI. So, the device displays the full cryptocurrency address without the need to scroll. This allows for easier verification of the target destination. The Nano S uses a USB micro-B interface for charging and connecting to the PC.
With its plans to continue its firmware upgrades in the future, clearly the Ledger will never fully abandon the Nano S.
Hardware Design: 3.5/5 Ease of Use: 4/5
Why Use a Hardware Wallet
With traditional currencies, you, the user, are the most important person. If you have ever lost your bank card, you can always go to the bank with some sort of identification and request for access back to your account.
Cryptocurrencies, however, don’t care about the physical person but rather the private key associated with the wallet. You use the private key to verify the account and transactions. Anyone with access to the key can send funds, so you must keep it safe. Additionally, you cannot reverse cryptocurrency transactions.
Hardware wallets can protect you against these things. They add an extra layer of security by storing the private key on the device itself. The only way to hack it would be to have physical access to the hardware wallet or the backup phrase.
Ledger Nano S Worth it in 2023?
In short, the answer is: not really. Ledger has retired the Nano S and even the Ledger S Final Edition. Both are no longer available for sale on the official site. This means that the only places where you’ll be able to buy them are 3rd party sellers or second hand. We highly advise against both options because someone might have tampered with the device.
Mind you, Ledger will continue to support the Nano S’s firmware so it stays up-to-date. If you were lucky enough to buy the Nano S while it was still available, it is still worth using. Unless, you want the upgraded DeFi and NFT features. If not, your only choice is to get a Nano S Plus. Although this costs an extra 20USD, they did add upgrades to make it worth your while.
64-bits desktop computer (Windows 8+, macOS 10.8+, Linux) excluding ARM Processors. Also compatible with smartphones (iOS 9+ or Android 7+) via OTG cable.
