Trezor is the brainchild “Slush”, one of the founders of the first Bitcoin mining pool “Slush Pool”. Trezor has been making cryptocurrency hardware wallets – namely the Trezor One and Trezor Model T.
The Trezor Model T is a cryptocurrency hardware wallet created by SatoshiLabs Group. Released in March 2018 with the latest firmware update in April 2023, the wallet features a new operating system tagged Trezor Core. This enables faster development of features and smooth coin support. This article is a guide on how to set up your Trezor Model T.
You can also set up your device with my step-by-step video below.
Check out our Trezor Model T Guide and review video!
Trezor Model T Packaging
This premium model costs 249 Euros (US$252). The Trezor Model T comes as a special kit, it contains the Trezor Model T device, magnetic dock, USB type C cable, stickers, user guide and recovery seed.
Trezor Model T kit
Trezor Model T Installation Guide
Installation is smooth with the aid of the user guide. Their website also has a web assistant to guide you through the installation steps.
Notably, you have to be careful in the entire process to avoid leaking your private keys and recovery phrase. Leaking your private keys or recovery phrase opens you to serious risk by hackers to steal your coins.
For complete security, ensure the area where you are setting up your Trezor Model T is completely camera free including sealing your computer’s webcam.
The Model T device comes with a hologram seal that you have to peel off to plug in to your PC.
If you don’t see this seal or it looks different to the one pictured, do NOT proceed with the set up and contact Trezor support immediately.
Hologram seal on the Trezor Model T
Connect the Trezor Model T and your computer using the USB type C cable provided.
Download and Install the Latest Firmware
The next step is to download and install the latest firmware.
Download the latest firmware from the Trezor website. Do not disconnect your device during this process!The Trezor will restart after installation. On the website, click “Check for devices” and connect to the “Unknown device from InterBiometrics”- this is actually your Trezor.
Afterwards select the option “Create a new wallet”. This will be proof that the wallet is unused.
Select “Create a new wallet” if you are using the Trezor for the first time. Some ebay sellers will ask you to restore your wallet, those are scams!
Create a Backup of Your Trezor Model T
The penultimate step is to create a back up. The wallet generates recovery words which are in a specific order. Write down those words in the same order on the piece of paper provided with your Trezor Model T.
This is known as your recovery seed.
Remember to create a backup of your Trezor so you can recover your funds even if you lose your physical device.The recovery seed will be generated on your Trezor device.Write down your recovery seed on the paper provided with the Trezor and keep it safe. Do not take a photo of it, upload it onto your computer or online.
IMPORTANT: do not take a photo of your recovery seed, or upload it onto your computer or online.
This is because you use your recovery seed to restore your funds on another Trezor if you lose your phyiscal device. Conversely, this means that any thief can do the same if they obtain your recovery seed.
Create a New PIN Code
Lastly, set a 4 to 50-digit PIN code which you will use to unlock your Trezor every time before using it.
The PIN is set on your Trezor Model T device. This is so that even if someone obtains your Trezor, they cannot unlock and use it unless they have your PIN code.
This concludes the set-up process, meaning you’re good to go. It goes without saying that at all times, be extra vigilant to ensure you don’t expose your keys or recovery seed. This is to ensure your wallet is secure.
Using the Trezor Model T
The wallet offers a range of coin options for trading. They include; Dash, Bitcoin, Bitcoin Cash, Bitcoin Gold, etc.
The options are listed out on the interface once you connect your Trezor to your computer.
Trezor Model T is a second generation cryptocurrency hardware wallet manufactured by Satoshi Labs. The Bitcoin and Altcoin wallets operate using a new firmware called the TREZOR Core, allowing faster development of new features.
BUY YOUR TREZOR MODEL T NOW!
Trezor Model T
In this review, we will be looking at the features of the hardware wallet, the cryptocurrencies it support, and if it is worth buying or not.
If you want to learn how to set-up and install your Trezor Model T, check out our complete Setup Guide here.
Or check out my video review below.
Key Features of the Trezor Model T
Screen: Bright color LCD – 240×240 pixels;
Connectivity: USB-C connector for connecting to the computer or mobile phone;
Mobile support: Android support via the Trezor Manager; and
External wallet compatibility: supports MyEtherWallet and a few others.
Inside the box
Security Features
Passwords on the device are individually locked with the Trezor Password Manager using a user’s digital keys. The device can also function as a U2F hardware token, which allows Trezor to utilize the screen and inform a user about any authentication request before they approve it.
Trezor created the standard recovery seeds (BIP32/39/44), which enables users to recover their entire wallet easily with the help of their 12-word recovery seed.
Similar to the Trezor One, the Model T has a passphrase feature so users can generate a new wallet. To access passphrase protected wallets, users will be required to enter your passphrase in addition to your security PIN.
So say a thief demands you to give them access to your device. You can give them your PIN code to access a wallet with fewer funds. Meanwhile the bulk of your crypto assets are stored safely behind passphrase protected wallets.
Can the Trezor 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 reveal the recovery seed. According to Kraken Security Labs, 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 T 2.3.0 firmware update- does it fix the Kraken Security Labs hack?
In mid-April 2020 the Trezor Model T announced their latest firmware update to ver. 2.3.0 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.
The SD card protection feature is intended to serve as an additional protection against physical attacks on the Trezor Model T. When this feature is enabled, a randomly generated “secret” is stored onto the microSD that is inserted into your Trezor. This “secret” carries no information on your Trezor’s seed or passphrase and is a completely random value. With the feature, you would need to insert the SD card into the Trezor so as to combine the “secret” with the PIN and decrypt the data stored on the Trezor. Hence you will require both the SD card and the Trezor to unlock it and access your cryptocurrencies. So you can enable this feature and keep the SD card and your Trezor in separate locations if you are worried about physical attacks.
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
Multi-Currency Support
Trezor Model T is designed to handle over a thousand cryptocurrencies including popular ones like Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, Bitcoin Gold, and more. Regular updates enhances features and allows for even more supported cryptocurrencies. One advantage of the Trezor over other wallets is that all currencies are accessible without the need to “install” individual applications – this simplifies the overall use of the device
Currently, the Trezor is supported by decentralized exchanges such as Binance DEX, IDEX or Switcheo exchanges.
Multi-currency support 3/5
3rd Party Wallet Support
Exodus Wallet offers Trezor support, allowing for Exchange features
3rd party wallets like Exodus Wallet and others (MetaMask, etc.) offer Trezor support and allow for access to the hardware wallet inside of Exodus. This means users will be able to choose between different wallet interfaces and enjoy unique features offered only by Exodus, such as direct exchange of currencies.
Hardware Design
The device is relatively compact at 2.52in x 1.54in x 0.39in (64mm x 39mm x 10mm) and weighs 0.77 oz (22 grams).
It also has an LCD size of 240 x 240 pixels.
With the LCD screen, users can edit and configure the wallet according to their taste.
The sleek design makes it an upgrade to the previous Model One. Instead of buttons, the device has a touch screen available for ease of use.
However, I find the touch screen is still small and can be hard to use. I eventually settled on pressing the screen with my pinky finger.
Thumb for scale
The device works with a broad range of operating systems. Thus, users won’t have the problem of connecting it with Windows, Linux, MacOS. They also have Chrome extensions available for those who wish to use it. The user interface gives users the option to change the language and view transactions via the touch screen.
Hardware design 5/5
Ease of use 4/5
Mobility
The device supports Android mobile and laptop devices. There is currently no support for iOS.
Users will need to download the Trezor Manager from the Google Play Store, which enables them to manage the wallet from their mobile phones. The mobile app can be used in sending cryptocurrencies, generating addresses, and viewing the details of a user account.
It also supports integration with Bitstamp and Bitex exchanges. So users can sign in and send cryptocurrencies to these exchanges directly using the Trezor device.
Is Trezor Model T worth it in 2023?
At the official price of US$219 (NOW ONLY $186 UNTIL 21 MAY!), it is an excellent cryptocurrency hardware wallet.
However, some people may consider the price too high despite its functions and high-security level. It is quite an investment if you are new to cryptocurrencies or only trade cryptocurrencies casually.
The touch screen, its support of over a thousand cryptocurrencies, and its high-security features are some of the reasons that could convince people to purchase this crypto hardware wallet.
Verdict
Trezor Model T
Deciding whether or not to purchase the Trezor Model T over other available cryptocurrency hardware wallets has a lot to do with what features you are looking for.
The wallet supports over a thousand cryptocurrencies. Thus, virtually half of the cryptos available in the market can be stored on the device.
Its integration with exchanges such as Bitstamp, Coinmap, and Bitex also makes it a good choice.
However, one significant downside is that the device does not support IDEX or Switcheo exchanges. The latest findings from Kraken Security Labs on physical hacks on the device are also extremely concerning.
Ledger, one of the top hardware wallet providers, has announced the launch of its new Ledger Stax wallet in partnership with Tony Fadell, co-creator of the iPod and iPhone. This is a significant initiative as Fadell being one of the world’s foremost tech engineer is stepping in to bring clarity and confidence to owning digital assets following the collapse of FTX.
Pre-order your Ledger Stax Wallet here!
Key Features of Ledger Stax Wallet
Fadell realized that existing hardware wallets are difficult to use for mass consumers. Therefore, he drew inspiration from his iPod design to bring a more user-friendly experience for wallet users.
Ledger Stax resembles a small smartphone and has a monochromatic E ink display which covers the front and curves around the spine. That way users can easily view complete transaction details as well as their NFT collections even when the wallet is off. This works in conjunction with integrated magnets, allowing multiple Stax devices to stack, hence its name. This is particularly useful for Ledger owners who have different portfolios since they can look at the labels displayed on the spine, like books on a shelf.
Stackable Ledger Stax wallets with displayable screen on the spine (Source: Ledger)
Users can store more than 500 cryptocurrencies or NFTs on Ledger Stax. Developers are also planning to allow users to explore Web3 applications through the Ledger Live app. Users can connect the Ledger Live app on (1) laptops via secure USB-C or (2) smartphones via bluetooth. This new user interface will enable clear and intuitive interaction for all mainstream users.
Ledger Stax also has good energy efficiency and supports wireless Qi charging. Its battery can last as long as few months with a single charge.
How to Get Ledger Stax Wallet?
Ledger Stax is now available for preorder at $279 and will begin shipping by the end of March 2023. It will also be available from select retailers such as Best Buy in the U.S. Those who purchase the wallet will also receive an Infinity Pass, which provides users with a free utility NFT.
Additionally, a Ledger Stax NFT Bundle is available to mint on [Ledger] Market for 0.22 ETH to redeem a free Ledger Stax device. It also unlocks access to exclusive NFT artwork from Ledger’s network of hand-picked artists. However, Genesis Pass holders and PREMINT Collabs have special mint-priority, and there are only 10,000 bundles available.
Key Takeaway
“Not your keys, not your crypto” — there is a great risk of losing all your crypto if you park it on a centralized exchange. Hardware wallets are great self-custodial solutions because only you have control over your funds. But the problem is it can be quite daunting to operate one, especially for beginners.
Ledger Stax will revolutionize this by bringing the familiar user experience of smartphones into hardware wallets. This is a big step towards a decentralized financial future as more people are opting for self-custodial solutions. If you are interested in other hardware wallets, feel free to check these out:
Pre-order your Ledger Stax for only $279 and get it by end of March 2023!
What is the Ledger Stax wallet?
The Ledger Stax wallet is a new hardware wallet developed in partnership with Tony Fadell, co-creator of the iPod and iPhone. It has a unique and innovative design in the style of high-end Samsung cell phones, and lets users view their NFT collections even when the wallet is off.
When will the Ledger Stax be available for sale?
Ledger Stax is now available for reorder at $279 and will begin shipping by the end of March 2023.
What features does the Ledger Stax offer?
The Ledger Stax wallet is an easy-to-carry device about the size of a credit card, which allows users to store more than 500 cryptocurrencies or NFT collections. It also features an E-Ink touchscreen for viewing NFT collections, and a battery that can last for weeks or even months with a single charge.
Are there any incentives for purchasing the Ledger Stax?
Yes, those who purchase the wallet will be eligible for various prizes, such as a “Magnet Shell” protective case and an NFT from the “The Art On Ledger Stax Collection.”
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.
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)
✔︎
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Cronos (CRO)
✔︎
✔︎
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Stellar (XLM)
✔︎
✔︎
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✔︎
Cosmos (ATOM)
✔︎
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NEAR Protocol (NEAR)
✔︎
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Monero (XMR)
✔︎
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Algorand (ALGO)
✔︎
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Ethereum Classic (ETC)
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Bitcoin Cash (BCH)
✔︎
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Flow (FLOW)
✔︎
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VeChain (VET)
✔︎
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Decentraland (MANA)
✔︎
✔︎
✔︎
✔︎
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The Sandbox (SAND)
✔︎
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ApeCoin (APE)
✔︎
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Tezos (XTZ)
✔︎
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Internet Computer (ICP)
✔︎
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Hedera (HBAR)
✔︎
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Filecoin (FIL)
✔︎
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TrueUSD (TUSD)
✔︎
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Elrond (EGLD)
✔︎
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Theta Network (THETA)
✔︎
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Axie Infinity (AXS)
✔︎
✔︎
✔︎
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Helium (HNT)
Bitcoin SV (BSV)
Pax Dollar (USDP)
EOS (EOS)
✔︎
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Maker (MKR)
✔︎
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KuCoin Token (KCS)
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Zcash (ZEC)
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Aave (AAVE)
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BitTorrent-New (BTT)
✔︎
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eCash (XEC)
OKB (OKB)
✔︎
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IOTA (MIOTA)
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USDD (USDD)
Quant (QNT)
✔︎
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Huobi Token (HT)
✔︎
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Klaytn (KLAY)
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THORChain (RUNE)
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The Graph (GRT)
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Fantom (FTM)
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Basic Attention Token (BAT)
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PAX Gold (PAXG)
✔︎
✔︎
✔︎
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Chiliz (CHZ)
✔︎
✔︎
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NEO (NEO)
✔︎
✔︎
Waves (WAVES)
✔︎
✔︎
Loopring (LRC)
✔︎
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STEPN (GMT)
Stacks (STX)
✔︎
✔︎
Ziliqa (ZIL)
✔︎
✔︎
Enjin Coin (ENJ)
✔︎
✔︎
✔︎
✔︎
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Curve DAO Token (CRV)
✔︎
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Dash (DASH)
✔︎
✔︎
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PancakeSwap (CAKE)
Fei USD (FEI)
✔︎
Kusama (KSM)
✔︎
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Celo (CELO)
✔︎
✔︎
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Kava (KAVA)
✔︎
Amp (AMP)
✔︎
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Arweave (AR)
Gala (GALA)
✔︎
✔︎
Mina (MINA)
Holo (HOT)
✔︎
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NEM (XEM)
✔︎
✔︎
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1inch Network (1INCH)
✔︎
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Compound (COMP)
✔︎
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Nexo (NEXO)
✔︎
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✔︎
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GateToken (GT)
✔︎
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Convex Finance (CVX)
✔︎
Decred (DCR)
✔︎
✔︎
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XDC Network (XDC)
✔︎
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Synthetix (SNX)
✔︎
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Gnosis (GNO)
✔︎
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Qtum (QTUM)
✔︎
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Symbol
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Kadena (KDA)
BORA (BORA)
Bitcoin Gold (BTG)
✔︎
✔︎
✔︎
✔︎
Theta Fuel (TFUEL)
✔︎
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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.
