Comparison of Ledger Nano X and Trezor Model T

How easy are these crypto wallets to use?

Let's compare the key aspects of both wallets side by side, and then summarize what really stands out for user convenience:

Crypto wallet user experience (UX) differences

Ledger Nano X:

Disadvantages:

• The display is literally the size of a coin: very uncomfortable to use.
• Requires two-handed operation, making it difficult to use with a phone simultaneously — contrary to some misleading ads.
• The buttons are stiff, making operations cumbersome.

Advantages:

• Offers Bluetooth connectivity — works with or without a cable, at least with smartphones.
• Wide support for third-party wallets and dapps, allowing the Ledger Nano X to sign transactions directly in MetaMask, Uniswap, and other platforms without relying on Ledger Live software. This is a huge advantage for DeFi users.

Trezor Model T:

Disadvantages:

• No wireless connectivity: you always have to use a cable.
• iOS is a balance view-only app, so you can't send transactions from iOS.

Advantages:

• The display is much more convenient to work with on a regular basis, and easy to read.
• The touchscreen and input are very well-thought-out experiences on Trezor Model T — you can use it without any discomfort.

How do these wallets' security features compare?

Crypto wallet security feature differentiators

Ledger Nano X:

Disadvantages:

• Critical components like the Secure Element and its operating system are closed-source. This has raised concerns, especially after the controversial introduction of the Ledger Recover backup service, which challenged the assumption that the Secure Element could never transmit the recovery seed phrase outside the hardware wallet.

Advantages:

• Includes a Secure Element, giving Ledger devices a strong reputation for withstanding physical attacks. This is important for users who prefer not to complicate their security with BIP39 passphrases, prioritizing ease of use.

Have there been vulnerabilities or hacks of these wallets?

There have been vulnerabilities and hacks associated with both the Ledger Nano X and Trezor Model T.

Far from delivering uncompromised security, these wallets are routinely subject to malware, supply chain, and firmware vulnerabilities, Here are some recent notable incidents:

Ledger Nano X:

1. The Connect Kit Attack (2023): The Connect Kit breach was discovered by the security teams of Ledger.
2. Ledger User Data Breach (2020): A major data breach exposed the personal information of thousands of customers, leading to phishing attacks.
3. Another User Data Breach (2021): Ledger announced on Twitter that it has been targeted by rogue Shopify team members who exported over 200 merchants’ customer databases.
4. Ledger Live (2020): Users were exposed to basic double spending attacks, amplified double spending attacks, and DoS attacks without user consent.
5. Potential Supply Chain Attack Vulnerability (2020): Kraken Security Labs Identifies Supply Chain Attacks Against Ledger Nano X Wallets.

Trezor Model T:

1. Ability to Physically Hack Trezor T Wallet (2023): Crypto Security Firm Unciphered Claims Ability to Physically Hack Trezor T Wallet
2. Five Reported Vulnerabilities in Two Models of Trezor Hardware Wallets (2019): Ledger’s Attack Lab has found five vulnerabilities in hardware wallets of its direct competitor Trezor.
3. Kraken Identifies Critical Flaw in Trezor Hardware Wallets (2020): Kraken Security Labs has devised a way to extract seeds from both cryptocurrency hardware wallets offered from industry leader Trezor, the Trezor One and Trezor Model T.

What happens if your wallet is lost or stolen?

Security is paramount, but in the world of crypto, the degree to which the backup and recovery solutions are foolproof is equally important. Here are the backup and recovery options for these two wallets:

Backup and recovery differentiators

Ledger Nano X Recover service:

Disadvantages:

• The optional Ledger Recover backup service, mentioned earlier, is a paid service provided by three corporations that hold parts of the user’s seed phrase in a Cloud. This introduces risks, as the seed phrase could potentially be accessed via subpoena, Business partners could terminate agreements or become involved in lawsuits that result in locked data or resources (like, for example, Gemini and Genesis), as well as introducing critical points of failure.

Advantages:

• People have different preferences. If a user is comfortable trusting a bank with their assets, they may also feel confident using Ledger Recover for securing their seed phrase backup even though Ledger is not providing the complete cloud back up solution.

Trezor Model T:

Disadvantages:

• Trezor's has a Multishare backup service, but it is fully manual, and challenging to maintain. The user is responsible for generating, distributing, and keeping track of the encrypted shards.

Advantages:

• Trezor does offer a Multishare backup option for those who are able and willing to set it up.

How do these wallets handle Crypto Inheritance Management?

Crypto Inheritance Features

Currently, most hardware wallets, including the Ledger Nano X and Trezor Model T, lack any features for arranging and managing crypto inheritance. This gap presents a dangerous challenge for careful users who want to ensure that their crypto assets can be transferred to their heirs.

Vault12 provides a Solution for Crypto Inheritance

Vault12 is the pioneer in Crypto Inheritance Management that delivers an easy-to-use and secure method for assigning a legacy contact to your crypto wallets. This enables you to pass on your wallet seed phrases and private keys — including Bitcoin (BTC), Ethereum (ETH) — to future generations. Designed for everyday people, and strong enough for Crypto OGs.

This innovative, decentralized system uses a hybrid approach of software fused with the secure element of phone devices (The Secure Enclave for iOS devices, and Strongbox for Google devices). Vault12 Guard enables users to appoint a person or mobile device as a Guardian. The designated Guardian is entrusted to protect the user's comprehensive collection of wallet seed phrases and private keys, safely stored within a decentralized digital Vault. Nothing is stored on cloud servers or Vault12 servers, and no assets are stored on local devices, making them less of a target.

The Decentralized approach reduces points of failure and removes the necessity for regularly revising wallet inventories or modifying instructions for your lawyers, often leading to privacy breaches. It is the best way to preserve crypto generational wealth.

• Traditional approaches to the inheritance of assets, when applied to digital assets, create complexity and risk.
• Your portfolio of digital assets is continually changing. You cannot rely on doing an inventory once — or for that matter continuously — without assistance.
• This simple and direct approach reduces the uncertainty around assets not being available to the designated recipient. It also avoids having to approach and petition each service individually during probate to gain access.
• Both the Ledger Nano X and Trezor Model T are compatible with Vault12 Guard Inheritance, which addresses the seed phrase backup dilemma for any hardware wallet. This makes less-secure backup methods, such as paper or steel plates, unnecessary.

Vault12 Guard Crypto Inheritance Management is the first solution to offer a simple, direct, and secure way for all types of investors to ensure that all of your digital assets can be accessed by future generations. Utilizing advanced encryption and decentralized storage, Vault12 ensures that crypto assets are not only safe but also transferable under predefined conditions, filling a critical need unmet by most traditional hardware wallets.

Summary

The Ledger Nano X and Trezor Model T both provide various security measures, supporting a broad spectrum of cryptocurrencies which makes them suitable for diverse crypto portfolios.

The Ledger Nano X is more mobile-friendly and offers a balance of security and convenience features with a small display and hard input, with the advantages of a Secure Element and wireless connectivity options like Bluetooth.

On the other hand, the Trezor Model T, at the same price, boasts a fully open-source framework, larger display with colors, and touchscreen interface for enhanced user interaction, but with reduced security and convenience from not having a Secure Element and working only with USB connections.

The decision between the two may hinge on individual preferences for the target platform (mobile or desktop) and frequency of use. However, remember to add a crypto inheritance feature to your choice of wallet to ensure the long-term safety of your assets.