Comparison of Ledger Nano X and Trezor Model T

How easy are these wallets to use?

Let's compare the key convenience specifications of both side by side, and then summarize what really stands out in terms of convenience from the user's point of view:

Main UX differentiators

Ledger Nano X:

Disadvantages:

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

Advantages:

• Offers Bluetooth connectivity - works with 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 cable.
• iOS is a balance view-only app - you can't send transactions from iOS. And have to use cable.

Advantages:

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

How do their security features compare?

Main security differentiators

Ledger Nano X:

Disadvantages:

• Critical components like the secure element and its operating system are closed-source, which 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 — important for users who prefer not to complicate their security with BIP39 passphrases, and have ease of use.

Trezor Model T:

Disadvantages:

• Lacks a secure element, making it resistant to physical attacks only if the BIP39 passphrase is used — a significant drawback in both convenience and fault-proofness.

Advantages:

• Fully open-source software and hardware, minimizing third-party risks, no need to trust.
• Allows for longer PIN codes, which might appeal to particularly cautious users.

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. Here are some 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 over 270,000 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, how fool-proof the backup and recovery solutions are is often a more common concern. Here are the backup and recovery options for such scenarios:

Backup and recovery differentiators

Ledger Nano X:

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. This introduces a risk, as the seed phrase could potentially be accessed via subpoena.

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.

Trezor Model T:

Advantages:

• Trezor offers a Multishare backup option, though it is fully manual and challenging to maintain.

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 adequate and careful users who want to ensure the risks of their digital assets are appropriately managed in case of their demise.

Vault12 as a Solution for Crypto Inheritance

• 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.