I recently unboxed and set up my first crypto hard wallet , the Trezor Model One.It took less than an hour to set up and was surprisingly easy to use.I wanted to see how it fared against a slightly cheaper and newer competitor, Ledger’s Nano S Plus.Trezor created the first cryptocurrency hard wallet.I recently spent $100 on Trezor’s Model One, which is known as “the original hard wallet.” Trezor One packaging.Kari McMahon/Insider Crypto hard wallets allow for more secure storage and management of crypto assets.
Ledger explaining cold storage during the setup process.
Kari McMahon/Insider They hold private keys, which are needed to unlock the address of where the crypto assets are stored on the blockchain.Ledger explaining private keys during the setup process.Kari McMahon/Insider Despite how complicated it sounded, I found it straightforward and quick to set up the Trezor Model One.Trezor wallet with a lanyard attached.Kari McMahon/Insider For months, I’ve had another crypto wallet, the cheaper and newer Ledger Nano S Plus, sitting on my desk.The Ledger Nano S Plus box.Kari McMahon/Insider I’d been gifted the wallet to try it but kept avoiding it because the process sounded time-consuming.
I was gifted the Ledger Nano S Plus to try it.Kari McMahon/Insider After the easy-breezy process of setting up the Trezor, I wanted to see how its competitor fared, especially since it’s cheaper.
The Trezor Model One costs $74 without shipping, while the Ledger Nano Plus S costs $72.The Trezor Model One and the Ledger Nano S Plus.
Kari McMahon/Insider Both wallets came with similar components: the hard wallet itself, a lanyard, a USB cable, and documentation.Hard-wallet components from inside the Ledger Nano S Plus packaging.
Kari McMahon/Insider It felt as though the Ledger was a bit heavy on packaging compared with the Trezor.Ledger Nano S Plus packaging.Kari McMahon/Insider It’s not a big deal, but the sticker selection was poor relative to what the Trezor offered.Stickers and documentation provided with Ledger Nano S Plus.
Kari McMahon/Insider At first glance, the Ledger hard wallet looked sleeker, but it also reminded me of the memory sticks handed out during the first week at college, which I would frequently lose.The Ledger Nano S Plus hard wallet.Kari McMahon/Insider I was surprised to find I preferred the larger screen and bulkier style of the Trezor.Creating a wallet on the Trezor Model One.Kari McMahon/Insider The setup processes for the Trezor and the Ledger were similar, taking about the same amount of time.The setup process on the Ledger app.
Kari McMahon/Insider Ledger didn’t have a browser offering like Trezor, so I had to download the desktop app.The Ledger desktop app.Kari McMahon/Insider Ledger focused more on education, explaining the basics of crypto wallets at the start and asking users to do a quiz at the end of the setup process.The quiz screen on the Ledger app.Kari McMahon/Insider I was relieved to be classified as a crypto “pro” after the quiz.
I was classified as “a pro” after completing the Ledger quiz.Kari McMahon/Insider After the setup process, crypto assets can then be added into accounts on the wallet.An account for bitcoin assets on my Ledger hard wallet.Kari McMahon/Insider This was more daunting on the Ledger than on the Trezor because Ledger Live offers many more features, such as interacting with staking apps and storing nonfungible tokens.Apps on Ledger Live.
Kari McMahon/Insider You can even buy and sell assets from the Ledger hard wallet.I liked how Ledger offered all these additional features, while remaining competitive on price.Buying and selling crypto assets on Ledger Live.Kari McMahon/Insider I also liked how the Ledger supported crypto assets like solana, which was a challenge I faced with the Trezor.Creating a solana account on the Ledger.
Kari McMahon/Insider I found both to be great options for new crypto users with very little difference between them.The Trezor Model One and the Ledger Nano S Plus boxes.Kari McMahon/Insider For complete beginners who want only to store bellwether cryptos like bitcoin and ether, the Trezor seems like the perfect option, as it’s very easy to use.My Trezor wallet crypto assets.Kari McMahon/Insider If you are looking to play more with altcoins, participate in staking, or buy NFTs, Ledger would be my pick, as it offers much more at a cheaper cost.
Ledger Nano S Plus side view.Kari McMahon/Insider But Ledger needs to up its game in personalization features.My friendly bitcoin on the Trezor is a nice touch.Cat home screen on my Trezor wallet.Kari McMahon/Insider Check out: Personal Finance Insider’s review of Coinbase..