Nowadays, crypto traders and enthusiasts have a wide array of choices when it comes to how they want to store their digital assets and crypto coins. Be that as it may, it’s an agreed-upon fact that the safest choice of storing cryptocurrencies is represented by the hardware wallets.
Hardware wallets are created in such a way that they are basically immune to computer viruses. In addition, your private key information will never be exposed to the working system. Most hardware wallets also boast good encryption technology and support for dozens of cryptocurrencies.
For a while, traders and crypto enthusiasts looking to securely store their digital assets on a hardware wallet had only one choice: Trezor. Trezor is the first hardware wallet to have entered the market (in 2014), and despite its somewhat early “lead,” it lost some market dominance to its other two competitors: the Ledger Nano S, and the KeepKey.
Today, the three are regarded as the go-to options for any crypto trader that’s hell-bent on security and privacy. In this article, we are going to cover various aspects and compare the three to help you determine which one is best for you.
We’ll start with pricing since this is one of the most important factors when buying anything hardware wallets included. The Ledger Nano S is the cheapest of the three, at only $79,99. The Trezor and KeepKey are not a lot more expensive, as you can have the first one at $129 and the second at $149.
Looks and screen
Even though Trezor is the original hardware wallet between the three, it doesn’t lose much regarding design over its counterparts. It’s a bit bulkier than both Ledger Nano S and KeepKey, which might not be a bad thing since it can be operated very easily even by users with bulkier fingers.
The Ledger Nano S looks very much like a typical USB flash drive, and it has the smallest screen of the three, being as well the most compact of the three once its protective cover is “folded.” While Trezor has a bigger screen than Ledger Nano S, it’s no match for the big screen found on KeepKey. Without a doubt, KeepKey is the most fashionable wallet of the three with a body of aluminum as opposed to plastic used by the other two.
As far as supported coins go, the Ledger Nano S is king, while KeepKey has the lowest number of supported coins out of the trio. A list with all the supported assets can be found on the official websites of all three wallets: Ledger Nano S, Trezor, and KeepKey.
In order to use the wallets, users need to connect them to a software of some sort. That said, both Trezor and Ledger Nano S are very good as they both offer computability support for Electrum, Mycelium, MyEtherWallet, Copay, GreenBits, GreenAddress. KeepKey comes last regarding software compatibility.
Needless to say, all three wallets are designed with a strong focus on security in mind. The Ledger Nano S, for example, boasts a dual chip architecture, while the other two use different types of secure elements, not necessarily inferior to that of the first. All three wallets offer their users the option to safely secure and backup their wallets. Even more impressive is the fact that these wallets are designed to be used even on computers infected by malware, at least in theory.
Getting started with all three wallets is quite straightforward and should not take more than a few minutes. To get started, users need a micro USB cable to use all three.
For Trezor, install the Trezor Bridge software or the Trezor Chrome extension (or the Android app Trezor manager, for which users will need an OTG cable). After the software is installed and the device connected computer, users need to replug the device and choose to either create a new wallet or import via a recovery phrase.
Ledger Nano S setup
Setting up the Ledger Nano S wallet is fairly similar. Users need to use the included USB cable to connect the Ledger to a computer and follow the instructions on the screen. There’s also the option to either create a new wallet or important one via a recovery phrase. Next step involves choosing a PIN (it’s important to remember the PIN since getting three wrong consecutive entries will result in a total wipeout of the wallet’s content). Finally, users need to either download the Ledger Wallet Bitcoin Chrome app or the Ledger Wallet Ethereum Chrome app.
Getting the KeepKey wallet ready is even easier since users are required to download the KeepKey client App from the Chrome Web Store, and connect the device to their computers with the included USB cable. From this point forward, it’s just a matter of following the on-screen instruction in order to initialize the device.
Which one is best?
The first thing potential buyers should know is that they can’t go wrong regardless of their choice with these three hardware wallets. For the widest coin support and the smallest size, the Ledger Nano S is definitely the best choice. If, however, potential buyers want something with a bit more premium feel, then the KeepKey is unbeatable with its sleek looks. Trezor is a bit bigger than the Ledger Nano S and has a larger screen so it can prove to be a lot less finicky to use, which might be a big advantage for users who want a wide list of supported coins, but can’t handle the small size of the Ledger Nano S.