Ledger vs Trezor

The main difference is where you place trust. Ledger keeps keys in a secure element whose low-level code is closed under the chip maker’s agreement. Trezor publishes its firmware as open source and pairs it with secure element chips. We rank neither without a stated criterion. Everything here comes from the makers’ documentation, published research and the incident sources recorded in our dataset, not hands-on use.

Ledger or Trezor: which wallet should you pick?

• Auditable firmware first: Trezor.
• Split backups on a published standard: Trezor, through SLIP-39 Multi-share Backup.
• A paid recovery service or a backup smart card: Ledger, with Ledger Recover and the Ledger Recovery Key.
• Bluetooth at a lower listed price: Ledger. On 14 October 2026 the Nano X, with Bluetooth, was listed at $99 and Trezor’s Bluetooth model, the Safe 7, at $249.
• A Bitcoin-only edition: Trezor offers one for the Safe 3, Safe 5 and Safe 7. Ledger’s pages we checked do not describe one.

How do Ledger and Trezor protect your keys?

Ledger lists an ST33K1M5 secure element in the Nano S Plus and Flex, and an ST33J2M0 in the Nano X. Ledger explains that its agreement with the chip maker legally prevents it from publishing the low-level code that talks to the secure element, and describes its operating system and software as 95% open source and/or available for review.

Trezor says its software has always been open source and that anyone can verify and build it. Trezor’s secure element page names the chip in the Safe 3 and Safe 5 as the OPTIGA Trust M (V3), certified to Common Criteria EAL6+; the Safe 7 pairs the same chip with TROPIC01, which Trezor describes as independently auditable.

In practice the difference is how much device code you can inspect: Trezor publishes its firmware for anyone to verify and build, while Ledger withholds the low-level secure element code. Our guide Is Ledger safe? goes further.

What is Ledger Recover, and what does Trezor offer instead?

Ledger describes Recover as a paid, optional subscription: an encrypted backup of the recovery phrase is split into three fragments held by Coincover, Ledger and EscrowTech, and restoring needs two of them after an ID and selfie check through Onfido. After customer criticism of its May 2023 announcement, Ledger delayed the service and sped up open-sourcing work. Ledger also sells the Recovery Key, a PIN-protected card for its NFC touchscreen devices such as the Flex.

Trezor’s documented answer to losing a single backup is one you hold yourself: Multi-share Backup, which splits the backup into up to 16 shares and a threshold you choose.

How do Ledger and Trezor backups differ?

Ledger devices use a 24-word BIP-39 phrase, and Ledger says all its devices support a passphrase. We found no SLIP-39 support on Ledger’s pages.

Trezor’s backup guide says the Safe 7, Safe 5 and Safe 3 (from June 2024) default to a 20-word SLIP-39 backup, with 12 or 24-word BIP-39 available at setup in Trezor Suite. The SLIP-39 specification states that the two formats are not compatible. For a Safe 3, Safe 5 or Safe 7 on its default SLIP-39 backup, we found no documented way to restore on a Ledger, while a BIP-39 phrase can move between them if the other wallet supports the same assets and derivation paths. See our seed phrase guide.

What security incidents have Ledger and Trezor had?

Ledger, from our records for the three models above:

• June 2020, disclosed in July: unauthorised access to Ledger’s e-commerce and marketing database exposed customer emails and, for a subset, contact and order details. Ledger says it fixed the breach after a researcher’s report; in December 2020 it reported a larger dump of customer records published online.
• December 2023: malicious releases of the Ledger Connect Kit software library reached third-party apps that used it. Ledger deployed a genuine replacement; this was not an attack on the devices.
• January 2025: a missing check in the Nano X and Flex microcontroller update could brick a device; fixed in Nano X 2.4.2 and Flex 1.2.2, and Ledger says funds were not at risk.
• January 2026: Ledger customers’ order and contact data were exposed through a third party, Global-e. Customers were notified and warned about phishing.

The Nano X datasheet adds older items from 2020 and 2021, including a supply-chain demonstration by Kraken.

Trezor:

• January 2024: unauthorised access to Trezor’s support portal was used to send seed-phishing messages. Trezor restricted access and warned affected users.
• November 2024: Ledger’s Donjon team bypassed some supply-chain countermeasures on the original Safe 3, which was not described as extraction from a set-up, locked wallet. Later Safe 3 units use an upgraded microcontroller; the Safe 5 was not affected.
• June 2025: attackers abused Trezor’s support form to send phishing replies. Trezor said the issue was contained and the phishing site removed.

None of these entries describes keys being extracted from a set-up, locked device. The datasheets list each event with its source.

How much do Ledger and Trezor wallets cost?

Prices on each maker’s own shop, in US dollars, on 14 October 2026:

• Ledger: Nano S Plus $69, Nano X $99, Flex $249. Outside this comparison, the Nano Gen5 was $179 and the Stax $399, so the current Ledger range in our records ran from $69 to $399.
• Trezor: Safe 3 $59, Safe 5 $129, Safe 7 $249, a range of $59 to $249.

Ledger Recover costs extra: Ledger’s Recover article listed it at $9.99 a month when checked on 14 October 2026.

Ledger Nano vs Trezor: how do the models line up?

Prices as listed on 14 October 2026.

• Entry: Nano S Plus ($69) and Safe 3 ($59). Both are USB-C, battery-free devices with small monochrome screens and no touchscreen.
• Middle: Nano X ($99) adds Bluetooth and a battery; Safe 5 ($129) adds a colour touchscreen but stays wired over USB-C.
• Touchscreen: Flex and Safe 7, both $249. Flex: 2.8-inch E Ink, Bluetooth and NFC. Safe 7: 2.5-inch colour, Bluetooth and Qi2 charging.

Within each brand: Nano X vs Nano S Plus, Trezor Safe 3 vs Safe 5, Ledger Flex vs Stax.

What we could not verify

• Where Ledger devices are manufactured: Ledger’s pages give a Paris company address, not a factory location. The Safe 7’s manufacturing country is also not stated.