Ledger Nano S & Trezor
Should you get cold storage hard wallet and if so, which one?
25% of people keep their coins on the exchange, which is convenient if you want to trade, but it is considered NOT SAFE. Exchanges have been hacked before. There are mobile wallets you can get which run from your smart phone. The top-level of security for storing your cryptocurrencies is cold storage, another word for HARD WALLET. The two leading hard wallets are: Ledger and Trezor. They look like a thumbdrive but behave differently. The main security is that a hacker cannot send or receive any of your coins unless they can physically press the buttons on your hard wallet. If they can, they’re not a hacker, they may be your wife! Which one is better?
There are pros and cons. Both support Ethereum contracts or ER20 tokens which many of you want to have when you’re buying ICOs. (Don’t buy ICOs by sending your Ether from an exchange). Both hard wallets can send and receive Ethereum-based tokens via the “MyEtherWallet” website.
Trezor keeps fewer coins, but displays them all conveniently. Leger keeps a bigger list of alt-coins, but displays only 3-4 maximum at a time (I’m speaking of the Ledger Nano-S. The bigger Ledger Blue can display up to 10 coins at a time).
In my opinion, Trezor is easier to use than Ledger. In Ledger, you have to “install” and “uninstall” coins to keep your list to 4 (we tested and could only display 3 max). What happens to the other alt-coins? They are erased from your display; you must remember you have those coins, then when you want to see them, reinstall the related app to display that coin. It all seems needlessly complicated, but there is not much option if you want to store your alt-coins offline.
With Ledger you have to install a Ledger manager app AND an extension in Chrome browser. Trezor requires you to add only an extension to Chrome.
“So what coins are supported?” you may ask. The list of coins will likely grow, but right now this is the most up-to-date.
COINS supported by Trezor:
Bitcoin/BTC (Trezor Wallet)
Litecoin/LTC (Trezor Wallet)
Dash/DASH (Trezor Wallet)
Zcash/ZEC (Trezor Wallet)
Bitcoin Cash/BCH (Trezor Beta Wallet)
Ethereum Classic/ETC (MyEtherWallet)
ERC20 Tokens (MyEtherWallet)
COINS supported by Ledger:
Because of the pros and cons, we still use both products. Australian authorized dealers seem to have run out of Ledger and Trezor.
NOTE: it is DANGEROUS to buy hard wallets from a third party, if they have tampered with your product, they can STEAL all your coins! Buy directly from the company or authorized dealers. Use these safe, affiliate links: