Ledger Nano S Plus Review and Trezor Model One Compared – Which Is Best?

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The hardware wallet market is becoming increasingly crowded as multiple manufacturers vie for the top spot in self-custody crypto security solutions.

But despite the competition, two manufacturers continue to stand out as the leading providers of hardware wallets for Bitcoin and other cryptocurrencies.

We’ve previously featured the Trezor Model One, so now it’s the turn of its main competitor, the Ledger Nano S Plus.

This is the Ledger model that’s most comparable to the Trezor Model One and I’ll say it from the start – there’s very little to choose between them. If you’re looking to get set up quickly just pick the one you like the look of best as both are super simple to set up.

They’re also around the same price (Ledger Nano S Plus £69/$87.99 / Trezor Model One £54.99/$69.99) and both feature a similar design in terms of size and operability.

So let’s see how the Ledger Nano S Plus compares.

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The Ledger Nano S Plus at a glance

The Ledger Nano S Plus looks and feels like a standard USB drive, albeit a chunky one.

The device allows you to store more than 5,500 coins and tokens, together with your NFTs, which can then be managed using the companion Ledger Live app.

The wallet plugs into your laptop/desktop using a USB-C connector and two buttons sit on top of the device enabling you to navigate the options on the in-built screen.

Although the size of the screen and buttons make using the device a bit fiddly, the operation is slightly more intuitive than the Trezor One and I personally prefer it.

Using the Ledger Nano S Plus

Setting up the device is very straight forward, although if you’re new to using self-custody crypto wallets there’s bit of a learning curve.

These are some of the key things to remember:

• Your crypto is never actually stored on your hardware wallet – the public and private keys that control it are.
• Once your crypto is moved to self-custody storage you alone are responsible for its safe keeping. Lose your keys and you’ll lose your crypto forever.
• You’ll be given a 24-word mnemonic seed phrase when you first set up your Ledger device. This must be kept safe and you must not show this to anyone else.
• If you lose your wallet and the seed phrase you crypto will be lost forever.
• Make sure the crypto you wanted to store is supported by the Ledger before purchasing the device.
• Securing you crypto on a hardware wallet means you’ll need the wallet in order to sell or move your coins.

I can’t stress enough how important it is to keep your seed phrase safe.

A lot of people don’t quite appreciate that there’s no safety net with crypto self-custody – you become your own bank and take on all the responsibility that goes with this.

Some people use special metal plates to physically store their seed phrase and keep them safe from loss through disasters such as fire or flooding.

Remember, anyone who gets hold of your seed phrase can take control of all the crypto associated with it.

The Ledger Live app

You’ll manage your wallet using the Ledger Live app which is clear and intuitive – great if you’re at the start of your crypto journey.

Think of this as an online banking app except you are the bank and the key to your assets is the Ledger device.

In order to sell or send your crypto you’ll need to have your hardware wallet plugged in and go through the process of signing transactions on it.

There are pros and cons to this. On the one hand it creates a very secure environment to store your crypto keys but it does mean that unless you carry your Ledger with you, you won’t be able to sell your crypto if there’s a large market movement that you want to catch.

You’ll need to weigh the security of your crypto and the risks involved in keeping it on an exchange against the likelihood that you might suddenly need to access it while you’re away from home and your Ledger.

If you’re a long term ‘hodler’ hardware wallets are ideal, but if you’re planning on trading regularly they’re perhaps not the best solution.

In this instance, a self-custody wallet app may be the answer. There are dozens to choose from and while they’re not as secure as a hardware wallet, they offer a good middle ground for those who may want to self their coins at short notice.

Two wallet apps to consider are Exodus for its good-looking, easy to use interface and Trust Wallet for it’s enhanced functionality.

It’s worth mentioning that you can also buy crypto directly via the Ledger Live app, but it’s not the most cost-effective way of doing so.

There are also various staking opportunities as well depending on where you live and what the regulators allow.

Verdict

Having experimented with both the Ledger and Trezor devices my overall preference is for the Ledger.

I prefer the way the device itself works and the Ledger Live app is ever so slightly slicker than its competitor.

That’s not to say that both wallets aren’t excellent at what they do and most people probably won’t notice much of a difference beyond the physical design.

The Ledger Nano S Plus is an extremely secure crypto hardware wallet with a slick companion app making it the perfect security solution for crypto investors.