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Analysis · Wallets

Ledger vs Trezor, compared on chips, open source, Ledger Recover, prices and coin support

Ledger and Trezor both sell hardware wallets with certified secure elements. Ledger's chip code is closed under its agreement with STMicroelectronics and it sells Ledger Recover, an optional ID-based phrase backup; Trezor publishes its code and sells no comparable service on the pages read. US prices on 14 October 2026 run US$69 to US$399 for Ledger and US$59 to US$249 for Trezor.

Published 2026-10-14By the CryptoGuardz Register Desk6 min read22 sources

Photo: Brian Kostiuk / Unsplash

Ledger and Trezor both sell hardware wallets built on certified secure elements, and they split on two points: code and recovery. Ledger keeps its secure element code closed under its agreement with the chip maker and sells Ledger Recover, an optional ID-based backup of the recovery phrase. Trezor publishes its code and describes no provider-held backup. On 14 October 2026 Ledger's five devices listed at US$69 to US$399 and Trezor's three at US$59 to US$249.

Prices and specifications are from each maker's product pages, read on 14 October 2026. Terms and incident details are as recorded on the wallet register and its Trezor vs Ledger Wallet comparison. No device was tested by this desk. Nothing here is investment advice.

Ledger vs Trezor at a glance

Model	US price	Chip rating	Bluetooth
Trezor Safe 3	$59	EAL6+	No
Ledger Nano S Plus	$69	EAL6+	No
Ledger Nano X	$99	EAL5+	Yes
Trezor Safe 5	$129	EAL6+	No
Ledger Nano Gen5	$179	EAL6+	Yes
Ledger Flex	$249	EAL6+	Yes
Trezor Safe 7	$249	EAL6+	Yes
Ledger Stax	$399	EAL6+	Yes

Prices are the US offers in each shop's product data and change with promotions. Trezor lists the same figures in euros. Ledger names its chips: ST33K1M5 on four models, ST33J2M0 on the Nano X. Trezor's compare page lists a "Certified EAL6+ Secure Element" on all three Safe models and a "Dual Secure Element architecture" with its own TROPIC01 chip on the Safe 7, the only Trezor with Bluetooth.

Secure element vs open source: what is the difference?

Both now use secure elements; the dispute is over who can read the code. Trezor's homepage claims "100% open-source code & design" and calls TROPIC01 "the world's first transparent and auditable Secure Element". That is Trezor's claim about its own chip, not an independent finding.

Lines of colour-highlighted source code on a dark screen — Illustration only: source code on a screen, not firmware from either company. Whether that code is published is the difference this section explains. Photo: Chris Ried / Unsplash

Ledger's position, from its academy page:

legally prevents us from exposing the low-level code that talks to the hardware blocks of the Secure Element

Ledger Academy, is Ledger open source, retrieved 2026-10-14

The agreement Ledger refers to is with STMicroelectronics, and the page says the chip's designers "want to keep their competitive advantage". Ledger's Wallet app is open source and its operating system "is partially reviewable and verifiable". For a buyer, the difference is who can check the firmware: anyone, for Trezor's published code; Ledger and the auditors it chooses, for the closed part.

What is Ledger Recover, and does Trezor have one?

Ledger Recover encrypts the phrase on the device, splits it into three fragments and stores them with "Coincover, Ledger, and Escrowtech". It needs an ID and a selfie through Onfido, and Ledger calls it "a paid optional subscription service". It must be switched on by the user on the device. The details and price status are in the Ledger Nano X review.

How to Set Up Ledger Recover Service | Ledger TutorialsVideo by Ledger on YouTube. Watch on YouTubeLedger's own tutorial for Ledger Recover, so the opt-in steps can be seen next to the terms quoted in this section.

Trezor's pages read describe no equivalent. Its backups stay with the user, as 12, 20 or 24 words, with an "Advanced Multi-share Backup" option listed on all three Safe models. Trezor's Suite terms, as recorded on the register, say private keys "are never transmitted to Suite or anywhere else outside the Device." Ledger's terms say: "Unless you subscribe to a third-party recovery service, no one is in a position to help you retrieve wallet access." How recovery phrases work for both is in what is a seed phrase.

Which supports more coins, Ledger or Trezor?

Neither page gives a hard count to compare. Ledger's product pages say "500+ crypto supported via the Ledger Wallet app". Trezor's homepage says "Trezor supports 1000s of coins and tokens across leading networks." Both cover Bitcoin, Ethereum and Solana on the register. Trezor's support page, as recorded on the register, does not name BNB Chain among the networks Suite supports natively; Ledger's supported-assets page lists it. Coin by coin, check the maker's own list before sending anything.

What do the terms say?

Ledger's terms bind the user to Ledger SAS, registered in Paris, under French law. Trezor's bind the user to Trezor Company s.r.o. under Czech law and the Czech courts. On liability, Trezor's product terms cap it at the price paid for the device: "the maximum liability from the use of the Device shall be limited to the amount paid by you as a Device purchase price." Ledger's terms exclude damages outright, with carve-outs for fraud, gross negligence, death and personal injury. Ledger's terms also bar use of its services for "illegal gambling", per the Ledger entry; the register found no gambling clause in Trezor's, per the Trezor entry.

Ledger vs Trezor incidents

Both have leaked customer data, and neither has had a device broken in the records read. Ledger: the 2020 breach, with "approximately 272,000 customer records including name, address and phone number" posted on 20 December 2020, and the 14 December 2023 Connect Kit attack, where a phished former employee's access let attackers publish a draining version of a software library for apps. Trezor: up to 66,000 support contacts exposed through a third-party ticketing portal in January 2024, and 80,689 customers' order data exposed at shipping provider ShipMonk, disclosed on 13 August 2026 and revised upward on 4 September 2026. Leaked buyer lists feed phishing. Ledger: "Ledger will NEVER ask you for your 24 words." Trezor's setup guide: "Never enter your backup anywhere other than directly on your Trezor device."

Quick answers

Is Ledger or Trezor cheaper?

Trezor's entry model, the Safe 3, lists at US$59 against US$69 for the Ledger Nano S Plus, on 14 October 2026. The Trezor Safe 7 and the Ledger Flex both list at US$249; Ledger's Stax is US$399.

Is Trezor open source and Ledger not?

Trezor says its code and design are "100% open-source". Ledger's app is open source, but its secure element code is closed under its STMicroelectronics agreement. See what is a hardware wallet.

Does Trezor have something like Ledger Recover?

Not on the pages read. Trezor offers 12, 20 or 24 word backups and a multi-share option, with no provider-held copy described. Ledger Recover splits an encrypted phrase across 3 companies.

Has Ledger or Trezor been hacked?

Both have had customer data leaked: Ledger about 272,000 records in 2020, Trezor 80,689 via ShipMonk in 2026. Neither record shows a device broken. Side by side on the comparison page.

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Sources

About this piece

Compiled by the CryptoGuardz register team from the sources listed above. Research and drafting are AI-assisted and reviewed by a named editor before publication. Nothing here is a recommendation to gamble. If a figure or a reading is wrong, tell us and the correction is logged in public.