Fees and features as of Oct 2026 Checked against vendor pages on October 15, 2026. Fees change; always confirm in the app's order preview.
A hot wallet (app or exchange account) is convenient for small amounts you use often. A cold wallet (hardware device like Ledger or Trezor) keeps your keys offline and suits amounts you'd hate to lose. Many beginners use both.
Not financial advice. This is a general, educational comparison of features and published fees. It is not a recommendation to buy, sell or hold any crypto asset. Crypto prices are volatile and you can lose money.
Hot vs cold
| Hot wallet | Cold (hardware) wallet | |
|---|---|---|
| Keys | Online (app/exchange) | On a device, offline |
| Convenience | High | Lower: confirm on device |
| Main risk | Account takeover, phishing | Losing the device and the backup |
| Cost | Usually free | You buy a device |
Last verified Oct 2026 against official vendor pages.
Ledger vs Trezor (official specs)
| Ledger | Trezor | |
|---|---|---|
| Current models | Stax, Flex, Nano Gen5 (touchscreen); Nano X, Nano S Plus (classic) | Safe 7, Safe 5, Safe 3 |
| Secure element | CC EAL6+ (Nano X: EAL5+) | Certified EAL6+ on all three; Safe 7 has a dual secure element |
| Open-source security code | Not published | Yes, on all three |
| Screen | 3.7" (Stax), 2.8" (Flex, Nano Gen5) E Ink touch; 1.1" OLED on Nano X / S Plus | 2.5" touch (Safe 7), 1.54" touch (Safe 5), 0.96" with two buttons (Safe 3) |
| Connection | USB-C, Bluetooth and NFC on touchscreen models; Nano X: USB-A to USB-C plus Bluetooth; Nano S Plus: USB-A to USB-C | USB-C on all; Bluetooth on Safe 7 |
| Battery | Up to 10 hours on touchscreen models; up to 5 hours on Nano X; none on Nano S Plus | Battery and Qi2 wireless charging on Safe 7 |
| Phone apps | Android 10+ on all; iOS 15+ except Nano S Plus | Full iOS on Safe 7; limited iOS on Safe 5 and Safe 3; Android on all |
| Backup | Recovery Sheets; Recovery Key on touchscreen models; Ledger Recover optional | 12-, 20- or 24-word backup and multi-share backup |
| Coins | 500+ in the Ledger Wallet app; thousands via third-party wallets | Thousands of coins and tokens, with some exceptions |
| Extras | Clear Signing, Transaction Check, Security Key 2FA on touchscreen models | Passphrase, Tor, coin control, FIDO2 2FA; Safe 7 IP54-rated |
Last verified Oct 2026 against official vendor pages.
Device prices change often and vary by region, so check the official store.
How much should go where?
We don't tell you what to hold, but the hot/cold split is a practical question you can answer yourself: how much would you be comfortable losing if your phone or exchange account were taken over, and how often do you need to move it? Money you trade or spend often tends to stay hot. Money you plan to leave untouched is the usual case for a hardware wallet, because a thief would need the physical device and your PIN, or your recovery phrase.
What moving to a hardware wallet costs
There is no percentage fee to own a hardware wallet, but there are two costs: the device itself (see the official store) and a network fee every time you send crypto onto or off it. If you send from Coinbase, Coinbase charges an estimated network fee shown before you send. That fee depends on the network, not the amount, so moving $100 and $10,000 can cost a similar network fee. In practice this makes one larger transfer cheaper than many small ones. We don't publish network fee figures because they change constantly.
Matching a model to how you'll use it
- You use an iPhone. Ledger lists iOS 15+ for Stax, Flex, Nano Gen5 and Nano X, but not Nano S Plus. Trezor lists full iOS support only for Safe 7; Safe 5 and Safe 3 have limited iOS (check balances, buy and receive).
- You want no battery to wear out. Ledger Nano S Plus has none and connects by cable (USB-A to USB-C). Trezor Safe 3 and Safe 5 list no battery features on the comparison page.
- You want to read transactions comfortably. The large touchscreens are Ledger Stax (3.7"), Flex and Nano Gen5 (2.8"), and Trezor Safe 7 (2.5").
- You care about auditable code. Trezor states its security code is open source on all three models.
- You want a backup split into parts. Trezor offers multi-share backup on all models; Ledger includes a Ledger Recovery Key with its touchscreen models and offers Ledger Recover as an option.
Backup options, explained
A recovery phrase (12, 20 or 24 words) can rebuild your wallet on a new device. Anyone who sees it can take your funds, so it stays offline. A multi-share backup splits recovery into several shares so no single piece is enough on its own. Ledger includes a Ledger Recovery Key with its touchscreen models, alongside Recovery Sheets, and lists Ledger Recover as optional. A passphrase (offered on all Trezor models) adds an extra secret on top of your backup; if you forget it, the backup alone won't get you back in.
Setting up a hardware wallet, step by step
- Buy from the official store (shop.ledger.com or trezor.io) or a seller the maker lists, not a marketplace reseller.
- Install the official companion app: Ledger Wallet or Trezor Suite.
- Create a new wallet on the device itself. Never use a recovery phrase that came pre-printed in the box.
- Write down the recovery phrase (or use the backup method the device offers) on paper or metal, offline. Never type it into a phone, computer or website.
- Set a strong PIN. Trezor allows a PIN of up to 50 digits.
- Send a small test amount first, check it arrives, then send the rest.
- Confirm every receive address on the device screen, not just on your computer.
Pros, cons and catches
Ledger
Pros
- Five current models, from a battery-free classic to a large-screen touchscreen.
- Ledger Recovery Key and NFC on touchscreen models.
- 500+ coins directly in its own app.
Cons
- We found no open-source claim for its security code on the comparison page.
- Nano S Plus has no battery and no Bluetooth.
Catches
- Ledger Recover is an optional extra service; you don't need it to back up a device.
- Nano X uses an EAL5+ chip, not EAL6+.
Trezor
Pros
- Open-source security code on all models.
- Multi-share backup on all three models.
- Passphrase, Tor and coin-control privacy features as standard.
Cons
- Only the Safe 7 has Bluetooth and full iOS support.
- Safe 3 uses a small display with two buttons.
Catches
- A few assets aren't supported; check Trezor's coin list before buying.
- A passphrase adds protection but, if forgotten, also locks you out.
Who needs which
A hot wallet or exchange account alone suits people holding small amounts while they learn. A hardware wallet suits people holding amounts they'd hate to lose and who are willing to look after a backup. It isn't for you if you are not ready to store a recovery phrase safely; losing the device and backup means the funds can't be recovered. New to buying? Start with how to buy crypto safely, and for exchange choice see exchanges for beginners.
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FAQ
Do I need a hardware wallet?
Not for small amounts kept on a reputable exchange. Many people move larger, long-term amounts to a hardware wallet they control.
What happens if I lose my hardware wallet?
You can restore with your recovery phrase or backup. If you lose both the device and the backup, the funds can't be recovered.
Is Trezor open source?
Trezor says its security code is open-source and publicly auditable.
Which Ledger and Trezor models work with an iPhone?
Ledger lists iOS 15+ for Stax, Flex, Nano Gen5 and Nano X, but not Nano S Plus. Trezor lists full iOS support for Safe 7 and limited iOS for Safe 5 and Safe 3.
Does sending crypto to a hardware wallet cost anything?
Yes, a network fee. On Coinbase it is estimated and shown before you send.
What is a secure element?
A dedicated chip that protects your keys from physical attacks. Ledger lists CC EAL6+ on most models (EAL5+ on Nano X); Trezor lists certified EAL6+ on all three Safe models.
Can someone give me a recovery phrase to set up my device?
Never use one. A legitimate device generates a new recovery phrase during setup.
How we checked
On October 15, 2026 we re-read each official page listed under Sources and copied only the numbers and rules stated there. Worked examples are simple arithmetic on those published rates; where a fee is variable (spreads, admin fees, network fees), we say it shows on the order preview instead of guessing. Anything we could not confirm is left out or marked "Not published". We did not open accounts or place trades for this guide, and nothing here is investment advice.
Sources
- Ledger hardware wallet comparison: https://shop.ledger.com/pages/hardware-wallets-comparison
- Trezor compare hardware wallets: https://trezor.io/compare
- Coinbase pricing and fees disclosures: https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees
Everything above comes from these official pages as of Oct 2026. Claims we couldn't confirm there are left out.