Hardware Wallets Compared: Ledger, Trezor, Keystone and More

Ledger, Trezor, Keystone, COLDCARD, BitBox, Blockstream Jade, Foundation Passport and Tangem all keep your private keys on the device and sign transactions there. They differ in four things that decide what the device actually protects: how the key is stored (in one secure element, in two or three, or in none), whether anyone can read the firmware, how you check and pass on a transaction (a screen and a cable, Bluetooth, QR codes, or a phone app), and how the wallet is backed up. The specs below come from each maker’s own pages as of October 2026. Prices change often and differ by country, so check them in the maker’s store. For how these devices work in general, start with what a hardware wallet is.

At a Glance

What Does the Device Protect, and What Is Left to You?

Each of these devices keeps the keys off your computer and asks you to approve every transaction on the device itself. All but Tangem also show the details on their own screen; Tangem’s cards rely on your phone’s screen. That design stops malware from copying keys. It does not protect a backup someone else can read, a transaction you approve without reading it, or a device tampered with before it reached you, and it can’t repair a seed that its own firmware generated badly: Ledger’s and COLDCARD’s incidents of 2026, described below, showed the last two. Beyond that, the models differ in the choices this article compares: a secure element against physical extraction or open code anyone can audit (several makers now offer both), a large screen that makes contract approvals readable, an air gap that keeps cables out of the signing path, and a backup format that either restores almost anywhere (BIP39) or trades that for other strengths.

Ledger: Nano S Plus, Nano X, Nano Gen5, Flex and Stax

Ledger sells two families (Ledger). The Nano S Plus and Nano X have a 1.1-inch monochrome OLED screen and two buttons; the Nano Gen5, Flex and Stax have E Ink touchscreens, 2.8 inches on the Nano Gen5 and the Flex and 3.7 inches, curved, on the Stax. The Nano S Plus connects only by USB, the Nano X adds Bluetooth, and the three touchscreen models add both Bluetooth and NFC. Each keeps its keys in a secure element certified to CC EAL6+, except the Nano X, at EAL5+. Ledger Wallet supports 500+ coins directly, and thousands more work through the 50+ third-party wallets Ledger lists. Ledger publishes the Ledger Wallet app, its SDK and the apps that run on its devices, but keeps closed the parts of Ledger OS that use the chip makers’ proprietary features (Ledger).

Backups. Every Ledger creates a 24-word BIP39 phrase, which you write on the recovery sheets in the box, and accepts an optional passphrase of up to 100 characters (Ledger). The touchscreen models also include a Ledger Recovery Key, a PIN-protected NFC card that keeps a copy of the phrase in its own secure element and wipes itself after three wrong PINs; Ledger calls it a complement to the paper sheet, not a replacement (Ledger). Ledger Recover is a separate paid subscription, provided by Coincover. Once you approve it on the device, the secure element encrypts the phrase’s entropy and splits it into three fragments held by Coincover, Ledger and EscrowTech; two fragments, plus identity checks by two companies, restore the keys to a Ledger device. It needs an identity document from a supported country, and it stops restoring if the subscription goes unpaid (Ledger).

In October 2026 Ledger also announced the Ledger Atom, a phone-like device that runs everyday apps with Ledger OS guarding the keys. Ledger says it is still in development and estimates delivery in the second quarter of 2027 (Ledger), so it is not in the tables.

Trezor: Safe 3, Safe 5 and Safe 7

Trezor’s current range has three devices (Trezor). The Safe 3 has a 0.96-inch monochrome OLED and two buttons; the Safe 5 a 1.54-inch color touchscreen with haptic feedback and a microSD slot; the Safe 7 a 2.5-inch color touchscreen, Bluetooth, a battery with Qi2 wireless charging and full iOS support, where the other two have limited iOS support. All three protect the keys with an EAL6+ secure element and connect by USB-C. The Safe 7 adds TROPIC01, which Trezor calls the world’s first auditable secure element, alongside an Optiga secure element and the main microcontroller, and it checks its bootloader and firmware with post-quantum signatures at every start (Trezor). The firmware is open source (GitHub), Trezor supports thousands of coins and tokens, and the Safe 3 and Safe 5 also come in Bitcoin-only editions (Trezor).

Backups. New Safe devices create a single 20-word SLIP-39 share by default, the Safe 3 since June 2024. During setup you can choose a 12- or 24-word BIP39 phrase instead, and a SLIP-39 backup made since June 2024 can later be turned into a multi-share backup of up to 16 shares without moving the funds. A BIP39 backup can’t be converted to SLIP-39: that takes a new wallet (Trezor). Keep in mind that a 20-word share restores only in wallets that support SLIP-39; SLIP-39 vs BIP39 lists them.

Keystone 3 Pro

Keystone’s hardware wallet is the Keystone 3 Pro (Keystone). It has a 4-inch touchscreen, a camera, fingerprint unlock and three secure element chips, and it passes transactions as QR codes or on a microSD card; a USB data connection exists, but you can switch it off (Keystone). Keystone says all of its code, for both hardware and software, is open source, and that the device destroys its internal data if someone opens or tampers with it. It generates a 24-word phrase (Keystone), supports a passphrase, can hold three separate seed phrases, and creates and imports SLIP-39 shares of 20 or 33 words (Keystone). Its multi-coin firmware covers 5,500+ assets through software wallets such as MetaMask, and a Bitcoin-only firmware is also available (Keystone).

COLDCARD Mk5 and Q

Coinkite’s COLDCARD is Bitcoin-only. The compact Mk5 has a numeric keypad, microSD, NFC and USB-C; the larger Q has a QWERTY keyboard, a 3.2-inch screen, a QR scanner and two microSD slots, and runs on AAA batteries or USB (COLDCARD). Both store the seed with two secure elements from different vendors, Microchip’s ATECC608 and Maxim’s DS28C36B, and never need to touch a computer: they can sign from microSD files with only a power supply attached (COLDCARD). The firmware is published on GitHub under an MIT license with a “Commons Clause” that forbids selling it (COLDCARD).

Backups. COLDCARD makes a 24-word BIP39 seed and adds options few others have: an AES-256-encrypted backup file on microSD, protected by a 12-word password (COLDCARD), Seed XOR, a duress PIN that opens a separate wallet and, since firmware 5.6.3 and 1.5.3Q of September 30, 2026, Codex32 (BIP-93) shares (COLDCARD).

The 2026 incident. In July 2026 Coinkite disclosed that a firmware bug, present since March 2021, had weakened COLDCARD seed generation. Attackers regenerated the affected private keys offline and stole funds; the devices themselves were not taken over remotely (Coinkite). Fixed firmware (standard 5.6.0 for the Mk4 and Mk5 and 1.5.0Q for the Q, or later; 6.6.0X and 6.6.0QX on the separate Edge track) corrects new seeds only (COLDCARD). A seed generated on earlier firmware stays affected whichever device holds it now, and Coinkite’s guide says to create a completely new seed and move the funds, unless at least 50 fair dice rolls, kept private, were added when it was created (COLDCARD). Current firmware also requires key presses, dice rolls or coin flips from you for every new seed (COLDCARD).

BitBox02 and BitBox02 Nova

BitBox, from Shift Crypto in Switzerland, sells the BitBox02 and the BitBox02 Nova, each as a Multi edition or a Bitcoin-only one; the edition can’t be switched later (BitBox). The BitBox02 pairs a microcontroller with an ATECC608B secure chip, takes input through touch sliders along its edges and connects by USB; its firmware is open source (GitHub). The Nova adds Bluetooth, which it needs on an iPhone or iPad (BitBox). The Multi edition manages Bitcoin, Litecoin, Ethereum and selected ERC-20 tokens in the BitBoxApp, and EVM networks and Cardano through other wallets; Solana and XRP are not supported (BitBox).

Backups. By default the BitBox02 writes its backup to the included microSD card, which avoids copying errors but is not encrypted: anyone who holds the card can restore the wallet (BitBox). You can write down the 24 BIP39 words instead, or 12 if you choose that at setup, and display them later on the device. Written words restore in other BIP39 wallets, while the microSD file restores on a BitBox02 (BitBox).

Blockstream Jade Core and Jade Plus

Blockstream’s two Jades are Bitcoin and Liquid wallets with a 1.9-inch screen, USB-C and Bluetooth; Jade Plus adds a camera for QR codes, an SD card option and a metal frame (Blockstream). Neither has a secure element. The stored phrase can be decrypted only with your PIN, a device secret and a secret held by Blockstream’s “blind oracle” server, which never learns your keys or your PIN; after three wrong PINs both the device and the oracle delete their part, and you can run your own oracle instead of Blockstream’s (Blockstream). The firmware is open source (GitHub), and Blockstream points out that you can build a Jade yourself from off-the-shelf parts (Blockstream). Jade creates a 12- or 24-word BIP39 phrase, supports a passphrase and can export the phrase as a SeedQR (Blockstream).

Foundation Passport Prime

Foundation’s current device, Passport Prime, has a 3.5-inch touchscreen, a camera for QR codes, NFC, Bluetooth with post-quantum encryption that Foundation calls QuantumLink, and USB-C. It combines a Microchip security processor with a secure element, erases its master key after 10 wrong PIN attempts, and Foundation publishes its hardware and software as open source (Foundation). Its wallet app is for Bitcoin; the device also stores 2FA codes, security keys and encrypted files. By default it uses Magic Backups: the master key is split 2-of-3 with Shamir’s secret sharing, two parts go on the included NFC Keycards, and the third stays on your phone, encrypted and saved to your Apple or Google backup, so that any two parts restore it (Foundation). You can opt out during setup and write down BIP39 words instead, or export them from the settings later. Foundation’s earlier model, Passport Core, is an air-gapped Bitcoin device (Foundation).

Tangem Wallet and Ring

Tangem’s wallet is a set of two or three NFC cards, or a ring with two cards, that you tap on your phone. It has no screen, battery or buttons: you review each transaction in the Tangem app and sign it with a tap (Tangem). Each card carries an EAL6+ chip developed with Samsung Semiconductors, which generates the key; during setup the cards link up and copy the key over an encrypted connection, so every card in the set backs up the others. With three cards, losing one still leaves two; with two, Tangem warns that losing one and forgetting the access code locks you out. A seed phrase is optional: the app can generate one, or you can import your own. Tangem says the card firmware was reviewed by Kudelski Security and Riscure and lists 14,100+ assets on 90+ networks (Tangem). It calls its app open source, but the code it publishes comes with a proprietary licence that states it is not an open-source licence (LICENSE).

The firmware on the card is immutable by design (Tangem), and firmware that can’t change also can’t be patched. In July 2026 the Donjon, the security lab of rival maker Ledger, which describes the card firmware as closed source, showed that with a card in hand and laser equipment it put at about $250,000, it could reset that card’s access code; it added that the attack is out of reach of an individual attacker (Ledger Donjon).

Other Options: Bitkey and SeedSigner

Bitkey, from Block, takes another route: it is a Bitcoin-only 2-of-3 multisig wallet without a seed phrase. You hold two of the keys, and the company holds the third, which helps with recovery but cannot move funds on its own; the newest device has a screen for checking what you approve (Bitkey). How multisig works explains the idea. SeedSigner is a do-it-yourself signer built from a Raspberry Pi Zero and a camera. It is stateless, keeping the seed in memory only while it has power, and it exchanges data with your wallet only through QR codes (SeedSigner).

Which Backup Format Travels Best?

A BIP39 phrase is the most portable backup. Ledger’s 24 words, for example, restore on a Trezor, Keystone, COLDCARD, BitBox02 or Jade, because all of them accept BIP39 phrases; BIP39 wallets lists which apps and devices take which lengths. The other formats tie you closer to their makers. A Trezor SLIP-39 share restores only in wallets that support SLIP-39, a BitBox microSD file on a BitBox02, and Tangem’s cards, Passport Prime’s Keycards and Ledger Recover only within their own systems, although BitBox and Passport Prime can also show you standard BIP39 words. Whatever the format, store it away from the device (how to store a seed phrase), and add a BIP39 passphrase only if you can back up that second secret too.

Bitcoin-Only or Multi-Coin?

COLDCARD, Passport Prime, Bitkey and SeedSigner handle only Bitcoin, Jade handles Bitcoin and Liquid, and Trezor, BitBox and Keystone offer Bitcoin-only editions or firmware. BitBox explains the reason: firmware without other coins is smaller and less complex, which shrinks the attack surface (BitBox). If you hold Ethereum, Solana or tokens, the multi-coin devices are Ledger, Trezor, Keystone, the BitBox Multi edition and Tangem; for Solana, BitBox drops out. More guides on choosing and running a wallet are collected in the Wallets topic.

How to Buy a Hardware Wallet Safely

• Buy from the maker’s own store when you can, or from a reseller the maker lists, such as Trezor’s resellers. Ledger advises the same and warns about unlisted sellers on marketplaces (Ledger), and BitBox and Keystone ask buyers to use official or authorized channels.
• Keep the chain short. In October 2026 Ledger found that criminals had bought genuine devices, fitted hidden components that captured the recovery phrase during setup, and put them back on sale through resellers in Southeast Asia. Afterwards Ledger reminded its resellers that returned devices must never be resold and told them to keep stock off shelves until it is handed to the buyer (Ledger).
• Never accept a device that is already set up. A genuine device comes without a PIN or a recovery phrase. A card with words in the box means someone kept a copy, a trick Ledger calls pre-seeding.
• Ignore unsolicited “replacements”. Ledger describes a 2021 case in which a fake replacement device arrived by mail with a hidden flash drive containing malware; its owner lost about $78,000 after typing in the recovery phrase (Ledger).
• Use only the official app and run its checks. Counterfeit Ledgers often come with a modified app that reports them as genuine, so install the app only from the maker’s site or the official store, then run the authenticity check: Ledger’s Genuine Check, the BitBoxApp’s automatic check, Blockstream’s Genuine Check or Keystone’s device verification. A passed check doesn’t rule out an implant: Ledger notes that Genuine Check cannot detect physical modifications such as spying implants while the original secure element is intact (Ledger). BitBox even ships its devices without firmware and installs it from the app (BitBox).
• Update before you create the seed. COLDCARD now tells buyers to install current firmware before generating or importing a seed (COLDCARD). Then create the phrase on the device, check your copy and send a small test amount first; the setup steps list the details.

Further Reading in the PDF Archive

The PDF archive holds longer documents on hardware wallets, most of them about Ledger:

• Ledger Devices: Which Is Best For Me?: Ledger’s Nano line, from the original Nano S to the Nano S Plus and Nano X.
• Ledger vs Tangem: Ledger’s case for a device with its own screen over a screenless card.
• How Ledger Defends Your Digital Assets: why the app prepares a transaction and the device approves it.
• Ledger Wallet and Ledger signer: the split between the companion app and the device.
• From Hardware Wallet to signer: why Ledger now calls its devices signers.
• Features of Ledger Wallet: Clear Signing, Transaction Check and other app features.
• Unboxing Your Ledger Flex: the first setup of a touchscreen Ledger.
• Securely Ledger from Amazon: checking the seller before you buy on a marketplace.
• Don’t Keep the Backup in the Hardware Wallet Box: why the recovery card and the device belong in different places.

Frequently Asked Questions

Which hardware wallet is the most secure?

None wins on every count, because each makes a different trade. Ledger and Tangem rely on certified chips with partly closed code; Trezor, Keystone, BitBox and Foundation combine secure chips with open firmware; Jade has open firmware and no secure element; COLDCARD pairs two secure elements with air-gapped signing. The 2026 incidents showed that the biggest risks sit around the device: where it was bought, whether its firmware generated a sound seed, and how its backup is kept. Buy direct, update before setup, read the device’s screen and test your backup, whichever brand you choose.

Can I move from Ledger to Trezor, or to another brand?

Yes, through the recovery phrase: restore your 24 BIP39 words on the new device. If an account doesn’t appear, the new app may be looking along a different derivation path. Moving away from a non-BIP39 backup is harder: a Trezor SLIP-39 share needs a wallet that supports SLIP-39, and Tangem’s cards and Ledger Recover work only within their own systems. In that case the simplest route is to set up the new device with a fresh phrase and send the funds to it.

Which hardware wallets support Solana?

Of the devices above, Ledger (Ledger), Trezor (Trezor), Keystone (Keystone) and Tangem (Tangem) support Solana. BitBox does not, and COLDCARD, Jade, Passport Prime, Bitkey and SeedSigner are built for Bitcoin.

Is Ledger Recover safe, and do I need it?

You don’t need it: it is an optional paid subscription, and your 24 words restore the wallet without it. It replaces the risk of losing your own backup with trust in three companies and an identity check. Ledger says no single fragment is useful on its own, and that, subject to investigation, Coincover may pay $50,000 in compensation if someone gets into your wallet through the service. Recover cannot give you back the phrase itself; it restores the keys to a Ledger device (Ledger).