Custom URLs: Wallet Comparison

Our impressions

Coldcard Mk4

Ledger Nano S Plus

Pros

not reviewed yet

Great form factor, paired with robust casing protection made out of medal for high portability
Future-proof USB-C port
Uses the BIP-39 standard, which allows wallet recovery even without hardware
Can be used as a secure key, providing additional value outside crypto use-cases

Cons

not reviewed yet

Requires constant USB connection to operate
Firmware is closed source
App concept (apps need to be installed on the device to support certain coins and features) can be overwhelming, especially for new users, but easy enough to start using the device in no time

Verdict

not reviewed yet

One of the most secure hardware wallets at a very attractive price point. The secure element chip prevents seed phrase extraction attacks, but comes at the price of closed source firmware. Users have to get familiar with the concept of individual apps that have to be manually installed by the user to make the device support the features (i.e. coins, security key functionality, etc.) they need. Installation is not much different than installing smartphone apps from the app store though, so not that difficult after all. As no company is perfect, please make sure to keep updated on Ledger controversies, before making a buying decision. Read more about Ledger controversies

All in all – a very good deal to keep your crypto assets safe with a very high level of security.

Disclaimer: Our impressions are based on a compilation of factors tailored to the average user’s perspective. It is also important to note that whether a feature is a “pro” or “con” can depend on your situation and preferences. What may be an advantage in one scenario could be a challenge in another, and vice versa. Therefore, while reviewing these points, it’s essential to consider your unique requirements and circumstances when making decisions. This list aims to provide an idea of what to anticipate, but it is not the ultimate guide to determining whether something will work for you or not.

Key features

Coldcard Mk4

Ledger Nano S Plus

Release year

2022

Supported coins

Supports only Bitcoin

Supports multiple coins, Bitcoin-only mode available

BTC, ETH, ADA, XRP, LTC, XLM, DOGE, DASH, XMR
in total 5,000+ coins available

Open source

Firmware
Companion software

Companion software

Apps that are installed on Ledger Nano S Plus are open source

Seedphrase support

BIP-39 (Mnemonic phrase)
Passphrase

BIP-39 (Mnemonic phrase)
Passphrase

Security protections

Secure element
On device PIN entry
Factory reset with wrong PIN
Factory reset with decoy PIN
Fake wallet with duress PIN
On device passphrase entry
On device recovery

Dual Secure Element
Multiple Trick PIN features
– Duress PIN
– Countdown to Brick (or Reset) PIN
– Brick Me PIN
– Login Countdown
On device recovery requires a previous SD Card backup or XPRV private key file on SD Card