Ledger vs Coldcard — Head-to-Head Custody Comparison

An independent, data-driven comparison of Ledger and Coldcard across security, insurance, fees, regulatory compliance, and more.

Verdict

Quick Verdict

Ledger scores 6.1 vs Coldcard's 5.9. Ledger leads in 3 of 8 categories.

Ledger is better suited for Individual holders, Long-term HODLers, Privacy-focused users. Coldcard is better suited for Bitcoin maximalists, Security experts, Air-gap enthusiasts.

6.1

FairCustody Score

Ledger

5.9

Below AverageCustody Score

Coldcard

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	Ledger	Coldcard	Winner
Security	20%	9.0	9.5	Coldcard
Insurance	15%	1.0	1.0	Tie
Regulatory	15%	2.0	1.0	Ledger
Fee Transparency	10%	9.5	9.5	Tie
Track Record	15%	8.5	8.0	Ledger
Withdrawal Flexibility	10%	9.5	9.0	Ledger
Reporting & Audit	10%	2.0	2.0	Tie
Counterparty Diversification	5%	9.0	9.5	Coldcard
Overall Score	100%	6.1	5.9	Ledger

Visual

Score Radar

Visual overlay of Ledger and Coldcard across all categories.

LedgerColdcard

Deep Dive

Category-by-Category Analysis

A deeper look at how each provider performs in every scoring criterion.

Security (9.0 vs 9.5)

Ledger uses Secure element hardware wallet key management with 100% in cold storage and regular penetration testing. Compliance: ANSSI certified. Incident history: 2020 customer database leak (not keys). No key compromises..

Coldcard uses Air-gapped hardware wallet with secure element key management with 100% in cold storage and regular penetration testing. Compliance: N/A. Incident history: No known compromises.

Insurance (1.0 vs 1.0)

Ledger offers None — self-custody hardware via N/A. Hardware wallet. Users are fully responsible for their own security and backup.

Coldcard offers None — self-custody hardware via N/A. Hardware wallet. Full user responsibility.

Regulatory (2.0 vs 1.0)

Ledger holds N/A — hardware manufacturer and is not a qualified custodian operating in France (EU). Consumer electronics company. ANSSI certified secure element.

Coldcard holds N/A — hardware manufacturer and is not a qualified custodian operating in Canada. Coinkite Inc. Bitcoin-focused hardware company.

Fee Transparency (9.5 vs 9.5)

Ledger charges None in annual custody fees with Network fees only per transaction. One-time device cost. No ongoing fees. Free Ledger Live software.

Coldcard charges None in annual custody fees with Network fees only per transaction. Bitcoin-only by design. Air-gapped signing via microSD.

Track Record (8.5 vs 8.0)

Ledger was founded in 2014 and is headquartered in Paris, France. AUM: N/A (hardware manufacturer). Incident history: 2020 customer database leak (not keys). No key compromises..

Coldcard was founded in 2018 and is headquartered in Toronto, Canada. AUM: N/A (hardware manufacturer). Incident history: No known compromises.

Withdrawal Flexibility (9.5 vs 9.0)

Ledger withdrawal fees: Network fees only. Minimum account: ~$79 (Nano S Plus) / ~$149 (Nano X). Supported assets: Bitcoin, Ethereum, 5,500+ cryptocurrencies.

Coldcard withdrawal fees: Network fees only. Minimum account: ~$148 (Mk4) / ~$99 (Q1). Supported assets: Bitcoin only.

Reporting & Audit (2.0 vs 2.0)

Ledger: SOC compliance is ANSSI certified. Not classified as a qualified custodian.

Coldcard: SOC compliance is N/A. Not classified as a qualified custodian.

Counterparty Diversification (9.0 vs 9.5)

Ledger is a cold storage / hardware provider. Key management: Hardware wallet with secure element chip. Keys never leave the device. Companion app Ledger Live for management..

Coldcard is a cold storage / hardware provider. Key management: Air-gapped Bitcoin-only hardware wallet. Secure element. MicroSD transaction signing..

Fees

Fee Comparison

Side-by-side fee breakdown for Ledger and Coldcard.

Fee Type	Ledger	Coldcard
Setup Fee	$79-$149 (device purchase)	$99-$148 (device purchase)
Annual Custody	None	None
Transaction	Network fees only	Network fees only
Withdrawal	Network fees only	Network fees only

Ledger: One-time device cost. No ongoing fees. Free Ledger Live software.

Coldcard: Bitcoin-only by design. Air-gapped signing via microSD.

Features

Feature Comparison

Checklist of features across both providers.

Feature	Ledger	Coldcard
5,500+ asset support	✓	✗
Air-gapped operation	✗	✓
Bluetooth (Nano X)	✓	✗
Dice roll entropy	✗	✓
Duress PIN	✗	✓
Ledger Live management app	✓	✗
Multisig native	✗	✓
NFT management	✓	✗
PSBT support	✗	✓
Secure element	✗	✓
Secure element chip	✓	✗
Staking support	✓	✗

Recommendation

Who Should Choose Which?

Ledger is better if you…

✓Are a individual holders
✓Are a long-term hodlers
✓Are a privacy-focused users
✓Are a beginners to self-custody
✓Want: World's most popular hardware wallet
✓Want: Secure element chip — bank-grade security
✓Want: 5,500+ supported assets

Coldcard is better if you…

✓Are a bitcoin maximalists
✓Are a security experts
✓Are a air-gap enthusiasts
✓Are a advanced users
✓Want: Gold standard for Bitcoin hardware security
✓Want: True air-gapped operation
✓Want: Duress PIN and security features

FAQ

Frequently Asked Questions

Is Ledger or Coldcard better for Bitcoin custody?

Ledger scores 6.1 vs 5.9 in our weighted Custody Score. Ledger leads in 3 of 8 scoring categories. However, the best choice depends on your specific needs: Ledger is best for Individual holders and Long-term HODLers, while Coldcard suits Bitcoin maximalists and Security experts.

What is the difference between Ledger and Coldcard?

Ledger is a cold storage / hardware provider, while Coldcard is a cold storage / hardware provider. Ledger excels in Fee Transparency, whereas Coldcard is strongest in Security.

How do Ledger and Coldcard fees compare?

Ledger charges None annual custody fees with Network fees only transaction fees. Coldcard charges None annual custody fees with Network fees only transaction fees.

Which is more secure, Ledger or Coldcard?

Ledger scores 9.0/10 for security while Coldcard scores 9.5/10. Ledger uses Secure element hardware wallet key management, and Coldcard uses Air-gapped hardware wallet with secure element.