Ledger vs Foundation Passport — Head-to-Head Custody Comparison

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

Verdict

Quick Verdict

Ledger scores 6.1 vs Foundation Passport's 5.6. Ledger leads in 4 of 8 categories.

Ledger is better suited for Individual holders, Long-term HODLers, Privacy-focused users. Foundation Passport is better suited for Design-conscious Bitcoiners, Air-gap enthusiasts, Open-source advocates.

6.1

FairCustody Score

Ledger

5.6

Below AverageCustody Score

Foundation Passport

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	Ledger	Foundation Passport	Winner
Security	20%	9.0	9.0	Tie
Insurance	15%	1.0	1.0	Tie
Regulatory	15%	2.0	1.0	Ledger
Fee Transparency	10%	9.5	9.0	Ledger
Track Record	15%	8.5	6.5	Ledger
Withdrawal Flexibility	10%	9.5	9.0	Ledger
Reporting & Audit	10%	2.0	2.0	Tie
Counterparty Diversification	5%	9.0	9.5	Foundation Passport
Overall Score	100%	6.1	5.6	Ledger

Visual

Score Radar

Visual overlay of Ledger and Foundation Passport across all categories.

LedgerFoundation Passport

Deep Dive

Category-by-Category Analysis

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

Security (9.0 vs 9.0)

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..

Foundation Passport uses Air-gapped hardware wallet with camera key management with 100% in cold storage and regular penetration testing. Compliance: Open-source audited. 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.

Foundation Passport 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.

Foundation Passport holds N/A — hardware manufacturer and is not a qualified custodian operating in United States. Foundation Devices Inc. US-based open-source hardware company.

Fee Transparency (9.5 vs 9.0)

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

Foundation Passport charges None in annual custody fees with Network fees only per transaction. Premium device. Air-gapped via QR codes and microSD.

Track Record (8.5 vs 6.5)

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..

Foundation Passport was founded in 2020 and is headquartered in Boston, MA. 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.

Foundation Passport withdrawal fees: Network fees only. Minimum account: ~$199 (Passport). Supported assets: Bitcoin only.

Reporting & Audit (2.0 vs 2.0)

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

Foundation Passport: SOC compliance is Open-source audited. 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..

Foundation Passport is a cold storage / hardware provider. Key management: Air-gapped Bitcoin wallet with camera for QR code scanning. Open-source hardware..

Fees

Fee Comparison

Side-by-side fee breakdown for Ledger and Foundation Passport.

Fee Type	Ledger	Foundation Passport
Setup Fee	$79-$149 (device purchase)	$199 (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.

Foundation Passport: Premium device. Air-gapped via QR codes and microSD.

Features

Feature Comparison

Checklist of features across both providers.

Feature	Ledger	Foundation Passport
5,500+ asset support	✓	✗
Air-gapped QR scanning	✗	✓
Bluetooth (Nano X)	✓	✗
Camera-based signing	✗	✓
Envoy companion app	✗	✓
Ledger Live management app	✓	✗
MicroSD backup	✗	✓
NFT management	✓	✗
Open-source hardware + firmware	✗	✓
Premium build quality	✗	✓
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

Foundation Passport is better if you…

✓Are a design-conscious bitcoiners
✓Are a air-gap enthusiasts
✓Are a open-source advocates
✓Are a us-made seekers
✓Want: Beautiful premium design
✓Want: Truly air-gapped with QR camera
✓Want: Open-source hardware AND firmware

FAQ

Frequently Asked Questions

Is Ledger or Foundation Passport better for Bitcoin custody?

Ledger scores 6.1 vs 5.6 in our weighted Custody Score. Ledger leads in 4 of 8 scoring categories. However, the best choice depends on your specific needs: Ledger is best for Individual holders and Long-term HODLers, while Foundation Passport suits Design-conscious Bitcoiners and Air-gap enthusiasts.

What is the difference between Ledger and Foundation Passport?

Ledger is a cold storage / hardware provider, while Foundation Passport is a cold storage / hardware provider. Ledger excels in Fee Transparency, whereas Foundation Passport is strongest in Counterparty Diversification.

How do Ledger and Foundation Passport fees compare?

Ledger charges None annual custody fees with Network fees only transaction fees. Foundation Passport charges None annual custody fees with Network fees only transaction fees.

Which is more secure, Ledger or Foundation Passport?

Ledger scores 9.0/10 for security while Foundation Passport scores 9.0/10. Ledger uses Secure element hardware wallet key management, and Foundation Passport uses Air-gapped hardware wallet with camera.