Crypto wallets, such as Bitcoin wallets, can be a software application or a hardware device. Software wallets (soft wallets) are connected to the internet while hardware wallets (cold wallets) store your private keys offline, saving your funds from all types of cyber attacks.
You store your funds in a bank account for long-term holdings while you keep some cash in your wallet for your day-to-day spending. Similarly, software wallets are ideal if you have small crypto holdings and you trade often. However, if you wish to store a large crypto amount, it’s best to store it in a hardware wallet as it is completely offline and comes with advanced security features.
In this article, I will discuss in detail the leading hardware wallet, Trezor. I will cover everything from security features, usability, supported crypto assets, public opinion and more. By the end of this article, you will have a clear answer to whether you should buy a Trezor wallet or not.
TREZOR Wallet: In-Depth Review
Trezor is a small, key-sized multi-currency hardware wallet that allows you to safely store, send, and receive over 1800 cryptocurrencies. These include all ERC-20 tokens, Bitcoin (BTC), Ripple (XRP), Cardano (ADA), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Monero (XMR), and Zcash (ZEC) among others.
To send or receive cryptocurrencies using Trezor you need to connect the device to your computer via USB and sign your transaction without connecting to the internet. It provides you total control over your private keys.
As Trezor works completely offline, your funds are immune to cyber attacks. It is worth mentioning here that the Trezor wallet is safe to connect to any computer, even the ones that have been infected with malware, thanks to its limited USB connection feature.
Trezor’s software is open source. You don’t need any username or password while you use Trezor. To top this off, SatoshiLabs, the company behind Trezor, cannot track your actions after you receive your hardware wallet as it has no serial number. Plus, to avoid data leak while setting Trezor, you can use a full node client like Electrum. All these features make it clear that Trezor not only provides top-notch security but also provides privacy.
Earlier, Trezor users managed their funds on their Trezor hardware wallet using a web portal. However, considering the issue of phishing websites, Trezor has now developed their native desktop software called Trezor Suite. This software boasts features like clean UI, privacy features like native support to all the supported cryptocurrencies, Tor connection, and cost-effective crypto purchase with Invity.
In short, Trezor has everything from top-notch security, privacy, and user-friendly software making it one of the most trusted hardware wallets out there. Thanks to Tezor’s popularity among crypto enthusiasts, SatoshiLabs has sold over 1 million Trezor devices.
Currently, Trezor has two wallet models – Trezor One and Trezor T.
Trezor One was launched in 2014. It costs around $60 as of writing this. If you wish to enjoy Trezo’s security at a lower price, you can go with this wallet.
The Trezor T is the second generation Trezor wallet launched in 2018. This model will cost you around $170. This significant price increase from Tezor One is due to additional features and security measures that come with Trezor T.
Trezor T supports more cryptocurrencies, has new hardware features like a SD card slot, features RGB color touchscreen, and employs advanced security with Shamir backup.
If you are cost conscious you can go with Trezor One, it still remains one of the most popular hardware wallets. Nonetheless, if you don’t mind spending more for additional features, you might want to go with Trezor T.
One of the best things about Trezor is that it is compact. It comes with a wonderful design and is shaped almost like a car key. All you need to connect it to your computer is a simple USB cable.
Trezor provides robust protection from virtual as well as physical thefts.
Let’s discuss its security features one-by-one
- Limited USB Connection
Trezor has a Limited USB connection feature that means even if your computer is infected with malware your wallet will not be affected at all, your funds remain completely safe.
You might wonder what happens when someone tries to steal your password using a keylogger. Well, don’t worry, SatoshiLabs has designed the Trezor PIN in a way that every time you enter a number the order of the number changes making it immune to keylogger hijacks.
- Password and PIN
With Trezor your entire wallet can be backed up with a 24 word seed phrase. This seed is generated without connecting to the internet and displayed offline on your Trezor wallet’s screen. Moreover, you can add a passphrase to this 24-word seed for extra security. You should remember this 25th word, as once set up, the wallet cannot be recovered without it.
Also, a PIN code is required on setup. You will need this PIN everytime you make transactions. The Trezor wallet is designed in a way that after every incorrect PIN guess the wait between the next attempt is raised by a power of two. It implies, it will take 17 years to make 30 guesses.
Hardware wallets like Tezor have buttons which must be physically pressed in order to confirm each transfer. This makes sure that a hacker cannot automatically send a transaction from your Trezor wallet.
To further strengthen their security, Trezor has started project ‘Tropic Square’ wherein they will develop their native open-source secure element chip. Currently, Trezor doesn’t use a secure element chip like Ledger wallet as these elements are closed source. It implies that you have to trust the hardware manufacturer. Trezor is trying to combat this issue by developing an open-source secure element chip.
- Bootloader Security
Trezor’s software is programmed to delete the device memory of your hardware wallet if the firmware signature is invalid. This means, if your wallet’s software is exposed to a vulnerable version, the bootloader deletes the memory and your funds remain secure. The bootloader always verifies the firmware signature. It will only run if the signature is valid.
- Native Wallet UI
As mentioned, Trezor earlier had a web portal for you to manage funds on your device. However, a lot of phishing websites scammed many customers.
Considering this, Trezor created a native desktop software called Trezor Suite to combat all such issues. The Trezor Suite software allows you to do everything from setting up your wallet to sending and receiving cryptocurrencies.
Trezor Suite has a list of privacy features like all the crypto assets are natively supported and Tor node connection.
- Trezor Command Line Interface (CLI)
Trezor One gives you a full-fledged command line interface. You can choose to skip the wallet software and execute the commands directly on the Trezor wallet.
This will allow you to know what software is actually running on your wallet. You can thus verify, if it is tampered.
- Frequent Updates
SatoshiLabs team pushes frequent updates for Trezor wallet to keep it updated and secured against new threats.
Nonetheless, these updates are not automatic. Once the update is released, you have to update the wallet manually.
Additionally, Trezor also offers Shamir’s Secret Sharing (SSS) support for Trezor T.
Ease of Use
Trezor wallet is built keeping user-friendliness in mind. Be it a beginner or an advanced user, everyone can use the wallet easily all thanks to their native wallet UI.
Nonetheless, Trezor has some additional security steps like pressing the buttons to send and receive funds. These steps might seem a bit complicated to new users. Also, the set up process might also seem complex to many as it is not like setting a soft wallet. It is recommended to read the instructions carefully before you set up your wallet.
For making transactions, you need to connect your wallet to your computer using a USB cable. After a connection has been successfully set up, you need to connect to the Trezor wallet interface at wallet.trezor.io and that’s it. You are all set to view your balance, generate as many addresses as you want, send or receive coins or carry out other functionalities.
Trezor wallet supports several wallets like Electrum and Blocksteam Green on desktop, Mycelium on Android, and myTREZOR.com web wallet.
Earlier, Trezor One model required a Chrome extension. However, now you have to use Trezor Bridge to connect your Trezor device and supported browsers to access wallet.trezor.io.
Invity – Buy Cryptocurrencies Directly From Your Trezor Wallet
To make trading crypto more easier and cost-effective, Trezor Suite has introduced Invity. With Invity, you can directly buy bitcoin and other cryptocurrencies from your hardware device at lowest rates.
With Invity, Trezor has collaborated with several crypto exchanges. This allows you to compare crypto prices across several exchanges in real time. It implies, you can now buy crypto by paying the lowest fees as you can compare fees across multiple exchanges.
In this section, we have compiled a lot of reviews on the TREZOR wallet that we found floating around on the web.
Trezor has mixed reviews on Trustpilot; a majority of the reviews are positive. Talking about reviews on Amazon, Trezor has received excellent reviews.
As far as the basic functions of a crypto wallet are concerned, the Trezor wallet wins all the awards. It works perfectly as the one-stop destination for your to-be-stored crypto coins and takes all the required measures in order to ensure their safety.
However, some people find it difficult to set up the wallet, which seems to be a little on the negative side. The initial start-up was somewhat confusing and overwhelming as noted by a few users. Some users even complained about the build quality of the device. The device seems to be made out of low quality plastic.
Trezor has gathered a major consumer base and popularity, all thanks to their top-notch security and privacy features. Trezor has everything you would look for in a hardware wallet – advanced security features, privacy, frequent updates, and an open-source system.
In the end, it’s all about choosing between security and convenience. If you are an active trader and hold a small sum of crypto, convenience might be a bigger deal for you as you are actively taking funds in and out of your wallet. But, if you hold a significant sum of cryptocurrencies, it’s best to store them in a hardware wallet like Trezor.
FAQs on Trezor Wallet
1. Trezor Vs Ledger Vs Keepkey. Which hardware wallet is the best?
Trezor T is amongst the best hardware wallets. KeepKey is built upon Trezor’s code and firmware. Essentially, Keepkey is a clone of Trezor. Since KeepKey is not pushing periodic updates, the hardware wallet is no longer safe.
Talking about Trezor vs Ledger, Ledger Nano X beats Trezor One on parameters like build and screen quality as well as bluetooth capability. However, if you compare Trezor T with other hardware wallets, the Trezor T model emerges as a clear winner.
2. Which is the best Trezor Wallet?
Trezor T is the best Trezor wallet model as it has additional features over the Trezor One model. These include security features like Shamir’s Secret support and other improvements like RGB color touchscreen.
Nonetheless, the Trezor T model is expensive. It costs nearly double than Trezor One.
So, if you have less budget, you can go with Trezor One, this model still ranks as one of the most secure hardware wallets.
Hektor was first introduced to Bitcoin back in 2017 when one of his clients paid him in Bitcoin. This got him curious and he started exploring services and products related to Blockchain and Cryptocurrencies. He started Bitcongress so that he could share his findings through in-depth guides on the platforms.