Trezor Wallet Review 2024
In the world of cryptocurrencies, where the stakes are high and security is non-negotiable, the Trezor wallet stands tall as a beacon of trust and reliability. Known as one of the best-selling hardware wallets globally, Trezor crypto wallet has earned its stripes by consistently delivering an unparalleled level of security and safeguarding users’ funds with an unblemished track record.
In this comprehensive Trezor hardware wallet review, we delve into the Trezor cold wallets, exploring their two flagship models – the Trezor Model T and Model One – to unravel the secrets behind their resounding success and unwavering reputation.
Quick Summary
Trezor Wallet has also a solid reputation within the cryptocurrency community for its reliability and commitment to security. It is the safest way to store cryptocurrencies because your keys are stored offline, which reduces the risk of hacks.
Trezor Model T is one of the most popular choices that support a wide range of crypto assets Including Bitcoin, Litecoin, Ethereum and ERC20 tokens, and many more. The wallets are compatible with the native Trezor Suit as well as various popular crypto wallets and platforms.
Undoubtedly, Trezor stands out as the most secure option for long-term storage of cryptos, particularly when safeguarding a substantial amount of crypto for a long time. However, Trezor cold wallet lacks the flexibility to provide immediate access for using cryptos or making on-the-go crypto payments.
This is where custodial solutions like CryptoWallet.com come into play, offering you the capability to seamlessly manage your crypto payments. You can simply transfer the desired cryptocurrency from your Trezor wallet to your CryptoWallet.com account and spend it with the Crypto Card.
What Is Trezor Hardware Wallet?
A Trezor wallet is a physical device (or cold storage) designed to provide a secure and convenient way for users to store and manage their cryptocurrency assets. Trezor is a pioneer in the hardware wallet industry, offering robust security features to protect digital currencies from unauthorized access and potential cyber threats.
Trezor crypto wallet is developed by Satoshi Labs, a Prague-based company founded in 2013 by Pavol Rusnak, Marek Palatinus, and Alena Vránová, have been at the forefront of crypto security since the release of Bitcoin. Their journey began with the development of secure solutions for storing private keys, leading to the release of the Trezor One in 2014, the first-ever cryptocurrency hardware wallet.
Trezor hardware wallet is a secure and user-friendly solution for storing and managing cryptocurrency assets. Whether you are a long-term investor or an active trader, Trezor crypto wallet provides a tangible and reliable means of protecting your digital wealth against the ever-present risks in the cryptocurrency space.
Is Trezor Safe?
Yes, Trezor hardware wallet is generally considered to be a safe and secure hardware wallet. It operates as a “cold storage” the safest way for storing cryptocurrencies because your private keys, which are essential for accessing crypto are stored offline. This significantly reduces the risk of hacking compared to online or hot wallets.
Since its launch in 2014, Trezor cold wallet has never been hacked or faced any security breaches. This achievement has contributed to the high level of trust users place in Trezor crypto wallets.
Trezor wallets are protected by a PIN code, which acts as an additional layer of security. The PIN is required to access the device and authorize transactions, adding a level of protection against physical theft.
Trezor Overview
| 🏦 Company | Satoshi Labs |
| 💼 Wallet type | Hardware “cold storage” |
| 📟 Model | Model T, One, and Safe 3 |
| 💰 Price | €79 to €219 |
| 🌍 Shipping | Worldwide |
| 💲 Cryptos | 2000+ |
| 💱 Exchange | Buy, Sell, and Swap |
| 🔒 Security | Seed phrase + Pin |
| 📱 Support | Desktop and Web |
| 🌐 Website | Visit Trezor |
Trezor Pros and Cons
| Pros 👍 | Cons 👎 |
| – Top-Notch Security – Proven Security Track Record – User-Friendly Interface – Broad Cryptocurrency Support – Portfolio tracking | – Come with a price tag – Some blockchains are not supported – No mobile compatibility |
Trezor Products
Trezor Model T Review
The Trezor Model T is a flagship hardware crypto wallet developed by SatoshiLabs. As an advanced version of the original Trezor Model One, the Model T offers enhanced features and an intuitive touchscreen interface for an improved user experience.
The Trezor Model T not only delivers on security but also sets a new standard for style. The device’s sleek design, coupled with its smooth touchscreen, offers a visually appealing and user-friendly crypto management experience. Your sensitive information remains sealed tight within the hardware wallet, safe from online threats.
Key Features of the Trezor Model T
Touchscreen Display: The Trezor Model T boasts a stunning 1.54″ Color LCD Touchscreen, providing users with an engaging and intuitive interface for managing their cryptocurrencies. The sleek design and smooth touchscreen experience redefine the way you interact with your digital assets.
On-Device Transaction Confirmation: Enjoy the convenience of confirming every transaction directly on your wallet. The on-device transaction confirmation feature empowers you to have the final say, guaranteeing that each transaction is intentional and legitimate.
Cryptocurrency Support: The Trezor Model T supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many ERC-20 tokens. Its versatility makes it suitable for managing various digital assets in one device.
Coin Management in Trezor Suite: Seamlessly manage your crypto portfolio within the Trezor Suite. Send, receive, trade, and track your coins effortlessly. The Trezor Model T connects securely via USB-C, ensuring a reliable and secure connection for your crypto activities.
Ease of Use: The touchscreen interface, combined with the device’s intuitive design, makes it easy for both beginners and experienced users to navigate and manage their cryptocurrency holdings. The Trezor Model T is compatible with various popular crypto wallets (such as Exodus and Trust Wallet), offering flexibility in how users manage and access their cryptocurrencies.
Lost/Stolen Device Recovery: With the fail-safe 12-word Standard Backup and the added security of Shamir Backup, you can regain access to your assets even if your Trezor wallet is lost.
Trezor Model One Review
The Trezor Model One has been a frontrunner in the world of hardware wallets, earning its reputation for providing robust security for various digital currencies. This is the first-ever cold wallet developed by Satoshi Labs.
The Trezor One, a compact and impactful device, is encased in impact-resistant ABS plastic, offering protection against minor physical damage. Powered by an ARM Cortex-M3 processor on an STM32 F2 microcontroller, the Trezor One guarantees seamless and secure access to users’ crypto assets.
The absence of a battery requires a connection to a PC or Android phone via a USB cable for operation. The OLED display screen, while modest in size, is clear, and the device’s navigation relies on two front buttons. Weighing just 12 grams and measuring a mere 60x30x6 mm, the Trezor One is both compact and lightweight, ensuring ease of storage and portability.
Inside the Trezor One box, users find the device, a USB cable, two recovery seed cards, Trezor stickers, and a getting started guide. Trezor crypto wallet supports over 1,200 cryptocurrencies, including major coins and a plethora of ERC20 tokens either within Trezor Suite or through third-party integrated wallets.
While it supports slightly fewer assets than the Trezor Model T, it covers a substantial range, excluding notable exceptions like Cardano. Trezor One’s commitment to security, coupled with its user-friendly design and broad asset support, makes it a dependable choice for those seeking a secure and efficient hardware wallet for their cryptocurrency management needs.
Which Trezor Should You Buy?
Choosing the right hardware wallet is crucial for safeguarding your Bitcoin, and Trezor offers two excellent options: the Trezor Model One and the Trezor Model T. The primary difference between Model One and Model T is the touchscreen display, supported cryptocurrencies and advanced security features.
The Trezor Model One is a budget-friendly hardware wallet, which is an ideal choice for those planning to hold Bitcoin for the mid to long term. It features a screen for secure transaction verification. While it lacks some advanced features like Shamir backup and supports fewer altcoins, it remains a reliable and cost-effective solution for less frequent account management.
On the other hand, the Trezor Model T stands out as the most advanced hardware wallet on the market. Its full-colour touchscreen, FIDO2 authentication, and powerful processor make it a professional and user-friendly everyday tool for securing your digital assets.
The Model T introduces Shamir backup, allowing up to 16 unique shares for customized backup needs. This advanced feature ensures that even if you lose some shares, you won’t be locked out of your wallet. Additionally, the Model T supports a broader range of cryptocurrencies including Cardano (ADA) and Ripple (XRP), making it suitable for users with diverse crypto portfolios.
How to Set Up Trezor Crypto Wallet?
Setting Up Your Trezor Crypto Wallet Step-by-Step Guide
- Connecting Your Trezor Wallet
- Trezor Suite will prompt you to connect your Trezor hardware wallet, providing the option to opt in or out of anonymous data collection.
- Ensure the packaging is intact and the holographic seal is not tampered with. If there are signs of tampering, do not use the Trezor wallet; contact Customer Support for a replacement.
- Installing Firmware
- Click on “Setup Trezor” after confirming the device’s integrity.
- The Trezor hardware wallets are shipped without firmware, so install the latest version by clicking “Install firmware”.
- Creating a New Wallet
- Choose “Create new wallet” for the first-time setup.
- Select the default ‘Standard seed backup’ recovery process.
- Press the Confirm button on your Trezor wallet after selecting “Standard Seed Backup”.
- Creating a Backup
- Click “Create backup” to start the process.
- Confirm that you understand the backup instructions.
- Begin the backup process after all instructions receive a green check mark.
- Recording Recovery Seed
- Trezor will generate a list of words; and write them down on the recovery seed card.
- Safely store the recovery seed offline; it is crucial for securing your Trezor wallet and assets.
- Setting Up a PIN
- Proceed to set up a PIN by clicking “Continue to PIN.”
- Click “Set PIN,” and confirm the new PIN on your Trezor crypto wallet using the blind matrix keypad.
- Completing Setup
- After confirming your new PIN, click “Continue.”
- In the ‘Activate Coins’ window, choose your preferred cryptocurrencies.
- Click “Complete setup” to finish the process.
- Accessing Trezor Suite
- Click on “Access Suite” to start using your Trezor cold wallet.
- Select ‘Standard wallet’ for basic use or explore advanced features.
What is Trezor Suite?
Trezor Suite is a software application developed by SatoshiLabs that serves as the companion software for Trezor hardware wallets, providing a user interface for managing and interacting with your cryptocurrency assets securely. It enhances the user experience by offering a range of features and functionalities.
In Trezor Suite, the comprehensive platform for managing your cryptocurrency assets, you can seamlessly connect your hardware wallet. This allows you to send and receive coins, track your portfolio, and trade assets directly through the app.
Every transaction you make on the Trezor Suite requires explicit confirmation directly on your Trezor hardware wallet, ensuring a secure and verified process.
Trezor Suites allows you to create multiple wallets on your Trezor cold wallet. It optimizes your crypto management by organizing, storing, and using crypto the way you want. Whether it’s paying for daily essentials or saving for the long term, Trezor Suite lets you create multiple wallets for each cryptocurrency, enhancing balance management and tracking.
Trezor App
The Trezor Mobile App also known as Trezor Suite Lite is a watch-only mobile app designed to monitor their cryptocurrency assets on both Android and iOS devices. You can use the Trezor app to monitor balances and transactions and generate wallet addresses for incoming transactions.
Trezor Suite Lite is specifically designed for tracking and receiving funds on the go. It does not support sending transactions or connecting to Trezor wallet devices.
Trezor Supported Coins
Trezor hardware wallets support extensive cryptocurrency support. The premium Trezor Model T takes it a step further by supporting over 1,400 coins and tokens. The Trezor One has a slightly more limited range, with over 1,200 coins and tokens missing some popular ones like Ripple (XRP) and Cardano (ADA).
Both devices support most of the popular crypto such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Bitcoin Cash (BCH), Stellar (XLM), Avalanche (AVAX), and many others. Additionally, it accommodates over 8,000 ERC-20 tokens, showcasing its versatility within the Ethereum ecosystem.
It is important to note that Trezor does not support Trezor currently offers support for certain well-known crypto and blockchain networks, such as Tron (TRX) and TRC20 tokens, Solana (SOL), Polkadot (DOT), etc. It’s essential to refer to the official Trezor Supported Coins page for the most up-to-date and accurate information, as cryptocurrency support can evolve with firmware updates and platform enhancements.
Can a Trezor be Hacked?
Trezor wallets are renowned for their robust security features, making them a trusted choice for storing cryptocurrencies. Since its launch in 2014, there have been no widespread reports of successful hacks on Trezor wallet devices.
Using hardware wallets like Trezor wallets is generally considered one of the safest methods for storing crypto due to several factors. Firstly, Trezor hardware wallet operate offline, minimizing exposure to online threats such as hacking attempts and malware. The recovery seed, a critical component, ensures access to funds even if the hardware is lost or damaged. Additionally, the PIN feature adds an extra layer of protection against unauthorized access.
Compared to software wallets or exchanges, hardware wallets provide a higher level of security and control over private keys. As the crypto space evolves, prioritizing the security of digital assets becomes paramount, and hardware wallets remain a preferred choice for users seeking the utmost protection against potential threats in the crypto landscape.
Trezor Alternative
Ledger hardware wallets, present compelling alternatives to Trezor cold wallet for those prioritizing secure cryptocurrency storage. The Ledger Nano X, known for its compact design and affordability, features a secure chip and PIN protection, making it an excellent choice for various cryptocurrencies.
Ledger takes a step further with Bluetooth connectivity, allowing users greater flexibility and mobility in managing their crypto assets. Mobile compatibility is a feature which is currently missing on Trezor wallets.
Trezor crypto wallets are perfectly suitable for the long-term storage of cryptos. However, they lack the flexibility for on-the-go crypto transactions and do not facilitate immediate spending or cashing out of your digital assets.
This is where custodial solutions like CryptoWallet.com become valuable, providing the ability to buy and sell cryptocurrencies using fiat currency. With the CryptoWallet card, you can spend over 800 cryptocurrencies seamlessly, whether offline or online. You no longer need to search for vendors accepting crypto payments; the CryptoWallet card offers a practical solution.
Trezor Wallet FAQs
Are Trezor Wallets Safe?
Yes, Trezor wallets are generally considered safe for storing cryptocurrencies. Trezor is a reputable hardware wallet manufacturer known for providing secure solutions for storing private keys and conducting cryptocurrency transactions.
Trezor crypto wallets are hardware wallets, which means they store private keys offline on a hardware device. This significantly reduces the risk of online hacking or unauthorized access compared to software wallets.
Trezor wallet devices are secured with a PIN code, adding an extra layer of protection. Without entering the correct PIN, an unauthorized user cannot access the wallet or conduct transactions.
During the setup process, users are provided with a recovery seed (a sequence of words). This seed is crucial for restoring access to the wallet in case the Trezor wallet is lost or damaged. It’s essential to keep the recovery seed secure and private.
Does Trezor Work With Metamask?
Yes, Trezor hardware wallets can work with Metamask. Metamask is a browser extension wallet commonly used for interacting with DApps on the Ethereum blockchain. By connecting your Trezor cold wallet to Metamask, you can enhance the security of your Ethereum transactions and interactions with DApps.
The process involves connecting your Trezor to your computer, accessing the Metamask extension in your browser, and then selecting Trezor as the hardware wallet provider within the Metamask interface. This integration allows you to manage your Ethereum assets securely using the hardware-backed key management provided by Trezor.
Utilizing Trezor with Metamask ensures an extra layer of protection for your private keys, enhancing the overall security of your Ethereum-based activities on the blockchain.
Can You Store NFT on Trezor?
Yes, you can store NFTs on Trezor by connecting it to third party wallets like MetaMask or other such as Ethereum-based wallets for ERC-721 or ERC-1155 tokens that is compatible with Trezor wallets
Natively, Trezor hardware wallets do not directly support the storage of NFTs. Trezor wallets primarily focus on securing and managing cryptocurrencies. The Trezor Suite app cannot manage NFTs, so NFT transactions will need to be done by connecting your Trezor to a third-party app like Metamask.
Is Trezor Model T Safe?
Yes, the Trezor Model T is renowned for its robust security features, making it a safe and reliable hardware wallet for storing cryptocurrencies. It incorporates a touchscreen interface, allowing for secure PIN entry directly on the device.
Additionally, the wallet ensures backup and recovery through a seed phrase, enhancing its resilience against potential threats. With these advanced security measures, the Trezor Model T provides users with a trustworthy solution for safeguarding their digital assets.
What Happens If Your Trezor Breaks?
If your Trezor hardware wallet breaks or becomes damaged, your cryptocurrency assets are not lost. Trezor has implemented a robust system to ensure that users can recover their funds even in the event of a broken or lost device. Here’s what happens if your Trezor breaks:
Recovery Seed: When you set up your Trezor crypto wallet, you are provided with a recovery seed—a series of words that act as a backup. This recovery seed is the key to restoring access to your cryptocurrency holdings.
Get a New Trezor wallet: If your Trezor breaks, you can obtain a new Trezor hardware wallet. During the setup of the new Trezor hardware wallet, you will be prompted to enter the recovery seed. This process is crucial for restoring your cryptocurrency wallet on the new device.
Access Your Wallet: Once the recovery process is complete, your cryptocurrency wallet, including all stored assets, will be accessible on the new Trezor cold wallet.
Can I Connect Trezor to iPhone?
No, currently, neither the Trezor Model T nor the Trezor One supports direct connections to an iPhone. However, both devices can be connected to an Android phone using an Android OTG cable.
Can You Stake on Trezor?
Trezor crypto wallets primarily focus on secure storage cryptos but do not directly support staking within their native interface.
However, you can potentially stake certain cryptocurrencies held in your Trezor wallet by using third-party services or platforms (for example Exodus) that offer staking capabilities. It’s essential to choose reputable staking services and ensure that the process aligns with your security preferences.
Does Trezor Charge Fees?
In Trezor Suite, transaction fees play a crucial role in the process of adding transactions to the blockchain. Trezor does not charge any extra fees for your crypto transactions.
These fees are payments made to miners for their service of confirming transactions and adding them to the blockchain. Once a transaction is included in the blockchain, it is considered “confirmed,” and the size of the fee influences the time it takes for this confirmation to occur.
Within Trezor Suite, users have the flexibility to determine the size of the fee for their transactions. This can be done by selecting from options such as Low, Economy, Normal, or High. Additionally, users can set a custom fee based on their preferences. The chosen fee level and the estimated confirmation time are displayed beneath the fee selector bar in the Send tab.
Sending a transaction with a fee that is too low may result in the transaction not getting confirmed. Therefore, users are encouraged to be mindful of fee selection to optimize the efficiency of their transactions within Trezor Suite.
Does Trezor One Support Shiba Inu?
Yes, Shiba Inu is supported by Trezor Model One as well as other Trezor hardware wallets such as Model T, and Model Safe 3.
This means that users of these Trezor hardware wallets can securely store and manage their Shiba Inu tokens, enjoying the benefits of cold storage and robust security features provided by Trezor wallets.
Does Trezor Support ADA (Cardano)?
Cardano (ADA) is compatible with Trezor wallets Trezor Model T and Trezor Model Safe 3. However, it’s important to note that ADA is not supported on Trezor Model One.
Does Trezor Support AVAX (Avalanche)?
Yes, Trezor supports AVAX (Avalanche). AVAX is a cryptocurrency compatible with Trezor hardware wallets, providing users with a secure means to store and manage their AVAX holdings. This support is available on both Trezor Model T, Trezor Model One, and Trezor Model Safe 3.
Does Trezor Support Chainlink?
Yes, All the Trezor crypto wallet supports Chainlink (LINK). You can securely stored and manage Chainlink on Trezor wallets – Trezor Model T, Trezor Model One, and Trezor Model Safe 3.
Does Trezor Support Polygon (MATIC)
Yes, Trezor supports Matic (Polygon). Matic is a cryptocurrency that can be securely stored and managed using Trezor wallets. This support is available on all Trezor Model T, Trezor Model One and Trezor Model Safe 3.
Users can also manage their Polygon (MATIC) tokens by connecting their Trezor hardware wallet to third-party wallets like MyCrypto, MyEtherWallet, MetaMask, and Rabby.
Does Trezor Support Polkadot (DOT)?
Yes, Polkadot (DOT) is not supported on any Trezor cold wallet, including the Trezor Model One, Model T, and Model Safe 3. Users looking to store Polkadot may want to explore alternative hardware wallets or methods that explicitly support Polkadot.
Does Trezor Support Ripple (XRP)?
Yes, Trezor Model T and Safe 3 supports Ripple (XRP). However, it is not supported on the Model One. If you specifically need Ripple support, consider choosing the Trezor Model T or Model Safe 3 for your cryptocurrency storage needs.
Does Trezor Support Tron (TRX)?
No, Trezor does not support Tron (TRX) or TRC20 tokens on any Trezor hardware wallet. This limitation might disappoint Tether (USDT) holders since the Tron blockchain is widely used for USDT transactions.
If you specifically require support for Tron or TRC20 tokens, you may need to explore alternative wallet solutions that cater to these specific assets.
