Trezor Hardware Wallet Review

Trezor wallet is among the most trusted bitcoin hardware wallets that offers secure cold storage of cryptocurrencies. It is a small, key-sized device which connects to your computer using a USB cable. Its limited USB connection feature ensures your coins’ safety and it can function normally even in a compromised computer.

Trezor crypto Wallet

The Trezor crypto wallet is an easy-to use interface for storing your cryptocurrencies, which helps to store coins and tokens in cold storage. This means that the private keys to your coins are never directly inside a device that is connected to the internet, thus safer from hackers and system malware. Trezor wallets allow you to set up your devices, control your funds, manage your balances and make transactions. The wallets simply provide a stable and uninterrupted access to Trezor functions.

Trezor devices

Trezor devices are available in two models: the original Trezor One and its upgrade, the Trezor T model.

Trezor One

Trezor One, simply known as Trezor, was the world’s first bitcoin hardware wallet. It comes with all the basic features needed to keep your private keys protected. The device has undergone innovation leading to the invention of the second generation Trezor T model.

Trezor Model T (Trezor T)

Trezor T is designed with the experience from the original Trezor in mind. It combines the best features of the Trezor One with other advanced features that greatly improve its security and user experience. Being a massive upgrade of Trezor One, the Trezor Model T comes in at a higher asking price.

The Trezor One was invented in 2014 by the founders of SatoshiLabs, Pavol “Stick” Rusnak and Marek “Slush” Palatinus. Improvements on the Trezor One hardware wallet led to the development of the second generation Trezor Model T in 2018. SatoshiLabs headquarters are located in the Czech Republic.

Trezor One vs. Trezor T Model

The first generation of Trezor is known as Trezor One and the second generation device is called Trezor Model T. Trezor Model T comes packed with advanced features not found in Trezor One. This is how the two compare;

Trezor Installation and Set Up Process

Both Trezor devices are user friendly, making the installation and Trezor setup process quite simple to follow. However, the touchscreen in the Trezor Model T speeds up the setup process. The buttons in the Trezor One slows down the process.

Supported Platforms

Trezor One is supported on Windows, macOS, Android, and iOS. On the other hand, Trezor T is supported on Windows, macOS, and Linux. It also offers browser support in Chrome and Firefox.

Trezor Supported Coins

The Trezor is a multi-currency hardware wallet that supports hundreds of coins. However, there are some coins supported by Trezor T model that Trezor One does not support. This means that Trezor One supports fewer coins compared to Trezor Model T.

The coins supported by Trezor Model T include Bitcoin (BTC), Ethereum (ETH)plus all ERC20 tokens, Litecoin (LTC), Dash (DASH), Bitcoin Gold (BTG), Lisk(LSK),  Monero (XMR),  Bitcoin Cash (BCH), Ethereum Classic, Expanse, Ripple (XRP), Cardano, Zcash (ZEC), UBIQ, Bitcoin testnet, NEM (XEM), Dogecoin (DOGE), Tether (USDT), Tezos (XTZ), Stellar (XLM), EOS (EOS), Harmony (ONE),etc.

Trezor One supports all major coins supported by Trezor Model T but does not support Ripple, Tezos, Cardano, EOS, and Monero. It does not also support some recent ERC20 coins.

Trezor Hardware

Trezor One has two buttons for operating the device and a 128 × 64 pixel OLED display screen whereas Trezor Model T has a 240 × 240 pixels coloured LCD touchscreen for operating the device. Trezor T also comes with a micro SD slot (Trezor One lacks a micro SD slot) and has a faster processor. Both devices USB cables to connect to computers. However, Trezor One uses a USB Type-A cable whereas the Trezor Model T uses the newer USB Type-C cable.

Unfortunately the Trezor T SD slot can not yet be used for airgapped communication with other devices.

Trezor Firmware

It is important to keep the firmware of your Trezor up-to-date. It’s also important to make sure you have your backup before starting the update process.

There are 2 versions of the firmware, one is Bitcoin only, which is recommended if you don’t trade altcoins.

The firmware and all the other software Trezor produces is open source.

Trezor Seed backups

It is very important to write down the 12 or 24 word seed on a piece of paper. You can only look at these words once, but you can (and should!) verify them. If you lose your device, it is important that you have your backup available.

The words of the seed backup are from a table of 2048 words, 11 bits per word. And there is one checksum word. This means that if you mess up one word, it is still relatively easy to recover. If you mess up 6 words however, you are looking at a loss of 60 bits of your seed, which is virtually impossible to crack today.

Many people have started storing the seed on metal. There are several solutions for this, all of them have the advantage to be able to much better withstand moist and fire.

Trezor Security

If they end up in the wrong hands, both Trezor devices are actually not so hard to hack with the right tools. The main safety provided by Trezor is that your seed are not directly on your computer. Physical security of the device is quite important. Additionally, you don’t want to actually put a Trezor on your daily keychain and walk around with them. If you have a little vault at home, this could be a good place to store it.

The best way to work around the lack of hardware security of the device itself is by adding a passphrase. This can be considered the 25th word. The 25th word doesn’t have to be one of the 2048 words, and in fact, if you change one character, you end up with a completely different wallet.

Vulnerabilities come in when users disclose personal information such as passwords and recovery phrases. Both Trezors also have a protective seal on its box when you buy it. If the seal is broken, do not buy. Both Trezors allow users to set a PIN code (to access your device), a passphrase (for accessing specific sub-wallets), and a recovery phrase (to restore your device).

The Trezor One PIN code, passphrase and recovery phrases are all inputted on your computer or smartphone (bringing in a level of vulnerability into the system). On the other hand, the Trezor Model T allows you to input the PIN code, passphrase, and recovery phrase on the device itself.

Trezor Chrome Extension

The Trezor Chrome extension was a piece of software that facilitated communication between your Trezor device and your Trezor wallet. It connected the Trezor with the chrome browser. You could use the Trezor Chrome extension to access Trezor management features such as device initialization, changing PIN, setting up sub-wallets with passphrase, etc. However, the Trezor Chrome extension is now obsolete and in its place is the Trezor Bridge.

Trezor Suite

Trezor Suite is a desktop and browser app for Trezor hardware wallets used to manage crypto. The desktop app is compatible with Windows, macOS, and Linux while the browser app is compatible with Windows, macOS, Linux and Android through Chrome. Trezor Suite is an upgrade to the Trezor wallets aiming to eliminate the risk of phishing sites tricking users into providing private information. It also makes cryptocurrency management faster and safer while maintaining high levels of privacy. It also has a native support for popular altcoins such as ETH, ETC, XRP and more. Trezor Suite is in public beta and is available to download and test.

Being in beta, bugs are to be expected. However, there is continued improvement and once all issues are resolved and a stable version is released, the Trezor wallet will redirect to Trezor Suite where you can download the latest version. The Trezor Wallet will be deprecated following the release of the new version of Trezor Suite.

Trezor’s web wallet

  • You should connect Trezor wallet via the USB cord that it came with.
  • Open https://trezor.io/start in an up-to-date version of Chrome and Mozilla Firefox.
  • Choose the Trezor version you bought as your device.
  • Download and install the Trezor Bridge and then refresh the page.
  • You will be asked to install Trezor firmware. Click on “Install firmware”. You may be asked to disconnect and reconnect the device several times.
  • Once the process is completed, you can use Trezor or Trezor web interface to make transactions.

Trezor Promo Code

A Trezor promo code is a one-time deal or discount on Trezor wallets and their accessories. If you are looking to save money while investing in Trezor wallets or its accessories, the advice is to use promo codes if they are available. There are several types of Trezor Promo codes:

  • Percentage-Based Discounts. The discount is given in percentage. You will calculate how much money you will deduct from the original price.

  • Flat Discounts. Flat discounts give an already reduced price.

  • Deals for Cables. Cables are used to charge your wallet and to transfer your funds. Although the Trezor wallet comes with a cable, you might need another one in case you lose or break the original cable.

  • Sales on Accessories. Promo codes also give discounts on Trezor wallet accessories such as cases.

A usable Trezor promo code must fulfill the following criteria:

  • It needs to be active. Trezor promo codes are released on specific dates or events and are always available for a limited period of time. You should use it instantly before it expires.

  • The promo code must be valid. You can only use promo codes from Trezor.

Trezor Price

Trezor wallet prices differ based on the Trezor firmware version you are buying. Trezor Model T is 149 EUR, Trezor Model One is 48.76 EUR, Trezor One Mettalic is 500 EUR and Trezor Ultimate Pack is 257.11 EUR. Trezor accessories such as the Trezor case is 13 EUR and the Trezor Lanyard is 2.9 EUR.

Trezor delivery time in the UK is between 1 to 2 business days after the order is processed and the package has been dispatched. This applies to Trezor standard shipping. Trezor delivery time outside the United States, may vary between five days to six weeks depending on your location and your national post service. Standard shipping is only available in UK, EU and Russia.

Please do not use exchange withdrawals to pay for the order. Trezor has experienced some issues with this kind of payment, as exchanges often deduct the transaction fee from the withdrawn amount and also process the payments in bulk once per period of time. Therefore, your order can get canceled due to the insufficient amount or because they are paid after the timeout.

How to Buy Trezor

You can buy Trezor online from Trezor Shop. Orders are processed the same or the next working day after receiving your payment. You can also buy from Amazon or from Trezor resellers.

Trezor Alternative

These are several Trezor alternatives:

  • Ledger, secure element, closed source
  • Coldcard, Bitcoin only, with a secure element, visible source (but non-free license), air-gap functionality
  • BitBox, open source, secure element
  • KeepKey

There have been many reports about stolen crypto assets on Google’s Android Play Store, on the web, and even on the Apple App Store. Scammers submit originally legit apps for approval and later transform them into phishing apps. There have been several reports on cryptocurrency theft by fake Trezor apps on iOS and Android. Fake Trezor apps have been posing as a Trezor product on Google Play Store and Apple App Store to scam its customers.

To protect and secure your cryptos on Trezor wallet, make sure you use the browser and navigate to wallet.trezor.io

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Final Thoughts on Trezor Hardware Wallet

The Trezor hardware wallet offers maximum security for your digital assets. Trezor One is quite affordable and the Trezor Model T supports more coins and offers a better user experience.

More Information

 

Research: Vincent Nyoike

Vincent is a writer with an interest in finance, business, technology and health niche. He holds a Bachelors degree in Applied Statistics with computing. Read more about Vincent and see our complete editorial team at FiFi.