The Trezor wallet is a hardware wallet, also known as a cold wallet, which paved the way for revolutionizing the safety of storing crypto assets.
Trezor was the first of its kind when introduced in 2014 by the SathoshiLabs, a company based in the Czech Republic.
Being a hardware wallet, Trezor allows users to safely store, send and receive a wide selection of cryptocurrencies without risking access to the wallet’s private keys by hackers or intruders.
Trezor, similar to all hardware wallets, provides elevated levels of security in terms of cryptocurrency storage safety, albeit lesser flexibility in terms of access to stored cryptocurrencies, given that users can only access the stored assets by plugging the device into a USB port of a computer.
Trezor wallets are ultra-portable and ultra-lightweight devices coupled with premium support to ensure ease of use and peace of mind.
Additionally, Trezor continuously adds new favorite cryptocurrencies to meet the widened scope of demand, whereby the currently supported cryptocurrencies have hit a total of 1,800.
Trezor relies on limited one-way USB connectivity to enhance safety and protect from infected computers or devices.
Trezor tells the computer that it is there; however, the computer cannot control the wallet, ensuring that cryptocurrencies can only be moved by direct request of the Trezor user.
Extraordinary migration from software, also known as hot wallets, has been occurring given the increased risks present across the internet, whereby having the private keys stored online poses a considerable threat that could lead to losing stored cryptocurrencies.
Trezor has sold more than one million devices and continues an upward trajectory to meet demand whereby Trezor wallets come in two options; the first is Trezor Model One, and the second is Trezor Model T. Trezor is committed to providing users with the most advanced security levels, which led the company to develop its own operating system, Trezor Core, that runs on Trezor devices.
Who Is Trezor Wallet For?
Trezor wallets are beginner-friendly and provide easy access or transition to the world of hardware wallets.
There is no specific audience for whom the hardware wallet is targeted, but rather everyone who stores cryptocurrencies and is not engaging in derivatives trading or other complex borrowing/lending activities is highly encouraged to embody a hardware wallet structure.
In addition, beginners can commence buying and selling cryptocurrencies from the Trezor Wallet application without enrolling in a centralized exchange and passing KYC requirements.
Albeit, the only target users who should stray away from the Trezor wallet, are those who are just testing out the crypto sphere with a small balance to ensure that buying the Trezor wallet is economically feasible, given the price tag of 59 Euros.
Pros & Cons of Trezor Wallet
- Compatible with a desktop browser, mobile browser windows OS, and third-party Android app
- Support of more than 1,800 cryptocurrencies
- Straightforward and easy-to-use
- Ability to recover lost Trezor wallet through Trezor support
- High and advanced security
- Victim of the hacking incident for unauthorized access in 2017
- More expensive than competitors
- Lack of iOS support
- Beginners might find the wallet hard to maneuver and operate
- Select cryptocurrencies can be purchased with fiat money
Our Take On the Trezor Wallet
Trezor has continuously proven to be the leading hardware wallet pertaining to the advanced security features applied and the high level of support provided.
Our take is that the Trezor wallet is an essential tool for crypto-traders as considerably alleviating the risk of compromising stored cryptocurrencies and funds is critical for long-term investments.
Compared to its main competitor Ledger, Trezor edges higher thanks to the supported touchscreen, backup capabilities, and being in the market for a longer period.
Albeit, a small caveat is that users should always protect the respective PIN and passphrase associated with the Trezor wallet to protect the account from online hacks and physical leaks.
Trezor Wallet Fees
Trezor comes in two primary formats, Trezor Model One, and Trezor Model T.
The first type comes at a price tag of 59 Euros, whereas the latter is priced at 189 Euros.
While the two models provide the utmost security levels, a few differences separate the two.
Trezor Model T supports a broader range of cryptocurrencies, boasts an RGB color touchscreen to enhance user access, and adds new features, including SD card support and mobile connectivity.
In terms of running fees, no fees are associated with the user’s usage of the Trezor wallet aside from standard gas fees, which are fees to transact with the blockchains to buy, sell or transfer cryptocurrencies.
Safety Of The Trezor Wallet
Aside from the hacking incident discussed in 2017, which gave hackers unauthorized access to Trezor wallets, it is a highly secure and robust cold-storage wallet.
Furthermore, both Trezor hardware wallet types support BIP39 (Bitcoin Improvement Proposals) passphrases, whereby the Model T offers Shamir Backup for enhanced private key security and the ability to manage cryptocurrencies without connecting it to a device, thus further mitigating the vulnerability involved.
Furthermore, wallets are uniquely identified by a private key phrase and a PIN to aid in wallet access and recovery.
In addition, Trezor wallets feature firmware signature validation, meaning that no device can access the wallet if not validated and signed.
Finally, Trezor wallets provide open-source code for testers to attempt to break in the published code, which permits Trezor to capture bugs present within the code by iterating feedback from the community.
Trezor Wallet Recovery
One of the main fears, aside from the relatively pricey price tag that strays new users from purchasing the Trezor wallet, or any other hardware wallet, is the risk of losing physical access to the device.
Each wallet is uniquely identified by a private key phrase, also known as a recovery seed, which symbolizes each wallet with a master access key.
The private key ranges between 12 to 24 unique combinations of words whereby with the possession of this key, access is given to all stored cryptocurrencies, tokens, and digital identities associated with the private key.
The recovery seed is solely generated and managed by Trezor.
The private key can be imported into another Trezor device through the Trezor Suite software in case of device damage or loss.
Alternatively, if access to a new Trezor hardware wallet is not possible, recovery of the private key into a third-party app is possible, albeit at a grander risk of wallet funds compromise.
Trezor Wallet Features
The Trezor wallet provides notable features that set it apart from alternatives and competitors.
Trezor has uniquely focused on delivering the most comprehensive support for cryptocurrencies and tokens, which are regularly updated and can be found on the Trezor website.
The current tally ranges above 1,800 supported coins.
Being the preferred hardware wallet of choice by users, Trezor recognizes the immense need to communicate with other wallets by being compatible with popular wallets and exchanges.
The desktop version is compatible with Electrum and Blockstream Green.
Whereas the Android version is compatible with Mycelium; alternatively, web users can use myTrezor.com to connect with other wallets.
Although the physical device relies on a PIN to be accessed to protect against device theft, the Trezor Model T wallet supports Shamir Backup (SLIP39), also referred to as Advanced backup in Trezor Suite.
The Shamir Backup is a standard developed by SatoshiLabs, which aims to enhance the security of the recovery seed by splitting it into multiple tranches that need to be combined correctly to meet specific criteria, whereby only then can the wallet properly be restored.
Finally, although the compatibility is not direct, both Trezor models support the signing of NFT transactions only when used with a third-party interface, such as Metamask.
Trezor Wallet Leads Cold Storage Wallets
Being a cold storage or hardware wallet, Trezor wallets provide a unique advantage over hot wallets or software wallets.
Hot wallets possess an elevated risk because of the need to communicate with the stored cryptocurrencies over the internet, relying on private keys stored online poses a considerable threat that could lead to losing stored cryptocurrencies.
In comparison, hardware wallets ensure that private keys are protected from online threats stemming from compromised desktop computers, mobile devices, and online web apps.
This is achieved through storing private keys within the physical storage on the physical hardware device, coupled with wallet recovery options in cases of damage or loss of the physical device.
Trezor Wallet Experience
Although the Trezor wallet lacks support for iOS devices, the wallet continuously aims to be the one-stop-shop for crypto traders seeking robust security and protection for their crypto-funds in the long run.
Trezor’s open-source architecture and publicly-viewed code permit integration with third-party apps and systems.
Trezor currently integrates with solution providers such as GPG encryption and MyEtherWallet to ensure a rich product portfolio.
In addition, Trezor seeks to protect private keys and personal account information by relying on FIDO/U2F, an industry-standard two-factor authentication (2FA).
Currently, Trezor is compatible with a desktop browser, mobile browser (via WebUsb), windows OS, and third-party Android application (via Mycelium).
Users can follow an extensive step-by-step documentation guide to set up the Trezor wallet and transfer cryptocurrencies and other digital tokens to the wallet; the troubleshooter tool can be utilized to find common questions and inquiries on the Trezor wiki.
In a nutshell, setting up the Trezor wallet follows a simple 3-step approach:
1. The user should begin by downloading the Trezor Suite, the central command central for the wallet used to communicate with Trezor and is currently compatible with Windows, macOS, and
2. Plug the Trezor into the USB outlet and download the latest firmware; once this is complete, the Trezor should be unplugged and plugged in again.
3. The user should enter a PIN into the hardware device, which will be utilized to access the wallet; after PIN setting completion, the user will be given a set of recovery seed words that constitute the private key.
Trezor Suite Experience
Released after two years of development, the Trezor Suite was finally launched to the public on July 14th, 2021.
The Suite provides a clean user interface (UI) that covers a holistic range of applications, from device setup to sending and receiving transactions.
Trezor continuously provides updates and bug fixes through a downloadable update to ensure a robust user experience and high security.
In addition, the Trezor Suite boasts an integrated crypto exchange comparison tool, which is provided by Invity, to allow traders to buy, sell, and exchange cryptocurrencies by transacting with offers from trusted partner exchanges.
Trezor Suite is ideally experienced as a desktop app, reducing exposure to phishing and other attacks.
However, it acts as a standalone program and complete portal for crypto traders.
Furthermore, the Trezor Suite focuses on security and anonymity, whereby Tor has been integrated for users who wish to capitalize on it, which provides a global decentralized network to utilize an obscure and anonymous connection.
Trezor Customer Service
Trezor offers users three main customer support options, essential support via automated machine assistance from the search bar utilizing an exhaustive database of inquiries, reaching out to the support team through email, and community-based advice forums.
In addition, the Trezor website maintains a holistic frequently asked questions (FAQ) section coupled with a detailed manual that answers every possible technical or operating inquiry any user might have, ranging from setting up the wallet, maintaining the wallet, to recovering the wallet in case of damage or theft.
A large portion of the provided documentation is tailored for first-time users and crypto beginners.
However, detailed technical information and guides are provided for advanced users and especially developers.
In addition, similar to many leading wallets, users can interact and communicate with developers on social platforms such as the r/Trezor subreddit, as well as on Twitter and Facebook.
Albeit, real-time support is limited, which is a downside, especially when critical and expedited support is needed.