Trezor Wallet Review | Should You Buy One Today? 👇
9 min read
Introduction: As the digital currency ecosystem keeps expanding, the importance of a secure multi-chain digital wallet becomes undeniable. Our meticulous review of the Trezor Wallet sheds light on its features, security, and overall value to help you make a quick and informed decision!
Trezor is a hardware wallet that was founded in 2013 by Marek Palatinus and Pavol Rusnak and was launched by the company Satoshi Labs. The company never took on any outside funding from investors but has instead organically grown to a team of over 100 employees based in Prague.
The team launched the first Trezor Model One device in 2014 and a next-generation Trezor Model T was released later in 2016. Today the company has grown to over 1 million Trezor Wallet users with the Trezor Model One being their most popular product.
Trezor wallet is a hardware wallet that provides a secure way to store Bitcoin and other cryptocurrencies offline. Trezor is what they call a "cold wallet" which means that the keys to users cryptocurrencies are stored offline on a hardware device.
Storing cryptocurrencies in hardware wallets is today one of the safest ways to store digital assets. Trezor wallet supports over 1,000 different cryptocurrencies, is easy to use and offers advanced security features like Shamir Backup for asset recovery.
Trezor has also developed Trezor Suite which is an desktop, browser and mobile app that it's users can use to buy, sell, send, and receive cryptocurrencies. The Trezor Suite desktop application is a software interface built to provide a multi-functional platform for Trezor devices and is available for Linux, MacOS, and Windows.
On Mobile, Trezor Suite is available on Android and IOS where it has received tens of thousands of downloads. Trezor Suite is also available for web for users that do not wish to download any app but simply want to connect instantly via the Trezor website.
Trezor Hardare Wallet
Trezor wallet is designed to be easy to use, with a simple interface that makes it easy for users to manage their assets. Trezor Model One and Model T both have a compact design with a small monochrome display and two physical buttons for navigation and confirmation of transactions.
All the products developed by Trezor whether it being their website, desktop and mobile apps, hardware wallets and Trezor Suite are all well design and offer a great user experience. This also why Trezor have very solid 4.5 star ratings on Amazon for both of their hardware wallets.
Model One costs only $69 dollars making it a very affordable hardware wallet to store 1289 digital assets and comes with a 128X64 pixels bright OLED screen.
Model T one the other hand is more expensive with a cost of $219 with the main benefits being that it's bigger than Model One, it offers a small touchscreen and wider support for over 1456 cryptocurrencies. Model T also allows for anonymised coinjoin transactions in addition to USB-C connection.
Trezor Crypto Wallet
When it comes to supported blockchains and cryptocurrencies, Trezor hardware wallets support +1000 coins and tokens both natively in Trezor Suite and via third-party wallets.
This includes well known cryptocurrencies such as BTC, ETH, USDT, USDC, BNB, XRP, ADA, DOGE and many others. Users should not and carefully investigate which tokens are supported as there are availability and functionality discrepancies between the different hardware wallets.
Certain cryptocurrencies are only available in the wallet, others in Trezor Suite and some only available through third parties.
One of the downsides of Trezor is that only 8 cryptocurrencies are supported natively which means that there is a lack of unisom support of cryptocurrencies across their devices and services. Many well known cryptocurrencies are also not supported.
This includes largecap coins such as Solana, Polkadot, Cosmos, Tron, Internet Computer, Filecoin, Aptos, Near and many others. By not supporting these type of well known and popular cryptocurrencies, Trezor severely limits it's addressable market.
Trezor further offers a beautiful visual display in Suite where they can easily overview and track the value of their portfolios. Users can also buy and swap cryptocurrencies in the Suite App which is made possible by Invity that connects users to trusted third-party exchanges.
The exchange fees charged by these third-party providers range between 1.8% to 3.6% in commissions which are quite expensive overall. Trezor users can buy bitcoin and many other cryptocurrencies using their Visa or Mastercard Card, SEPA bank transfer, and other regional payment methods like SOFORT, iDeal, EPS, Bancontact and more.
While Trezor wallet does not natively support Web 3 access, it can be used with third-party applications like Exodus wallet to access Dapps. These third-party applications never hold any private keys but instead display account balances and help users manage transactions.
Users always have full control to confirm all actions directly in their Trezor wallet. The same thing is true of staking which is not supported natively but instead has to be access through third-parties that supported Trezor.
When it comes to NFTs, Trezor Wallet is capable of storing them but they can surprisingly not be visualised the in the Suite app. Instead, once again, users will have to use third-party tools in order to visually interact with their NFTs.
Trezor offline hardware wallets protect users assets and identity by removing online access to their data. Trezor wallets never expose users digital asset information to the internet unless requested by users.
The software used in Trezor devices has always been open-source which makes it fully auditable for any vulnerabilities. Trezor has a community of over 200 developers that are continously improving Trezor software.
Trezor Suite also offers Tor which is open-source software that enables anonymous communication. By using Tor, it makes it more difficult to trace a user's Internet activity.
Trezor also has a secure from day one policy which entails that data is deleted or anonymised 90 days after purchases, device packaging is tamper evident and all models arrive without any firmware.
Trezor wallet allows users to set a PIN, which is a number that is used to unlock the device. Trezor hardware wallets are protected against unauthorized access by a user-defined PIN up to 50 digits long.
The PIN mechanism is protected against key-loggers, so using it even in internet cafes means no risk for users. Trezor wallet also allows users to set a passphrase which comprises of 12 or 24 words used for account recovery. The passphrase feature is enabled by defaul and users can create several passphrase-protected wallets
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.