Thinking about purchasing a hardware wallet, but unsure whether the TREZOR wallet is the right choice for you?
Does the thought of a hacker stealing all your cryptocurrencies scare you? Thinking about buying a hardware wallet to protect your holdings, but not sure whether the TREZOR wallet is the right choice for you? This review is going to cover the essentials you need to know about the TREZOR wallet! I will explain what it is, its advantages, supported coins, and whether it’s worth buying.
But before we delve into the TREZOR hardware wallet, you should first understand what a hardware wallet is and why you ought to get one.
There are two types of crypto wallets: Hardware (cold) and software (hot) crypto wallets. As its name suggests, a hardware cryptocurrency wallet (also referred to as a cold wallet) is an offline hardware device used to store your private key and prevent unauthorized access, hacking, and other security vulnerabilities.
Since software (hot) wallets are connected to the internet, they are vulnerable to hacking and cyber thefts. A hardware wallet solves this vulnerability by conducting transactions with the private keys in a secure offline environment.
Why I Prefer Using Hardware Wallets
- Private keys are stored in a secure offline environment hence eliminating the risk of unauthorized access. Since the launch of hardware wallets in 2014, there haven’t been any valid cases of cryptocurrency stolen from the hardware wallets. In 2019 alone, crypto exchange sites such as Bitrue lost over $5million in cyber-attacks, GateHub lost $10 million while Binance, one of the world’s most popular online crypto exchange site lost over $40 million.
- Hardware wallets are immune to computer viruses that are a threat to software wallets.
- Enhances wallet security through the use of other security mechanisms, including PIN encryption and two-step verification.
- Hardware wallets support multiple cryptocurrencies.
What is the TREZOR Wallet?
The TREZOR wallet is a hardware wallet that allows users to securely store, send, and receive a wide range of cryptocurrencies. TREZOR is among the pioneering hardware wallets and was launched in August 2014 by SatoshiLabs headquartered in the Czech Republic.
It was the first hardware wallet built to provide secure cold storage coupled with the flexibility offered by software wallets. The TREZOR wallet is extremely popular, and Satoshilabs has sold more than 1 million devices worldwide. There are two models of the TREZOR wallet: the TREZOR One and the TREZOR Model T.
TREZOR One is the first released model of TREZOR. TREZOR One employs a minimalistic wallet design with an unlimited number of keys (BIP 0032/BIP 0044). During its set-up, users are provided with a recovery seed that can be used to recover the coins into another compatible wallet in case the device gets damaged or lost.
TREZOR One enhances security through the use of a unique PIN entering technique that prevents keyloggers from recording the PIN even when using a vulnerable computer. Other security features employed by TREZOR One to enhance security include a Password manager and U2F two-factor authorization.
TREZOR Model T
TREZOR Model T is termed as the next-generation cryptocurrency hardware wallet that builds on the Model One with extra security and usability features. On top of the functionalities of the TREZOR Model One, the Model T comes with a colored touchscreen enabling secure on-device input, modern yet simple design, USB port, an SD card slot as well as other advanced features.
TREZOR Model T Review
The Model T design features a compact sleek design measuring 2.52in x 1.54in x 0.39in (64mm x 39mm x 10mm) and weighs 0.56 oz. (16 grams). It also comes with an LCD screen measuring 240 x 240 pixels that can be customized according to an individual’s taste. Unlike Model One, the Model T replaces buttons with the touchscreen for ease of use. Nonetheless, the touchscreen appears small and can be strenuous to use.
Screen: Bright color LCD – 240×240 pixels;
Connectivity: USB-C connector for connecting to the computer or mobile phone;
Mobile support: Android support via the TREZOR Manager;
External wallet compatibility: supports MyEtherWallet and a few others.
TREZOR Model T leverages several security mechanisms to offer maximum security. To begin with, the TREZOR Password Manager locks password on the device using digital keys, thus prevents unauthorized entry.
The device also uses a U2F hardware token, which enables TREZOR to notify the user of any authentication request before a transaction is approved. A standard recovery seed (BIP32/39/44) is also used to allow users to easily recover their entire wallet with the help of a 12-word recovery seed. Like TREZOR ONE, the Model T also uses a passphrase feature to offer additional protection on top of the security PIN.
TREZOR Model T Supported Coins
TREZOR has heeded to community concerns about their past wallet not supporting a variety of altcoins. Currently TREZOR Model T supports multiple digital currencies, including Ripple (XRP) and Stellar Lumens (XLM), which were missing from the Model One version. The Model T also allows regular updates to enable additional cryptocurrencies to be added to the system. The supported currencies include.
- Bitcoin Cash(BCH)
- Ethereum Classic(ETC)
- Stellar Lumens(XLM)
TREZOR Model T Setup Guide
Like most hardware wallets, setting up the Model T is quite easy and straightforward, even for beginners. The device is compatible with the major operating systems and can function with the updated versions of both Chrome and Firefox. To set up the device, proceed as follows:
- Connect your TREZOR device to your PC, MAC or mobile device using the USB cable that comes in the box
- Access the official TREZOR website and select the device you are setting up. In this case, it will be the Model T. Ensure that your device has a strip at the bottom as a mark that your device has not been tampered with.
- Next, download a verified TREZOR Bridge software for your device
- Once the software download is complete, go back to the TREZOR website to install the latest firmware. You will receive a prompt to either create or recover an existing wallet.
- If you are creating a new wallet, all you need to do is click on the new wallet and that’s it! However, don’t start using the wallet until you create a recovery seed and writing it down on the paper provided.
- After writing down the recovery seed, you are required to create a PIN, which is prompted every time the device is turned on to protect against unwarranted users.
- Lastly, you will be asked to come up with a name for your device.
Which is Better TREZOR or Ledger?
There are quite a few hardware wallets in the market now, but the top two that has most integration with other blockchain projects are Ledger and TREZOR.
I feel that TREZOR’s winning point is its company’s reputation while Ledger wins in terms of the wide variety of coins it supports. As far as the build quality is concerned, I’d assume the Trezor T is made by durable, high-quality plastic, while the Ledger Nano X has brushed stainless steel and plastic casing.
After reviewing both wallets, I don’t seem to find any significant differences between the two, and both are stellar products. Personally, I prefer Ledger so much I have become their affiliate. The Trezor reminds me of a fat kazoo. Yes, I’ll shallow like that. 🙂
Should You Buy the Trezor Model T?
TREZOR Model T Price-Is it Worth It?
The Trezor Model T is more expensive than its crypto wallet alternatives like Keepkey wallet. As of this writing, the TREZOR Model T costs $166 each, and with shipping and VAT, you’ll end up paying more. I get it….it can be expensive for some. But if you’re holding $5K or more in cryptos, then hell-to-da-yes you should be getting one!
The TREZOR Model T builds on its predecessor, the Model One, by offering additional security and functionality features. The wallet does not only provide top-notch security but also provides an easy wallet recovery option through the recovery seed feature.
While the price may seem too expensive, it’s worth every bit of the wallet. TREZOR Model T offers high-level security as well as ease in account recovery in case the wallet is stolen or damaged. The touchscreen makes the device appear modern but still simple.
Also, the wide range of cryptocurrency supported by the equipment plus the remote updates to support additional cryptocurrencies without replacing the device means you can hold on to the device for quite some time without frequent replacements, which can be costly.
If you are looking for an easy to use, low-risk hardware wallet, then you should opt for the TREZOR Model T. Do you own a TREZOR Model T wallet or any other hardware wallet? I’d love to hear your experience with it or answer any questions you have.