Trezor Crypto Wallet Review

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Contributor, Benzinga
November 23, 2021
Trezor
Overall Rating:
securely through Trezor's website

A Trezor wallet is one of the best crypto wallets in the crypto-sphere. Besides having top-notch security, it is relatively easy to use and provides fantastic support and updates. Although you might consider it a bit expensive compared to other hardware wallets, the services you’ll enjoy are worth it. Your coins are more secured in Trezor than other hardware wallets.

 

Best For
  • Crypto enthusiasts
  • New traders
  • Those who have a substantial amount of varying crypto coins
Pros
  • Top-notch security
  • Supports a vast number of cryptocurrencies (over 1,600)
  • Regular firmware updates
  • Backup and recovery
Cons
  • May seem costly to some

Trezor Ratings at a Glance

Products
Pricing
Security
Customer Service
Overall Rating

History of Trezor

Trezor is one of the oldest hardware wallets around. It was created and owned by SatoshiLabs, located in the Czech Republic. If you’ve had anything to do with cryptocurrencies (especially Bitcoin), you probably have heard about SatoshiLabs. It is considered a pioneer in the Bitcoin industry. 

SatoshiLabs was officially incorporated in 2013 to develop the world’s first cryptocurrency hardware wallet. The result was Trezor. You can use it to store not only Bitcoin, but you can also store a wide range of altcoins and tokens. In 2014, SatoshiLabs shipped the first Trezor One devices around the world. The next-gen Model T was unveiled in 2016 and began selling in 2018. The Trezor Model T is the flagship wallet, featuring a touch screen and some extra features for investors willing to shell out a little extra dough for a hardware wallet.

Trezor Products 

Trezor Products

Trezor is a small device that connects to your computer via USB. It works completely offline (cold storage), and it still allows you to sign a transaction (i.e., verify your private keys) without connecting to the internet.  

Trezor devices come with tight security measures such as PIN codes and pass phrases, making it nearly impossible to hack. Trezor devices are hugely popular and a massive hit among crypto enthusiasts — SatoshiLabs has sold over 1 million devices. Currently, there are 2 Trezor wallet models: Trezor One and the Trezor T. 

Trezor One (Rating: 3.9)

Trezor One made its debut in 2014. It still remains one of the most popular wallets around. For cost-conscious crypto investors, this may be the better option. However, if you want the best wallet offered by SatoshiLabs, you'll need to opt for the Trezor Model T.

Trezor Model T (Rating: 4.2)

The Model T, which launched in 2018, is the 2nd generation model and contains most of the Trezor One features with a few improvements.

The Trezor Model T and Trezor One are both hardware wallets made by SatoshiLabs. Both devices are highly secured and operate an open-source system. While the Model T is a newer updated version, both wallets are highly secured and flexible and offer support for many crypto assets. 

The Model T retails at roughly $280, which is more than double the retail price of Trezor One at $77. The significant price difference is due to the various advantages Trezor Model T has over the Trezor One. Some of these advantages are:

  • The Model T supports more cryptocurrencies including Monero and Cardano.
  • It incorporates new hardware features such as an SD card slot.
  • The Model T comes with a new RGB color touch screen. 
  • Shamir backup, an advanced distributed seed is only available for the Model T.
  • The Model T is the only FIDO2 authenticator with a touchscreen.

Features and Services of Trezor wallets

  1. Wallet for multiple cryptocurrencies

The Trezor hardware wallet provides a secured environment for storing not just Bitcoin but a large variety of alternate digital currencies (altcoins) and tokens with a single device.

  1. One easy solution for all your crypto needs

Trezor’s new desktop application, Trezor Suite, is packed full of useful features that make it easier to use crypto, including replace-by-fee for quicker transactions and a Tor switch for anonymizing your connection.

  1. Secure admin SSH access

With Trezor, you can protect access to your data using the secure admin SSH login. The admin SSH login protects access to your data and servers.

  1. Two-factor authentication

Trezor protects your private keys and account with an industry-standard two-factor authentication feature (FIDO/U2F).

  1.  GPG integration

Trezor GPG integration allows you to sign emails, manage passwords and encrypt files. You can generate and store your GPG keys on your Trezor device instead of your computer. 

GPG integration is great if your computer gets stolen or lost. You can easily have access to your keys using the device. If the device is stolen or damaged, you can quickly restore the keys using a backup.

Trezor Pricing

Retailing at roughly $280 or €249, the premium Trezor Model T is more than 3 times the Trezor One price, which goes for $77. Ledger is Trezor’s closest rival. The premium Ledger Nano X costs about $149, significantly cheaper than the Trezor premium Model T. While the Ledger Nano S costs about $60, it’s about the same price as the Trezor One. 

To enjoy the Model T's premium features, you have to shell out about $280. You might want to consider cheaper alternatives like the Ledger Premium or KeepKey if you’re on a budget.

Trezor Security

Security is the most important thing to consider when choosing a wallet, and Trezor seems to have that on lock. It would be nearly impossible to give a Trezor wallet a bad review because of its security alone. SatoshiLabs takes security very seriously. Trezor was created with a wide range of security protocols to guarantee your funds’ safety. 

  1. No operation can occur without PIN authentication, and Trezor does not rely on the recovery phrase alone. The wallet supports BIP39 passphrases. The BIP39 passphrases are never stored or remembered on the device, protecting your funds against local hardware hacks. 
  1. The Trezor bootloader (operating system) is programmed to erase the device memory if the firmware signature is invalid. Exposure of the wallet’s software to a vulnerable version deletes the memory, keeping your funds out of reach.
  1. The bootloader constantly verifies the signature of the firmware, and the firmware will only run if accurately signed by SatoshiLabs. 
  1. Once broken, the Trezor wallet case is almost impossible to restore because of the ultrasonic welding used in its build.

Benefits of Trezor

  1. Unrivaled security standards 

Trezor wallet is safeguarded by 3 security layers —  a randomly generated recovery seed, a user-created PIN and a passphrase feature. These 3 security layers put the Model T miles ahead of other devices.

  1. Open-source architecture 

Trezor wallets come with open-source architecture, which gives you complete decentralization and control over your digital assets. You can customise your wallet to suit your needs. You can even run your full-node wallet independently.

  1. Third-party integration 

Trezor’s open-source architecture makes it easy to use with different 3rd-party apps and systems. Unlike other wallets, the open-source architecture allows developers to integrate Trezor into their solutions. Examples of these integrations are GPG encryption and MyEtherWallet.

  1. Support for an extensive range of cryptocurrencies 

With over 1,600 supported digital currencies, including Bitcoin, Litecoin and Dash, Trezor supports more cryptocurrencies than most other wallets. Its ability to support many cryptocurrencies puts Trezor much ahead of its closest rival, the Ledger Nano S and X.

Customer Service

Customer service is the only category that the Trezor wallet struggles on in this review. Although the Trezor wallet is such a unique and remarkable product, it has recently had slow and generally poor customer service. This is obvious from users’ mixed reviews and complaints about its customer service, seen across platforms including TrustPilot, Amazon and the official Trezor Facebook page. Other manufacturers have been similarly affected by the latest bull run. The Trezor support page is quite useful but it may not solve your problem.

Trezor Overall Rating

It would be difficult to give a Trezor wallet a negative review. Trezor wallets have a streamlined design with a heavy focus on security and safety. In addition to high safety and a sleek design, the wallets are simple and easy to use. You can send, receive, buy and store a substantial number of cryptos on the wallet.

Trezor is one of the best hardware wallets and unarguably the most secure. Trezor wallets can store diverse digital currencies, which, combined with ease of usage, makes it the favorite among traders and crypto enthusiasts.

Although the premium Trezor Model T is expensive, considering its security and other salient features, it’s worth the price. If you’re on a budget, try out the Trezor One.

Frequently Asked Questions

Q

Is Trezor considered a cold wallet?

A

Yes, since Trezor stores your assets offline it is considered a cold wallet.

Q

Whats the differnce in a "hot wallet" vs a "cold wallet"?

A

A hot storage wallet is a software wallet connected to the internet most of the time. A cold storage wallet is a hardware wallet that is only connected to the internet while managing your assets. The fact that the hardware wallet is isolated from the internet most of the time makes it much more secure

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