Trezor is world’s first hardware wallet that lets us store and spend cryptocurrencies safely. This key-sized device has the ability to keep your coins safe and secure. Today, in this Trezor wallet review, I’ll discuss all highs and lows of this cryptocurrency hardware wallet.
Cryptocurrencies have entered into an era of uncertainty where nobody, even developers, cannot predict their future. Though recent community’s efforts are bringing some positive news but as of now there’s a long way to go.
So here cryptocurrency investors have two options: either they can sell their coins and exit or can become HODlers.
If you’d like to HODL your Bitcoin, Litecoin, XRP (not supported in this device yet), Ethereum, Tron and the like coins then the best option for you is hardware wallet. As of now there’re 5 popular hardware wallets: Ledger Nano X, Ledger Nano S, Trezor One, Trezor Model T and Keepkey.
We’ve reviewed Ledger Nano S in our recent post and today we’re curiously going to review Trezor One hardware wallet.
Trezor hardware wallet was first launched in 2014 since then it’s earned crypto investors’ trust by offering them world’s safest way to store and spend cryptocurrencies.
This fabulous device is like a mini computer that has been programmed to store cyrptocurrencies like Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Bitcoin Gold, and 700+ coins offline. And Trezor wallet has the ability to let you spend your coins without exposing your private keys to third parties or the internet.
Before I take you to Trezor wallet review, let’s understand why should we have a cryptocurrency hardware wallet.
Why should you buy Trezor or other cryptocurrency hardware wallet?
Yes, you can store your cryptocurrencies offline using a paper wallet but to spend coins stored in a paper wallet you’ll have to import your wallet to an online wallet. By doing this you expose your private keys to online world and also you pay wallet import fee, I still remember in March, 2018, I paid $20 fee for importing a paper wallet that had only $140 of Bitcoin.
But if you store your private keys in a physical device like hardware wallet then you can easily spend your coins without importing and exposing your private keys to online wallets. It comes with plug and use option, just connect your hardware wallet to a computer and send or receive listed cryptocurrencies on the go.
How cool, isn’t it?
Now let’s start Trezor hardware wallet review.
Trezor Wallet Review
- Price €59, $65 or ₹4950
- Easy to use
- Screen verification to send and receive
- Affordable hardware wallet
- Worldwide trusted
- Can also be used as Universal 2nd Factor (U2F) security Key
- Supports 700+ coins
- Physical buttons to avoid virtual theft
- Plastic body not premium
- Doesn’t support XRP (Ripple)
- Requires third party wallets to access some coins
What’s in the box?
Inside the Trezor hardware wallet box, you’ll have 4 Trezor stickers, 1 micro USB cable, 2 recovery sheets, 1 lanyard, 1 user manual guide, and of course 1 Trezor device. Trezor wallet needs no battery since it draws power from your laptop or mobile through USB cable.
Design and material
OLED screen size 128*64 pixels is more than enough to show complete wallet address. Trezor hardware wallet is made of plastic that is not too premium. Design is somewhat look like your car key. It’s two buttons just under the display to confirm and authorize others operations. At the bottom, you’ve a micro USB port to connect it to your laptop or mobile.
Trezor One design and interface is quite user friendly. I think Trezor deserves more premium plastic body.
Security and ease of use
Security is the main reason which forces us to buy Trezor hardware wallet. Trezor team has years of experience and by using that they have made this device one of the industry’s safest hardware wallets.
When you connect Trezor to your laptop it does not share any sensitive data including your private keys with your laptop even it displays wallet address on its screen too for double verification.
You can set PIN lock to lock and unlock your Trezor wallet. This way every time you’ll connect it to your device (laptop) you’ll have to enter your PIN to access your wallets. The good thing is it shows dots on your laptop screen and keypad on your hardware wallet this way if your computer is under attack of a keylogger program then that program will not be able to know what was your Trezor PIN.
At the time of setting up Trezor wallet, you generate a 24-words backup seed that you can use to regain access to your wallets if you lost your hardware wallet. This recovery seed is generated offline and only displayed on your Trezor wallet screen. Your computer cannot know what was your recovery seed.
In case you lost your Trezor cryptocurrency hardware wallet, you can restore your wallets to any of the compatible wallets or in a new Trezor device using your 24-words recovery phrase.
It’s compatible with many wallets including MyEtherWallet, Electrum, GreenAddress, Mycelium and myTREZOR.com. You can also use the Trezor Chrome extension.
Another good feature of it is Passphrase feature. Usually your recovery phrase contains 24-words and you store them safely somewhere. But if somehow someone gets access to your recovery seed then he/she can easily spend your cryptocurrencies. So to add an extra layer of security, Trezor’s introduced Passphrase feature.
Passphrase feature lets you add 25th word to your recovery seed. After enabling this feature, to restore your wallet next time you’ll also have to enter 25th word. Without 25th word, nobody, even you, will not be able to restore your wallets.
Trezor wallet is very easy to use. To use this device you don’t need to be a computer geek. Basic computer knowledge is sufficient. When you access your Trezor wallet dashboard, you simply get send and receive options.
To avoid virtual theft, you’ll have to press physical buttons to confirm an action on your Trezor wallet. For any outgoing transaction and firmware update, you’ll have to press physical buttons.
Trezor wallet price
As of now, it comes with €59, $65 or ₹4950 price tag which is quite a competitive price when we see its security. To buy Trezor, you can use Bitcoin or your credit card.
I strongly advise you never buy it from other websites. Only buy it from its official website. You might pay some custom duty (if applicable) but you’ll get an authentic product which is very much essential to safeguard your wallets against virtual theft.
Trezor supported cryptocurrencies
It supports 700+ coins including Bitcoin, Litecoin, Ethereum, Dash, Zcash, Bitcoin Cash and ERC20 tokens. From the dashboard you can access famous coins and to access other you’ll have to use third party software and wallets.
As of now, it doesn’t support XRP (Ripple). Therefore, if you’re going to buy it to store XRP then you can think of other options such as Ledger Nano S.
Unlike Ledger Nano S, you don’t need to install wallets, all wallets are pre-installed. All you’ve to do is send your coins to your hardware wallet. You can install multiple wallets at the same time, there’s no storage limit specified by the company.
Can be used as U2F key
Your Trezor hardware wallet is not limited to storing cryptocurrencies. It can also be used for other purposes such as Universal 2nd Factor authentication. You can configure it to use it as a U2F security key for example you can use it as Google security key.
$95 price tag may seem bit high but think of your crypto assets. When it comes to safeguarding your coins, Trezor wallet does the job nicely. Team behind it is very experienced and work continuously to make new improvements and add support to new coins. If you face any difficulty then you’ve technical and community support options. Company’s next generation cryptocurrency hardware wallet, Trezor Model T, is also worth considering.