Trezor Hardware Wallet Review
In this Trezor Hardware wallet review we give a non biased review of this wallet. The Trezor hardware wallet is a hard storage crypto wallet and we share details about the wallet’s security features, functionalities, costs and usability.
Disclaimer: Trading and storage of your private keys is always at your own risk
This post was last updated on:20 May 2020
Trezor Hardware Wallet Review – QUICK NAVIGATION
QUICK FACTS – Trezor Wallet
Available on: Hardware & Web wallet (APP)
Wallet Type: Cold storage
Key Type: Custodial
Holds: Bitcoin, Litecoin, DASH and 500+ cryptos
Trezor Hardware Wallet Review:
Overview of Trezor Hardware wallet
Trezor is a hardware wallet that stores Bitcoin and over 500 other cryptocurrencies which was launched in 2014. It was actually the first Bitcoin wallet around which offers secure cold storage but also provides the convenience that is prevalent in hot wallets.
The Trezor wallet is an extremely small device which is basically the size of a key and which connects to the computer via an USB cable. Bitcoin and private keys are stored offline for maximum security. There’s also the possibility of signing transactions.
Introduction to Trezor Hardware Wallet
Alongside the hardware, TREZOR offers a web wallet which works alongside the Chrome extension is an app which can be installed to your browser. The setup process on both is basically the same. The one difference is that the website version is only available when you are online, while the Chrome extension can be used offline. If you’re concerned about privacy, it’s important to use the Chrome extension and set it up offline.
Versions of the Trezor hardware wallet
Trezor’s wallet hasn’t changed much since it started off in 2014 and versions have been simply to keep it updated. This could be one of the drawbacks of the wallet.
To ensure that the Trezor wallet remains protected against new threats, the team releases regular firmware updates. This is similar to a Windows update and they are designed to protect your device!
What Trezor Offers
The Trezor wallet is a multi-currency wallet, meaning that it can store lots of different cryptocurrencies. This is great if you have a portfolio that contains a variety of cryptocurrencies, as otherwise, you would need to store each one in an individual wallet.
Getting Started with Trezor
There are three ways to setup your TREZOR:
- via their website,
- via their Chrome extension,
- via the command line.
Irrespective of type of setup chosen, the setup involves setting:
a. a PIN code
b. a device name and;
Follow this step by step guide to install and setup your Trezor wallet:
Connecting you Trezor
- Firstly you need to plug the Trezor wallet into your computer’s USB port. Once you do, the Trezor screen should show you an image of a lock and a website to visit.
- The webpage will give you further instructions on how to keep your Trezor wallet safe, before re-directing you to your wallet address.
Installing your Trezor Wallet
- Download the Trezor Google Chrome extension
- Install the Trezor firmware.
- Confirm that the “Fingerprints” on your Trezor match your onscreen images and click continue.
- Unplug and re-insert your Trezor wallet into your computer.
Personalising your Trezor
Give you the Trezor wallet a name and set a PIN.To Set up your PIN, (you will see matching images on your Trezor screen and computer screen). You will see randomly position of the numbers displayed on your screen, you need to enter the numbers you want on your computer. For example, if you want to choose “3,5,1,7, you would need to select the same position in the blank squares displayed on your computer screen. You will need to enter this twice, to ensure no errors.
Now that you’ve set up your PIN number, your Trezor hardware wallet will now display your 24-word backup phrase. It is really important that you write these down and keep them safe because if you ever lose your wallet or it is stolen, you will need this to recover your funds. You should have received a 24 lined piece of paper within the Trezor box, so you can write them down on that!
Your Trezor hardware wallet is now set up!
How to use the Trezor wallet
Receiving and transfering cryptocurrencies on the Trezor Wallet
- First, plug your Trezor hardware wallet into your computer device and then enter the PIN number you created earlier.
- Now you need to visit your Trezor wallet. This will either be via the Google Chrome extension or the software program you downloaded earlier.
- On the top left-hand side of the page, you will see a drop-down box. Select the cryptocurrency that you want to send to your Trezor wallet. Let’s use Bitcoin for this example, but there is also a Trezor Ethereum wallet and others within the same dashboard.
- Next, click on Receive at the top of the screen. You will now see your unique wallet address for the cryptocurrency you want to transfer.
- Copy the address and then go to the wallet where your cryptocurrency is currently stored. Simply paste your address in and then transfer the funds.You’re all set.
Depending on the coin you are transferring, it will take a few minutes to reach your Trezor wallet.
Sending funds from your Trezor wallet
Follow this guide to send crypto from your Trezer wallet to someone else.
- Open your Trezor wallet dashboard on your computer.
- From the drop-down list on the left-hand side, select the coin you would like to send.
- Next, click on Send at the top of the page.
- You will now be asked to enter the wallet address of the person you want to send the coins to, as well as the amount.
- Once you are happy with the information you have entered, click on Send and you’re done!
Pros and Cons of Trezor Hardware wallet
The Trezor wallet sells for $59 which is exactly on par with wallets such as the Ledger Nano S. (see our review)
Do not buy a second hand hardware wallet. Always buy new and directly from reputable source. Ensure packaging is close with seals for your full security!
How safe is Trezor Hardware Wallet?
Trezor provides top-notch security for bitcoin, protecting against both physical and virtual theft.
It’s a hardware wallet where you control the private keys, so an entire wallet can be backed up with the 24 words generated on setup. The original 24-word seed is generated using RNG from the device and the computer. The seed is generated offline and displayed on the wallet’s screen, which ensures that the seed is never on an internet-connected device.
A PIN code is required on setup, and required for spending. After each incorrect guess the wait between guesses is raised by a power of two. Making 30 guesses would take 17 years.
You can add a passphrase to the 24-word seed for extra security, which acts as a 25th word. You must remember the passphrase because the seed without the passphrase is not enough to recover the wallet. A passphrase offers more security, but if forgotten the wallet cannot be recovered.
You can recover the entire wallet with the 24-word seed and passphrase if used, in the event that your Trezor wallet is lost or damaged.
Trezor hardware wallet Review: Our Rating
To conclude this Trezor hardware wallet review, we found this to be an excellent wallet with regards to security with the option to recover your funds safely. The availability of 500+ cryptocurrencies is also excellent although you do have to plug into your computer to transfer and receive funds. It is also very competitively priced, probably the cheapest around and for the features it offers, it’s definitely a good buy for a cryptocurrency hardware wallet.