Trezor Wallet Review 2021

Despite the recent dip in Bitcoin (BTC) prices, people are actively investing in cryptocurrencies from around the world. The Bitcoin price dip in 2021 has surprisingly increased the adoption of cryptocurrencies. From Ethereum (ETH) to Litecoin (LTC), various cryptocurrencies are being purchased aggressively during this dip. However, one major concern in the crypto space today is the storage and security of digital wealth. This brings us to review Trezor, one of the most popular cryptocurrency wallets in the world. Being a hardware wallet, Trezor is widely used by BTC holders and people deeply invested in cryptocurrencies for the long run. The cold storage capabilities of the Trezor wallet have garnered several positive reviews. Cold wallets are becoming more acceptable due to the exceptional wallet utilities of Trezor products.

In this Trezor wallet review, different features and utilities of the hardware wallet will be discussed. This Trezor wallet review also explores the security features of the Trezor hardware wallet. It overviews the pros and cons of the Trezor Bitcoin wallet. With this Trezor wallet review, one can understand why they need to buy a Trezor wallet to store their Bitcoin wealth securely.

Trezor Wallet – Quick Summary

Before getting into the core Trezor wallet reviews, let us understand where this hardware wallet stands today. According to reports, more than 1 million Trezor wallets have been sold to date. These Trezor wallets have been primarily purchased for the crypto security features of the Trezor wallet software.

Compared to other hard wallets, Trezor wallet has widespread popularity among crypto enthusiasts and DeFi investors. More importantly, the premium Trezor Model T wallet is compatible with various hot wallets and digital cryptocurrency wallets.

Trezor Wallet Summary

Wallet name Trezor Wallet
Type of Wallet Hardware Wallet(Cold Wallet)
Coins Accepted 1500+
Native Token None
Linked Exchange No
Supported Hardware Wallet No
Supported Countries Most of All
Languages English
Charges Charges Transaction Fee
Mobile App No
Cloud Storage Yes
Cold Storage Yes
Customer Support Help Center

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Over the years, Trezor has evolved as a product line. The Trezor One software wallet has expanded its hardware features with Trezor Model T. This is a premium wallet, which is also called Trezor 2 wallet. Ledger Nano X is perhaps the only closest competition to Trezor Model T in the hardware wallets category.

In 2021, Trezor wallet will not be available at an affordable price. The growing cryptocurrency markets and their value surges have spiked the cost of Trezor hardware wallets. People are ready to spend more than $400 to buy these hardware wallets due to their security features. The market is becoming more suitable for Trezor, making this the perfect time to review this wallet.

What Is a Trezor Wallet?

To begin with, let’s find out the answer to “What is Trezor Wallet?” and understand this device better. Trezor is a hardware device that works as a cryptocurrency wallet. It is called a hardware wallet in the crypto space. The Trezor wallet offers the primary function of safely storing crypto money.

For example, private keys can be used to store Bitcoin and other cryptocurrencies in the Trezor wallet. Being one of the first crypto hardware wallets, Trezor is packed with the best blockchain security to control and protect access to Bitcoin and other forms of crypto wealth. Users can send and receive cryptocurrencies.

Trezor wallet was first launched in 2014 by SatoshiLabs. It is registered with this company in the Czech Republic. Being a hardware wallet, Trezor is designed to be safer than traditional software wallets or hot crypto wallets. Private keys are protected with their physical storage on this hardware device. By doing so, Trezor ensures that the private keys are not vulnerable to the online threats of mobile devices, desktop computers, and online web apps.

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In simple terms, Trezor wallet is designed to stay offline and never get connected to any internet server. Therefore, it is impossible to hack into Trezor wallets virtually. As a result, accessing digital funds with malpractices is not possible on the Trezor wallet.

Trezor Wallet Review – Features

Most Trezor wallet reviews reflect a common factor – this hardware wallet is feature-packed! Unlike other hardware wallets, Trezor wallets are designed with the best security and crypto support features. Every Trezor device offers some great UI features and support options. In this Trezro wallet review, features of the Trezor device have been compared with the pricing options.

UI Features

The Trezor hardware wallet has an easy-to-use interface. Unlike any other hardware wallet, Trezor Model T can help in managing different cryptocurrencies with its interface. The digital display helps in establishing physical access to the device. Trezor Model T has integrated the password management capabilities within the UI. The device has a stable password manager for being one of the oldest hardware wallets.

Trezor wallets support multiple cryptocurrencies, which is why the UI is dynamic in nature. For example, users can switch to a Bitcoin-only firmware UI, where the wallet is used exclusively for Bitcoin operations.

In terms of interface security, what keeps Trezor wallet secure is the exclusive security of Shamir Backup. This feature helps in creating nearly 16 shares of the user’s digital assets. These shares are quite useful for recovering crypto if the device gets lost. Trezor crypto wallet, therefore, keeps the user protected from any untoward incident that could damage the hardware wallet device.

When it comes to user convenience, Trezor UI has several in-wallet features. These in-wallet features are mostly incorporated with exchanges such as Coinbase and Binance. With the help of these in-wallet utilities, Trezor users can not only store their digital wealth of Trezor T devices but also transfer them to several popular cryptocurrency exchanges.

The UI of Trezor T has some simple HD wallet features, such as buying cryptocurrency using fiat currencies from decentralized exchanges. The Trezor Model T device can also help convert digital assets from one crypto to another within the hardware wallet.

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Premium Features

Similar to Ledge Nano X, there are several premium features offered to Trezor One and Trezor Model T users. One of the best features of the Trezor Model T device is the recovery seed. Trezor recovery seed is quite essential for storing high-value Bitcoin wealth. And as a new wallet, Trezor One has an in-wallet recovery seed. This is used by Trezor account holders to recover their digital assets when the device gets damaged, stolen, or lost.

In terms of operating system compatibility, the Trezor app can run the entire wallet feature on the desktop. The cold storage compatibility of this device is very similar to the Ledge Nano X crypto wallet. The wallet is compatible with Windows, macOS, and Linux platforms. Trezor supports the Android platform with the help of OTG support. However, there is currently no support for Trezor on the iOS platform.

In addition to these features, Trezor offers a documented mechanism that helps in communicating via wallet. The browser-based Trezor Wallet app can be used for communication. Trezor Bridge is also recommended for communicating with other devices and wallets.

Trezor wallet website has the complete guide to set up the Trezor software and the device. Managing the recovery seed is also easy with the web guide. Hardware-wise, the wallet requires a USB cable for connecting with desktop and other devices. Trezor devices have pin code specifications that are used while connecting with a USB cable.

Trezor Model T offers native support for Bitcoin transactions. It also supports multiple transactions for Bitcoin Gold, Bitcoin Cash, Dash, Litecoin, Dogecoin, Zcash, and Vertcoin. These are some of the popular cryptocurrencies supported by the Trezor Bitcoin wallet.

For everything else, the wallet does not support it. Hence, the user should buy another third-party wallet for other cryptocurrencies.

Besides the top-notch security, Trezor has a fairly intuitive access control process. The entire device can be handled as a key-sized device. It requires private key authentication to send or receive crypto funds. Similarly, the drop-down box of Trezor app software asks for 2-factor authentication. This two-factor authentication is configured to help Trezor Model T follow the Universal Second Factor (U2F) standard for the physical device. Furthermore, Trezor can be accessed with the FIDO2 security key. This key is supported with other Trezor wallet services as well.

To improve the web-based capabilities of the Trezor Wallet app, SatoshiLabs is extending the beta version across multiple recipients and supported browsers. A new desktop software application called Trezor Suite is likely to be introduced into the public beta.

Trezor Wallet Support Features

Trezor support features are extensive as the company has loads of educational resources. It is considered an online encyclopedia of cryptocurrency wallets. The majority of the support features are designed for Bitcoin and Bitcoin Cash transactions. The Trezor devices have an extensive FAQ section, which caters to several queries and offers resolute answers.

Trezor devices provide step-by-step documentation on helping users start the wallet and run it with the hardware. The troubleshooter tool in Trezor software is also useful to search for quick fixes to common issues.

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Trezor Wallet Pricing

At the time of this Trezor wallet review, the premium Trezor Model T device was priced at $170. This device is sold in the European countries at €160 or £125. In comparison to any other hardware wallet, Trezor One is available at a low price of $55. This app can be easily used on any Android device at €49.

Ledger Nano X is the closest rival to the Trezor Model T product. The SatoshiLabs company aims to tackle its premium competitor – the Ledger Nano X – by offering the new wallet device at $120. On the other hand, Ledger Nano S is a close competition to Trezor One, which is why the Trezor One device has been priced at $60.

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In addition to these devices, Trezor has another hardware competitor. The third most popular hardware wallet in this list is the KeepKey cryptocurrency wallet. KeepKey costs about $50. However, it fails to offer the security features like Ledger wallets and Trezor wallets.

Trezor Wallet Review – Supported Coins

Since its release, more cryptocurrencies are supported by Trezor wallets. Today, more than 1,500 crypto assets can safely be stored and transferred with the Trezor Model T wallet. SatoshiLabs is extending this list of supported cryptocurrencies every year.

The most popular cryptocurrencies on Trezor are Bitcoin, Bitcoin Cash, Litecoin, Tether, Dash, Ethereum, and Ripple.

Trezor Wallet Review – Pros and Cons

Pros Cons
The Trezor device comes with a color touchscreen. This helps in viewing the passphrase and assets easily. Trezor has faced an unauthorized access hack in 2017, which raises several concerns about its security features.
Trezor wallets are developed with open-source programming. There is no proprietary software tracking the digital wealth of users. Trezor wallet is relatively more expensive than Ledger and other peers.
Trezor wallet is relatively easy to set up and use. The wallet has mobile support for the Android platform only. Trezor wallet app for iOS is currently unavailable.
The wallet protects its digital assets with top-notch security.
The wallet supports nearly 1600 crypto coins.
SatoshiLabs provides constant firmware updates to keep the Trezor wallet protected with the latest crypto security protocols.

How to Setup the Trezor Wallet?

Trezor wallet setup is easy to follow. The package comes with a Trezor wallet device, Lanyard, USB Cable, Recovery Seed, and the Instructions manual.

Step #1

Plug the Trezor wallet into the computer with a USB cable. Use the latest USB port for establishing a high-speed connection. In this step, the Trezor touchscreen shows the logo and the website link. Click the link on the touchscreen.

Step #2

On the Trezor webpage, follow the further instructions on installing Trezor software from wallet.TREZOR.io.

Step #3

After installing the Trezor wallet, the hardware wallet can communicate with the blockchain ecosystem. Installing a Google Chrome extension can also help. In this step, one can download the software directly from the Trezor wallet website.

Step #4

Click on “Yes Install” and install the latest Trezor firmware.

Step #5

Ensure to check the “Fingerprints” on the Trezor hardware screen. Match those fingerprints to the ones on the computer screen.

Step #6

Click “Continue” and unplug the Trezor wallet from the computer.

Step #7

Re-insert the hardware wallet into the computer and click on the Trezor wallet login page – “wallet.TREZOR.io” again. Add a name to the Trezor wallet.

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Step #8

Create a PIN for the wallet. This is the most important step of the entire Trezor setup process.

Step #9

Go to the Trezor hardware wallet screen and select the new PIN.

Step #10

The position of numbers on the touchscreen is blank, but a corresponding number pad appears on the computer screen. Enter the four-digit PIN according to the numbers positioned on the computer screen. This is a complicated step, but it ensures that the PIN is safe from device hackers.

Step #11

Use the PIN number on the Trezor hardware wallet and note down the 24-word backup phrase. This step is crucial as the passphrase cannot be recovered again.

In this entire Trezor setup process, it is important that the user notes down the private keys, PIN, and passphrase on different pieces of paper and stores them securely.

How to Transfer Cryptocurrency to the Trezor Wallet?

After learning how to access the Trezor wallet, cryptocurrencies can be transferred from the wallet. Here’s how:-

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  • Plug the Trezor wallet in the computer and enter the PIN.
  • Visit the Trezor wallet website via Google Chrome extension and run the Trezor web software.
  • On the top-left corner of the web app, a drop-down box shows the choices of cryptocurrencies for selection. Select the cryptocurrency.
  • Click on “Receive” and enter the wallet address of the recipient.
  • Do not copy the wrong address as the transactions are irreversible. Click on receive and get the crypto transferred to the Trezor wallet.

Depending on the crypto asset, the wallet takes a few minutes or a couple of hours to register and reflect the transaction wallet.

Choosing a PIN code

One key tip on using the Trezor wallet is choosing a good PIN. Do not use the PIN: 1234. Instead, go for an integrated and shuffled PIN. Enter the PIN, which has numbers more relevant to the crypto assets. For example, the PIN could be the number of BTC assets held by the user, which is different from user to user. Although if you have any query about Trezor wallet check here.

Trezor Wallet Security Measures

In this review, the security features of the Trezor wallet are evaluated on the following four grounds.

Protected Key Operations 

All transactional operations where the user enters the private key and the public key for crypto transfers are protected with user authentication. Here, only the PIN is used for authentication.

Passphrase Support

The only alternative to PIN, if the user has lost the PIN, is the 24-key passphrase, which is used in rare cases.

Firmware Verification

The Trezor software has a bootloader that can validate the firmware signature. Without firmware verification, the user cannot access the Trezor wallet.

Backup & Recovery

The device has a Recovery Seed used for backup of digital assets. This backup tool is reliable and does not cause any mismatch between the asset figures.

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Trezor Wallet Products

The overall Trezor product line has two hardware wallets and one wallet software application.

Trezor One

It is the first HD (hardware) wallet by SatoshiLabs. Trezor One started the wallet series. It helps control the private keys, and the entire wallet gets an automatic backup after entering the 24-word passphrase. This 24-word recovery seed can be created with RNG, but if forgotten, the Trezor One wallet cannot be recovered.

Trezor Model T

This is the second offering in the Trezor product line. Trezor Model T is an advanced hardware wallet in the crypto market. It has a master access key for managing digital assets. It can store and also encrypt Bitcoin public keys for securing the passwords of exclusive crypto tokens.

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Trezor Bridge

It is a software application that enables communication between the Trezor hardware device, the computer, and the supported browsers. Trezor Bridge is an interface program that runs in the background. It is installed with the setup process.

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Does Trezor Wallet Hacked in the Past?

Despite having the most robust hardware security, Trezor has had some vulnerabilities in the past. In 2017, it was reported that a loophole in the Trezor security mechanism had helped hackers get access to the 24-word backup phrase and PIN. Luckily, the 2017 vulnerability was immediately fixed, and the stolen digital assets were recouped to the user by SatoshiLabs.

Such vulnerabilities are being fixed every day by the Trezor team. The team is actively ensuring that no device or software can get unauthorized access. Today, Trezor is 100% safe from such hackers, and there have been no vulnerabilities that could jeopardize the reputation of Trezor wallets any further.

Trezor Wallet Review – Customer Support

The Trezor customer support team is available online. However, for some users, the customer support facilities may take longer to reply. This is mostly when the customer service desk faces higher traffic than usual. After the initial response, Trezor agents help process the user requests and keep the wallet experience unscathed.

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The Trezor team also commits to its responsibility of protecting user data. Every order data gets removed within 90 days, which helps in minimizing the threats to Trezor customers.

The Trezor wallet support page has vast information on technical issues and their solutions. It helps in tracking common issues. The users can also fill the “Contact form” and get their query resolved by the support team.

Trezor Wallet Review – Final Thoughts

To sum it up, Trezor has a great identity in the world of crypto wallets. It is best used for storing Bitcoins and has multiple methods of protecting private keys. Trezor wallet has more advantages than disadvantages. Despite the 2017 hack, the wallet maintains a zero-instance record since then. Basically, this Trezor wallet review finds the hardware wallet worth storing crypto wealth.

After getting a good understanding of the Trezor wallet, the user can experience the difference between Trezor Model T and other traditional software wallets. For example, Trezor can score higher than Ledger wallets. Even so, the user must always keep the PIN and passphrase protected from physical leaks and online hacks.

FAQs

Here are the answers to some common questions raised while reviewing Trezor wallets. 

Is Trezor a Good Wallet?

Yes, Trezor is a reliable wallet in the cryptocurrency world. It is well-known for its security and is being used by more than 1 million crypto users globally.

Can a Trezor Wallet Be Hacked?

In 2017, one Trezor wallet was hacked. The PIN and passphrase of the wallet were hacked due to a firmware vulnerability. Since then, Trezor wallets have not been hacked.

What if I Lose My Trezor Wallet?

Every Trezor device has a Recovery Seed. The 24-word passphrase keeps backup of digital assets. With this passphrase and the device PIN, the Trezor user can restore digital assets into a new Trezor hardware wallet device.

How Secure Is Trezor?

Besides the general blockchain security, Trezor uses four ways to protect the crypto assets. Firmware verification, PIN-only authentication, passphrase recovery, and protected key operations ensure that the Trezor wallet is completely secure.

Is the Trezor Model T Worth It?

Despite the high price, Trezor Model T is better than several other hardware wallets. It is considered the best crypto hardware wallet in the premium category. Compared to KeepKey and Ledger wallets, Trezor Model T is certainly worth it.

How Much Does the Trezor Wallet Cost?

Trezor hardware wallets start at $71.99. However, older versions, such as Trezor One, come at $60 on selected online marketplaces.

Is Trezor One Safe?

Trezor One is safe but not as safe as Trezor Model T. Due to the upgraded firmware, Trezor Model T is safer than Trezor One.

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