TREZOR Wallet Review
Before we start with the TREZOR Hardware Wallet review we’ll go over briefly what a hardware wallet is.
Hardware wallets are without a doubt the best way to store your cryptocurrency. They provide a form of cold storage that allows you to keep your Bitcoin or altcoins safe for long periods of time. They allow you to send and receive cryptocurrencies from any computer, even if it’s infected with malware. They do this by securing your private keys offline on the device. In addition to this they generally have a small screen that is used to sign transactions and complete other features. All this means that even if someone was to gain access to any of your accounts or your computer, they would also need the hardware wallet to complete any transactions. Most hardware wallets also include a pin number to help secure the device if it ever falls into the wrong hands.
Overall, hardwares wallets are a must if you’re looking to store cryptocurrency long term. Today we’ll take a look at the TREZOR hardware wallet, a competitor to the Ledger Nano S and the KeepKey wallets, and tell you everything you need to know about buying a hardware wallet.
The TREZOR wallet was the world’s first hardware wallet. It was first launched in August 2014 by a new company called SatoshiLabs that are based in the Czech Republic. The word TREZOR actually roughly translates to “Vault” in many Slavic languages, including Czech.
The TREZOR is a small car key sized device that allows you to securely store your cryptocurrencies offline. It can also sign transactions and more with the TREZOR. What makes the TREZOR somewhat unique is that it addition to offering a standard cold storage that all hardware wallets are capable of, it can also function in a similar way to a hit wallet with the same convenience that hot wallets offer.
What’s included with the TREZOR
The first thing you’ll notice when you receive your TREZOR is that it comes in a sleek, tamper proof box. This is very important as it’s the only way to guarantee that your TREZOR is a new and untouched wallet is for it to have a tamper proof seal. Inside the box, you’ll find:
- TREZOR hardware wallet – In one of three colours – black, grey or white
- TREZOR keyring and lanyard
- Short USB to micro USB cable
- 2 recovery phase cards to write down your recovery seed
- User manual
- 2 TREZOR stickers
As the TREZOR was the very first hardware wallet, it created a lot of the features that many of the current hardware wallets now have. For example, simply keeping the wallets private keys completely offline.
But what the TREZOR also features is multiple wallet addresses. This is useful as it allows you to generate as many public addresses as you want. This means you can send and receive payments between many wallets all from a single hardware wallet.
A great feature of the TREZOR is that there has been some integration with some crypto exchanges such as Binance using the TREZOR Connect API. This allows users to fairly trivially integrate their TREZOR with an exchange to allow the creation of fast orders and automated withdrawals.
Other features include an alternative to usernames, passwords and even 2 factor authentication with the TREZOR passwordless login. This uses the same TREZOR Connect API and allows users to use the device as the login token. Add this to the ability to integrate with password managers like WordPress, Google and Dropbox and the TREZOR becomes a comprehensive solution to protecting online accounts and passwords.
There is also a passphrase feature that adds a 25th word to your 24 word recovery seed.
User Interface and Design
The TREZOR looks very much like an electronic car key. It’s made from plastic and has a fairly small screen of size – 128 x 64 pixels. There are two buttons on the from and the USB port on the bottom. The TREZOR doesn’t have a battery and is only powered by the USB cable.
The design is ok. It looks fine and the two buttons keep most of the processes simple. The plastic feels a bit cheap and in comparison to the KeepKey or even the Ledger Nano S, the TREZOR is way behind in looks and build quality. But that doesn’t mean much as the main purpose of a hardware wallet is its ability to securely and easily store cryptocurrency.
The initial set up of the TREZOR requires roughly 10 minutes of jumping through hoops to set the thing up. This is relatively simple and should be easy for anyone new to crypto wallets. It requires the creation of a 6 number pin and then it will tell you your recovery seed that needs to be written down. This will require the use of a Chrome extension, or the myTREZOR.com website to set it up. The Chrome extension can be used if you’d like to set up your device offline. We’d recommend this is you’re conscious of your privacy and want to take every step to ensure you secure your crypto.
Sending and reieving coins is fairly simple and very secure. You will need to use the software to choose what, how much and where you want to send your crypto. Then use the wallet to confirm.
The overall ease of use of the TREZOR’s user interface is good. It’s simple enough and the user manual and TREZOR website provide all the help you’ll need. There are a lot of security options that may seem a little overwhelming to beginners so we’d recommend reading through the TREZOR website to get a good idea of what you want to do to reduce the risk of mistakes being made.
TREZOR Supported Coins
At this moment the TREZOR supports the following coins:
- Bitcoin Cash
- Bitcoin Gold
- Ethereum (+ all ERC-20 tokens)
- Ethereum Classic
- Bitcoin Testnet
ERC-20 tokens are built on the Ethereum blockchain and require the use of the MyEtherWallet online wallet. Examples of ERC-20 tokens that work with the TREZOR are:
The TREZOR hardware wallet is one of the most popular hardware wallets available today and for good reason. The experience of the the team at SatoshiLabs shows as they have produced a great wallet that is updated regularly.
Despite a few small issues, such as the cheap feel and small screen the TREZOR has enough features that are easy to use and is secure enough to be worth your money.
Check the latest price of the TREZOR on Amazon.