Exchanges and other online trading platforms are susceptible to attacks, which is why it’s important to keep your crypto safe at all times. With an offline hardware wallet like Trezor, you can do just that. We’ll tell you all about this high-quality hardware wallet in our Trezor wallet review.
What is a Trezor Wallet?
Before we get too far into our Trezor wallet review, let’s answer the question What is a Trezor Wallet? Simply put, a Trezor wallet is a hardware wallet that holds digital assets, including Bitcoin. It’s a physical device designed specifically to hold your cryptocurrency and keep it secure.
The wallet keeps your crypto assets safe by using private keys only available to the user. This and other security features make Trezor one of the most secure wallets on the market. Plus, with the Trezor wallet, users can send and receive crypto anytime they want.
SatoshiLabs first launched its Trezor wallet in 2014. Based in the Czech Republic at the time, Trezor has since grown into one of the most well-known hardware wallet companies in the world. The company designs its wallets to protect user funds by using proprietary software with offline hardware.
Private keys are provided and unique to each device to ensure all user assets are protected. With the use of a physical device, Trezor is ensuring that digital assets are not susceptible to online threats associated with web applications, mobile devices, or desktop computers.
Simply put, Trezor is a hardware wallet designed to remain online. If your Trezor wallet is offline, the only way to lose your crypto is if someone physically takes your wallet from you and forces you to give them the information to open it. That’s it.
Included with the wallet
Your Trezor hardware wallet comes in a small container that’s protected with a holographic decal that warns you to reach out to Trezor’s support team if you believe the box may have been tampered with.
Inside the box, you’ll find the following items:
- Trezor hardware wallet
- USB cable
- Instruction manual
- Small lanyard
- Color touchscreen
- Open-source programming
- Easy to set up and use
- Offers top-tier security and protection
- Supports nearly 1600 coins
- No iOS support at this time
- Experience an unauthorized access hack in 2017
- More expensive than its counterparts
Who should use a Trezor hardware wallet?
If you buy, sell, trade, or hold cryptocurrency, it might make sense for you to use a Trezor hardware wallet. Mostly because this type of device helps protect your digital assets. For instance, hardware wallets make it more difficult for hackers and scammers to access your cryptocurrencies since they’re kept offline.
For those who don’t plan to hold onto their crypto over the long haul, buying a hardware wallet may not make sense. Especially since Trezor wallets aren’t cheap. Plus, hardware wallets aren’t as convenient as online/web wallets that are always online.
Things to Consider Before Buying:
As you’re looking for a hardware wallet, you might take a moment and consider the following before making a final decision.
Before you purchase a hardware wallet, you want to be sure it works for your needs. You’ll want a device that’s durable, reliable, and supports the digital currencies you hold or want to hold. This means choosing a hardware wallet that offers support for a wide range of cryptocurrencies; that way, you don’t have to deal with remembering which wallet goes with which coin or token.
Backup and restore
As you know, there is no such thing as a one-size-fits-all wallet for cryptocurrencies. For example, some crypto wallets require you to store your wallets on their site, while others let you manage your own private keys. Since your funds could be lost at any time, the best thing to do is keep them in separate places. However, if you do keep them in one place, it makes sense to use a hardware wallet that offers backup and restore capabilities.
Easy to use
Many hardware wallets are fairly intuitive. They typically have an easy-to-understand walkthrough guide that takes the user step-by-step through the interface. However, there are times when you’ll have to pay extra if you need support. That means if you’re purchasing a complicated device, you might need additional help.
On the other hand, if you find a hardware wallet with an easy-to-use interface, you won’t run into many issues. This is also true if you regularly send and receive cryptocurrency or are comfortable using advanced features like two-factor authentication. The last thing you want is a clunky and challenging interface making things harder than necessary.
One of the most important features to consider for your crypto hardware wallet is security. Your crypto will only be as safe as the wallet you choose. That’s why you want to find one that requires you to use security features like two-factor authentication. You’ll also want to make sure the device you’re buying comes from a reliable source.
No matter what, don’t buy devices that don’t have a name on the box. It’s not worth your entire crypto portfolio to save $20. If something goes wrong, there’s a good chance you won’t be able to recover any of your funds. Look for the name of a reputable hardware wallet company – like Trezor – before pulling the trigger.
The design of the hardware wallet is one of the first things you’ll notice. Trezor and other hardware wallet companies put a lot of thought into how to keep your crypto wallet discreet. This is why many look like USB drives or everyday household items. On the other hand, some are designed to stand out coming in gold plating or other loud colors.
Most are small enough to fit on your keychain so you can have your hardware wallet with you wherever you go. Some have OLED displays, while others use buttons. Personal preference is important when selecting a hardware wallet, but you also want one that’s reliable and sturdy, especially if you’re planning on taking it with you everywhere you go.
Last on the list of factors to consider is speed. This includes how easy it is to navigate the interface to perform the actions you want to perform – like sending and receiving cryptocurrencies. Speed isn’t critical, but if it’s important to you, you can look for a hardware wallet with higher specs, such as more RAM.
Features & Benefits
Trezor ranks among the best hardware wallets in the market because it offers plenty of features and benefits to its users. This sophisticated unit offers advanced capabilities and functionality that keep it ahead of its competition. Here are some of the features you can expect to enjoy with a Trezor hardware wallet.
Supports a wide range of cryptocurrencies
With a Trezor hardware wallet, you’ll have the ability to store hundreds of cryptocurrencies. As a matter of fact, Trezor is far and away the leader in this category, which is just one of many reasons it’s so appealing to crypto investors who hold more than one digital asset.
Trezor offers a monochrome display on its hardware wallet, which makes it easy to see what you’re doing from the device itself. The two buttons on the unit also make navigation simple and intuitive.
Great for beginners
Trezor is a company that makes its hardware wallets easy to use, even for beginners. The device comes with a step-by-step guide that walks users through how to use the device. Plus, Trezor provides several online guides that help users if they run into trouble.
When you set up your Trezor wallet, you’ll need to set up a PIN or passphrase that only you will know. Plus, the device will ask you to increase security through a recovery process that creates a back up of your wallet.
Users who buy a Trezor hardware wallet have the option to download a password manager application. With this application, you can keep an organized list of all your important accounts and passwords.
Trezor offers a two-factor authentication program that protects user information for a variety of online platforms and services.
If you run into problems with your Trezor hardware wallet, you’ll have access to a support team. You can reach out to them anytime, day or night, to get the answers you need. Plus, the company also has articles, videos, and other helpful tutorials available on its website.
Trezor includes a feature in its bootloader that verifies its firmware version. The device scans the firmware, which is signed by SatoshiLabs, thereby telling the wallet that it’s legitimate.
Public and private key security
Your public and private keys – which are very sensitive information – can only be accessed when you enter your authentication PIN into the device.
Backup and recovery
Another feature offered by Trezor is its backup and recovery capabilities. With this, you’ll get a mnemonic seed phrase that you keep offline – some people keep these in a notebook. If your wallet is lost, stolen, or destroyed, you can use this phrase to recover your funds. With the seed phrase, your entire wallet is restored, along with all your cryptocurrency.
Trezor hardware wallets are sealed with ultrasonic welding. This means it’s incredibly difficult to restore the device if someone tries to physically break into it.
Bootloader with write protection
Trezor is known for its security, which also extends to the software on the device. That’s why the company created a bootloader that offers write protection so unauthorized software can’t be written to it.
One of the key features of hardware wallets is their offline storage capability. With the Trezor wallet, all your cryptocurrency is kept offline, which means it’s not accessible by hackers, crackers, and scammers. This is also called a cold storage wallet.
All your backups are kept offline since you’re supposed to keep your seed phrase separate from your hardware wallet. That means if your hardware wallet is destroyed, lost or stolen, or you forget your PIN, you can restore your wallet anytime by simply entering your seed phrase onto another Trezor hardware wallet.
Enhanced privacy and anonymity
You’re not required to give the hardware wallet any personal information when using it. You don’t have to confirm your identity or provide any documentation to verify you are who you say you are. Plus, the wallet isn’t tied to a database, which means there’s nothing that binds the device to you other than your digital assets. With the Trezor hardware wallet, you can remain completely anonymous while protecting your privacy.
As you can see, Trezor hardware wallets offer a bevy of features and functionality, including security and privacy. Hardware wallets are great if you want to protect your funds by storing them offline. They also provide anonymity if you prefer not to give personal information when using your wallet. Overall, Trezor is an excellent wallet for storing and protecting your digital assets.
Here are some commonly asked questions about the Trezor hardware wallet.
Is Trezor a cold wallet?
Yes, Trezor wallets are cold wallets. These wallets are designed to store your cryptocurrencies offline, which keeps them safe and more secure than their online counterparts. Most wallets for cryptocurrency are software wallets, which means they’re connected to the internet and susceptible to hackers and other bad actors.
How does a Trezor wallet work?
Hardware wallets, like Trezor, store your digital assets on an offline device. With your Trezor wallet, you have access to the network on which your crypto is stored. You then use your private keys to access your digital assets or verify your balance.
What if I Lose My Trezor Wallet?
All Trezor hardware wallets come with a recovery seed. This is a 24-word phrase that allows you to back up your cryptocurrency offline. With your seed phrase, you can recover your digital assets should you lose your device or it gets stolen.
How Secure Is Trezor?
In addition to the security you get with blockchain technology, you’re also getting plenty of protection from the Trezor hardware wallet. All wallets include PIN authentication, firmware confirmation, seed phrase recovery, and two-factor authentication to ensure your Trezor wallet has the security it needs.
Can Trezor wallet be hacked?
Trezor wallet has been hacked before, once in 2017. A vulnerability in the wallet’s firmware allowed for the passphrase and the PIN to be hacked. Since that time, Trezor has fixed the issue, and additional wallets have not suffered an unauthorized hack.
Can Trezor be used with iPhone?
Unfortunately, none of the Trezor hardware wallets support the iPhone at this time. However, you can connect multiple Trezor models to your Android phone.