Are you a cryptocurrency enthusiast, and have come here wanting to find the safest place to store your coins? Or are you thinking about buying a hardware wallet and would like to know if the Trezor wallet is the one for you?
Either way, this guide is going to tell you everything you need to know!
In this Trezor wallet review, I am going to explain what the Trezor wallet is and what it does. After that, I will then explore its advantages, as well as its disadvantages. This will also include a full analysis of the security features and the Trezor supported coins.
Then, if you do decide to go ahead to purchase it, I will also provide you with a step-by-step guide on how to set it up and how to send/receive coins, along with some helpful images to guide you through.
Anyway, let’s get started by finding out what the Trezor wallet actually is!
- Top-notch security
- A very well-known crypto wallet
- Holds a huge number of cryptocurrencies
- Constant firmware updates
- Has been subject to unauthorised access before
Table of Contents
- 1. Trezor Wallet Review: What is the Trezor Wallet?
- 2. Trezor Supported Coins
- 3. Trezor Wallet Advantages
- 4. Trezor Wallet Disadvantages
- 5. Security Overview
- 5.1. Limited USB Connection
- 5.2. Firmware Updates
- 5.3. Trezor Wallet Hacked?
- 6. How to Setup The Trezor Wallet?
- 6.1. How to Transfer Cryptocurrency to your Trezor Wallet?
- 6.2. How to Send Funds from your Trezor Wallet?
- 7. Conclusion
Trezor Wallet Review: What is the Trezor Wallet?
The Trezor wallet was the original cryptocurrency hardware wallet to be released. It is a hardware wallet that allows you to safely store, send and receive a wide range of cryptocurrencies. The wallet was first released in 2014 by a company called SatoshiLabs, which is located in the Czech Republic.
Being a hardware wallet, the Trezor wallet is much safer than traditional software wallets, as private keys are held on the physical device, rather than on a mobile or desktop computer. The wallet is never connected to an internet server, meaning that it is virtually impossible for a hacker to access your funds - a great point in this Trezor wallet review!
I’ll talk about the wallet’s security features in more detail later on. However, to give you an idea as to how popular it is, SatoshiLabs has sold over one million devices! The latest wallet of theirs is the Trezor T (Trezor 2).
The Trezor wallet does come with a price tag, though, so you will need to buy it. This means that, if you only have a small number of coins, it might not be worth the investment. On the other hand, if you have a significant amount, it most certainly is!
Trezor Supported Coins
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 cryptos, as otherwise, you would need to store each one in an individual wallet.
As of July 2020, the Trezor supports almost 1400 coins.
Trezor Ethereum wallet can store all Ethereum-based (ERC-20) tokens. This is great as there are hundreds (if not thousands) of different ERC-20 tokens available on the market.
Don’t forget, the Trezor team are always expanding on the amount of coins they support, so it is worth checking their official website regularly to see their new releases. If you send a cryptocurrency to your Trezor which isn’t one of the Trezor supported coins, then you could lose your funds forever.
Trezor Wallet Advantages
As you have probably gathered from other user Trezor wallet reviews, the biggest advantage of buying a Trezor wallet is that it is the safest way to store your cryptocurrency. To get a better understanding of why it is so secure, let me tell you how it works.
The first thing to consider is that your private key is always kept offline, meaning that it never has a direct connection to the internet. This is completely different from storing your cryptocurrencies on a desktop, mobile or web wallet, as hackers are always finding new ways to infect it with a virus or malware.
When it comes to accessing your Trezor wallet, whether that’s to send/receive coins, or even check your balance, you will need to enter your personal PIN number. Only you should know what this PIN number is, as you have to choose it when you first set up the device.
You are also given a backup passphrase which you MUST write down. If your Trezor wallet was stolen, you would be able to recover your funds by entering your backup phrase on to another device.
Although you might have heard of software wallets getting hacked all the time, the above feature make the Trezor wallet almost impossible to hack!
So, now that you know the positives of the Trezor Wallet, let’s have a look at some of its disadvantages.
Trezor Wallet Disadvantages
Firstly, it is important to remember that you will need to spend about $99 if you want to buy a Trezor wallet. So, if you hold below $1000 worth of cryptocurrencies, it is probably best to keep them in a free software wallet!
You also need to consider how often you plan on using the Trezor hardware wallet to make transactions. Every time you want to send funds, you will need to plug the wallet into your desktop device and then enter your personal PIN. This isn't exactly the most convenient way to access your cryptocurrencies. Admittedly, it's one of the main 'negative' points mentioned by user Trezor wallet reviews, too.
When it comes to user-friendliness, a hardware wallet like Trezor can be a little bit complicated for beginners, especially if they haven’t used a similar device before. This is why it is really important to read the instruction manual before using it, otherwise, you could make a mistake.
Overall, you have to consider what is most important. Is it security, or other features like cost, convenience, and user-friendliness? However, if you are holding a really large amount of coins, it is fully advised that you store them in a hardware wallet like Trezor.
So, now that you have an overview of the wallet’s advantages and disadvantages, next up in this Trezor wallet review, let's take a look at just how secure it really is. Is the Trezor wallet impossible to hack? Let’s find out!
The first question that people normally ask is “what if my desktop computer is infected and I plug in my Trezor wallet?”. Well, this is a really good point, so let me explain this in more detail.
Limited USB Connection
Think about the mouse you use to control your on-screen cursor. If there was a virus on the computer, could it affect the mouse? Absolutely not! Even though the mouse has the ability to interact with the internet (because it lets you click on different websites), it cannot be controlled by a virus or malware.
This is exactly the same as the Trezor Ethereum wallet. The wallet has something called a "Limited USB connection", which means that even if the computer device is infected, your cryptocurrency is completely safe.
Some user Trezor wallet reviews mention keyloggers. A keylogger is when a device is infected with a virus and it allows the hacker to get a copy of every single key that you enter on to your keyboard. They can then analyze everything that you type, in the hope that you reveal some private information, such as a password.
However, the way the team has designed the PIN number is that every time you enter a number, the order of the numbers changes. Take a look at the image below to understand what I mean:
As some Trezor wallet reviews have pointed out, that's surely one way to avoid having your PIN hijacked by a keylogger!
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!
Trezor wallet updates are not automatic though, so you will need to make sure you update it yourself when they are released. SatoshiLabs have released full instructions on how to do this, which you can view by clicking here.
Trezor Wallet Hacked?
However, as good as all of the above security features are, there was a reported vulnerability in the Trezor hardware in 2017. According to various crypto-experts, there was a way for hackers to access a person’s 24-word backup passphrase, as well as their PIN number.
Although the vulnerability has since been fixed by the Trezor team, it should be a reminder that in reality, no device is ever 100% safe from hackers. For full details on the previous vulnerability, click here to read the story.
So, now that you have a good understanding of the security features, what do you think about the Trezor hardware wallet so far? If you are looking to buy one (or you already have one), good - the next thing we'll cover in this Trezor wallet review is setting up and using the device!
How to Setup The Trezor Wallet?
When you first open the box, here is a list of all the items you should receive:Trezor wallet (1), Recovery seed (2), Lanyard (3), Instructions (4), USB Cable (5)
1. First things first, 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. To make things easier for you, click on the link here.
2. The webpage will give you further instructions on how to keep your Trezor wallet safe, before re-directing you to wallet.TREZOR.io. If, for some reason, it doesn’t re-direct you, click on the link above.
3. Now you will need to install the Trezor wallet, which will allow your hardware wallet to communicate with the blockchain. You can either install the Google Chrome extension, or download it directly on to your device. In my guide, I am going to use the Chrome extension.
4. You will now be asked if you want to install the latest firmware. Make sure you click "Yes, Install".
5. You will now be asked to check that the “Fingerprints” on your Trezor hardware screen match those displayed on your computer’s device screen. If everything looks good, click "Continue"(on your Trezor device).
6. Now you need to unplug your Trezor wallet from your computer and then re-insert it. Then go back to wallet.TREZOR.io.
7. You will now be asked to give you the Trezor wallet a name. This can be anything you like and it can always be changed at a later date.
8. It’s now time to set up your PIN, which is one of the most important parts of the setup process. On your computer screen, you will see the following image.
9. On your Trezor hardware wallet screen, you will see the following image.
10. This is where it gets a bit confusing. The position of the numbers that are displayed on your screen is random, which ensures that nobody can find out which keys you are pressing.
However, you need to enter the numbers you want on your computer. For example, if you want to choose “7,1,6,5”, you would need to select the same position in the blank squares displayed on your computer screen. You will need to enter this twice, which ensures you don’t make a mistake.
11. Now that you've set up your PIN number, your Trezor hardware wallet will 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!
That’s it! You’ve now set up your Trezor wallet! Let's move on to receiving your funds.
How to Transfer Cryptocurrency to your Trezor Wallet?
1. First, plug your Trezor hardware wallet into your computer and then enter the PIN number you created earlier.
2. Now, you need to visit your Trezor wallet. This will either be via the Google Chrome extension or the software program you downloaded earlier.
3. On the top-left side of the page, you will see a drop-down box. Select the cryptocurrency that you want to send to your Trezor wallet. I will be using Bitcoin for this example, but there is also a Trezor Ethereum wallet, and others within the same dashboard.
4. Next, click "Receive" at the top of the screen. You will now see your unique wallet address for the cryptocurrency you want to transfer.
5. 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!
Depending on the coin you are transferring, it will take a few minutes to reach your Trezor wallet. But that’s it! Continuing our Trezor wallet review, let’s look at how to send funds from your Trezor wallet to somebody else.
How to Send Funds from your Trezor Wallet?
- 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 "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 "Send"!
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If you have read this Trezor wallet review from start to finish, you should now have a really good understanding of what it is, what it does, and how it is different from traditional software wallets.
You should also have a good idea of the security features which make it so much safer than a desktop or mobile wallet. Even if your Trezor wallet is stolen, you can still recover your funds as long as you wrote down and stored your 24-word recovery password safely!
So, have you decided whether you want to buy the Trezor hardware wallet? If so, are you going to buy the Trezor or the latest Trezor T (or Trezor 2) model?
If so, please let me know how you get on with it!