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Trezor Wallet is one of the most secure hardware wallets available. Developed by the Satoshi Labs, Trezor is actually made up of two different wallet models; Trezor One and Trezor Model T. The main difference between the two variations is that Trezor Model T makes use of a touchscreen for its operations whereas the Trezor One uses two physical buttons. Trezor was the first-ever Bitcoin wallet used to keep cryptocurrencies in offline storage.
Both Trezor One and Trezor Model T are provided with a display to view the status of your transactions. Since the device is powered via USB, no battery is embedded within it. Trezor One is available in two colours: White and Black. The price of Trezor One is approximately €83 whereas the Trezor Model T costs around €180. It is highly recommended to buy the device directly from the Trezor website. Based on the Cointelegraph news report, it was found that fake Trezor devices had been sold on the marketplaces such as eBay and AliExpress by untrustworthy sellers.
Just like the Ledger Nano S, Trezor is also a multicurrency hardware wallet which can be used to store Bitcoins, altcoins and the majority of ERC20 tokens. It provides additional security features like passphrases to protect the funds of its customers. By using the Trezor Manager application, the wallet can be used on android devices as well. Currently, the app cannot be used to send/receive payments but can be used to initialize or set up the device.
The Trezor Model T wallet supports 1180 coins, whilst the Model One supports fewer coins. The most popular ones include:
Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Stellar (XLM), Litecoin (LTC), Dash (DASH), Ethereum Classic (ETC), NEM (XEM), Zcash (ZEC), Bitcoin Gold (BTG), Dogecoin (DOGE), VeChain (VEN), Decred (DCR), Qtum (QTUM), DigiByte (DGB), ICON (ICX), Zilliqa (ZIL), Bytom (BTM), Aion (AION), Bitcoin Private (BTCP), GoChain (GO), Iconomi (ICN), Nectar (NCT), Vertcoin (VTC), Lisk (LSK), Bancor (BNT), Monacoin (MONA), Thetrea Token (THETA), Genesis Vision (GVT) and Kin Foundation (KLN)
Ripple (XRP), Cardano (ADA), Monero (XMR), Tezos (XTZ), for example, are only supported by Model T.
To see the full and updated list of coins and tokens supported by Trezor wallet (both models), click here.
Both Trezor One and Trezor Model T can be connected to a computer via USB. The operating systems compatible with the device are: Windows (7 and higher), MacOS (10.11 and higher) Linux and Android OS.
When you receive the package from Trezor, he must ensure that the box contains the following:
Apart from that, you should check that the holographic seal is intact and sits tightly over the USB port of the Trezor Wallet. In addition to this, be sure to look out for the mark once the sticker is removed from the USB port. In case you find anything strange with the holographic seal you should contact Trezor’s support center right away. In such an instance, do not use your device and do not store any funds. Apart from the packaging tamper-evident hologram, Trezor also uses software to protect you from tampering.
For security reasons, the Trezor Wallet is shipped as an empty device and it becomes the sole responsibility of the user to install the latest firmware. To do so, follow these steps:
If your device is pre-loaded with any firmware, then you should contact the Trezor Customer Support immediately as it would most likely be a tampered device.
Before using your Trezor Wallet, you must first set the PIN code and note down the recovery seed.
Screenshots are shown for illustration purposes only. Actual product may vary.
To easily identify the device, Trezor allows the users to create a unique name (up to 16 characters are allowed) for the device. It will be especially useful for those who have multiple Trezor devices.
Follow the below steps to receive coins or tokens on your Trezor wallet.
For better privacy, it is highly recommended to use a new receiving address for every transaction. Once the funds are received on your wallet, it will be reflected in the ‘Transactions’ tab.
To send any digital asset stored on the Trezor Wallet, follow the steps below:
Congratulations! You have successfully sent funds out of your Trezor Wallet. To view the status of the transaction, click the ‘Transactions’ tab on the Trezor Bridge software.
Passphrases are recommended only for advanced users as the concept might be confusing for novice traders to understand. Let’s imagine that you have a substantial value stored in your wallet account. After creating a passphrase, you have unplugged the device and entered a new passphrase once the device is re-plugged. Then, decide to send minimum funds to a second account. In case someone threatens the user to reveal the credentials for the account, then the user can share only the details for the second account so that funds in the primary account will remain safe. This is called multi-passphrase encryption or hidden wallets.
Trezor Wallet (only Trezor One) uses the concept of the Blind matrix so that the users can enter the PIN even on untrustworthy computers. How? On the computer, the keypad will be shown as a 3×3 matrix with dots instead of the actual numbers, which will be shown only on the Trezor device. The number pattern will change every time the user tries to enter the PIN. For example, if ‘3’ is shown in the first row, then it will be shown in a different row when the user enters the PIN for the next time or so. This feature will prevent hackers from stealing the customer’s PIN using keyloggers or other techniques, thereby providing the utmost safety for the customer’s funds.
The Model T makes use of FIDO2 authentication, which offers the only security key with a touchscreen display. This security protocol contains three authentication types, namely:
Through the use of FIDO2, the Trezor Model T is considered to be one of the safest cold storage cryptocurrency wallets in the world.
For further protection, Trezor also allows the users to set up multiple passphrases to create multiple wallet accounts and hide them from others. Even if someone steals your recovery seed, passphrases will help to protect your funds from the hackers.
Trezor allows the users to recover the wallet in case it is misplaced, stolen or broken, by entering the recovery seed. To do this, follow these instructions:
The recovery seed is also used to reset the PIN code in case it is forgotten. Hence, it is highly recommended to keep your recovery seed in a secure place.
If your recovery seed is lost or stolen there is now a solution, however, you must have the Trezor device which has access through this seed. With the device in hand, follow these steps:
Generally, investors feel that the customer support of Trezor is good. Their official website has a detailed user manual which clearly explains the procedure to send or receive cryptocurrency payments. Some users have reported difficulty in finding the hidden wallets after creating the passphrases, according to a Reddit forum. Hence, be careful when setting up the Multipass Phrases procedure.
Overall, the Trezor Wallet is a very good hardware option to store a large number of coins and tokens.
Both Trezor and Ledger Nano S are hardware wallets which are used to secure crypto assets offline. Even though both these devices have almost similar features, there are few differences between the two. For example, Trezor wallet supports touch screen (Trezor Model T) whereas Ledger Nano S used only physical buttons. Both the devices support a good number of coins and tokens by allowing integration with other wallets. Regarding the price, they are both in the price range of €80 to €100.
They both offer Multiple Passphrase encryption. The biggest advantage Ledger has over Trezor, is that the Nano S, supports Ripple and Cardano, while for Trezor, you need to get the Model T which then costs €120. Having said that, for that price you’d be getting the touch version. Additionally, the Ledger Nano S comes in multiple colour options which we think look phenomenal.
Trezor supports touchscreen as well as physical buttons whereas KeepKey has only one button to control the entire operation of the device. The display screen of KeepKey is slightly bigger than Trezor One and Trezor Model T. Both devices are easy to configure using their own proprietary software and offer extreme security to the customer’s funds. Trezor supports a larger number of coins and tokens than KeepKey. Regarding the cost, there is only a slight difference between the two wallets as they cost almost the same amount.
Portability – 4.8
Security – 4.8
Ease of use – 4.0
Cryptocurrency Support – 4.5
Trusted by both novice and professional traders to secure their digital assets, Ledger Nano S is the most popular and secure hardware wallet.
Launched back in 2015, now run by the ShapeShift exchange, the KeepKey Wallet is one of the oldest and most secure hardware wallets.