Trezor Wallet is one of the most secure hardware wallets developed by the company Satoshi Labs. In fact, it was the first ever Bitcoin wallet used to keep the cryptocurrencies in an offline storage. Trezor Wallet is available in two models: Trezor One and Trezor Model T. The main difference between the two models is that Trezor Model T makes use of a touchscreen for its operation whereas the Trezor One uses two physical buttons.
Both Trezor One and Trezor Model T are provided with a display to view the status of your transactions. Since the device is powered by the USB port, a battery is not required for its operation. 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 is found that fake Trezor devices have been sold on the marketplaces such as eBay and AliExpress by untrusted sellers. Source: cointelegraph.com
Like 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.
Trezor wallet supports 700 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), Kin Foundation (KLN)
Ripple (XRP), Cardano (ADA), Monero (XMR), Tezos (XTZ) – Supported only by Trezor Model T.
To know the full list of coins and tokens which are supported by Trezor wallet (both models), click here.
Both Trezor One and Trezor Model T can be connected to the computer via a USB port. The operating system compatible with the device is Windows (7 and higher), MacOS (10.11 and higher) Linux and Android OS.
Once the user receives the package from the manufacturer, he must ensure that the box contains the following :
Apart from that, the user should check that the Holographic seal is intact and sits tightly over the USB port of the Trezor Wallet. Also, the user should see mark once the sticker is removed from the USB port. In case the user finds anything wrong with the Holographic, then he should contact the Support Center right away. Apart from the packaging temper evident hologram, Trezor also uses software to protect you from anti tempering.
For security reasons, the Trezor Wallet is shipped as an empty device and it becomes the responsibility of the user to install the latest firmware on the device. To do so, follow the steps below:
If your device is preloaded with any firmware, then you should contact the Trezor Customer Support immediately as it is most likely a tampered device.
Before starting to use the Trezor Wallet, the user must set the PIN code and note down the recovery seed.
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 to someone, follow the steps below:
That’s it. Congratulations! You have successfully moved the 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 will be confusing for the novice traders to understand. Let’s imagine that the user has stored huge funds on his wallet account. After creating a passphrase for that account, the user has unplugged the device and entered a new passphrase once the device is replugged. Then, the user sends minimum funds to the 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 the 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 untrusted 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 the hackers from stealing the PIN of the customer using keyloggers or other techniques thereby providing the utmost safety for the customer’s funds.
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. Without a recovery seed it is not possible to replace or restore your Trezor device (both Trezor One and Trezor Model T).
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.
Generally, the 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/receive the cryptocurrency payments. Some users have reported difficulty on finding the hidden wallets after creating the passphrases on Reddit forum. Hence, be careful on when setting up the Multipass Phrases procedure. To conclude this review, 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 supports 712 currencies vs the 700 supported by Trezor and 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 the 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.