The Trezor Wallet Details

Wallet name: Trezor Wallet
Coins accepted: Bitcoin, Litecoin, DASH, Zcach, Bitcoin Cash, Bitcoin Gold, Ethereum (and all other ERC-20 tokens), Ethereum Classic, Expanse, UBIQ, NEM, Namecoin, Dogecoin, Bitcoin Testnet and hundreds more.
Linked Exchange: n/a
Countries: Shipped worldwide
Languages: English (UK/US), Indian, Iranian
Mobile compatibility: Android and iOS-operated devices
Wallet Rating: 4/5
Wallet Type: Hardware

What is the Trezor Wallet?

The Trezor hardware wallet was first launched in the summer of 2014 as the inaugural hardware wallet for Bitcoin owners. It was the first to offer 100% secure cold storage of digital assets, whilst giving owners the flexibility of spending their crypto coins directly from their Trezor device.

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This key-sized hardware wallet is designed to hook up to desktop and laptop computers, as well as mobile and tablet devices via USB cable. As the Trezor stores private cryptocurrency keys offline and signs each transaction uniquely, it is capable of being wired up to even malware-infected computers for the safe transfer of assets when buying Bitcoin and other crypto tokens.

The brainchild behind Trezor was SatoshiLabs. This Czech-based firm has a proud history in cryptocurrency for championing innovation. Alongside Trezor as the original hardware for cryptocurrency wallets, Coinmap was also recently developed as the first merchant map for B2B banking.

Trezor Wallet features

Choice of coins

At the time of writing this Trezor wallet review, the Trezor website states that its hardware wallet provides support for 689 cryptocurrency tokens, including the following mainstream coins: Bitcoin, Ethereum (ETH) (and all other ERC-20 tokens), Ethereum Classic, DASH, Litecoin (LTC), ZCash, Bitcoin Testnet and hundreds more alternative coins. That figure is likely to continue to rise as hardware wallet adoption proves increasingly popular; particularly those with a high-value portfolio of cryptocurrencies.

Mobile & Desktop

Trezor’s wallet interface is accessible via desktop and mobile devices at wallet.trezor.io. It can also be connected to iOS and Android-operated mobiles and tablets via USB.

Operating systems

At the time of writing this Trezor wallet review, Trezor is designed to operate on both Windows and Mac-powered operating systems, with both Google Chrome and Mozilla Firefox offering full functionality of all Trezor features. It should be noted that other web browsers may be capable of operating the Trezor web interface, but none of these are guaranteed to provide full functionality by Trezor themselves.

Trezor fees

In terms of Trezor wallet fees, the only cost is the outlay of the device which is currently available to consumers from just €89. The most expensive model – the Trezor Model T + Cryptosteel – is available from €229, offering a damage-resistant vault for recovery seeds alongside the newest Trezor wallet.

Security

There is no doubt that Trezor’s hardware wallets offer unrivalled cold-storage security for leading cryptocurrencies, guarding against both digital and physical theft. As a Trezor wallet owner, you have 100% control over your private keys, with wallets capable of being backed up using a 24-letter recovery seed. This is generated offline via the in-built random number generator, ensuring the recovery seed is never visible to anyone via an internet-connected device.

Users must also set up a PIN code when setting up their Trezor wallet for the first time. On top of your 24-letter recovery seed, you can also provide an additional layer of security by adding a further passphrase, acting as the 25th letter.

Trezor customer support

Trezor assists users of its hardware wallets with low-level problems via its FAQs section. The Trezor Support Centre is the primary communication channel, but it also has an active Facebook page with its customer support team providing a swift response.

Pros and Cons of the Trezor Wallet

Pros

+ 100% cold storage
+ The original Bitcoin hardware wallet
+ Two-factor authentication (2FA)
+ Signs each crypto transaction uniquely

Cons

– Still experiences security attacks through its firmware
– Not hierarchical deterministic

Guide to Opening a Trezor Wallet

–  Click ‘Get your Trezor’ to be taken to the Trezor online store and purchase your wallet.

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–  Download the ‘myTrezor’ browser plugin.

–  Activate your plugin and choose a PIN and write down a randomly generated recovery seed.

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–  Start receiving Bitcoins by getting your first Trezor Bitcoin address.

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Is the Trezor Wallet a scam?

It’s completely natural to ask yourself “Is Trezor wallet safe?” Fortunately, our Trezor wallet review is here to allay any fears about its legitimacy. As the original hardware wallet for Bitcoin, there is no doubt that Trezor has the best interests of cryptocurrency investors firmly at heart. Satoshi Labs is a wholly reputable development firm and is recognised as a pioneer in the crypto space.

Although it is not a scam, those asking “is Trezor wallet safe?” will be keen to hear that the wallets have been subject to firmware attacks by cyber-attackers in the past. Trezor was forced to unveil a new firmware security update 1.5.2 to eliminate all known vulnerabilities of its system. At the time of writing, Trezor says that the likelihood of such an attack happening again is very slim or almost impossible.

A better alternative to the Trezor Wallet

As we’ve just alluded to in the section above, the Trezor wallet is not immune from cyber-attacks. If you want to invest in cryptocurrencies without having to physically own and store your digital assets, you might be better served by using a broker. The world’s leading social trading community, eToro, allows its members to trade the price moves of the leading cryptocurrencies by placing contracts for difference (CFDs) orders.

For argument’s sake, let’s say that you were interested in trading the price of Bitcoin. If you believed the price of Bitcoin was likely to go up, you would place a ‘buy’ CFD order. If you thought the price of Bitcoin was likely to drop, you would place a ‘sell’ CFD order. You would take the profit or loss between the price you bought or sold Bitcoin at and the price you close the trade. Signing up to eToro is by no means a no-risk investment opportunity, but by applying stop losses and take profit orders you can control the risk. More importantly, eToro is a well-regulated trading platform, with the UK’s Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC) both regulating its services. It’s therefore a safe alternative to Trezor, without the need for a cryptocurrency wallet.

Overall, the Trezor hardware wallet is the best cold storage option for cryptocurrencies; particularly for individuals with high-value digital assets such as Bitcoin. Although Trezor has been the victim of some cyber attacks in the past, it appears driven to weed out the possibilities of future attacks. Of course, if you’re not prepared to take that risk, make sure you read our eToro review for the full benefits of cryptocurrency CFDs.

The Trezor Wallet FAQs

How does the Trezor wallet work?

Bitcoin’s protocol works by transmitting signed notes of payment electronically via the internet. Each payment is authored individually with a unique and special algorithm. To sign each Bitcoin payment, a unique password or key must be assigned. A Trezor wallet stores that password or key. Trezor is designed to help owners of cryptocurrencies to securely sign transaction messages on the Bitcoin blockchain. In other words, Trezor works as a 21st century stamp, providing essential validation for every user.

How many browsers does the Trezor wallet currently support?

At the time of writing, Trezor wallets support the leading web browsers, Google Chrome and Mozilla Firefox. Although other web browsers are likely to be usable, Trezor is unable to provide a full guarantee regarding their functionality when interacting with a Trezor hardware crypto wallet.

How many crypto wallets are compatible with Trezor hardware?

There is an ever-growing list of cryptocurrency wallets that can be used in conjunction with a Trezor hardware device. The most popular are the Trezor wallet and Mycelium. Other supported wallets include Electrum, Electrum-DASH and Etherwall.

Which cryptocurrencies are currently supported by the Trezor wallet?

At the time of writing, the cryptocurrencies that the Trezor wallet supports are as follows:

Bitcoin
Litecoin
DASH
Zcash
Bitcoin Cash
Bitcoin Gold
Ethereum
Ethereum Classic
Expanse
UBIQ
NEM
Namecoin
Dogecoin
Bitcoin Testnet
And hundreds more

What makes the Trezor wallet different from other crypto web wallets?

If you currently store any cryptocurrency in a traditional web-based crypto wallet, your digital assets are wholly at risk of being stolen by cyber-criminals. Web wallet password keys have been known to be accessed by cyber-hackers, while entire web wallet servers have been known to be attacked by cyber-criminals, with all users at risk. If you store your coins offline in a Trezor hardware wallet, this simply cannot happen.

Are there any compatible crypto wallets with the Trezor recovery seed?

In the event your Trezor hardware wallet is not accessible, it is still possible to retrieve your cryptocurrency stored within it via your unique recovery seed. This can be used in conjunction with a compatible wallet such as Mycelium or Electrum to help you recover your digital assets safely.