Trezor Wallet Review
If you are looking for the most secure way to store your crypto, you have probably discovered that you will want to purchase a hardware wallet. The top two on the market are Trezor and Ledger Nano S. While the Nano S wins in price – $69 USD (about 58 euros) to Trezor’s $117 USD (about 99 euros) – the Ledger Nano S is in such high demand that it is often on back order. So, if you are in a hurry to have one in-hand, you may want to pay a little extra. In addition, Trezor does have a few additional functions that may make it a better choice for some folks.
The Gold Standard for Hardware Wallets
Trezor was the first personal hardware wallet on the scene in August of 2014. Built by Czech startup, Satoshi Labs, it quickly gained a reputation for its security, quality and ease of use for people looking for a safe harbor from potential online wallet or exchange hacks.
Trezor actually means ‘vault’ in most Slavic languages including Czech, and it is apparent from its features that the name is well deserved.
Trezor fits in the palm of your hand, with a 128×64 pixel OLED display and two buttons on the front. It has a micro-USB port on the bottom that plugs into a USB drive, and it can also be used with some smartphones and tablets with an OTG cable. The only drawback for some people is the plastic casing. Although sturdy, some prefer the metal cover of the Ledger Nano S (check out our Ledger review here).
Like other hardware wallets, private keys are stored on the device, and you need a 4-digit pin to access your Trezor. However, it has two additional security features others do not offer. Trezor has a screen where you can visually confirm the address you are sending your transaction to, and the fee for the transfer, as well as pin randomization – every time you enter your 4-digit pin, the numbers on the screen scramble and change places (see pictures right above for an example of this).
Software and Use
The Trezor works with its own downloadable Chrome application. It is also compatible with several other applications, including MyEtherWallet. It is simple to setup and use, and it automatically offers firmware updates and guidance through the Trezor team, it’s tutorials, and their blog.
Trezor is not only a cryptocurrency wallet, it also offers the ability to use the device as a password manager, two-factor authenticator with services like Google, Dropbox or WordPress, and an encryption device to encrypt documents or emails.
If you lose your Trezor, or it is stolen or destroyed, as long as you have your 24-word recovery seed you were given at the time of setup, you can quickly and easily restore your wallet on a new device or application. In case you have not read this yet – whatever you do, DO NOT LOSE YOUR RECOVERY SEED. The internet is filled with tales of woe of thousands of bitcoins and ether inaccessible due to lost keys and passwords. Make two to three copies of your recovery seed, and keep them in separate, safe places.
Multiple Token Support
At the time of writing, Trezor holds not only Bitcoin, but Ethereum, Ethereum Classic, ZCash, Litecoin, Namecoin, Dodgecoin, Dash, Bitcoin Cash, Bitcoin Testnet and all other ERC-20 tokens via MyEtherWallet.
The Bottom Line
Trezor was the first of its kind and has an impeccable reputation in the community for being the go-to hardware wallet to trust. It is small but mighty, and not only offers safe storage, but the team has quickly been updating features and firmware to make it more portable for quick payments, with smartphone and tablet compatibility.
Its main competitor, Ledger Nano S is cheaper and has quickly caught up – some may even say, is surpassing Trezor with updates, and offering more and more cryptocurrencies as they are developed. However, Trezor offers two additional features – pin randomization and a bigger screen for transfer confirmations. Plus, Ledger Nano S is often on back order and can take several weeks to order and ship.
Whether it’s Trezor or Ledger, hardware wallets are convenient, easy to use, and secure. You can’t go wrong with either, and you will sleep soundly knowing your crypto-coins are tucked away in a safe place.
If you are looking for a hardware wallet, be sure to explore your options! Check out our Ledger Nano S review, and read a bit more about hardware wallets, so you are sure of what you are getting yourself into!