Gadget Review: Trezor Crypto Wallet
Cryptocurrency hardware wallets are enjoying a golden age. There is yet to be a hacking incident on a hardware wallet. The best-rated hardware wallets enjoy great support from users. So far, these wallets have proved to be valuable assets. But in spite of there being more than 5 major cold wallets, the Trezor wallet and Ledger Nano S are the most popular.
Trezor came before Ledger and has fairly better popularity among Bitcoin’s first adopters. Ledger, on the other hand, was the best rated hard wallet of 2017. Does that mean Trezor’s reign as one of the best hard wallets is over? Here is detailed coverage of Trezor Wallet 2018 | Supported Coins and Complete Review.
Launched in 2014, Trezor is owned by Satoshi Labs, a startup based in the Czech Republic. The company was founded in 2012 and took two years on research and development before launching the wallet.
Design and Build
Shaped like a small flash drive, Trezor is a lightweight Bitcoin hard wallet that secures cryptocurrencies offline. It comes with an OEM (LCD) screen and two buttons that all help confirm and complete payments in a safe manner.
The small wallet is made from plastic, which is a little bit disappointing considering that its main competitor, Ledger, is of high quality. Fortunately, Trezor compensates what it lacks in durability to functionality.
To secure funds on the wallet, you must connect it to a computer via a micro USB. The wallet comes with the micro USB and a guide on how to set it up. Basically, you have the option of installing a web wallet on Google Chrome or visit Trezor’s website. The Chrome extension allows you to set up the wallet offline, which is safer.
The setup process is quick and easier than you’d probably expect. First, you are asked to write down a 24-word seed phrase on a piece of paper Trezor gives you. The paper is well numbered so that you write the words as Trezor directs you.
Store the seed-phrase securely. It’s what you use to recover coins should you lose your wallet. If you plan to hold coins worth thousands or millions of dollars, invest in a weather resistant, a steel made case for hard wallets. The cases are accessible on Amazon or on Trezor’s site.
Trezor’s interface is the inspiration behind most web-based, desktop and mobile wallets. It’s visually appealing and designed to enhance ease of use. Technically, Trezor sends you to an offline web page to access it services and as such its interface is web-based.
On the left layout, the wallet lists all available cryptocurrencies and their token symbols. On the right, you can access your balances, transaction history, the ‘send’ and ‘receive’ features. The details about your transaction are also displayed on the small LCD screen so that you can verify the details before completing a transaction.
Trezor supported cryptocurrencies include:
- Bitcoin cash
- Ethereum classic
- Bitcoin Gold
There are more coins available on the wallet, including ERC20 tokens. However, Trezor does not support all ERC20 tokens like the Ledger, and most wallets do. It also does not support Monero, Ripple and several other popular coins. Instead, the company launched a more expensive wallet known as the Trezor T model that will have more coins.
Seeing that security for coins is the main reason people buy hardware wallets, Trezor designed their wallet with the best security possible. To start with, every new user must create a PIN code which they use to access their funds. Second, the private key needed to withdraw funds are stored in the wallet.
In fact, you generate the private key when setting up Trezor. Satoshi labs cannot get access to your private keys. Hackers also can’t access your keys because they are secured offline. The only time the security of your funds could be compromised is when using a web wallet linked to your Trezor for ease of making settlements. When sending a payment, you must click the two buttons on the device simultaneously. This way, it is impossible for hackers to steal your coins as they also must physically access the wallet.
Additional Security Features
- Secure firmware update procedure
- Reliable backup with 24word seed phrase
- Open source code
- The ultrasonically welded case makes it difficult to access after breakage
Price used to be the only reason people avoided Trezor. However, the wallet now costs €89, €10 more expensive than the Ledger Nano S. Trezor offers a better rate when you purchase 3 wallets: €245 for two black and one white colored wallet.
On Amazon, both Trezor and Ledger cost $99, but the price excludes VAT tax applied by every country. So, does Trezor offer better value for money? Considering that Trezor is a reputable and secure wallet that supports over 500 coins, you get great value by investing in it.
However, it’s worth noting that Trezor does not support Ripple, Stellar and some ERC20 tokens, all of which are supported by Ledger.
Customer Service & Reputation
Trezor enjoys a great reputation among users. It’s a pioneer in the industry after all. To maintain their reputation, the company also strives to offer excellent reputation. On their website, Trezor claims to offer 5-star customer services. And fortunately, there are almost no complaints about the company’s customer services.
- Secure, hard wallet
- Lightweight, sleek design
- Open source code
- Multiple currencies supported
- Competitive price
- Plastic made makes it feel cheap
- Does not support Ripple
Trezor wallet is a hardware wallet for securing cryptocurrencies. It’s a pioneer in the industry having launched earlier than its main rivals. Like most secure and legitimate companies, all code from the wallet is open source. Transactions are done offline and only broadcasted online to access blockchains.
There are multiple benefits in using Trezor over most other hard wallets. However, it’s a good idea to compare Trezor’s features with those of other hardware wallets before making a final buying decision.