Trezor Review – Is Trezor Wallet Safe? Features and Security Explained

Fact Checked by Gary McFarlane

If you’re a cryptocurrency HODLer, then you might be looking for the safest way possible to store your digital assets for the long term. Trezor is the pioneer in providing secure hardware wallets and continues to be an industry-leading supplier in this marketplace.

In this Trezor review, we discuss this popular hardware crypto wallet in detail, based on security, supported currencies, fees, features, and ease of use.

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What is Trezor Wallet?

Trezor hardware crypto wallets are manufactured by Satoshi Labs, a company founded in 2013 and based in the Czech Republic. These devices are designed in such a way that, even if your host computer is compromised, the attacker cannot obtain access to your private keys. In other words, your funds remain impervious to hackers.

In fact, the word ‘Trezor’ translates to ‘Vault’ in the Czech language, making it an ideal name for the first hardware wallet ever released for digital assets. Apart from providing a super-safe way to store your private keys, these devices come with a number of additional security features to offer more protection to your cryptocurrencies.

Trezor review

Satoshi Labs offers two different options for storing crypto – the Trezor One and the Trezor Model T. These devices also come with a downloadable program called Trezor Suite, which works as a companion application for these wallets. Setting things up is also quite simple, which requires you to create a PIN and write down the 24 random seed words.

In terms of security, Trezor devices are ultrasonically welded, with additional passphrase support and recovery seed protection against theft or loss. All that being said, choosing a hardware storage option for your digital assets also comes with a few limitations. Meaning, you will always need to have access to the wallet device every time you want to buy or sell cryptocurrencies.

Trezor Wallet Pros and Cons

Before we get into the core details of this crypto wallet, here is a summary of the advantages and disadvantages of using Trezor devices for storing your digital assets.

Pros

  • Over 1,800 digital tokens supported
  • Available in multiple languages
  • Integration with other online wallets
  • Two different models to choose from

Cons

  • Need to have access to the device to send and receive digital assets
  • You are responsible for keeping your backup recovery keys safe
  • No regulatory protection
  • No mobile app

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

Trezor Wallet Supported Coins

One of the first things to consider in any wallet is the number of supported digital assets. This is particularly crucial if you have a diversified portfolio, and want to store all of your coins in a single place. And in that regard, Trezor is perhaps one of the best products in the market.

After all, this piece of hardware lists over 1,800 cryptocurrencies, across a wide range of different blockchain networks, including many ERC-20 and ERC-721 tokens.

In addition to this, you can also connect your Trezor device to third-party wallet interfaces such as Metamask, Exodus, WallETH, and others. However, if using these external wallets, note that those applications can only display balances and manage transactions and thus – will not grant access to your private keys.

Trezor Products

Trezor wallets are hardware devices that can be connected to your computer to transfer cryptocurrencies. These are available in two different versions – Trezor One and Trezor Model T.

Trezor One

Trezor One is the oldest surviving crypto hardware wallet in the market. It was first released in 2014 and continues to be one of the leading products in this space. This device supports over 1,800 digital coins and tokens. However, some of the most popular assets such as XRP, XMR, and EOS cannot be stored in this model.

The Trezor One comes in two different colors – black and white. The device has a bright OLED screen that is big enough to display six lines of text. In other words, you will be able to see all relevant details to verify a transaction. Lastly, buying this wallet will cost you 53 EUR (around 64 USD).

Trezor Model T

The Trezor Model T is the latest product offered by this company and will set you back a staggering 164 EUR (about 190 USD). Compared to Trezor One, this wallet offers support for more cryptocurrencies, including the ones missing in the original model. But perhaps the most notable difference is in the design.

Trezor wallets

The Trezor Model T comes with a touchscreen, along with a microSD card to give you a more intuitive interface. This makes it easier to verify and approve the transactions. It also integrates more security features, such as Shamir backup and FIDO2 authentication. Other aspects such as SSH and on-Trezor data & file encryption will also be released soon for this version.

Trezor Suite

Originally, the Trezor accounts could only be accessed via the web platform. In July 2021, the firm released an application to accompany its devices, known as ‘Trezor Suite’. The software has been designed in such a manner that even those who have never used a crypto-wallet before will have no trouble understanding the different features.

The onboarding process is easy, and the platform will guide you through all the necessary security steps that you need to take. The Trezor desktop software is available to download on macOS, Windows, and Linux operating systems. Currently, there is no mobile version of this software available. If you want to access your wallet via your phone, you will need to visit the platform using your standard mobile web browser.

Trezor Suite

As you can imagine, this can be a disadvantage when compared to the other providers in the market, such as Ledger Nano – which comes with a smartphone app. Nevertheless, the Trezor Suite is indeed easy to set up and use. The software takes you directly to your dashboard, where you will get a full picture of your different assets, along with a graphical representation of all your transactions.

  • You can also navigate to the individual wallets of specific cryptocurrencies to send, receive, or trade them. To do this, the application shows you offers from third-party exchanges.
  • However, the transactions will be updated directly on your Trezor hardware.
  • For instance, if you buy Bitcoin, any token you purchase will be delivered to your Trezor device.
  • Alternatively, you can also move your digital assets stored at a cryptocurrency exchange to this wallet.
  • Furthermore, it is possible to turn on a discreet view, so the details of your balances are not visible on the screen – which can be handy if you think that someone else is looking at your device while you are using it.

Another notable feature of Trezor Suite is that it allows you to create multiple accounts for the same cryptocurrency. This can be a useful tool for those who want to keep a separate option for business or personal purposes.

While the advantages of the Trezor Suite are many, it still falls short when it comes to the convenience offered by the likes of eToro – which enables you to buy, sell, trade, and store digital assets all in one place.

How Do Trezor Wallets Work?

If you have never used a hardware crypto wallet before, you might benefit from a bit of explanation on how to get started. In this section of our Trezor review, we will describe how the device works.

  • The Trezor wallets come in the form of a hardware device and can be unlocked using a PIN.
  • While setting it up, you will be given a 24-word seed as your recovery key, which can be used in case you forget the PIN.
  • If you are using the Trezor Model T, it creates a wallet with 12 seed words instead – which are displayed directly on the device.
  • The private keys associated with your crypto wallet remain away from the internet at all times, even when it is connected to a computer or phone.
  • As a user, you confirm crypto transactions directly on the Trezor device each time.

In a scenario that you have trouble with the Trezor device, you can use the recovery key to access your assets via the online platform or the desktop software.

While this gives you 100% control over your digital assets, it also means that if you lose your recovery key, you will not be able to gain access to your cryptocurrencies.

Trezor wallet

This is the notable disadvantage of using a hardware wallet. Although they boast safety, in a scenario where you misplace your private keys, you might as well accept that you have lost your digital assets. Trezor will not be able to help you with the recovery of your funds.

As such, you might want to consider other crypto storage solutions, such as the one offered by regulated provider eToro. This custodial wallet offers easy access to your digital assets while ensuring that you can buy, sell and trade them at the click of a button.

How Much Does Trezor Wallet Cost?

As we have already mentioned in this Trezor review, the device can come with a hefty price tag, depending on the model you choose:

  • Trezor One costs 53 EUR, which comes to around 63 USD.
  • Trezor Model T costs 164 EUR or about 190 USD.

This means that when compared to online wallets that are often free, choosing to store your cryptocurrencies in a Trezor comes with additional costs. On the other hand, if you choose a provider like eToro, you can keep your digital assets safely on the brokerage platform itself, and without having to pay any fees.

Is Trezor Wallet Safe?

The main reason why you might be considering a hardware wallet is for the safety it grants. And as such, it only makes sense that our Trezor review takes a deep dive into the security features offered by this provider and its two devices.

Cold Storage

For those unaware, cryptocurrency storage options can be classified into two – hot and cold. The first type of wallet is always connected to the internet and makes it easy for you to buy, sell, or exchange your digital assets. In fact, this is the reason why many active traders prefer to use hot wallets, as it adds to the convenience.

However, hardware wallets like Trezor fall into the cold storage category. This means that your digital assets are never connected to the internet – making it near-impossible for hackers to gain access to them. This makes it a safer but also a less convenient option.

Non-Custodial

Our Trezor review also found that this device does not directly hold your cryptocurrencies. Meaning, it is non-custodial and does not store your private keys. While this gives you total control, it also implies that there is no way of recovering your digital assets in case you lose access to your seed words.

Trezor Wallets

This is why we suggest that you use a custodial wallet offered by a regulated platform – such as eToro. This provider is licensed by the SEC, FCA, ASIC, and CySEC, and has also secured a license from GFSC. Additionally, since this broker facilitates investments and trading, it caters to all your cryptocurrency requirements in one place.

Physical PIN

As we mentioned earlier, Trezor requires you to set up a PIN code. This can be up to nine digits long.  A longer combination is recommended by the provider. This is because a good password will demand hundreds of thousands of attempts from a hacker to get it right.

Moreover, if you enter a wrong PIN, the waiting time between the attempts increases by the power of two. And after 16 unsuccessful tries, the Trezor wallet automatically wipes itself. So, needless to say, you will want to make sure that you press the right code every time you use the device.

Backup Recovery Key and Passphrase

As we mentioned earlier in this Trezor review, your device provides you with a backup recovery key when you are setting it up. Depending on the product you are using, this can be 12 or 24 random English words.

  • It is highly imperative for you to note these down and keep them safe, as you will need to enter them in the same order in case you lose your PIN.
  • In addition to the recovery key, you can also create a unique passphrase.
  • These are BIP39-secured, meaning, they are never stored or remembered on your device.

While this ensures further protection against attacks, it makes you completely responsible for the safekeeping of your cryptocurrencies. That is, if the seed keys and passphrase are lost or get into the wrong hands, you will be putting your assets at risk. 

Trezor Wallet Security

In addition to the above, Trezor has also implemented the following industry-grade security features on all of its devices:

  • Firmware verification by the bootloader, which runs correctly only when signed by SatoshiLabs.
  • If the firmware verification cannot be fulfilled, the device automatically erases its memory.
  • The bootloader is JTAG disabled, making it impossible to replace by a hacker.
  • Ultrasound hardware seal for devices.
  • Operations requiring private and public keys are permitted only after entering the PIN.

In short, the combination of the recovery seed words, PIN, and the passphrase makes these wallets highly secure. However, as emphasized several times by our Trezor review already, you need to take the right steps from your side.

The provider also stresses the point that if you do not follow its recommended practices, it is possible you will lose access to your digital assets.

Trezor Wallet Fees

The main fee that you will encounter when using Trezor is the initial cost of the purchase. Apart from this, you will also be paying for transactional costs when sending or receiving cryptocurrencies to your wallet. This will depend on which provider you choose, and the specific blockchain network you are dealing with.

However, our Trezor review noted that it is possible for you to choose between low, normal, high, or custom fees when processing transactions. As you can imagine, the more you pay, the faster the speed of the transfer will be. It is also possible to set a custom fee,  to adjust the price and speed as you prefer.

Trezor Wallet Features and Tools

Although Trezor is primarily a cryptocurrency wallet, it also comes integrated with a few features that are beneficial to many users.

Send and Receive Cryptocurrencies

As we covered earlier in this Trezor review, the integrated software allows you to make easy cryptocurrency transactions. This is how the process works:

  • You start by connecting your Trezor wallet to your computer using a USB C cable.
  • When prompted, you enter the pin on your device.
  • You then open your Trezor Suite application on your desktop or go to the web version of Trezor wallet.
  • On your Dashboard, you choose the cryptocurrency you want to send or receive.
  • The next thing is to enter the destination address and the number of tokens you want to transfer.
  • Then, you select the fee you want to pay, which determines the transaction speed.
  • Lastly, you verify the details on your Trezor device and confirm the transaction.

As is evident, you need access to your Trezor device to verify and confirm any transaction. This means that you will have to carry your wallet around with you, every time you want to send or receive cryptocurrencies. This can be an issue for many users, especially those who like to trade their assets on the go.

Trezor Send Crypto

Another significant drawback here is that Trezor does not extend support for mobile devices. In other words, you will need to use the Trezor wallet website on your phone browser, which might make the whole process inconvenient.

That said, you can easily avoid this by using a provider such as eToro. This broker allows you to buy, sell and store your cryptocurrencies, all in one place – while offering you the security of being a regulated platform and the low cost of spread-only trades.

Buy and Sell Cryptocurrencies

Apart from sending and receiving digital assets, the Trezor wallet also allows you to buy and sell cryptocurrencies – without even having to leave the interface. However, to facilitate this, the provider partners with third-party exchanges such as Changelly and Forexchange. In other words, you will be purchasing the tokens via another entity.

This is, in fact, processed by Invity, another Satoshi Labs product – which works as an aggregator to show you the best offers from third parties. This way, Trezor ensures that any cryptocurrency you buy or exchange via the wallet goes straight to your device. Some of these providers also allow you to purchase digital tokens by paying via a debit/credit card.

Trezor Wallet features

The fees charged also vary depending on your chosen token and the third-party provider. Nevertheless, Trezor currently facilitates purchases and sales for 21 coins – which includes:

  • Bitcoin
  • Bitcoin Cash
  • Bitcoin Gold
  • Binance Coin
  • Cardano
  • Dash
  • Dogecoin
  • Ethereum
  • Ethereum Classic
  • EOS
  • Litecoin
  • Maker
  • Monero
  • NEM
  • NEO
  • Ripple
  • Stellar
  • Tether
  • Tron
  • Zcash

Once you choose your provider, Trezor displays the number of coins you receive, after calculating the fees. As with all other processes, you also need to verify and confirm the transaction via your Trezor device, and the assets are then directly reflected in your wallet.

Exchange

In addition to buying and selling cryptocurrencies, you can also exchange tokens via third-party providers. The required steps are more or less the same, and the transaction will be reflected directly in your Trezor wallet.

Spend Cryptocurrencies

Our Trezor review found that this provider also allows you to spend your cryptocurrencies directly from your wallet. For this, Invity has partnered with Bitrefill, and you can use your digital assets to purchase gift cards. These can be then redeemed at hundreds of different retailers and service providers.

Trezor Wallet Customer Support

Trezor has built a suite of platforms that features more information regarding the different wallets and their associated services. You will be able to find information on Trezor Wiki, blog, community forums, and user manuals.

However, if you are looking to contact a customer representative directly, the only method is to reach out via a support form. Alternatively, you can connect your device and receive support for technical issues and troubleshooting.

However, this is less likely to solve your issues. And as such, when it comes to customer care, our Trezor review finds that this provider falls short.

eToro vs Trezor – Comparison

If you have read our Trezor review until this point, you now know the benefits and drawbacks of using this wallet. However, some of you might still be wondering whether this is the right choice for your cryptocurrency storage needs.

So, in this section, we analyze how Trezor measures up against the custodial wallet service offered by eToro – a leading regulated broker in the cryptocurrency market.

Security and Regulation

As we have established already, Trezor does a great job offering a secure way of storing your cryptocurrencies. However, it is not without its shortcomings. At the forefront of this is the fact that this provider is not recognized or regulated by any notable financial authority. In other words, if anything is to happen to your digital investments, you will be on your own.

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In comparison, eToro is a regulated brokerage that operates with licenses from the FCA, SEC, ASIC, and CySEC. The eToro wallet is further governed by the Guernsey Financial Services Commission (GFSC). This offers a level of protection that cannot be matched by a stand-alone storage provider like Trezor.

Features and Tools

Aside from being a simple storage provider, Trezor wallet now facilitates other services such as buying, selling, and trading cryptocurrencies. However, it is important to remember that these are via third-party entities, so you will be paying hefty fees.

On the contrary, eToro’s wallet is integrated directly with its brokerage platform, which is regulated by multiple governing bodies. You will be able to easily buy cryptocurrencies using different payment methods, or cash out your investments in a matter of seconds.

Convenience

For most users, it ultimately comes down to convenience. If you are using a hardware wallet like Trezor, then you always need access to the device to carry out any transactions. This can be tricky, especially if you are looking to take advantage of a sudden change in the market and you do not have the device with you.

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On the other hand, if using eToro – all you need to do is sign in to your wallet from your phone, find your desired cryptocurrency, and confirm the transaction. There is no requirement to transfer your assets or go via a third party. Instead, you can buy, sell or trade digital tokens with the tap of a few buttons, on a spread-only basis.

Trezor Wallet Review – Conclusion

Trezor is the original hardware wallet in this space and hundreds of thousands of these devices have since been sold in more than 150 countries worldwide. It extends support for a wide range of coins and comes with top levels of security.

However, if you are seeking convenience without having to compromise on the safety of your digital assets, then there are certainly better options out there – such as the one offered by eToro.

eToro is an online broker regulated by the SEC, FCA, ASIC, and CySEC and offers a custodial wallet that is licensed by the GFSC. This means that your cryptocurrencies remain easily accessible, where you can buy, sell and trade them directly from within a single place.

eToro – Best Crypto Wallet for Safety and Features

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$50Exclusive promotion
Our score10
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly
0% Commissionstart TradingOur score 10

FAQ

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About Kane Pepi PRO INVESTOR

Kane Pepi writes for several high profile publications such as InsideBitcoins, the Motely Fool, and Learnbonds. Based in Malta, Kane is extremely skilled at complex subjects related to financial matters - including a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and actively engaged in Doctorate Degree research, for the money laundering threats of the blockchain economy.