Trezor Hardware Wallet Review
Cryptocurrency is still in its infancy, and it’s not yet as easy to use as regular money. You have to keep track of your public keys and your private keys and if your private keys fall into the wrong hands, someone can easily steal your money.
There are many ways to secure your private keys, but right now, the best solution is a hardware wallet. These are devices that keep anyone from being able to access your private keys while you’re sending or receiving Bitcoin or other cryptocurrency.
The Trezor hardware wallet is a popular option and an affordable one, as well.
Click here to visit the official Trezor Website (new window)
Read on for the full Trezor wallet review
Trezor Hardware Wallet Overview
The Trezor hardware wallet is designed to keep track of your private keys for Bitcoin, Ethereum, any Ethereum-based tokens (ERC-20) and about a dozen other popular coins, such as Bitcoin Cash, Litecoin, Zcash, DASH, and the oddly popular Dogecoin.
The device is small enough to fit in the palm of your hand, has a 6 line OLED display and has two buttons for controlling the device. While it may appear to be similar to a flash drive, the Trezor wallet is actually a small computer running a custom operating system.
The Trezor acts as a firewall between your private keys, which control your money, and the software that you’ll use to engage in transactions in sending or receiving cryptocurrency, which takes place on the Internet, where information is easily stolen. With a Trezor, your keys are always safely stored on the device, where hackers can’t get to them.
When you purchase the Trezor wallet, you’ll receive the device itself, a USB cable, instructions, and a pair of cards on which you should write down your 24-word recovery seed. I’ll get to that part in a moment.
Setting up the Trezor Wallet
Setup for the Trezor Bitcoin wallet is a simple process. You first have to download the Trezor Bridge software, which can run on Windows, the MacOS, Android and Linux. The software works as your interface with the Trezor hardware wallet.
Once the software is installed, you plug in the Trezor and you’ll have to download and install the firmware for the device, as the device ships from the factory with no software installed. This process takes just a few minutes.
Once you’re done with that, you’ll have to create a PIN that you use to log in to the Trezor each time you use it. Finally, you’ll be given a list of 24 words that you can use to recover your keys in the event that your Trezor is lost or stolen. You should write these words down on the provided cards and store then in a safe place.
After that, it’s easy to use the Trezor software to send or receive coins. While the device is often called a “Trezor Bitcoin wallet”, it’s actually capable of handling many coins, including all ERC-20 tokens. That makes it a versatile device that many people will find sufficient to handle their entire portfolio.
When using the Trezor hardware wallet, you use the Bridge software, which has very intuitive menus for sending and receiving cryptocoins. The software will generate “receive” addresses when you need them, and the address will appear on the Trezor display so that you can confirm it and so that you can be sure that your software hasn’t been compromised by hackers.
One nice security feature of the Trezor is that you can set up “dummy” accounts on the device in addition to your “real” account. You can set up one account with a small amount of coins in it and give that a particular password. Then you can set up another account, the “real” account, that has your fortune in it. Should someone try to use force to get you to reveal your password, you can give them the password for your dummy account that only has a small amount of coins in it.
They’ll think that they’ve robbed you of your money, when in fact, your money is still safe.
While you may use the Trezor with the included software, you can also use it with third-party online wallets, such as NEON or MyEtherWallet, adding to its versatility and improving security for those wallets.
The firmware for the Trezor is regularly updated for both security reasons and to add functionality, and the Trezor team is constantly working to add more coins to the system. While there is not yet a universal hardware wallet (we have a hardware wallet and three different software wallets at the moment), the Trezor does work with most of the major cryptocurrencies.
At the moment, the Trezor is priced at a bit under $100, and shipping is extra. The device is the work of Satoshi Labs, which is based in the Czech Republic, and the shipping costs give you 2-5 day shipping worldwide.
The Trezor is a very popular hardware wallet, and it compares favorably with the Ledger Nano S. The only differences are slight differences in price, and the fact that the Ledger supports a few more coins than the Trezor does, though that is something that will likely even out over time.
The Trezor does feature a larger OLED display and that can be a bonus, as the Ledger display can be hard to read at times.
All in all, the Trezor hardware wallet is a safe and secure way to protect your cryptocurrency investment at an affordable price. If you’re investing in Bitcoin or other crypto and you don’t have a hardware wallet, you’re putting your money at risk.
Pros and Cons of the Trezor Hardware Wallet
- Affordable price
- Handles Bitcoin and dozens of others
- Easy to use
- Easy to read display
- Extra security features not found on other hardware wallets
- Slightly more expensive than other alternatives
- You must install firmware before using the device
Trezor Hardware Wallet Summary
The past few years have shown us that hackers are very much interested in stealing cryptocurrency, and one must always be vigilant when sending or receiving coins. Since your private keys are essential to protecting your coins, it’s equally essential that you protect them as securely as possible.
The Trezor hardware wallet makes that easy to do, giving you an easy-to-use, safe, secure solution for protecting your investment.
The Trezor wallet is highly recommended.