Trezor Wallet Review and How to Guide

Launched in 2014, Trezor is considered the oldest surviving cryptocurrency hardware wallet out there. Over the years, this wallet has evolved into, what we consider, the most comprehensive piece of hardware wallet for secure cryptocurrency storage. 

At the moment of writing, the Trezor wallet supports over 1000 cryptocurrencies and has two models, the Trezor one and Trezor T models, as well as several other accessories for easy use. While researching for this review, we found the Trezor deliverables and mode of operation quite clear especially for new users. 

That being said, over the course of this review, we will be looking at an overview of how the Trezor wallet functions, a closer look at its 2 releases, as well as, other deliverables and features that are unique to the Trezor brand and how to set up a Trezor wallet. Also, we will be looking at basic security best practices you should keep in mind before using the Trezor wallet.

Getting your first Trezor device

Like we pointed earlier, there are two models to choose from, with the Trezor wallet, which are: the Trezor one and Trezor Model T. We will be having a closer look at each of these models, shortly.

Trezor one

Formally known just as Trezor, the Trezor One Model was the first of Trezor’s wallets and was released on July 29, 2014. This model comes in a 60x30x6mm frame and weighs 12g with a bright OLED screen of 128X64 pixels, enough to hold six lines of text.

The Trezor wallet supports over 1000 coins; however, some coins like XRP, EOS, and XMR are still not supported on the device. At the time of this review, the Trezor One is sold for $55.

Trezor T Model

This is several notches ahead of the Trezor one Model, especially in its user-friendliness. These include features like its touch screen interface and the amount of coin it accommodates. 

With the Model T touch screen interface, you do not need to bridge it with a separate device for you to set up your wallet, which makes it easier and even more secure. The Model T comes in a  64mm x 39mm x 10mm build and weighs 22g, with an LCD touch screen of 240×240 pixels. At the time of this review, the Trezor Model T is sold for $170, which is 3 times more expensive than the model one. 

How the Trezor wallet works

This section was written with the Trezor One Model in mind; which is the first of Trezor’s releases. Also, note that the Trezor wallet works only when it’s connected to a device. For this, you will find a USB cable packed in your Trezor wallet.   

Setting up a Trezor one

To set this up, go over to https://Trezor.io/start/ You will be required to choose your Trezor model to continue. 

After this, you will be shown a video of what a sealed Trezor wallet, with a hologram seal, looks like. If yours look any different, make sure to contact Trezor support. 

Connect your device and proceed to install the Trezor firmware on your connecting device.

 

After this, you are required to enter a four to eight-digit numeric pin, via your interfacing device. 

Note that, the keypad options are not visible on the screen of your computer, rather they are shown on your Trezor wallet screen making it impossible for malware to snoop in and copy your pin on your computer 

After entering your four to six-digit pin you will be required to re-enter the pin to confirm its consistency.

After setting up your pin the first word of your 24-word recovery phrase will appear on your screen. You are required to write each word down on the recovery phrase sheet that comes boxed in your Trezor wallet or on any safe sheet. 

Do note that the order in which the phrases are given is required, as it will be required to recover your funds if you ever lose or get your hardware device damaged.

After this, you will be required to confirm the recovery phrase. It is suggested that you write it down on the extra sheet that comes with the wallet.  

After this, there is a list of coins that you can send in and out of your new wallet, these include Bitcoin, Bitcoin Cash, Dash, Bitcoin gold, Ethererum, and many others. Also, if you intend to use it with Ethereum and any ERC token, you will be required to interface the Trezor wallet with a MyEtherwallet or a Mycrypto wallet. There will be a link, to either of these software wallets, on the Trezor software on your device.

Basic security best practice

  • Do not use a predictable PIN, like “12345,” or any series of repeated or sequential numbers.
  • There have been reported cases of malicious websites masquerading to be the official Trezor Wallet website, asking for Trezor users to enter their recovery seed phrase on a web browser. 

Note that at no point are you required to input your seed phrase outside the hardware device. With the Trezor One, you may be required to enter the pin on your computer, however, the numbers are hidden on the screen.

  • Make sure you do not back up your seed phrase on an online storage like dropbox or any storage server. The best choice is in a hidden physical location where safety is guaranteed.
  • When you get a new Trezor device make sure it is sealed with a hologram seal, over the pack. If the device looks tampered please contact Trezor support to notify them. 
  • Only order for a Trezor wallet from the official Trezor website. It’s advisable to always get a new hardware wallet.

Conclusion

The Trezor wallet is one of, if not the most trusted hardware wallet out there. In the course of this review, we found the Trezor One model quite affordable; however, the Trezor T Model in our opinion is quite expensive, when compared to other similar competing hardware wallets like the Ledger nano X wallet. This should not be a problem for users who find $170 A fair price for a hardware wallet.

 

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Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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