Any investor with skin in the crypto game undoubtedly has a few big questions that our Trezor wallet review can answer. How secure is this market leading wallet? How much does it cost? Which coins does it support? Blocklr‘s comprehensive Trezor wallet review can answer these important questions—and more—as you decide which crypto wallet is best.
Why Consider this Wallet?
The Trezor wallet is one of the most popular offline, cold storage solutions for cryptocurrency investors.
What is the difference between a cryptocurrency wallet vs exchange? As opposed to storing your crypto holdings online with an exchange wallet or on an internet-connected device with a software wallet, hardware wallets add an extra degree of security by keeping your investments offline.
How Many Models Are There?
Most people refer to this wallet as a singular thing: a cold wallet for your cryptocurrency.
However, there are actually two models: the One and the Model T. Here’s an overview of the difference between the two cold wallets.
Price-wise, the Model T is the more expensive option. Per this overview, both models have the following features:
- 500+ cryptocurrencies supported
- Beginner friendly
- U2F authentification
- Encryption through GPG
The One’s unique features include:
- Buttons for navigation
- PIN, passphrase and device recovery is stored on your computer or phone
- The password manager is encrypted on cloud storage
- Touch screen navigation
- PIN, passphrase and device recovery is stored on your device
- The password manager is encrypted on cloud storage for now, but will soon exist on a microSD card.
Overall, this Trezor wallet review finds that the big difference between the two models is that encryption and recovery options exist on the cloud for the One, and on the device for the Model T.
Which Coins Are Supported?
The Trezor wallet supports over 500 coins and tokens, which also makes them two of our best ERC20 wallets.
Keep in mind that the more-expensive Trezor Model T supports more coins than the beginner-friendly Trezor One, like Ripple (XRP) for example.
How Secure Is It?
Both models of its hardware wallet offer a long list of industry-leading security protocols. These include:
- Firmware verification that checks for signing by SatoshiLabs at every boot. The bootloader also follows a secure update procedure and utilizes write-protection to safeguard memory.
- Ultrasonic tamper-proofing that makes physical restoration virtually impossible if someone were to break open your device to hack it.
- Public and private key protection that requires PIN entry for access and authentication.
- Support for BIP39 passphrases.
- Reliable backup and recovery using a recovery seed.
What does this mean for overall security?
These features add up to a strong security assessment for this wallet, per our Trezor wallet review.
The use of long PINS and multi-word passphrases means even the most powerful adversary would require years of guesswork to brute force the device. And there are excellent countermeasures for a variety of other attacks, from malicious firmware to physical theft and tampering to side-channel and server attacks.
Additionally, Trezor publishes comprehensive information on all past security issues related to its hardware wallets and services.
Furthermore, the Trezor wallet offers fast, reliable and secure recovery in the event of device loss, theft or damage. A multi-word recovery “seed” is all a user requires to restore their data to a new device.
Is One Device More Secure?
Here is a Trezor wallet review for the security protocol differences between the Model T and One.
- On the Trezor One, pin and passphrase entry, as well as device recovery, happens on a mobile device or computer with a secure USB connection to the device. Encrypted data is stored in the cloud.
- On the Model T, however, pin and passphrase entry and device recovery all happen on the device itself. Users can soon opt to store data on a microSD card rather than the cloud.
Is It Easy to Use?
Our Trezor wallet review has determined that the Trezor One is easier to use than the Model T. And that is mostly by design. For example, the Trezor One is directly marketed toward beginning cryptocurrency investors, offering a pared down list of features that focus on the essentials.
By contrast, our Trezor wallet review finds that the Model T includes extra features and additional coin and token support that appeals to more intermediate to advanced traders. It also offers more bells and whistles: a full-color touchscreen vs a monochrome display with buttons, for example.
How Much Does It Cost?
The Trezor One hardware wallet costs €79.00 EUR or roughly 90.00 USD. This price is comparable to similar products like the Ledger Nano S.
The Trezor Model T hardware wallet costs €149.00 EUR or roughly $170.00 USD, which is slightly less expensive than similar touchscreen hardware wallets with comparable feature sets.
Is It Compatible with Other Wallets?
In addition to wide coin and token support, hardware wallets like Trezor also offer compatibility with cryptocurrency wallets. This compatibility allows users to integrate their digital wallets with their hardware cold-storage for added security and convenience. The Trezor wallet offers simultaneous wallet support for a number of major digital wallets, including:
- MyEtherWallet, which means it supports all ERC20 tokens
- Electron Cash and Electrum-LTC
- Nano wallet
Is There Anything That Sets It Apart?
According to this Trezor wallet review, what makes it distinct from Ledger hardware, for example, is that they support coins and tokens directly without the need for additional apps. All supported coins are available all the time, whether or not there is software wallet support for them, like Monero (XMR).
Trezor Wallet Review, Summarized
Our Trezor wallet review concludes that the One and Model T both offer excellent support, security, accessibility and compatibility all at reasonable price points.
More specifically, both are compatible with other cryptocurrency wallets, support over 500 coins and tokens, have relatively easy interfaces and, best of all, provide competitive crypto security.