In this Trezor wallet review, we will be discussing what the Trezor wallet is and what it does. After that, we will also be exploring its advantages along with its disadvantages. This article will also include a complete analysis of the coins that are supported by Trezor and its security features.
Trezor Wallet Review: What Is A Trezor Wallet?
The Trezor wallet is a digital currency hardware wallet that allows the users to store, sell, and purchase cryptos safely. There is a broad range of digital currencies that this wallet offers. This hardware wallet, or what is also known as the cold wallet, was released in 2014 by a company known as SatoshiLabs, which is a Czech Republic-based company. There are various models of this wallet, and the two most popular among them are the Trezor model T and Trezor One.
Trezor wallet is a safer option for your crypto as it is a hardware wallet. Hardware wallets, when compared to traditional software wallets, are much more safer as the private keys are kept on the physical device rather than being exposed on the internet.
Trezor wallet does not arrive with a price tag, implying that you will have to purchase it. Having said that, you will have to note one thing, if your crypto holdings are smaller, then it will not be worthy, but if you hold a good amount of crypto, then this is certainly worthy.
Trezor Wallet Review: An Overview
In this segment of the Trezor wallet review, let us see what are the coins that this wallet has to offer and how secure it is. It is important that you check the security measures that crypto wallets take to ensure you are keeping your cryptos in the right place, as now there are many scams that are taking place around the crypto space. So it is very crucial for all of us to keep our cryptos under utmost security.
This is a multi-currency wallet implying that it can store a lot of digital currencies. It would be really great if you have a portfolio that has a good variation of cryptos, or you would require to store each one in different wallets.
Trezor supports nearly 1400 coins as of July 2021.
There is one thing that has to be noted that the Trezor team is always extending the number of coins that will be compatible with their wallet, so you should always keep track of their official website to know the new cryptos that they add.
As mentioned above, security is the most important thing to keep in mind when you are choosing your crypto wallet, and this wallet seems to have that on lock. The makers of this wallet, SatoshiLabs, take security very seriously. So Trezor was designed with a broad range of security protocols to guarantee your funds’ securely and safely.
- There can be no operations without PIN authentication, and Trezor does not depend on the recovery phrase solely. This wallet supports BIP39 passphrases. The BIP39 passphrases are never remembered or kept on the device, thus protecting your cryptos against local hardware hacks.
- The operating system of the Trezor bootloader is designed to erase the memory of the device if the firmware signature turns out to be invalid. Exposure of the software of the wallet to a version that is vulnerable deletes the complete memory, keeping all your funds out of reach.
- The bootloader continuously verifies the firmware’s signature, and the firmware will only operate if it is signed accurately by the SatoshiLabs.
- Once broken, it is somewhat impossible to restore the Trezor wallet case because of the ultrasonic welding that is used in creating it.
Trezor Wallet Review: Advantages And Disadvantages
This is probably the most critical and important part of this Trezor wallet review, and you are probably waiting for this. Now that we know the coins that this wallet supports and what are the security measures that are undertaken by this wallet, let us now see the advantages and disadvantages of Trezor hardware wallets.
The most significant advantage of Trezor wallet is that it is the safest way to keep your digital currencies.
One thing that can calm your mind about this Trezor wallet is that your private keys are kept offline, and that is a big thing as it implies that it will never be in direct connection with the internet. This is safer and different than storing your digital currency on your desktop, mobile or tablet. Anything which is in the form of software is more prone to hacking as it is available more easily.
When it comes to using your wallet, whether for receiving or for sending or even for checking your balance, you will always require to enter your personal PIN number. Only you should be knowing your personal PIN number, as you will have to set it when you first set up this device.
Firstly it is crucial to remember that you will require to spend nearly $99 if you wish to buy your Trezor wallet. So if your holdings of digital currencies are below $1000, it is advisable to keep them as a free software wallet.
You will also have to think about how often you plan to use your Trezor wallet to make transactions. Everytime you want to make any transaction, you will require to plug in the device to your desktop and enter your PIN. This is not a convenient way to access your digital currencies as you may require to make payments when you are out, and at that time, you will not be able to do that.
Now when it comes to the user friendly feature, the Trezor wallet can be a bit complex while using for beginners if they have not used similar devices before. This is why it is important to read the user manual properly before you start to use it.
In the end, you will have to consider what is important. Is it the security or the cost and user-friendliness that matters for your crypto and choose accordingly.
If you have completed reading this Trezor wallet review, you should now be really sound about this hardware wallet and its features. By now, you should know what are the things to consider while buying a hardware wallet for crypto and how far will Trezor satisfy your crypto wallet needs.
Frequently Asked Questions On Trezor Wallet Review
The Trezor wallet is a digital currency hardware wallet that allows users to store, sell, and purchase cryptos safely. There is a broad range of digital currencies that this wallet offers. The makers of this wallet, SatoshiLabs, take security very seriously. So Trezor was designed with a broad range of security protocols, to guarantee your funds’ securely and safely. So if your concern is the crypto’s security, then it is surely a good wallet.
Trezor wallet hacked: However, considering the above-mentioned security features, there was a vulnerability that was reported in the Trezor hardware wallet in 2017. As per various crypto-experts, there was a route for hackers to gain access to a person’s 24-word backup passphrase, along with their PIN number.
Even though Trezor vs Ledger is a tough call, Ledger edges out Trezor for its mobile app, lower price, iOS connectivity, and its support for a few more famous crypto coins and wallets compared to Trezor.
Trezor wallet is a safer option for your crypto as it is a hardware wallet. Hardware wallets, when compared to traditional software wallets, are much safer as the private keys are kept on the physical device rather than being exposed on the internet.