If you are in the market for a highly secure crypto storage option, the Trezor hardware wallet should be on your radar. It is one of the few cold storage solutions that exist in the form of a physical device, whose goal is to help crypto holders to store their cryptocurrencies in the most secure way possible.
In this review, we will explore everything you need to know about the Trezor wallet including its features, how to use it, advantages and disadvantages. The information in this review will hopefully help you decide whether the Trezor wallet is right for you.
Table of Content
- The History of the Trezor Wallet
- Buying A Trezor Wallet
- Physical Appearance
- The Trezor Wallet’s Security Features
- How To Get Started With A Trezor Wallet
- Sending Cryptocurrencies To Your Trezor Wallet
- Moving Funds Out Of Your Trezor Wallet
- Trezor Wallet Advantages
The History of the Trezor Wallet
Trezor wallets are made by Satoshi Labs, a company based in the Czech Republic. It made its debut in 2014, earning a spot as one of the pioneer cold storage hardware solutions for cryptocurrencies. The company maintains a team of developers that ensure the wallet remains safe while providing the necessary support to users, especially in terms of support for multiple cryptocurrencies. Satoshi Labs has, so far, sold more than 1 million Trezor wallets, highlighting strong demand for the device.
The Trezor wallet supports thousands of cryptocurrencies including all of the ERC20 tokens which represent a large percentage of the existing cryptocurrencies. This makes it an ideal option for cold storage especially for individuals that have a diverse crypto portfolio.
Buying A Trezor Wallet
Satoshi Labs sells multiple iterations of the Trezor wallet, as well as accessories via its online shop. This includes the Trezor Model T which will set you back 189 euros for the express option. If you don’t mind waiting, you can access a 13% discount when you select the reserve option through which you can place an order. Alternatively, you can get the Trezor Model 1 which is significantly cheaper at 59 euros. Some accessories for the Trezor wallet include silicone cases, glass protectors, and portable micro USB cases. purchase your Trezor wallet
While some of its competitors have a USB stick form factor, the Trezor looks like an automobile key fob. It has a small screen that displays transaction information and cryptocurrency data such as the amount of crypto held within it. It also has two buttons below the display which are used to navigate the device’s interface. The device also comes with a USB port at the bottom side through which it can be connected to external devices.
The Trezor Wallet’s Security Features
The Trezor wallet’s biggest selling point is the fact that it is not connected to the internet, meaning it cannot be remotely accessed. Those who use this wallet can rest easy knowing that their crypto holdings within the hardware wallet are inaccessible to hackers. There are other more robust measures that the company implements to ensure the highest level of crypto security. For example, the number arrangement, when selecting a pin, changes regularly to render any keylogger attempts unsuccessful. Keyloggers are viruses that are designed to copy whatever key the user types and, as such, can be used to copy passwords.
The Trezor wallet also features a limited USB function which prevents it from being infected with malware in case the PC it is connected to, is infected. This is similar to how a mouse has a limited connection that enables it to function without being infected by malware. On top of that, Satoshi Labs pushes regular updates which bolster the wallet’s defenses against new potential exploits.
How To Get Started With A Trezor Wallet
Once you receive your Trezor wallet, you will have to go through an important setup process before you can start using the device for its intended purpose. The first step is connecting the device to your PC through the USB cable provided in the box. The hardware wallet will display a picture of a lock and a link to a website that contains more instructions.
You will also be required to install the Trezor wallet’s digital version on your PC, as a direct download or as a Chrome browser extension. The purpose of this digital installation is to facilitate communication between the hardware wallet and the blockchain. The Trezor wallet does not come with any firmware installed, and so the next step should be to download and install the latest version of its firmware via the browser extension. Once installed, unplug the device from the PC and then reconnect afresh.
Once plugged back in, you will be required to name the device, after which you can set the pin which will be required every time you need to log into your Trezor wallet. As soon as the pin setup process is complete, the wallet will generate a 24-word recovery phrase. Write it down and keep it safe because it is essential for the recovery of funds in case your wallet is stolen, lost, or damaged. Note that the loss of a recovery phrase means you will never be able to gain access to your wallet, thus the need to store it safely, and not share it with anyone else.
Sending Cryptocurrencies To Your Trezor Wallet
You can start using the Trezor hardware wallet as soon as the setup is complete. You will have to connect the hardware wallet to the web version of the Trezor wallet in a PC to successfully transfer cryptocurrencies to your wallet, just as is the case in the setup process. Press the “Receive” tab in the options at the top to display your hardware wallet address. Copy and paste it to the wallet from which contains your crypto to initiate the transfer process. Make sure you specify the digital coin you wish to send. The transfer should be complete in a few minutes.
Moving Funds Out Of Your Trezor Wallet
The process is as simple as sending crypto to your hardware wallet, except this time you select the coin you wish to send and click on the “Send” tab instead of the “Receive” tab. You will also have to input the wallet address intended to receive the sent cryptocurrencies.
Trezor Wallet Advantages
To start, the Trezor wallet offers a very safe way for you to store your cryptocurrencies. Another benefit is that your private key is always kept offline which means that there is no direct connection to the internet. For an added layer of security, when you want to access your Trezor wallet, to either receive or send digital coins, or simply to check your balance, you will need to enter your personal PIN number. To keep your wallet secure, make sure never to share your pin details with anyone. Once your pin is created, you will also receive a backup passphrase which you can use if required to recover your funds should your wallet get stolen or lost. All these security features ensure that your Trezor wallet can never be hacked.
If you hold a small fortune in crypto, consider a cold wallet for safekeeping to avoid theft. This is where the Trezor wallet takes center stage. The Trezor wallet offers an ideal solution for the maximum level of safe cryptocurrency storage and responsibility for your digital wealth.