The bitcoin network, since it is not under anyone’s control, has many dangers that traders face every day. This is where hardware wallets like Trezor step in, offering superior security functions compared to other types of stashing services.
This review checks the wallet’s properties, security features, price, and fees. The article ends with pros and cons of using the device, concluding with our overall opinion of Trezor. Compare Trezor review with our Ledger Nano Review and Keepkey Review of hardware cryptocurrency wallets
General Information about Wallet
A company called SatoshiLabs, based in the Czech Republic launched the Trezor wallet in August 2014. Since its launch, the wallet was one of the most popular cold storage devices due to the innovativeness of hardware wallets.
Being the very first HD wallet, the device became an instant success for the company. It is not known how many people bought and use the device. Thus, we did not find estimates of the current market share and neither can we make one. The market is largely privacy-oriented, thus we cannot put numbers for which we are not sure of.
Anyone around the world with internet access and bank card can get Trezor. Depending on who you use (company or Amazon) shipping costs differ from country to country but the product is deliverable everywhere.
All the keys and software itself is decentralized, providing you security even when SatoshiLab’s servers are down. Thus, the wallet works in both online and offline environments. Being HD wallet, beginners might find it hard to set up at the beginning. With careful consideration of the setup guide by the company, the process can end quickly and easily. Even with this, if you are a starter, any HD wallet would require previous brief education about them.
Hardware & Online Properties
When delivered, the package containing the wallet comes with 100 x 100 x 13 mm dimensions. The contents that you get for the price you pay are:
- Trezor wallet device
- micro USB cable
- user manual
The wallet itself is of pocket-size while the material used for its production is mainly plastic. Good to carry around anywhere you go. The device itself is connected to the Trezor servers as soon as you set it up. It means that online use and support of the appliance is available at all times.
To start off, Trezor wallet does not support fiat currencies and it looks like it never will. It is designed and produced specifically for cryptocurrencies, as its software orients on the blockchain.
As for the cryptocurrencies, Trezor works fine with bitcoins, Litecoins, Ethereum, Ethereum classic, bitcoin cash, ERC-20 tokens, DASH, Zcash, Namecoin, Dogecoin and bitcoin testnet. Coins are added frequently, with bitcoin gold being the newest expected addition.
The best part of the coin support? They can all be maintained in one device, meaning that you do not need to buy separate Trezor wallets for each coin.
Platforms and Features
Like most physical wallets, Trezor functions in different environments, them being web browsing, Android, iOS and desktop platforms. Compatible OS is Windows, Linux, and MAC OS X.
All of the environments have similar wallet platform, where you can see your coin balance, transfer history and use many functions. The platforms are user and beginner friendly, with functions clearly shown and page not overwhelmed with information as shown below.
Price & Fees
There are two channels where you can purchase Trezor, with one being through the company directly and Amazon. On both sites, the price is the same, standing at €89. Additionally, you have to take into account the shipping fees, which vary greatly depending on the method of shipment and country you live in.
If you tag along with a friend as well, you can get a promotional price of $219.99 at Amazon. You can also use promotional codes for additional discounts, found at company’s website if they are released.
To start off, the wallet functions offline due to the installed blockchain system that allows coin tracking and stashing without internet. This function protects you from hacking attempts, as they cannot reach you while you are offline.
Next, you have 24-word recovery seed with all settings and wallet address codes, meaning that even in the case when the device get hit with a virus, the recovery seed will run the wallet over and save your coins in the process.
You also get the password, username, PIN code and two-factor authentication (2FA) with your phone number. Physical protection is enabled through the screen where you can check your balances without going online. The device also has buttons, which need to be pressed in order for the transaction to pass through. We have further evaluated security function in different types of wallets in our blog post, Store Cryptocurrencies Safe 2018.
Trezor has 24/7 support through company’s website, where you can post a thread on a specific issue or explore extensive FAQ and blog pages. You might also want to consult online communities, as many issues have already been solved by asking other users of the wallet.
Up to this point, Trezor has a really good reputation within the customer base. Customers view the wallet as one of the most secure wallets around, judging from comments in Reddit and bitcointalk.org.
SatoshiLab came up with the brand in 2014, releasing the device in August the same year. Since then, the wallet gained significant market share, especially due to the fact that it was the very first physical wallet offered to the industry.
It began as bitcoin wallet, adding other coins as time passed by.
Pros and Cons
⬤ offers online and offline environments for users
⬤ can be shipped anywhere on the planet
⬤ easy to use external platforms (web, desktop, and phone)
⬤ compatible with multiple coins
⬤ the price might be seen as high ($119) compared to online wallets
⬤ setup is not very beginner friendly
⬤ shipping might take up to two weeks, depending on where you live
We conclude this review with positive remarks for Trezor. It has several security functions and can operate in online and offline environments. It might be a bit pricey when compared to online “hot” wallets but it does provide what you pay for. If you have a large volume of bitcoins (or any other altcoins), we strongly recommend you to purchase and use this hardware wallet.