About Trezor
Storing all your cryptocurrencies in a soft wallet or software wallet(e.g., Meta Mask, Ethereum Wallet, etc.) or a paper wallet is impractical and involves cybersecurity risks of private key compromise, malware, stolen credentials, etc. A hardware wallet can be the ideal solution when you have a significant portfolio of crypto assets. When it comes to safety and ease of use, few hardware wallets can match the capabilities of Trezor.
Trezor is a crypto hardware wallet released in 2014 by Satoshi Labs, located in the Czech Republic. This wallet enables you to store, send or receive an extensive range of cryptocurrencies safely. Depending upon the features, there are two types of Trezor wallets, Trezor One (Gold Standard) and Trezor Model T (Premium Choice). Trezor One was the first Trezor model to be released in 2014. It is still one of the most popular hardware wallets available. Trezor T is an advanced model that contains almost all the features available in Trezor One with a few improvements. Both these wallets are secured, flexible, and support a range of cryptocurrencies.
QUICK FACT
A robust option to store your crypto portfolio securely
Trezor Pricing
The Trezor Model One is available at EUR 49, whereas the more advanced Trezor Model T comes at EUR 159. (Please note that price may vary from country to country.)
The following additional features are available in the Trezor Model T to justify its higher pricing:
• Supports more and recently launched cryptocurrencies, such as Cardano and Monero
• It has a new RGB colour screen
• It contains new hardware features like an SD card slot
• Offers Shamir Backup
• The only FIDO2 authenticator featuring a touchscreen display
Trezor Desktop App
Trezor offers a desktop and browser app, Trezor Suite, to take control of your Trezor wallet.
• This suite provides enhanced security and privacy.
• It features a new design and delivers improved performance and usability.
Trezor Mobile App
Trezor does not have a mobile version of the hardware wallet. However, they offer a Wallet Manager you can use on your Android mobile. It allows you to manage Trezor but does not allow spending money. Trezor recommends using Mycelium as a third-party application to watch your Trezor accounts.
Trezor Supported Services
The Trezor Wallet provides the following range of services:
• Multiple cryptocurrencies – Besides Bitcoin, Trezor supports more than 1700 altcoins.
• One-stop solution – Trezor offers its desktop app, Trezor Suite, to make it easier to use crypto. Features like Replace-by-fee for faster transactions and Tor switch for anonymising your connections make it a one-stop solution for all your cryptocurrency storage and usage issues.
• Two-factor authentication – Trezor employs 2FA (FIDO/U2F) to protect your private keys and account.
• Secure admin SSD access – Trezor allows secure admin SSD login to protect access to your data and servers.
• GPG Integration – Trezor offers GPG integration to let you sign emails, encrypt files, and manage passwords. Storing your GPG keys on your Trezor wallet eliminates the risk of storing the info on your computer. It proves handy if your computer gets lost. You can access the device using the keys. Furthermore, if your device gets damaged or stolen, you can restore data using these keys.
Trezor Supported Coins
Trezor supports more than 1700 cryptocurrency coins. Besides, it offers ERC20 Support and is compatible with 15 wallets/exchanges, including Electrum, Exodus, and MetaMask.
Trezor keeps expanding its cryptocurrency support base regularly. Hence, it is advisable to check beforehand whether it supports the crypto you wish to transfer.
Trezor Security
Here is an overview of the security measures adopted by Trezor. Trezor provides the highest levels of security to protect your crypto assets from getting stolen or hacked.
• Trezor has a Limited USB Connection feature that ensures your cryptocurrency is safe even if your computer is compromised.
• Trezor wallet access requires you to enter a specific PIN code. However, the best aspect of the device is that it changes the numeric keypad display on the touchscreen every time. Thus, malicious actors cannot use keylogging to decipher your PIN.
• Trezor gives you a backup passphrase that you should note down separately. It is handy when you wish to recover your cryptos if your Trezor wallet gets stolen.
• Trezor releases firmware updates regularly. However, as it does not support automatic wallet updates, you have to update the device when released manually.
Despite these security measures, there are reports of a vulnerability in the earlier version of Trezor. Since then, Trezor has provided the hot-fix for the specific hack.
User Interface – An Easy One to Use
Setting up and using the Trezor wallet is easy:
• Plug the Trezor wallet into your computer USB port. It directs you to the official Trezor website.
• Install the wallet to allow it to communicate with the blockchain. You can directly download it or install the Google Chrome edition, depending on your preferences.
• Install the latest firmware.
• Compare the Trezor fingerprints with those displayed on your computer screen and continue.
• Unplug your wallet and re-insert it. Then, return to the official website.
• You can give your wallet a name (it can be changed at any time).
• Enter your secret PIN twice to ensure against mistakes.
• You get your 24-word backup phrase. Copy it on a separate sheet of paper and preserve it.
Now your wallet is ready for use.
Here is how you transfer crypto to your wallet:
• Plug your wallet into the USB port and enter the PIN.
• Access it through the desktop app or using Google Chrome Extension.
• Click on the drop-down box provided at the top-left corner. Select the crypto you need to send.
• Click on Receive at the top of the screen. You get the wallet address for the specific crypto.
• Copy the address and go to the wallet where you have stored the crypto. Paste the address and transfer the funds.
Here is how you send funds from your Trezor:
• Open the Trezor wallet dashboard.
• Select the coin you wish to send from the drop-down box.
• Click on “Send”
• Enter the recipient’s wallet address and click “Send”.
Conclusion
Safeguarding your cryptocurrencies and tokens is of paramount importance. As software solutions are prone to cyber-attacks, it is better to have a hardware wallet like Trezor. The wallet might seem expensive to some, but it is a suitable option if you have a sizeable portfolio. In a nutshell, it offers a lot of advantages over its drawbacks and is ideal for crypto owners holding substantial amounts of cryptocurrencies.