TREZOR Review and In-Depth User Guide
First released in 2014, TREZOR was one of the earliest hardware wallets and it quickly became the industry standard. TREZOR provides users with a simple, secure way of keeping their private keys in cold-storage without the hassle of making a paper wallet. Accessing your cryptocurrency is as simple as plugging in the TREZOR to your computer and using one of a variety of supported software wallets.
The benefit of using a TREZOR rather than a software wallet on its own is that your private keys are always kept securely on the TREZOR — far away from any potential hackers or malware. It’s for this reason that hardware wallets are unanimously agreed upon as the most secure type of wallet.
In this TREZOR Review, I’ll cover:
The TREZOR sports a simple, two-button interface with a 128×64 pixel OLED screen. While other devices, like the Nano Ledger S are encased in stainless steel, the TREZOR is made entirely of plastic. This raises some concerns about the TREZOR’s durability; however, the device should have no problem surviving the occasional fall, which is probably the most likely kind of wear and tear most users will ever experience.
One of TREZOR’s greatest strengths is that it is incredibly easy to set up and use. Initial setup can be completed in minutes (see our user-guide in the second half of this review), and once it’s set up, using the TREZOR is as simple as plugging it into your computer and accessing your accompanying software wallet.
This is significantly easier than using and setting up the Nano Ledger S, which requires users to download separate Google Chrome wallet apps for each cryptocurrency. By contrast, most of TREZOR’s supported coins can be accessed directly through the single TREZOR wallet app or through Ethereum’s MyEtherWallet.
While transactions using the TREZOR are completed using an online software wallet, your private keys are always stored safely on the TREZOR. This means that your cryptocurrency is protected from phishing, network hacks, and even malware on your computer.
TREZOR’s security features include a PIN to access the wallet as well as a 24-word seed used for restoring your wallet if it is ever lost or damaged. Users are also given the option to create passwords to their online addresses as an additional security measure.
TREZOR supports a decent number of coins, including Bitcoin, Ethereum, Litecoin, DASH, Zcash, Bitcoin Cash, Bitcoin Gold, Ethereum Classic, and all ERC-20 tokens. The list of supported coins should be sufficient for most users; however, the selection of coins is notably smaller compared to the Nano Ledger S, which supports many additional coins including Ripple, Neo, Stellar, Ark, Vertcoin and more. Users with a penchant for altcoins therefore might find the TREZOR somewhat limiting.
TREZOR also supports a handful of software wallets. The primary wallet is TREZOR’s own TREZOR Wallet which is run as a Chrome Extension, but users can also use third-party wallets like Mycellium, Electrum, as well as MyEtherWallet.
The TREZOR retails for €89(~$110) and is fairly priced for what you’re getting. It is about $10 more expensive than the Nano Ledger S, which supports a greater number of coins and may have a superior build quality. But TREZOR is a time-tested brand that has become synonymous with quality and security. It’s also significantly easier to set up and use than the Nano Ledger S.
What You’ll Get
When unpacking the box of your TREZOR, you’ll find the following:
- 1x Trezor
- 1x Micro USB cable
- 2x Recovery seed cards
- 1x Lanyard
- 4x Stickers
- 1x User manual
Setting Up and Using the TREZOR
To begin, plug your TREZOR into a computer using the included micro USB cable. Then head to trezor.io/start in your web browser.
You’ll be directed to a page providing you with information about your PIN and your 24-word seed. You’ll also be given the option to subscribe to TREZOR’s email list to stay up to date on any security or feature updates. Either “Subscribe and continue” or select “No, skip it”. A menu will drop down prompting you to read up on the TREZOR’s warranty information. It’s worth it to take a look at this material, just in case you encounter any issues with your TREZOR. Press “Done, let’s go!” to continue.
You’ll then be directed to a page from which you can install the TREZOR wallet Chrome extension. If you plan on using Google Chrome, simply click “Install Extension”. If you want to use TREZOR with another browser, select your operating system and install the TREZOR Bridge.
After clicking the “Install Extension” button, you’ll be taken to the TREZOR Chrome Extension page on the Chrome Web Store. Select the blue “ADD TO CHROME” button in the top-right corner of the window.
The TREZOR Extension should launch, and you will be prompted to install the TREZOR’s firmware. Select “Yes, install” to continue.
Your TREZOR should indicate that the firmware is installing. Once the installation is complete, you will be prompted to unplug your TREZOR. Unplug it, and then plug it back in.
You’ll now be given the chance to name your device. Enter a name and then press “Continue”.
After this you’ll be prompted to create a PIN for your device. The TREZOR PIN is not like entering on a traditional keypad where the numbers are always in the same location. Instead, the number locations are different each time you enter your PIN. Look at your TREZOR device to see the number positions. Enter your new PIN and then re-enter it to confirm.
The next step in the TREZOR setup is writing down your 24-word recovery seed. Look at your TREZOR device and you should see your first recovery word. Write it down on your recovery seed card and then press “Next” on the device. Repeat this for all 24 words.
Once you’ve written down all 24 recovery words, you will be prompted by your device to confirm them. Verify that you have written down every word correctly by continuing to push “Next” on your device.
Finally, you will be prompted to re-enter your PIN one final time before accessing your wallet.
Your wallet is now set up and you are prepared to start receiving and sending cryptocurrency. After logging in, you’ll find yourself looking at Bitcoin “Account #1”. There won’t be any transactions yet, but that can easily be remedied. Let’s first talk about how you can receive Bitcoin. Start by clicking on the “Receive” button on the menu bar.
From here, you can create new addresses which will be used to receive Bitcoin.
Sending Bitcoin is equally simple. Click on the Send button at the top, and then enter your recipient’s address, the amount of Bitcoin you’d like to send, and the fee amount.
If you’d like to make transactions using another cryptocurrency besides the default Bitcoin, simply click on the “Bitcoin (BTC)” button in the top-left, beneath the TREZOR logo. Here you’ll see a drop-down menu that will allow you to select other coins. Each coin will have its own accounts and its own transaction history.
Making transactions with other coins is largely the same process. Ethereum transactions are a little different because they require you to use Ethereum’s MyEtherWallet, but the process is very straightforward.
The TREZOR is widely regarded as one of the best hardware wallets on the market today, and it’s easy to see why. The TREZOR is stylish, user-friendly, and above all else – secure.
The main downsides of the TREZOR are that it supports fewer cryptocurrencies compared to the Nano Ledger S and it’s also more expensive. The main selling point of the TREZOR over the Nano Ledger S would have to be the TREZOR’s ease of use and its longstanding industry reputation. If you don’t mind the limited selection of coins and are willing to cough up a few extra bucks, the TREZOR is an excellent way to protect your cryptocurrency investments.
Matthew Godshall is the editor in chief at Unhashed.com. A graduate of Wesleyan University, Matthew hopes to turn Unhashed into the Internet’s premiere site for cryptocurrency resources.