Best Trezor Wallet Review: Features, Pros and Cons (2024)

Published: January 9, 2024 | Last Updated: November 28, 2023

Markos Koemtzopoulos

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

In this Trezor wallet review, I will walk you through the features, pros, and cons of using Trezor to store your crypto. We’ll take a look at each of the three models that are popular with Trezor users and what makes this wallet stand out in terms of its security measures. I will also show you how to set up your device and how to get going using it. 

This article is part of my series in search of the best Monero wallet.

trezor wallet review

Overall rating 5/5

The Trezor hardware device is one of the best crypto wallets you can purchase. I don’t say this lightly. If you plan on storing a large amount of crypto most people in the crypto world will agree that Trezor along with Ledger devices are the two most robust ways to store your crypto. Trezor’s biggest drawback is that there is no way to recover your seed phrase if it goes missing. However, there are some who consider this to be a good feature because having a centralized recovery mechanism could make the devices susceptible to attacks. 

What is a Trezor wallet? 

A Trezor hardware wallet is a cold storage device that encrypts the private keys to your crypto address.

Unlike software wallets that connect to the internet a Trezor device does not have an internet connection.

And while you can connect the Trezor to a desktop or mobile device you will always need to press the physical buttons on your device to confirm transactions. As a result, even if someone were to gain access to your computer or mobile phone there wouldn’t be much they could do unless they had access to the physical device. 

The Trezor wallet is accompanied by the Trezor Suite app which allows you to manage your crypto assets.

However, Trezor cold wallets are compatible with other wallet apps as well.

Background

The company that produces Trezor, SatoshiLabs, is privately owned and was founded in the Czech Republic in 2013.

Explain the whole seed thingie to me again. 

Yeah so to use any non-custodial wallet you need access to the private keys of your public address. It is these keys that you are storing on your device, not the assets.

The assets are just records on a blockchain showing what belongs to each address. If you want to move the assets you need access to the private keys.

Private keys are long alphanumeric strings of characters that are hard to remember and prone to error when copying down.

For this reason, the industry came up with the concept of seed phrases. A seed phrase is a series of 12-25 words from which you can derive private keys using a cryptographic algorithm. You can generate many private keys from the same seed phrase.

This means that anyone with access to your seed phrase has access to all the wallets across all the blockchains you used it to set up wallets for.

When you set up a wallet it will provide you with a seed phrase that you need to store securely. It’s not a good idea to screenshot it or write it down on a spreadsheet. The most secure way to store is to write it on a piece of paper. 

The problem with that is that if you lose the paper you are fugged. For this reason, I like Ledger’s recovery option (more here) which protects you from your own idiocy, and Coinbase’s custodial vault solutions. But I leave you to form your opinion about what’s right for you. 

Let’s take a look at the different Trezor models. 

Models

1. Trezor Model One

The Trezor Model One is the most affordable of the three Trezor devices.

To interact with the device you just press buttons that sit below the sleep OLED interface.

Its biggest drawback is that it does not support all cryptocurrencies. I find this to be a major drawback because as you expand your crypto investment you want to be able to diversify across coins and tokens.

Some major coins that the Model One does not support are Cardano, XRP, Solana, Polkadot, TRON, and Cosmos.

Also, note that the Model One is not compatible with iPhones.

trezor model one

Features

  • Available in black and white
  • Two-button pad
  • 128 x 64 pixels OLED Screen
  • Supports Windows, MacOS, Linux, and Android smartphone devices
  • Size: 60x30x6 mm

Price: $69

2. Trezor Model T

The Trezor Model T has a touchscreen device and supports a wider range of cryptocurrencies compared to Model One. This is the main reason for the higher price tag. 

Trezor Model T

Features

  • Touch screen
  • Shamir Backup: Your key or password is divided into shares, and a subset of those shares is needed to restore the original secret in case of data loss or security breaches. This ensures that no single backup location or entity holds the complete key, adding an extra layer of protection.
  • Coinjoin privacy: an optional feature that protects your privacy because it obscures the origin and destination of your Bitcoin transactions. See more here
  • Supports a wide range of more than 8,000 coins
  • Size: 64x39x10 mm

Price: $219

3. Trezor Safe 3

trezor safe 3

The TS3 is considered the most secure of the three devices because it uses a tamper-proof Secure Element chip.

A Secure Element chip protects your device from being hacked even if someone were to have physical access to your device. Whereas other types of chips can be breached by hackers with the required expertise that’s close to impossible to achieve with a Secure Element chip. 

  • Passphrase and Secure Element protected. The secure element is a Certified Chip EAL6+.
  • Available in four colors: Solar Gold, Cosmic Black, Galactic Rose, Stellar Silver
  • Standard and Shamir backups
  • Size: 59x32x7.4 mm

Price: $79

Trezor wallet review

In this section, I will examine the features, pros, and cons that are applicable across all Trezor devices. 

Features

  • Compatible with both Android and iOS devices
  • 24/7 customer support. You can reach the Trezor team by using Live chat.
  • Multi-crypto support including Bitcoin, Monero, Ethereum, and all ERC-20 tokens. 
  • Tor enabled to protect your privacy
  • Standard backup

Pros 

1. Open source

Trezor uses open-source code that is freely available for anyone to inspect. This means that security experts can scrutinize and point out vulnerabilities in the code. 

2. Ease of use

The setup process is pretty straightforward if somewhat tedious when generating your seed phrase and pin code the first time around. The user interface on the accompanying mobile app is also pretty easy to navigate.

3. Security features

  • When you first set up your device you will be asked to create a pin. This way only you will have access to the device. If you want to you can also set up a password.
  • Includes a 12-word wallet backup phrase which you can use to retrieve your funds if you lose or break your device.
  • The packaging comes with security seals so you know if anyone has been messing with your device. You can also purchase additional holographic stickers to know if someone has tampered with your seed phrase once you write it down and store it somewhere.

4. Device can be used for two-factor authentication

The most common 2FA app is Google’s authenticator app. A key problem with the Authenticator app is that it is online. Trezor’s latest firmware update means that your Trezor device can now double up as a Universal Second Factor which is considered more secure than the time-based-one-time password that the Authenticator generates. You can find out more here

5. Recovery options

  • Passphrase Support: Trezor allows users to set up a passphrase for an additional layer of security.
  • Even in the worst case where Trezor stops production, you can always recover your wallet using a software wallet. 
  • Shamir’s Secret Sharing: Some Trezor models support Shamir’s Secret Sharing for more advanced and secure backup options. With a Shamir backup, you can generate any number of shares you wish and distribute those to people you trust. You then only need a subset of those to restore your cryptocurrency wallet. This makes it hard for a hacker to access your shares but it also ensures you don’t need them all in case one gets lost. 
shamir backup vs standard backup
Shamir backup features

Cons

1. iOS compatibility

Not all devices are compatible with iOS. 

2. Customer support and product manufacturing. 

Most complaints center around a lack of empathetic support and glitches with the wallet not working. Some users also report that the product feels somewhat flimsy. 

3.  Depth of cryptocurrencies

While Trezor supports multiple cryptocurrencies there are some major ones it does not support. 

Some examples are Solana, TRON, Cosmos, Toncoin, Polkadot, Aptos, Filecoin, Heddera, VeChain, NEAR, Algorand, Sui, Bitcoin SV, THORChain, Helium, Ravencoin and Osmosis. 

4. It costs money

While a hardware wallet is the safest way to store your digital assets you do need to buy the device. Otherwise, software wallets are usually free to use. 

Alternatives to Trezor

Hardware wallets

The most popular hardware wallet alongside Trezor is Ledger. The Ledger Nano S Plus, Ledger Nano X, and Ledger Stax are competitor wallets to Trezor’s Model One, Model T, and Safe3 respectively.

The key differences between a Ledger and Trezor are that Ledger users Secure Element across all its devices and that some of the Ledger devices support Bluetooth connectivity. In addition, Ledger supports a wider range of cryptocurrencies. Its app is called Ledger Live but like Trezor it is compatible with other hot wallets as well. 

Other popular hard wallets are 

  1. KeepKey
  2. ColdCard
  3. BitBox

Hot wallets

Here is a list of popular software wallets that support multiple cryptocurrencies

Paper wallets

A paper wallet consists of just a piece of paper where you write down your alphanumeric code for your public address and corresponding key. There is no complicated tech to manage. However, it is much more tedious to manage. 

FAQs

Can Trezor be trusted?

Trezor is considered to be a robust hardware wallet by the crypto community. It's open source code and the fact that it has been around for 10 years makes it a trustworthy choice. When you purchase the device the package is protected by a tamper-proof seal so you know if someone has been messing around with it.

Is Trezor safer than Coinbase?

Yes, Trezor devices are not connected to the internet. Even if someone were to hack your computer they would still need access to your physical device to be able to click on the buttons and confirm transactions. The biggest risk with a Trezor device is that of losing your seed phrase. But even if that happens you can log into your Trezor device with your PIN and move your assets to another wallet. Coinbase on the other hand is less tedious to manage and you can recover your password if you lose it. However, an online exchange such as Coinbase is much more susceptible to attack compared to a hardware wallet such as Trezor

Can Trezor get hacked?

The older models Trezor One and Trezor Model 3 use off-the-shelf chips that you find in your toaster and microwave. An experienced hacker with physical access to your wallet would theoretically be able to hack the device. However, the latest model, the Trezor Safe 3, uses a Secure Element chip which is extremely hard to hack. This is the same type of chip that Ledger devices use.

Can you store XRP on Trezor?

You can store XRP on the Trezor Model T and the Trezor Safe 3 but not the Trezor Model One.

What happens if Trezor goes out of business?

As long as you have your seed phrase you can use it to recover your funds on a software wallet and send them to another hardware wallet from there.

Should I move my crypto to a wallet?

The main reason to move your crypto to a wallet is that you have self-custody of your keys. Centralized exchanges are prone to going bankrupt or getting hacked whereas a hardware wallet is more secure. However, this means that you take on the responsibility of storing your keys safely. Should anyone get access to your keys it is like they have access to your funds.

Can you lose crypto on a cold wallet?

Yes, it is possible to lose your crypto if you lose both your seed phrase and your device at the same time. If you have only access to your device but not your seed phrase you can log into your wallet using your pin and send your digital currencies elsewhere. Alternatively, if you have lost your device you can use your seed phrase to recover your wallet on another device. If you lose both there is not much you can do.

Useful Resources

Step-by-step guide on how to set up and use your Trezor crypto wallet

1. Download the desktop version of the Trezor app

2. Turn on your device and connect it to your desktop device using the provided USB cable

3. Click on Setup Trezor and Install Firmware

install firmware trezor

4. Once complete click on Continue and then on Create a New Wallet

create new wallet trezor

5. Click on standard seed backup and then on Create a backup

6. Read the security warning and click on begin backup

security warnings trezor

7. Press the confirm button on your Trezor device. Your device will now generate the 24-word recovery seed. Write it down on the recovery seed card that comes with your Trezor device. Make sure you write it down in the correct order because the order matters. Then, store it in a secure place that is not your laptop. 

8. Next the screen will prompt you to set up a PIN. Click on Set PIN and press the confirm button on your device.

​9. Once you set up your PIN you will be asked which coins you want to activate. This is asking which coins you want to create wallets for. Select the cryptocurrencies you want and you are good to go. You don’t have to select all of them now. You can always come back later. 

Up Next

Ledger Wallet Review: Is It Still Safe in 2024?

ledger wallet review

In 2023 Ledger, the most popular hardware wallet in the crypto industry, released a new feature called Ledger Recover. This one feature completely threatens the whole point of having an offline wallet and Ledger’s PR department has been facing a difficult time ever since. In this comprehensive Ledger wallet review, I will walk you through what Ledger is and how you can use it. We’ll be taking a look at the main benefits that the wallet offers and what its drawbacks are. We’ll also dive into whether the new Ledger Recover feature is something to be concerned about or not. At the end of this review, you will have a good sense of whether Ledger is for you or not. Read more.

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.