Trezor Wallet 2021: The ultimate test
Which cryptocurrencies are supported, what fees are charged and how does the provider compare to our test winner Wallet from eToro?
Answers to these questions and more information about the Trezor Wallet can be found in the following review.
What is a Trezor Wallet?
Trezor was developed in mid-2014 and was the first cold wallet on the market. It is designed to allow users to store their coins, manage their balance and initiate transfers. The physical device is about the size of a USB stick and connects to the computer with a USB cable.
It is important to note that there is not just one Trezor wallet. The Trezor One was the first that Satoshi Labs launched, but the later Trezor 2 and the Trezor Model T that was developed from it have also made a name for themselves.
You can use it not only to store cryptocurrencies offline, but also to store your private keys, as well as perform transactions. It is compatible with several hot wallets. The number of available Trezor Wallet Coins is also quite satisfactory: over 1000 cryptocurrencies and ERC-20 tokens are supported - and the selection is constantly being expanded.
Set up Trezor Wallet - This is how it works
Setting up a Trezor account is very simple. You connect your device to your computer and then install a "bridge" that allows the PC to communicate with the wallet. It is also possible to install the device via a browser app in Google Chrome. This even works offline. Now follow the instructions in both cases.
Among other things, you have to choose a PIN code that will be requested every time you connect your wallet to your computer. For the process of setting up the Trezor Wallet, you must follow the instructions on both the computer and wallet screens to ensure maximum security. During the set-up process, you enter your PIN twice.
The next step is to write down your backup seed in the same way. It contains twelve to 24 words. With this, you can theoretically access your credit from any wallet.
If you want to carry out activities on Trezor, you must always connect your wallet to your PC. Then open the provider's page with the "Bridge" or Google Chrome extension. If you want to see your coins, simply open your wallet: there you can see your balance at a glance and can generate addresses for payments and make payments.
Trezor Wallet Advantages & Disadvantages
As the first version of the digital wallet, the Trezor Model T has a very user-friendly interface and shines with a touch screen and RGB LCD display. This model can also store recovery seed words, making navigation faster. The backup function also finds many fans, as protection against the loss of credit is a top priority for almost all users.
Although the security updates of the Trezor Wallet are generally praised, the security point is unfortunately also "complicated" with this provider. More on this in the chapter "Is the Trezor Wallet secure?
Trezor Wallet Coins & Currencies
As already noted, the selection of coins at Trezor is quite commendable: over 1000 coins and ERC-20 tokens can be stored in the digital wallet. In this chapter, 100 of the supported Trezor coins are listed as examples.
According to this, all major players such as Bitcoin, Litecoin, Cardano and Dash are supported. The device is compatible with any altcoin. However, some coins require the use of an external wallet and cannot interact with Trezor's "Basic Wallet".
Trezor Wallet Fees
Trezor allows you to manually set transaction fees in four levels. One chooses between high, normal, thrifty and low priority and the amount of fees and estimated confirmation time is based on the bitcoinfees.21.co service.
The price of the Trezor Wallet is listed at around 100 euros in many English-language Trezor Wallet reviews, which is about average for hardware wallets. On Amazon, the prices currently vary between 59 euros (Model One) and 165 euros (Model T). In both cases, you pay more at the provider.
Regular BTC network fee
Trezor Wallet transaction fees are therefore very reasonable compared to Bitcoin wallets, as they do not exceed the normal fees & costs for BTC shipments.
Trezor Wallet Features & ExtrasThe main feature of the Trezor Core open source firmware is that Trezor models can be regularly updated and extended. This also applies to the selection of coins. The storage needed for upgrades comes from the new MicroSD slot added to the device.
The backup seed is also very popular as it prevents the loss of the entire balance if the wallet is lost, stolen or damaged. To use this feature, one simply writes down the seed, which must be 12 to 24 words long, as a paper wallet. This "analogue" note should be stored as securely as possible, preferably in a safe.
The backup seed is also compatible with HD Wallet standards: BIP32/39/44, allowing the wallet to be restored in an emergency by an HD Wallet or other Trezor model that uses the same technology. In addition to this feature, you can assign yourself a so-called passphrase for a backup. This should also not be forgotten or lost under any circumstances.
A comparison with other hardware wallets is also interesting at this point. Therefore, similarities and differences to the biggest competitors should be briefly highlighted.
Trezor vs. Ledger Nano S
While Trezor works more like a mini-computer, Ledger Nano S uses a secure chip.
Trezor is cheaper and the company has a better reputation.
Ledger offers more coins and the interface is more robust
Trezor vs. KeepKey
KeepKey is a connector to Trezor's code and firmware.
Until recently, the biggest difference was that KeepKey offered a digital screen and seed backup without having to worry about keyloggers. Now Trezor also offers secure recovery.
Now the biggest difference is in the material: while the KeepKey device is made of aluminium, the Trezor Wallet is made of plastic. The latter is much lighter for this.
Is the Trezor Wallet secure?
Normally, hardware wallets are always praised for the high level of security they ensure. But what about the Trezor digital wallet?
The aforementioned backup seed is definitely a plus. In the HD Wallet, the seeds are developed with an RNG (Random Number Generator) of the device and the computer. It is also generated offline and only displayed on the Trezor screen, so it is not played on a device that is connected to the internet.
In terms of security on the physical device, the buttons are important. This way, hackers cannot automatically send transactions from the device. The button has to be physically pressed for a transaction to take place.
You can generate as many public addresses as you want in your wallet. This is intended both to receive payments and to send them yourself. For the latter, security is ensured by the fact that you need your PIN before each sending. If you enter a wrong one, the waiting time until you can enter a new one increases to the power of two.
Security as a strengthSome Trezor wallet reviews state that the wallet is so secure that it can even be used on infected computers. At this point, however, it should be emphasised once again that, firstly, there are many different opinions on the actual security level of Trezor and, secondly, a wallet can never be 100% secure.
Anyone who wants a little more security with regard to these concerns can take a look at the Satoshi Labs page to see how the provider deals with security threats. Those who think of crypto scams like Cryptosoft, Bitcoin Trader or Bitcoin Revolution know how important security is when trading cryptocurrencies.
Trezor Wallet Experience
In principle, Trezor experiences are definitely on the positive side. One can conclude, for example, that it works as it should.
In Trezor Wallet experiences one reads that both the size and the material used for the T model - plastic - do not satisfy all users. This is especially true considering the not insignificant price. Some users also find the set-up somewhat complicated or confusing.
However, privacy is rated positively in Trezor Wallet reviews: The devices have no serial number and the software has an open source code. In addition, you don't need usernames and passwords when using the wallet. As a side note: privacy also depends on the wallet with which Trezor is combined.
Trezor Wallet Test Conclusion - Our experience and rating
At this point it should be emphasised again that hardware wallets are generally recommended. However, depending on which wallet you want to buy, you should always inform yourself about the respective wallet.
Ultimately, it depends on your own needs as well as on a good rating. Trezor offers the most popular hardware wallets alongside Ledger - but you have to accept trade-offs with both.
To determine if Trezor is right wallet for you, you should ask yourself questions like: Are Trezor transaction fees acceptable to me? How expensive is it to buy a Trezor wallet? How important is security to me? Is it more important than any other factor? (At the very least, it should always be at the top of the list).
If you want to specialise in or buy a cryptocurrency such as IOTA or Ripple, you might also want to choose a wallet that focuses on this or that.
All in all, there is of course also the option of not using a wallet at all and only trading with crypto exchanges and brokers. However, this method should also be preceded by thorough research and the platforms should be thoroughly checked before use. Only in this way can you ensure that you avoid attempts at fraud.
Our conclusion on the Trezor Wallet: It is a very secure wallet, but we recommend the wallet from our test winner eToro as an alternative, as it is completely free, easier to use and has integration with the eToro Exchange.
The Trezor Wallet is a hardware wallet. It can be purchased directly via the website.
In order to be able to purchase cryptocurrencies, you go to an exchange of your choice. On Kryptoszene.de you can find all the information about the best-known crypto exchanges.
Hardware wallets are among the most secure methods of storing your coins. Nevertheless, you should always make sure that no third-party software gets into the wallet.