[TEST] Trezor Hardware Wallet – Full review

[TEST] Trezor Hardware Wallet – Full review

Gianluca Lombardi January 18, 2023
9 min read

Perhaps you have arrived on this page because you are looking for a secure and convenient way to store your cryptocurrencies?

Not comfortable storing your cryptocurrencies on exchanges or even on your smartphone?

In that case, you’re right!

The solution is a hardware wallet. This is a secure USB stick that holds cryptocurrencies. Ledger and Trezor are the leading providers of (cold) hardware wallets in the cryptocurrency industry.

After purchasing and testing the Trezor wallets, we describe our impressions!

For full list of the best hardware wallets that we tried, check our Best Crypto Wallets list.

In short: what is a cryptocurrency wallet?

By using a hardware wallet for your cryptocurrencies, you essentially become your own bank, with full control over your digital assets. These wallets offer the highest level of independence, security, and flexibility, making them a great choice for anyone looking to invest in cryptocurrencies over the medium or long term.

Hardware wallets are typically in the form of a USB stick and can be connected to multiple devices such as computers or laptops to send and receive coins. They offer the highest level of protection against hacking, malware, and phishing attacks, while still being convenient for everyday use. If you prioritize security and independence in your cryptocurrency management, a hardware wallet is a great choice.

Trezor Hardware Wallet
Two Trezor models. Trezor One on the left, Trezor Model T on the right. As small as a USB stick.

What is a Trezor wallet?

Trezor is one of the world’s leading companies offering products for the easy and secure storage of cryptocurrencies. Trezor currently offers two models:

  1. Trezor One
  2. Trezor Model T

Both are physical devices in which the private keys of each cryptocurrency are encrypted. These keys are needed to carry out transactions. They are the passwords of the individual cryptocurrencies. Since they are stored on a small terminal, transactions can be carried out anywhere in the world, provided you have a Trezor hardware wallet.

About Trezor

Trezor is a veteran in the cryptocurrency security industry and has been on the market since 2012. It is headquartered in Prague, Czech Republic. Trezor is part of the parent company Satoshi Labs. The Trezor team consists of 20 people.

Hardware wallet models

Trezor has two models in its range:

#1 Trezor One

  • The first and best-selling Trezor model.
  • Black and white display.
  • PIN code on PC or laptop.
  • Personal keys are encrypted and always offline.
  • Supports more than 18 different cryptocurrencies.
  • Supports over 450 other Ethereum-based cryptocurrencies.
  • Easy to use with one display and two buttons.
  • Connects to a computer or laptop via a USB cable.
  • Compatible with all major operating systems.
Trezor Model One
The best-selling Trezor Model One.

#2 Trezor Model T

  • A new luxury model from Trezor.
  • Colour touchscreen display, 240×240 px
  • Private keys are encrypted and always offline
  • Supports more than 51 different cryptocurrencies
  • Supports over 450 other Ethereum-based cryptocurrencies
  • Easy to use touchscreen
  • Connects to computers, laptops and mobile phones via USB-C cable
  • Compatible with all major operating systems
Trezor portafoglio Model T
Trezor Model T, Trezor’s new flagship.

Supported cryptocurrencies

Both Trezor models support the most important and popular cryptocurrencies. As soon as new coins become more important in the cryptocurrency world, they will be evaluated by Trezor and will probably be supported after a short development period. Trezor One currently supports 18 cryptocurrencies. The latest Trezor T 51. coins, called DApps (decentralised applications) based on the Ethereum token standard (e.g. ERC-20), are almost exclusively supported. This increases the number of supported coins to around 500.

 
Cryptocurrencies Abbreviation Trezor One Trezor Model T
Bitcoin BTC
Bitcoin Cash BCH
Złoto Bitcoin BTG
Ethereum ETH
Ethereum Classic ETC
Litecoin LTC
Dogecoin DOGE
Zcash ZEC
Ripple XRP
Kreska DASH
Stratis STRAT
Neo NEO
Gwiezdna XLM
QTUM QTUM
Nano NANO
Tron TRX
Vechain VET
BAT BAT
Binance Coin BNB
Aion AION
Bancor Bancor
Cardano ADA
IOTA IOTA
NEM NEM

Platform for PC

The Trezor Desktop App is a programme that helps manage cryptocurrencies transparently. It can only be opened if the Trezor device is connected to a computer via a USB cable. Once you have entered your PIN, the programme opens in the browser of the Trezor website (the ‘Wallet’ tab of the website) and you can see all the credits for the different cryptocurrencies. Let us briefly describe the different tabs:

#1 Transactions

In the “Transactions” tab, you can view the transaction history. In addition, the app provides a graphical interface showing the amount of cryptocurrency entries and exits. The entire balance will be displayed in US dollars and the corresponding cryptocurrency (here on the screen in bitcoin).

#2 Receive

If you wish to receive the cryptocurrency, click on “Receive” and you will receive a new address, here in the format “12q3TY … TCsoh”. The address is then provided to the person who is to send the bitcoin. The sender can also scan your QR code, in which the recipient’s bitcoin address is stored.

#3 Send

To send bitcoins via Trezor, simply click the “Send” tab. The mandatory fields Address, Amount and Bitcoin Commission will be displayed. Once you have completed the fields, simply click the green “Send X BTC” button and confirm the transaction by pressing the button on the Trezor terminal.

#4 Other applications

Trezor is comprehensive in terms of security. It not only takes care of your cryptocurrencies, but can also securely store and automatically send passwords to all your online logins on sites or programmes. Password lists or the same password for every service are a thing of the past. There is a secure master password to enter, and then Trezor can enter the necessary passwords, such as pasting them into Facebook or PayPal with the highest level of security.

Trezor password manager hardware portfolio
Other applications: Trezor can also be used as a password manager, e.g. for PayPal or Dropbox.

Security standards

#1 Firmware

Trezor checks the signed firmware each time the computer is started. If the SatoshiLabs firmware is not loaded correctly, Trezor warns the user. Trezor is also CE and RoHS certified.

#2 PIN

The Trezor application requires a PIN code to be entered on the computer. This is generated on the Trezor device and must be entered into the computer. It consists of 4-8 digits. If the PIN is entered incorrectly too many times, a lock occurs. In this case, a recovery seed must be used.

#3 Seed to recover Trezor wallet

Trezor uses a seed, whereby it generates an encrypted password for the device. This is the master password used to control the device and access cryptocurrencies. The seed consists of 12, 18 or 24 words. It is best written on a piece of paper and stored securely. Two ‘Paper Wallet’ templates are included, labelled with the word ‘Recovery Seed’.

#4 Naciskanie przycisków

Wiele czynności należy potwierdzić za pomocą dwóch przycisków (Trezor One) lub wyświetlacza dotykowego (Trezor Model T). Jeśli chcesz wysłać bitcoiny, na wyświetlaczu pojawi się kwota i adres odbiorcy. Szczegóły te są potwierdzane przez naciśnięcie przycisku po ich potwierdzeniu w aplikacji Trezor.

# 5 Encrypted passwords

Each Tresor wallet, e.g. an Ethereum wallet, can be protected again with a different password or PIN. It is even possible to save several Ethereum wallets and encrypt each of them separately. This is the password for BIP39.

#6 Open-Source

Trezor’s software is available to anyone. The code is available on github.

#7 Protection

The casing is protected against ultrasound. It withstands temperatures from -20°C to +60°C.

What happens if I lose my wallet or it is stolen?

Don’t panic! It is usually more dangerous to lose your house key while travelling than the Ledger. The finder or thief will need a 4-8 digit PIN to access your cryptocurrencies. If the thief or finder has the PIN, you can be faster than them by using your password to retrieve your data. We described this just above. Seeds are 24 words long and allow you to recover the private keys of cryptocurrencies stored in other wallets, Trezor or KeepKey and some online wallets. The only condition: be faster than your opponent. The safest solution is to protect each wallet in the general ledger with additional PINs. For example, in Bitcoin Wallet, Ethereum Wallet, Ripple Wallet, etc., you can create a different additional PIN for each one.

What’s Trezor price?

Trezor One costs €82.80

Trezor Model T costs €298.80. It is possible to order multiple models, as delivery costs remain the same. Sometimes Trezor offers discounts, for example to celebrate Black Friday or Cyber Monday.

Portafoglio hardware Trezor Cryptosteel
Accessory: With the Cryptosteel, you can leave your shield in the fire and water, protected by metal flakes.

The cryptocurrency widget has a price. The cost is €130.80, incl. VAT. It is also durable and the best way to protect your passwords from any external factors. Alternatively, you can store your seeds in a paper wallet.

Short guide to setting up Trezor (Trezor One)

#1 Connect Trezor to your computer

First, connect your Trezor device to your computer or laptop using the USB cable. Then follow the directions on the screen. The current software will be installed automatically.

#2 Go to Trezor website

Go to www.trezor.io/start/. Trezor briefly explains what a PIN code is and what recovery passwords are.

Trezor - start
Test snapshot: Trezor launched from www.trezor.io/start.

#3 Naming Trezor

After reading the instructions at trezor.io/start/, choose a name for your device. The device must always be connected.

#4 Create a PIN code

Enter a PIN code of 4-8 digits. The device will ask you to enter the PIN code each time it starts up. Entering the PIN code incorrectly three times will lock the Trezor device.

Portafoglio Trezor PIN code Your test photo: Entering the Trezor PIN.[/caption

#5 Password generation (seed)

Use the supplied retrieval sheet. Write down the 24 letters displayed on the screen of your Trezor. If your Trezor is stolen or you lose it, you need a last resort: the recovery sheet.

Alternatives: how Trezor compare to other wallets

The market for hardware wallets is constantly improving. Trezor’s real competitors are the world leader Ledger.

Best overall
LEDGER NANO X

LEDGER NANO X

  • Display - 128x64 px
  • Control - Two buttons
  • Dimensions - 72 mm x 19 mm x 12 mm
  • Weight - 34gr
  • Connection - Bluetooth e USB
  • Compatibility - Windows 8.1+, macOS 10.14+, Linux, iOS 13+, Android 7+
  • NFT support
Functional
TREZOR MODEL T

TREZOR MODEL T

  • Display - 240x240 px, color 
  • Control - Touchscreen
  • Dimensions - 64 mm x 39 mm x 10 mm
  • Weight - 22gr
  • Connection - USB
  • Compatibility - Windows 10+, macOS 10.11+, Linux, Android
Best price-quality
LEDGER NANO S PLUS

LEDGER NANO S PLUS

  • Display - 128x64 px
  • Control - Two buttons
  • Dimensions - 62.39mm x 17.40mm x 8.24mm
  • Weight - 21gr
  • Connection - USB
  • Compatibility - Windows 8.1+, macOS 10.14+, Linux, Android 7+
  • NFT support
Budget option
TREZOR MODEL ONE

TREZOR MODEL ONE

  • Display - 128x64 px
  • Control - Two buttons
  • Dimensions - 60mm x 30mm x 6mm
  • Weight - 12gr
  • Connection - Micro USB
  • Compatibility - Windows 10+, macOS 10.11+, Linux, Android

Product details Trezor One Vs. Trezor Model T

 
Trezor One Trezor model T
Compatibility Mac, Windows, Android, Linux, Chrome Mac, Windows, Android, Linux, Chrome
Cryptocurrencies 18 cryptocurrencies, 450+ Dapp Coins 51 cryptocurrencies, 450+ Dapp Coins
Supported applications Trezor Bridge, Electrum, MyCrypto, MyEtherWallet, Nano Wallet Trezor Bridge, Electrum, MyCrypto, MyEtherWallet, Nano Wallet
Number of products Trezor, Satoshi Labs Trezor, Satoshi Labs
Shipping Trezor One, USB cable, 2 regeneration sheets Trezor Modell T, magnet, USB-C cable, 2 regeneration sheets, stickers
Altcoins
Open Source
Weight 12g 16g
Dimensions 60 mm x 30 mm x 6 mm 64 mm x 39 mm x 10 mm
Interaction two buttons touchscreen display
Interface USB USB-C, mircoSD
Price €82.80 €298.80
Benefits + The most popular model from Trezor

+ The most affordable Trezor model

+ Easy to set up and use

+ Compatible with PCs, laptops and mobile devices via USB

+ Very high level of security

+ Open Source

+ Trezor’s most luxurious model

+ Touch Screen Display

+ Easy to set up and use

+ Compatible with PCs, laptops and mobile devices via USB

+ Very high level of security

+ Open Source

Disadvantages Password is entered via a connected PC or laptop. Sealant residue can sometimes stick to the unit and can be difficult to remove.

Why do you need a hardware wallet for cryptocurrencies?

+ Secure and independent storage

+ Store and manage all cryptocurrencies in one place.

+ Transactions are signed on the device, private keys never leave the device

+ There is no more risk from third parties, such as handbags, online wallets or mobile apps

+ Economical: once purchased, no additional costs are required

+ All major cryptocurrencies are supported

+ Can be used anywhere in the world

Conclusion on the Trezor hardware wallet:

After detailed testing, we can conclude that: Both models of Trezor, the One and the Model T, are absolute global leaders, as is Ledger, the market leader in cryptocurrency wallets. Trezor’s products are designed for cryptocurrency investors who want to protect and organise their coins. In addition, security fanatics can appreciate the Trezor wallet, which offers the highest level of security, functionality and independence. Installation and configuration are intuitive, as Trezor accompanies the user every step of the way.

The PIN, seed and password are already known to everyone after installation. As far as security is concerned, Trezor models are of the highest level. Ledger’s criticism that the software is not open source is better answered by Trezor, whose code is visible on Github. Furthermore, Trezor uses the highest security currently offered by hardware portfolios. Whether you choose the best-selling Model One or the latest Model T certainly depends on your budget. Depending on the seriousness of your cryptocurrency investments, you have to make a decision. For beginners, the Trezor One is perfectly adequate.

We are confident in both models and recommend them 100%. Our team of authors also decided to use Trezor to keep their cryptocurrencies safe. Visit the Trezor website and check for yourself!

Gianluca Lombardi

Gianluca is the editor-in-chief of this site. A finance graduate, he is an active trader who has tested all trading platforms and knows all their secrets. Technology is his passion; he spends much of his free time in the metaverse. Gianluca loves learning new things, researching, discussing and writing about technology, especially when it comes to cryptocurrency and blockchain technology.