• Home  / 
  • Reviews
  •  /  TREZOR Wallet Review – The Best Cold Storage Device?

TREZOR Wallet Review – The Best Cold Storage Device?

This TREZOR Wallet review will teach you everything you need to know about hardware wallets, why they are important, and how to store your cryptocurrency and be your own bank!


The Good | The TREZOR Wallet is an extremely safe and secure way to store your bitcoins or other cryptocurrency. The built in screen allows for an uncompromised secure setup, even on potentially compromised computers.
The Bad | As much as we love the TREZOR Wallet, it is one of the most expensive hardware wallets on the market. With that being said, we think the TREZOR is well worth the price.
The Verdict | The TREZOR Wallet is great for those looking for the most secure way to store your cryptocurrency. The TREZOR team is also some of the best in the industry. A company that makes you feel comfortable storing your digital assets with their products.

TREZOR Bitcoin

The TREZOR Wallet is one of the most secure ways to store your bitcoins and other alt-coins

What is a TREZOR Wallet?

The TREZOR Wallet is touted to be the safest digital hardware wallet​ for consumer use. It enables you to be your own bank and store your digital assets on a safe and secure device that is the size of a keychain. You might say, "wow, being your own bank seems like a hassle", and quite frankly, it can be.

This is an entirely new way of thinking - taking your money out of the hands of "trusted" banks. While the USA has yet to experience mass siphoning of citizens bank accounts, some countries such as Cyprus have not been so lucky. In fact, the fear of Cyprus dipping into deposits caused a surge in bitcoin in 2013 when it nearly doubled to the high $80s in a matter of a few months. 

Why do you need a TREZOR Wallet​​​​?

These are the main reasons why you need a TREZOR Wallet 

  • Keeps digital assets off of the exchange
  • Safe and secure offline storage
  • Built in screen
  • Replaceable 

TREZOR Wallet Unboxing

Whats in the box

  • TREZOR Wallet
  • microUSB cable to USB
  • Recovery Seed 
  • Lanyard

TREZOR Wallet Features

TREZOR was originally designed as a hardware storage device for bitcoin, allowing users to keep their cryptocurrency in the palm of their hand. You can use the TREZOR Wallet to authenticate transactions leaving the wallet as well, which is a critical component of its security. We will talk more about that in a different section

  • Bitcoin
  • Litecoin
  • Ethereum
  • Ethereum Classic
  • ERC 20 Tokens
  • Dash
  • Zcash

Ethereum Integration

The TREZOR Wallet fully supports the Ethereum blockchain and has partnered with popular online and paper wallet provider MyEtherWallet.

TREZOR Ethereum

MyEtherWallet is one of the leading Ethereum wallet providers in the crypto marketplace

The TREZOR itself acts as your storage device, while MyEtherWallet is the user interface to access your ether.​ You can launch the interface by connecting your TREZOR to your computer, and launching the MyEtherWallet site either by entering in www.MyEtherWallet.com or by going to the TREZOR Wallet or website and launching MyEtherWallet from there.

You will be required to enter your PIN on the screen when inside of MyEtherWallet and attempt to access the TREZOR Wallet.​ Get used to typing in that PIN number... you're going to need it!

When you access the TREZOR, you will then export your addresses which will appear on the next screen. You can click the button on the lefthand side next to an address to obtain the QR code and check the balance.

Make sure to send balances to one of those addresses! 


TREZOR Wallet Password Manager

TREZOR Wallet password manager

The TREZOR Password Manager allows you to encrypt some of your favorite websites and login information

The TREZOR Wallet also comes with a next-generation password manager app. It allows you to encrypt passwords separately and sync them with your private cloud. 

The password manager function is utilized by adding the TREZOR Chrome Extension to your web browser. You'll also be prompted to sign up for dropbox, assuming you aren't already a customer.

From there, you will create and generate difficult to crack passwords for each of your favorite sites, such as facebook or Amazon. Might be worth it to use the passwords for any cryptocurrency exchanges you might use.

Dropbox integration allows for the TREZOR to create a password manager folder inside of your dropbox cloud that is fully encrypted by the TREZOR device. 

While password managers such as the TREZOR aren't necessarily mainstream for the common consumer, I suspect a time in the near future where they are more common. Potentially as common as RSA Keys are for corporate employees logging onto the network remotely. 


Two-Factor Authentication - 2FA with TREZOR Wallet

TREZOR 2FA

TREZOR utilizes Universal Second Factor (U2F) as a 2FA which never reveals sensitive information

Two-factor authentication or 2FA has gained popularity among cryptocurrency investors to help fend off hacks to their various digital asset wallets or exchanges. Blockchain Sensei highly recommends using 2FA for anything related to cryptocurrency storage or exchanges, you can never be too careful!

With that being said, TREZOR allows you to utilize the same 2FA security embedded ​within the device. You can enable 2FA with other accounts such as gmail or google drive that must be authenticated with the TREZOR as the second step.

This may seem like a useless feature to the average user right now, but as the digital movement continues and digital asset storage grows, such security will be necessary. ​


Is the TREZOR Wallet Safe?

Built in Screen

TREZOR recovery seed

TREZOR generates a 24 word recovery seed on the device's screen - perfect if your home computer has a virus

  • The built in screen of the TREZOR Wallet is a welcomed benefit in terms of wallet security. Being able to generate your seed from an offline device rather than on your phone or computer, that may or may not be compromised!
  • John McAfee, while not specifically advocating the TREZOR Wallet, praises them for their built in screen, minimizing risk from potential hackers. While McAfee might be a little paranoid, his assessment of risk and security should not be ignored.
  • 24 word recovery seed is also generated and viewed only on the TREZOR. This means that if your computer is infected with a page viewer, it will not be able to view the recovery seed is it is only visible on the TREZOR. 

TREZOR Pin

TREZOR Wallet PIN
  • The TREZOR Wallet is also equipped with a Pin that you choose during the setup process. You can chose up to 9 digits for your Pin. TREZOR suggests using a "good pin" meaning, use all 9 digits if you can remember them all.
  • Your TREZOR device will show you the 1-9 number pad, while the website will show you a digital version of the number pad. Enter your PIN number into the computer by using the TREZOR to figure out the order of the numbers.
  • Each time you enter an incorrect Pin, the wait time increases by a factor of 2. Trying 20 pins will take about 6 days with the increasing wait times in-between guesses

Physical Button

  • The button on the TREZOR Wallet needs to be physically depressed in order to confirm outbound transactions from the wallet. 
  • This ensures that hackers remotely accessing your account cannot send your cryptocurrency to another wallet. They would physically need to have the TREZOR in their possession to authorize the transaction.

Can the TREZOR Wallet be hacked?

It depends. Theoretically if someone obtains your physical TREZOR Wallet and knows your PIN number within the first few guesses, then yes. That is why we highly recommend using an 8 digit PIN instead of a 4 digit password.

In August of 2017, a TREZOR Update was released to help prevent hackers who gain control of the physical TREZOR Wallet. There are a few YouTube videos that go over what a hacker would need to do to obtain your 24 word seed.

TREZOR Wallet vs Web Wallet

TREZOR BTC

TREZOR Bitcoin Wallet provides an interface that converts to USD

While ordinary web wallets are typically more secure than leaving your crypto on the exchange, they will not protect you from malicious hackers that can access your phone or desktop. Much like what happened with the recent Parity Wallet Hack, where a hacker stole $30 million worth of Ethereum in July 2017.

Below are a list of ways that people have lost their bitcoins or other cryptocurrencies through a web wallet:

  • Computer is hacked and web wallet passwords are stolen
  • Web wallet provider is hacked and digital assets are stolen
  • FBI or other enforcement agency confiscates digital assets
  • Web wallet steals coins
  • Computer or cell phone is stolen while logged into wallet, providing access to digital assets

Using a TREZOR Wallet prevents the above issues from happening. It allows you to keep your bitcoins or other digital assets completely under your control. No need to go anywhere or ask permission to store your digital assets anywhere. 3rd party risk is now all but eliminated!


What happens if I lose my TREZOR Wallet?

How to recover TREZOR

Can someone steal my bitcoin or other digital assets?

  • No - Someone who steals your TREZOR will still need to enter your PIN in order to gain access to the wallet. Each incorrect guess doubles the amount of time it takes before you can guess again. The time between the 19th and 20th guess is around 35 hours!
  • The top 20 guesses would take about 6 days!
  • This ensures that if you do lose the TREZOR Wallet, you should have enough time to get yourself a new one and transfer your digital assets to a new address.

Can I recover my cryptocurrency? 

  • Yes -  Writing down your 24 random word seed can be used to recover your TREZOR account
  • Account recovery is one of the best features of the TREZOR Wallet. The use of the 24 word random seed in paper form is "the oldest trick in the book" - and allows you to store this private information in a non-digital form. 

What do I need to recover my account ?

  • A new TREZOR or one that has previously been wiped
  • Account recovery is one of the best features of the TREZOR Wallet. The use of the 24 word random seed in paper form is "the oldest trick in the book" - and allows you to store this private information in a non-digital form. 

Specifications

Trezor hardware wallet

Highlights//


Size  |  2.4 x 1.2 x 0.2 in  |  (60 x 30 x 6 mm)

Weight  |  12 grams 

Screen  |  Bright OLED - 128x64 pixels 

Desktop  |  Windows, macOS, Linux

Mobile  |  Android

How to setup TREZOR Wallet

  1. ​Plug in TREZOR Wallet using supplied microUSB
  2. Visit www.TREZOR.io
  3. Name your device - this will show up on your TREZOR Screen
  4. Setup the TREZOR Chrome extension
  5. Copy down seed generated on TREZOR Screen
  6. Put your seed in a safe place... like a safe!
  7. Transfer digital assets such as bitcoin, ethereum, dash, litecoin (with SegWit!), Zcash, and other ERC 20 tokens!

Setting up the wallet is not as difficult as it appears. I will say, having somewhat of an understanding of how bitcoin works and the basic fundamentals of blockchain technology also make this process make a little bit more sense. While I consider myself somewhat informed on cryptocurrency, I was still afraid I'd lose my coins in the process due to user error!


Trezor - The Best CryptoCurrency Wallet?

TREZOR Wallet

The TREZOR is one of our favorite options for a hardware wallet for bitcoin and other cryptocurrency. You will pay a slightly higher price tag for the TREZOR Wallet compared to the Ledger Nano S, for arguably the same functionality. The TREZOR comes with the password manager functionality I mentioned above, which may or may not be useful to you.

One qualitative thing you need to think about when dealing with crypto is understanding the risks. If you take a look at the TREZOR.io site and read through all of their materials, you'll be surprised. I was extremely impressed at the level of detail and thought process that went into the design of this product.

Every question was thought of and addressed upfront. From the time delay for PIN guesses, to their recovery process and thoughts around security threats. They go over, in detail, each potential attack that could come to fruition, and how TREZOR came up with a solution to mitigate such risks. Doing business with a company like this makes me very comfortable. 

I gladly paid the higher price for the TREZOR for the peace of mind.​

I foresee a time when personal encryption may grow in popularity as people get more familiar with cryptography and its benefits. Bitcoin and cryptocurrency will help get us there. This whole process even prompted me to purchase a safe to keep my 24 word recovery seed stored in a safe place.

Finally - I ordered the TREZOR Wallet not only because it is a trusted brand and thought leader in the hardware wallet space, or that John McAfee uses one... its because it was available to me within a few business days, whereas the Ledger Nano S was backordered.

If you have not claimed your Bitcoin Gold [BTG] onto your TREZOR yet, you can check out our blog post to find out more.

Summary
Review Date
Reviewed Item
Trezor Hardware Wallet
Author Rating
41star1star1star1stargray