Trezor Wallet Review: Reliable Wallet or Scam?

A wallet is an essential part of cryptocurrency trading. The TREZOR wallet is an interesting cold wallet for storing your cryptocurrencies, such as Bitcoin. So, is TREZOR a scam, or is it a secure wallet? Discover our review and all the details about this wallet.

What Is Trezor?

The Trezor wallet is a cold wallet originally designed for storing Bitcoin. This hardware wallet was launched in 2014 by SatoshiLabs in the Czech Republic.

There are two types of Trezor: the Trezor T and the Trezor One. It looks like a USB stick with a cable to connect it to a computer. The wallet ensures secure management of your funds because your cryptocurrencies are stored offline.

The private keys to your cryptocurrencies are kept on the physical device. This makes it one of the best wallets, as it is virtually hack-proof. Security is ensured even on a computer infected with a virus.

If you are interested in this topic, see also “Daedalus Wallet Review” and “Atomic Wallet Review”.

Best Crypto Wallets – Top List

Trezor Review – Is It a Wallet Worth Recommending?

The Trezor wallet is a very interesting physical wallet thanks to its functionality, practicality and the security it offers users. Transferring your funds is easy, and security is ensured by a PIN code required at each access.

The Trezor T hardware wallet is easy to handle thanks to its small size and touchscreen, unlike its little brother, the Trezor One, which has 2 buttons. Its advantages include being open source, unlike Ledger, and being usable with an Android smartphone.

But always stay alert to physical attacks that may occur, as Trezor devices are targets for attacks.

How Does Trezor Wallet Work?

A wallet’s role is to let you carry out various transactions with your tokens. Here is how the Trezor wallet works.

As Trezor is a way of storing your crypto, you first need to own some tokens. To do this, you need to use an exchange that lets you buy crypto with fiat money.

Once you have your crypto, you can store it in your wallet. The first step is to create a public address to receive your funds and verify that address. Then confirm the transfer.

Which Cryptocurrencies Does Trezor Support?

Trezor stands out from other wallets thanks to its ability to support a large number of cryptocurrencies. The Trezor wallet can accept all ERC-20 tokens.

Here is a non-exhaustive list of the major cryptocurrencies supported by TREZOR:

• Bitcoin
• Ethereum
• Tether
• Litecoin
• Chainlink
• Stellar
• Bitcoin Cash
• Dogecoin
• Zcash
• Ethereum Classic
• ….

As Trezor’s architecture keeps evolving, new cryptocurrencies may be added to this list.

Trezor Support – Which Platforms Does the Wallet Support?

As Trezor has no app, you need to use a graphical interface. You can access this interface via the official Trezor website. You will then get the Trezor Bridge extension, which works with Windows or Mac.

Top 10 Best Wallets

Trezor Fees – Fees and Commissions

The first cost to consider is the price of the wallet itself, followed by the transaction fees on your crypto.

Trezor also has the advantage of letting you choose the fee deducted for a transaction. There are four categories: low, economy, normal and high. You can also set a custom amount, but you need to make sure the amount you set will allow the transaction to go through.

Is TREZOR Secure?

Here is a detailed look at the Trezor wallet’s security standards for the secure management of your cryptocurrencies:

• Trezor is not connected to the internet, and storage is offline. The wallet is connected to a computer by a cable, which keeps your cryptocurrencies safe even if the computer is infected with a virus or malware.
• Creating a PIN code is the first step in setting up your account. This four-digit code is required every time you log in to your wallet. In addition, Trezor Bridge never shows the digits on your screen, so you are the only one with access to your account.
• The 24-word recovery phrase lets you access your account if your wallet is lost or broken. It is advisable to write this phrase down on a sheet of paper.

The Trezor team regularly releases firmware updates to protect against new threats.

Trezor Features

The Trezor hardware wallet comes in attractive packaging, and you will find the instructions as soon as you open the box. Here is what you will find in the Trezor box:

• The Trezor T on a magnetic stand so it can be attached to a surface
• A USB-C cable to connect it to a computer
• A user manual
• Two booklets for writing down the 24-word recovery phrase

Trezor User Guide

Using Trezor is very simple:

• connect your wallet to your computer with the cable after removing the seal on the port
• then go to the Trezor website in the Chrome or Firefox browser
• Next, download the Trezor Bridge software.
• You can now log in to the Trezor wallet web interface.

Diversifiez votre patrimoineInvestissez dans l’artDes tableaux originaux, pièces uniques signées par l’artiste. Un actif tangible, loin des écrans et des cotations.Voir les tableaux →

How to Trade Cryptocurrencies on TREZOR

Now that you understand how to use this wallet, we will show you how to carry out a transfer with it.

To make your transfer, you first need to create your account. Here are the steps to follow:

• Now that you have access to Trezor’s main interface, start creating a new account
• Confirm the creation of the new account on your wallet
• You will then create your recovery phrase, which must never be digitized but written down on a sheet of paper. This phrase must contain 24 words.
• Check that your recovery phrase is properly secured by entering two words from the phrase
• You will get confirmation on the interface that the phrase has been set up
• Next, choose a four-digit PIN code on your wallet
• Enter your account name
• Finally, you will get confirmation that your wallet has been set up correctly

Getting Crypto

Now that your account is created, you can transfer your cryptocurrencies. You get your public address from your account. Before making the transfer, check that the address on the interface is the same as the one on the wallet. Your funds are then available on your hardware wallet.

Using Your Crypto on Your Trezor

You can make outgoing transfers from the Bitcoin account tab. To do so, simply enter the address for the transaction as well as the transaction fee and transaction time.

How to Send Cryptocurrencies With Trezor

To send crypto from your TREZOR wallet, follow these steps:

• Plug the TREZOR into your computer
• Enter your PIN code
• Click the “Send” tab in the TREZOR interface
• Enter the public address you want to send your crypto to
• Add a label to this public address to identify the recipient
• Enter the amount you want to transfer and the fee
• Sign the transaction with your TREZOR’s private key
• Check that the public address shown on the TREZOR screen is the same as the one on your computer
• Press the button on the TREZOR to confirm the transaction.

How to Get a Trezor Address

To get a Trezor address, set up your wallet and then plug it into a computer. Log in by entering your PIN code. Access to the graphical interface will then let you carry out your crypto transactions.

You can now create a public address for your crypto. For better management of your crypto, Trezor lets you create several public addresses.

How to Protect Your Crypto on Trezor

To protect your crypto on Trezor, you are the only one who holds the recovery phrase, so if your device is lost, you can recover your funds. In addition, the private keys to your cryptocurrencies are not stored online. This gives you full control over your cryptocurrencies, unlike other wallets.

Which Type of Investor Is Trezor Suitable For?

If you only want to use Trezor’s storage function, it will serve you well. But it can also handle receiving or sending crypto, or even conversions.

However, it is not recommended for users who want to buy crypto with fiat money. For that, it is much better to use an exchange platform such as eToro.

Trezor Wallet Compared With Other Wallets

• TREZOR VS LEDGER NANO S

The Ledger Nano S is Trezor’s main competitor. The difference lies in the number of cryptocurrencies supported: the Ledger Nano S supports up to 1,500 cryptos versus 1,000 for Trezor.

In terms of cost and user-friendliness, the two wallets are on an equal footing. But in terms of looks and robustness, the Ledger is of better quality and more durable.

On security, Trezor and Ledger meet the same standards, but Trezor stands out for being open source.

• TREZOR VS KEEPKEY

KeepKey is a premium product and another Trezor competitor. KeepKey has a sophisticated design with a larger screen, but it is less functional than Trezor and supports fewer cryptocurrencies.

Advantages

Here are Trezor’s advantages over other wallets:

• The Trezor wallet has the advantage of being a hardware wallet for offline storage
• Trezor users have full control over their private keys
• Trezor has a tamper-proof, confidential security system
• A recovery phrase to back up your funds
• Optional two-factor authentication

Disadvantages

• PIN code management is fairly complicated
• The user interface is not very pleasant
• No mobile app

Conclusion: Should You Use Trezor?

The TREZOR wallet is a reliable product with many interesting features. It offers better security at every level and lets you safely store a wide range of cryptocurrencies.

So if you are looking for a hardware wallet, Trezor is for you. But if you are looking for a platform to manage and trade your cryptocurrencies, choose eToro. For investors who want to diversify and trade more broadly, the Vantage or Raise FX platforms are a better choice.

Read also: CoinPayments Wallet Review · MyEtherWallet Review