Trezor Wallet Review 2020: Fees, Pros, Cons and Features Author: Sherlock Gomes Last Updated: 26 January 2020 When it comes to storing larger cryptocurrency holdings securely, hardware wallets are the first thing that comes to your mind. These wallets, unlike their online counterparts, spend most of their time offline. It helps in reducing instances of hacking, thereby providing a nifty cold storage option to individuals. One of the popular hardware wallets in the market is Trezor. Today, we will learn about its original product- Trezor One. Is Trezor wallet recommended? Trezor wallet is one of the most highly recommended wallets in across the globe. It brings the best cutting-edge security systems for cold storage to individuals, helping them store a variety of digital currencies. The device is a small investment for people who are serious about storing their digital currencies. What is Trezor wallet? Trezor is a hardware wallet providing cold storage for digital currency assets. It looks like a USB dongle that easily connects with your computer and lets you secure digital currencies away from prying eyes. It keeps all your cryptocurrencies offline, minimizing the chances of your coins getting hacked. It comes with PIN protection and a recovery seed and follows a Zero Trust Approach to secure your holdings. The single-purpose device provides only a limited attack surface. It doesn’t have an internet connection, Bluetooth or Wi-Fi. Trezor is the gold standard in cryptocurrency cold storage for individuals. What wallet type is Trezor wallet? Trezor is a hardware wallet providing cold storage to users who want to safeguard their cryptocurrencies away from the internet. The tiny USB-shaped device connects with a computer only when a user needs to make transactions and remains offline otherwise. What cryptocurrencies does Trezor wallet support? Trezor wallet supports cryptocurrencies via two unique interfaces- Trezor wallet and MyEtherWallet. Currencies supported on Trezor wallet interface- Bitcoin (BTC) Litecoin (LTC) DASH (DASH) Zcash (ZEC) Bitcoin Cash (BCH) Bitcoin Gold (BTG) Currencies supported via MyEtherWallet interface- Ethereum (ETH) Ethereum Classic (ETC) All ERC20 tokens Here is an expansive list of all the coins supported on Trezor One. What fees does Trezor wallet have? The Trezor One wallet is available for $78 on the company’s website as well as Amazon. Other than this initial payment for device, you don’t pay anything to Satoshi Labs for using Trezor. However, when making transactions, you are required to pay a minimal transaction fee. This fee is defined by the network/blockchain you are using. Ideally, you will pay a higher fee to get your transaction confirmed in the next block of the blockchain. Trezor allows different tiers of the transaction fee to the users- low, economy, normal and high. If you are not satisfied, then you can even set a custom fee. Users are expected to ensure that they pay at least a minimum viable transaction fee to ensure that their transaction is confirmed by the network. How to create a Trezor wallet account? You don’t have to create an account while using Trezor. The device doesn’t come with a serial number and its developers at SatoshiLabs, have no way of identifying your data. All that connects you to your digital coin holding is your private key. Starting up the wallet is slightly tricky and demands patience, but it eventually helps you in securing your coins. Here is how to get started with Trezor. Buy a Trezor. Make sure that you are buying only from the official website of the wallet. The only other viable way of buying the product is Amazon. Your device comes securely packed, and the packaging contains two holographic seals that should be intact at the time of delivery. This ensures that your wallet is never tampered with. Download Trezor Bridge. The software helps you connect seamlessly with the Trezor wallet and works equally well with both Firefox and Chrome browsers. Make sure you download the software from the official website only. Connect your device with your computer and install the device firmware. If your device already has some firmware installed, it has possibly been tampered with. Contact support immediately. When done, unplug and replug the device. Refresh the Trezor wallet website. You will see a welcome page. Now your device is completely set up, and you can start by creating a new wallet. Click on “Create New,” and you are good to go. To ensure that your device and your crypto holdings always remain safe, you need to complete the following steps as well- Create backup- Simply click on “Create backup” and get ready to write the recovery seed of your wallet. You will get a specially designed card in the wallet packaging to write down the seed in the correct order. The seed will only be presented twice to you and will not be available ever again. So, write down the words carefully, making sure there are no spelling mistakes. Keep pushing the right button to see the next word of your seed. Always write down the seed and never create a digital backup. Name your device- You can name your device if you like. It is most helpful in giving it a unique identity, especially if you use multiple devices. The name cannot be more than 16 characters in length. Set a PIN Your PIN is the first layer of security for your Trezor wallet. It protects your device from unauthorized access. Enable PIN protection as soon as you start using a device to remain safe. Use the obscure numerical pad on the website to create a new PIN. The pin could be up to 9 digits in length, but the recommended size is four to six digits without repeating digits. After following these steps, your device will become a fortress and protect all your digital coins with ease. How to send and receive cryptocurrencies on Trezor wallet? To start using your Trezor wallet, you will first need to receive some cryptocurrencies. Here is what you should do to make the transaction a breeze. To receive coins- On your wallet home screen, you will see the ‘Receive’ tab. Click on it and select the cryptocurrency you would like to receive. Popular coins include Bitcoin, Litecoin, Dash, Dogecoin, Bitcoin Cash, Vertcoin, Zcash and Bitcoin Gold. If you are using a different cryptocurrency, make use of one of the supported third-party wallets. You will get your first receiving address now. Copy and share this wallet address to anyone whom you would want to get cryptocurrencies from. Wait for your payment to get confirmed and reflect in your wallet. To send coins- To make payments, plug your Trezor device to your computer and go to the account page in your wallet. Now go to the “Send” tab. Select the cryptocurrency you want to send (use a third-party wallet if your chosen cryptocurrency is not supported directly). Now, enter the destination address, write the amount and see the exact conversion of the crypto in the fiat currency of your choice. Choose the fee- high, normal, economy or low. You can also set a custom fee. You can also open comments by enabling labelling. If you want to send funds to multiple addresses with a single transaction, click on the “+” button to Add Recipient. You can then go on to import from CSV button. This also helps you save money in transaction fees. Now press sends and confirms your transaction. If the address on your Trezor screen does not match the address on the computer screen, you should immediately contact support. Your coins will be safe. However, your system could be infected. If everything is correct, go ahead and check the total transaction amount and feel. Confirm again and hold the green button for a little while to sign and send your transaction. How safe is Trezor wallet? Trezor wallet has a minimal attack surface. It doesn’t have any Bluetooth or Wi-Fi connection, ensuring there is no wireless transmission of your PIN. The device lets users retain their privacy by providing a recovery seed, a 24-word code, that could be utilized to recover a wallet. Its primary defense against attacks is a 9-digit PIN which the user can set at the time of setting up the device. The PIN is different from your recovery seed and allows access to your funds. The device is configured such that the waiting period between each PIN entry will increase by the power of two every time someone enters a wrong PIN. If a hacker steals your device and manages to enter the PIN wrong 15 times, the device will wipe itself, leaving it useless to the hacker. The packaging comes with holographic seals, and the device is shipped without any firmware installed. The device is designed to work with firmware signed with SatoshiLabs’ master key. If an unofficial firmware is installed on the device, it will wipe itself. The wallet will not be affected if your computer is lost or damaged. It will also not be affected if SatoshiLabs shuts down or if its servers are hacked. Finally, Trezor is a cold wallet which is connected to the internet only when you are transferring coins. It spends most of its lifetime offline so you can sleep at peace. There is no hacker who could access your coins from a hot wallet or exchange. Trezor wallet pros and cons Pros- Heightened security Multiple cryptocurrency support Easy to use interface Small and portable Doesn’t require power sources/batteries Safe cold storage option Cons- PIN entry is complicated Transaction opportunities are limited Not free, unlike several other top-of-the-line wallets Two-button navigation can often be difficult Small screen Trezor wallet vs other wallets Trezor pioneered the concept of cold storage hardware wallets in the industry, but times have changed, and there are many other options on the market right now. Let’s see how it compares to the rest. Trezor vs Ledger Nano S Trezor gets to have the cake when it comes to price. It is relatively cheaper, even though Trezor Model T could give the Ledger Nano S some tough competition in the price department. Ledger’s device is now the most popular hardware wallet thanks to its support for Ripple’s XRP and a plethora of other coins that Trezor lacks. In terms of design, Ledger Nano S looks more discreet and can easily be misjudged for a regular USB modem. Trezor’s design is bulker while Nano S looks smart and sleek. However, Trezor is open source while Ledger Nano S is not. The setup process of Nano S is similar to that of Trezor, and both wallets provide you 24-digit recovery seeds. The plastic of Trezor makes it look cheaper, but this device will handle a drop better than Ledger Nano S thanks to this property. Overall, choosing between Nano S and Trezor is tough. If you want a close-source firmware with a premium feel and larger coin support, go for Ledger Nano S. If you want a reasonably priced, open sourced firmware with resilient design and decent coin support, go for Trezor. Trezor vs KeepKey If you are looking premium wallet, then KeepKey will certainly leap ahead of Trezor. It has a premium touch and appeal, which Trezor’s design lacks. However, KeepKey doesn’t support many coins and is often the slowest when it comes to adding support for new coins and forks. The wallet is also bigger than both KeepKey and Trezor but looks sleek nonetheless. KeepKey is compatible with Electrum and Mycelium but not Copay. Trezor supports all three services. Overall, if you are looking for a cheap but robust mechanism to store digital currencies, Trezor could be your choice. If Trezor One looks too basic, you can also opt for Trezor model T, a newer and more robust version of the wallet. Trezor vs Exodus Exodus is the most beautiful desktop-based wallet application you can find. It is easy to set up and use. Trezor gets a little tricky during setup, but eventually, the hard work pays off as your coins remain safe. Both wallets offer privacy and security, but when it comes to online threat exposure, Trezor performs better. The wallet mostly remains offline, thereby limiting the chances of a hack behind your back. However, Exodus has a beautiful user interface and supports a wide variety of coins. You get to exchange coins within the app too. Exodus is also more beginner friendly, while Trezor has a slight learning curve. Trezor wallet FAQs Why is my transaction taking so long to confirm? Trezor wallet allows users to set custom transaction fee, which could sometimes be too low for the network to accept. In this case, the higher transaction fee transaction has a better chance of getting accepted quickly. If the fee is very low, the transaction will not be processed and will return to the source in a few days. Another case when transactions take longer to confirm is when there is network congestion. In such cases, a transaction typically takes longer to get processed. The problem is temporary and will be sorted within a short span by the respective network. How many cryptocurrencies does Trezor support? Trezor currently supports 1071 cryptocurrencies, that is almost half of the entire cryptocurrency market. The most popular coins accepted on the wallet include Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, Binance Coin, Tether, Stellar, Cardano, Monero, Dash, Dogecoin, Zcash. It also supports almost all ERC20 based tokens. My Trezor Bridge software was reported as a virus. What to do? It is typical for some antivirus software to detect Trezor Bridge software as a virus or trojan. The issue has been reported to most antivirus companies, and Trezor hopes that it will be whitelisted soon. If you have downloaded your Trezor Bridge software from the official source page, you have nothing to worry about. The software is completely safe and free from viruses. How does the recovery seed work? Trezor wallet comes with a recovery seed of 24 words that are generated at the time of set up. If a user ever loses their device, they will need this recovery seed to get access to their wallet back. The recovery seed can also work on any other Bitcoin wallet that supports the BIP39 standard. The words in the recovery seed must always be written with the right spellings and in the right order. Users are requested never to make a digital copy of their recovery seed as it is prone to hacks. Will Trezor support Bitcoin forks? Trezor evaluates a Bitcoin fork carefully before supporting it. The fork must be open-sourced, safe to use and must have robust two-way replay protection. It must also be active and running by a strong developer team that regularly updates the codebase. The fork must also be supported by other wallets and exchanges. If the currency fulfils all these conditions, Trezor is likely to support it. What is the difference between Trezor One and Trezor model T? Trezor Model T is a revamped new wallet by SatoshiLabs. It comes with a big touchscreen, and that supports colours. It has microSD card support, a faster CPU and USB-C connector. The new device runs on a new firmware called Trezor Core. The wallet also supports more features and cryptocurrencies.Trezor One is the original Trezor model that provides users with a monochrome interface, coupled with two buttons that help them navigate different features. It is also cheaper than the two alternatives and gives you basic but robust cryptocurrency storage, sans all fancy features.How does Trezor protect from brute force PIN attacks?Your Trezor wallet can be protected using a PIN code. This nine-digit code could take years to be correctly interpreted since the waiting time between each attempt increased by the power of two if you enter the wrong digits. If you attempt the wrong PIN 15 times, the device will automatically wipe itself. This makes brute force attacks highly unlikely. Conclusion Trezor hardware wallet is the best when it comes to safety, security and reasonable price. The coin support of the wallet is large, and it connects with several other online wallets to facilitate transactions. The device doesn’t look fancy, but it gets the work done perfectly. Therefore, it is a fine choice for both crypto beginners and serious investors.