Official Trezor Wallet Review 2021: Features and How-to-Use Guide

Trezor Wallet Review 2021: Features and How-to-Use Guide

Trezor Wallet is a hardware (cold) wallet and it’s the first of its kind developed for Bitcoin. It’s also the pioneer in adding a passphrase feature to the devices. It basically prevents anyone from breaking in and stealing your funds, even when stolen. Such devices are easy to deal with. What is more, Trezor Wallet has a wide range of third-party integrations and is considered the safest way of keeping your funds safe. A nice addition is the fast and adequate customer support, a useful advantage.

01.Trezor Wallet Features & Fees

Its hardware nature and the fact, that Trezor Wallet hasn’t been hacked since its first day in the crypto world, makes this wallet one of the preferred options on the market since 2014. Furthermore, it is a multi-coin representative, compatible with BTC, ETH, XRP, Dash, ERC-20 tokens and many more. The full list of supported coins is constantly updated and keeps the user informed on a daily basis. Taking the cold storage purpose, Trezor Wallet can process exchanging crypto without the need of leaving the wallet’s interface.

Pros & Cons

Like everything in crypto, wallets have their pros and cons as well. It is good to get familiar with them, so your choice can be educated and accurate. In the next table, I have pointed out the advantages and disadvantages of Trezor Wallet hardware wallet. Have a look:

Multi-Coin Support and Operating System Compatibility

Let me add, that Trezor Wallet wallet works with over 500 coins and tokens. This makes it flexible and compatible with numerous user needs. You can only benefit from this hardware wallet. No matter if using BTC, LTC, BCH, ETH, all ERC-20 tokens, EXP and many more.

This hardware wallet can work with Windows, Mac, Android and Linux operating systems. Trezor Wallet’s features function in full when used with both Mozilla Firefox and Google Chrome. For those of you using Edge, Opera and Safari Trezor Wallet is not the right pick. They are still not supported by the wallet. Well, you can still use the web interface of the client, but full wallet functionality is not guaranteed. Have that in mind, before laying hands on it.

Built-In Exchange

This feature is responsible for exchanging crypto for crypto or even for fiat (EUR, USD) money and vice-versa. Many wallets offer such a convenient functionality and Trezor Wallet is one of them. With this hardware, you can trade your assets for other cryptos through its third-party integration. The wallet uses such services offered by Changelly and ShapeShift. It makes the actions very convenient for you – no need to leave the wallet site. To make things easier, Trezor Wallet allows you to observe the process directly from its interface.

Is Trezor Wallet Safe?

Security

Being a hardware wallet, Trezor Wallet is quite secure. One of your main concerns is theft. Even then, your assets are safe, because of the extra security layer – a PIN code. Another precaution you can take in that direction is creating a passphrase. Have in mind, that it will not be needed if you have a seed, which is the only way to recover your coins and tokens. This makes it vital and must be stored somewhere safe on a paper or steel carrier.

A good advantage of this wallet users is the multiple passphrases safety feature, where each is generating a separate wallet. Even better, just buy another Trezor Wallet. In case something goes wrong, you can send your funds to the second one or use the seed with it. Security is well implemented in this wallet.

Privacy and Anonymity

Take active part in your Trezor Wallet privacy and anonymity by not sharing how much crypto you got. It is not a good idea to be active on forums and social media about it as well. You never know who will read your posts. On the other hand, this wallet’s privacy is on a high level. The device doesn’t have any tracking or serial number. After Trezor Wallet has arrived in your house, there is no way for anybody to track it.

Verify and Confirm

Verify each transaction directly on the hardware wallet, using the screen. This type of confirmation keeps your actions anonymous and private.

Hierarchical Deterministic (HD)

When your wallet is HD, every transaction is executed from a different address. This way the start and end points stay blurry for the public. 

Transaction Fees

I want you to note, that each cryptocurrency network uses fees to run normally. They are not going to the Trezor Wallet team. However, the amounts have several levels of priority, because it affects how fast your transactions will be processed. They are low, economy, normal and high. Fees are automatically displayed by the software of the wallet after several checks with the network. Nevertheless, you can still define categories for them. Trezor Wallet offers Lower, Typical or Higher, based on the minimum coin blockchain fee. Just remember, whenever the fee is higher, this transaction will be one of the first verified.

Conclusion

Hardware wallets are easy to use and safely keep access to your crypto wealth. With Trezor Wallet, thanks to the PIN and additional passphrase you can breathe easily even in cases of theft or damage. Restoring is a smooth process, usually done via seed. The various OS compatibility and multi-coin character add more to this wallet’s favor.

I personally find hardware wallets a bit pricey, yet many people choose this option despite the sizeable investment. What is more, in case you use them on a computer with malware on it, there is no chance for theft as they don’t have an operating system that can be hacked. Another device with similar characteristics is the Ledger Nano S. It is also widely used with a bit different design.

02.Trezor Wallet Guide: How to Setup and Use

In this section I will show you how to use Trezor Wallet wallet and get the best out of it. Let me start by explaining the installation process and choosing an OS:

How to Install

In the following lines I will explain why to choose OS and what to do in case you want to manage the wallet setup. It is important to stick to matching programs, otherwise this whole exercise will be a waste of time. Think carefully which system you will work with. After all that is cleared, and files are downloaded, I continue with detailed guide on managing your Trezor Wallet.

Interface Overview

Trezor Wallet itself doesn’t have software, but the interface needed for setup is easy to manage and doesn’t require a lot of information. The wallet’s application is fast and allows you to administer funds smoothly. Have in mind that this interface doesn’t hold any keys or seeds. It works with non-crucial data (e.g. addresses, transactions’ history) plus helps with instructions on how to manage the actions to communicate with the hardware device. What is more, Trezor Wallet has a lot of compatible user-oriented browser interface powered by SatoshiLabs. There are also third-party programs at your disposal – Electrum for PC and Mycelium for Android.

Create an Address

The address is an alphanumeric identifier, needed when sending and receiving crypto funds. They can be converted into QR codes as well. In these codes can be added other pieces of data as well. Usually it is the amount of the transaction. Creating an address is automatically generated the moment press “create new” after your wallet is connected, using a USB cable. Trezor Wallet allows you to have up to 10 accounts per currency per wallet.

Send and Receive Assets

Send and receive operations are made easy with Trezor Wallet wallet, thanks to the scannable QR code. You can do that via cameras (on phones, tablets and so on) or leave the wallet do it for you. You can generate numerous addresses for these actions. There is only one condition though, the previous one must have been used either for sending or receiving. Then creating new keys is enabled.

Select an account and press “receive” when others are sending assets to you. To gain full ownership of the amount though, verify the receiving address on the Trezor Wallet device. To do that, click on “Show full address”. Then just copy and share it.

Backup and Restore

Backup

Step

Install and generate the seed

When creating new wallet, you’ll be asked to generate a unique seed. It holds all your key pairs. Keep it safe, because you will need it in case of stolen or demolished Trezor Wallet wallet.

Step

Save your seed phrase

The seed can be created and from another button – “Create backup”. Then, write down the suggested words a.k.a. recovery seed. It will be visible after you swipe your finger up the touchscreen. Make sure you follow the exact word order when you write them down. Now, enter few random words from your seed on the touchscreen to finalize the procedure.

Restore

Step

Recovery seed and Trezor Wallet

The seed is created out of words, lined in a certain order. This seed stores every bit of data, needed to recover your Trezor Wallet. Keeping the recovery seed private and safe is key for the long-term safety of your funds. Keep it safe, because it is the only way to retrieve any crypto, in case of the wallet’s theft or damage.

Step

Install and restore wallet from seed

Here are the simple steps in that direction:

1. Prepare your seed and click on the Recover wallet button

2. Select the corresponding number of words (12,18 and 24) in your seed using your Trezor Wallet touchscreen

3. On the touchscreen of your Trezor Wallet type in the individual words of your seed. Follow the instructions

Misspelling your seed words is not going to do the restore process.

Specific Functions

One very useful feature is the option to safely keep multiple accounts access data, no matter BTC, ETH, XRP or other currency related. What is more, Trezor Wallet allows you to track and check full balance information. For those of you keen on privacy and want the transactions to be as private as possible, own more accounts. This wallet offers choices here as well. There are personal, private purchases account and business. Nevertheless, another function makes this representative useful – the possibility of changing your recovery seed. For that, you need to have the recovery card. Otherwise is not possible.

Possible Issues and How to Avoid Them

Trezor Wallet has several aspects that require your attention. Let’s say you have lost your wallet device. The safest and most convenient way of recovering is by getting new Trezor Wallet and use the seed on it. This phrase can be either available or not. I have mentioned what you should do with the phrase, but in case it is not available, the access to your accounts is lost. Things are a bit different when you have forgotten your PIN. Then just reset it with wiping the device and follow the instructions. In cases of lost passphrase or seed, your assets will remain unreachable. Make sure you never update your Trezor Wallet device’s firmware without your recovery seed.

03.FAQ

Is there a difference between Trezor Wallet Model T and Trezor Wallet One?

Trezor Wallet Model T is basically a newer generation. It has improved features like a touchscreen (where Trezor Wallet One has two physical buttons), faster processor and advanced coin support. In addition, it has a magnetic dock with double-sided tape, attachable to any firm surface.

Trezor Wallet One, on the other hand, is the most trusted hardware wallet out there. It offers unmatched security, password management, Second Factor, while maintaining a full ease-of-use for every type of user.

What is the difference between a recovery seed, a PIN and encryption passphrase?

04. About Trezor Wallet

The company responsible for Trezor Wallet’s creation in 2013 is known as SatoshiLabs, located in Prague. The company projects involve numerous range of cryptocurrency topics, such as accessibility and security. They are ambitious and bring new technologies and cryptography to the masses. They raise public awareness about crypto and cryptography.

Trezor Wallet was the world’s first BTC hardware wallet that stores and protects your assets. This small PC device is connecting to your laptop via a USB cable. Your cryptocurrency and all private keys are encrypted and placed offline on this cold storage device. This isolated environment helps you verify transactions only via a small display. You can safely use Trezor Wallet even if your computer has malware. It offers the highest security and good user experience.