If you’re in the market for a hardware wallet, you’ll definitely have come across Trezor’s range of products.
But are they right for you? Here are 10 things you need to know about Trezor wallets before you hit the shops.
1. How Much Do Trezor Wallets Cost?
Trezor offers two hardware wallets—the Trezor One and the Trezor Model T.
The Trezor One is available in white (€69) and anodized aluminum (€500). The only version of the Model T costs €149.
2. What Are the Differences Between Trezor One and Model T?
The Model T is the newer of the two devices. It has a larger (color) screen, it’s touch-enabled, it supports more coins, and it has a faster processor.
The device also has a micro SD card slot. You can use the SD slot for encrypted storage; the card will not store your recovery seed or private keys. Nonetheless, some experts have argued that it provides an unnecessary potential attack vector.
3. Which Coins Do Trezor Wallets Support?
Both Trezor products can store multiple cryptocurrencies. The Trezor Model T supports more coins (about 1,000) than the One (approximately 700).
There are some notable missing coins on the Trezor One. The device cannot store Ripple, Tron, Cardano, or Monero.
Neither wallet supports EOS. At the time of writing, it is the fourth largest cryptocurrency in the world by market cap. EOS support will soon arrive on the Model T, but Trezor One buyers are out of luck.
4. Are Trezor Wallets Well-Designed?
It’s a subjective topic, but in the Blocks Decoded office, we all agree that the Trezor products don’t look as pleasing as the Ledger Nano wallets.
Trezor wallets connect to your computer using a Type-A to Type-C USB cable; the Ledger Nano S and Nano X resemble a USB memory stick that plugs directly into your computer’s port.
Of course, although the cable might not look as good, it might be more practical. You can comfortably use the wallet while it is connected to your machine. That is not so easy to achieve on Ledger products.
5. Are Trezor Wallets Secure?
Users are rightly worried about the security of their cryptocurrencies. You need to be confident that your wallet is well-protected against thieves and hackers.
At a user level, all Trezor wallets are PIN protected. To protect against brute force PIN attacks, the device will automatically wipe itself if the PIN is incorrectly entered 15 times consecutively.
The Trezor products support passphrases. A passphrase is bound to your seed and is not recorded on the device. If you use a custom phrase, you can add additional entropy (read: increased security) to your wallet. The passphrase can use any ASCII character and can be up to 50 characters long.
The device also has a secure boot mechanism; the firmware checks for the developer’s signature at every start-up. You’ll see a large visual warning if there’s a problem. The verification ensures no one has tampered with the device’s hardware without your knowledge.
6. Which Accessories for Trezor Wallets Are Available?
If you’re thinking about buying a hardware wallet, there are a few other costs you might need to consider.
Several accessories are available for Trezor wallets—both from the manufacturer and from third-parties.
On Trezor’s website, you’ll find leather cases for €26 and silicon cases for €13. There’s even an “indestructible” stainless-steel device for storing your recovery seeds. It will set you back €109.
Various third-party trinkets are available on Amazon and eBay.
7. Are Trezor Wallets Compatible With My Other Devices?
The wallets work with Windows, Mac, and Linux. You can even use them with an Android device if it supports USB On The Go (OTG) and you have an OTG cable.
The Trezor Manager app on Android cannot be used to access your wallet. It is only useful for setup and recovery.
8. Are Trezor Wallets Compatible With Other Wallets?
Trezor devices are compatible with other BIP32-, BIP39-, and BIP44-compatible wallets. According to the company’s official documentation, support is also planned for BIP 39, BIP 43, and BIP 49.
The wallets also work with several transaction standards (such as BIP 16, BIP 141, BIP 173, and BIP 125) and multiple deterministic hierarchy standards (like SLIP 10, SLIP 11, SLIP 15, SLIP 16, and SLIP 39).
9. Is Trezor Open Source?
Trezor is an open source platform, both on the hardware and software side. Most other well-known hardware wallets are either closed source or only partially open source.
Open source devices offer the benefit of transparency; experts can dig into the code and ensure there’s no security flaws or other nasty surprises.
Of course, the concept of open source products also dovetails neatly with cryptocurrencies’ decentralized ideals. For some blockchain advocates, that’s important.
If you’re curious, you can access all the code on Trezor’s GitHub page.
10. Can You Customize a Trezor Wallet?
Yes. Because Trezor wallets are open source, you can flash your own firmware.
Changing the firmware could have severe consequences for your coin’s security. You should only attempt to change the firmware if you are an expert.
Consider Other Hardware Wallets
Trezor is far from being the only hardware wallet available. You should review some of the alternatives before you make your final purchasing decision.