Independent Trezor Review: Is It Worth Your Attention?
Cryptocurrency is a term that doesn’t leave anyone indifferent. Some quit their 9-to-5 jobs to start trading, while others say that it is a deception of the millennium. But one thing is certain: more and more users want to know how to start earning digital currency.
However, you not only need to learn how to trade but to be aware how to store your digital assets safely. That is exactly why we decided to write a review on Trezor. It is definitely one of the most popular crypto wallets and surely deserves your attention.
If you still have questions on types of crypto wallets, just follow the link. It contains all the information you may need on wallet types, so there won’t be any questions left after reading our guidelines.
And now, without preludes, let us start our review and tell you who eventually wins in the Trezor vs Ledger battle!
What Is Trezor?
Trezor has gained a solid reputation of both: newcomers and experienced traders. It is one of the crypto market leaders and actually was the first hardware wallet created for storing cryptocurrency!
Trezor was launched back in August 2014 and since then has gained respect and love of thousands of users worldwide. It offers a safe cold storage and convenient spending that hot wallets offer. It is a small device the size of a USB stick, which connects to a regular computer via a cable. Its main goal is to store private keys of Bitcoin and any other cryptocurrency you have.
By the way, that is when Trezor vs Ledger battle has a winner: the first one supports 700 coins! Moreover, you can use the device without any worries even if your computer is infected.
What a smarty!
Who Should Use Trezor?
Actually, it would be much easier and quicker to say who shouldn’t use Trezor. Because it is a real must for those who buy cryptocurrency and are planning to hold it. It is also a real must for those, who want to guarantee safety of funds and a sound sleep of the entire menage.
Trezor hardware wallet, as well as majority of other hardware wallets, is highly advisable, because they can resist hacker attacks and security problems, which often happen to software and online wallets. So if you are thinking which one to choose (Trezor vs Ledger), just know that both of them are hardware wallets!
However, people who own a small amount of digital assets or don’t want to hold it for a long period of time may not need a Trezor wallet. The main reason is that such wallets are not free to use and it is surely more convenient to store cryptocurrency on online wallets or exchanges.
Even though it is rather risky and you should know peculiarities of every wallet type well in advance. But let’s get back to Trezor and its impressive security system!
Trezor can boast a first-class protection of cryptocurrency against any virtual or physical interference.
It is an HD wallet, which you can control using private keys and it can be backed up with a secure 24-words long seed phrase. It is generated via RNG from computer and device. This seed phrase is generated offline and is shown on the screen of your Trezor wallet. This ensures that your seed phrase is never stored on a device that is connected to Internet.
When you setup the wallet, as well as complete any actions with the account, you will need to use a PIN code. If you give a wrong PIN code guess, the waiting time between those guesses is raised by two.
For example, if you make 30 guesses, it will take you 17 years to make another attempt! If you want to use additional measures for protecting your Trezor you can choose a passphrase along with the seed one. This passphrase acts like the 25th word.
However, you must remember this passphrase, because if once you need to recover your Trezor wallet, the seed phrase will no longer be enough. That is another difference in the batter of Trezor vs Ledger.
Your wallet, as well as any of its parts, can be recovered using a 24-word mnemonic backup seed (and the passphrase if you choose one) in case it was damaged or lost. The recovery can be completed with another Trezor or with wallets, like Mycelium or Electrum.
One of the biggest advantages of this wallet is that it has a screen. Surprised that it matters? Even though it is small enough only to show the pass code and two buttons to navigate the interface, it is rather important!
The display is completely autonomous for the computer you are connecting to. This means that any information shown on the screen is safe and secure. The display also acts as an additional protection layer, because users need to confirm the amount of transaction and the address of recipients. That is a huge win for both, when Trezor vs Ledger are compared. However, the screen is not able to prevent your wallet from phishing attacks.
If you want to learn more about how the company deals with security issues, a complete overview can be found on the website of Satoshi Labs.
Trezor can boast a solid privacy, which is especially valuable for those, who don’t want to be traced or followed. Satoshi Labs or anyone else won’t be able to find you, because the hardware Trezor wallet you receive doesn’t have any serial number. The software is an open source, so no passwords or usernames are required, when you want to enter the wallet.
Privacy is evaluated by the wallets that are used along with Trezor: MultiBit HD, Electrum, GreenBits and Mycelium for Android, GreenAddress for desktop, and of course mytrezor.com for web.
Leak of data can appear during setup, when using myWallet. That is why if you want to provide a more secure initialization of Trezor wallet it is advisable to use Chrome extension and Python utilities to setup the device offline.
Trezor vs Ledger: which one will you choose for more privacy?
Can Such a Wallet Be Hacked?
The main question, which occupies minds of most of the users is whether Trezor can be hacked. Of course, no one wants to give money to a stranger! One of the things that we love about Trezor is that it doesn’t have any username or password for accounts. The device itself acts as your credentials. This means that if people don’t have physical access to your Trezor wallet, it will be impossible for them to access the account.
But what if someone gets access to the wallet?
Such physical intervention is called the ‘Evil Maid’ and means that someone got access to a computer that you left unattended. Maids are probably people, who stay in your house most often, while you are away.
However, it is rather unlikely that you will lose your money and that is when it is a win-win for Trezor vs Ledger confrontation: It takes lots of time, tools and skills to actually extract information from a hardware wallet. This is called reverse engineering and unlikely that intruders will want to spend weeks trying to get to your money (unless they know that you store millions of dollars!).
However, once you notice that the wallet is lost, you can transfer your money to a new Trezor wallet without risking anything.
Trezor did their best and offered its users a variety of cryptocurrencies to store!
Here are only some of Trezor supported coins: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Dash (DASh), Dogecoin (DOGE), Zcash (ZEC), NEM (XEM), DigiByte (DGB), Zilliga (ZIL), Vertcoin (VTC), Monacoin (MONA), GoChain (GO), Bancor (BNT), Ripple (XRP), Monero (XMR), Bitcoin Private (BTCP), Qtum (QTUM) and Tezos (XTZ). However, the last one is supported only by Model T of Trezor bitcoin wallet.
If you want to get familiar with a full list of supported coins, you can always do that on Trezor official website.
Now let's get to the most interesting part: price of the Trezor wallet. You can buy it on the official website for 89 EUR and you will additionally have to pay 22 EUR for the shipping. The total price will be 111 EUR. If you decide to purchase a three pack, you will get a discount of 22 EUR.
In addition, Trezor has a big number of affiliates, who also sell Trezor for a similar price.
When comparing Trezor vs Ledger it is difficult to say which one is cheaper, because everything depends on the model and the pack you have chosen. All the prices are presented on official pages of both of producers.
Pros&Cons of Using Trezor
At the end of every high school class or college lecture, teachers sum up the material they have discussed. Of course, we are not teachers in a common way but we would like to briefly state everything we have discussed above to show what benefits and flaws Trezor has.
Let’s start with the pros of Trezor wallet:
It has a clear screen. The One model has a clear and convenient screen for maximum comfort;
Great protection. Trezor is considered one of the most reliable hardware wallets in the world; it is regularly tested and improved;
Exchange trading. You can easily start trading through your wallet.
Cons of Trezor include:
It is a bit more expensive than wallets of the same category, as well as of the same age;
If you choose The One model you need to be ready that it doesn’t support as many cryptocurrencies as Model T does.
Today we have discussed Trezor wallet. It is rather safe even considering that it is the first hardware wallet ever created. However, there are still chances of being hacked, so you need to use all the additional measures to protect your assets.
It also supports a huge variety of coins but you will need to pay around 100 EUR. But we don’t recommend using hardware wallets to beginners. If you are only getting familiar with the crypto world, it is better to start with something simpler, like mobile wallets.
Hopefully our Trezor wallet review was useful and now you have a chance to make up your own mind whether it deserves your attention or not.