Trezor is among the oldest and most trusted cryptocurrency cold hardware wallets.
SatoshiLabs, the company behind Trezor wallets, has been delivering highly secured devices for over a decade now. Over the years, the company has developed multiple products to cater to varying and changing user needs.
Our Trezor wallet review will give you detailed information on each of Trezor’s hardware wallets to help you decide the best one for you.
Trezor Wallet review summary
When it comes to Bitcoin security, the more secure the method, the less flexibility it offers in terms of features. For instance, a secure paper wallet, which is considered to be the safest, only allows users to deposit coins.
Trezor Bitcoin wallet, on the other hand, delivers the best of both. Trezor wallets work as highly secured cold storage (offline) devices while still giving users the flexibility to spend their funds. Moreover, Trezor offers a range of wallets, in terms of price and features, to meet the needs and preferences of different types of users.
Such features make Trezor hardware wallets a good fit for users who want simple, offline storage with high security and don’t mind sacrificing a few ease-of-use features, such as a mobile app or Bluetooth connection.
Trezor wallet product range
Over the years, SatoshiLabs has come up with many Trezor models to meet the changing needs of crypto users. These models are:
Trezor Safe 5
The Trezor Safe 5 is Trezor’s latest non-custodial wallet, Featuring a sleek design and advanced technological features. The device features a vibrant touchscreen and tactile feedback to provide users with an intuitive experience.
Trezor’s Safe 5 uses the NDA-free EAL 6+ Secure Element, as well as PIN and passphrase protection to safeguard against online and offline threats. Moreover, its improved 20-word wallet backup standard offers better recovery options.
When compared to previous Trezor models, Safe 5 integrates better with the Trezor ecosystem to simplify buying, selling, and exchanging cryptocurrencies. The device also supports many third-party services, making it a good fit for both beginners and experienced users.
Another plus of Safe 5 is that it supports more than 7000 different crypto assets, including major cryptocurrencies, as well as numerous ERC-20 tokens and other blockchain-specific assets. The Safe 5, however, is the most expensive Trezor wallet in the product range, costing $169.
Pros
- The 1.54″ color touchscreen with haptic feedback makes navigation easy
- Supports thousands of cryptocurrencies and tokens
- EAL 6+ Secure Element offers top-notch protection
- Simplifies passphrase management by reducing the need for long, complex passphrases.
Cons:
- One of the most expensive crypto wallets on the market
- Not a cost-effective option for those preferring a simpler interface
Trezor Safe 3
The Trezor Safe 3 is a compact, easy-to-use device that supports all major assets or Ethereum-based tokens. The device is touted as a beginner-friendly wallet with a user-friendly interface. Setting up the wallet, managing assets and accessing accounts on the device is fairly simple.
Trezor’s Safe 3 doesn’t feature a touchscreen like the more pricey Safe 5 but a monochromatic display with physical buttons to navigate and confirm transactions. The build quality is solid, and the physical buttons are responsive.
What makes Trezor Safe 3 different from other Trezor cold wallets is the presence of a dedicated security chip, which enhances its physical security. The device offers several backup options, including the standard 12-, 20-, and 24-word recovery seeds, as well as advanced Shamir Backup (SLIP39).
Trezor’s Safe 5 wallet costs just $79, making it an excellent option for any level of crypto user.
Pros
- Affordable crypto wallet
- Easy to set up
- Supports more than 7,000 digital assets
- Optional Shamir backup
Cons:
- Users accustomed to touch screens may face difficulty
- Plastic screen can get easily scratched
Trezor Model One
The Trezor Model One was the first hardware wallet to hit mainstream markets. Being the first and the longest-surviving hardware wallet around, the wallet has set the gold standard for crypto security.
Trezor’s Model One features a 128×64 pixel OLED display screen, which is small but is enough to give users a clear view. The device weighs just 12 grams and measures a few millimeters in size, making it super easy to store, hide, and carry.
Trezor’s Model One supports fewer assets than the other two models, but it still covers many of the major coins. Visit the Trezor website this link to view the full list of Trezor One Supported Coins.
Priced at just $49, the Trezor Model One is one of the lower-priced wallets on the market. The device has no connective bolts, nails or adhesives to hold the case together. Such a design ensures that hackers can’t forcefully open the device without damaging it.
Pros
- Affordable crypto wallet
- Small and compact device
- Monochrome display with two buttons for easy navigation
- Offers top-notch security
Cons:
- Small screen
- Plastic body feels fragile
Trezor models compared
| Trezor Model One | Trezor Safe 3 | Trezor Safe 5 | |
| Price | $49 | $79 | $169 |
| Release Year | 2014 | 2023 | 2024 |
| Screen | 0.96″ Monochromatic display | 0.96″ Monochromatic display | 1.54″ Color display |
| Security | – | Certified Chip EAL6+ | Certified Chip EAL6+ |
| Backup & Recovery | – | Advanced Multi-share Backup | Advanced Multi-share Backup |
| Compatibility | USB-C | USB-C | Micro USB |
| Navigation | Two-button pad | Two-button pad | Touchscreen |
Pros and cons of Trezor wallets
Trezor wallets are among crypto users’ top choices, but they are not without drawbacks. Detailed below are some of the standout pros and cons of Trezor wallets.
Pros
- Supports a huge number of digital currencies
- Offers top-notch security
- Devices are regularly updated
- Convenient recovery options
- Available in varying price ranges
Cons:
- A littlepricey when compared to other hardware wallets
- Physical devices can be lost, damaged, or stolen
- Trezor models have limited mobile integration when compared to other hardware wallets
Trezor vs Ledger
Several crypto hardware wallets are available on the market, but Trezor and Ledger are the most popular ones. Though both Ledger and Trezor hardware wallets are useful devices, there are a few differences between them.
Ledger, for instance, has closed-source firmware on its physical devices. Trezor, on the other hand, has open-source firmware, allowing third parties to review and test its software.
Trezor beats Ledger in terms of company reputation, as well as in a number of coins supported. However, Trezor models lack some features offered by Ledger wallets (Ledger Nano S Plus, Ledger Nano X, Ledger Flex, Ledger Stax) supporting easy compatibility with decentralized applications, or dapps.
In terms of pricing, Trezor wallets range from $49 to $169, while Ledger wallets range from $79 (Ledger Nano S Plus) to $399 (Ledger Stax).
How to set up a Trezor wallet
Setting up a Trezor wallet may prove challenging if you don’t know the setup process. Follow the below steps to easily set up your Trezor wallet:
Connect Trezor to computer
To start the set-up process, you need to connect your Trezor device to your computer via a USB cable. Once the device is connected, a lock icon will appear on the wallet’s screen. Click on the icon to proceed.
Download Trezor Suite
You need to download and install Trezor Suite on your device to use the Trezor crypto wallet. Visit the Trezor website and select the ‘Get desktop app’ option to get the latest version of the software.
Once the download is complete, execute the installer and select the “Only for me” option when prompted. You might be asked to eject and connect the wallet a few times during the installation.Enter Your Script
Now, you can paste the script you created into the text input field or, alternatively, import a script. You’re free to edit the text at this stage, too. The character limit is 2,000 if you’re working with the free plan, which is handy to know in case you’re planning on using this for a lengthy text.
Choose a Voice
Next, you can select an appropriate speaker for your voiceover from the 500+ unique voices. You can filter voices by age, gender, region, and best use case. If you’ve created a voice clone, you’ll also select it from the library to generate the voice content in your own voice.
Set PIN
A pin code is required each time the device is plugged into a computer to verify whether you are the owner. Your computer screen will show a 3×3 grid without numbers, but your Trezor device will show the same grid with numbers.
Create the pin you want by transferring the exact position of these numbers in sequence onto your computer. When you are setting up a device for the first time you will have to enter your new pin twice.Set Backup Passphrase
Once the pin is set, you will be prompted to note down your recovery seed (seed phrase). The 24-word seed phrase will help you recover your money if you lose the Trezor device. It must be noted that the seed phrase isn’t unique to Trezor; i.e., you will be able to use it with other popular wallets if you cut ties with Trezor.
You have completed the set-up process and are ready to send Bitcoin and other cryptocurrencies to whoever you like.
Conclusion
Trezor wallets should be the top choice of users who prioritize security. They are also easy to set up and intuitive to operate.
Trust is another factor that makes Trezor wallets among crypto users’ top choices. The fact that Trezor’s hardware and software are open-source increases transparency and trust. Moreover, Trezor offers different wallets to meet the budgets of all types of users.
For instance, Trezor One caters to budget-conscious users, and Safe 5 is for users who want more features and are willing to pay more for them. Safe 3, on the other hand, is for users who want the best of both and are ready to compromise on features and price.
