Trezor Review

TreZor-Authentification-1 Trezor Review

Review Summary

The Trezor wallet is one of the most secure hardware wallets available on the market today. Produced by Satoshi Labs, it’s an amalgam of great privacy standards, ease of use and versatility. It falls in the mid-price range but packs a punch!

Trezor

trezor-wikicrypto-s-150x150 Trezor Review
8.9

Security

10/10

    Privacy

    9/10

      Web Interface

      9/10

        Independant Wallet

        8/10

          Beginners Friendly

          9/10

            Pros

            • Durable and affordable
            • Top of the line security
            • Access to many cryptocurrencies and Ether tokens

            Cons

            • No bluetooth/NFC connection

             

            Quick Facts about the Trezor Wallet

            Device Trezor
            Website www.trezor.io
            Product Release 2015
            Company Location Prague, Czech Republic
            Customer Service Email
            Languages English
            Technology WYSISWS
            Coins Supported Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), ZCash (ZEC), Litecoin (LTC), Namecoin (NMC), Dogecoin (DOGE), Dash (DASH) and Bitcoin Testnet.
            Warranty Two Years
            Set up time 5-10 mn
            Discount Code N/A
            Compatible with myEther Wallet Yes
            Worldwide shipping Yes
            Ethereum compatible Yes
            Litecoin compatible Yes
            Ripple compatible No
            Phone or tablet app Yes
            Price $100 / 89€ / 78£
            Mobile App green-bullet Trezor Review
            Tablet App green-bullet Trezor Review

            WikiCrypto Score

            8.9/10


            What is Trezor?

            Trezor is the first hardware bitcoin wallet which was introduced to the world at a large scale and many people know the name of their product but not the company. The company behind Trezor, is called Satoshi Labs. It was started in 2013 and is headquartered in Prague, Czech Republic.

            Trezor is the main competitor of Ledger, they’re both equally relevant and powerful in the market. If you’ve read the reviews of Ledger, you should know that they’re pretty solid in terms of security. Both of these companies provide products that work pretty much in the same way, they differ in terms of design and price.

            Currently, Satoshi Labs offers Trezor, a USB-like looking hardware bitcoin wallet. It’s priced at $100 which is in between both of its competitors, which makes it a safe bet for most people.

            What is a hardware wallet?

             

            A bitcoin hardware wallet is simply the software of an online wallet which is stored on a device that can be connected to your computer through USB. It’s called a bitcoin hardware wallet because the device is a small mobile phone or USB key.  

            The whole idea behind bitcoin hardware wallet is that your bitcoin information is not stored in a system with an internet connection. If there’s an internet connection, people might be able to hack into the system, but a bitcoin hardware wallet can’t be broken into unless someone steals it from you.

            The technology inside a hardware wallet is pretty interesting as well. The wallets have a device called a secure element. Think of this secure element as a vault inside the wallet which uses cryptography to encrypt all of the data being stored. It’s like any other processor, it hosts applications and stores the cryptographic data.

            Features

            The Trezor has many features that set it apart from the Ledger products. It’s one of the most popular hardware bitcoin wallets and that’s primarily because of the features that it offers. The Trezor is a bit smaller than an iPhone but bigger than regular USB drives. It has a screen larger than the one in the Ledger Nano, which is highly readable.

            Screen-Shot-2017-07-05-at-3.19.18-PM Trezor ReviewThe device’s screen is pretty nice and durable. Although the device was initially marketed with a silver body, Satoshi Labs switched it with a matte white body. The body is pretty strong and looks quite durable for a plastic.

            The Trezor, for security reasons, doesn’t have Bluetooth, NFC or Wifi capabilities. This is because Satoshi Labs work on preventing ANY method of attack that hackers could use. The company boasts “not one single Trezor has been hacked since its launch in 2014”, which shows how confident they are with their product.

            The Trezor doesn’t have a rechargeable battery, the device powers on when connected to a computer using a USB. When the device powers on, it asks for a pin code. It’s interesting because when you put in your PIN on the device, your computer cannot read it thus the hackers that might have access can’t either. After you put in your PIN, you can access your bitcoins.

            TreZor-Authentification Trezor Review

            Trezor Authentification

            Security

            The Trezor is one of the most secure hardware wallets available on the market today. It provides high-end security solutions using different methods to achieve almost perfect security for people. The company itself was founded by security experts who have a lot of experience so it’s pretty evident that they did a great job. In all, the Trezor boasts provision of enterprise level crypto-security that can be used to store as much currency as one wishes, safely.

            The Trezor boasts a secure element which is quite versatile, it can house many different applications securely. The secure element is locked by a pin code, which can be from 4-8 characters long. This pin code is required every time the Trezor is turned on.

            Now, the secure element protects your information by encrypting them using cryptography. Cryptography is essentially like creating a puzzle and then saving the information so that even if people gain access, they cannot read what is within. But people won’t be gaining access any time soon since the secure element functions in a way that isolates it from your computer.

            So, if your computer is infected with a virus or a hacker has access to your computer, you don’t need to worry about your coins. Since the Trezor has an isolated secure element, the information isn’t on your laptop and thus the hacker cannot access your coins. It’s a pretty easy solution for internet security concerns.

             

            Advanced Security

            Screen-Shot-2017-07-05-at-3.19.07-PM Trezor Review

            The Trezor also has a WYSIWYS (what you see is what you sign) protocol to help prevent ANY transaction that might be scammy. This essentially means that when you want to carry out a transaction, the Trezor will display it on its screen and the user will click on approve to verify the transaction.

            Thus, if a hacker has access to your computer and your Trezor is connected, you don’t need to worry. In order for the hacker to access your coins, he would need to click approve in order to approve the transaction. This is pretty much impossible since the hacker can’t possibly have your computer, your Trezor, your pin code as well as your 24-word passphrase.

            Also, when you set up your Trezor, the device will generate a 24-word passphrase which you need to note down. It’s a security measure which makes life much easier. This passphrase can be used to recover your account if your device is broken, stolen or lost. You can just buy another Trezor and get all of your coins on the new device just using the passphrase.

            I think it’s pretty useful for it to have this facility since people might lose their wallet but not lose their coins.


            Simplicity

            The device is pretty easy to use. When you receive the Trezor, there’s no anti-tampering tape on the box. That’s because the Satoshi labs team has put in security measures that make sure that there cannot be any tampering with the device. Essentially, a cryptographic mechanism checks the integrity of the device every time it is turned on. Think of it as a safety check before a pilot takes off. It’s a great way to make sure that the device is uncompromisable.

            Another great feature of the Trezor is that it focuses on the user and not the profit making capabilities of their product. The Trezor can be used to store even large quantities of bitcoins. Traditionally, investors would be wary of storing their currency in only one spot. However the most recent Trezor is like a vault that can be used to store as much digital currency as you like, securely.

            On Trezor, you can access Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), ZCash (ZEC), Litecoin (LTC), Namecoin (NMC), Dogecoin (DOGE), Dash (DASH) and Bitcoin Testnet. If you connect your myEther wallet, you can also access all of the tokens that are currently supported on the Ethereum blockchain.

            Comparison with other platforms

            TOP 1
            TOP 1
            ledger-blue-wallet-wikicrypto-s Trezor Review

            Ledger Blue
            cexio-logo-wikicrypto Trezor Review
            "Ledger Blue is the safest and most reliable hardware wallet available on the market"
            • arp_1498575769_3_25_4 Trezor Review
              arp_1498575769_3_25_4 Trezor Review
            • Safest Wallet Available
              Free routes & directions
            • Tactile Screen, USB, Bluetooth
              Basic web route creator
            • BTC and all Altcoins accepted
              Android and ios app
            • Very easy to set up and use
              Android and ios app
            • Compatible with MyEtherWallet
              Android and ios app
            • arp_1498575769_3_25_4 Trezor Review
              arp_1498575769_3_25_4 Trezor Review
            • Price: $310 (USD)
              Android and ios app
            • arp_1498575769_3_25_4 Trezor Review
              arp_1498575769_3_25_4 Trezor Review
            WikiCrypto Score 9.6/10 WikiCrypto Score 90
            TOP 2
            TOP 2
            ledger-nano-s-wikicrypto-s Trezor Review

            Ledger Nano s
            coinmama-logo-wikicrypto Trezor Review
            "Ledger Nano S is a great choice for newcomers to cryptocurrency trading"
            • arp_1498575769_3_25_4 Trezor Review
              arp_1498575769_3_25_4 Trezor Review
            • Simple yet very safe wallet
              Run unlimited routes
            • Affordable
              Maps & Print directions
            • Great for newcomers
              Export GPX
            • BTC, ETH, Tokens accepted
              Export GPX
            • 2-month wait for delivery
              arp_1498575769_3_25_4 Trezor Review
            • arp_1498575769_3_25_4 Trezor Review
              arp_1498575769_3_25_4 Trezor Review
            • Price: $75 (USD)
            • arp_1498575769_3_25_4 Trezor Review
              arp_1498575769_3_25_4 Trezor Review
            WikiCrypto Score 9.3/10 WikiCrypto Score 82
            TOP 3
            TOP 3
            Trezor-wallet-wikicrypto-s Trezor Review

            Trezor
            coinbase-logo-wikicrypto-1 Trezor Review
            "Trezor is the best hardware wallet if you mainly invest in Bitcoins"
            • arp_1498575769_3_25_4 Trezor Review
              arp_1498575769_3_25_4 Trezor Review
            • Most popular wallet for BTC
              Custom route creation
            • Very easy to set up online
              Custom group creation
            • Good Customer Support
              Support
            • 2-year Warranty
              arp_1498575769_3_25_4 Trezor Review
            • BTC, ETH accepted
            • arp_1498575769_3_25_4 Trezor Review
              arp_1498575769_3_25_4 Trezor Review
            • Price: $99 (USD)
              Support
            • arp_1498575769_3_25_4 Trezor Review
              arp_1498575769_3_25_4 Trezor Review
            WikiCrypto Score 8.9/10 WikiCrypto Score 77

            Conclusions and Remarks

            The Trezor hardware wallet is one of the most secure wallets available on the market. Given its different features, it can be used by regular people who would like to have extra security or used by professional investors who would like to store their bitcoins for the future. I think one of the things that Trezor is doing right is working for the users rather than for the security. Even though security is important, the Trezor attempts to make the device as efficient as possible whilst making it as secure as possible. Thus, the WikiCrypto score for Trezor is: 9.5/10