Trezor Review (2020)

Trezor
  • Beginner Friendly
  • Design
  • Security
  • Documentation & Support
  • Supported Cryptocurrencies
  • Community Sentiment
  • Price
4.4

Summary

The Trezor is an affordable, easy to use, and well-recommended hardware wallet. It supports more than 1000+ cryptocurrencies and has a superb desktop interface. It was released in 2014 but is still available for purchase in 2020.

Alternatives like the Ledger Nano S support more cryptocurrencies (1100+), which includes some popular cryptocurrencies like Ripple (XRP) and Monero (XMR).

Check out my list of the best hardware wallets (linked below) to find the best option for you.

Hardware wallets are popular and well-recommended, as they let you easily and conveniently store (and use) your cryptocurrency.

But is the Trezor the best hardware wallet out there?

The Trezor One was the world’s first cryptocurrency hardware wallet (released in 2014), but how does it compare to all the other options out there?

In this Trezor review, we’ll dive in and find out.

Advantages & Disadvantages

Advantages

  • Competitively priced (£59 / €71)
  • Make securing your cryptocurrencies really easy.
  • Supports Bitcoin (BTC) and more than 1000+ other cryptocurrencies.
  • Well-recommended and reputable (the world’s 1st hardware wallet).
  • Includes excellent password manager and U2F compatibility.

Disadvantages

  • Looks and feels cheap.
  • Supports fewer cryptocurrencies than the Ledger Nano S.

What is a Trezor?

The Trezor was the world’s first Bitcoin (BTC) hardware wallet. It’s manufactured by SatoshiLabs and was launched in 2014. Since its release, the Trezor has grown to support more than 1000 cryptocurrencies.

Hardware wallets are popular and well-recommended by the crypto-community because they allow you to securely store and use your cryptocurrency. They’re not free, but they’re worth every penny for the convenience and peace of mind they provide.

But wait, why are they secure?

Hardware wallets isolate sensitive information, like your cryptocurrency private keys, on the device itself. That information never leaves the device. When you do want to make a transaction, it’ll be processed on the device. You’ll also have to physically confirm the transaction by pressing a button before it is authorised.

Trezor: Technical Specs

 Trezor
Size60mm x 30mm x 6mm
Weight12g
DisplayMonochrome (128 x 64px)
ConnectivityMicroUSB
Processor120 Mhz Cortex-M3
Safety & CertificationsCE & RoHS certified
Airplane & X-ray safe
Coins22 cryptocurrencies + ERC-20 tokens
SecuritySecure PIN, Passphrase, & Device Recovery
Password ManagerEncrypted storage in cloud (Google/Dropbox)
AuthenticationSSH & U2F
EncryptionGPG

Supported Coins

The Trezor supports several popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Because of all the ERC-20 tokens that they can support via their integration with MyEtherWallet and MyCrypto, the Trezor actually supports more than 1000 cryptocurrencies!

Check out this searchable list to see whether your favourite cryptocurrency is supported.

Check out which cryptocurrencies are supported by the Trezor here.

What’s in the Box?

So, what’s in the box?

  • Trezor
  • 15cm (USB to Micro USB) Cable
  • 2x Recovery Sheets
  • User Manual
  • 4x Trezor Stickers
  • Small Trezor Lanyard

The box has two anti-tamper stickers and is glued shut. I had to hulk apart the box to get inside.

The USB cable is also stupidly short (just 15cm). Not a big deal, but annoying.

Getting Started

The process:

  • Plug Trezor into your computer.
  • Go to: trezor.io/start
  • Select Trezor One
  • Install the latest firmware.
    • The Trezor will ask you to reconnect it twice.
  • Create a new wallet.
  • Done!

Once you’ve completed these steps, you can start using your Trezor straight away. However, I’d strongly encourage you to backup and setup a PIN code immediately. It takes less than 5 minutes.

When you’re asked to select your PIN, this will pop up on your Trezor and computer screen.

 

When you set and enter your PIN, the Trezor will scramble what number is assigned to each of those dots. This helps to keep your device secure, as any malware on your computer won’t know what your PIN is (check out this post for more details).

If you want to check that you recorded your recovery seed correctly, then read this post for instructions. If you do this, make sure to enable ‘Advanced Recovery’. It takes about 5-10 minutes to complete this process.

You can securely check your recovery seed at any time (for peace of mind).

Design

Compared to the Ledger Nano S, Ledger Nanox, or Trezor Model T, the Trezor One looks and feels really cheap.

It’s small (60mm x 30mm x 6mm) and lightweight (12g). The screen is just monochrome (128 x 64px), but it’s easy enough to read. I bought the Trezor One in black, but you get it in white too.

After being spoiled by the full-colour touchscreen on the Trezor Model T, I was disappointed by the Trezor One’s design. In comparison, the Trezor One is a whole lot clunkier to use too.

However, I don’t think this is a big deal.

A hardware wallet isn’t some fancy fashion accessory. As long as it keeps your private keys safe, how it looks and feels shouldn’t matter much. If the design does matter to you, stop reading this and check out the Trezor Model T.

Wallet Interface

Trezor’s wallet interface is great.

Even for absolute beginners, I think it’d be intuitive and easy to use.

The images below (click to enlarge) show you the Bitcoin (BTC) wallet, but the interface for other supported cryptocurrencies look similar.

Receive: Generate wallet addresses (and QR codes) in this tab.

 

Send: Enter payment details in this tab if you want to send bitcoin to someone.

 

Sign & Verify: Prove ownership of an address (you’ll probably never need this).

In the ‘Send’ tab, there are some additional options.

The most useful options here are ‘Add Recipient’ and ‘Import from CSV’. These options allow you to send cryptocurrency to multiple addresses in a single transaction. You might see this referred to as ‘batching’ elsewhere. The main benefit of this is that it lowers the fees paid if you’re intending to send cryptocurrency to multiple addresses.

Additional Features

The Trezor One comes with some useful additional features:

  • Password manager: an intuitive and easy to use password manager. Because this doesn’t rely on a master password, it’s much more secure. Find more details here.
  • Two-factor authentication (U2F): you can use your Trezor One as a 2nd authentication device with services like Dropbox, Google, and GitHub. Check out what other websites support U2F here.
  • Sign-in with Trezor: some websites, like Bitstamp or CoinPayments, integrate with your Trezor device. This doesn’t seem widely utilised, but it’s pretty cool to have.
  • Customise homescreen: you can upload a small (128 x 64px) black and white image which will be shown on your Trezor homescreen. Check out this guide for details. This isn’t important whatsoever, but a cool little extra for you to customize your Trezor.

Trezor Price

The Trezor costs about £59 / €71 (incl. VAT & shipping) from the official website. You can pay with a credit/debit card, or Bitcoin (BTC).

Here’s how the price of the Trezor compares to the best hardware wallet alternatives.

WalletPrice (incl. Tax)Website
Trezor One£51 / €59Official Site
Trezor Model T£156 / €180Official Site
Ledger Nano S£55 / €59Official Site
Ledger Nano X£109 / €119Official Site

Trezor vs Trezor Model T

The Trezor Model T’s touchscreen is a significant upgrade which makes it easier and faster to use. With the Trezor Model T, you’ll enter sensitive information (e.g. your PIN, passphrase, or recovery seed) directly on the screen.

In comparison to the Trezor Model T, the Trezor One is much clunkier to use.

The Trezor Model T also supports more cryptocurrencies than the Trezor One, including popular cryptocurrencies like Ripple (XRP) and Monero (XMR). You can see a side-by-side comparison of the coins supported by both devices on the Trezor website.

You could trust that your cryptocurrency funds would be safe with either of these, but the Trezor Model T is the superior option. But it is another £100 extra.

Want to learn more? Head on over to the official website.

Trezor Alternatives

They’re all great options.

Two of the most well-recommended alternatives to the Trezor One are the Trezor Model T (the follow-up to the Trezor One) and Ledger Nano S.

Both these other options keep your cryptocurrency just as secure.

However, the Ledger Nano S supports more cryptocurrencies than either Trezor. You can check out my Ledger Nano S review to learn more about it. The Ledger Nano X was also recently released, which is an upgrade to the Ledger Nano S. It is a tad more expensive, but it’s a beautiful piece of kit.

Check out this post for an overview of the best hardware wallets on the market. It’s a short and sweet post.

Summary: Best Hardware Wallet?

Much wow.

Regardless of how cheap or clunky the Trezor One seems, it’s still a great hardware wallet.

But is the best hardware wallet out there?

After messing around with all the popular options, I think there are better options out there:

  • The Ledger Nano S is about the same price but supports more cryptocurrencies.
  • The Trezor Model T is your premium option. It has an excellent full-colour touchscreen and supports more cryptocurrencies than the Trezor One (e.g. Ripple and Monero).

Have a Question?

Have a question about the Trezor? Or need help choosing the best hardware wallet?

Check out this post or ask your question in the comments below!

Thanks for reading.

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