Trezor is the oldest and one of the most famous hardware wallets for storing cryptocurrencies. Trezor is produced by Satoshi Labs, founded in 2013.
Trezor allows you to put digital assets in cold storage, while retaining the ability to quickly dispose of them by connecting a wallet to a computer. The advantage of this approach compared to conventional software wallets is the safety of the cryptocurrency, even if the wallet is connected to a vulnerable computer, since the private key always remains in the device itself and is not disclosed to third-party applications.
The protocol of Bitcoin and other cryptocurrencies functions by sending transactions on the Internet. To confirm that the transaction is sent by the owner of the assets, it must be signed with a special private key.
Trezor allows you to store such keys in a secure hardware module. The wallet provides an isolated environment for signing off-chain cryptocurrency transactions and has a small display that can be used to verify details. As a result, you get a convenient tool for spending cryptocurrency assets while protecting cold storage.
Trezor is secured with a PIN, which is required to approve transactions and protect your assets in the event of device theft. After each unsuccessful PIN-code entry, the time until the next attempt increases. It would take 17 years to make 30 attempts.
How do I start using Trezor wallet?
In Satoshi Labs currently offers two models of purses: Trezor the One and Trezor Model T . The manufacturer’s store also presents additional accessories, including covers, cables and tools for securely fixing seed phrases. There you can also order a cable to connect the Trezor to an Android smartphone.
In addition to the manufacturer, Trezor wallets are sold by third-party vendors, however, we do not recommend purchasing products from them. While retailers like these may offer faster shipping, they add a margin to the wallet price. In addition, there is always a risk of running into a compromised wallet that will be changed by the seller to steal your crypto assets.
Since a hardware wallet is primarily a means for cold storage of large amounts of cryptocurrency, it is better to play it safe and place an order with the manufacturer or with official dealers in your country. It is also highly discouraged to use services like Avito in order to avoid the risk of purchasing a fake or low-quality gadget.
The official dealer of TREZOR products in Russia is the WALLETZ company. Confirmation of the status of the official reseller of TREZOR wallets in Russia can be found on the manufacturer’s website https://trezor.io/resellers/. You can order a TREZOR wallet on their website https://walletz.ru/
Initial wallet installation
After receiving and unpacking the wallet, you will need to carry out the initial setup. Using your computer, go to the Trezor official website where you purchased the device. Select your wallet model and then follow the instructions, including setting up your PIN and master key. There you can also download software for interacting with the wallet.
Send, receive and store cryptocurrency
After completing the initial installation, you can immediately use the wallet, including sending, receiving and storing cryptocurrency. For each new cryptocurrency, the wallet creates a separate address, which will ensure safe and easy management.
Key features of Trezor wallets:
- Complex purpose – Allows you to safely store bitcoin and other cryptocurrencies;
- Integration with Ethereum – Works with popular Ethereum wallets, allowing you to interact with applications in the decentralized finance (DeFi) space;
- Password Manager – Allows you to separately encrypt passwords and store them in an individual cloud;
- Secure SSH administrator access – Only the administrator has access to servers and data;
- Two-factor authentication – Allows for two-factor authentication according to the FIDO / U2F standard;
- Login without password – Allows you to safely log into accounts at the click of a button;
- Direct Connection – Allows you to directly connect to third-party wallets and services;
- Compactness – Allows you to keep the entire cryptocurrency portfolio in your pocket.
Trezor wallet models
Vault One
Trezor One is a simpler and older wallet model, but is still popular with cryptocurrency holders due to its reliability.
Trezor One supports over a thousand coins and tokens, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dash, Zcash, and Stellar. The wallet is not suitable for storing assets like Cardano, XRP, Monero, EOS, and Tezos. To work with some cryptocurrencies, you will have to install additional wallets, since they may not be presented in the official software, even if the device supports them. A full list of supported cryptocurrencies can be found here.
How much does Trezor One cost?
The cost of the Trezor One hardware wallet at the time of this publication is € 48.76 (RUB 4,300). Another 9 euros (800 rubles) will have to be paid for delivery.
You can take advantage of a special offer and buy three wallets at once at a reduced price of 127 euros (11,200 rubles). All in all, this makes the Trezor One one of the best value-for-money offerings on the market.
Vault Model T
The Trezor Model T is an enhanced version of the Trezor One. Unlike the first version, where two buttons were used to interact with the wallet, the Model T is equipped with a touchscreen. While this option may seem more attractive, the Trezor Model T has a small display, so it is not always convenient to click on it.
An important benefit of the Model T is that it has support for cryptocurrencies that weren’t available on Trezor One, including Cardano, XRP, Monero, EOS, and Tezos.
The Trezor Model T wallet can be used immediately after installing the software without storing a seed phrase. However, the client will display a message stating that your device is not fully protected. It is better to spend a few minutes on a complete installation right away than to regret the lost access later.
How much does the Trezor Model T cost?
The Trezor Model T wallet is now priced at 159 euros (14,000 rubles), and three wallets can be ordered for 449 euros (39,600 rubles). Delivery will also cost 9 euros (800 rubles).
The key advantages of the Trezor Model T over the Trezor One are the presence of a touchscreen and support for additional cryptocurrencies. Users who do not feel these points in principle may prefer the simpler Trezor One model, which provides the same security benefits. In addition to Trezor, it makes sense to consider the proposals of the competing manufacturer Legder.
First experience with Trezor
Interaction with the Trezor wallet is carried out in a few simple steps. The wallet comes with an installation guide and can also be found on the manufacturer’s website.
First, you need to connect the wallet to your computer using a USB cable. The lock symbol and the official website address will appear on the screen. Go to the Trezor website to download the myTREZOR app or browser extension, select your wallet model and set a PIN.
During the installation process, you will need to write down a 24-word seed phrase, which you can later use to restore access. The seed phrase is generated inside the wallet without an Internet connection and is displayed on its display, which excludes the possibility of leakage, even if your computer is compromised. It is important to write this phrase down on paper and store it in a safe place. It will be required if your device is lost or damaged. The seed phrase is displayed only once. Do not store your seed phrase in digital form, and even more so do not use network resources for this. The kit already comes with a blank lined sheet, which you can use for writing if you wish.
Firmware
If you connected the wallet to your computer following the instructions, the firmware should install itself. It is not included in the wallet out of the box, so the initial installation ensures that you are using the latest software. If the firmware was immediately present in the wallet, contact the manufacturer and do not start using it until further instructions are given.
After that, your device is ready to use. Disconnect it from your computer and reconnect it. Go to the Trezor app and set a custom wallet name. To access your wallet again, connect it to your computer and enter your PIN. Please note that PIN numbers will appear randomly on the screen for security purposes.
Replenishment of the wallet
To top up your wallet, connect your device to your computer and enter your PIN. In the upper left part of the interface on your computer, you will see a drop-down list from which you can select the required cryptocurrency. It can be Bitcoin, Ethereum, or any other supported asset.
Click on the Receive button at the top of the interface. The wallet will create a unique address to which you will transfer cryptocurrency in the future. Copy it and paste it into the box on the exchange for withdrawing funds or anywhere else where you have cryptocurrency.
Sending funds
To send funds, select the required cryptocurrency and click on the Send button. After that, enter the recipient’s address, the desired amount and confirm the transaction.
Other types of transactions
In addition to sending and receiving funds, the Trezor client allows other types of transactions. You can buy cryptocurrencies directly from your wallet by providing your payment details. Also, inside the wallet, you can exchange cryptocurrencies with each other. The company is working on the function of selling cryptocurrencies, thanks to which it will be possible to liquidate it directly in the wallet and receive money into a bank account without transferring it to a third-party exchange.
Wallet security
Security is paramount when dealing with cryptocurrencies. Satoshi Labs has developed a variety of security protocols to keep crypto assets safe. The wallet system bootloader always verifies the authenticity of the firmware and is only activated with a valid manufacturer’s signature. It is impossible to restore the wallet after malicious interference: the bootloader erases the device’s memory if the signature is invalid. The same situation occurs when a firmware is rolled back to an older version, which may contain a vulnerability.
An important advantage of hardware wallets over software wallets is the absence of a username and password that attackers can get to steal cryptocurrency. The hardware modules of the device are responsible for the safety of private keys and related assets, and the user only needs to remember the PIN-code and store the seed-phrase in a safe place.
Trezor does not allow transactions without entering a PIN. The wallet is protected by a BIP39 passphrase that is never stored or remembered by the device, which helps protect assets from physical hacking.
Trezor or any other wallet cannot protect against phishing attacks when attackers under false pretenses try to force you to send them cryptocurrency or reveal other critical information. This type of attack is designed for the fact that you yourself will give your assets to the scammers and has nothing to do with the internal structure of the wallet, so you should never trust suspicious offers.
Often scammers pose as Satoshi Labs employees and claim that you need to send them your seed, otherwise the wallet will be blocked. They can also offer to send the cryptocurrency to the address indicated by them and promise to send twice the amount in a reverse transaction. Such statements are only disseminated by attackers, so the best option would be to simply ignore them.
Advantages and disadvantages
Pros:
- High level of security;
- Support for over 1,000 cryptocurrencies;
- Regular firmware updates;
- Additional reliability thanks to confirmation of transaction details on the device screen;
- Portability.
Minuses:
- Relatively high cost for small investors;
- The need to install additional software to work with certain cryptocurrencies;
- The need to connect to a computer and enter a PIN code to send transactions, which may not be suitable for users who want to frequently carry out transactions with cryptocurrency.
Frequently asked questions about Trezor wallets
- Question: I lost my wallet, what should I do?
Answer: Not a problem. Just restore your wallet with the see d-phrase. This phrase is not unique to Trezor wallets, so it will work with any other wallet, including software. - Q: Trezor One or Trezor Model T?
Answer: Trezor Model T is an improved version of Trezor One. Both devices are open source and meet high security standards. The Trezor Model T has several advantages over its predecessor, including a color display with a touchscreen, support for more cryptocurrencies and an SD card slot. - Q: Where can I buy the Trezor wallet?
Answer: Despite the existence of separate resellers, it is always better to order wallets from an official manufacturer so as not to create additional risks of getting a compromised device. - Question: What if new cryptocurrencies appear? Will you have to buy a new wallet?
Answer: New cryptocurrencies are rarely supported by hardware wallets to begin with. After a while, developers usually add support for popular cryptocurrencies or recommend third-party programs to which you can connect the device to solve this problem. - Q: Can a Trezor manufacturer steal my cryptocurrency?
Answer: While the hardware wallet makers are doing everything they can to ensure your crypto assets are safe, it is clear that they had a hand in launching the device and could in theory have equipped it with a backdoor. However, Trezor’s software is open source and independently reviewed. If you are using a genuine device, private keys are created on your side and remain inside the wallet, eliminating the possibility of outside interference.
