Bottom line: Trezor’s hardware crypto wallets are a great choice for those who want simple, offline storage and high security. However, there are no native NFT or native staking features so users who want more Web 3 access may prefer Ledger’s competitor.
Trezor wallets are different from other wallets because they have security features like Shamir Backup. This can help you recover any assets that were lost, stolen, or broken. Trezor’s devices are not as functional as Ledger, which connects easily to decentralized apps, or dapps.
Trezor’s Standard Version, Model One supports 1,289
Model T is the touch-screen version and supports 1,456 compatible coins.
Trezor’s open source desktop application, Trezor suite, allows you to trade, buy and sell currencies. Advanced features may require some technical knowledge. To manage non-fungible tokens and stake coins, the device needs third-party software. The Model T is not compatible with staking.
Pros & Cons
Secure offline storage.
Touch screen for full on-device access.
No native management or staking.
No Bluetooth connection.
Touch screen: Trezor Model T’s touch screen allows two-factor authentication. This means that you don’t need a second device, such as a computer, to log in. The device can accept a passphrase and a PIN.
Shamir Backup Recovery: While most crypto wallets only offer one recovery seed, Trezor’s extra security feature lets you create and distribute 16 recovery shares to your device. You can also store them in different locations. The additional shares can be used to help protect your keys from theft even if one of the seed phrases is compromised. This option is only available on the Model T .)
Trezor software is fully open-source. Third parties can review and test it to ensure its security. Competitor Ledger uses closed-source firmware to power its physical devices.
Where Trezor falls down
There is no native staking and NFT management. Although the Trezor suite can be used as a browser extension or desktop application, it allows you to manage coins, including purchase and swaps. However, you will need to integrate additional software like Exodus in order to take part in NFT markets or stake coins with Model T.
Higher prices: Trezor’s Model T is more expensive than $200. Ledger’s comparable offering costs $149. It can store up to 5,500 coins. The Model One is about $70 and close to Ledger’s comparable model.
Offerings of coins: Trezor offers about 200 coins with the Model T, but not the Model One. These include Ripple (XRP), Monero(XMR) or Cardano (ADA). These coins can be stored on both models of Ledger.
No iOS app or Bluetooth connection: Trezor does not have an iOS app or Bluetooth connection. Trezor has a browser extension, desktop application and an upcoming Android App, but it is not compatible with Apple’s mobile operating systems. Trezor does not support Bluetooth connections.
What Trezor works best for?
Cold storage that is fully accessible via touch screen.
Native integration of Exodus software to offer online storage options.
Trezor at the glance
More information about Trezor’s ratings
Security 5 out of 5 stars
Like most cryptocurrency wallets Trezor devices generate a 24-word phrase that you can store and enter in the event of a device being lost. You can also create an additional passphrase to increase security. This can be used for keeping funds separate from your primary wallet. For two-factor authentication, the Model T uses a PIN code to unlock the device. The Model One uses a different device like your phone or computer.
Trezor’s Electrum software also provides multisignature security. You can configure it to require multiple keys to authorize a transaction. Open-source software Trezor can also be verified by developers and users to ensure its security.
Hardware wallets like Trezor are often considered more secure than software wallets. However, they cannot be accessed online and must be protected from theft and damage.
Integration 5 out of 5 stars
Trezor Suite allows you to trade, buy and sell more than 1,400 cryptocurrency based on your model. Only the Model T can be used to stake coins. Trezor Suite can also connect with third-party software such as MetaMask or Exodus for managing and connecting to dapps.
Storage 5 out of 5 stars
Trezor is a cold cryptocurrency wallet. It stores your keys offline on a physical device. You have full ownership of all information required to move your crypto, just like any cold wallet.
A hot wallet is a way to keep your keys online and easily accessible from multiple devices.
Functionality: 2 stars
Users can trade, buy and sell currencies using the Trezor Suite browser and desktop applications. Users will need to install additional software in order to stake coins on exchanges or access NFT marketplaces and dapps.
Tools: 2 of 5 stars
Trezor provides a user forum and support blog for assistance with its devices. Integration of third-party software is required to access market data.
Additional details about Trezor
Prices: Products start at $70 and go up to $200.
Trezor is right for you?
Trezor is an excellent choice if you are looking for cold storage that offers high security, but doesn’t require you to give up a mobile app and Bluetooth connection.
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