Trezor is one of the first cryptocurrency wallets designed for cold storage. Behind this device is Satoshi Labs, a company founded in 2013 in the Czech Republic by Marek Palatinus and Pavol Rusnak.
The company is currently based in Prague, Czech Republic, with more than 50 employees.
Like any hardware wallet, Trezor provides better security than a software wallet because private keys are stored on a physical device and the funds are not in contact with the Internet, so they cannot be stolen.
Trezor supports a large number of ERC-20 coins and tokens, over 1,000, which allows you to collect all your assets in one place.
Two versions of the device are available: Trezor One and Trezor Model T. Aside from the price, the main differences are in the number of coins supported, the display and buttons, and the Shamir backup capability.
As one of the first wallets to go on sale, it is one of the wallets that has sold the most units and has the most active users – over a million worldwide.
Most community opinions are positive, emphasizing the product’s safety, quality construction, and ease of installation for first use.
User complaints include the fact that the wallet must be connected to a computer to make coin transactions, although this is the case with all devices of this style.
Is Trezor safe
Security in the world of cryptocurrency is not only one of the most important aspects, if not the most important.
Cryptocurrency wallets, by their nature, cannot trace or recover tokens once they have been sent (or stolen).
This is why hardware wallets have such a good reputation and are so secure because they are impenetrable (in theory) because they are not connected to the Internet, and the keys are known and available only to the user.
In this sense, Trezor has added an interesting security feature. It refers to a restricted USB connection, similar to what happens with a mouse.
Just as this peripheral device cannot be infected by any virus or malware, Trezor restricts the device’s privileges when connected via USB, so that even if the computer is infected, the wallet remains out of danger.
Another malware that is potentially dangerous to the integrity of funds is the keylogger, a virus that allows every keystroke on the keyboard to be intercepted in order to extract passwords and other data.
To prevent this, Satoshi Labs designed the PIN so that each time the user enters a number, the order of the digits changes, further enhancing protection.
In addition to these two measures, the device constantly receives firmware updates, which are not automatic and must be installed manually.
All of these security measures do not exempt Trezor from having vulnerabilities.
In 2017, several cybersecurity experts reported a flaw that allowed hackers to access a user’s recovery phrase and PIN. That flaw has been fixed, but it may not be the last.
The official site has a section that records all the vulnerabilities found, as well as their description, severity, who reported them and in what update they were fixed.
Interface and tools
To exchange coins stored in Trezor, you must connect your device (as a USB) to your computer and use an external application. The free Trezor program, available as a web version, Chrome extension or desktop version.
When you enter the web version, you will find a very easy-to-use interface.
On the left side, you can see the cryptocurrencies already added by the user with the option to add new or old ones.
The central and largest area is designed to display the tab that was selected in the top panel.
In order, they are as follows: transactions, with a brief description of the performed transactions, receiving and sending, buying, with a list of recommended exchanges, exchange, for buying cryptocurrencies directly from the web application, as well as signature and verification, to verify the authenticity of your wallet.
To receive funds, just copy your wallet address in the “Receive” section and copy it into the wallet to which you want to send coins or give it to someone who is going to send them.
The process of sending funds is simple. Going to the appropriate tab, you need to enter the destination address, cryptocurrency and amount to send, as well as select the commission; if you want the transaction to go faster, but the commission will be higher.
To buy or exchange tokens, you need to go to the menu “Buy” and “Exchange” respectively and trade through partner exchanges: Simplex, Changelly, and Changenow.
How do I install and configure my Trezor Wallet
1. The first thing to do is to buy the device. The Trezor One model costs about 150 USD, and the top version of the Trezor Model T costs about 650 USD.
2. When you receive the device, you need to connect it to your computer and access the Trezor web program either by using the Chrome extension or by downloading it.
3. The next step is to update the firmware, if necessary, and to check if the fingerprints on the device screen match those on the PC.
4. After disconnecting and reconnecting, you will be prompted to give it a name.
5. After that you need to set the PIN-code using the dotted panel on the PC screen. This panel coincides with a similar panel in the wallet, which indicates the distribution of numbers.
6. Next, you will need to write a 24-character recovery phrase, which is one of the most important steps.
7. Once this is done, the wallet will be ready to use with the app.
Pros and cons
1. More reliable and secure than any software wallet.
2. More than 1,000 ERC-20 coins and tokens are available.
3. international experience and a good reputation confirmed by millions of users.
4. Unlike software wallets, it costs money to purchase any Trezor model.
5. Every time you need to send money, you have to connect your wallet to your computer and enter your personal passwords.
6. it is not the most suitable device for beginners.