You’ve probably heard the horror stories of cryptocurrency investors losing their savings due to hacking or theft. The truth is, the safest way to store your cryptocurrencies is on a hardware wallet, and the Trezor Model T is one of your best options on the market. In this review, you’ll discover why this hardware wallet is worth considering and what makes it stand out from the competition.
What Is The Trezor Model T?
The Trezor Model T is a hardware crypto wallet designed to store and manage cryptocurrencies securely. It is the latest iteration of the Trezor wallet line and offers improved features and security compared to its predecessor, the Trezor One.
Trezor is a Czech-based company founded in 2013 to make it safer for people to store and manage their cryptocurrencies. The first Trezor device, the Trezor One, was released in 2014 and quickly became a popular hardware wallet on the market.
However, in 2018, security researchers at Kraken crypto exchange’s Security Labs discovered a vulnerability in the Trezor One that allowed attackers to extract the device’s seed phrase.
In light of this vulnerability, Trezor developed the Trezor Model T, which offers improved security and privacy features, such as a larger touch screen and support for over 1,300 cryptocurrencies. The Model T also includes a more user-friendly design, making it a more versatile option for managing cryptocurrencies.
Overall, the Trezor Model T is one of the best hardware wallets available today, offering a high level of security, privacy, and ease of use for managing cryptocurrencies. Whether seasoned or just starting out, the Trezor Model T is a great option for your portfolio.
Trezor Model T Pros
- Advanced security features
- Supports over 1300 cryptocurrencies
- Integration with De-Fi applications
- It comes with a large touchscreen in color
- Mobile compatibility
- Compatible with different operating systems and desktop browsers
Trezor Model T Cons
- Quite pricey
- No iOS support
- It only supports purchasing a few cryptos with fiat
What’s In The Box?
The Trezor Model T comes in a compact and stylish retail box, which includes the following items:
- The hardware wallet
- A USB-C cable
- 2 Recovery sheets getting started guide
- Trezor stickers
- A magnetic dock
Double-check that the shrink wrap around the Trezor Model T box is not tampered with. For the best safety, ensure you buy the hardware wallet through the Trezor website or resellers listed on the website.
How to Start Using the Trezor Model T
When you buy the Trezor Model T, here are the steps to follow when setting it up. The process is quite straightforward and should not take more than 30 minutes.
- Connect the Trezor Model T to your computer or mobile device using the USB cable.
- If you’re using a computer, you’ll need to install the Trezor Bridge, a software application that allows the Model T to communicate with your computer.
- Once the device is connected, you can create a new wallet using the Trezor Wallet interface. This involves selecting a passphrase, setting up a recovery seed, and confirming your seed phrase on the device’s touch screen.
- Verify that the device is genuine by checking the displayed firmware version, ensuring it matches the version on the Trezor website.
- If the firmware on your Model T is outdated, you’ll be prompted to install the latest version. This step will ensure your device has the latest security features.
- Store your recovery seed in a safe and secure place, as you will need it in case of loss or theft.
- Once the setup process is complete, you can use your Trezor Model T to manage and store your cryptocurrencies.
Top Trezor Model T Features
The Trezor Model T is a cutting-edge hardware wallet that boasts some advanced features, including:
a) Large Touch Screen
The Trezor Model T’s large touch screen is a standout feature compared to other hardware wallets, including the Trezor One, Ledger Nano S Plus, and Ledger Nano X. With a 1.54-inch color LCD screen with a resolution of 240×240 pixels, it is particularly larger and more advanced than the Trezor One’s monochrome screen.
The touch screen makes navigating and managing your cryptocurrencies easy, providing a more intuitive and user-friendly experience. This screen is a significant upgrade over the buttons on the Ledger Nano S Plus and Ledger Nano X, making it easier to use and more convenient to manage your assets. It makes it easier to read and interpret information, such as seed phrases and transaction details, reducing the risk of human error.
b) Cryptocurrencies
The Trezor Model T supports thousands of cryptocurrencies, making it a versatile option for managing a diverse portfolio of assets. Some of the most popular cryptocurrencies supported by the Trezor Model T include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
In addition to supporting multiple cryptocurrencies, the Trezor Model T integrates with various decentralized finance (DeFi) applications, allowing you to access and manage your DeFi assets directly from your hardware wallet. This feature is unique to the Trezor Model T and is unavailable on competitors like the Ledger Nano X.
c) Security
The Trezor Model T is designed with security as a top priority, featuring many features and protocols that protect your assets from theft, loss, and other forms of exploitation.
One key security feature of the Trezor Model T is Universal 2nd Factor (U2F) authentication, which improves the protection of your accounts. U2F requires a physical device, such as the Trezor Model T, to access your accounts, making it impossible for hackers to access your assets.
The Trezor Model T also supports FIDO2 authentication, which enables you to use your hardware wallet as a secure login method for online services and accounts. This feature is unavailable on all hardware wallets, including the Ledger Nano S Plus and Nano X.
Its use of U2F and FIDO2 authentication, pin, passphrases, and secure hardware design make it one of the most secure options.
In addition, the wallet has a microSD slot that you can use to increase your assets’ security. This feature generates a secret password and encrypts it on the microSD. You will need to insert the microSD into the wallet in order to unlock it, thus guaranteeing someone who gains access to your wallet cannot access your portfolio without the microSD card. However, this feature is optional.
d) Shamir Backup
While it is part of the wallet’s advanced security, it is essential to discuss the wallet’s Shamir Backup feature separately.
This feature is based on the SLIP-0039 security standard and allows you to split your recovery phrase into multiple parts, known as “shares,” which can be stored in separate locations.
If you lose access to your Trezor Model T wallet, you can use the shares to recover your funds. You will need to gather a specified number of shares, known as the “threshold,” determined when the Shamir Backup is set up. Once you have the required number of shares, you can use them to reconstruct the original recovery phrase and access your funds.
This provides several advantages over the traditional method of storing a single backup of the recovery phrase. For example, storing the shares in separate locations allows you to distribute the risk of loss or theft. It also makes it more difficult for hackers to access your funds, as they would need access to the specified number of shares rather than just one.
e) DeFi Integration
As mentioned above, the Trezor Model T offers seamless integration with decentralized finance (DeFi) applications, making it an ideal option to access and manage DeFi assets directly from the wallet. It is a prominent feature, especially considering how secure the wallet is- all transactions are signed directly on the hardware wallet, thus, guaranteeing an additional layer of protection against theft and loss.
One of the key advantages of the Trezor Model T’s DeFi integration is its ability to manage multiple DeFi protocols and applications in one place. This makes tracking your portfolio, sending and receiving assets, and accessing liquidity pools and other DeFi services easier.
g) Connectivity
The Trezor Model T offers flexible connectivity options, making it easy to use on various devices, including desktops, laptops, and browsers. It connects to your computer via USB-C and can be used with different operating systems, including Windows, MacOS, and Linux.
It is also compatible with Chrome and Firefox browsers and will work well with most crypto exchanges like Binance, Gemini, Coinbase, Paybis, and Crypto.com.
Regarding mobile connectivity, the Trezor Model T is limited to USB cable-based solutions, essentially making it only compatible with Android smartphones. This is because the Trezor Model T does not feature Bluetooth connectivity, a common feature on many other hardware wallets like the Nano S.
Fortunately, the lack of Bluetooth connectivity is a deliberate design decision made by Trezor, as Bluetooth is not considered very safe for crypto wallets.
h) NFT Support
The Trezor Model T supports the storage and management of Non-Fungible Tokens (NFTs). However, understand that the Trezor Suite is not currently compatible with NFTs, so you will need to use an external wallet that is compatible with the Trezor Model T.
One of the most popular blockchain networks for NFTs is Ethereum, and many wallets support Ethereum and are compatible with the Trezor Model T. For example, you can use MyEtherWallet or MetaMask.
When using an external wallet with the Trezor Model T, it is necessary to ensure that you take the necessary security measures to protect your NFTs. This measure includes keeping your Trezor Model T in a secure location and always ensuring that you have installed the latest firmware and security updates.
Potential Trezor Model T Dealbreakers
As you can see, the Model T is one of the most secure and versatile wallets in the crypto market today. But, it still has a few aspects that could be improved. Here are some potential dealbreakers:
a) High Cost
The Trezor Model T is considered one of the market’s most secure hardware wallets, but its price point may be a dealbreaker for some users.
The Trezor Model T retails for around $210, which is significantly higher than other hardware wallets, such as Ledger Nano X, which retails for around $149.
b) Limited Mobile Support
Another potential issue with the Trezor Model T is its limited mobile connectivity. Unlike other hardware wallets, such as the Ledger Nano X, the Model T does not have Bluetooth connectivity and can only be used on mobile devices through a USB cable. This process may be inconvenient for users who prefer to access their wallet on the go without having to carry a cable around.
The Trezor Model T is also not compatible with iOS devices, most of which are incompatible with the USB-C cable. So, this may be a dealbreaker for users who prefer Apple products.
Final Verdict
As you have seen throughout this review, the Trezor Model T is a top-notch hardware wallet that offers a plethora of features to enhance your crypto security and management experience. From its large color touch screen, DeFi integration, and support for NFTs to its robust security measures and easy-to-use interface, the Model T truly offers the complete package.
While it may come at a higher price than some other wallets, the Model T’s features make it a strong contender in cryptocurrency hardware wallets.
Featured Image Credits: trezor.io