Trezor Australia Review 2023: Models, Pros & Cons
Trezor Australia Review: Our Opinion
The Trezor hardware cryptocurrency wallet is a great option for newbie crypto investors in search of a portable and secure device to hold their digital assets as both models of the Trezor wallet are very easy to use for beginners.
However, Trezor wallet isn’t compatible with NFTs except via a third-party interface or iOS users which limits its use case for such users. The hardware wallet holds a strong reputation as it is the first cold cryptocurrency wallet.
An Overview of Trezor Australia
Trezor, a subsidiary of Satoshi Labs, manufactures hardware wallets that store the user’s private keys in the device. The parent company was founded by Marek Palatinus and Pavol Rusnak, and they created the first Trezor product prototype in 2012. The duo officially launched Satoshi Labs in 2013 with its headquarters in Prague, Czech Republic, and started fundraising. Both models of the Trezor wallet (model One and model T) were launched in 2014 and 2016 respectively.
Trezor: What is It?
Trezor wallet is a hardware or cold wallet that enables crypto enthusiasts and investors to store, buy, sell, swap, send, receive, and manage their cryptocurrencies offline. The device can be connected to a mobile phone or PC with the Trezor Suite for easy asset management in a controlled ecosystem and is compatible with desktops, Android, and browsers.
Trezor offers 2 models; the Model T and the Model One.
Trezor Suite only supports 12 cryptocurrencies for the Model One and fourteen for the Trezor Model T and all ERC-20 tokens. The crypto assets supported by Trezor include Bitcoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash, XRP, etc.
Even though the Trezor wallet supports other cryptocurrencies, they must be managed with a third-party wallet interface like Metamask or Electrum. Cryptocurrencies that require these third-party interfaces are known as non-native assets.
Who Should Use Trezor?
Trezor wallet is best for newbie crypto investors who want a safer and portable way to hold and manage large amounts of crypto assets. The hardware wallet satisfies this as it keeps the user’s funds offline away from hackers online.
Why Use a Cold Storage Wallet?
Any form of data stored online is hackable as all online or software wallets and exchanges are vulnerable to data leaks and hacking attacks.
For example, in November 2022 nearly all funds kept on the FTX exchange (approximately 600+ million dollars) were stolen by hackers. And users couldn’t withdraw their crypto assets before the exchange filed for bankruptcy simply because they did not own the private keys to their assets (not your keys, not your coins).
Holding your digital assets online boosts the potential of coin fraud, permanent loss of crypto assets, and financial theft. So by going offline and storing your coins with a hardware wallet you safeguard your crypto asset data from the vulnerable environment facilitated by internet connectivity. You also get complete ownership over your cryptocurrencies.
When you store your assets with an online exchange they hold the private keys of your coins, which implies you don’t own them. But with cold storage, you hold the private keys to all assets.
Different Trezor Models Comparison
Trezor wallet offers 2 wallet options: Model T and Model One.
Trezor Model T
- Price: 317.77 AUD (213 USD)
- Interface: Touchscreen color LCD (1.54 inches)
- Connection: USB-C
- No of cryptocurrencies supported: 1,456+
- Asset Management: Buy, sell, swap, send, and receive with no fees
- Security: Advanced Shamir Backup, Standard seed Backup, FIDO2 & U2F authentication standards, PIN & passphrase entry directly on touchscreen
Trezor Model One
- Price: 99.96 AUD (67 USD)
- Interface: Two-button pad
- Connection: USB-A
- No of cryptocurrencies supported: 1,289
- Asset Management: Buy, sell, swap, send, and receive with no fees
- Security: U2F security technology, secure Trezor access using computer and mobile, and Standard seed Backup
Trezor hardware crypto wallets are protected by a user-defined PIN. This PIN code is usually up to 50 digits long. All transactions on the Trezor wallet must be confirmed on the device with the PIN. The Trezor wallet is also protected by a passphrase. This is a user-generated set of words, letters, spaces, and phrases. The passphrase is required each time the Trezor hardware wallet is unlocked.
The hardware wallet’s display is also made in a way that it only shows the exact details of an ongoing transaction. If the PC or phone has been compromised, the information displayed on the screen will be mismatched. This feature gives the wallet owner enough time to cancel any transactions initiated on the compromised device.
The Trezor Model T has an advanced security feature known as the SLIP-39 Shamir. This is a recovery seed method that enables the user to create split recovery seeds made up of 20 words. The recovery seed can be split and saved on multiple devices. This makes it harder for the Trezor wallet to be compromised.
This crypto wallet also has firmware signature verification that prevents hackers from infiltrating the device and overwriting or modifying specific code like the firmware or OS.
The firmware signature verification only allows signed firmware to run on the Trezor wallet. If there is an attempt to tamper with the firmware, a warning message will be displayed to alert the user. Trezor wallet bootloaders are write-only and cannot be replaced.
The Trezor wallet also has a custom-designed operating system known as Trezor Core. Trezor core is the operating system used by all Trezor hardware wallets.
Opening an Account
The entire time frame to set up the Trezor hardware wallet requires 5 to 10 minutes. To get started you’ll need, for this example, the Trezor Model One, the supplied USB connector cable, a recovery seed card, and the Trezor Suite for the web or the desktop app.
Once you have all the above, go to the Trezor Suite web. Once there it will prompt you to connect your Trezor wallet device. You’ll be asked for some anonymous data which you are free to decline as it isn’t mandatory.
After you’ve connected your device you’ll be requested to carry out a security check before clicking on “Setup Trezor”. This would require checking that the packaging of the device is intact and that the holographic hasn’t been tampered with. If you notice any sign that it has been tampered with contact Trezor’s support right away.
Once you’re certain that everything is fine, click “Setup Trezor”.
All Trezor wallet devices are shipped void of the firmware. So the first step involves installing the current version by clicking the “Install Firmware” icon.
After successful Firmware Installation, click “Continue”.
Next, click “Create new wallet” if you haven’t set up Trezor previously. After this, you’ll be prompted to select the ‘Standard seed backup’ recovery process.
Once you’ve selected this press the “Confirm” button on your Trezor wallet device.
The next steps concern creating your backup and recording the recovery seed phrase of the card provided. To start the process, click “Create a backup”.
You’ll see a prompt requesting that you confirm that you understand every backup instruction. So after checking the green mark, click “Begin backup”.
Once you hit the “Confirm” button on the device, your Trezor will show a list of words that you’ll have to write down in the right order on the provided recovery seed card.
After recording all 24 words in the right order, you’ll get a prompt that the wallet backup is complete. Next, you’ll need to set up your PIN to safeguard your device from unauthorized physical access.
To do so, select “Continue to PIN”, this will lead you to the “Set a PIN screen”. Click “Set PIN” to start the process and hit “Confirm” on the device.
In the “Set New Pin” window use your mouse cursor to pick the corresponding digits in the 3 by 3 matrix to choose your new PIN. You’ll need to repeat the PIN. Click “Continue” and you’ll be redirected to the “Activate Coins” window where you can choose which crypto assets are displayed in Trezor Suite.
Once that’s done, click “Compete Setup”. That’s it!
Trezor offers the Trezor Suite app on both the web and desktop. The suite app supports 1,400+ coins and tokens natively. It also features hidden wallets that utilize a passphrase. Here’s how it works. After you’ve connected your Trezor wallet device and started the Trezor Suite, the dashboard is the first screen you’ll see. The dashboard displays an overview of your cryptocurrency portfolio and enables you to add new cryptocurrencies using the “Enable more coins” button.
You can select the digital assets you want to use by choosing from the list of available coins. Every cryptocurrency has a unique wallet with its account and addresses which aren’t mutually compatible. And you can use up to 10 accounts per coin, so when using the app you need to select the particular account and device in use. Once you’ve selected the cryptocurrency, device, and account, you’ll then be able to use 3 tabs: send, receive, and trade (this tab enables you to exchange, spend, buy, and sell your assets).
Trezor wallet Australia customers can contact the support team by completing a support ticket on the Trezor Help Center page. Once the support team receives the ticket, a confirmation email will be sent to the Trezor wallet user informing the user that their ticket is in the queue. The customer will be frequently updated on the current status of their ticket until they’re is connected with a member of the support team.
Trezor customers can also receive personal support through a troubleshooter in the Trezor Help Center. This is faster than submitting a ticket and waiting for a response. Users can also use Trezor Wiki to get answers to questions relating to Trezor, and cryptocurrencies like Bitcoin. Users can also visit the Trezor User portal to access the Trezor manual and find answers to frequently asked questions.
Trezor has a 3.3-star rating on Trust Pilot. A major complaint of most customers is the inability to get live human support for problems that the Support center does not answer. Also, the wait time to get support for tickets opened can last up to 20 days. This waiting period is too long.
Where can I buy a Trezor Wallet in Australia?
Trezor is the oldest cryptocurrency hardware wallet in the crypto space and is one of the safest ways to hold and manage your digital assets. The crypto wallet provides restricted access to all devices it can connect to, making it secure for use with tools prone to experiencing security breaches.
Also, if you lose your Trezor device, the company offers a solution that’ll help you recover lost coins. Beyond its safety, the Trezor hardware wallet is extremely easy to use. The device is intuitive and the setup is seamless (though a bit lengthy). So this is a great option for crypto enthusiasts and investors who are serious about their crypto assets’ security.
Most frequent questions and answers
The Trezor crypto hardware wallet is one of the safest ways to store crypto coins offline. The hardware wallet is also the first cold wallet for crypto and has since its launch in 2014 maintained a strong reputation among users and crypto investors.
Wallets like Electrum, Exodus, Ronin, and Metamask are compatible with Trezor.
Trezor hardware wallets are cold offline wallets. This means that they are cannot be hacked except the hacker has access to the physical wallet. All crypto coins stored in the wallet are stored offline and cannot be accessed online except the wallet device is connected to the internet. The wallet also has extra security features that keep it protected against any form of attack. This includes a custom-designed operating system, user-defined PIN, firmware signature verification, and SLIP-39 Shamir.
If you lose your Trezor hardware wallet you can still recover access to your assets by using your recovery seed phrase on another hardware wallet or software wallet. If however, you lose your recovery phrase, you will lose permanent access to your crypto assets stored in the wallet.
Both Trezor and Ledger have very good security measures in place to ensure that your crypto assets are safe.
Crypto wallets like Trezor, Ledger, Metamask, Crypto.com, etc are accepted in Australia.
A Trezor Wallet has once been hacked by a white hat hacker known by his hacker alias Kingpin. Kingpin hacked the Trezor Wallet to help the wallet owner regain access to their funds after they lost their security PIN. The hacker uploaded a YouTube video explaining how he pulled off the hack. Trezor, however, responded to the hacker and termed the hacking of the Trezor Wallet an outdated exploit that is of no concern to current users since the problem has been fixed since 2017.
In April 2022 there was also an attempt to hack Trezor crypto wallets when an email was sent by hackers attempting to hack the wallets by luring the wallet owners to download new software to their devices.
The hackers tried to achieve this by sending an email to Trezor wallet holders and urging them to download a bogus version of Trezor Suite from a lookalike website. Investigations into how the hacker got access to the email address of so many Trezor users revealed that the mailing list Trezor runs at MailChimp was the culprit and a rogue employee at MailChimp masterminded the hack.
Trezor is a cold wallet that enables you to store your crypto assets offline.
Trezor hardware wallets are designed to last for years under normal conditions. Trezor wallets do not use batteries, this means that no battery change is required. The memory on the wallet is charged via the USB port when connected to a phone or computer.
Trezor and Ledger hardware wallets are some of the best hardware wallets for storing cryptocurrencies.
Trezor Bridge is an application that enables the communication between Trezor wallet devices and supported browsers.
Trezor Suite allows users to hold up to 10 accounts of a single type per currency per wallet.
Trezor has certain measures in place to help you identify if your Trezor Wallet has been tampered with. First, the wallets have a tamper-evident hologram or holographic seal which makes it easy for you to detect if the wallet has been accessed. The wallet package is also protected with two silver seals on both sides and is wrapped in a thin plastic foil.
For the device to be tampered with, the hologram needs to be detached and the box destroyed. The destroyed hologram will leave a residue. If the device has missing or destroyed glue or hologram, it should be considered tampered with.
The firmware and bootloaders of the wallets are also signed by SatoshiLabs. These signatures are checked whenever a user starts the device. If the signature is invalid, the device will warn the user. Also, all Trezor devices are dispatched without pre-installed firmware. If there is already firmware installed in the device you bought, it has been tampered with.
To avoid getting a Trezor device that has been tampered with, you should buy the wallet device directly from the company instead of from third parties or random online vendors.
If Trezor went out of business, you will still be able to access your crypto assets by using the recovery seed to recover your funds in any hot wallet or cold wallet on your phone or computer. Since the Trezor code is publicly available and open-source, other developers can manage it even if the SatoshiLabs team stops existing.
Trezor is a part of Satoshi Labs headquartered in Prague, Czech Republic. Trezor hardware wallets are manufactured in China.
We always try to provide the most accurate information available, and make sure our team follow through.
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