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Trezor Model T Review 2024: Pros, Cons & More
Swen Keller
- URL: https://trezor.io/trezor-model-t
- Software Compatible: Yes
- Price: $219
- Staking Rewards: Yes
- Platform App: Desktop, Mobile
- NFTs Storage: Yes (via third-party wallets)
- No. of Assets Supported: 1,400+
- Type of Wallet: Hardware wallet
Trezor Model T Review: Our Opinion
The Trezor Model T is a combination of quality physical design and industry-standard security measures for a hardware wallet. It offers flexibility in usability as it allows crypto investors to connect with third-party wallets to boost its functionality.
However, while the Trezor Model T’s versatile nature might be a great feature for users who want a broad range of functions for crypto investors interested in security, such options pose a problem.
Trezor devices also aren’t 100% air-gapped. This means that it is vulnerable to internet security risks when connected to the web.
The hardware wallet also comes at a higher price point than most of its competitors, which makes it not fit for investors on a tight budget. But for people who don’t mind the cost the Trezor Model T is one of the best hardware wallets available.
However, during our Coinbase wallet review, we discovered that the wallet is only available on mobile and via a Chrome browser extension. There’s no desktop app for PC users – they have to make do with the Chrome extension, which is quite limiting and frustrating for traders who are not fond of the Chrome browser.
An Overview of Trezor
Trezor, the company behind the Trezor Model T hardware wallet was founded in 2013. Up until now, the company has sold hundreds of thousands of Trezor devices around the world.
The journey began in 2011 after a Bitcoin conference, with 2 programmers Marek Palatinus and Pavol Rusnák started to ponder on a solution that would enable anyone to keep their bitcoins in a secure and trustless manner.
This thought process resulted in the idea of a pocket-size single-purpose computer that would store crypto private keys in an isolated environment. Simply put the Trezor wallet.
The first crowdfunding and international announcement occurred in 2013 and the rest is history.
The Trezor wallet was the first crypto product to introduce seed recovery and paraphrase security (BIP44 and BIP39), which is now widely used by most software and hardware wallets.
Currently, Trezor’s open-source code powers over 10 other hardware wallets.
That said, in 2013, the founders of Trezor created Satoshis Labs.
This is the company responsible for developing and promoting Trezor and all its related services such as the Trezor Model T and One, Trezor Password Manager, and much more.
The original Trezor wallet was the Trezor One, however, in 2018, the brand released the Trezor Model T, which is considered its premium option.
It offers an enhanced user experience and is a lot easier to use for hardware wallet beginners.
For its future, Trezor has also implemented Liquid support and the Lightning Network. And allows the usage of micro SD cards with the Trezor Model T to safeguard encrypted files and passwords.
Concerning controversies, in a 2020 post made by Kraken cryptocurrency exchange on the 31st of January by Kraken Security Labs, the platform pinpointed security vulnerabilities that opened a way to extract encrypted seeds from both the Trezor Model T and Trezor One.
The hacking technique used was dependent on voltage glitching the hardware wallet.
However, the report also stated that the security vulnerability could be prevented by not giving access to your Trezor wallet and by enabling the BIP39 Passphrase, which is stored independently from the hardware wallet.
Pros
- It supports a large selection of cryptocurrencies
- Quality physical design
- Industry-standard security
- Easy to use
Cons
- It is not 100% air-gapped
- It is expensive when compared to other hardware wallets
- It is not waterproof or unbreakable
Trezor Model T Wallet: What is It?
The Trezor Model T is a touchscreen hardware wallet (cold wallet) that allows crypto investors to securely store the private keys, recovery seed phrase, and passphrases of their crypto assets and NFTs on the device.
Using the Trezor Suite app, you can buy, sell, and exchange your cryptocurrencies stored on the hardware.
Trezor Model T hardware wallet is also compatible with several third-party software wallets such as the Exodus wallet, which enhances its functionalities.
For instance, due to its third-party wallet compatibility feature, you can manage and view your NFTs by importing your NFT keys to an explorer like Opensea from the hardware wallet.
All Trezor devices support popular operating systems including Linux, Windows, and Mac.
Most recently, they also became compatible with Android mobile devices. However, both the Trezor One and Trezor Model T aren’t compatible with iOS devices, which is a usability flaw.
The Trezor Model T supports more than 1200 cryptocurrencies.
Trezor Model T Review: Price
The Trezor Model T costs $219. This is considered to be one of the most expensive hardware wallets as some competitor options go for as low as $50.
Why use a Cold Storage Wallet?
Cold storage wallets offer more security than software or online wallets. This is because, with cold storage wallets, you can securely sign transactions and protect your private keys offline.
The majority of attacks on crypto assets happen online. With cold storage wallets, you can securely store your crypto assets without any susceptibility to phishing or malicious attacks.
Your private keys are always kept offline so even if a hacker comes across the transaction they will not be able to access your private keys because the private key in the cold storage wallet never comes in contact with a server connected online during the signing process.
Most Cold storage wallets are also protected against physical attacks. Some are programmed to self-destruct whenever brute force or physical attack on the wallet device is detected.
With these security features in place, even if the wallet gets into the wrong hands, they will not be able to access your funds.
Trezor Model T Review: Cryptocurrencies Supported
The Trezor Model T hardware wallet supports over 1,400 cryptocurrencies, this includes all ERC-20 tokens. Supported cryptocurrencies for this Trezor device include Bitcoin, Ethereum, Litecoin, Monero, Cardano, Stellar Lumens, Dogecoin, Tezos, XRP, Ethereum Classic, etc.
While the Trezor Model T wallet supports more than 1,400 cryptocurrencies, Trezor Suite natively supports only 14 cryptocurrencies for the Trezor Model T. This means that other cryptocurrencies supported by the wallet can only be managed using a third-party wallet interface like MetaMask or Electrum.
Does the Trezor Model T Support NFTs?
Yes, the Trezor Model T supports the storing of NFTs on its hardware wallet as long as the non-fungible tokens exist on a network already supported in the wallet’s firmware, like Ethereum.
It’s important to note that even though your Trezor Model T hardware wallet can store and secure NFTs, it can’t be done via the Trezor Suite app.
If you intend to manage and sign your NFT transactions securely then you’ll need to use a third-party interface such as MetaMask.
For management, you need to import your public key to an explorer like Opensea to view your NFTs.
The idea here would be to set up your MetaMask to communicate directly with your hardware wallet so the recovery seed remains offline continuously.
In addition, the Trezor Model T device only supports NFTs that were created according to the EIP-721 Ethereum standard, which permits the storing, sending, and receiving of NFT tokens that exist on the ETH blockchain.
There are currently no plans to support NFTs on other networks.
How to Set Up the Trezor Model T Wallet?
To set up the Trezor Model T hardware wallet you’ll need the following:
- Trezor Model T and it’s USB C cable
- Trezor Suite for web out desktop
- Recovery seed cards and a pen/pencil
- 5/10 minutes
Launch the app, which will prompt you to connect your Trezor Model T wallet. You’ll also see the option of opting in or out of accounts for anonymous data collection. However, you can skip this as it isn’t mandatory. It also helps the Trezor brand fix bugs and enhance performance.
After you’ve connected your Trezor Model T, you’ll be requested to run a quick security check.
Before clicking Setup Trezor, ensure that the packaging of the hardware wallet is intact and that the holographic seal has not been tampered with.
If you notice signs of tampering, Trezor recommends that you do not use the device and contact customer care immediately for another Trezor Model T hardware wallet.
Once you’re certain everything in the unboxing process is as it should be, click Setup Trezor.
Trezor hardware wallets are supplied without uploading a firmware, so the first step in setting up your device is to install the latest version by clicking the “Install Firmware” button.
After the firmware installation is done completely, click Continue.
Next, click the Create New Wallet option if this is the first time you’re setting up the device.
Once you’ve selected Create New Wallet you can choose between “Shamir Share Backup” and “Standard Seed Backup”.
We’ll use the “Standard Seed Backup” for this guide.
After choosing the ‘Standard Seed Backup” option, you’ll be requested to confirm the action on the hardware wallet.
The Trezor Model T will show you a message ‘Do you want to create a new wallet?’. Press the green check mark to proceed.
For the next step, you’ll need to create a backup. This involves penning your recovery seed phrase on the recovery seed cards that are provided in the Trezor Model T box.
To start the recovery seed process, click Create Backup.
Next, you’ll be requested to confirm that you understand the provided backup instructions.
As soon as all have a green check mark, hit the Begin Backup button.
You’ll have to acknowledge and confirm that you understand the instruction to ‘Never make a digital copy of your recovery seed and never upload it online’ using the Trezor Model T hardware wallet’s touchscreen.
To do so, press the ‘I Understand’ button shown on the hardware device.
The Trezor Model T will generate a list of words that must be written down in the right order on the recovery seed card in the box.
After recording all words in the right order (12 words is the default recovery seed words length for the Trezor Model T).
You then need to confirm ‘I wrote down all 12 words in order’ by using the ‘Hols to confirm’ button on the Trezor Model T device touchscreen.
Next, select the requested words from the recovery seed as demanded by your device.
Once you complete the process, you will see a message ‘You have finished verifying your recovery seed’ and can proceed by tapping the Continue button.
After the wallet backup is complete, you’ll be able to proceed by setting up a PIN to secure your device from unauthorized physical access.
Select Continue to PIN and press the green check mark to confirm.
Select Set PIN and enter the new PIN via the Trezor Model T touchscreen.
Press Continue and you’ll be redirected to the ‘Activate Coins’ window, where you can choose the crypto assets to show on your Trezor Suite. You can change this setting at any time.
Click Complete Setup and you’re done!
Trezor Model T Review: Security
The Trezor T wallet implements several security measures to ensure that the wallet device is protected from unauthorized physical access.
The home screen of the device has a custom and unique picture that is displayed once the device comes on. This helps the user to identify the device and easily detect if it has been swapped or tampered with by a malicious third party.
While the home screen can be changed, you will need to provide your PIN before the change is effected.
Trezor T hardware wallet is also protected with PIN, multi-factor authentication, and Passphrase. The Trezor PIN mechanism is protected against keyloggers.
This means the device is protected even over public networks.
The wallet has a discreet mode that allows users to hide sensitive data like account balances displayed in the app. The information is blurred and only revealed on mouse-over.
The discreet mode can be activated in the app both on the desktop and web versions.
This discreet mode comes in handy in public or places where there are cameras as it protects your sensitive information from the eyes of other users.
To enable discreet mode in Trezor Suite, simply click the eye icon in the top-right corner of the Trezor Suite interface. You can turn the discreet mode off by using the same button.
The cryptocurrency hardware wallet is made of reinforced plastic and the case is put together using ultrasonic welding. The case is not held together by any soldering materials, connective bolts, adhesives, or nails. This makes the device durable and hard to tamper with.
The Wallet is compatible with USB 2.0 and USB 3.0, it also has a micro USB (type C) receptacle port at the bottom. Aside from USB cable compatibility, the device does not have other means of communication.
Other means of communication like Bluetooth, NFC, WiFi, and fingerprint reader are excluded to limit the possible attack surface.
The Wallet can operate in temperatures between -20°C to +60°C (-4°F to +140°F).
It should, however, not be exposed to extreme temperatures, humidity, sand, water vapors, or chemicals.
The device is not unbreakable or water-resistant.
Even though the device is not unbreakable, you can still protect your digital assets by activating the wipe code. The wipe code is an advanced security feature that allows you to set and layer enter a self-destruct PIN code.
Once you enter the wipe code, all data including your recovery key on your Trezor T device will be erased.
You can activate the wipe code by doing the following:
First, you need to ensure that PIN protection is enabled on your device.
Open the terminal and connect the device. Next, use the command trezorctl set-wipe-code to enable the wipe-code.
Note that for you to configure your new wipe code, the device will first authenticate by requesting your standard PIN.
The wipe code you input must not be the same as your PIN. The process of entering the wipe code is similar to how you enter your PIN.
You can enter the wipe code on your Trezor T wallet by using the matrix displayed on the touchscreen.
You do not need to connect your Trezor Model T wallet to any host interface to use the wipe code. And you can easily wipe your device by entering the code when you power your device with a USB cable in your car, using a Socket, or with a power bank.
Asides from physical attacks, the cryptocurrency hardware wallet is also protected against online attacks. Trezor T has multiple layers of code that ensure the legitimacy and safety of operations executed on the wallet device. The Broadloader and the Bootloader are some of the codes ensuring the safety of the device.
The broadloader is a write-protected embedded-immutable code of the Trezor T device. It is responsible for loading and checking the signatures and integrity of the Bootloader.
This makes it the immutable portion that defends the device against bugs that can reprogram the embedded codes and code-based attacks like BadUSB. The Boardloader ensures that only embedded codes with verified signatures are allowed to run on the device.
Also, the Broadloader of the wallet cannot be modified, updated, or removed.
On the flip side, the Bootloader serves as a program entrusted with the tasks of installing, updating, and verifying the signatures and integrity of the firmware loaded onto the Trezor T device.
The Bootloader examines the firmware every time you power the device. If it detects unofficial firmware, it will display a warning on the screen. If it detects the absence of the firmware or detects a pressed finger on the display it will commence a firmware update which will allow a firmware update via USB. While the update can be done using a USB cable, you will need to physically confirm it by tapping on the touch screen.
Different Trezor Wallet Models Comparison
The Trezor wallet offers 2 models, the Trezor One (its first hardware wallet) and the Trezor Model T.
That said, here’s how both hardware wallets compare:
Trezor Model T
- Price: $219
- Operation: Touchscreen/1.54” Color LCD
- Connection: USB – C included
- Supported coins and tokens: 1,400+
- Backup: Advanced Shamir backup and Standard Seed backup
Trezor One
- Price: $69
- Operation: 2 clickable buttons
- Connection: USB – A included
- Supported coins and tokens: 1,200+
- Backup: Standard seed backup
Trezor Model T Review: Opening An Account
To open an account, connect your hardware wallet and launch the Trezor Suite.
Next, at the top of the My Accounts menu bar, click the plus sign and select which crypto coin you want to manage in the account.
That’s all! You’ve created an account.
Trezor Model T Review: Trezor Suite
Trezor Suite is the official interface recommended for use with your Trezor hardware wallet. It was launched as a replacement for the Trezor Wallet App. It helps users securely manage their crypto assets in their browsers and desktop.
Trezor Suite has complete parity with the Trezor Model T hardware wallet. This allows the user to use all of the features of the wallet.
With Trezor Suite you can buy, sell and exchange crypto, sign messages, integrate with third-party apps, send transactions, etc.
A major advantage of the Trezor Suite is that it can be used as a desktop application.
This gives it access to more computing resources for programs like CoinJoin and Tor. It also keeps your private keys isolated from phishing attacks.
Its ability to be used as a desktop application means that you do not need to use your browser while operating your wallet. It is also compatible with Android phone browsers. This means you can manage your assets on the go by connecting the hardware wallet to your mobile phone.
Trezor is currently working on a Trezor Suite App for Android which will allow you to connect your wallet to your phone without a browser.
Trezor Suite is currently unavailable for iOS devices due to Apple’s limited support for USB standards.
Users who have the latest version of Trezor Suite do not need to download Trezor Bridge.
Trezor Suite has an integrated cryptocurrency exchange comparison tool that allows users to buy, sell or exchange crypto by connecting with offers from trusted partner exchanges.
It also allows you to buy crypto using your preferred payment method.
Trezor users can also access many new possibilities via Trezor Suites’ compatibility with Taproot.
Taproot is a major Bitcoin upgrade that allows you to enjoy several benefits including saving fees on transactions and improving privacy.
As already stated Trezor Suite has a Tor switch. Tor allows you to reroute your Trezor Suite connection through a privacy-focused network known as the Onion Router (Tor). You can switch off this feature whenever you like.
To further boost the privacy of transactions, Trezor Suite also features CoinJoin.
With CoinJoin, the inputs and outputs of transactions are mixed so they cannot be traced from one address to another. You will need a lot of forensic effort for you to successfully trace the origin and destination of the transaction.
There is also the hidden wallet feature which uses passphrase entry for enhanced security and privacy. Trezor Suite also has other security protection like two-factor authentication, Password protection, PIN protection, etc.
Trezor Model T Review: Customer Satisfaction
Trezor offers customer support via the Trezor Chatbot Hal. There is also a Help Center, a Trezor forum, and a Learn page where users can find answers to questions about the platform.
Users who wish to can contact Trezor support by submitting a support ticket. Customer reviews on third-party review platforms indicate that the Trezor support team offers satisfactory customer service.
Where can I buy a Trezor Model T Wallet?
You can buy a Trezor Model T wallet on the official Trezor website: https://trezor.io/trezor-model-t.
Alternatives to Trezor Model T
Popular alternatives to the Trezor Model T include the Ledger Hardware Wallets (Ledger Nano X and Ledger Nano S Plus), the Ngrave Zero Wallet, and Ellipal Titan.
These options offer more supported cryptocurrencies, however, the Ngrave Zero costs more than the Trezor Model T but offers higher security features.
Final Thoughts
The Trezor Model T is one of the best hardware wallets in the world today and it offers quality usability via its touchscreen and the Trezor Suite. However, there have been concerns about the security of the hardware wallet and also its limited selection of cryptocurrencies when compared to other options.
FAQ
Most frequent questions and answers
If your focus is usability and more supported cryptocurrencies then you should get the Model T wallet.
We always try to provide the most accurate information available, and make sure our team follow through.
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