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Trezor Singapore Review: What it is and Where to buy it
Luis Clark
- URL: https://trezor.io/
- Hardware Compatible: Yes
- Price: 69 EUR (100.78 SGD) to 249 EUR (363.73 SGD)
- Staking Rewards: No
- Platform App: Desktop/Browser App
- NFTs Storage: No
- No. of Cryptocurrencies Supported: 1,800+
- Type of Wallet: Cold Wallet
Trezor Singapore Review: Our Opinion
Trezor is secure, never been hacked and very beginner friendly. It also incorporates an exchange that allows you to transact with various blockchains. Trezor’s standout feature is its security and the complete ownership it offers users. It is one of the best options if you are new in the crypto space and you want to put security on top of your priorities.
Trezor Singapore Review: What it is and Where to buy it
User reviews, competitor research, and first-hand expert experience have meticulously woven the foundation of this Trezor review.
Unlike most crypto wallets, Trezor allows users to store digital assets on a hardware wallet. It also enables you to back up the device via offline storage.
This popular hardware wallet supports over 1,800 crypto coins and tokens including Bitcoin, Ethereum, and Binance Coin.
Trezor, with its remarkable security measures and unparalleled user ownership, seamlessly integrates an exchange enabling transactions across diverse blockchains.
An Overview of Trezor
Trezor was founded by Pavol Rusnak, Alena Vranova, and Kamil Brejcha in 2013 and is headquartered in Prague, Czech Republic. However, the first Trezor prototype was produced in 2012.
The company is a subsidiary of Satoshi Labs and manufactures hardware wallets that allow users to store their private keys in the device.
Trezor: What is it?
Trezor is a cold or hardware wallet that allows users to securely manage more than 1,800 crypto coins and tokens. Trezor offers two primary wallets Trezor One and the Model T.
Trezor One is the first generation product and has 2 physical buttons and a screen. The Trezor Model T, on the other hand, is a second-generation hardware wallet with a touch screen.
Besides the aforementioned differences, the 2 hardware wallets are quite identical in security and function.
Trezor wallets support both mobile phones and computers and are compatible with Linux, iOS, macOS, Windows, and Android.
In order to gain entry to your Trezor device, you must employ a password or pin to verify your access. Additionally, Trezor provides a password management capability that seamlessly integrates with Google Chrome, ensuring compatibility across platforms.
Pros
- Large screen with touch options
- Funds kept in offline hardware storage
- Highest level of digital security
- Lots of supported currencies
Cons
- Crypto exchanges cannot be used without a hardware wallet;
- Impossible to deposit or withdraw funds from or to debit cards
- Non-sleek design
Cryptocurrencies Supported
Both Trezor model supports more than 1800 cryptocurrencies including the following:
- Bitcoin
- Ethereum
- Binance
- XRP (Ripple)
- ADA (Cardano)
- Polkadot
- Tether
- Shiba Inu
- Hex
- Dogecoin
- Uniswap
- Avalanche
- Wrapped Bitcoin
- Chainlink
- Litecoin
- Polygon
- Bitcoin Cash
- Fantom Token
- Decentraland MANA
- Monero
- AAVE
- Harmony
- Holo Token
- Zcash
- Dash
- Sushi Token
- Basic Attention Token
- Raven coin
- Bitcoin Gold
- Digi Byte
- COTI
- Verge
- Rocket Pool
Here’s the full list of supported cryptocurrencies on Trezor.
Who should use Trezor?
Trezor is best for cryptocurrency investors looking for an easy-to-use hardware wallet to store and manage their digital assets.
Why use a Cold Storage Wallet?
A cold wallet which is also known as a hardware wallet is a physical device used to store cryptocurrency offline. Cold wallets often look like USB drives.
Losing the cryptocurrency hardware wallet could potentially result in the unfortunate loss of access to the valuable assets contained within. Safeguarding the private keys (security or seed phrase) becomes an imperative measure to ensure their utmost security.
Cold storage is ideal for individuals who intend to buy and hold crypto assets for a long period. Crypto traders who buy and trade regularly may not see the need for a cold wallet. In many cases, hot cryptocurrency wallets or exchanges might work best for short-term investors or crypto traders.
With cold wallets, there is no third-party financial institution tasked with the responsibility of securing your assets. This means that the security of your assets is your responsibility.
Storing your assets in hot wallets which are based online, will leave the security of your assets to a third party. This comes with a lot of risks.
Hot crypto wallets on exchanges are vulnerable to hackers, scams, phishing, and viruses. If this happens, the user loses all his assets. This is where cold wallets excel.
A major reason why people decide to use a cold storage wallet is that since cold wallets are offline devices, they are considered safe. This is because online-based wallets are more prone to theft and hacking.
Cold storage wallets are secure because you will need both physical possession and access to the cold wallet before you can use the funds in it.
Most cold storage wallets are protected by passwords or PINs, without the password access won’t be granted.
Cold storage wallets are designed to be impregnable to hacking. Some cold wallets are designed to self-destruct after the wrong password has been imputed a specific amount of times.
Without the password, the funds stored in the drive are impossible to steal.
Different Models Comparison
As already mentioned Trezor wallet offers 2 primary projects: the Trezor Model T and Trezor One.
Trezor One
The Trezor One is the flagship product or original Trezor model. Its prototype was built in 2012. The Trezor one wallet is extremely portable. It can fit in the palm of your hands. Although this doesn’t help users keep it from getting missing.
Embracing its compact design, Trezor One boasts enhanced functionality with an innovative display at its core.
Trezor Model T
The Trezor Model T is the newer Trezor model and offers a bigger and clearer display that offers touchscreen capability. Trezor Model T is also stated to support a faster microprocessor. But user reviews and first-hand experience don’t reveal any major difference in speed between Trezor One and Trezor Model T.
The Trezor Model T offers more detailed options and its touchscreen display decreases dependence on your desktop, which makes it more secure than Trezor One.
Plus, the Trezor Model T has additional security features like the Shamir Backup System and FIDO2 authentication. This comes at a cost though as the Trezor Model T goes for thrice the price of the Trezor One.
Here’s a glance at their major differences:
Trezor One
- Display: Monochrome display with 2 buttons
- Pin Entry: Through mobile or PC
- Device Recovery: Through PC or mobile
- Passphrase Entry: Through PC or mobile
- Password Manager: Encrypted storage in the cloud
- Other Features: Bitcoin-only firmware, encryption through GPG, U2F authentication, SSH
Trezor Model T
- Display: Full-color touchscreen
- Pin Entry: On the Trezor Model T wallet
- Device Recovery: On the Trezor Model T wallet
- Passphrase Entry: On the Model T Trezor wallet
- Password Manager: Storage on Cloud
- Other features: Shamir Backup, U2F authentication, encryption through GPG, FIDO2, SSH, Bitcoin-only firmware, premium support, microSD card extension
Security
Trezor is a cold storage wallet, which means that it is more secure than hot wallets. Both Trezor One and Trezor Model T have a lot of measures in place to ensure that users’ assets are safe.
The Trezor hardware has an ultrasonically welded case that cannot be repaired when broken.
The bootloader is also designed to always verify the firmware signature. The firmware won’t run if it is not correctly signed by Satoshi Labs.
If the firmware signature provided is invalid, the bootloader will automatically erase the device memory. If it is also downgraded to a vulnerable version, the device memory will be wiped.
User authentication is required via PIN for all operations that involve private and public keys.
Trezor wallet supports BIP39 passphrases. A passphrase allows users to create hidden wallets. The passphrases are not stored on the device.
The passphrase can be a word, any character, a sentence up to 50 bytes long, or a set of characters.
Passphrases are case sensitive, this means that uppercase and lowercase characters are counted as different. A blank space is also considered a valid character.
The passphrase has a recovery seed attached to it. And you cannot use one without the other. The seed is generated when Trezor is initialized. It is the product of a random number that is converted into a mnemonic sentence and stored in the memory.
By enabling the passphrase feature on their Trezor, users gain the power to input any desired information, thereby unlocking the ability to generate multiple wallets.
The exact passphrase in the combination with the seed on the device is required to gain access to the hidden wallet.
If the user inputs a different passphrase with the same seed will result in the creation of other wallets. To access your funds in a hidden wallet, you need the same passphrase even when using a new device.
Asides from the passphrase, Trezor is also protected by a PIN code. This pin code is usually 9 digits long.
For every time a wrong code is imputed, the waiting time between the attempts is increased by a power of 2. If you input the wrong PIN code 16 times, the device will automatically wipe itself.
If a user’s computer gets stolen, the thief will not have access to the user’s funds in his Trezor Wallet.
This is because it is impossible to access the user’s funds from the stolen computer without physical access to the user’s Trezor hardware. But the user can still access funds by connecting the Trezor wallet hardware to another computer.
Opening an Account
Step 1: Open the Box
The first step is to open your Trezor box. The Trezor hardware should be resting on a magnetic dock. You should also see a USB-C cable, and 2 recovery seed cards in the black box beside your device.
Step 2: Set Up your Device
Connect your Trezor device to the computer using the USB cable. Once connected, launch your browser and go to trezor.io/start as shown on your Trezor display.
Next, choose your Trezor model and download and install Trezor Bridge. The Trezor Bridge facilitates communication between supported browsers and your Trezor wallet.
Once it’s installed, refresh the page and Trezor will automatically detect the device.
If you’re using Chrome you can connect with the device via WebUSB. But Firefox only allows you to use Bridge.
Next, click “install firmware“.
Once that’s done, click “create wallet“. Your device will create a new and unique seed to hold your addresses.
That’s it you’ve opened your Trezor account. You can choose to set up a backup or not. But it is recommended.
To do so use the device touchscreen to set up your security PIN. To create a backup, click Create a Backup in 3 minutes. Write down your seed recovery phrase in the same order. That’s all.
Trezor App
In July 2021, Trezor launched a desktop and browser app known as Trezor Suite. Trezor Suite is the only interface recommended for use with the Trezor hardware wallet. This is a replacement for the Trezor browser wallet.
With the Trezor Suite app, users can buy, exchange and spend their cryptocurrencies in a secure environment from one device.
The new Trezor Suite offers more security and privacy than its predecessor and also has loads of new features.
Asides from buying and selling crypto, Trezor suites can also send transactions, sign messages and integrate with third-party apps such as MetaMask.
Trezor Suite can also be used as a desktop application. This protects the user from phishing attacks and gives access to more computing resources.
With the Trezor Suite, desktop users do not need to use their browsers to operate their wallets.
Trezor Suite has a built-in crypto exchange comparison tool that enables users to compare prices and payment options when buying, selling, or exchanging crypto.
Users can buy direct-to-custody using their preferred payment method.
Users can also use Taproot addresses on their hardware wallet using Trezor Suite. This gives the user the opportunity of improving privacy and saves fees on transactions.
The Trezor Suite web app is supported by Android phone browsers. Users can connect their Trezor hardware wallet directly to their phones and access their assets.
Trezor is also working on a Trezor Suite app for Android, this will enable the users to connect their wallets to their phones without using a browser.
Due to the limited support for USB standards, Trezor Suites is not available for iOS devices.
Customer Satisfaction
The Trezor hardware wallet has a 3.3 rating over 5 on TrustPilot. Some users complain about a wobbly USB cable when plugged into the USB port. But others express satisfaction with the brand’s customer service and ease of use.
Where can I buy a Trezor wallet in Singapore?
You can buy a Trezor wallet in Singapore on the brand’s official website: Trezor.io
Final Thoughts
Trezor is a beginner-friendly hardware wallet that allows you to securely store and manage your cryptocurrencies. The wallet is popular for its security and ease of use.
This is especially true with the Trezor Model T touchscreen. It allows you to perform most operations without having to connect it to a PC.
If you want to know more about on Trezor Competitors and other crypto wallets, you can check out our list of the Best Crypto Wallets. You can also read about our MetaMask Review Singapore as an alternative to Trezor.
FAQ
Most frequent questions and answers
Yes, Trezor is one of the leading hardware wallets in the crypto space.
Trezor offers additional features like a touchscreen and Shamir Backup to make it easier to add and remove coins and much more.
However, Ledger also offers extra features like double chip bases making it more secure. The better option depends on your personal preference.
Trezor hardware wallets are safe for storing cryptocurrencies.
Some Trezor compatible wallets include:
- MetaMask
- Mycelium
- MyCrypto
- Nano Wallet
- Exodus
- Electrum
- Electrum-LTC
- Electrum-DASH
- Walleth
Yes, if the hacker had access to your seed recovery phrase.
You can store any of the 1,800+ supported cryptocurrencies on Trezor.
Trezor may be considered safer as its firmware is open source. This allows users to report vulnerabilities to be fixed immediately.
Get a new Trezor and use the recovery seed phrase to recover your wallets.
No, you cannot use Trezor with an iPhone.
Trezor is headquartered in Prague, Czech Republic
Yes, you can use Trezor on multiple devices.
Yes, you can use a compatible third-party app and import your secret recovery seed there. However, this can get your recovery seed compromised.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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