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Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    7. Trezor UK Review 2023:...

    Trezor UK Review 2023: What Is It, and Where to Buy It?

    Trezor Uk Review

    Trezor UK Review: Our Opinion

    The Trezor Model T cryptocurrency wallet is one of the most advanced crypto wallets on the market, hence our focus on it. The hardware wallet supports 1,400+ digital assets, including cryptocurrencies and non-fungible tokens (NFTs). The Model T is an upgrade on the Trezor Model One and the only hardware wallet with a touchscreen. 

    However, the device is sold for $219 (£178.27), which is expensive compared to popular options like Ledger Nano S and Ledger Nano X. The device also lacks iOS mobile compatibility, and its alternative (the Trezor One) has been hacked in the past.

    Trezor UK Overview

    Trezor Suit App

    Trezor is a private company owned by SatoshiLabs, founded by Pavol Rusnak and Marek Palatinus in 2013, to help crypto users secure their private keys and avoid cyber breaches. The first Trezor prototype was created in 2012, but Trezor crypto hardware wallets were not launched until 2014—when Trezor Model One became the first crypto hardware wallet produced worldwide.  

    Since then, the company has created two cryptocurrency wallets—the Trezor One and Trezor Model T– offering crypto security solutions to investors who want self-custody of their digital assets. 

    According to the company’s official website, Trezor is trusted by over one million customers who have purchased its products on the global e-commerce marketplace Amazon.

    The Trezor Model T is an upgrade to Trezor One and is touted as one of the most secure crypto hardware wallets on the market. However, its price is a common pain point for crypto enthusiasts. We highlight other Trezor Model T pros and cons below.

    Pros

    Cons

    Trezor Model T: What Is It?

    Trezor Model T

    The Trezor Model T is a cryptocurrency hardware wallet powered by SatoshiLabs, the owners of Trezor. The premium wallet is one of the most secure and advanced crypto wallets to store digital assets safely. 

    Since it’s a hardware wallet, the Trezor Model T allows cold asset storage to protect users from crypto hacks and malicious activities. The hardware wallet uses private keys and can secure over 1,400 digital assets, including NFTs. Users can also buy and sell Bitcoin and other cryptocurrencies directly from the hardware wallet with no Trezor fees.

    The Model T has a Bitcoin-only firmware that allows users to focus on only Bitcoin. The device can also be used as a FIDO2 security key to log in to other accounts without password authentication. 

    The Model T is the first hardware wallet with a touchscreen. However, it supports no native crypto staking and is unavailable on iOS mobile devices.

    Cryptocurrencies Supported

    The Trezor T wallet supports 1,400+ digital assets, some of which include coins, tokens, and NFTs. The Model T is limited compared to the Ledger Nano S Plus, with 5,000+ digital asset support. However, its asset support is still an upgrade on Trezor One, which supports 1,289 assets. The Model T suits crypto investors with a more diversified portfolio.

    Some of the popular supported coins by the two Trezor wallets include:

    • Bitcoin (BTC)
    • Ethereum (ETH)
    • USD Coin (USDC)
    • Dogecoin (DOGE)
    • Litecoin (LTC)
    • Shiba Inu (SHIB)
    • Avalanche (AVAX)
    • Uniswap (UNI)

    However, the Trezor T supports additional coins, such as:

    • Binance Coin (BNB)
    • XRP
    • Cardano (ADA)
    • Monero (XMR)
    • Eos (EOS)

    Who Should Use Trezor Wallets?

    Trezor Model T and Model One next to each other

    Trezor wallets are ideal for beginners because they are easy to set up and use. The flagship Trezor One and Trezor Model T allow users to send and receive crypto directly through the Trezor Suite with no Trezor fees. The Trezor suite app also allows Trezor users to exchange their assets and tokens in-app.

    As a result, the convenience that Trezor wallets offer makes them a good option for crypto beginners; they don’t have to register on an online exchange to make their first crypto purchase. Similarly, Trezor users can exchange or swap cryptos via the Trezor Suite App. 

    The Trezor Model T has a Bitcoin-only feature that helps users limit their wallet storage and usage to Bitcoin only. These features make Trezor stand out and appeal to crypto beginners because they are missing on other hardware wallets like the Ledger Nano X or S Plus. 

    Trezor supports a wide range of cryptocurrencies. The Model T supports 1,400+ assets, while Trezor One supports 1,200+ crypto assets. The extensive crypto support makes both products ideal for seasoned investors looking for a wallet that supports a diverse portfolio. 

    The convenient access to crypto assets, ease of use and setup, and top-notch security features make the Trezor wallets rank among the best cryptocurrency hardware wallets for beginners, as long as the initial purchase price is not a concern for them.

    Why use a Cold Storage Wallet?

    Trezor Model One

    Some software crypto wallets (or hot wallets) offer investors asset storage. However, hardware wallets (or cold storage wallets) are considered the better option for many reasons.

    Cold storage wallets aren’t connected to the internet, so they offer offline security of users’ digital assets to protect them from the common security issues plaguing hot wallets. Some of these issues include hacks and cyber attacks. 

    Compared to hot wallets, cold storage wallets cannot be hacked because they have some of the most advanced security features, including multi-level authentication and seed phrases, to protect users’ private keys from malicious actors. 

    At the same time, crypto users who prefer physical access and handling their wallets will fancy offline wallets.

    Different Trezor Wallet Models comparison

    Trezor One and Model T are reputable for helping users securely store their assets offline. The wallets have similar features but differ in cryptocurrency support, physical features, cost, and advanced software features. We compare both wallet options below.

    How to Set Up Trezor Wallet

    Trezor Homepage

    Setting up a Trezor Wallet is quite straightforward. Once users boot the device, they can follow the on-screen prompts and the guide below.

    • Visit the Trezor Suite App website on a desktop computer.
    • Click the “Get Desktop App” button and download the Trezor Suite app. The compatible operating systems are Windows 10+, macOS 10.11+, and Linux.
    • Install the app and connect the wallet to the computer using the USB cord.
    First step to install trezor wallet
    • Tap “Begin setup”.
    • Then, tap “Install firmware”.
    • Click the “Create new wallet” button.
    • Verify the package by following the Trezor Suite prompt.
    • Generate a unique recovery seed phrase to provide access to all digital assets managed with the Trezor Model One or T.
    • Tap “Create backup” and write down your 24-word recovery seed phrase on the specially designed cards that come with the device.
    • Click the numerical pad in the browser to create a new PIN (recommended length: 4–6 digits).

    Security

    Trezor is a reputable wallet service provider with robust security measures to safeguard its users’ assets. First, private keys are stored and isolated inside the device, so they are offline and difficult to hack or compromise. 

    At the same time, Trezor users must create a PIN code, which will always be required to access the hardware wallet. The PIN code and physical buttons on the hardware wallet are also used to confirm all crypto transactions and modify the wallet’s settings. 

    Note that the Trezor T, which is more secure than Trezor One, allows users to create a separate account on the hardware wallet and secure it with a passphrase. This feature allows users to store all their assets and secure them in a separate account if they believe the wallet PIN has been compromised. 

    At the same time, the Trezor T has the option of a 12-word or 24-word recovery phrase instead of having only the 12-word phrase available, as is common with software wallets. This feature makes the Model T more safeguarded. 

    The Trezor Model T device also has an exclusive security feature called the Shamir Backup. With this feature, users can use up to 16 shares to recover their assets if something unexpected happens to their device. Investors can create multiple unique recovery shares to back up their private keys and determine how many (referred to as the threshold) of these unique shares must be collected and used to recover their wallet. 

    However, the Trezor One wallet was hacked in 2022, with more than $2 million stolen.

    Trezor Wallet App

    Compare Trezor

    Trezor offers a mobile app to its mobile-first users who want remote access to their digital assets. Like the desktop app, the Trezor mobile app comes with in-wallet exchanges like Changelly, CoinSwitch, and ChangeNOW to offer users an alternative and seamless way to buy and sell Bitcoin and many other assets on the go.  

    The web-based app is easy to navigate and allows users to use two-factor authentication (2FA) through the Universal Second Factor (U2F) standard.

    However, the app is only available for Android devices. The unavailable iOS support is a potential deal breaker that may cause investors to opt for Trezor competitors like the Ledger Nano hardware wallets.

    Customer Satisfaction

    Trezor has an extensive library of educational resources about crypto and Trezor devices to help beginners get started. Users will also find an extensive FAQ section, blog posts, and guides to help them understand the devices and their configuration processes. 

    Though most of the documentation in the customer support section is geared toward first-time users, advanced users can also learn more and interact with the developers and company representatives on social media platforms like Reddit, Facebook, and Twitter. 

    Additionally, users can contact a dedicated customer support team via email and phone to raise a ticket if they get stuck while using any of the Trezor One or Model T wallets. 

    However, online reviews on TrustPilot show that the Trezor team can still improve its customer service segment. With a 3.3-star rating and many complaints about delayed device delivery, customers may consider Trezor alternatives like Ledger.

    Where Can I Buy a Trezor Wallet in the UK?

    UK investors can get the Trezor hardware wallets via the official Trezor website or Trezor Shop. The website contains information about pricing, a comparison of Trezor One and Model T, and other information to help customers decide which wallet option is best for them. 

    Investors interested in Trezor in the UK can purchase any of the devices and accessories from the official Trezor store on Amazon or from other accredited resellers. 

    The Trezor One costs $69 (about 56 GBP), while the Trezor Model T costs $219 (about 216 GBP).

    Final Thoughts

    The Trezor Model One is a solid first-entry hardware produced by SatoshiLabs. It has a track record dating back to 2014, but its features are limited compared to the latest Trezor Model T. Both Trezor wallets are perfect for beginners. Still, the Trezor Model T is more suitable for investors who want to hodl a wide range of crypto assets and NFTs. 

    However, the Trezor Model T is relatively pricey compared to alternatives like Ledger wallets. It also lacks iOS mobile support, a potential deal breaker for investors.

    Our extensive analysis of the UK Crypto Wallets doesn’t stop here. You can also read our guide about the best Crypto Wallets in the UK guide to find the crypto wallet that most suits you, or read our Trust Wallet UK Review as an alternative to Trezor.

    FAQ

    Most frequent questions and answers

    The Trezor Model One hardware wallet has been hacked in the past. This means that its wallets may be hacked despite Trezor’s security measures.

    Trezor allows users to retrieve their assets using a recovery seed if their wallets get damaged or stolen. With the seed phrase, users can transfer their assets to a new Trezor device.

    Cold storage wallets, like Trezor wallets, are not connected to the internet. As such, they are immune to virus or malware attacks.

    Trezor has accredited resellers from whom users can purchase any Trezor wallet. However, investors must research and be certain that Trezor accredits the reseller.

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