Cryptocurrencies are digital assets that don’t have a physical form. They exist only within their specific blockchain networks and are moved between digital locations, known as blockchain addresses, when transferring funds. These addresses act as safe storage for cryptos, keeping them out of reach of cybercriminals. There are different types of cryptocurrency wallets available, but hardware wallets are considered the most secure option for storing your digital assets.
Hardware wallets are specialized USB devices produced by companies focused on blockchain security and digital asset storage. These USB devices are solely designed to store cryptocurrencies and provide the highest level of security, thanks to their cryptographic protection and advanced safety features.
The key advantage of hardware wallets is that they store private keys offline, away from any internet connection. This contrasts with software wallets, which require an internet connection and are thus more vulnerable to cyberattacks.
One of the most well-known hardware wallet manufacturers is Trezor.io. In this review, we’ll take a closer look at Trezor’s products, the range of cryptocurrencies they support, and the security features that make these wallets highly secure.
Trezor Hardware Wallets
Trezor is one of the pioneers in the crypto security industry. The company is owned by SatoshiLabs, a developer team with strong ties to the Bitcoin (BTC) project. The Trezor One hardware wallet was first designed in 2013 and launched in 2014 as the world’s first hardware crypto wallet.
At the time, cryptocurrencies were still a relatively new asset class, with Bitcoin having been introduced just five years earlier. However, digital currencies were already a prime target for hackers. Many software wallets and crypto exchange platforms offered storage solutions, but these all required an internet connection and stored private keys on central servers or personal devices like smartphones and computers. This setup meant that if a hacker managed to breach a server or device, they could potentially access the private keys.
Trezor and SatoshiLabs developed the idea of creating a physical device that stores private keys offline and is protected by multiple layers of encryption, making it nearly impossible for anyone to steal the stored cryptos. The result was the Trezor One wallet, which quickly gained popularity among crypto traders and investors seeking secure storage for large amounts of digital currencies.
Trezor wallets are multi-currency wallets, capable of supporting a wide range of cryptocurrencies and tokens. These devices provide quick access to your stored funds through easy-to-use management tools and a secure USB connection to a computer.
Unlike software wallets, which protect private keys with a single password, Trezor wallets feature multiple layers of security, including passwords, PIN codes, passphrases, and advanced encryption technologies to safeguard your digital assets.
Trezor One
The Trezor One is the first model in Trezor’s hardware wallet lineup. It’s a small, sleek USB device that can be connected to a computer or laptop using a USB cable. To manage your Trezor One wallet, you need to install the official Trezor firmware on your computer or smartphone. The wallet itself features two buttons for approving transactions and a small display for viewing transfers and coin balances.
The Trezor One is compatible with all major operating systems, including Windows, macOS, and Linux for desktop computers. If you prefer to manage your wallet via mobile, Trezor supports both Android and iOS operating systems.
When the Trezor One was first introduced, some users were concerned about the need to connect the device to a computer and access the internet to manage their coins. However, this connection has no impact on the security of the private keys stored in the wallet, as Trezor’s security features act as a barrier between the internet and your digital assets.
Trezor Model T
The Trezor Model T, launched in 2018, took crypto storage security to a new level by introducing several upgrades. It features a larger touchscreen display, enhancing user interaction with the device. While you can still connect the wallet to a computer via a USB cable, the Model T also allows for wireless Bluetooth connections. Additionally, the Model T includes an SD card slot, enabling data transfer between the wallet and a computer through an SD card.
Managing Your Wallet with Trezor Suite
To manage your Trezor wallet, send and receive cryptocurrencies, you’ll need to use the Trezor Suite app, which is easy to install on both desktop and mobile devices. This application allows you to perform transactions and manage your crypto assets without needing to install specific apps for each cryptocurrency, as is required with other hardware wallets like the Ledger Nano S and Ledger Nano X. Simply check whether the Trezor wallet supports the cryptocurrencies you want to store.
Trezor regularly updates its firmware, which is a crucial component of its security. It’s essential to keep your firmware up to date, as Trezor’s developers continuously release updates to protect against emerging cyber threats. These updates are completely free, and there are no additional fees or hidden charges once you’ve purchased your Trezor wallet. Additionally, Trezor wallets can be securely used with popular software wallets like Exodus and Myetherwallet, giving you quick access to your assets.
Trezor Security Features
Trezor hardware wallets are known for their industry-leading security features. Let’s take a look at the key measures that keep your cryptocurrencies safe:
- Limited USB connection: When you connect your Trezor wallet to a computer, the internet connection is blocked from accessing your private keys. Even if the computer is infected with malware, your assets remain secure.
- Password, PIN, and recovery phrase: Trezor wallets employ multiple layers of password protection. The device requires a PIN code for manual unlocking, and the wallet cannot be accessed without entering a password through the Trezor Suite app. Additionally, you receive a recovery phrase that allows you to restore your wallet’s contents in case it’s lost. The recovery phrase consists of 24 words for the Trezor One and 12 words for the Model T.
- BIP39 standard password: Trezor uses the BIP39 cryptographic security standard. The password isn’t stored on the device, meaning that even if someone physically hacks the wallet, they cannot retrieve the password and access the stored assets.
- Firmware verification: When you connect your Trezor device to a computer, the bootloader automatically checks the firmware’s signature to ensure it’s valid and up-to-date. If an invalid signature is detected, the device wipes all its contents to prevent unauthorized access. In such cases, you can restore your wallet using the recovery phrase.
- SSH login and two-factor authentication: Trezor uses an SSH login protocol for secure data storage, and two-factor authentication (2FA) provides an extra layer of security for every transaction.
Supported Cryptocurrencies
One of the most impressive aspects of Trezor wallets, aside from their security, is the vast range of supported cryptocurrencies and tokens. While many multi-currency wallets only support a handful of popular digital assets, Trezor wallets support over 1,000 cryptocurrencies, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Cardano (ADA)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Monero (XMR)
- Tether (USDT)
- Nem (XEM)
- EOS (EOS)
- Dogecoin (DOGE)
- Stellar Lumens (XLM)
- Bitcoin Gold (BTG)
- Zcash (ZEC)
- Litecoin (LTC)
- Dash (DASH)
Additionally, Trezor supports any ERC-20 tokens, which opens up even more possibilities, as there are hundreds of popular Ethereum-based tokens available on the market.
Final Thoughts
If you’re looking to store large amounts of cryptocurrencies and tokens securely and offline, Trezor hardware wallets are an excellent choice. With some of the best security features available and support for a wide range of digital assets, you can trust Trezor to safely store your entire crypto portfolio.
