Trezor Model T Review 2023

More and more people are becoming interested in cryptocurrencies, which comes as no surprise given the increasing acceptance and usability of digital currencies. However, it's important to recognize that digital currencies come with risks that should not be underestimated. It's not uncommon for investors to lose all their coins due to a cyberattack. To prevent this from happening, it's advisable to use a hardware wallet. One such hardware wallet is the Trezor Model T. While it falls into the higher price range, it comes with a range of useful features.

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The cost of the hardware wallet

While Trezor's Model One is priced at just €69.00, its successor, Model T, is notably pricier at €219.00. However, this higher price point doesn't seem to deter customers. Although sales of the Trezor Model One have exceeded 750,000 units, the Trezor Model T has still been sold more than 300,000 times.

Contents of the Trezor Wallet Package

When you order the hardware wallet, you don't just receive the physical device. The package includes the following items:

• User manual
• Stickers
• Trezor Model T Wallet
• USB-C cable
• Two sheets for the seed phrase

What you choose to do with the stickers is up to you. You'll use the USB-C cable to connect the wallet to other devices, and the two sheets are for recording your seed phrase. If you need any clarification, you might find answers in the brief user manual.

What functions does the hardware wallet offer?

Let's explore the key functions of the Trezor Hardware Wallet:

1. Safeguarding Cryptocurrencies

Like all hardware wallets, the primary function is the secure storage of cryptocurrencies. Trezor Model T ensures the safety of your coins through cryptographic encryption, passphrase, PIN, and, most importantly, Cold Storage, which keeps your cryptocurrencies offline for added security.

2. Receiving Cryptocurrencies

You can receive cryptocurrencies by going to the 'Receive' tab in the Trezor Suite. For security reasons, the complete address is not displayed; you'll need to verify it on your wallet's screen. If both addresses match, you can confirm the transaction.

3. Buying Cryptocurrencies

In the Trezor Suite, you have the option to purchase cryptocurrencies directly through the 'Buy' tab. Simply select the cryptocurrency, your country, and the desired amount. The platform will list verified exchanges, and you can make payments using methods like giropay, credit cards, or bank transfers.

4. Sending Cryptocurrencies

To send cryptocurrencies, go to the 'Send' tab, fill out the necessary details in the form, and ensure you enter the correct recipient address, either by copying it or scanning a QR code. Transaction fees, which go to miners, will be required. The system automatically adjusts the fee if you're sending all your coins. Estimated processing times are displayed before each transaction.

5. Labeling Addresses, Accounts, and Transactions

Trezor Model T offers a labeling feature. Once activated, you can label addresses, accounts, and transactions, making navigation within the Trezor Suite more convenient. All labels are encrypted for security, ensuring unauthorized individuals cannot see your labels.

6. Screen Rotation

You can rotate the device's screen in any direction you prefer – 0 degrees, 90 degrees, 180 degrees, or 360 degrees – simply swipe your finger in the desired direction. While not a groundbreaking feature, it does contribute to improved user-friendliness.

7. Password Management

The Trezor Wallet not only secures cryptocurrencies but also protects your passwords. It includes a password manager, particularly useful if you use many complex passwords and find it challenging to remember them all.

8. Connecting with Third-Party Apps

For connecting with third-party apps, there's a web wallet available. The web wallet serves as an interface, establishing a secure and encrypted connection with other applications. This enables you to utilize additional features within the Trezor Suite, such as DApps, exchanges, and portfolio trackers.

9. Viewing Transaction History

You can access your transaction history at any time through the 'Transactions' tab. It's akin to checking your bank statements, displaying both incoming and outgoing transactions along with your current balance. You can also export the data as a CSV file.

Pros and Cons of the Trezor Model T

As one of the more expensive hardware wallets on the market, you can expect that the advantages of the device outweigh any drawbacks. However, let's take a look at both sides of the coin. All in all, there isn't much to criticize.

Advantages

1. Colorful and Large Display: Unlike the Trezor Model One, the Model T features a colorful and large touchscreen, enhancing user-friendliness.
2. Extensive Functionality: The hardware wallet offers numerous functions beyond cryptocurrency storage, including the ability to use third-party apps, create labels, and manage passwords.
3. High Security: Trezor Model T leaves no room for compromise when it comes to security. It includes features such as address verification, Cold Storage, passphrase, PIN, and Shamir Backup.
4. Custom Screensaver: You can personalize your device by using your image for the screensaver, as long as it adheres to the specified format.
5. Shamir Backup Capability: The Shamir Backup is a step above regular backup, as it splits the seed phrase into multiple keys, providing even greater security for your cryptocurrencies.

Disadvantages

1. Outdated Design: Design is a matter of personal preference, and a hardware wallet doesn't necessarily need to look stylish. However, there are models on the market that have a more visually appealing design. An example of this is the CoolWallet Pro.
2. High Price: €219.00 is a significant price tag. Most other hardware wallets are considerably cheaper. Even the Ledger Nano X costs just €149.00.
3. Not Compatible with iOS: While you can connect your hardware wallet to an Android smartphone, this option isn't available for iOS, whether you're using the Trezor T or the previous model, Trezor One.

How to Set Up Trezor Model T

Setting up the Trezor Model T doesn't require a lengthy process, but it's crucial to follow these steps carefully to ensure the security of your cryptocurrencies. It only takes a few minutes to get your wallet up and running:

1. Check the hologram to ensure it's not damaged.
2. Connect the hardware wallet to a PC.
3. Visit the website trezor.io/start.
4. Choose Trezor Model T from the options.
5. Download and install the Trezor Bridge for your operating system.
6. Install the firmware for your hardware wallet.
7. Click on "Create a new wallet."
8. For security purposes, create a backup.
9. Write down the recovery seed.
10. Confirm the seed phrase.
11. Set a name for your hardware wallet.
12. Pick a complex PIN code with a maximum of nine digits.

For added security, whenever possible, avoid an internet connection during the setup process to ensure that no one can access sensitive data like your passphrase, PIN, or seed phrase. This ensures the privacy and security of your cryptocurrency holdings.

Security Features of Trezor Model T

While we've already discussed the functions and advantages of the hardware wallet, it's essential to reiterate the security features of the Trezor Model T wallet. The following aspects ensure the security of your cryptocurrencies:

1. Passphrase and PIN
2. Regular firmware updates
3. Offline seed generation
4. Availability of Shamir Backup
5. Touchscreen for verifying transaction details
6. Encrypted communication

Despite these security measures, your behavior plays a crucial role in determining the safety of your cryptocurrencies. For instance, you should never connect your wallet to an infected device. Additionally, it's vital to securely store your seed phrase. If it falls into the wrong hands, your cryptocurrencies can be stolen, even without the corresponding hardware wallet. Always exercise caution and follow the best security practices to protect your assets.

How Does Trezor Model T Differ from Its Predecessor?

Trezor Model T offers significant improvements in terms of user-friendliness compared to Model One. This is primarily due to its large color display. Furthermore, the hardware wallet supports a Shamir Backup, a wider range of cryptocurrencies, and additional features. However, this doesn't necessarily mean it's significantly more secure than its predecessor. In essence, both wallets provide a secure means to store your coins. Ultimately, it comes down to whether the enhanced usability justifies the additional cost for you.

Compatibility with Operating Systems

Like its predecessor, Trezor Wallet T is compatible with Android, macOS, and Windows operating systems. Unfortunately, iOS compatibility is not supported, and there have been no recent firmware updates to change this situation.

Supported Coins

While Trezor Model T may not support as many cryptocurrencies as competitors like Ellipal and Ledger, it still offers a robust selection of over 1,400 different coins, including:

• Bitcoin (BTC)
• Cardano (ADA)
• Dogecoin (DOGE)
• Ethereum (ETH)
• Feathercoin (FTC)
• Litecoin (LTC)
• Monero (XMR)
• Stellar (XLM)
• Tezos (XTZ)
• Zcash (ZEC)

In general, the coin selection is quite extensive and covers most well-known cryptocurrencies, with regular firmware updates adding new ones to the list.

Services with Trezor Integration

There are now many services with Trezor integration, expanding the functionality of your wallet. Some well-known services that have integrated Trezor support include:

• ArcBit
• bitpay
• bitwala
• Bitstamp
• Coinmap
• Encompass
• efolio
• Mycelium
• SSH Agent
• Strip4bit

However, always ensure that you only connect with trusted services. Otherwise, you may expose yourself to significant security risks.

Should I Generate My Seed Phrase Offline?

With Trezor, you have the option to generate your seed phrase offline. You should definitely take advantage of this option to ensure that your recovery phrase is not compromised. While such incidents are rare, they can theoretically occur. Therefore, it's best to avoid any unnecessary security risks.

Conclusion: Trezor Model T Deserves Its Place Among High-End Devices

The high price of €219.00 may be daunting, but with the Trezor Model T, you are getting a true high-end device. In addition to a color touchscreen, you benefit from numerous security features like passphrase, PIN, and Shamir Backup. Moreover, you can label addresses, accounts, and transactions with labeling. Lastly, you can personalize the screensaver with an image of your choice. All of these features make the Trezor Model T a well-rounded and solid choice.