Trezor Wallet Review 2023 Reliable Wallet or Scam
What is Trezor?
The trezor wallet is a cold wallet originally designed for storing Bitcoin. This hardware wallet was launched in 2014 by the SatoshiLabs company in the Czech Republic.
There are two types of Trezor: Trezor T and Trezor One. It comes in the form of a USB stick with a cable for connection to a computer. The wallet ensures safe management of your funds because your cryptocurrencies are stored offline.
The private keys of your cryptocurrencies are stored on the physical medium. What ranks this wallet among the best Wallets because it is virtually unbreakable against hacking. In fact, safety is ensured even on a virus-infected computer.
Trezor Review: Is It a Recommended Wallet?
The Trezor wallet is a very interesting physical wallet due to its functionality, practicality and the security it offers to its users. Indeed, the transaction of your funds remains easy with security ensured by the use of the PIN code at each access.
The Trezor T hardware wallet stays handy due to its small size with its touch screen unlike its little brother Trezor One which has 2 buttons. Its advantages remain in the fact that it is open source compared to the Ledger and in the possibility of being used with an Android smartphone.
But be careful to always remain vigilant against physical attacks that may occur. Indeed, the security of Trezor terminals is the target of attacks.
How does the Trezor wallet work?
The role of a wallet is to allow you to make different transactions of your tokens. This is how the Trezor Wallet works.
Since Trezor is a means of storing your cryptocurrencies, it is important that you have the tokens in advance. For that, you need to go to an exchange platform that will allow you to buy cryptocurrencies with fiat money.
Now that you have your crypto, you can save it to your wallet. The first step is to create a public address to receive your funds and to verify this address. Then validate the transfer.
What cryptocurrencies can Trezor support?
The Trezor distinguishes itself from other wallets by its ability to support a large number of cryptocurrencies. Indeed, the trezor wallet can accept all ERC-20 tokens.
Here is a non-exhaustive list of major cryptocurrencies supported by TREZOR:
- Bitcoin Cash
- Classic Euthereum
As the Trezor architecture continues to evolve, new cryptocurrencies may be added to this list.
Trezor Support: What platforms does the wallet support?
Since the trezor does not include an application, you need to go through a graphical interface in order to use it. It is by going to the Trezor official website that you can access this interface. Then you will have the Trezor Bridge extension that works with Windows or Mac.
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Trezor Fees - Fees and Fees
The first fee to consider is the cost of the wallet to purchase and the transaction fee of your cryptocurrency.
Trezor also has the benefit of giving you the choice of which fees to deduct for a transaction. There are four categories: low, cheap, normal and high. But you can also define a custom amount. You need to make sure that the amount you set allows the transaction to complete.
Is TREZOR safe?
We will explain in detail the security standard of the Trezor wallet to ensure the safe handling of your cryptocurrencies:
- The trezor is not connected to the internet and the storage is offline. Since the wallet is connected to a computer via a cable; which guarantees the safety of your cryptocurrencies even in the case of a computer infected with a virus or malware.
- Creating a PIN code is the first step in setting up your account. This four-digit code is required every time you log into your wallet. Also, the trezor Bridge never shows a number on the screen. So you are the only one who has access to your account
- The recovery phrase which contains 24 words allows you to access your account after your wallet is lost or broken. It is advisable to write this sentence on a sheet of paper
The trezor team regularly updates the firmware to protect against new threats.
Features of Trezor
The Trezor hardware wallet comes in nice packaging and you can find instructions right out of the box. Here's what you'll find in the Trezor box:
- The trezor T on a magnetic base for sticking to a surface
- An Android USB-C cable to connect to a computer
- A user manual
- Two booklets to record the 24-word recovery phrase
Trezor User Guide
Using trezor is very simple:
- you will connect your wallet to your computer via the cable after you have peeled off the seal at the socket level
- you will then go to the trezor site on the chrome and firefox browsers
- Next, you will download the Trezor Bridge software.
- You can now access the Trezor wallet web interface.
How to trade cryptocurrencies on TREZOR
Now that you understand how to use this wallet, we will show you the steps of an exchange operation on this wallet.
1. Create an account
To make your trade, you must first create your account. Here are the steps to take to get there:
- Since you now have access to the main interface of Trezor, start creating a new account
- Confirm the creation of a new account from your wallet
- You will then go through creating the recovery phrase which should never be scanned but instead written down on a piece of paper. This sentence must contain 24 words.
- Verify that your recovery phrase is secure by indicating the two words of the phrase
- You will get a confirmation on the interface that the sentence is well set
- You will then choose a four-digit PIN code on your wallet
- Enter your account name
- Finally get confirmation that your wallet is set up correctly
2. Get cryptocurrencies
Now that your account has been created, you can proceed to transfer your cryptocurrencies. The retrieval of our public address takes place on the account. Before making the transfer, check that the address on the interface is the same as the one on the wallet. Your funds are available on your hardware wallet.
3. Use your cryptocurrencies on your Trezor
You can make outgoing transfers by going to your Bitcoin account tab. To do this, it is enough to indicate the address to make the transaction, the transaction costs and the transaction time.
How to send cryptocurrency to Trezor?
To send cryptocurrencies to your TREZOR wallet, you need to perform the following steps:
- Connect the TREZOR to your computer
- Enter your PIN code
- Click on the "Submit" tab of the TREZOR interface
- Enter the public address you want to send your coins to
- Add a label to this public address to define the recipient
- Enter the amount you wish to transfer and the fees
- Sign the transaction with your TREZOR's private key
- Verify that the public address that appears on the TREZOR screen matches that of your computer
- Press the TREZOR button to validate the transaction.
How to get a Trezor address?
To get a Trezor address, you need to set up your wallet and then connect it to a computer. You will then log in by entering your PIN code. Then, accessing the graphical interface will allow you to transact your cryptocurrencies.
You can now create a public address for your cryptocurrencies. For better management of your cryptocurrencies Trezor offers the possibility of creating different public addresses.
How to protect your cryptocurrencies on Trezor?
To protect your cryptocurrency on Trezor, you are the only one to keep the recovery phrase, so in case of loss you can get your funds back. Also, the private keys of your cryptocurrencies are not stored online. This will allow you to have full control over your cryptocurrencies unlike other wallets.
Trezor is suitable for which type of investor?
You should know that if you want to use only the archive function of Trezor you can be served. But you can also use it to receive or send cryptocurrencies or even convert, so Trezor can do the trick.
On the other hand, for users who want to make cryptocurrency purchases with fiat money, it is not recommended. For this, it is much better to turn to an exchange platform like eToro.
Comparison of Trezor Wallet with other wallets
TREZOR VS. LEDGER NANO S
Ledger Nano S is Trezor's first competitor. The difference lies in the number of cryptocurrencies supported by the wallet, in fact the Ledger Nano S can support up to 1500 cryptocurrencies against the 1000 of the Trezor.
In terms of cost and ease of use, the two wallets are on an equal footing. But from an aesthetic and robustness point of view, the Ledger has a better quality and is more resistant.
As far as security is concerned, Trezor and Ledger have the same security standards, but trezor stands out for being open source.
TREZOR VS KEEPKEY
Keepkey is a premium product which is also a competitor to Trezor. Keepkey has a sophisticated design with its larger screen but is less functional than Trezor and supports fewer cryptocurrencies.
Trezor: pros and cons
Here are the advantages of Trezor over other wallets:
- Trezor wallet has the advantage of being a hard wallet for offline storage
- Trezor users have the ability to fully control private keys
- Trezor has a confidential and tamper-proof security system
- The existence of the recovery phrase to save your funds
- Optional double authentication
- PIN code management is quite complicated
- The user interface is unattractive
- No mobile apps
Conclusion: Should You Use Trezor in 2023?
The TREZOR wallet is a reliable product with all its attractive features. It offers better security at all levels and allows you to store a wide range of cryptocurrencies.
So if you are looking for a hardware wallet Trezor is for you. But if you are looking for a platform to manage and trade your cryptocurrencies choose eToro. For investors looking to diversify and trade comprehensively, it is more advisable to turn to the Vantage FX or Raise FX platform.
❔What kind of wallet is the Trezor?
The trezor is classified among the cold wallets whose storage takes place on a physical medium.
😕Does Trezor have an app?
Trezor does not have an application, the Trezor Bridge extension provides access to a graphical interface for managing your crypto assets
💰How many cryptocurrencies does Trezor support?
The Trezor supports around 1000 cryptocurrencies
🤔How many Trezor models are there?
There are two types of Trezor model: Trezor One and Trezor T
A wallet is an important element in trading cryptocurrencies. TREZOR wallet is an interesting cold wallet to store your cryptocurrencies like bitcoin. As for the TREZOR, is it a scam? Is it a secure wallet? Check out the opinions and details about this wallet.