TREZOR Wallet review 2018
TREZOR Wallet is the first Bitcoin hardware wallet. Since its launch in August 2014, it has succeeded in providing its users with both the security of a cold wallet and the convenience of transacting with a hot wallet.
This hardware wallet is no larger than an average car key and can be connected to a pc through a USB cable. What it does is, keep your Cryptocurrency private keys in an offline environment; this can be likened to storing your currency notes in a secure safe and out of prying eyes. In addition to keeping your private keys safe, the TREZOR device also signs your transactions and can be used in any computer of your choice without fear of hacks and virus infections.
This TREZOR wallet review is aimed at answering questions such as, what level of security does TREZOR provide? Where can one buy a TREZOR device? After buying a TREZOR device, what next? How do I setup and use the device?
Let’s get started.
- Advanced security
- User-friendly interface
- Supports multiple currencies
- Absence of 2-factor authentication (for the hardware wallet)
- No stand-alone software wallet or application to go with the browser extension
Where can I buy the Trezor Wallet Device and What price Should I Expect?
To better understand the setup process illustrated in this review, I’ll suggest you have a TREZOR Wallet device at hand. Luckily, the process of buying a TREZOR wallet is easy. You can buy a this with your credit card or bank account or with Bitcoin.
The safest place to buy a TREZOR device with your credit card or bank account is AMAZON. Buying from peer to peer platforms like eBay is totally unsafe, as you might end up buying a rigged device. To buy with Bitcoin, head unto TREZOR’S official website.
A TREZOR device is currently selling at N35,000 Naira ($99), you can buy three at a discounted price of N96,600 Naira ($276).
NOTE: NEVER BUY A HARDWARE WALLET FROM EBAY, IT MIGHT BE COMPROMISED. RATHER BUY FROM THE WALLETS OFFICIAL WEBSITE OR AMAZON.
How Secure is the Trezor Wallet?
TREZOR has put together concrete security measures to safeguard its users’ cryptocurrencies from both virtual and physical theft, let me briefly highlight a few.
Using a TREZOR wallet device means having total control of your private key. here is why, When setting up this device, a user will be required to create a 24-word seed. This seed backs up your entire wallet and is generated using your computer and the TREZOR device in offline mode (without an internet connection). The generated seed displays only on the screen of your device, and can never be accessed by any third party software or internet connected device, making it totally hack proof.
In addition to creating a 24-word seed is the creation of a security PIN code during setup. This pin code is required when sending any coins from your wallet. In an event where your device falls into wrong hands, and the intruder tries to steal your coins. If he/she tries to guess your PIN code the old hack way. For every one guess he/she input, the waiting period is raised 2 times. For example, if it was 15 mins at the first guess, the second guess will be 30 mins. Summarily, it will take an intruder 17years to guess your PIN code 30 times.
Furthermore, TREZOR allows for the addition of a passphrase to the already existing 24-word seed. This passphrase serves as the 25th word. In an event where you decide to add a passphrase to further strengthen your seed, you must use something you will remember because your 24-word seed will be useless without the passphrase (if you choose to add one). A passphrase adds an extra layer of security but if forgotten; renders your wallet useless.
The plus side to owning a Trezor hardware wallet is your ability to recover it when it gets lost, stolen or damaged. In such a situation, you can simply recover the wallet with another TREZOR device or with a different wallet like Mycelium or Electrum as long as you still remember your stolen, missing or damaged TREZOR’s 24-word seed and passphrase.
The display screen on your Trezor hardware wallet serves various purposes, one of which is the confirmation of transactions that involve sending your coins to another wallet address. The buttons on the device ensure that hackers do not remotely send coins out of your wallet, as they must be physically pushed to validate all outgoing transactions.
This also ensures you approve all transactions yourself but is not immune to phishing attacks; it is advised that you protect yourself from phishing attacks by being wary of the links you click on emails and websites. Click HERE for more details on how TREZOR handles security threats.
HOW TO EASILY SET UP A TREZOR WALLET — TREZOR review
After purchasing a TREZOR device, your next task will be setting it up like you will with any other new electronic device. The TREZOR device can be set up in 4 different ways.
- Through TREZOR bridge
- Through TREZOR chrome extension
- Through TREZOR android manager
- Offline with Python tools (not recommended, except you are an advanced user)
The process of setting up your device entails creating a PIN code, generating your 24-word seed/password and creating a device name. Furthermore, the various ways listed above vary in terms of difficulty. Using the TREZOR Bridge and Chrome extension is easier and less complicated when compared to using the Python tools option. However, the TREZOR Bridge will require an internet connection for setup while the chrome extension does not; using the chrome extension ensures better privacy and is highly recommended.
The video below explains the whole setup process.
Alternatively, you can set up your device with an android phone. To do this, ensure your Android device supports USB on the Go (OTG cable), download ‘Trezor Manager App’ on Google Playstore, the detailed setup process can be found HERE.
The following steps should guide you towards setting up your TREZOR wallet.
- Connect your Tezor Wallet Device to a PC
- You will be asked to install a firmware
- Install the firmware as directed. (Note: If the firmware is already installed in your PC prior to setup, report to TREZOR support immediately.)
- Right after the firmware has been successfully installed, replug your TREZOR device.
- At this time, you will be greeted by a welcome message.
- You will get two options. (1) Create a new wallet (2) recover wallet.
- Select the “create a new wallet” option. (Click on the recover wallet option if you have owned a TREZOR wallet in the past that has either gone missing or damaged.
- When you click the “create a new wallet” option. (I strongly advise you back up your wallet by creating a recovery seed immediately.)
The recovery card comes with your TREZOR device. When prompted to write down your recovery seed, bring out your recovery card and fill in the blank spaces. The words are displayed one at a time, to see the next word; you will have to click on the right button on your TREZOR device. After writing the last word, you can crosscheck the words again from the beginning to ensure you wrote them down correctly.
Once you have backed up your wallet as explained above, congrats! You are ready to use your TREZOR hardware wallet.
The next step is to Label your device, this entails giving your device an identity (the same way you will name your Bluetooth device). After labelling your device, you can proceed unto creating a PIN code to safeguard your wallet from unauthorized access.
A well configured TREZOR device is untraceable; it doesn’t have a serial number, its software is open source, it doesn’t require a username or password. However, the privacy of your wallet is determined to a large extent by the wallet you use with your TREZOR device, some of the wallets you can use are Electrum, Multibit HD, GreenAddress on a desktop, Mycelium on Android, myTREZOR.com on the web and GreenBits.
Like I said earlier, it is safer to set up your device using the chrome extension or the advanced Python tools option (since they can both be done offline), because your data can be accessed by a third party, when using the bridge option. TREZOR can be used to store multiple Cryptocurrencies (Litecoin, Ethereum, Dash, Ethereum classic and Zcash. More are being added regularly).
That is all on our TREZOR wallet review; feel free to ask questions in the comment section below. If you enjoyed reading this, share the word by clicking on the social media icons below.