Tr𝔢zor Wall𝔢t Review: Features and How-to-Use Guide 2021 | Trezor Hardware Wallet
Trezor Wallet is a hardware (cold) wallet and it’s the first of its kind developed for Bitcoin. It’s also the pioneer in adding a passphrase feature to the devices. It basically prevents anyone from breaking in and stealing your funds, even when stolen. Such devices are easy to deal with. What is more, Trezor has a wide range of third-party integrations and is considered the safest way of keeping your funds safe. A nice addition is the fast and adequate customer support, a useful advantage.
01. Tr𝔢zor Wall𝔢t Features & Fees
Its hardware nature and the fact, that Trezor hasn’t been hacked since its first day in the crypto world, make this wallet one of the preferred options on the market since 2014. Furthermore, it is a multi-coin representative, compatible with BTC, ETH, XRP, Dash, ERC-20 tokens, and many more. The full list of supported coins is constantly updated and keeps the user informed on a daily basis. Taking the cold storage purpose, Trezor Wallet can process exchanging crypto without the need of leaving the wallet’s interface.
What You Will Learn
- Pros and Cons
- Multi-Coin Support and OS Compatibility
- Built-In Exchange: Shapeshift and Changelly
- Privacy and Anonymity
- Transaction Fees
Pros & Cons
Like everything in crypto, wallets have their pros and cons as well. It is good to get familiar with them, so your choice can be educated and accurate. In the next table, I have pointed out the advantages and disadvantages of the Trezor hardware wallet.
Multi-Coin Support and Operating System Compatibility
Let me add, that Trezor wallet works with over 500 coins and tokens. This makes it flexible and compatible with numerous user needs. You can only benefit from this hardware wallet. No matter if using BTC, LTC, BCH, ETH, all ERC-20 tokens, EXP, and many more.
This hardware wallet can work with Windows, Mac, Android, and Linux operating systems. Trezor’s features function in full when used with both Mozilla Firefox and Google Chrome. For those of you using Edge, Opera and Safari Trezor is not the right pick. They are still not supported by the wallet. Well, you can still use the web interface of the client, but full wallet functionality is not guaranteed. Have that in mind, before laying hands on it.
This feature is responsible for exchanging crypto for crypto or even for fiat (EUR, USD) money and vice-versa. Many wallets offer such a convenient functionality and Trezor is one of them. With this hardware, you can trade your assets for other cryptos through its third-party integration. The wallet uses such services offered by Changelly and ShapeShift. It makes the actions very convenient for you — no need to leave the wallet site. To make things easier, Trezor allows you to observe the process directly from its interface.
Is Trezor Safe?
Being a hardware wallet, Tr𝔢zor Wall𝔢t is quite secure. One of your main concerns is theft. Even then, your assets are safe, because of the extra security layer — a PIN code. Another precaution you can take in that direction is creating a passphrase. Have in mind, that it will not be needed if you have a seed, which is the only way to recover your coins and tokens. This makes it vital and must be stored somewhere safe on a paper or steel carrier.
A good advantage of this wallet users is the multiple passphrases safety feature, where each is generating a separate wallet. Even better, just buy another Reset Trezor Wallet Password. In case something goes wrong, you can send your funds to the second one or use the seed with it. Security is well implemented in this wallet.
Additional Passphrase Support
- None of the BIP39 supported passphrases are stored on the wallet.
- Protected Key Operations
- Every operation is possible only after you authenticate it via PIN.
Privacy and Anonymity
Take an active part in your Trezor privacy and anonymity by not sharing how much crypto you got. It is not a good idea to be active on forums and social media about it as well. You never know who will read your posts. On the other hand, this wallet’s privacy is on a high level. The device doesn’t have any tracking or serial number. After Recover Tr𝔢zor Wall𝔢t Password has arrived in your house, there is no way for anybody to track it.
Recover Tr𝔢zor Wall𝔢t Password
Reset Tr𝔢zor Wall𝔢t Password
Verify and Confirm
Verify each transaction directly on the hardware wallet, using the screen. This type of confirmation keeps your actions anonymous and private.
Hierarchical Deterministic (HD)
When your wallet is HD, every transaction is executed from a different address. This way the start and end points stay blurry for the public.
02.Trezor Wallet Guide: How to Setup and Use
In this section, I will show you how to use the Trezor wallet and get the best out of it. Let me start by explaining the installation process and choosing an OS:
Step by Step Tutorial
- How to Install
- Interface Overview
- Create an Address
- Send/Receive Assets
- Backup/Restore Cryptos
- Specific Functions
- Possible Issues and How to Avoid Them
- Visual element showing some of the coins that Trezor hardware wallet supports
How to Install
In the following lines, I will explain why to choose OS and what to do in case you want to manage the wallet setup. It is important to stick to matching programs, otherwise, this whole exercise will be a waste of time. Think carefully about which system you will work with. After all, that is cleared, and files are downloaded, I continue with a detailed guide on managing your Tr𝔢zor Wall𝔢t.
Tr𝔢zor Wall𝔢t itself doesn’t have software, but the interface needed for setup is easy to manage and doesn’t require a lot of information. The wallet’s application is fast and allows you to administer funds smoothly. Have in mind that this interface doesn’t hold any keys or seeds. It works with non-crucial data (e.g. addresses, transactions’ history) plus helps with instructions on how to manage the actions to communicate with the hardware device. What is more, Trezor has a lot of compatible user-oriented browser interfaces powered by SatoshiLabs. There are also third-party programs at your disposal — Electrum for PC and Mycelium for Android.
Create an Address
The address is an alphanumeric identifier, needed when sending and receiving crypto funds. They can be converted into QR codes as well. In these codes can be added other pieces of data as well. Usually, it is the amount of the transaction. Creating an address is automatically generated the moment press “create new” after your wallet is connected, using a USB cable. Trezor Wallet allows you to have up to 10 accounts per currency per wallet.
Send and Receive Assets
Send and receive operations are made easy with Tr𝔢zor Wall𝔢t, thanks to the scannable QR code. You can do that via cameras (on phones, tablets, and so on) or leave the wallet to do it for you. You can generate numerous addresses for these actions. There is only one condition though, the previous one must have been used either for sending or receiving. Then creating new keys is enabled.
Select an account and press “receive” when others are sending assets to you. To gain full ownership of the amount though, verify the receiving address on the Trezor device. To do that, click on “Show full address”. Then just copy and share it.
Backup and Restore
Install and generate the seed
When creating a new Tr𝔢zor Wall𝔢t, you’ll be asked to generate a unique seed. It holds all your key pairs. Keep it safe, because you will need it in case of stolen or demolished Trezor wallet.
Save your seed phrase
The seed can be created and from another button — “Create backup”. Then, write down the suggested words a.k.a. recovery seed. It will be visible after you swipe your finger up the touchscreen. Make sure you follow the exact word order when you write them down. Now, enter few random words from your seed on the touchscreen to finalize the procedure.
Recovery seed and Trezor
The seed is created out of words, lined in a certain order. This seed stores every bit of data, needed to recover your Trezor. Keeping the recovery seed private and safe is key for the long-term safety of your funds. Keep it safe, because it is the only way to retrieve any crypto, in case of the wallet’s theft or damage.
Install and restore wallet from seed
Here are the simple steps in that direction:
1. Prepare your seed and click on the Recover wallet button
2. Select the corresponding number of words (12,18 and 24) in your seed using your Trezor touchscreen
3. On the touchscreen of your Trezor type in the individual words of your seed. Follow the instructions
Misspelling your seed words is not going to do the restoration process.
Recover Trezor Wallet Password
Reset Trezor Wallet Password
One very useful feature is the option to safely keep multiple accounts access data, no matter BTC, ETH, XRP, or other currency-related. What is more, Trezor allows you to track and check full balance information. For those of you keen on privacy and want the transactions to be as private as possible, own more accounts. This wallet offers choices here as well. There are personal, private purchases account and business. Nevertheless, another function makes this representative useful — the possibility of changing your recovery seed. For that, you need to have a recovery card. Otherwise is not possible.
Possible Issues and How to Avoid Them
Trezor has several aspects that require your attention. Let’s say you have lost your wallet device. The safest and most convenient way of recovering is by getting a new Trezor and use the seed on it. This phrase can be either available or not. I have mentioned what you should do with the phrase, but in case it is not available, the access to your accounts is lost. Things are a bit different when you have forgotten your PIN. Then just reset it by wiping the device and follow the instructions. In cases of lost passphrase or seed, your assets will remain unreachable. Make sure you never update your Trezor Wallet device’s firmware without your recovery seed.