The Trezor Model T is one of the best hardware wallets for cryptocurrency on the market. The original Trezor hardware wallet (Trezor One) was created by SatoshiLabs in 2014 and was the first cryptocurrency hardware wallet in the world. The idea for Trezor began in 2011 after a Bitcoin conference in Prague. The Trezor Model T, which was released in 2018, represents a massive upgrade to the original Trezor One.
By: Evan Jones | Apr 10, 2020 | Modified Jun 25, 2020
|Platforms supported:||Windows, MacOS, Linux|
|Cryptocurrencies supported:||Over 1,000 different cryptocurrencies|
|Pin code protected:||Yes|
The Trezor Model T is a great cryptocurrency hardware wallet for beginners because it’s easy to set up and use, it allows you to purchase assets and tokens directly through the Trezor Wallet application, and you can exchange your assets and tokens within the app as well.
This combination of features makes it a good option for crypto beginners because they do not have to register with an exchange in order to make their first purchase of cryptocurrency coins or tokens, something that most other software wallets do not offer, and the Ledger hardware wallets do not offer this either. The same can be said of the ability to exchange or swap cryptos when comparing Trezor to Ledger hardware wallets.
The ease of access to cryptos, combined with ease of setup and top-notch security, make the Trezor Model T a great cryptocurrency hardware wallet for beginners as long as they aren’t bothered by the initial cost to purchase it (it’s one of the most expensive cryptocurrency wallets on the market).
Two programmers, Pavol “Stick” Rusnak and Marek “Slush” Platinus, wanted to find a solution that would allow anyone to store their bitcoins securely and in a trustless way. A small, single-purpose computer that would store private keys in an isolated, protected environment became the goal, and Trezor was born. Stick and Slush founded SatoshiLabs in 2013 and began crowdfunding, and in 2014 the Trezor One hardware wallet was released to the public. The Trezor Model T hardware wallet is an update to the original Trezor, which was the first hardware wallet to market, and the first product to offer seed recovery and passphrase protection. Trezor has become immensely popular in the crypto community due to its security, and ease of use. Hundreds of thousands of Trezor hardware wallets have been sold to customers in more than 150 countries worldwide. The ability to purchase crypto with fiat and make exchanges within the Trezor Wallet app further its popularity.
The best features of the Trezor Model T cryptocurrency hardware wallet are that it has a large touchscreen display that is in color, in comparison to the Ledger hardware wallets it offers much more access to assets and tokens, and Trezor provides detailed step-by-step support for setup, purchase, and exchange of assets.
Trezor Model T has a large touchscreen display that is in full color, something that Ledger Nano X does not offer. While more expensive than the Ledger Nano X, the Trezor Model T offers the same level of security, but it gives users much more power. This is because cryptocurrency such as Bitcoin, Ethereum, and Ripple can be purchased directly through the Trezor Wallet app using fiat, and these purchased assets can then also be exchanged within the wallet app. This can’t be done using Ledger’s hardware wallets and app. Detailed instructions available through Trezor’s website (Trezor Support) walk users through all of the purchase and exchange processes.
In addition the Model T can be used for U2F and FIDO2 Authentication methods, more details on this in the security section.
Trezor supports over 1000 crypto coins and tokens including:
Your private keys are stored and isolated inside the device, keeping them offline and therefore making it more difficult for them to be compromised. A PIN code is required to access the hardware wallet, and all transactions and changes made to the wallet’s settings must be confirmed by pressing the physical buttons on the wallet.
In addition to the PIN, the Trezor Model T allows for a passphrase to be created. Using this feature creates a separate account on the wallet, where you can store whichever assets you want, meaning even if your PIN is compromised, whatever accounts and assets you have stored with the extra passphrase cannot be accessed.
Finally, the Trezor Model T uses a 24-word recovery phrase, rather than the standard 12-word phrase frequently seen for software wallets, though it does have an option to use only a 12-word recovery phrase. This makes it even harder for your device, and therefore your assets, to be compromised. For more information on added passphrase security with Trezor please visit this page.
Trezor also allows compatibility with Universal 2nd Factor (U2F), which allows you to use your Trezor Model T as a hardware security token for verifying logins on services such as Google and Dropbox. For more information on U2F please check out this link.
In addition, Trezor Model T offers FIDO2 Authentication, which offers similar capabilities to U2F, but essentially allows you to use your Trezor Model T to log into supported sites and services without entering a password, as your Model T acts as the authenticator. For more information on FIDO2 Authentication with your Model T please click here.
The Trezor Model T hardware cryptocurrency wallet is supported on desktop operating systems Windows, macOS, and Linux, while also offering browser support in FireFox and Chrome. It also offers mobile support for Android phone, however there is currently no support for iOS.
The main downside with using the Trezor Model T cryptocurrency hardware wallet is that it is expensive to purchase. Unlike software wallets, where you only have to pay transaction fees required to trade assets and tokens, the Trezor Model T costs $170 before tax and shipping.
For someone new to cryptocurrency, or simply comfortable with the security of another wallet, they may prefer to spend that money on acquiring extra tokens and assets then simply use a free software wallet.
Apart from the cost, there is little downside to the Trezor Model T, as it is extremely secure, and offers users the ability to purchase and exchange assets within their app. Users who want a wallet compatible with iOS will also need to explore other options. The only other potential downside being the same as with all software and hardware wallets: losing your recovery phrase with no contingencies results in losing your assets.
Trezor Model T is definitely one of the best options for storing your Bitcoin. Whether it is the best overall depends on your needs and is subjective, for example if you want to use it with an iOS device, you will need to pick a different wallet.
The Trezor Model T’s advantages over the Trezor One are that it has touchscreen color display, it supports a few more tokens and assets, offers FIDO2 authentication, and all PIN and password security is entered directly on the Model T’s screen.
Read our in-depth comparison of the Trezor One vs the Model T here.
It could be argued that the Trezor Model T is better than the Ledger Nano X. This is because the Trezor Model T (and Trazor One) offers users the ability to not only store their cryptocurrencies safely, but also purchase them with fiat and exchange them from the safety of the Trezor wallet app. This can’t be done with the Ledger Nano X. The main disadvantage between the Trezor Model T and Ledger Nano X is that the Model T is more expensive than the Nano X. The Ledger Nano X is also compatible with iOS whereas Trezor Model T is not.
There is evidence that given physical access to your Trezor device, it can be hacked. It should be noted that this does not mean someone can hack your device without actually having it in their hands, meaning as long as you are in possession of your Trezor wallet you are safe.
The Trezor Model T is so expensive due to its touchscreen display that operates in full color. No other hardware wallet is offering it at the moment and this component adds a lot of extra cost in producing the hardware.
No, the Trezor Model T is not waterproof. If you drop the wallet it water and is ceases to function, you can always recover your wallet through a new device using your recovery seed.
Yes! The Trezor Model T and also the Trezor One are compatible with the Exodus software wallet. Users can then manage their Trezor device from the Exodus Wallet desktop application. All operations involving your private key still require you to confirm them on the Trezor hardware wallet. However, Exodus and Trezor are not synced across all assets, meaning even though both support Steller, for example, when a Trezor is connected to Exodus, the Trezor Stellar wallet will not be visible on the Exodus interface. Currently the only Trezor supported assets accessible through Exodus are Bitcoin, Ethereum (and all ERC-20 tokens supported by Exodus), Litecoin, Dash, Bitcoin Gold, and Ripple. See here for details on how to use Trezor with Exodus and what is supported.