Trezor Model T Review: Should Canadians Use This Crypto Wallet?

 

The Trezor Model T is a hardware wallet that can keep your cryptocurrencies safe. A mistake that people often make when trading crypto is keeping large sums on crypto exchanges.

While most reputable crypto exchanges are safe to use, it’s still not safe to keep large amounts of crypto on them. Should they be hacked, your crypto can be stolen and there is no guarantee of ever getting it back. A crypto exchange is a place to trade crypto, it’s not cryptocurrency storage.

The best way to protect yourself and your digital assets is to get a cryptocurrency hardware wallet. A hardware wallet, like the Trezor T, stores your private keys.

Unlike a software wallet like an app, a hardware wallet never connects to the internet, which means your private keys (and your crypto) cannot be stolen.

The Trezor wallet has a number of supported coins, so you can keep your crypto assets safe.

We bought Trezor Model T crypto level to exclusively test it for OCryptoCanada.

Here is our Trezor Model T review.

Pros and Cons of the Trezor Wallet

Coins Supported

Both Trezor wallets have a number of supported coins. Trezor One, the original Trezor wallet, supports 1000+ cryptocurrencies and the newer Trezor T supports 1200+ cryptocurrencies.

They support popular coins such as bitcoin, Bitcoin Cash, Ethereum, Cardano, XRP, SHIB, Polygon, Polkadot, and Dogecoin. Other cryptocurrencies include Tezos and Algorand.

How Does Trezor Model T Work?

Software wallets, also called hot wallets, that you download as an app onto a phone or a desktop wallet on your computer are a type of cryptocurrency wallet that stores your private keys on your device.

Since your computer and phone are connected to the internet, this can leave them vulnerable to theft. All it takes is a virus, a hack, or phishing links to steal your private key and your crypto from online wallets. 

Therefore, online wallets, while safer than exchanges, are not the securest form of crypto storage.

With a hardware wallet like the Trezor Model T, your private key is stored on the Trezor itself.

Unlike software wallets, these devices are never connected to the internet. It means that your private keys can’t be stolen. 

One misconception with hardware wallets is that your cryptocurrency is stored in the wallet. This isn’t true exactly.

Your crypto lives on the blockchain, but the hardware wallet stores your private keys and allows you to verify transactions using the physical device. It is called cold storage because the device never connects to the internet like a hot wallet does.

This means that if you lose your Trezor hardware wallet, you won’t lose your crypto.

You can buy a new hardware wallet and upon its setup, put in your backup phrase from the wallet you lost, and your crypto will be there.

How to Use Trezor Model T

Device setup

When you first turn on your Trezor wallet, you’ll need to set a PIN. Keep this safe because after three failed attempts, your device will be wiped and the hardware wallet will become useless. 

For the initial setup go to https://suite.trezor.io/ and download the desktop app for your computer. Once installed and open, connect your Trezor Model T or Trezor One to your computer with the provided USB cable. The Trezor T has a USB-C input on the device. 

When you first buy your Trezor Model T or Trezor Model One, you can choose to set them up as new Trezor wallets, or enter a recovery phrase you already have so you can manage an existing wallet.

Setting Up as a New Wallet

If you set it up as a new wallet, the Trezor T will generate a new and unique seed phrase. You should write this down on paper and keep it safe.

Never take a picture or store your recovery seed on your computer or in the Cloud as this defeats the purpose of keeping your private keys offline. 

Trezor Suite

Once connected to Trezor Suite, unlock the Trezor T with the PIN code and follow on screen prompts to connect to the Trezor Suite app.

If the Trezor T prompts you to update the device firmware, do that first and follow the steps.

Once your Trezor T is connected to the desktop app, you will be able to see your portfolio, accounts, and settings. You can also view your backup seed in case you lose it.

Adding Cryptocurrencies

To add crypto assets, you’ll need to add an account for each asset. Click the + icon at the top of the screen to add a new cryptocurrency.

Trezor Model One supports 1000+ cryptocurrencies and the Trezor Model T supports 1200+ cryptocurrencies. 

To manage ERC-20 tokens you can use the Trezor Bridge or third=party wallets.

You can use the desktop app to send and receive crypto. It works the same as a crypto exchange.

Simply enter the wallet address, the amount you want to send, and select the appropriate network, if applicable.

You can also specify how much you’re willing to pay for gas fees by selecting low, normal, or high. The more you pay, the faster the transaction. 

To confirm a transaction, you will need to physically confirm it on the Trezor device. Follow the prompts on the screen to verify the transaction. 

Using the model T is the same as using the model One since both Trezor devices have the same functionality.

What’s in the Box?

The Trezor Model T comes with: 

• Trezor Model T

• USB-A to USB-C cable

• Magnetic dock

• 2x recovery seed cards

• Stickers

The Trezor One comes with:

• Trezor One

• Micro-USB to USB-A cable

• 2x backup seed cards

• Stickers

Is Trezor T safe?

The Trezor T and Trezor One hardware wallets are some of the safest crypto wallets you can get. They store your private keys so your crypto always remains safe.

As long as you keep your seed phrase safe, you won’t lose access to your crypto. They also aren’t hard to use, so they are not only for advanced users. Anybody can learn to use one.

Tamper-Evident

Trezor uses a security hologram sticker, so when you first buy the device, you’ll be able to see if it’s already been opened.

When you are sure it has not been tampered with, you can remove the sticky hologram and start using it. 

The security hologram sticker covering will leave some residue, but this helps to show if it’s been removed previously.

The firmware is signed by SatoshiLabs, and upon setup, a warning will appear if it detects that the code has been altered. 

A Secret Word

The Trezor T will generate a new 24-word recovery seed phrase for you when you create a new wallet. There is also a feature to add a 25th secret word.

The idea is that if you are being physically threatened to hand over your recovery seed phrase, you can give the assailant your 24 words which give them access to an account with crypto in it, but your most valuable assets and most popular coins are kept in a hidden account, only accessible with the 25th recovery seed word. 

Price

The Trezor Model One is priced at 69 Euros or $92 CAD. The Trezor Model T is 249 Euros or $334 CAD based on the currency conversion rate.

Trezor Vs Ledger

Trezor Model T

• 1200+ cryptocurrencies

• microSD slot

• Tamper-evident hologram

• Password manager

• Colour screen

• Plastic

• Desktop app only

• Trezor T price $334

Ledger Nano X

• 5,500+ cryptocurrencies

• Secure Element chip

• Monochrome screen

• Steel 

• Mobile app

• Bluetooth

• Ledger Nano price $199

Key Differences

The Trezor Model T’s main competitor is the Ledger Nano X. There are some key differences between these crypto hardware wallets. 

The main difference is that the Trezor Model T supports a total of 1800+ cryptocurrencies whereas Ledger supports 5,500+ cryptocurrencies.

However, with Ledger, you can only have 100 cryptocurrencies in your wallet at a time. This means that you can directly manage more cryptocurrencies with Trezor Model T at once.

Limits on ERC-20 Tokens

It’s worth noting, however, if you want to make transactions with your ERC-20 tokens on either Trezor Model T or Ledger Nano X, you can only do so through a third-party compatible wallet like MyEtherWallet. They do not have native support for ERC-20 tokens.

Both Trezor Suite and Ledger Live have in-built crypto exchanges provided by third-party providers where you can buy and sell crypto easily.

The big pluses for these exchanges is that you can get your bought crypto onto your hardware wallet right away after purchase, and you do not need to KYC since the hardware wallets are non-custodial.

The downside is that the trading fees are more expensive than a regular exchange. Therefore, it’s best to use them occasionally, but not as your main exchange. 

The Trezor Model T device has a colour screen, whereas Ledger is monochrome. Trezor Model T is made of plastic, while Ledger is steel, which may prove more resistant to accidents. 

Trezor Model T Unique Features

Trezor Model T also has a micro SD card slot, which is a unique security feature. You can pair your Trezor Model T with the micro SD card so that your Trezor Model T wallet will only work if the microSD card is inserted.

This way, you can keep them separate in different places, and if a thief were to take your Trezor Model T or the microSD card, neither would work on its own.

The microSD card also allows for encrypted storage in the future and it can be used to further encrypt the PIN. 

Trezor Model T also has a password manager, however unlike regular password managers, there is no master password. Instead, you can access your passwords by using the physical Trezor devices. 

The Ledger hardware wallet on the other hand includes a chip called Secure Element, often used in passports and payment systems. This chip acts as a defense against tampering and hacks.  

Unlike Trezor Suite, Ledger Live is both a desktop app and a mobile app, so you can make transactions on the go.

Ledger hardware wallets also support bluetooth so you can connect your device to your phone without any cables. While some question the security of this, Ledger have confirmed that only public data leaves the device and never your private keys. 

While there are pros and cons to each of the hardware wallets, Ledger is slightly cheaper at $89 CAD for the Ledger Nano, $199 for the Ledger Nano X and $114 for the new Nano S Plus or Safepal wallet costs only $49 USD compared with $92 CAD for the Trezor Model One and $334 CAD for the Trezor Model T.  However, always check the price on their official website.

Downsides to the Trezor Model T

The drawbacks to the Trezor One and the Trezor Model T are the lack of mobile app, bluetooth, and the price. While you may not make many transactions when you’re out and about, it’s nice to have the option should you wish to make a quick trade. Of course, you would need to ensure you carry your hardware wallet with you, and this may not be appealing anyway.

For the price, the Trezor Model T is expensive. The plastic device is one third more expensive than the comparable Ledger Nano.

While both are secure hardware wallets, the Secure Element chip in the Ledger device may be worth having for ultimate peace of mind. 

Customer Support

Trezor has a helpful FAQ section on the website, and should you be facing technical difficulties with your Trezor, you can go through a walkthrough where it will prompt you with questions to check the problem.

If that doesn’t help, you can contact their support team at the end of the walkthrough and they will get back to you promptly via email. 

Latest Updates on Trezor Model T for Canadians

• Trezor Suite app now features portfolio tracking and staking, giving users more control over their assets.
• The Trezor Model T remains a highly secure option with regular firmware updates to enhance functionality and security.
• Compatibility with USB-C allows easy connection to laptops, though it still lacks mobile support.

Trezor Model T Review Conclusion

The Trezor Model T and Trezor One are both secure hardware wallets for keeping your crypto assets safe. Both are excellent cryptocurrency wallets.

The Trezor Suite is an excellent portfolio manager and the built-in exchange offers the ability to trade crypto easily.

The Trezor device is easy to use with a simple wallet interface and most of all, it’s secure. The password manager is also a great feature and beats any password manager you can download to your computer. Unfortunately, the plastic shell, the lack of app, and the price let the Trezor Model T down.

On the other hand, the Ledger Nano X is made of steel, is $100 cheaper than the Trezor Model T and offers an app with bluetooth connectivity. It may be that the Ledger Nano X is the better choice for a cryptocurrency hardware wallet. 

Whichever one you choose, even with the extra cost of a Trezor Model T, hardware wallets are a better choice than software wallets.

Other devices such as other hardware wallets on the market may also be a good choice, but the Trezor Model T is a tried and tested physical device for keeping cryptocurrency safe.