Trezor Crypto Wallet Review 2022: Pros, Cons and How It Compares – NerdWallet

Trezor’s wallets stand out from the competition with security features such as Shamir Backup, which can help you recover your assets if your device gets lost, broken or stolen. However, Trezor devices lack some functionality offered by competitor Ledger or software wallets that connect easily to decentralized applications, or dapps.

Trezor’s standard version, Model One, supports 1,289 cryptocurrencies, while its advanced touch-screen version, Model T, supports 1,456 compatible coins.

You can buy, sell and trade currencies through Trezor’s open-source desktop application, Trezor Suite. Some advanced features require a bit of technical know-how. The device requires third-party software to manage NFTs, or non-fungible tokens, as well as stake coins, and staking is available only with the Model T. Trezor also does not have a mobile app.

• Highly secure offline storage.

• Touch screen available for fully on-device entry.

• No native staking or NFT management.

• No Bluetooth connection or mobile app.

Touch screen: The Trezor Model T has a touch screen that allows for two-factor authentication on the device itself, so you don’t need another device such as a computer to log in. A PIN and passphrase can be entered into the device.

Shamir Backup recovery: Most crypto wallets give you a single recovery seed, but Trezor’s added security method lets you generate and distribute up to 16 recovery shares for your device and store them in different places. Even if one seed phrase is compromised, the additional shares may provide another layer to protect your keys from being stolen. (Note that this option is available only on the more expensive Model T.)

Fully open source: Trezor software can be reviewed and tested by third parties to keep its security transparent. Competitor Ledger has closed-source firmware on its physical devices.

No native staking or NFT management: The Trezor suite, available as a desktop application or browser extension, allows coin management including purchases and swaps, but you’ll have to integrate additional software such as Exodus to participate in NFT marketplaces or stake coins with the Model T.

Higher pricing: Trezor’s Model T costs more than $200, while Ledger’s similar offering costs $149 and can store up to 5,500 different coins. The Model One costs about $70, which is close to the price of Ledger’s most comparable model.

Coin offerings: There are about 200 coins that Trezor offers with the Model T but not the Model One, including Ripple (XRP), Monero (XMR) and Cardano (ADA). Both of Ledger’s models can store these coins.

No Bluetooth connection or iOS app: Trezor has a desktop application, browser extension and an upcoming Android app, but unlike some competitors, it isn’t compatible with Apple’s mobile operating system. Trezor also does not offer Bluetooth connections.

• Cold storage with fully on-device security via touch screen.

• Native integration with Exodus software for online storage options.

Trezor devices, like most cryptocurrency wallets, generate a 24-word seed phrase you can store and input in case of a lost device. For added security, you can create an additional passphrase, which can be used to keep funds separate from your primary wallet. The Model T also uses a PIN phrase to unlock the device, while the Model One uses another device such as your phone or computer for two-factor authentication.

Trezor also offers multisignature security through Electrum software, which you can set up to require more than one key to authorize a transaction. Trezor’s open-source software also can be tested by users and developers alike to confirm its security.

Hardware wallets such as Trezor are often viewed as more secure than software wallets because they can’t be accessed online, but they do need to be kept safe from damage and theft.

Trezor supports nearly 1,300 or more than 1,400 cryptocurrencies depending on the model.

Depending on the model, you can buy, sell and swap more than 1,400 cryptocurrencies through Trezor Suite. You can stake coins with only the Model T. To manage and stake currencies that aren’t included with the Trezor Suite, Trezor devices can integrate with third-party software like MetaMask and Exodus to connect to dapps.

Trezor is a cold wallet, which means it stores the keys to your cryptocurrency offline on a hardware device. As with any cold wallet, you have sole ownership of the information needed to move your crypto.

If you’d rather keep your keys stored online and accessible from multiple devices, you can consider a hot wallet, which stores your cryptocurrency on software connected to the internet.

With the Trezor Suite desktop and browser applications, users can buy, sell and swap currencies. With the Model T, users have to integrate additional software that lets them stake coins on exchanges and access dapps and NFT marketplaces.

Trezor offers a support blog and user forum for help using its devices. To access market data, you’ll need to integrate third-party online software.

Pricing: Devices start at about $70 and range to over $200.

If you’re looking for cold storage with high security and don’t mind sacrificing a mobile app or Bluetooth connection, Trezor is a good option.

NerdWallet’s comprehensive review process evaluates and ranks products that allow U.S. customers to store, send and receive cryptocurrency. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.