Trezor Crypto Wallet Review 2023: Pros, Cons and How It Compares
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Our Take
4The bottom line: Trezor's hardware cryptocurrency wallets are a good choice for users seeking simple, offline storage with high security. There are no native staking or NFT features, however, so users looking for more Web 3 access might prefer a device from competitor Ledger. |
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 , 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.
Pros & Cons
Pros:
Highly secure offline storage.
Touch screen available for fully on-device entry.
Cons:
No native staking or NFT management.
No Bluetooth connection or mobile app.
Table of Contents
Full Review
Where Trezor shines
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.
Where Trezor falls short
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.
» Want more options? Here are our top hardware wallet picks
NerdWallet rating 5.0 /5 | NerdWallet rating 3.6 /5 | NerdWallet rating 3.9 /5 |
Fees 0% - 3.99% varies by type of transaction; other fees may apply | Fees $0 per trade | Fees $0 per trade |
Account minimum $0 | Account minimum $0 | Account minimum $0 |
Promotion Get $200 in crypto when you sign up. Terms Apply. | Promotion None no promotion available at this time | Promotion None no promotion available at this time |
What Trezor is best for
Cold storage with fully on-device security via touch screen.
Native integration with Exodus software for online storage options.
Trezor at a glance
Security | Trezor is fully open source and uses universal two-factor authentication. |
Selection | Trezor supports nearly 1,300 or more than 1,400 cryptocurrencies depending on the model. |
Integration | Trezor supports purchases and swaps, but it requires additional software for NFTs and staking. |
Storage | Trezor is a cold wallet that can connect to online third-party software including Exodus, Electrum and MetaMask. |
Functionality | Trezor has a desktop app and browser extension but no mobile app. |
Tools | Trezor has educational content in the Trezor Help Center and can integrate with third-party software for market analysis tools. |
Full details about Trezor's ratings
Security: 5 out of 5 stars
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.
» Learn more: Hot wallet vs. cold wallet
Selection: 5 out of 5 stars
Trezor supports nearly 1,300 or more than 1,400 cryptocurrencies depending on the model.
Integration: 5 out of 5 stars
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.
Storage: 5 out of 5 stars
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.
» Looking for a software wallet instead? Here are our top picks
Functionality: 2 out of 5 stars
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.
Tools: 2 out of 5 stars
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.
Other details you should know about Trezor
Pricing: Devices start at about $70 and range to over $200.
Is Trezor right for you?
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.
How we review crypto wallets
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 our 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.
We conduct firsthand testing and observation, and the results fuel our proprietary assessment process that scores each provider’s performance across more than 15 factors. The final output produces star ratings from poor (1 star) to excellent (5 stars).
For more details about the categories considered when rating wallets and our process, read our full methodology.
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