Trezor Wallet Review

Setup & Configuration

Upon receiving your Trezor package, verify that the following contents are present in the box:

• Trezor One / Trezor Model T
• USB-C Cable
• Recovery Seed Cards (2 nos)
• Stickers with Trezor Logo (4 nos)

Check that the holographic seal is intact and properly placed over the USB port of the Trezor Wallet. Additionally, observe the mark left once the sticker is removed from the USB port. If anything peculiar is noted with the seal, reach out immediately to Trezor's support team. Do not activate the device or store any funds if anything seems off, as software is also used to guard against tampering besides the tamper-evident hologram.

Installation of Firmware

For security purposes, Trezor Wallet is delivered empty, so it's your responsibility to install updated firmware. Here's how to go about it:

1. Use the USB-C cable to connect Trezor Wallet to your computer.
2. Launch a browser (like Google Chrome) on your computer and go to this link.
3. Find and click 'I already own Trezor' located about the center-left of the page.
4. Identify your device model and press the 'Continue to Wallet' option.
5. You’ll be prompted to download and install the TREZOR Bridge software to facilitate device-computer communication.
6. Click 'Install Firmware' to get the newest firmware on your Trezor wallet. After installation, disconnect then reconnect your device to see the changes in effect.

Should your device already have pre-installed firmware, promptly contact Trezor Customer Support, as this could indicate tampering.

Setting up Wallet

Before you begin with your Trezor Wallet, set a PIN code and accurately record the recovery seed.

1. Plug your Trezor device into your computer and open Trezor Bridge software.
2. To create a new wallet account, hit the 'Create new' button.
3. Create a backup and when prompted, note down the words of the recovery seed displayed on the screen precisely on the recovery card supplied with your device. Avoid storing the recovery seed on any electronics or online storage services like Dropbox or GDrive.

   

4. You'll need to choose a few recovery words as part of security verification.
5. Ensure a strong PIN is set up to safeguard your Trezor device against any unauthorized use. The PIN can extend up to 9 digits at maximum but should be at least 4 to 6 digits for security. Refrain from simple sequences like 1234, 5678, etc., and opt for a robust PIN that's hard to figure out. Trezor messes up the numbers' layout each time to enhance security when entering the PIN.

To distinguish your device easily, consider creating a unique identifier (up to 16 characters allowed) for your Trezor device; this feature is especially beneficial for owners of multiple devices.

Receiving Cryptocurrencies

To accept coins or tokens via your Trezor wallet, here's what to do:

1. Plug your Trezor device into your computer and open Trezor Bridge software.
2. On the page's left side, tap on the 'Account #1' title.
3. Choose the cryptocurrency you wish to receive from the drop-down menu located at the top-left of your screen.
4. By clicking the 'Receive' tab, you can display your receiving address. Connect your Trezor device and ensure the displayed address corresponds with the one on your device. To view as a QR code, select QR on your device. Both the computer and the Trezor device will display the QR code.
5. Share your receiving address with the sender so the digital assets can be transferred to your Trezor Wallet.

For enhanced privacy, using a fresh receiving address for each transaction is highly advisable. Funds that arrive at your wallet will appear in the 'Transactions' section.

Sending Cryptocurrencies

Follow these guidelines to dispatch any digital assets stored in your Trezor Wallet:

1. Plug your Trezor device into your computer and open Trezor Bridge software.
2. Select the cryptocurrency (e.g., BTC) you wish to send from the left-side drop-down menu.
3. Choose 'Send' and manually enter the destination address, or opt for the QR code to copy from the QR.
4. Input the amount of cryptocurrency to be sent as outlined below:

   

5. Decide the transaction fee priority (High, Normal, Economy, Low). Opting for a high transaction fee will make sure that your transaction receives swift processing marked as high priority, while choosing low won't prioritize your transaction. Note, Satoshi Labs doesn't fix transaction fees; it's done by the respective token network. These fees contribute to the maintenance of the blockchain network.

   

6. Hit the 'Send' button from your PC. Verify all transaction details on your Trezor gadget before finalizing it. Make sure the recipient's address and the amount on your screen match what's shown on your Trezor. If everything checks out, press and hold the green button on your device to sign and send the transaction, which usually wraps up in under a minute.

   

You've done it! Your funds have been transferred successfully from your Trezor Wallet. To see the transaction progress, navigate to ‘Transactions’ within your Trezor Bridge app.

Using Multiple Passphrases

Passphrases are not everyone’s cup of tea—they're best suited for those with a deeper understanding . Imagine you have significant holdings in your wallet. After creating a passphrase, you unplug the device and set a new one upon re-connecting. You then transfer a small amount to a second account. Should anyone pressure you to divulge account info, you can reveal the second account details, leaving your primary funds untouched. This is known as multi-passphrase encryption or having hidden wallets .

Security

The Trezor Wallet (specifically Trezor One) employs what's known as the Blind matrix technique. This allows users to input their PIN securely even on questionable computers. Here's how it works: your screen shows a 3×3 grid with dots in place of numbers, which your Trezor displays instead. The numbers shuffle with each PIN entry attempt. For instance, if '3' appears on the first row initially, it will appear on a different row the next time. This feature thwarts hackers from capturing your PIN through keyloggers or similar tools, thus safeguarding your funds effectively.

Unlike traditional keys, the Model T boasts FIDO2 authentication, making it stand out with a touchscreen interface . This protocol encompasses three methods of authentication, namely:

• Password-less login
• Two-factor authentication (2FA)
• Multi-factor authentication

Thanks to FIDO2 , the Trezor Model T stands out as one of the most secure cold storage wallets available globally .

For an extra layer of security, Trezor enables users to establish multiple passphrases , creating hidden wallets. This ensures that even if your recovery seed is compromised, your funds remain shielded from unauthorized access.

An important reminder: trading CFDs on a CFD platform negates the need for a crypto wallet, thus simplifying profit protection. These platforms often provide compensation plans. Check out our recommended CFD platforms for secure trading experiences:

Recovery Options

In case of loss or theft of your Trezor, users have the option to reclaim their wallets by using the recovery seed. Here's what you need to know:

1. Hook up your Trezor to the PC and navigate effortlessly here .
2. Click the button labeled 'Recover Wallet'.
3. Decide on the recovery seed size: 12, 18, or 24 words.
4. Key in each word of your recovery seed consecutively. Once all words are entered, your account comes back in full swing.

For forgotten PIN codes, the recovery seed acts as the reset tool. Thus, maintaining its security is crucial.

If the recovery seed is misplaced or compromised, a solution exists , provided you still retain access to the Trezor device using said seed. With the device, here’s how you proceed:

1. Access the troubled wallet on your main Trezor.
2. Initiate a new wallet with a new recovery seed on your backup Trezor.
3. Move funds from the compromised wallet to your freshly set-up wallet. If uncertain, consult the instructions lined out earlier.
4. Wipe out the main Trezor device containing data from the lost seed.
5. Securely restore your new wallet on the primary Trezor.
6. Erase all traces from the backup device used earlier in this process.