Trezor Wallet Review

Setup & Configuration

When you receive the package from Trezor, he must ensure that the box contains the following:

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

Apart from that, you should check that the holographic seal is intact and sits tightly over the USB port of the Trezor Wallet. In addition to this, be sure to look out for the mark once the sticker is removed from the USB port. In case you find anything strange with the holographic seal you should contact Trezor’s support center right away. In such an instance, do not use your device and do not store any funds. Apart from the packaging tamper-evident hologram, Trezor also uses software to protect you from tampering.

Installation of Firmware

For security reasons, the Trezor Wallet is shipped as an empty device and it becomes the sole responsibility of the user to install the latest firmware. To do so, follow these steps:

1. Connect the Trezor Wallet to your computer using the USB-C cable.
2. Open any browser (eg. Google Chrome) on your PC and navigate here.
3. Click on the ‘I already own Trezor’ located centre-left of the screen.
4. Select the model of your device and click the ‘Continue to Wallet’ button.
5. The screen should prompt you to download and install the TREZOR Bridge software to establish communication between the computer and your device.
6. Click on the ‘Install Firmware’ button to install the latest firmware on your Trezor wallet. Once the installation is completed, disconnect and reconnect your device to apply the changes.

If your device is pre-loaded with any firmware, then you should contact the Trezor Customer Support immediately as it would most likely be a tampered device.

Setting up Wallet

Before using your Trezor Wallet, you must first set the PIN code and note down the recovery seed.

1. Connect the Trezor device to your computer and open the Trezor Bridge software.
2. Click on the button marked ‘Create new’ to create a new wallet account.
3. Click on ‘Create a backup’. Now, your screen will show the recovery seed. Make a note of all the words correctly on the recovery card that came along with the device. Never store the recovery seed on your computer, mobile phone or any online storage like Dropbox, GDrive, et cetera.

   

4. You will be asked to select a few recovery words as part of the authentication procedure.
5. You should then set up a strong PIN to protect your Trezor device from unauthorized access. The length of the PIN can be up to a maximum of 9 digits. It is best to create a PIN of at least 4 to 6 digits in length. While creating the PIN, you must ensure that you don’t use predictable patterns, such as 1234, 5678 etc. Instead, create a strong PIN which is difficult to hack or guessed. For better security, Trezor changes the layout of the numbers every time the user tries to enter the PIN.

To easily identify the device, Trezor allows the users to create a unique name (up to 16 characters are allowed) for the device. It will be especially useful for those who have multiple Trezor devices.

Receiving Cryptocurrencies

Follow the below steps to receive coins or tokens on your Trezor wallet.

1. Connect the Trezor device to your computer and open the Trezor Bridge software.
2. Click on the title ‘Account #1’ located on the left side of the page.
3. Select the cryptocurrency you would like to receive from the drop-down box located on the top left-hand of the screen.
4. Click the ‘Receive’ tab to view the receiving address on your screen. Connect your Trezor device and check whether the address displayed on the device matches with the one displayed on your computer screen. If you would like to view the address as a QR code, then click on QR on your device. The QR code for the address will be displayed both on the computer and the Trezor device.
5. Share the receiving address with the sender to receive the digital assets onto your Trezor Wallet.

For better privacy, it is highly recommended to use a new receiving address for every transaction. Once the funds are received on your wallet, it will be reflected in the ‘Transactions’ tab.

Sending Cryptocurrencies

To send any digital asset stored on the Trezor Wallet, follow the steps below:

1. Connect the Trezor device to your computer and open the Trezor Bridge software.
2. Select the cryptocurrency (eg. BTC) you would like to send from the drop-down box on the left.
3. Click the ‘Send’ tab and input the destination address manually or use the QR icon to copy the address from the QR code.
4. Enter the amount of cryptocurrency you would like to send as shown hereunder:

   

5. Select the priority level for the transaction fees (High, Normal, Economy, Low). A high transaction fee will ensure that your transaction will be processed immediately as it will be set as high priority, whereas a low transaction fee won’t have any priority set to your transaction. This transaction fee is not fixed by Satoshi Labs, but by the appropriate token network. The fee will be used to fund the operation of the blockchain network.

   

6. Click the ‘Send’ button on your computer. Confirm the details on your Trezor device in order to complete the transaction. Check whether the destination address and the amount displayed on the computer matches with the information on your Trezor device. If it does, hold the green button on your device until the transaction is signed and sent. (It will take less than a minute):

   

Congratulations! You have successfully sent funds out of your Trezor Wallet. To view the status of the transaction, click the ‘Transactions’ tab on the Trezor Bridge software.

Using Multiple Passphrases

Passphrases are recommended only for advanced users as the concept might be confusing for novice traders to understand. Let’s imagine that you have a substantial value stored in your wallet account. After creating a passphrase, you have unplugged the device and entered a new passphrase once the device is re-plugged. Then, decide to send minimum funds to a second account. In case someone threatens the user to reveal the credentials for the account, then the user can share only the details for the second account so that funds in the primary account will remain safe. This is called multi-passphrase encryption or hidden wallets.

Security

Trezor Wallet (only Trezor One) uses the concept of the Blind matrix so that the users can enter the PIN even on untrustworthy computers. How? On the computer, the keypad will be shown as a 3×3 matrix with dots instead of the actual numbers, which will be shown only on the Trezor device. The number pattern will change every time the user tries to enter the PIN. For example, if ‘3’ is shown in the first row, then it will be shown in a different row when the user enters the PIN for the next time or so. This feature will prevent hackers from stealing the customer’s PIN using keyloggers or other techniques, thereby providing the utmost safety for the customer’s funds.

The Model T makes use of FIDO2 authentication, which offers the only security key with a touchscreen display. This security protocol contains three authentication types, namely:

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

Through the use of FIDO2, the Trezor Model T is considered to be one of the safest cold storage cryptocurrency wallets in the world.

For further protection, Trezor also allows the users to set up multiple passphrases to create multiple wallet accounts and hide them from others. Even if someone steals your recovery seed, passphrases will help to protect your funds from the hackers.

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Recovery Options

Trezor allows the users to recover the wallet in case it is misplaced, stolen or broken, by entering the recovery seed. To do this, follow these instructions:

1. Connect the Trezor device to your computer and simply navigate here.
2. Click on the ‘Recover Wallet’ button.
3. Select the size (12,18 or 24) of your recovery seed.
4. Enter your recovery seed one word at a time. Once you have entered all the words of your seed, your account will be fully recovered.

The recovery seed is also used to reset the PIN code in case it is forgotten. Hence, it is highly recommended to keep your recovery seed in a secure place.

If your recovery seed is lost or stolen there is now a solution, however, you must have the Trezor device which has access through this seed. With the device in hand, follow these steps:

1. Access the affected wallet on your main Trezor device.
2. Create a new wallet with a new recovery seed using your backup Trezor device.
3. Transfer the funds out of the affected wallet into your newly created wallet. If you’re unsure how to do this you can follow the instructions above.
4. Erase the main Trezor device with the accounts from the missing recovery seed.
5. Recover the new wallet on your main Trezor device.
6. Erase the backup device that you used in step 2.