Trezor Model T is a second generation cryptocurrency hardware wallet manufactured by Satoshi Labs. The Bitcoin and Altcoin wallets operate using a new firmware called the TREZOR Core, allowing faster development of new features.
In this review, we will be looking at the features of the hardware wallet, the cryptocurrencies it support, and if it is worth buying or not.
If you want to learn how to set-up and install your Trezor Model T, check out our complete Setup Guide here.
Or check out my video review below.
Key Features of the Trezor Model T
- Screen: Bright color LCD – 240×240 pixels;
- Connectivity: USB-C connector for connecting to the computer or mobile phone;
- Mobile support: Android support via the Trezor Manager; and
- External wallet compatibility: supports MyEtherWallet and a few others.
Passwords on the device are individually locked with the Trezor Password Manager using a user’s digital keys. The device can also function as a U2F hardware token, which allows Trezor to utilize the screen and inform a user about any authentication request before they approve it.
Trezor created the standard recovery seeds (BIP32/39/44), which enables users to recover their entire wallet easily with the help of their 12-word recovery seed.
Similar to the Trezor One, the Model T has a passphrase feature so users to generate a new wallet. To access passphrase protected wallets, users will be required to enter your passphrase in addition to your security PIN.
So say a thief demands you to give them access to your device. You can give them your PIN code to access a wallet with fewer funds. Meanwhile the bulk of your crypto assets are stored safely behind passphrase protected wallets.
Can the Trezor be hacked?
Kraken Security Labs announced they devised a new way to hack into Trezor devices within 15 minutes of physically having the device. They did this through voltage glitching using a device and cracking the PIN code using a custom Python script, which will reveal the recovery seed. According to Kraken Security Labs, the attack makes use of inherent flaws within the Trezor’s microcontroller. So it will be difficult for Trezor to fix this vulnerability without redesigning the hardware and putting out a new device.
In reply, Trezor noted that the attack cannot work remotely and if users turn on the passphrase feature on the device. Trezor also reassured users that physical access is only a threat to 6-9% of cryptocurrency users.
Whilst physical access i.e. theft may not be the greatest concern to users, such cases have been reported before and are hugely devastating. And with people posting their lives and daily activities on social media, people can easy mark themselves as a target for thieves. The fact that it only takes 15 minutes of physical access to the device to hack it, and Kraken’s suggestion that the glitching tool could be mass produced for sale at around USD$75 is extremely worrying. For this reason, we have downgraded the security score for Trezor since our last update.
Trezor Model T is designed to handle over a thousand cryptocurrencies including popular ones like Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, Bitcoin Gold, and more. Regular updates enhances features and allows for even more supported cryptocurrencies. One advantage of the Trezor over other wallets is that all currencies are accessible without the need to “install” individual applications – this simplifies the overall use of the device
To check out a comparison list between coins supported by Trezor and Ledger, check out our ultimate list of supported coins table.
Multi-currency support 3/5
3rd party wallet support
3rd party wallets like Exodus Wallet offer Trezor support and allows for access to the hardware wallet inside of Exodus. This means users will be able to choose between different wallet interfaces and enjoy unique features offered only by Exodus, such as direct exchange of currencies.
The device is relatively compact at 2.52in x 1.54in x 0.39in (64mm x 39mm x 10mm) and weighs 0.56 oz (16 grams).
It also has an LCD size of 240 x 240 pixels.
With the LCD screen, users can edit and configure the wallet according to their taste.
The sleek design makes it an upgrade to the previous Model One. Instead of buttons, the device has a touch screen available for ease of use.
However I find the touch screen is still small and can be hard to use. I eventually settled on pressing the screen with my pinky finger.
The device works with a broad range of operating systems. Thus, users won’t have the problem of connecting it with Windows, Linux, MacOS. They also have Chrome extensions available for those who wish to use it. The user interface gives users the option to change the language and view transactions via the touch screen.
Hardware design 5/5
Ease of use 4/5
The device supports Android mobile and laptop devices. There is currently no support for iOS.
Users will need to download the Trezor Manager from the Google Play Store, which enables them to manage the wallet from their mobile phones. The mobile app can be used in sending cryptocurrencies, generating addresses, and viewing the details of a user account.
Is Trezor Model T worth it in 2020?
At the official price of 149 EUR, it is an excellent cryptocurrency hardware wallet.
However, some people may consider the price too high despite its functions and high-security level. It is quite an investment if you are new to cryptocurrencies or only trade cryptocurrencies casually.
The touch screen, its support of over a thousand cryptocurrencies, and its high-security features are some of the reasons that could convince people to purchase this crypto hardware wallet.
Deciding whether or not to purchase the Trezor Model T over other available cryptocurrency hardware wallets has a lot to do with what features you are looking for.
The wallet supports over a thousand cryptocurrencies. Thus, virtually half of the cryptos available in the market can be stored on the device.
Its integration with exchanges such as Bitstamp, Coinmap, and Bitex also makes it a good choice.
However one significant downside is that the device does not support IDEX or Switcheo exchanges. The latest findings from Kraken Security Labs on physical hacks on the device is also extremely concerning.
Security Rating: 3/5
Multi-currency Support: 4/5
Hardware design: 5/5
Ease of Use: 4/5
Final score: 4/5
To buy your Trezor Model T, click here.
Trezor Model T Product Specifications (Technical Specifications)
|Processors||ARM Cortex-M4 processor @ 168 MHz embedded on STM32 F2 microcontroller|
|Compatibility||64-bits desktop computer (Windows 7+, macOS 10.8+, Linux). Compatible with Android smartphones.|
|USB type C|
|Size|| Size: 64mm x 39mm x 10mm|
|Supported Assets||1050+ Supported assets|
Updated on 30th June 2019 : Supported coins list
Updated on 2nd October 2019: Updated information Decentralized Exchange Support
Updated on 10th March 2020: Updated information on physical hacks on the device.