Trezor Model T Review

Trezor Model T Review

Robert McDougall 

January 8, 2024

Cryptocurrency

What is Trezor Model T?

Trezor makes extremely secure hardware wallets and is one of the two big names in crypto cold storage (alongside Ledger). Trezor's first device was the Model One, and they have released an updated, more capable wallet with the Trezor Model T.

The Model T is a compact wallet with a touchscreen for ease of use. It supports nearly 1,500 coins, and is compatible with desktop and Android (mobile) devices.

  • Web Address: www.trezor.io
  • Price: $219
  • Dimensions: 64mm x 39mm x 10mm (2.52in x 1.54in x 0.39in)
  • Weight: 22g (0.77 oz)
  • CryptocurrenciesOver 1,450 total, including BTC, ETH, LTC, ETH, ERC-20 tokens
  • Device compatibility: Windows (v10+), MacOS (v10.11+), Linux, Android 
  • Wallet compatibility: Exodus, MetaMask, Electrum, MyCrypto, MyEtherWallet and more

Our Overall Thoughts on the Trezor Model T

The Trezor Model T is one of the best hardware wallets on the market. It is small enough to carry anywhere, is beginner-friendly, and comes with a touchscreen so you can easily control the device. After testing out the Model T for a few weeks, these are the top 3 features we like, and why we recommend it as a crypto storage solution.

1) Highest levels of security:  When shopping for a crypto wallet, the #1 factor to consider is security. Trezor is the most experienced manufacturer of hard wallets, creating the first Bitcoin wallet in 2014, so you can trust they have everything under control. Trezor doesn't collect any personal data, and private keys are securely generated offline and stored with you offline. All transactions need to be confirmed using your physical device, so you cannot be hacked online. Even if someone gets a hold of your Trezor, they cannot access your funds, since your device is protected by your PIN (up to 50 digits long) or a passphrase.

2) Support for 1,450+ cryptocurrencies:  Store a wide range of crypto assets safely, including popular coins such as BTC, ETH, BNB, USDT, USDC, and ERC-20 tokens. Keep all your crypto in one place on your Model T, so you know it's always safe.

3) Shamir Backup system to prevent loss of funds:  The Model T has a unique system called Shamir Backup (which isn't available on Model One, or Ledger wallets). On other crypto wallets, you rely on your recovery phrase to access your funds if your device is lost or damaged. The issue is that if you lose that recovery phrase, there is no way you can ever regain access. With Shamir Backup, you can opt to divide your recovery phrase into several shares (up to 16), and choose how any shares you need to access your crypto. For example, you could have 5 shares, and require 3 of them to recover your wallet. These 5 shares can be distributed to family members or friends, or kept in various safes, so that there is a lower chance that you lose the recovery seed.

A disadvantage that we found when testing the Trezor Model T, is that it doesn't support Tron network, which means you cannot store TRC20 tokens, such as USDT TRC20. While this may not be an issue for many users, it is something to keep in mind.

Our Personal Experience with the Trezor Model T

Unboxing the Trezor Model T

The Trezor Model T comes in an attractive, slim cardboard box, covered in plastic. Unlike the Trezor Model One, there are no tamper-resistant seals on the box itself. Once you open the plastic, you can slide off the white cardboard sleeve and open the box.

However, you will see that there is a tamper-evident holographic seal across the USB-C connector on the Model T device. Removing the seal destroys the hologram and leaves a hexagon-patterned residue once it is removed. We can be confident that our Model T wallet is secure, as the hologram was intact.

We took a photo of everything that is included in the Model T box, as shown below. There is the wallet itself, a magnetic dock, USB-A to USB-C cable, 2 x recovery seed cards, instruction manual, and four stickers.

Downloading the Trezor Suite Software

To start using the Trezor Model T, you need to download Trezor Suite, which can be found at trezor.io/start. This didn't take long to download, only a few minutes, and then we were ready to get started. This was an extremely simple process, and we quickly moved on to setting up our device.

Setting up our Trezor Model T

First, we needed to plug the wallet into the computer, using the USB-A to USB-C cable included in the box.

There was a quick security check, where we were asked about the device and the packaging, before we could begin setting up the Trezor.

The Trezor Model T does not come with any firmware installed; this ensures that the most current firmware is installed safely, directly from your computer. This took less than a minute to install. 

The next step was to create a recovery seed backup. The Trezor Model T is unique with the Advanced Shamir Backup. What this does is create more than one recovery seed (you decide how many, up to 16), and you choose how many are needed to recover your account.

With the standard backup, the risk is if your single recovery seed is lost, you lose access to your crypto forever. With the Shamir Backup, you can keep the various recovery seeds with trusted people, and even if some are lost, if you have the minimum number required, you can still recover your crypto.

For example, we created three shares of the recovery seed, and determined that two were needed to access the wallet. Therefore if one of them is misplaced, the crypto can still be accessed with the other two.

The recovery seed is 20 words in a particular order. These words are displayed on the Model T's touchscreen, and you must write them down and then keep them stored securely offline. If your Model T device is lost, stolen, or destroyed, you need the recovery seed to access your crypto again, so keep this in a very secure location.

The final step to set up the Model T is to choose which coins you wish to activate. You will be able to activate more later, so don't worry too much at this stage. Simply select which coins you want to transfer now. We selected Bitcoin and Ethereum, which includes all ERC-20 tokens.

You might be a little confused that there are only a handful of coins listed here, even though Trezor advertises that it can hold over 1,450 cryptocurrencies. A lot of these are ERC-20 tokens, such as USDT, which means you can send them to the Ethereum wallet address. We will cover this later in this article.

That is the end of the Trezor Model T setup. We found it very straightforward, there was plenty of guidance along the way, and it only took around 5 minutes for the whole process.

Sending Crypto to Trezor Model T

This is the step that is most important, as you will be using this feature the most, once the initial setup is complete. We found it very straightforward to transfer Bitcoin to the Model T, however if you want to transfer an ERC-20 token, it can be a little confusing. 

We will show you the process in case you get stuck. To add an ERC-20 token, you need to click on Ethereum, and then click the 3 dots, then 'Add token'.

A popup will appear, asking for a token address. This does not mean the wallet address (which will be generated later by Trezor); the token address is a sequence of characters that denotes which ERC-20 token you want to add.

To find this, go to Etherscan, and search for the token you want to find. In our example, we are looking for USDT (Tether). When you reach the page of the ERC-20, you will see the token address (outlined in red in the screenshot below). Copy this address as we will need it when we return to Trezor Suite.

This is where we paste the token address, and then click 'Add token'. We successfully added USDT to our Trezor, so now we can store it securely.

With all ERC-20 tokens, they are stored in the Ethereum wallet. In Trezor Suite, we go to the Ethereum account, and then click the 3 dots, and 'Sign & Verify'.

The screen should look like the one below, and if you hover over the 'eye' icon, you will see the words 'Reveal address' appear. Click on that to show the full Ethereum address. The address will also appear on your Trezor Model T touchscreen, and you need to confirm it is the same as the one on your computer screen. If so, simply copy that wallet address. Then sign into your crypto exchange where your crypto is stored, and click 'Withdraw' to send it to your Trezor. Paste the wallet address there, and ensure you select Ethereum network, so that you are sending it to the correct wallet.

When we made the transfer from our MEXC account to Trezor, it only took about 4 minutes for the USDT to transfer. In our Trezor Suite, we can see the transaction has been completed. 

After storing crypto on the Trezor Model T, simply eject the device and quit the Trezor Suite app. Then you can unplug your wallet and keep it somewhere safe, protected from extreme heat, cold, and water. Be sure to store your recovery seed in a separate secure location.

All in all, we found the entire process from installing Trezor Suite to transferring crypto to the Model T was quite smooth, and took less than 20 minutes. Although there was some confusion with adding ERC-20 tokens to the wallet, if you follow our instructions in this article you will have no issue at all. We recommend the Trezor Model T as a user-friendly crypto wallet with extremely high security.

Key Features of Trezor Model T

The Trezor Model T is one of the best crypto hard wallets currently on the market. Here are what we believe are the top features of this device.

Negatives and Disadvantages of Trezor Model T

While the Trezor Model T is one of the best crypto wallets, it may not be right for everyone. These are some drawbacks to consider before you buy one of these devices.

Advantages of Using Trezor Model T

Supports more than 1,450 cryptocurrencies:  The Trezor Model T is compatible with more than 1,450 cryptocurrencies, which is about 200 more than the Model One. You will find the most popular cryptocurrencies like BTC, LTC, ETH, ADA, and XRP, as well as all ERC-20 tokens, which are on the Ethereum network. If you are looking to add ERC-20 tokens, such as USDT, you just need to go to 'Add Tokens' in your Ethereum account.

Compatible with Windows, MacOS, Linux and Android:  The Trezor Model T connects to your computer (Windows, Mac, and Linux) using a USB-C to USB-A cable, making it extremely convenient. If you use an Android phone, you can also connect to it with a USB-C to USB-C cable, but unfortunately this cable is not included in the box. You will need to purchase your own cable to connect to your Android device.

Small, compact device so you can store and use it easily:  The Trezor Model T is one of the smallest cryptocurrency wallets on the market. This makes it easy to carry with you anywhere you go, and to keep it hidden. See the photo below where we compare the Model T to a AA battery.

Tamper-resistant seal on the wallet so you know it is uncompromised:  The Trezor Model T is shipped with a holographic seal covering the USB port. Once removed, it leaves a honeycomb pattern of residue, and the sticker is destroyed, so you can trust that your device has not been compromised when the seal is intact.

Buy, sell, swap or transfer cryptocurrency easily:  When you connect the Model T to the Trezor Suite app, it is easy to buy and sell crypto straight from your wallet. All you need to do is enter the amount to buy or sell, and then choose a third-party merchant to process the transaction. You can see all the exchange rates, and fees involved for each provider.

Swapping cryptocurrencies, transferring coins, and spending your crypto is all possible from within the app, making the Model T an extremely convenient wallet.

Advanced Shamir Backup - a better way to secure your keys:  The Trezor Model T uses the Shamir Backup system to recover your private keys if you lose access to your wallet. When using this system, you can select the number of 'shares' of the recovery seed, and how many of them are required for recovery. 

For example, you can choose to have 5 shares of the recovery seed (all 5 are unique), and a threshold of 3 to recover the private keys. This means that you can distribute the 5 shares among different trusted people, or simply in different secure locations, and you only need 3 of them to recover your crypto. This ensures that even if someone finds one of the shares, they cannot access your crypto. Moreover, even if you lose 1 or 2 of the shares, you can recover your crypto with the remaining 3 shares.

Excellent security including options for hidden wallets:  The Trezor Model T is a hard wallet designed to store the private keys of your cryptocurrency offline. This provides a secure way to safeguard against potential hacking of your crypto exchange, phone, or computer. With no online access, viruses and keyloggers are powerless to compromise your assets. The only way to access your cryptocurrency is through physical access to the Trezor device or the recovery seed phrase, which should be kept offline and never stored digitally. For added security, you can use a hidden wallet on your Trezor Model T that requires a password to access. Even if an attacker gains access to your recovery seed phrase, they cannot access your hidden wallet without your password

1.54" Color LCD touchscreen - easy to read and use:  The Trezor Model T features a 1.54" color LCD touchscreen that allows for a more intuitive and user-friendly experience when managing your cryptocurrency. The touchscreen provides an easy way to navigate the device's interface, view your balances, and confirm transactions with the convenience and security of physical button confirmation

What We Don't Like About Trezor Model T

Tron network is not supported (cannot store USDT TRC-20):  The Trezor Model T has support for a wide range of coins, including some that are unavailable on the Model One, such as XRP, ADA, XTZ, XMR and EOS. However, it does not support the Tron network, and this is an issue for those who want to store USDT TRC-20 on their Trezor.

Support for Android phones, but not iOS or Windows phone:  While many people like to use their computer to connect to their Trezor Model T, some users only have access to their phone. One downside of the Model T is that it can only connect to Android phones, via USB cable, and there is currently no compatibility with iPhones or Windows phones. If you want a wallet that connects to your iPhone, have a look at the Ledger Nano X.

High price point, at $219:  The Trezor Model T is quite expensive, at $219, which is considerably higher than the price of Ledger's top model, the Nano X, at only $149 (including free shipping).

Trezor Model T vs Trezor Model One

If you are considering a Trezor, you may deciding between the Model T and the Model One. While the Trezor Model T is the objectively better wallet, is it worth the price difference? What are the differences between the Trezor Model One and the newer Model T? We will discuss various aspects of these two wallets so you can make an informed decision.

Screen

The Trezor Model T features a 1.54" 240x240 px color touchscreen LCD, replacing the two buttons from the Model One which had a 128x64 px OLED screen. The larger touchscreen on the Model T is brighter and provides increased usability, as it is easier to read text and confirm wallet addresses. Additionally, entering recovery phrases and PIN codes on the Model T is simpler and eliminates any risk of keyloggers stealing your information through malware. Overall, the touchscreen on the Trezor Model T offers a more convenient and secure user experience compared to the two buttons on the Model One.

Supported Coins

The Model One can store almost 1,300 cryptocurrencies, and the Model T supports more than 1,450. The expanded support includes popular coins like XRP, ADA, XTZ, EOS and XMR that are not compatible with the Model One.  

Features

The Trezor Model T boasts significant hardware upgrades over the Model One, including a USB-C connector, a MicroSD card slot, a faster processor, and a new operating system. The USB-C connector offers improved compatibility with computers and Android devices, addressing the connectivity issues faced by the Model One's Micro USB. Although the MicroSD card on the Model T is not yet fully functional, it can be used to encrypt the PIN and provide additional security against potential threats. Further information on this can be found by clicking here.

Security

Both Model One and Model T are extremely secure crypto cold wallets. However, the Model T has improvements over the Model One. It uses a touchscreen which ensures that no sensitive information has to be entered onto your connected phone or computer. Even if your phone or computer were infected, there is no compromise to your information which is held on the device, making the Trezor Model T the better choice.

As mentioned above, the Model T also uses the Shamir Backup system, which offers safer storage of your recovery seed, and minimizes the chance that you will lose access.

Price

The Model One is very reasonably priced, at only $69 and the Model T costs more than three times as much, at $219. 

Verdict

It is clear that the Model T is the better wallet, with many improvements in security, features, and supported coins. The only consideration you need to make is whether it is worth the higher price. This is up to you to decide, but in our opinion it is worth it. The crypto you are storing is likely to be worth a lot more than $219, and it is worthwhile to protect it the best way you can.

Pros and Cons of Trezor Model T

Pros
  • Over 1,450 coins supported
  • Buy, sell, swap and send cryptocurrency directly from the wallet
  • Extremely secure hardware device with optional hidden wallets
  • Lightweight, small and discreet wallet
  • Shamir Backup system for increased security
Cons
  • More expensive than other cryptocurrency wallets
  • Not compatible with iOS and Windows phones

Verdict

The Trezor Model T is one of the best crypto hard wallets available. With plenty of security features, large touchscreen, support for 1,450+ coins, and compatibility with computers and Android phones, it is no wonder that many crypto investors choose this device. If the price is too high, you can always consider the Trezor Model One, at only $69.

Frequently Asked Questions

Should I buy Trezor Model T?

Yes, the Model T is one of the best and most secure crypto wallets available in 2024. Read our review for a full breakdown of the features of this device.

Is Trezor Model T secure?

Yes, the Trezor Model T is one of the most secure crypto wallets on the market in 2024. You can trust that your crypto is safe at all times when you use this device. See our article for all the security features, including the unique Shamir Backup system.

What is the disadvantage of Trezor?

The main disadvantage of Trezor is that it is not compatible with iPhones. If you are looking for a wallet to connect with your iOS device, you can consider the Ledger Nano X.

What happens if Trezor shuts down?

Even if the company Trezor shuts down, your crypto is completely safe. This is because your crypto is stored on the blockchain and not on your physical device. The device simply gives you keys to access your crypto. If Trezor no longer exists, you can still access your crypto as long as you have your recovery seed. Simply set up a new wallet (for example, a hard wallet like Ledger, or an online wallet like Trust Wallet) using your recovery seed. 

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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