LetsExchange Blog

Trezor Model T: A Crypto Wallet We Can Recommend!

Joshua Morris -

Last year, one of the most catastrophic events for the crypto market was the fall of the giant centralized exchange FTX. You undoubtedly know the story, right? The ultimate result was that many people lost their crypto funds deposited in that exchange.

Because of events like the bankruptcy of a centralized exchange, non-custodial exchange services like LetsExchange are much more secure. You don’t fear the fate of the exchange platform since your cryptocurrency is stored in your own wallet.

We often get messages from our users asking for a recommendation for a secure wallet to use with our exchange platform. The answer is complex since there are different types of wallets. However, there is a consensus that hardware wallets offer the highest security level.

Hence, we undertook the task of finding a hardware crypto wallet we can recommend to our customers. And what better place to start our search than among one of our partner’s products? Trezor, a member of the Satoshi Group, is a company that produces crypto wallets. It is one of LetsExchange partners, for which our platform provides processing for the cryptocurrency exchange function in their products.

Trezor released the world’s first cryptocurrency hardware wallet in 2013. Since then, it has unveiled some of the most popular wallets in the market. We chose to take an in-depth look at the Trezor Model T, the company’s flagship product. We summarize our findings in the review below.

Trezor Model T Summary

The Trezor Model T is a wallet allowing “cold” storage of cryptocurrencies. It means the private key that gives access to your crypto funds is stored offline, keeping them out of reach of hackers and cybercriminals. One feature that immediately caught our attention was the color touchscreen. That is a great addition compared to other Trezor wallets. Of course, such an excellent addition comes at a cost, and the Trezor Model T is not exactly inexpensive. But you get what you pay for. Read on and discover all this wallet can offer!

Overview

Pros

  • Large color touchscreen display
  • User-friendly
  • Supports over 1,000 cryptocurrencies
  • Supports web browsing, Desktop OS, and Android
  • Exchange functionality within the wallet to buy and swap cryptocurrencies
  • Private key isolated with PIN and passphrase protection

Cons

  • No support for iOS
  • A limited number of cryptocurrencies can be bought with fiat money
  • No way to recover your crypto assets if you lose the 24-word recovery phrase together with the hardware wallet
  • Pricier than most other hardware wallets

What Is in the Box?

It is always exciting to unpack a new electronic device. Still, we were particularly thrilled by what we found inside the box of our Trezor Model T:

  • A hardware wallet
  • A USB-A to USB-C cable
  • Two cards on which you can write your recovery seed
  • Trezor stickers
  • A magnetic dock

The latter is a practical gadget. You can place the magnetic dock on a wall or any other surface and rest your Trezor Model T. If you are creative, you can store your hardware wallet in a difficult-to-find place, like underneath your desk. This way, you can keep it safer, out of sight of intruders.

The Hardware Wallet

The Trezor Model T is relatively light, and its size is quite convenient. You can easily carry it around in your pocket. The picture below can give you an idea of the size.

The Trezor Model T has a seal on its USB port for security. If you notice that the sticker on the port is not entirely intact, it means your device has probably been compromised (contact the seller immediately!). You can connect the Model T to any computer through the USB-C connection. The wallet also has a slot for a MicroSD card.

Supported Cryptocurrencies

At the time of writing (February 24, 2023), the Trezor Model supported 1,456 digital coins and tokens. These included the most resilient cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and ERC-20 tokens. Notable new additions are Ripple (XRP) and Stellar Lumens (XLM), which were not supported by previous versions. You can see the complete list of supported cryptocurrencies here.

Setting Up the Trezor Model T

Here is where things start getting interesting. Setting up your Trezor Model T is as easy as can be. You need to perform these simple steps:

  • Download and install a piece of software known as the Trezor Bridge.
  • Install the latest firmware.
  • Voilà! Your wallet is ready to be used.

Those familiar with crypto wallets may notice that the step in which you write down your seed phrase is missing. Trezor has decided to make things more convenient and allows skipping that part so you can start using your Model T straight away. If you ignore the above step in the initial setup, a warning will prompt you to back up your seed phrase. But you can later go through the process of writing it down (which you must do only once). However, we recommend you complete this critical step in the initial setup for peace of mind.

The Color Touchscreen

The touchscreen is a great addition to a Trezor wallet. To interact with the Trezor Model One wallet, you use two buttons. The touchscreen makes this interaction much more accessible and agreeable. Most importantly, you do not need to type in your computer during some processes, like setting your PIN code. It is a significant security improvement. To add another security layer, the Model T mixes the keypad occasionally to prevent malicious actors from guessing the numbers you are pressing on your wallet’s touchscreen.

Our Verdict

The Trezor Model T is a great hardware wallet we can unreservedly recommend. Its most prominent feature is the large color touchscreen, which adds another security layer since you do not need to type sensitive data on your computer but on your device. Of course, such a great addition comes at an extra cost. At $219, the Trezor Model T is pricier than other hardware wallets (the Trezor Model One costs $69). However, we found no other downside besides the relatively high price.

One of the most remarkable features of the Model T is the integrated exchange functionality. You can purchase BTC, ETH, and XRP with fiat money directly through the Trezor wallet app. You also can perform crypto-to-crypto swaps within the wallet app. This easy access to cryptocurrencies, ease of setup, and top-notch security make the Trezor Model T an excellent hardware wallet for beginners and advanced users.