Trezor builds-in cryptocurrency exchange via ShapeShift and Changelly
It's a new option that might suit someone who's keen on both privacy and security.
Trezor Wallet has a new built-in feature. It's called Exchanges, and it's exactly what it sounds like: You can now trade funds directly from your hardware wallet, via the Trezor Wallet site and with the help of ShapeShift and Changelly.
"Starting today, you can seamlessly exchange between different cryptocurrencies without ever needing to leave the Wallet site. The entire exchange process can be initiated and observed directly in the Wallet interface," Trezor said in an announcement.
Step by step
The first two steps are naturally having a Trezor wallet and having some cryptocurrency. After that, according to the Trezor manual, you will need to do the following:
- Go to the Trezor Wallet site. This is essentially a bridge that connects to your hardware wallet, and lets you do more things with it, without all the security hazards usually associated with hot wallets.
- Select the cryptocurrency you want to sell. These are arrayed in the top left corner. Do not select the cryptocurrency you want to buy because that could be really quite unpleasant.
- Select the account containing the funds, and now select the coin you want to buy.
- Now select the account you want to receive the funds to. Do not select an incompatible address (eg, a BCH address to receive BTC) because you will lose your funds if you do. Hence the potential unpleasantness.
- Check to make sure all the details are correct.
- Check them again because you're careful that way.
- With the details entered, click on "continue to exchange," and confirm the move on your Trezor device.
- Choose an exchange and choose a trade. You'll be prompted to confirm on your Trezor hardware wallet before making a transaction.
It'll look a little something like this:
What else to know
Any AML/KYC is the obligation of the exchanges, and any fees involved are being charged by the exchanges rather than the wallet. Customer service will similarly be handled entirely by the exchanges, so on the off chance that anything goes wrong, those are your points of call.
It's worth noting that Trezor will never ask for your details in relation to the use of this feature.
"Trezor Wallet will always operate without KYC, as the Wallet or your Trezor device are not custodial. If the exchange providers decide to enact KYC, registration and verification will be done by them," Trezor says.
Changelly and ShapeShift both might facilitate certain crypto-to-crypto transactions without necessarily asking for ID, so Trezor wallet in conjunction with this new feature might be a solid choice for privacy-conscious users who want the security of a hardware wallet and the convenience of easy exchanging.
Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VET, XLM, BTC and ADA.