Review: Trezor Model T hardware wallet
Keep your crypto safe with one of the most trusted cryptocurrency hardware wallets.
finder.com.au's rating: 3.52 / 5.0
- Great for its large, clear colour touchscreen
- Not so great for its price
The Trezor Model T hardware wallet holds cryptocurrency private keys in "cold" storage where they're safely offline.
To make a transaction, you'll need to plug your Trezor in and it will provide the keys to a "hot" online wallet on a case-by-case basis. Through a hardware wallet, you confirm transactions by physically pushing buttons on the device.
This design protects your cryptocurrency by ensuring keys are always offline and by requiring physical interaction to confirm a transaction. This helps prevent remote theft.
Supported cryptocurrencies. BTC, ETH, XRP, BCH, USDT, LTC, XLM, BNB, ADA, XMR + over 700 more.
What's in the box?
Your Trezor Model T will come with the following:
- A Trezor Model T device
- USB-C cable
- Recovery seed cards (x2)
- Instruction booklet
How to set up a Trezor Model T
You need to set up your Trezor Model T before you can deposit cryptocurrencies into it.
- Open trezor.io/start in your web browser and choose Trezor Model T as your product.
- Follow the prompts through and install Trezor Bridge. It's compatible with Chrome and Firefox.
- Plug your device into your computer.
- Install the system firmware by clicking "install firmware".
- Unplug and re-plug the device in after installation is completed, and then refresh the site to see the welcome message.
- Click on "create new" on the welcome page.
- Click "create a backup in three minutes".
- Write the words down as they appear, swiping the button on the device to show the next one. You must write down the words correctly and in the right order.
- Name your device.
- Assign a PIN.
How to use the Trezor Model T
How to make or receive payments
You will need to use the Trezor hardware wallet with the Trezor Wallet computer program.
These instructions refer to how you use the web wallet after you have plugged your Trezor in. When you need to use the device's touchscreen, you will see prompts on the device.
To load funds onto your wallet:
- Select the relevant cryptocurrency on the wallet interface.
- Click on the "receive" tab.
- Click on "show full address" to show the address on your device, and verify it.
- Copy the receiving address and initiate the transaction from wherever you're sending funds from.
To make a payment from the wallet:
- Select an account and go to the "send" tab.
- Paste the recipient's address and enter the amount.
- Send it.
Built-in exchange support
This means you can trade cryptocurrencies directly through your Trezor using the wallet's site.
You'll need to do the following:
- Go to the Trezor Wallet site.
- Select the cryptocurrency you want to sell, which you will find in the top left corner.
- Select your account with the funds, and then select the coin you want to buy.
- Choose the account where you want to receive the funds.
- Confirm the details of the transaction.
- Click on "continue to exchange," and confirm the move on your Trezor device.
- Choose an exchange (Changelly or ShapeShift) and enter the rest of the details then confirm the transaction. You'll also be prompted to confirm the exchange on your Trezor hardware wallet before the trade goes through.
Where to buy the Trezor Model T in Australia
You can buy the Trezor Model T directly from the provider or from an approved reseller.
Before using an approved reseller, make sure you double-check that it's on the approved reseller list maintained by Trezor.
Never buy a Trezor from anyone except an authorised reseller as confirmed by Trezor itself, and definitely never buy a used or second-hand hardware wallet.
The Trezor Model T costs EUR€149 or EUR€399 for a three pack.
How secure is the Trezor Model T?
Warning: If someone has physical access to your Trezor hardware wallet, they may be able to access your private keys, even without any specialised knowledge or expensive equipment. To secure your Trezor against physical attacks, you need to choose a strong passphrase for it.
If you want a hardware wallet with more security against physical attacks, you may want to compare other options.
Despite the risk of physical attack, Trezor still offers a high level of security by virtue of being a hardware wallet.
- Hardware wallet. This is the device you use to hold your funds safely offline.
- Password protected. Access to your device requires a PIN number as well as other security measures.
- Back-up phrase. In the event of loss or theft of your device, you can use the seed phrase to restore your wallet on a new device.
- Duress passwords. You can set up hidden sub-wallets within the Trezor that you can access using special passwords.
- Unbroken security record. There has never been a confirmed case of the Trezor Model T being hacked or cracked with a practical attack.
- Open source. Trezor's design and firmware is open sourced and has been heavily scrutinised.
What else do I need to know about the Trezor Model T?
Trezor is the Czech word for "vault." The company released one of the world's first cryptocurrency hardware wallets in 2014 and has been at the forefront of the industry since then.
In a nutshell
- Large touchscreen. The Model T is distinguished by its large, clear colour touchscreen, which makes it easy to use.
- Tested security. The Trezor Model T is regarded as one of the most tried and tested hardware wallets in the world.
- Integrated exchange support. You can seamlessly initiate trades through your Trezor.
- Price. At EUR€149, the Trezor Model T is a high-end hardware wallet.
- Limited coin support. Despite supporting about 750 cryptocurrencies, some prominent cryptocurrencies are not yet supported.
Compare the Trezor Model T against other cryptocurrency wallets
Frequently asked questions
Cryptocurrency wallet ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate cryptocurrency hardware wallets by scoring each wallet out of 10 for 3 components: security, functionality and cost. Each component is weighted based on importance, as follows:
- Security: 50%
- Functionality: 40%
- Cost: 10%
These scores are aggregated and visualised as a total score out of 5 stars.