In this Trezor Model T review for 2023, we take a deep dive into the popular Trezor Model T hardware wallet. Exploring the wallet’s pros, cons, cryptocurrencies it supports, features, price, and how it compares to others on the market.
Crypto hardware wallets are a great way to keep your crypto assets secure. Instead of worrying about hacks and cyber breaches, which are a risk when crypto keys are stored online, you can keep them offline in a secure hardware wallet.
So, let’s dive into this Trezor Model T Review to help you work out whether the Model T is the right wallet for you.
Trezor Model T Review: How to Set-up a Trezor Model T
Trezor Model T Pros & Cons
What is Trezor?
Trezor is a brand of SatoshiLabs, a crypto and blockchain-based company in the Czech Republic. It’s been around for 9 years now, with a range of consumer products, such as hardware wallets and blockchain-based projects to its name.
Trezor was the first crypto hardware wallet on the market. It started life when the founders of SatoshiLabs, Marek and Pavol, met, and they both wanted to solve the same problem: How to keep private keys safe to avoid the risk of cyber breaches?
In 2012, a prototype of a hardware wallet was ready. It proved it could be done. After raising investment in 2016, SatoshiLabs started designing something that was easy to use for consumers. And in 2018, the first Trezor Model Ts started to go on sale, named after Henry Ford’s Model T car, the world’s first affordable mass-market car, which was introduced to the world in 1908.
Fast forward to 2022, SatoshiLabs has a team of over 95 worldwide, and Trezor hardware wallets are supported or sold in 220 countries and territories.
Trezor promotes itself as “The original cryptocurrency hardware wallet”, a product of SatoshiLabs, a Czech Republic-based company, and “the inventors of Trezor.”
What is a Hardware Wallet?
A hardware wallet solves the problem of storing secure keys and passwords for cryptocurrency accounts online. One of the main risks is how easily they can be hacked, with thousands of customers every year losing control of their crypto wallets to cybercriminals.
Once a cybercriminal gets your secure key(s), they can quickly drain the funds in a wallet. If that happens, there’s very little chance of recovery or reimbursement from the creators of wallets or other online security systems.
Owning a hardware wallet, such as the Trezor Model T puts your private keys out of reach of cybercriminals. It’s known as “cold storage” because your most valuable security details are kept offline in an encrypted wallet that only you can access.
What is the Trezor Model T?
The Trezor Model T is Trezor’s premium — and first — hardware wallet, complete with a password management and recovery suite. Trezor says that using a Model T means that “Securing your digital assets has never been more straightforward.”
When you start using a Trezor Model T, the first thing it will do is create a “recovery seed” This phrase, or set of words, is between 12 and 24 words long. Write it down and store it safely (offline). This recovery seed will restore access if you lost your device or forget the password. If you ever lose or break your device, this recovery seed will restore access to your assets.
Trezor supports thousands of cryptocurrencies, tokens, and other digital assets. You can even manage all of these within the Trezor Suite, cloud-based software for crypto asset management. Trezor Password Suite is a secure and encrypted system for managing all of your crypto-related passwords and security keys.
What’s in the Box?
- Trezor Model T
- Model T magnetic dock
- USB-C cable
- 2x Recovery seed card
- Trezor stickers
- A full-colour touchscreen (Bright colour LCD – 240×240 pixels)
- Password and crypto asset management through the Trezor Suite and Password Suite
- Secure access using a PIN, with the option for a passphrase.
- Device recovery is supported with offline backup.
- Numerous layers of encryption and authentication (2-Factor, FIDO2, SSH, GPG, etc.)
- It comes with a microSD card for secure offline storage
- Shamir Backup (SLIP39) for even greater security
- Premium European-based support is provided (more on that below)
- Thousands of cryptocurrencies and tokens are also supported (more on that below, too)
- Size: 64 mm x 39 mm x 10 mm (2.52 in x 1.54 in x 0.39 in)
- Weight: 22 g (0.77 oz)
- It comes with a USB to connect to a phone or computer
Trezor Model T Supported Cryptocurrencies
The Trezor Model T currently supports 1,816 cryptocurrencies, tokens, and stablecoins. Not as many as some crypto hardware wallets, but nevertheless, an impressive amount.
Naturally, it supports all of the most popular, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Tether (USDT), Ripple (XRP), and many many more. Check out the Trezor Model T full list of supported cryptocurrencies.
When you own a Trezor hardware wallet, such as the Model T, you need a way to manage your crypto and security passwords. You can do this through the Trezor Suite, a desktop-based app (available for Mac, Windows, and Linux devices). Unfortunately, it’s not available for smartphones. Within its many features, you can use it to buy, exchange and spend cryptocurrencies, altcoins, and stablecoins.
How much does a Trezor Model T Cost?
As the Model T is the premium hardware wallet that Trezor sells, you can expect it to cost more than the Model One. It currently retails for €226.80, and with shipping (€10) and VAT, the total for customers in the UK is €238.80.
We will compare how that stacks up against other hardware wallets a little later in this article.
Trezor Model T Discount Code
A quick search for the Trezor Model T discount code shows there are dozens of them floating around the Internet. Trezor also offers discounts on certain online sales days, such as Black Friday and Cyber Monday.
Check out our exclusive deals and promotions for Trezor hardware wallets and accessories.
How does Trezor Compare
With so many hardware wallets around, it’s worth comparing the options to see which offers the best features and value for money. Let’s look at how the Trezor Model T compares against the Trezor One and competitors, such as the Ledger, BitBox02 and Keeve.
Trezor Model T vs. Ledger Nano X
The Trezor Model T came first, with the Ledger Nano X as Ledger’s attempt to get into the same game, especially with the depth of their crypto security expertise.
These hardware wallets are similar in many ways, both with apps/software to make it easy for customers to manage crypto portfolios. The Trezor Model T falls short when you compare the number of cryptocurrencies it supports. As the Ledger Nano X can support over 5,500 cryptocurrencies, the Trezor Model Ts 1,816 doesn’t seem that impressive.
Also, the Ledger Nano X can support over 100 crypto apps and includes Bluetooth. Whereas the Trezor Model T can only be connected to another device with a USB.
When it comes to price, the Trezor Model T is more expensive for customers in the UK, retailing at €238.80 (around £196, at current exchange rates). Shipping costs and taxes vary worldwide, so it’s probably cheaper in Europe but more expensive in the U.S. and other countries. In comparison, the Ledger Nano X retails for £136, so quite a bit cheaper.
Ledger also provides a more basic version of its hardware wallet with their Ledger Nano S.
Trezor Model T vs. Trezor One
Like Ledger, Trezor also has a premium and more affordable version of their hardware wallet. Known as the Trezor One, this doesn’t have all of the bells and whistles. Instead of an LCD touchscreen, it comes with a monochrome display with two buttons, and security access requires a USB connection to a computer or smartphone.
It doesn’t come with every layer of security as the Trezor Model T, and it doesn’t support as many cryptocurrencies (only around 1,000).
Naturally, this does make it cheaper. The Trezor One currently retails for €70.80, with shipping and VAT. UK customers pay €82.80 (around £68, at current exchange rates).
Trezor works hard to support its customers, even if you’ve bought their hardware wallet through an affiliate or partner. They provide customers with a Help Center with separate areas for technical, shipping questions, and FAQs. A user manual and advice from a community of millions of Trezor customers. You can also contact them directly using social media and raising a support ticket.
Customer support is rated as 5-star, so you should expect a quick and helpful response if you encounter any problems.
Trezor takes security seriously. As they are a transparent company, they outline in detail every effort they’ve made to make the Model T and One hardware wallets safe. Numerous layers of encryption and security safeguards are used within the software, hardware, and firmware.
Are Trezor hardware wallets safe?
Yes, as safe as crypto hardware wallets can truly be. Not only that, but they’ve taken a transparent approach as much as possible. Trezor lists every issue users have encountered (and any attempted hacks and cyber breaches) here.
So far, since Trezor launched Model One in 2018, there have been 23 issues encountered. Hardly unusual for hardware or software companies (and Trezor is both), but the transparency on this front is an encouraging sign.
Verdict: Should you buy a Trezor Model T?
If you are looking for a reliable, secure, easy-to-manage, albeit somewhat expensive hardware wallet, then the Trezor Model T is definitely worth considering. It does everything it claims, millions of people use it around the world, and they offer excellent customer support.
Personally, we have had a Trezor Model T for a few years now and love it. Sometimes when typing in our password, you can mistype, but you do have 16 tries. One drawback is the price. We highly recommend getting one if you can afford it and can justify the price.
We hope you found our Trezor Model T review useful; if you already own a Trezor, let us know what you think in the comments below. If you want to purchase a Trezor wallet, make sure you purchase one from the official Trezor store.