Trezor Wallet Review: Features and How-to-Use Guide

Trezor is a hardware (cold) wallet and it’s the first of its kind developed for Bitcoin. It’s also the pioneer in adding a passphrase feature to the devices. It basically prevents anyone from breaking in and stealing your funds, even when stolen. Such devices are easy to deal with. What is more, Trezor has a wide range of third-party integrations and is considered the safest way of keeping your funds safe. A nice addition is the fast and adequate customer support, a useful advantage.

01.Trezor Wallet Features & Fees

Its hardware nature and the fact, that Trezor hasn’t been hacked since its first day in the crypto world, makes this wallet one of the preferred options on the market since 2014. Furthermore, it is a multi-coin representative, compatible with BTC, ETH, XRP, Dash, ERC-20 tokens and many more. The full list of supported coins is constantly updated and keeps the user informed on a daily basis. Taking the cold storage purpose, Trezor can process exchanging crypto without the need of leaving the wallet’s interface.

Built-In Exchange

This feature is responsible for exchanging crypto for crypto or even for fiat (EUR, USD) money and vice-versa. Many wallets offer such a convenient functionality and Trezor is one of them. With this hardware, you can trade your assets for other cryptos through its third-party integration. The wallet uses such services offered by Changelly and ShapeShift. It makes the actions very convenient for you – no need to leave the wallet site. To make things easier, Trezor allows you to observe the process directly from its interface.

Transaction Fees

I want you to note, that each cryptocurrency network uses fees to run normally. They are not going to the Trezor team. However, the amounts have several levels of priority, because it affects how fast your transactions will be processed. They are low, economy, normal and high. Fees are automatically displayed by the software of the wallet after several checks with the network. Nevertheless, you can still define categories for them. Trezor offers Lower, Typical or Higher, based on the minimum coin blockchain fee. Just remember, whenever the fee is higher, this transaction will be one of the first verified.

Create an Address

The address is an alphanumeric identifier, needed when sending and receiving crypto funds. They can be converted into QR codes as well. In these codes can be added other pieces of data as well. Usually it is the amount of the transaction. Creating an address is automatically generated the moment press “create new” after your wallet is connected, using a USB cable. Trezor allows you to have up to 10 accounts per currency per wallet.

Send and Receive Assets

Send and receive operations are made easy with Trezor wallet, thanks to the scannable QR code. You can do that via cameras (on phones, tablets and so on) or leave the wallet do it for you. You can generate numerous addresses for these actions. There is only one condition though, the previous one must have been used either for sending or receiving. Then creating new keys is enabled.

Select an account and press “receive” when others are sending assets to you. To gain full ownership of the amount though, verify the receiving address on the Trezor device. To do that, click on “Show full address”. Then just copy and share it.

Specific Functions

One very useful feature is the option to safely keep multiple accounts access data, no matter BTC, ETH, XRP or other currency related. What is more, Trezor allows you to track and check full balance information. For those of you keen on privacy and want the transactions to be as private as possible, own more accounts. This wallet offers choices here as well. There are personal, private purchases account and business. Nevertheless, another function makes this representative useful – the possibility of changing your recovery seed. For that, you need to have the recovery card. Otherwise is not possible.

Possible Issues and How to Avoid Them

Trezor has several aspects that require your attention. Let’s say you have lost your wallet device. The safest and most convenient way of recovering is by getting new Trezor and use the seed on it. This phrase can be either available or not. I have mentioned what you should do with the phrase, but in case it is not available, the access to your accounts is lost. Things are a bit different when you have forgotten your PIN. Then just reset it with wiping the device and follow the instructions. In cases of lost passphrase or seed, your assets will remain unreachable. Make sure you never update your Trezor device’s firmware without your recovery seed.

Trezor on Social Media

Trezor’s creators have always been community oriented and driven company. The number of its fans is rising every month. Independent crypto security experts endorse the project. To become part of this flourishing community, check the social media links below: