Trezor literally means “vault” in the czech language and was the first ever hardware wallet built to store bitcoin. But later it started supporting Ethereum storage as well.
The USP of Trezor wallet is its security level and the company knows that ultimately security is what really counts. Although all offline wallets are better than online or mobile wallets, Trezor provides additional security features that give it an edge over other hardware wallets.
It offers two-factor authentication, advanced cryptography and a display screen that shows you crucial transaction details before you confirm the transaction.
The Trezor wallet employs multiple security tools to make sure your cryptocurrency remains safe. It is a hardware wallet that stores multiple cryptocurrencies including Bitcoin, Litecoin, Ethereum, Dash and more.
It works as a USB dongle and makes access to cryptocurrency easy even if your computer isn’t secure.
Trezor works on ‘Zero Trust Approach’, meaning that there are multiple layers of security that prevent it from intrusions. Zero Trust literally means it is prepared for the worst case scenario where the wallet can’t trust the computer or the network it is connected to. Moreover, all of their code is open source. This level of transparency is important to build trust with the company.
Using Ether on Trezor
You need to have a web wallet to control the Ether stored in your Trezor wallet. There are many web wallets, but Trezor recommends MyEtherWallet, which can be easily integrated with Trezor. You can read the review of MyEtherWallet further below in this guide.
We mentioned how smart contracts can be effective at protecting your transactions and your crypto funds. So for those who want to work with smart contracts and have that cryptographic protection in their transactions, MyEtherWallet is a great tool that can work in integration with the hardware wallet you use, including Trezor.
Now I know you care most about security. So here are Trezor’s key security features:
1. Security PIN: You can set a pin of your choice to lock the wallet. Whenever you type the incorrect pin, your wait time till you can enter the pin again increases by a power of 2. There is no way to override this wait time.
2. Recovery Seed: The recovery seed is a code, 24-word long, provided to you. You can use this recovery seed if you accidentally lose your wallet or if it gets stolen. Having this code not only increases the security level but also ensures that your crypto funds remain safe in case of any mishaps.
3. Single-purpose device: Since it is a hardware wallet, there are no applications or supporting downloads that go with the hardware to make it vulnerable to security threats. Other wallets that run on smartphones or require internet use are easy targets for hackers.
4. Limited Attack Surface: The hardware wallet doesn’t connect to anything via WiFi or Bluetooth, doesn’t have batteries or cameras for scanning. This isn’t bad news. In fact, the more your wallet is exposed to such things, the more of a security risk there is. When your USB dongle isn’t connected, it is automatically switched off.
How to Load Ethereum on Trezor?
To add ethereum to your Trezor wallet, you need to follow these steps:
- You need to initialize your Trezor wallet first to load Ethereum in it
- Open myetherwallet.com. Select the right currency from the menu on the top-right.
- Since your Trezor is already initialized, the wallet is already setup on the device. Myetherwallet.com is just to access it. You can “view wallet info” and “send ether and tokens” right after.
- Choose “Send Ether & Tokens” and select “Trezor”. Click on “connect to Trezor”.
- Now you will be required to insert your Trezor device. Then, you have to enter your PIN and the passphrase, if you have enabled it.
- Now connect interface will require you to export your public key for Ether account number 1.
- Do this step as it is required to load your accounts and read the balances.
- Select the account/address you want to send ethers from. You can see the balance on the right.
- Enter the amount, address and click on Generate Transaction
- Confirm on Trezor
- Confirm again on MyEtherWallet by clicking on ‘send transaction’
The user interface is simple to use, but there are many security features which may seem complicated at first. You can access the user interface by visiting wallet.trazer.io. The interface works through their Trezor bridge software.
The interface helps you send or receive money in the simplest way possible. You can have as many public addresses as you want. These addresses or accounts can be used to send or receive funds. You can also generate a passphrase to secure your wallet. But remember that the passphrase acts as the ‘25th letter’ of the Recovery Seed, and if you lose it, your funds are gone forever.
Generally we see that either the security or the ‘ease of use’ is lacking on most wallets. But Trezor does a good job at not just balancing both, but excelling at both. Of special notice is the Trezor’s limited USB connection feature. Even when a computer is not secure, you can plug in the device, visit Trezor’s interface at wallet.trazer.io and do any transactions or view your accounts. It is amazing that your funds remain secure even in a potentially dangerous environment.
No service is perfect and neither is Trezor. When you access your crypto funds, you may find that the service is a bit complicated and time consuming. For regular traders, this small drawback may become a real obstacle.
The second drawback is that it is a bit expensive at around hundred dollars. That maybe a lot of money for casual crypto gamers, but for those who are dedicated and want to store large amount of Ether or other cryptocurrencies, Trezor is the best option.
Should You Choose the Trezor Wallet?
If your gaming isn’t going to happen in a car or while travelling, then Trezor is the best wallet you can get. It is hardware, it is secure.
Hell, it even plugs in and works like a charm when your computer isn’t secure. Trezor has been around for a long time and become a trustworthy name in the cryptocurrency world.
Their security infrastructure is unparalleled which is what matters the most. Sure, the price is higher than non-hardware wallets, but then those wallets don’t let you sleep peacefully at night. In short, if you want ultimate protection and can sacrifice mobility, go for Trezor.