hardware wallets – Forex Academy

“Information stored online can be copied and stolen,” that’s Trezor’s unique selling point.

Trezor is a hardware wallet – a car-key-sized device that you can use to store, send, and receive most of the major cryptocurrencies. If you’ve not used a hardware wallet before, you might be wondering how you are supposed to view your balances and even transact on such a mini dongle. Stick around to the end as we discuss this and much more.

For starters, a hardware wallet is a physical device that stores private keys used for signing cryptocurrency transactions. Contrary to potential misconception, it does not store the actual funds, just the keys.

Trezor claims superior security and comes in a variety of flavors with different descriptive code names. For example, you will hear Trezor Model T, Trezor One Metallic, Trezor Ultimate Pack, and so on. Trezor Model T is the flagship wallet that was released by SatoshiLabs, the makers of this wallet.

This review is all about Trezor. We will look at how to acquire one and get it up and running. We will also look at its security, ease of use, customer support, and other aspects that constitute a balanced cryptocurrency wallet evaluation. Stay tuned!

Key Features

Hardware wallet – You use a dedicated physical device for storing your private keys.
Multi-currency support – Trezor supports most of the major currencies.
Excellent customer support – The product is supported round the clock by a team of specialists.
U2F (universal second factor) account reinforcement – This feature works just like two-factor authentication, only that the second factor, in this case, is a hardware device you possess. Trezor’s U2F kicks in when authorizing transactions. This ensures that you never authorize an unknown transaction request.
Good reputation – Getting yourself a hardware wallet from a reputable vendor is critical. Imagine buying a cheap device only to find that it slowly siphons your coins to a secret address. Trezor’s reputation among its users will let you rest assured that your money is safe and will always be.

Security Features

Trezor is a hardware wallet, and for this, it boasts of unmatched security. Hardware wallets protect your funds with far greater security than their software counterparts, and it’s easy to understand why – when using these gadgets, your private keys and their associated data never have to see the internet. It’s technically impossible for cryptocurrency hackers to lay their hands on your private keys.

“But software cold wallets do the same,” some will argue. Well, if you are operating a hot wallet and your computer is compromised by malware, you might be fast running out of luck. But with a hardware wallet like Trezor, crypto-malware stands no chance.

However, like any other hardware wallet, it is important to take note of the following potential risks:

Hardware wallets are usually the target of high-value heists. It is believed that owners of these premium facilities need them because they have too much to store in ordinary software wallets. With more perceived value comes greater risks.
Possible product tampering during shipping – Since you are unlikely to fetch the gadget from the manufacturer, the risk that someone along the fulfillment line will alter the device lingers. That goes without saying that you should not purchase a used Trezor wallet, or would you?

Acquiring and Setting up the Wallet

The first step in setting up Trezor is purchasing one, of course! The Model T goes for €149 on trezor.io, its official store. You can also find it on Amazon, thecryptomerchant.com, and probably a few other online shops. Weigh your options then decide.

Your order has arrived, and you can’t wait to set up your literally shiny new wallet. Follow this quick guide:

Unbox the product. You should see the dongle, a USB cable, and two sheets for storing your recovery seeds (this is what you will need to recover your account if you ever lose your Trezor).
Connect one end of the USB cable to Trezor and the other to your computer.
Once plugged in, the device’s display turns on, and it will ask you to visit trezor.io/start.
Visit the web link above. The page has simple instructions on configuring the device. One of the key tasks at this stage is updating the firmware. Click on the “done” button on the page and the “continue” button on the device. Wait for the update to finish, then remove the device and plug it back in. Meanwhile, don’t close the webpage.
You will see a “Welcome to TREZOR” message on the web page and an input box for configuring your device’s name. Add a name and save.
The next step is setting up your PIN. You will do this on the web page as well. However, the keypad on the web page is a little weird – it is a matrix of dots instead of numbers! The actual keys will be on your Trezor’s mini display. Please note that the keys are not arranged sequentially as you would find on a traditional keypad, and their arrangement changes every time you open it. To set the PIN, tap the dots on the web page – they correspond to the keys on the Trezor display.
Confirm your PIN. Note that the keypad arrangement has already changed!
Next, you need to set up your recovery seed – very important. This mysterious recovery tool is a set of 24 words that Trezor will display, one at a time and in a specific order. You need to write them down in the order they are presented. There were two sheets of paper in the original box, which are to be used for this purpose. Now, after writing down the words on the first sheet and duplicating, then on the second, you need to store the papers in different locations – that’s how disaster recovery works, different locations.

Just like that, Trezor is set up, and you’re ready to transact. So, let’s see if that too is easy.

Sending Funds

As you might be aware by now, you will be operating your Trezor mostly from your computer. To send funds,

Go to trezor.io and click on the Wallet menu. It will ask you to plug in to continue. So, plug in your Trezor.
Enter your PIN on the keypad on the web page.
Confirm login on your Trezor.
Once you log in successfully, you will see your dashboard with a summary of your transactions.
Since Trezor supports different currencies, there’s an option to select which coins you want to send. The option for changing the currency is at the top right corner of the dashboard. Select the appropriate currency and click on the Send menu.
Provide the recipient’s address and amount to send in the screen that appears next.
Select the network fee. Typically, higher fees result in faster transaction completion. However, the network fee and amount of time it takes to complete a transaction depend on the coin you are sending.
Confirm the transaction on your device.

Receiving Funds

Go to trezor.io and log in as above.
Change to the appropriate currency if necessary and click on the Receive menu. Your deposit address will be generated. Right-click to copy the address and share it with the sender.

NB: Trezor provides immunity against address swapping (which may occur if you have crypto malware on your computer) by allowing you to confirm the address on its mini display.

Supported Currencies

You can deposit it send the following coins using Trezor:

Bitcoin
Bitcoin Cash
Litecoin
Dash
Zcash
Bitcoin Gold
Ethereum
Ethereum Classic

Customer Care

SatoshiLabs’ customer service is pretty much reliable. You can raise support issues through the contact form on the website, and they will contact you back.

Pros

Highly secure
Easy to set up and use
Reliable customer service

Cons

The initial cost is high considering software wallets are free

Final Thoughts

Trezor is undoubtedly an outstanding hardware wallet. It looks good. It’s secure, it’s easy to use and is supported by reliable customer care. These benefits come at a cost – Trezor Model T is €149 more expensive than it’s free software counterparts. Nevertheless, you can bet that this small investment will be worth every cent in the long run.

With a price tag of over $1,000 in its Gold model, Corazon is the world’s most expensive hardware wallet. It is because it is built in partnership with Singaporean luxury accessory and Trezor-creator SatoshiLabs. As you may have guessed, Corazon’s functionally is just as the Trezor Model T. It features premium features such as a titanium casing and plenty of top-notch security features. What’s more, while the design of the Trezor Model Ts can be relatively easy to copy, Corazon’s titanium case is almost impossible to imitate.

But besides its highly secure and fantastic design, how does it compare to other cryptocurrency hardware wallets in the market? What are some of the top features? Read on for an insight into everything you need to know about it in this review. However, before we go into details, let’s first take a peek into some of its top features.

Corazon Key Features

OS compatibility: Corazon is compatible with almost any kind of operating system, including Windows, Android, iOS, macOS, and Linux.

Hierarchical deterministic: It is another way of saying that the wallet can be backed up with seed phrases. They are a series of unique passwords that are mainly aimed at helping users retrieve their funds in case the device is lost or stolen.

User-friendly: The device integrates an easy-to-use interface that is ideal for both beginners and experts.

Open source: Corazon is open-source, which also means that it is available for anyone to use or suggest changes, which makes it the safest and easy to trust cryptocurrency hardware wallet.

Multi-currency: The device supports over 700 cryptocurrencies. These include but aren’t limited to Ethereum, Bitcoin, Litecoin, Monero, ZCash, Cardano, Ripple’s XRP, Tether, Tezos, and all ERC-20 tokens.

Titanium case: Corazon is housed in an aerospace-grade titanium case assembled by GRAY® and CNC machine.

Password protected: In order to access the device, users are required to use a PIN to be granted access.

Duress passwords: Corazon hardware wallet is specially designed with a unique feature that allows users to set up hidden sub-wallets that can be accessed using one-time passwords.

Corazon Security

Designed the manufacturers of Trezor, Corazon integrates one of the best security features in the crypto world. The wallet has an unbroken security record. Just like Trezor, Corazon has no confirmed cases of hacks or any practical attack. It integrates several unique security features such as a titanium casing that is more durable than Trezor’s. Among other security features include hierarchical deterministic settings that allow users to back up their seed phrases.

These phrases can be used to retrieve funds in the event users forget or lose their passwords. Additionally, Corazon provides its customers with a duress password that can be used to open hidden sub-wallets. All you have to do is activate the feature during set up. The device is also open-sourced, which means that it is made available to everyone, and users can suggest changes, which also contributes to making it one of the safest crypto wallets in the market.

Unboxing the Crypto Device

As the world’s most expensive cryptocurrency hardware, Corazon’s packaging is premium. First off, the box is sealed with two tamper-proof features that are “government-issued” and is quite clean. The device is also sleek and minimalistic. It has a unique titanium-case design, which carries over to the box’s contents. Under the foam piece are crypto-related documentation and a recovery seed card used to record the back up to their private keys.

Under that is a relatively long USBC-to-USB cord. Notably, the codes seemingly look a lot better than the majority of Amazon’s. Overall, the company has ensured it has lived up to its long reputation is building stellar aesthetics and high-end product designs. The device’s physicality is, without a doubt, phenomenal. Besides the material used in its design, it has a subtle finish, brushed texture, and a lovely space grey color.

Set up and Configuration

Setting up the device is quite simple. All you are required to do is follow the prompts. Below is a detailed guide on how to go about it:

Step 1: Visit trezor.io

Type trezor.io in your browser and select the Trezor Model T product

Step 2: Install Trezor Bridge and follow the prompts

Here, you will be required to follow the prompts on your browser to install Trezor Bridge.

Step 3: Install the system firmware

Plugin the device into your computer and install the firmware. After doing so, unplug the Corazon device and re-plug it in after installation. Refresh the site, and you will see a welcome message.

Step 4: Create a new account

After the welcome message, you will either be prompted to create a new account or back up your account. In this case, let us choose to create a new account.

Step 5: Create your backup

Immediately after creating your new account, you will be prompted to create a backup. It is imperative to ensure you have the backup to be assured safety if you lose your wallet.

Step 6: Write down the backup

Here, you are required to write down the backup phrase as they appear on the app. You can use the swipe button to bring up the next. Ensure you right down the right words to avoid inconveniences in the future.

Step 7: Name your device

The best thing about Corazon is that it provides you with the ability to name the device. You can comfortably brand the device with your name or nicknames.

Step 8: Assign PIN

Here, you will be required to set a PIN that will suit you best. You can use it to access the device whenever you see fit.

How to Use The Device

Here is an insight into how to use the Corazon device:

Start by selecting the cryptocurrency you want to send or receive.
Press “receive” or “send” on the tab on your wallet.
Choose “show full address” to reveal the receiving address when sending funds.
To make a payment, go to send payment and select “send.”
Paste the recipient’s address and input the amount you want to send
You can go ahead and send your desired amount.

Customer Support

Besides the fact that it is one of the most beautifully designed crypto hardware wallets in the market, Corazon offers exceptional customer care support. It integrates a dedicated team of crypto enthusiasts that are mainly aimed at ensuring users get the best out of the platform. You can either contact them via email or live chat 24/7.

Further, their support team also helps their users to verify messages and use their private keys to connect to either their Mycrocrpto or Mytherwallet as their Ethereum network signatory. They also help users exchange currencies directly with the Trezor app. All you need is to contact them via live chat, and you will be guided on the process.

Notably, among some of the partnered crypto exchange companies include Change Now and Changelly. All you need to do is ensure your quoted Bitcoin cash network fee is less than $0.01, and you will be good to go.

How Does Corazon Compare to Other Wallets?

The best and most obvious comparison is Trezor. The device is capable of providing users with the most secure way of keeping your cryptocurrency safe from any online attack. However, that does not mean that Corazon does not integrate all the above features. It goes further and beyond to offer fantastic design and a titanium casing that ensures users are provided with the highest form of security.

Pros and Cons of Corazon Hardware Wallet

Pros

Features a touch-screen LCD
Has a premium built quality
Multi-currency
Titanium sealed
It has a beautiful design
Hierarchy deterministic feature
Military-grade security

Cons

Has a high price tag

Final Verdict: Is Titanium Trezor Corazon Worth Your Money?

Based on the above review, there is no doubt that Corazon has proven to be quite an expensive device for anyone looking to invest in a crypto wallet hardware for the first time.

If you are looking for a premium crypto hardware wallet that is capable of guaranteeing top-notch security, you should try out Corazon. Having been manufactured by the Trezor’s team, there is no doubt that you will get the highest protection for your funds. The majority have tried it out and experienced exceptional results, why don’t you try it out and experience it yourself.