Cyber threats and the increasing use of digital assets as a means to steal money are making security a priority in the cryptocurrency world. Even as we are writing this article, the news of the Poloniex Hack of $100 million has just been released, once again reminding us of the importance of taking care of your own assets!
It is now more important than ever to find a solution for safeguarding your cryptocurrencies. This will help you avoid instances such as the $4 billion in hacks that occurred in 2022.
Between hardware, desktop and mobile wallets, there's no shortage of digital wallets to protect your precious crypto. Hardware wallets are regarded as the most secure. These physical devices were designed for the sole purpose of safeguarding private key and ensuring secure storage of cryptocurrency. On the subject of safe storage, you should check out our Crypto Safety Guide, which covers some of the best ways to protect your digital assets.
Trezor, one of the most trusted wallet manufacturers in crypto and pioneers of the hardware wallet industry since all the way back in 2013, has unleashed its latest wallet — the Trezor Safe 3.
Trezor makes some of the strongest security devices on the market. Trezor has two other great hardware wallets – the Trezor One as well as their flagship TrezorSafe 5.
This Trezor safe 3 review will cover its features and security measures, as well as the supported assets.
Trezor Safe 3 Review Summary:
Trezor Safe is Trezor’s latest self-custodial hardware wallet. Trezor was a pioneer on the crypto hardware market. It supports more than 8,000 coins and tokens. Privacy-minded users will also be pleased to learn that it supports CoinJoin, the Tor browser and over 8,000 other coins and tokens.
Trezor safe 3 has the following features:
- Secure Element protection
- Bitcoin is the only version available
- Coinjoin support
- Shamir back compatible
What is Trezor Safe 3?
Before we dive into that, let's first explore the Trezor company itself.
Trezor, along with Ledger (of Nano S Plus fame and Nano X), is one of two major crypto hardware wallets. Trezor has been a trailblazer on the hardware wallet front since launching its Model One hardware wallet in 2014, which was the first ever hardware wallet. SatoshiLabs in Prague, founded in 2013, owns Trezor.
The Trezor Safe 3 is the company's latest self-custodial hardware wallet. From a price perspective, it sits between Trezor's two other offerings. However, it has something the other two don't — a dedicated security chip, which we'll explore in detail later. In addition, the Safe 3 doesn't have a touchscreen like the more pricey Safe 5 with Trezor instead opting for a monochromatic display with physical buttons to navigate menus and confirm transactions.
The Trezor Safe 3 is the same as the Safe 5, but without the touchscreen. It was much easier to click the right buttons on the smaller screen.
Let's give the Trezor team a quick shout-out here as well for their no-frills, non-fancy, minimal plastic packaging as seen above. The packaging consisted primarily of recyclable cardboard. Cool! Good for crypto and the environment. 😎
Trezor promotes Safe 3 as an intuitive wallet that is suitable for beginners. Setup of your wallet, management of your assets and access to your accounts is fairly painless. The Trezor Safe 3 comes in tamper-proof packaging so you can know if your device has been compromised or whether it's safe to use. The code remains open source.
The Safe 3 wallet comes in five colours — Cosmic Black, Stellar Silver, Solar Gold and Galactic Rose.
Trezor Safe 3: Features
Trezor Safe 3 has a lot of features. Let's explore!
Secure Element
Trezor markets its Secure Element as the most impressive feature of this wallet.
Hardware wallets have been deemed the safest way to store crypto. Unciphered, a cybersecurity firm, exploited a vulnerability in the Trezor Model T, allowing it to be physically hacked. “unpatchable hardware vulnerability with the STM32 chip.” Before that, other people figured out how to hack the Trezor One by using an advanced Glitching method
There are many fears that people have about the future. “Trezor Hacks” are quite overblown, with smear campaigns largely fuelled by Ledger, Trezor's competitor. You may have seen headlines stating that Trezor devices are hackable.
No remote hacks of Trezor devices have ever been successful without user error, like revealing their seed phrase on the internet. The older Trezor generations can be hacked If You Want To Know More About IF A Hacker The following is a list of the most popular ways to contact us Physical Hold Your device is set up like this.
Many Trezor users weren’t overly worried about the slim possibility that someone with the advanced setup and knowledge needed to use a glitching Hack would break into their homes, find the hidden Trezor Device and steal their money.
It is still a risk, and it’s a possibility. So it’s great to see Trezor reducing the likelihood of an attack vector using the new chip in the Trezor Safe 3!
The Secure Element is EAL6+-certified, which is higher than certification obtained in previous Trezor model. It performs two tasks.
- This wallet enhances physical security by adding an additional layer of protection to the PIN-protection mechanism.
- It is important for the verification of the authenticity of the device.
The Secure Element that is used in the Trezor Safe 3 (V3) is the OPTIGATM trust M (V3). It protects your secret (without having to learn it) and releases the PIN. They protect your recovery seed which is encrypted with both the Trezor Safe general-purpose chip and the secret on the Secure Element.
Bitcoin Only Edition
Don't care about altcoins? This one's for you.
The Safe 3's Bitcoin-only version comes with Bitcoin-only firmware and is available in a colour Trezor is calling “Bitcoin orange.” Only 2,013 units of this limited edition device will be manufactured. Recall that Trezor was created by SatoshiLabs in 2013.
Like the standard Safe 3 model the Bitcoin-only version comes with Secure Element and CoinJoin Support, as well as Shamir backup. For every Bitcoin-edition Safe 3 sold, Trezor will allocate €21 to support its Bitcoin education initiative in Africa.
CoinJoin Support
Transparency has been a major selling point for blockchain technology. This means that your transactions are pseudonymous rather than hidden by an invisibility mask. Enter CoinJoin.
CoinJoin enhances the privacy of Bitcoin transactions. CoinJoin can hide the origin and the destination of funds when two parties carry out a Bitcoin transaction. To get started, you need to follow a few simple steps.
- Add a CoinJoin dedicated account to Trezor suite
- Send Bitcoins to your CoinJoin Account
- Click ‘Start’ to begin the process
- Confirm your action using the Trezor Device and Trezor suite software
- CoinJoin requires that you leave your Trezor connected.
Your Trezor device may ask you for several confirmations to ensure that the privacy and security of the participants is maintained.
Shamir Backup
In crypto hardware wallets the recovery seed can be the key to unlocking your digital assets. If you lose it, your crypto will be lost forever.
The optional Shamir backup allows you to create multiple recovery shares that are unique to back up your private keys. You specify the number of recovery shares (also known as thresholds) required to restore your wallet. In a 2-of-3 Shamir Backup scheme, for example, you can create three unique recovery shares. Any two of them can be combined in order to recover your wallet. The remaining shares will keep your wallet safe and secure if you lose or steal one of the shares.
Shamir backup is composed of a few simple steps:
- Generate: Determine the number of shares you will need to recover.
- Distribute: Share them with trusted friends or in a secure location.
Shamir can generate up to 16 recovery share sequences in 20 or 33 word words.
- The single recovery seed consists of 12, 18 or 24 words.
- Shamir uses different words from the BIP39 recovery seeds. For example, some of those used in Shamir’s backup recovery shares will not be used when creating single seed backups.
Trezor Keep Metal
Trezor launched Keep Metal Shamir Backup along with Keep Metal 12 word recovery seed. These products are designed to secure and store information.
Feeling a little overwhelmed? Don't worry, the new products come with instructions on how to use them. As our resident superstar Guy says, these products are waterproof and fire-proof. “drop-it-out-of-the-window proof.”
Pre-ordering the Shamir Backup costs $249, and you can get your recovery seed for $99. These are optional. The Trezor 3 also comes with paper recovery cards if you prefer this method.
How much does Trezor Secure 3 cost?
The Trezor Safe 3 sells for $79 which is between the Trezor Safe 5 ($169) and the Trezor Model One ($49). Bitcoin enthusiasts may have to wait longer, as the Bitcoin edition is currently unavailable.
Please remember to order hardware wallets direct from the manufacturer. If you order it through a third party, there's a chance that it could have been tampered with. All Trezor devices include security tape, which helps to prevent devices from being accessed or tampered. This is a red flag if you receive a wallet that does not have this security tape:
Trezor offers bundles that combine the hardware wallets with other products like screen protectors and lanyards. However, the website currently doesn't list any such bundle for the Safe 3.
👉 Trezor – Secure your Cryptocurrency Today!
Trezor Models Compared
There is no difference in asset support between the three models. You can however check the Trezor-Supported Assets page to see if there are any assets that are not supported on the Trezor One but are supported on the Safe 5 or Safe 3.
Trezor devices must be used with the Trezor suite software. This is a program that runs on your computer and initiates cryptocurrency transactions while the Trezor device remains plugged in. Trezor devices stay offline even when connected. This is because the security components never come in contact with internet connectivity. Hardware wallets work with computers infected with malware and viruses, so they are the perfect choice for digital asset protection.
The setup process for all three devices is also very similar, check out Guy's unboxing and setup Trezor video guide for a look at how simple these devices are to get started with.
Trezor is the device of choice for users who are concerned about security and prefer open-source software. This became more pronounced after people were outraged as they learned about Ledger's “back door” Access will be available earlier than 2023. This has led to thousands of Ledger device users switching over to alternatives.
The security chip is what makes the devices different. Each device is PIN and Passphrase-protected and can be used for enhanced security and anonymous use with CoinJoin or Tor.
We believe that the Trezor Safe 3 is the best choice for the majority of users. Trezor Safe 5 has a touchscreen. But is it worth the extra money? Safe 3 offers a better chip for only $20 more.
Trezor Safe 3 Supported Assets
Trezor's latest wallet supports over 8,000 coins and tokens, including Bitcoin, Ethereum, Cardano, Ripple, BNB and all ERC-20 tokens. Safe 3 has added support for Solana, and all SPL Tokens. Some notable networks are not supported, such as Cosmos or Avalanche. It would be wonderful to see more channels supported soon.
Safe 3 can be used in conjunction with a number of software wallets such as MetaMask (MyCrypto), Ronin (MyEtherWallet), MyCrypto (MyCrypto), MyEtherWallet & more.
Trezor Secure 3 Review: Closing Thoughts
Trezor is a leader in the hardware-wallet market, having been founded in 2013. Safe 3 follows in this tradition. The Trezor Safe 3 combines security with functionality and an attractive design.
The Secure Element is a dedicated security component exclusive to Trezor Safe 3. It adds a layer of protection for the PIN system, improving both the physical security and authenticity verification of the wallet. The limited-edition Bitcoin version of the Safe 3 is a customized experience for those who are focused on Bitcoin. It comes with Bitcoin-only software and a unique look. "Bitcoin orange" colour.
No matter where you are on your crypto journey, Trezor Safe 3 is a solution that seamlessly combines cutting-edge tech with a user-centric design.
FAQs
What is the Trezor Safe 3, and how does it differ from other Trezor hardware Wallets?
The Trezor Safe 3 features a dedicated security microchip, OPTIGATM trust M (V3). It provides enhanced protection to the PIN mechanism, and guarantees the device’s authenticity.
Secure Element: What is it and how does this enhance security?
The Secure Element exclusive to Trezor Safe 3 strengthens the PIN-protection mechanism and is crucial in confirming the authenticity of the device. The Secure Element protects the recovery seed in conjunction with a general-purpose chip. This adds an extra layer of security.
What is CoinJoin? How does it improve privacy when making transactions?
CoinJoin, a Bitcoin transaction privacy feature, enhances anonymity. By combining the transactions of multiple parties, users can hide the source and destination of funds. Trezor Safe 3’s coinjoin feature allows users to conduct transactions in a more confidential manner.
Is Trezor Good?
Trezor wallets are some of the most trusted and respected hardware wallets available. Trezor’s open-source and secure design makes it a secure option for managing crypto.
