Securing cryptocurrency has never been more important, especially with the rise of hacks and security incidents. One of the best ways to store cryptocurrencies is to use a cold hardware wallet, which is exactly what the Trezor Safe 5 is. In this review, we cover all there is to know about the Safe 5.
Features Overview & Unboxing
The Trezor Safe 5 is a cold hardware wallet marketed as the successor to the Model T. Its features include a 1.54-inch colored touchscreen safeguarded by a Secure Element EAL6+ chip, a microSD card slot, and the ability to store over 7,000 different cryptocurrencies.
Moving to the unboxing, the box contains the Trezor Safe 5 wallet, a USB-C to USB-C cable, 2x 20-word wallet backup cards, Trezor stickers, and a start-up guide. The box itself has been thoughtfully designed, with prompts printed on the packaging to guide you through the setup process.
Design & Build Quality: Sleek & Stylish
The Trezor Safe 5 inherits a similar form factor from its predecessors, but the similarities stop there. Up front, it packs a 1.54-inch colored touchscreen protected by scratch-resistant Gorilla Glass 3 (the same type of glass found on most smartphones). It also utilizes haptic feedback to improve the user experience and make it feel more like using a smartphone.
The new display and haptic feedback make it user-friendly. Users no longer need to navigate with two physical buttons. Instead, the touchscreen is large enough to easily key in PINs or read and approve transactions. Using the touchscreen was a breeze and felt comparable to typing on a smartphone.
Meanwhile, the exterior is built from PC-ABS plastic, with an anodized aluminum backplate. Coupled with the new display, the Safe 5 looks sleek, stylish, and premium.
My only gripe with the Safe 5's design is the ‘VOID’ sticker imprint left on the device once the tamper-proof sticker is removed. While this is a safety feature to ensure the device isn’t tampered with before it reaches customers, unfortunately, it does ruin the sleek look.
Security: EAL 6+ & Tamper Proof
The Trezor Safe 5 uses NDA-free EAL 6+ Secure Element for protection. This means that Trezor signed an NDA-free agreement with the chip manufacturer, allowing them to maintain transparency and update their users on any issues that arise with the hardware. In addition, Trezor only uses public, open-source code designs, so users can verify the integrity of any wallets created by the company.
Meanwhile, the EAL 6+ Secure Element refers to a specific type of security chip that has achieved Common Criteria Evaluation Assurance Level (CC EAL) 6+ certification. It is part of an internationally recognized standard for evaluating the security of IT products and systems. Such chips are commonly used to guard data in cards and passports by preventing brute-force attacks.
As an additional security measure, the Safe 5 allows users to encrypt the PIN with a microSD card. With this feature, a randomly generated secret is stored on the microSD card, which must also be inserted into the device to unlock the hardware wallet.
20-word wallet backup
Trezor has implemented a new 20-word wallet backup standard (SLIP-39) for its latest wallets. The words in the recovery phrase are optimized for entry on a Trezor keyboard and allow for a seamless upgrade to Multi-share Backup in the Trezor Suite. However, it is still possible to use the previous BIP-39 standard where you can choose either a 12-word or 24-word backup.
Assets Supported: Vast but lacks Solana
With the ability to launch coins at the tip of everyone’s finger, the market is flooded with thousands of new coins daily. Trezor mentioned that the Safe 5 is able to support over 7,000 assets, from blockchains such as Bitcoin, Ethereum (including ERC-20 tokens), Cardano, Ripple, Dogecoin, Solana, and more.
While users should have no issue interacting with the vast majority of tokens from various networks via Trezor Suite, SPL tokens on Solana aren’t yet supported. To access SPL Tokens, users will need to connect to NuFi, a third-party Web3 wallet. Popular Solana SPL wallets, such as Phantom and Solflare, aren’t supported at the time of writing. With that being said, it is perfectly fine to send any SPL Tokens to the Safe 5, but they will not be visible on the Trezor Suite.
Trezor Suite
The Trezor Suite allows users to manage their digital assets by buying, selling, sending, and receiving tokens.
Whether you own the latest Trezor Safe 5 or the Model One, you will have access to the same Trezor Suite. The interface is clean and easy to navigate. Simply plug in your Trezor device, key in your PIN, and you will have access to your assets.
Adding Accounts
Adding various networks or new addresses is pretty straightforward. Simply select the “+” icon, which will show the various network options. Choose which coin to activate, and it will be set up.
However, if you would like to add a new address, the current address needs to hold a balance before a new one can be created.
Performing Transactions
Performing transactions through the Trezor Suite is rather simple. Simply click on the Account you would like to use, followed by the “Send” or “Receive” icons. If you’re sending crypto, key-in an address, followed by “Review & Send”. You will then be prompted to check and confirm the transaction on your Trezor device.
As for receiving crypto, click on “Show full address” and check if the address matches the one shown on the Trezor wallet. If it does, tap to confirm, and you’ll be allowed to copy the address.
ETH Staking Now Supported
Ethereum (ETH) staking is now supported through the Trezor Suite. Trezor has partnered with Everstake, a staking provider, to offer this service. While it’s convenient to do it directly from the Suite, a 10% fee on rewards is charged for this service. However, do note that when your ETH is staked, your assets are managed by Everstake as the funds are sent to a smart contract owned by them. This is a similar process to staking your ETH with other staking providers.
Trezor Expert
The Trezor Expert is a $99, 60-minute 1:1 guide for setting up Trezor hardware wallets. It is currently available for all Trezor hardware wallets. Here’s how it goes:
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Purchase a Trezor hardware wallet and a Trezor Expert session
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Once you’ve received the wallet, you can book a time slot through your order confirmation email.
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In the session, you will be asked to unbox the device (if you haven’t already), and a quick presentation covering crypto and wallets will be given.
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The Expert will then walk you through the Trezor Suite installation. During this session, you will be required to share your screen so that they can point out certain elements of the desktop app.
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Next will be the wallet setup. During this part of the session, you will have to stop screen-sharing. The Expert checks whether you’re alone and ensures your webcam is turned off and the mic is muted. This is when you will be required to write down your seed phrase (which is not to be shared with anyone) and set up a PIN.
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Once you have done this, the Expert will walk you through the Trezor Suite functionalities and teach you how to perform a backup check.
We sat through a session, and the Expert was very thorough, walking us through each step of the setup and answering any questions we had. While the Trezor Expert is not needed if you have past experience with hardware wallets, it is definitely a useful service for first-time owners.
Conclusion
Pros:
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Very intuitive design and interface, making it easy to use even for newbies
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Large color touchscreen
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EAL 6+ Secure Element
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A multitude of assets supported natively
Cons:
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SPL Tokens on Solana are not supported at the moment and can only be accessed via a third-party wallet
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Expensive at $169
The Trezor Safe 5 is an excellent hardware wallet, whether you’re new to crypto or a seasoned holder. Its simplistic and intuitive UI makes navigation a breeze, and the vast number of assets supported allows the majority of crypto holders to use this wallet. However, it is best for long-term crypto holdings (as a cold wallet should be) rather than for meme coins or frequent trading, as approving transactions can take time.
On the downside, SPL Tokens on Solana aren’t supported at the moment and can only be accessed via third-party wallets. The Safe 5 is also relatively expensive, especially if it’s your first crypto wallet.
If you would like to pick one up for yourself, check it out here!
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