Trezor Safe 5 Review

People who invest in cryptocurrency are always looking for more secure ways to store their assets. Currently, one of the best methods is to use a cold hardware wallet. This Trezor Safe 5 review will cover exactly that. This cold wallet was developed by one of the crypto industry pioneers, so there's definitely a lot to talk about!

The Trezor Safe 5 is marketed as the new-and-improved Model T. Both hardware wallets are pretty similar. However, when it comes to Trezor Model T VS Safe 5, the newer model provides enhanced security. For reference, the latter introduced a new backup protocol called SLIP39 or Shamir Backup and an NDA-free EAL6+ certified Secure Element chip.

That said, I will provide more details regarding the added changes and new features as we conduct this Trezor Safe 5 review.

Verdict at a glance: Trezor Safe 5 is a high-quality cold hardware wallet. The device comes with an NDA-free EAL6+ certified Secure Element chip, designed to withstand brute-force attacks. In addition, the Trezor Safe 5 has a color touchscreen and tactile feedback, increasing the overall user experience. Even though the device is relatively expensive, you receive top-notch security and great design for ease of use.

Trezor Safe 5 Review: PROS

I always like to start my articles on a good note. Therefore, let’s continue this Trezor Safe 5 review by taking a look at the benefits of this hardware wallet, starting with the industry-leading security features.

Top-Notch Security Features

SatoshiLabs, Trezor’s parent company, developed a new open-source protocol, BIP39 or Shamir Backup, to create a human-readable mnemonic sentence that can be used as a backup to recover your wallet^[1]. It’s worth noting that because the BIP39 protocol is open-source, other companies have started to utilize it as well.

Now, as the next iteration in self-custody security, Trezor has decided to move towards SLIP-39 as the default wallet backup standard. The company is also offering a Bounty Program to onboard early adopters.

That said, if you are wondering why Trezor has decided to switch from the standard backup to a new format, there are a few reasons.

First, the company has stated that they strongly believe this enhanced 20-word standard is an evolution of the previous protocol with many significant upgrades to wallet backup and recovery. SLIP39 offers more variability in creating backups, ensuring safer and more reliable self-custody for everyone.

Furthermore, the new standard comes with an upgraded wordlist, with carefully selected words that are easily distinguishable from each other.

Naturally, I wouldn’t mention this fact if the new Trezor Safe 5 hardware wallet didn’t have the SLIP39 protocol as one of the backup options. However, it’s also worth noting that you can use the previous BIP39 standard and choose either a 12- or 24-word seed phrase instead of the 20-word one.

Another new feature that needs to be highlighted in this Trezor Safe 5 review is the NDA-free EAL6+ certified Secure Element chip called OPTIGA Trust M (V3). This new addition is designed to enhance the physical security of the hardware wallet by adding a layer of safety to the PIN protection mechanism.

To put it simply, the Secure Element chip is meant to prevent brute-force attacks. In addition, because Trezor signed an NDA-free agreement with the chip provider, they can keep everything open-source and transparent, which is a valuable trait when it comes to the crypto industry.

If you require even more security, similar to the Model T wallet, the new Safe 5 also has the option to encrypt your PIN with a microSD card. The way that this feature works is pretty simple, actually. When enabled, a randomly generated secret is stored on the microSD card and becomes “bound”. Without it, the device cannot be unlocked.

Additionally, while doing research, I noticed that some user Trezor Safe 5 reviews expressed concern about sticky residue resembling the word “void” appearing after peeling the tamper-proof holographic sticker. Hence, I want to clarify that this residue is perfectly normal and expected.

Lastly, it’s crucial to note that it’s highly inadvisable to purchase any of Trezors’ hardware wallets from third parties, as they can be tampered with. So, make sure to buy it from the official website. You can also use a Trezor Safe 5 voucher code for a possibly better price.

Supports Over 7000 Digital Assets

After covering the topic of security, the next important criterion for choosing a hardware wallet is definitely the number of digital assets it supports.

New crypto projects constantly enter the market. Therefore, crypto enthusiasts regularly search for wallets that can hold a wide variety of coins and tokens. That said, the Trezor Safe 5 is capable of supporting over 7000 different crypto assets. In addition, the wallet integrates seamlessly with the Trezor Suite, allowing users to manage their portfolios, track balances, and perform transactions effortlessly.

The vast support for various assets includes major cryptocurrencies like Bitcoin, Ethereum, Cardano, Dogecoin, and Solana, as well as numerous ERC-20 tokens and other blockchain-specific assets. This broad compatibility ensures that users can store and manage almost any cryptocurrency they own or plan to invest in without needing multiple wallets.

Moreover, Trezor Safe 5’s compatibility extends to third-party wallets and services, enhancing its utility and making it a versatile tool for both novice and experienced crypto users. The ability to handle such a diverse range of assets in one device sets the Trezor Safe 5 apart as a top choice in the hardware wallet market.

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User-Friendly Design

If we were to compare the appearance of Trezor Safe 5 VS Safe 3, there would be one distinctive difference. To be more specific, the former has a color touchscreen instead of 2 buttons for controlling the device. You could say that the Safe 5 and Safe 3 models are basically upgraded versions of the Model T and One hardware wallets.

Naturally, having a touchscreen makes the device more user-friendly. On one hand, not having to press buttons each time to enter your PIN or confirm transactions can save a lot of time. On the other hand, if you don’t trade and only purchase assets once a month, the screen doesn’t make a big difference.

Moreover, Trezor Safe 5 comes with a new feature that provides users with tactile feedback. The hardware wallet utilizes a haptic engine to make the device more error-free and increase the overall user experience.

That said, there were a lot of user Trezor Safe 5 reviews that expressed positive feedback regarding the design itself. The new model doesn’t inset the screen, which leaves a lot more space for your fingers.

Additionally, the display is made from scratch-free Gorilla Glass. This makes the screen of high quality and resistant to drops, bumps, and everyday usage. Meanwhile, the Safe 3 display is prone to scratches and overall wear.

The wallet's design is available in three different colors: green, purple, and black for the regular model and orange for the Bitcoin-only version. It is made with durable PC-ABS plastic and anodized aluminum backplates with intricate laser engravings. As a result, the wallet has a sleek, modern, and expensive look.

Open-Source Code

Trezor has a respectable resolution to keep everything it produces open-source. Currently, all of the company’s products are visible to the public, and everyone can audit the code and check for any drawbacks that need to be addressed.

Maintaining an open-source approach also allows Trezor to benefit from community contributions. Developers from around the world can offer improvements to the codebase, identifying potential vulnerabilities and suggesting enhancements, creating a more effective process of improving the code^[2].

This naturally earns the hardware wallet a lot of trust from the crypto community, especially since transparency is an important aspect for everyone who is using their product to store their assets.

Moreover, a notable achievement of Trezor is maintaining the open-source nature of their Safe 5 model despite integrating a Secure Element chip, typically associated with proprietary technology. Trezor managed this by signing an NDA-free agreement with their chip providers, allowing them to maintain transparency and update their users on any issues related to the Secure Element hardware.

Additionally, many user Trezor Safe 5 reviews express their satisfaction with the company being fully open-source, citing it as a primary reason for choosing Trezor over other hardware wallet manufacturers.

Trezor Safe 5 Review: CONS

Now, after covering the benefits of this hardware wallet, I believe the best course of action in this Trezor Safe 5 review would be to take a look at the not-so-good parts of the device and what are the potential drawbacks.

Impossible to Recover Seed Phrase

Truth be told, while doing research, I had issues finding any drawbacks worth mentioning in this Trezor Safe 5 review. However, I did come across one thing that could result in the loss of your digital assets if you aren’t careful.

The issue I am referring to concerns the recovery phrase. For anyone new to the cryptocurrency world, the seed is a sequence of words used to regain access to your wallet. Therefore, it’s essential to keep it safe and private.

When it comes to the Trezor Safe 5 device, if you forget your PIN and lose your seed phrase, you won’t be able to regain access to your wallet. For example, other manufacturers, such as Ledger, offer an ID-based service that allows you to securely restore your private keys.

That said, it’s not necessarily bad that Trezor doesn’t offer a similar service to Ledger’s. I'm highlighting this fact because, when you subscribe to Ledger Recover, a pre-BIP39 version of your private key is encrypted, duplicated, and divided into three fragments.

The real issue lies in the fact that each fragment is kept by separate third-party companies: Coincover, Ledger, and EscrowTech. As a result, many people don’t trust Ledger because the seed phrase is not supposed to leave the hardware wallet and placing it online compromises the safety of the stored digital assets.

In conclusion, if you are planning to purchase any of Trezor's hardware wallets, make sure to keep your seed phrase safe and remember your PIN. Additionally, it’s important to note that keeping your recovery phrase, PIN, or any other confidential information online is strongly discouraged.

Lastly, if you have a history of easily losing your things or forgetting important information, Trezor offers a product named "Keep Metal". With this, users can protect their seed phrases by punching the first four letters of each word into the capsule. Moreover, the chamber is resistant to water, acid, and extreme temperatures.

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Trezor Safe 5 Alternatives

After examining the Trezor Safe 5 benefits and drawbacks, I think the majority of you reading will agree that this is a high-quality cold wallet with top-notch security features. That said, it’s never good to place all of your eggs in one basket. Therefore, let’s continue this Trezor Safe 5 review by taking a look at how this hardware wallet compares to other alternatives that are on the top of the market.

Trezor Safe 5 VS Safe 3

When comparing the Trezor Safe 3 VS Safe 5, there are only a few differences that set them apart. The most notable distinction is the design. The Trezor Safe 5 features a color touchscreen, while the Safe 3 model has a slightly smaller display and two buttons for confirming transactions and navigating the device. As you can imagine, using the newer version might be more convenient.

That said, everything ultimately depends on how often you plan to use the hardware wallet. If you trade and execute transactions at least a few times a week, buying the Safe 5 model might be a great investment, as it would save you a lot of time. On the other hand, if you only need a cold wallet to keep your assets safe, using buttons shouldn’t be too much of an issue.

Another difference between the Trezor Safe 5 VS Safe 3 is an additional security feature. As mentioned previously, the newest model includes a microSD card slot, designed to provide extra protection against physical attacks. The Safe 3 model does not have this feature. Nonetheless, both models come with an EAL6+ certified Secure Element chip, so the microSD feature is not that crucial.

Moreover, due to Safe 5 having a touchscreen, developers also included a new feature - tactile feedback. It doesn’t make a difference in regards to the devices’ security, but it does provide a more engaging user experience.

The last noteworthy aspect that distinguishes these hardware wallets is their cost. The Trezor Safe 5's price is almost €100 higher, primarily due to the inclusion of a touchscreen.

Overall, comparing the Trezor Safe 3 and Safe 5 models reveals that the newer model is technically safer due to the microSD feature. Furthermore, by paying the higher price for the Safe 5 version, you will receive a touchscreen, which is significantly more user-friendly than using 2 buttons.

Trezor Safe 5 VS Model T

The most distinctive difference between the Trezor Model T VS Safe 5 is the newly introduced NDA-free, EAL6+ certified Secure Element chip. With this additional hardware piece, the wallet becomes much more secure, especially from brute-force attacks. The Model T, on the other hand, does not have this chip, however, it does offer the same microSD feature as the newer version.

Another important aspect to mention in this Trezor Model T VS Safe 5 comparison is the design. The latter is essentially an upgraded version of the former. Specifically, as mentioned earlier in my Trezor Safe 5 review, the Model T wallet’s screen was inserted into the device itself. As a result, there wasn’t much space for fingers, and the navigation was not as comfortable as it could have been.

That said, even though the display itself is the same size, the Trezor Safe 5 model is designed to be smooth, almost like a phone. Consequently, using the new model is much easier.

Finally, the last thing to consider is the cost. The Trezor Safe 5 is priced higher by just €20. Considering that the new model is made with Gorilla Glass, which means it cannot be scratched, and that it has a new feature protecting the device from brute-force attacks, it’s a great bargain.

To summarize, when comparing the Trezor Model T VS Safe 5, it’s clear that the new model is the better option. For €20 more, you get the same product with better features and an improved overall design.

Trezor Safe 5 VS Ledger Nano X

Both Ledger and Trezor are household names in the crypto industry. Therefore, I will compare the Safe 5 and Nano X models and see how they perform against each other.

The first major difference is that Ledger does not make its products open-source. As a result, people are more prone to purchasing Trezor products, as they trust them more. That said, this doesn’t necessarily mean that Ledger’s wallets are of poor quality. On the other hand, Trezor gains an advantage since various developers can audit the open-source codes and check for any drawbacks and improvements, boosting the overall development of their products.

Another big difference between these two cold wallets is that the Nano X has a built-in battery. This means that people who own it can access it anywhere on their phone, making it more convenient for everyday use. Meanwhile, for the Safe 5 to work, it needs a power source, such as a laptop. Afterward, the person would need to connect it to the device and perform any actions through the Trezor Suite application.

That being said, the Nano X wallet utilizes Bluetooth to work without any power source. Because of this feature, users started having concerns about the security of the wireless connection. Cold wallets are supposed to stay offline, and people started worrying about their private keys being stolen. However, Ledger states that the keys never leave the secure chip, and this feature shouldn’t expose the device to any additional security threat.

Furthermore, the overall design is also quite different. The Ledger Nano X resembles a USB memory stick and is not as user-friendly or comfortable as the Safe 5 model. In addition, the Nano X hardware wallet is controlled via 2 buttons. Meanwhile, the Trezor Safe 5 has a color touchscreen with tactile feedback that enhances the overall experience.

One of the last points to make is the difference in the devices' certification. The Ledger Nano X has an EAL5+ certificate, while the Trezor Safe 5 has an EAL6+. To put it simply, EAL6+ chips have to undergo a more rigorous evaluation process, which means they offer a higher level of security assurance than the EAL5+ chip.

Finally, the Trezor Safe 5's price is slightly higher than the Ledger Nano X's. To be more specific, the former model costs €20 more. Hence, it pretty much comes down to the safety and user-friendliness of the hardware wallet.

Trezor Safe 5 Price

While we are nearing the end of this Trezor Safe 5 review, one more important topic needs to be covered - pricing. This aspect is also viewed as a sort of a con. The reasoning behind this is that the Trezor Safe price is €169, which is currently around $184.48.

Evidently, not everyone will have this much money just lying around that could be dedicated to a brand-new hardware wallet. Nonetheless, if you do want this device but the price is just a bit too steep, you could try looking for some Trezor Safe 5 voucher codes.

Additionally, the hardware wallet itself will include a USB-C to USB-C cable, two wallet backup cards, a start-up guide, and some stickers.

That said, at the time of writing this Trezor Safe 5 review, this is the most expensive hardware wallet Trezor offers. Needless to say, it’s also the safest one. When compared to the broader market, the pricing is competitive. There aren’t many hardware wallets available for a lower price that would provide the same security features and user-friendliness.

How to Set Up Trezor Safe 5?

To fully conclude this Trezor Safe 5 review, let me show you how to set up the newly released wallet.

That said, after making sure that the security seal on the box itself is untouched, you can go ahead and take out the device. Then, proceed to remove the holographic seal, which should leave a residue that reads “void”, and connect your Trezor to the computer. There, you will need to complete the following steps:

Step 1: First, download the Trezor Suit application from the official website and launch it.

Step 2: Then, proceed to click on the “Set up my Trezor” button.

Step 3: Click on the “Install firmware” button. However, if it states that the firmware has already been installed, that is a red flag and it’s recommended that you contact Trezor before finishing up the setup process.

Step 4: The next step you will see is to validate the authenticity of your device, which will confirm that the chip inside your hardware wallet is genuine. To do so, simply press the “Start” button.

Step 5: Before you make a new wallet, you will need to choose between a single-share or multi-share backup. The former is the SLIP39 protocol mentioned at the beginning of this Trezor Safe 5 review and is the more recommended option.

Step 6: After you write down your backup words, you will need to set your PIN code by pressing the “Set PIN” button.

Step 7: Lastly, select the coins you want to be activated and hit “Complete setup”.

When you complete all of the above steps, your device should be fully functional and you can proceed to transfer your digital assets into your hardware wallet for safekeeping.

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Conclusions

So, there you have it. This Trezor Safe 5 review covers pretty much everything you should know before purchasing this hardware wallet. If you think the cost of this device is too steep, consider that, at the moment of writing this article, this is one of the best wallets you can get security-wise for this kind of price.

Additionally, you can try searching for Trezor Safe 5 voucher codes to make your expenses a little bit lower. Nonetheless, investing in a good hardware wallet is a no-brainer since it will make sure no one is able to access your assets.

That said, the Trezor Safe 3 is also a great option to consider, especially if you do not require a touchscreen for easier navigation but want the same level of security.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. B. G. Kim., Y. S. Cho., S. H. Kim., et al.: 'A Security Analysis of Blockchain-Based Did Services';

2. S. Weber.: 'The Success of Open Source'.