The growing adoption of cryptocurrency has increased the need for robust security. As digital assets become more valuable, they attract more online threats. Hardware wallets, also known as cold wallets, offer a solution by storing a user’s private keys offline, away from potential hackers.
One option is the Trezor Safe 5, a hardware wallet designed to offer a secure experience for both newcomers and experienced cryptocurrency holders. It aims to make self-custody straightforward while providing advanced security features.
Design and build
The Trezor Safe 5 has a pocket-friendly form factor with a plastic frame and an aluminum backplate. It comes in several colors, including Black Graphite, Violet Ore, and Green Beryl.
The device features a 1.54-inch color touchscreen with a 240 x 240-pixel resolution, protected by scratch-resistant Gorilla Glass 3. The screen provides haptic feedback, which makes interactions feel more tactile. This touchscreen interface replaces the two-button navigation system of the old models, allowing users to enter PINs and approve transactions directly on the screen.
The device has a USB-C port for charging and connectivity and a microSD card slot for additional functions.
Overall, I liked the aesthetics of the device, its portability and the ease-of-use of the touchscreen (not too large and not too small with good haptic feedback).
The Trezor Safe 5 arrives in eco-friendly, recycled packaging. A holographic seal on the device proves it has not been opened in transit. Inside the box, you will find the hardware wallet, a USB-C to USB-C cable, two cards for recording your 20-word recovery seed phrase, a start-up guide, and some stickers.
Security features
The device’s security is built around an EAL 6+ certified Secure Element chip. This security certification is an internationally recognized standard for IT products, and similar chips are used to protect data in passports and credit cards against brute-force attacks. Trezor signed an NDA-free agreement with the chip manufacturer, which allows the company to inform users of any hardware issues.
For backup and recovery, the Safe 5 defaults to a 20-word seed phrase based on the SLIP-39 standard. This standard’s word list is optimized for the Trezor keyboard. The device also supports the more common BIP-39 standard with 12-word or 24-word phrases. Users can also set up a Multi-share Backup (Shamir backup), which splits the recovery key into multiple word lists.
An additional security layer involves the microSD card slot. A user can encrypt their PIN on a microSD card, which then must be inserted into the device to unlock it. The wallet’s software is open-source, allowing anyone to audit the code for integrity and potential vulnerabilities.
Cryptocurrency support
You manage your Safe 5 assets through the Trezor Suite, a desktop application available for Windows, macOS, and Linux (Trezor Suite works for all Trezor wallets). Trezor Suite allows users to buy, sell, send, and receive cryptocurrencies, with all transactions confirmed on the Safe 5 device. The Trezor Safe 5 supports over 7,000 assets, including Bitcoin, Ethereum, XRP, Dogecoin, and Cardano. The Suite also offers in-app Ethereum staking through a partnership with Everstake, though this service charges a 10% fee on rewards.
While asset support is broad, there is a limitation regarding Solana. Users can send SOL and Solana-based SPL tokens to the Safe 5 for storage, but these assets are not visible or manageable within the Trezor Suite software. To interact with them, users must connect their device to a third-party Web3 wallet like NuFi.
There is also an iOS version of Trezor Suite that has limited functionality with Trezor Safe 5.
Trezor devices are also compatible with each other. So, for example, if you have a Trezor Model One, you can use the seed phrase to set up your Safe 5 device and manage your assets through Trezor Suite.
Pricing and final thoughts
The Trezor Safe 5 costs $169, which positions it as a premium hardware wallet. For users new to hardware wallets, Trezor offers an optional one-on-one setup session with a professional for an additional $99.
Its strong security, user-friendly design, and super useful touchscreen and haptic feedback make it useful for all kinds of users. While some might criticize its price as being a bit steep, I’d say it’s a small price to secure your cryptocurrency holdings.