Trezor Safe 5 Review 2024: Safe Hardware Wallet?

In the cryptoverse, security is paramount, especially in light of the fact that $1.7 billion was stolen from crypto platforms in 2023 (down 54.3% over 2022).

Hardware, desktop and mobile wallets all offer protection, but hardware wallets are considered the most secure. These devices safeguard private keys and secure crypto storage. For more on securely storing your crypto, check out our crypto safety guide, which covers the best steps to protect your digital assets.

Trezor, a trusted name in hardware wallets since 2013, recently released the Trezor Safe 5. Trezor is renowned for its secure devices, including the Trezor One and Safe 3.

This Trezor Safe 5 review will explore its features, security measures and supported assets. We'll also see how it stacks up against its siblings.

What is the Trezor Safe 5?

The Trezor Safe 5 is the latest non-custodial wallet from Trezor, the famed hardware wallet company owned by Prague-based SatoshiLabs.

The Safe 5 features a vibrant color touchscreen and tactile feedback for an intuitive experience. Built on a decade of open-source security development, it uses the NDA-free EAL 6+ Secure Element, along with PIN and passphrase protection, to defend against online and offline threats. The enhanced 20-word wallet backup standard offers improved recovery options.

The Trezor Safe 5 integrates with the Trezor ecosystem, including desktop and mobile apps, simplifying tasks like buying, selling, and exchanging cryptocurrencies. It also supports various third-party services, making it suitable for both beginners and experienced users.

From a price perspective, the Safe 5 is the most expensive wallet Trezor sells. The wallet comes in three colors — Black Graphite, Violet Ore and Green Beryl.

Trezor Safe 5: Features

The Trezor Safe 5 is designed to provide a high level of security and convenience for managing your cryptocurrency assets. With its sleek design and advanced technological features, this hardware wallet stands out in the market.

Let's dive into the specific features that make the Trezor Safe 5 a top choice for crypto enthusiasts.

• Secure Element Protection

The Trezor Safe 5 incorporates a NDA-free EAL 6+ Secure Element chip, akin to the technology in high-security environments like smart cards and passports. This chip ensures that your private keys are safeguarded against potential threats. However, it's worth noting that while the Secure Element adds an extra layer of security, users should still exercise caution.

• 1.54" Color Touchscreen

The Trezor Safe 5 features a 1.54" color touchscreen, providing a user-friendly interface that simplifies navigation. Trezor's two other wallets — Model One and Safe 3 — have a monochromatic display with physical buttons to navigate menus and confirm transactions. Only the Model T has a touchscreen.

• Haptic Feedback

For an added layer of interaction, the Trezor Safe 5 includes haptic feedback. This feature provides tactile responses to your touch inputs, ensuring that you receive physical confirmation of your actions. While this can improve user interaction, it may not be a significant advantage for all users, especially those who prefer purely visual cues.

• Trezor Suite Integration

The Safe 5 integrates seamlessly with Trezor Suite, a comprehensive crypto management platform. This software allows you to manage your assets, monitor your portfolio, and execute transactions with ease. However, some users may find the learning curve steep, particularly if they're new to crypto management software.

• Advanced Backup Options

Backup options include the standard 12 to 24-word recovery seed, plus advanced Shamir Backup. This feature splits your seed into multiple shares, requiring a minimum number to recover your wallet. While this adds an extra layer of security, it can also complicate the recovery process if not managed correctly.

• Open-Source Security

True to Trezor's ethos, the Safe 5 is open-source. This transparency allows the crypto community to audit and improve the security measures continually. However, being open-source also means that any vulnerabilities discovered are publicly known, which could potentially be exploited before they are patched.

• Multi-Platform Compatibility

Trezor Safe 5 supports various operating systems, including Windows, macOS, and Linux. This flexibility ensures you can manage your crypto on any device.

• Support for Thousands of Coins and Tokens

With support for thousands of coins and tokens, the Trezor Safe 5 offers extensive compatibility. Whether you're storing Bitcoin, Ethereum, or any other altcoin, this device has you covered. However, it's important to verify that the specific tokens you intend to store are supported, as some lesser-known tokens may not be included.

How Much Does Trezor Safe 5 Cost?

When considering a Trezor Safe 5, it's crucial to weigh the costs against its features and the level of security it provides. Here's a detailed look at the pricing, benefits.

Trezor Safe 5 Pricing

The price point often makes or breaks the deal for a product.

In a time when everyone appears to be endorsing “value for money,” the Trezor Safe 5 is no exception to it. It is priced competitively in the market of hardware wallets, we give it that. The price of the Trezor Safe 5 is listed at $169, the same as the ELLIPAL Titan 2.0 Cold Wallet.

Apart from its universal hardware wallet, Trezor offers a separate Bitcoin only-version as well, which is surprisingly priced the same. Now, one would expect an exclusive currency version to be a bit cheaper than its universal version. It's like getting a special edition of Nintendo Switch, but it doesn't mean you can't play other Nintendo games on the console, right? We guess only Trezor know why they couldn't throw a better deal for the Bitcoin-only version.

It is important to note, however, that the prices can vary based on promotions, bundle deals, or regional pricing differences.

Cost vs. Benefits

The cost of the Trezor Safe 5 reflects its high-security features, including the Secure Element chip, advanced backup options like Shamir Backup, and the robust integration with Trezor Suite. What is this Shamir Backup, you say? Shamir Backup enhances crypto security by splitting a wallet’s private keys into multiple shares, using a mathematical technique.

Skipping all the technical mumbo jumbo, this method provides redundancy, allowing recovery even if some shares are lost. It’s a flexible and secure way to protect your digital assets. And these features do form a critical part of our cost vs benefit analysis.

Let's admit. users investing in Trezor Safe 5 or any good cold wallet are paying for both the physical security of the device and the peace of mind that comes with its comprehensive security protocols. So, the cost vs. benefit for the Trezor Safe 5 does consider the following:

• High-Security Features: Secure Element, Shamir Backup
• User-Friendly Interface: 1.54" color touchscreen, haptic feedback
• Extensive Compatibility: Support for over 1,000 coins and tokens,
• Durability: High-quality materials ensure long-term use and safety

Comparison with Competitors

When comparing the Trezor Safe 5 to its competitors, it's important to look at both price and features. Here’s a quick comparison with some popular hardware wallets. We decided to choose a high end option, a mid-high range option, and mid mid-ranger. Let's take a quick look:

• ELLIPAL Titan 2.0: This strong high-end competitor, the ELLIPAL Titan 2.0, is interestingly priced the same at $169. Simply put, the Trezor Safe 5 focuses on user experience with a color touchscreen and haptic feedback, while the ELLIPAL Titan 2.0 is fully air-gapped for maximum offline security. The Trezor Safe 5 supports over 1,000 cryptocurrencies and uses Shamir Backup, whereas the ELLIPAL Titan 2.0 supports over 10,000 cryptocurrencies and features a 4-inch display.

• Ledger Nano X: Priced somewhat lower at around €124.17 (which makes it around $135), it offers Bluetooth connectivity. With a Ledger Nano X you can manage 5,500+ coins and tokens, which is not bad at all.

• KeepKey: Our mid-range option is priced at around $80, KeepKey is more affordable and featuring a larger display. It supports fewer cryptocurrencies though, and provides basic security features, making it a good entry-level option for many.

Is the Cost Justified?

It seems that the Trezor Safe 5’s cost is justified by its comprehensive security features including the Shamir backup, and ease of use. It strikes a good balance between affordability and high-level security. However, it's crucial to consider individual needs and preferences when deciding if the Trezor Safe 5 is the right investment.

Trezor Models Compared

To help you get a clearer picture, we can't not compare the Trezor Safe 5 of its own kind, now can we? Choosing the right Trezor model can entail a lot of research and user-based requirements, especially with the different options available. Each Trezor model offers unique advantages tailored to different user needs. 

Let's take a quick dive into the differences between cold wallets by Trezor:

Trezor Model One

• Price: At around $59, this is the most affordable model in Trezor’s lineup.
• Screen: Features a 0.96" monochrome display (128 x 64 pixels), offering basic visuals.
• Features: Provides fundamental security features and supports thousands of cryptocurrencies. Navigation is managed through a two-button pad.
• Security: It is open-source and secured with PIN and passphrase protection, but lacks a Secure Element.

Trezor Safe 3

• Price: Priced at approximately $79, it provides a step up in features for a modest price increase.
• Screen: Similar to the Model One with a 0.96" monochrome display (128 x 64 pixels).
• Features: Supports many cryptocurrencies, and is designed to be lightweight and easy to use.
• Security: Open-source with PIN and passphrase protection, includes a Secure Element (EAL6+).

Trezor Model T

• Price: Priced at approximately $149, it remains a very advanced model even after the Safe 5 addition to the lineup.
• Screen: Features a 1.54" full-color touchscreen (240 x 240 pixels), enhancing user interaction.
• Features: Advanced security with Shamir Backup, supports thousands of coins and tokens, and includes a MicroSD card slot for additional storage options.
• Security: It is open-source and secured with a Secure Element and Gorilla® Glass 3.

Trezor Safe 5

• Price: At around $169, this model has the most advanced features with a reasonable price bump compared to Model T.
• Screen: Offers a 1.54" color touchscreen (240 x 240 pixels), improving usability.
• Features: Equipped with a Secure Element, haptic feedback, and integrates seamlessly with Trezor Suite. It also supports Shamir Backup and has Gorilla® Glass 3.
• Security: Includes advanced security with a Secure Element (EAL6+) and Shamir Backup.

In short, each Trezor model caters to different needs. The Trezor Model One is great for budget-conscious users, the Trezor Safe 3 offers a middle-ground option, the Trezor Model T balances cost and advanced features, and the Trezor Safe 5 provides the most advanced security and functionality. The right choice depends on your specific requirements and how you plan to manage your cryptocurrency assets.

Trezor Safe 5 Supported Assets

The Trezor Safe 5 is designed to support a wide range of cryptocurrencies and tokens, making it a versatile choice for crypto enthusiasts. Here’s an overview of the supported assets:

Natively Supported Coins

Trezor Safe 5 supports a broad array of cryptocurrencies directly through Trezor Suite. These include but are not limited to:

• Bitcoin (BTC)
• Ethereum (ETH)
• Cardano (ADA)
• Solana (SOL)
• Polygon (MATIC)

Users can manage these assets directly within Trezor Suite, making it convenient to view balances, send, receive, and trade cryptocurrencies.

ERC20 Tokens

All Ethereum ERC20 tokens are supported by Trezor Safe 5. Users can add any ERC20 token by creating an Ethereum account in Trezor Suite and adding the token using its contract address. This functionality covers a vast range of tokens, providing flexibility for Ethereum-based assets.

Non-Natively Supported Coins

For certain cryptocurrencies that Trezor Suite does not support natively, users can manage them through third-party wallets. These assets can still be securely stored on the Trezor Safe 5, but transactions and management will be handled through compatible third-party applications like Electrum or MetaMask.

Trezor Suite Compatibility

The Trezor Suite software provides a user-friendly interface for tracking portfolio performance, executing transactions, and adding new tokens. The integration with Trezor Suite ensures that managing even a large number of assets remains streamlined and efficient for users.

Multi-Platform Support

One of the key advantages of Trezor Safe 5 is its compatibility with multiple platforms and wallets. While Trezor Suite handles most of the supported assets, the device's open-source nature allows for integration with various third-party wallets. This flexibility ensures that users are not limited by the native software and can choose platforms that best meet their needs.

Trezor Safe 5 Review: Closing Thoughts

The Trezor Safe 5 is a standout crypto hardware wallet, offering advanced security and a user-friendly design, making it suitable for both beginners and experienced investors. Key features include a Secure Element chip for high-level security, Shamir Backup for asset protection, and an open-source design for transparency. Its 1.54" color touchscreen and haptic feedback enhance user experience, though the screen size may be limiting for some.

Integration with Trezor Suite simplifies portfolio management and transactions, though it has a learning curve for new users. The wallet supports thousands of coins and tokens, including custom tokens, providing versatility.

Priced at $169, the Trezor Safe 5 is on the higher end, reflecting its security and build quality. It’s a strong option for those prioritizing security, but budget-conscious users might consider alternatives like the Trezor Model One or KeepKey. Ultimately, the Trezor Safe 5 is a solid choice for securing digital assets, depending on individual needs and priorities.