Trezor Safe 3 Review
By: Alex Miguel | Last updated: 2/21/24
The Trezor Safe 3 is the latest hardware wallet made by Trezor, the popular and original hardware wallet provider. In this review, I’ll be covering my first-hand experience with the Trezor Safe 3, as well as its setup process and more.
Trezor Safe 3 Review Summary
The Trezor Safe 3 is the latest hardware wallet from Trezor. It is based upon the design of the highly-renowned Trezor Model One but with some significant upgrades – both hardware- and software-wise.
The Safe 3 is compact, easy to use, and supports almost any major asset or Ethereum-based token you could think of. Coupled with the Trezor Keep Metal, users can reliably store their seed phrase in a virtually indestructible way.
That’s the Trezor Safe 3 in a nutshell. If you want a detailed review of my experience with the Trezor Safe 3, keep on reading. Here’s what I’ll cover:
- Company Overview
- What’s in the Box?
- Supported Coins
- Setting Up the Wallet
- Personal Usage Experience
- Price Tag
- Trezor Safe 3 Vs. other wallets
- Frequently Asked Questions (FAQs)
Trezor is part of SatoshiLabs Group, a company founded in 2013 by Marek “Slush” Palatinus and Pavol “Stick” Rusnák. It is currently headquartered in Prague, Czech Republic.
The company released the world’s first electronic hardware wallet, the Trezor One, in 2014. It went on to become one of the world’s most popular hardware wallets. Trezor now provides several cold-storage options, as well as Bitcoin-only versions of their hardware wallet devices.
SatoshiLabs is known for its commitment to open-source software. The company has also made contributions to the community via blockchain research and initiatives, including the creation of the innovative Shamir Backup.
The Trezor Safe 3 comes in a modest, environmentally-friendly box containing one Trezor Safe 3 device, a USB-C to USB-C connector cable, and two seed phrase backup cards. It also includes a small “Get started” leaflet, as well as some free Trezor stickers.
I also received a Trezor Keep Metal device, designed for storing your seed phrase in a near-indestructible way. This package contains one Trezor Keep Metal capsule and casing, a hole-punch tool, a marker, three unique tamper-proof seals, and an instruction guide.
The Trezor Safe 3 supports over 8,000 different crypto assets from several blockchains. This includes, but is not limited to:
- Bitcoin (BTC)
- Ethereum (ETH)
- BNB (BNB)
- USDC (USDC)
- XRP (XRP)
- Cardano (ADA)
- Dogecoin (DOGE)
- Lido Staked Ether (STETH)
- Polygon (MATIC)
- Litecoin (LTC)
- Shiba Inu (SHIB)
- Avalanche (AVAX)
The Safe 3 also supports a very wide range of Ethereum-based tokens, including ERC-20 tokens and non-fungible tokens (NFTs) such as ERC-721 assets.
Step 1: Download the app & connect to a computer
To begin, use a computer to visit the Trezor start page shown in the “Get started” leaflet included in the box. Install the desktop app, or simply open the web version in your browser.
Remove the tamper-evident seal on the Safe 3, and connect the device to your computer using the USB-C to USB-C cable provided. Confirm the connection within the app.
Step 2: Install firmware & verify authenticity
Your Trezor Safe 3 comes as a blank device, so the next step is to install the wallet’s latest firmware. Follow the instructions on the app to install it.
Next, the app will help you verify the authenticity of your device to ensure that it is genuine and safe to use.
Step 3: Create a wallet & back up the seed phrase
Next, you need to create your wallet.
Select “Create new wallet” and follow the steps on your Safe 3’s screen using the two physical buttons on the device.
Write down the seed phrase manually on one of the seed phrase cards provided using a pen. You will then confirm three of the words from your seed phrase on the device.
Step 4: Back up your seed phrase using Keep Metal (Optional)
If you have one, this is also the perfect time to back up your seed phrase using Trezor’s Keep Metal device (sold separately).
To back up your seed phrase using the Keep Metal, use the marker to pre-mark the first four letters of each word into the capsule. Double-check the markings, and then permanently mark them using the punch tool.
You may also simply roll up your seed phrase card and store it inside the hollow center of the capsule.
Screw the capsule casing back on, and apply one of the unique tamper-proof seals to the opening end of the capsule and cover.
Step 5: Set a PIN, select assets
You will then be asked to set up an optional PIN number to access your Safe 3 device, between 4 and 12 digits long.
Finally, select the assets or asset types that you intend to store on your Safe 3. You can always add new assets later, but this step will make it easier to select assets from the device’s main menu.
Add an optional passphrase for access via the app, and voila! Your Trezor Safe 3 is ready to begin storing cryptocurrencies.
The Trezor Safe 3 was a nice and familiar experience, taking the same hardware design and companion app as the Trezor Model One, its predecessor.
The device itself feels high-quality and durable, yet small and lightweight. The user experience makes it super simple to understand and navigate, and it is actually very easy despite only having two buttons to work with.
The USB-C to USB-C connector cable is handy and easily compatible with new laptops. However, if you have an older computer with a standard USB port, you may need an adapter.
Overall, the instructions for setting up the wallet were very clear and easy to follow. One thing I would caution about is the seed phrase confirmation process. This only requires the user to confirm three of the words rather than all of them, making it slightly possible to record a wrong or misspelled word accidentally. However, this is a common and understandable shortcut that drastically speeds up the backup process.
Having the option of creating a Shamir Backup is also pretty cool – that is, splitting the recovery method across multiple keys or people, somewhat similar to a multisig wallet.
The Trezor Safe 3 costs $79 directly from Trezor, making it one of the most affordable hardware wallets on the market. It is also the same price at which its predecessor, the Trezor Model One, used to cost at retail.
Its closest competitor would be the Ledger Nano S Plus, which retails at exactly the same price with similar features.
7. Trezor Safe 3 vs. Trezor Model T & Ledger Nano X
The Trezor Safe 3, Trezor Model T, and Ledger Nano X are all hardware wallets – but they each possess a key quality that sets them apart.
Each of the wallets has similar security features, supports thousands of assets, and has a similar physical size. So what makes them different from each other?
The Trezor Model T’s ($219) key differentiator is its touchscreen, which makes both the set-up process and general use easier – and a little more fun. It is also the most expensive wallet of the three.
The Ledger Nano X ($149) takes a slightly different shape, but is overall a similar size to the Trezor devices. It has basic physical buttons, but its key selling point is its Bluetooth connectivity. This enables the user to manage their assets wirelessly via their mobile device, which is very convenient. On the other hand, some may consider this an extra security risk.
The Trezor Safe 3 ($79) is the newest, most basic, and most affordable of the three options, with no touchscreen or Bluetooth compatibility. It does, however, have a Secure Element chip – the first Trezor wallet to include it. And like the Trezor Model T, the Safe 3 supports Shamir Backup as a recovery option.
8. Frequently Asked Questions (FAQs)
The Trezor Safe 3 comes in Cosmic Black, Galactic Rose, Stellar Silver, and Solar Gold.
These two hardware wallets are made by different companies, TREZOR and Ledger. The Trezor Safe 3 was released in late 2023, while the Nano S Plus was released in April 2022. The Trezor Safe 3 can store 8,000+ coins, while the Nano S Plus can store 5,500+. They both have a USBC connection and a Secure Element chip. Since they are identical in price, I would go with the newer Trezor Safe 3.
If you download the Trezor Suite directly from TREZOR’s website, it is perfectly safe. When using the Trezor Safe 3 or any other TREZOR wallet, you never type your seed phrase directly into the computer. It will always go through the hardware wallet.
The Trezor Safe 3 is an excellent yet subtle improvement on the Trezor Model One. It manages to upgrade a ton of the older device’s features while also maintaining the familiarity of both the physical design and how it operates.
The build quality is solid, the physical buttons are responsive, and the entire setup process is very user-friendly. At its price point, the Trezor Safe 3 is an excellent option for any level of crypto user.
The Trezor Keep Metal was also really cool to use, providing a highly robust way to store your seed phrase while also being very efficient with space and ease of use compared to other metal backup solutions.