Trezor Safe 5 (2024) Wallet Review: Must-Have or Gimmick?

If you're looking for a secure, durable, and feature-packed hardware wallet, the Trezor Safe 5 might be just what you need. As the latest addition to Trezor’s lineup, this third-generation wallet balances sleek design with advanced security features, offering great value at $169 in US markets and €169 in Europe. Here’s everything you need to know to decide if this wallet is the right choice for you.

First Impressions

The Trezor Safe 5 is positioned as Trezor’s most advanced hardware wallet yet. Whether you’re a crypto newbie or a seasoned investor, this device is designed to fit your needs. It offers a user-friendly interface, robust construction, and top-notch security features. Plus, it’s part of the Safe family, building on the success of previous models like the Model T and Safe 3.

Design and Build Quality

What to Expect

The first thing you'll notice about the Trezor Safe 5 is its sleek, modern design. It features a scratch-proof Gorilla Glass touchscreen that’s not only durable but also responsive, giving you a smooth user experience enhanced by haptic feedback. Built with PC/ABS plastic and anodized aluminium, the wallet is lightweight yet tough enough to withstand everyday use.

The Trezor Safe 5 isn’t just functional; it also comes in a range of stylish colors to suit your personal taste. You can choose from black graphite, violet ore, and green beryl, each offering a sleek and modern look. For Bitcoin enthusiasts, there’s an especially striking option: a vibrant orange version designed exclusively for Bitcoin users. This unique color not only sets it apart aesthetically but also serves as a bold statement of commitment to the leading cryptocurrency.

Security Features

Is Your Crypto Really Safe?

When it comes to security, the Trezor Safe 5 doesn’t cut corners. It includes an NDA-free EAL 6+ secure element chip to prevent tampering and runs on open-source firmware, so you can trust what’s under the hood. Additionally, bootloader verification ensures the firmware on your device is authentic and uncompromised.

A major highlight is the Shamir Backup (SLIP39), which allows you to split your seed phrase into multiple parts, providing enhanced protection. Even if someone obtains one part of the seed, they won’t be able to access your wallet. Keep in mind, though, that Shamir Backup is currently only supported by Trezor devices.

Another standout feature you’ll appreciate is the microSD card slot. It’s not just for storage — it adds an extra layer of protection. By encrypting your PIN with a microSD card, the Safe 5 prevents unauthorised access in case of a physical attack. A randomly-generated secret is stored on the microSD card, which combines with your PIN to decrypt the data. In other words, the wallet becomes "bound" to the microSD card, making it nearly impossible to unlock without it. This feature can be disabled if needed, but it's an excellent option for those seeking maximum security.

Setup Process

User-Friendly and Efficient

Worried about a complicated setup? Don’t be. Setting up the Trezor Safe 5 is simple, thanks to the Trezor Suite application. From the initial security check to firmware installation, the process is straightforward. You’ll also back up your seed phrase and set up a PIN through an intuitive touchscreen interface.

Be aware that the Safe 5 uses a 20-word seed phrase instead of the 12-word seed found in the Safe 3, which could make the migration process more complex for some users.

Once you’re set up, you can activate your desired networks and coins, allowing you to manage a diverse portfolio right from the Trezor Suite app. The touchscreen makes entering information, like your seed phrase and PIN, hassle-free.

Coin Support and Compatibility

Is Your Crypto Covered?

The Trezor Safe 5 supports over 9,000 tokens, including major cryptocurrencies like Bitcoin, Ethereum, Solana, XRP, and Cardano. While this broad support is impressive, some users may find the coin options within the Trezor Suite app slightly limited compared to other wallets. For tokens not natively supported, you can connect your Safe 5 to third-party interfaces like MetaMask.

Pricing and Comparisons

How Does It Stack Up?

At $169 (US) and €169 (EU), the Trezor Safe 5 is competitively priced. Compared to other touchscreen wallets like the OneKey Pro, Ledger Stax, or Keystone Pro, it holds its own in terms of features and security. In fact, it’s more affordable than the Trezor Model T, but it still offers a premium experience, making it a solid mid-range option.

Trezor Safe 5 Pros and Cons

Pros:

• Enhanced Security: The EAL6+ secure element chip provides top-tier protection against physical attacks, making the Safe 5 highly secure even in cases of theft.
• Touchscreen and Haptic Feedback: The responsive touchscreen and strong haptic feedback significantly improve the user experience, especially when confirming transactions. It’s a notable upgrade from the Trezor Safe 3.
• Simplified Passphrase Management: Thanks to the secure element chip, the Safe 5 simplifies passphrase management by reducing the need for long, complex passphrases, making it easier to manage your assets.
• Wide Cryptocurrency Support: With support for over 9,000 tokens, the Safe 5 is a versatile tool for managing a variety of digital assets.

Cons:

• Slightly Limited Coin Support: While the Trezor Safe 5 supports over 9,000 tokens, some users may find the range of supported cryptocurrencies less extensive than what other wallets offer. For tokens not natively supported in the Trezor Suite app, you'll need to connect your wallet to third-party interfaces like MetaMask, which may add extra steps to your management process.
• Touchscreen Unnecessary for Some: While the touchscreen is a nice upgrade, not everyone will find it essential. If you prefer a simpler interface, the Trezor Safe 3 might be a more cost-effective option without compromising on security.
• Passphrase Redundancy: While many users rely on strong passphrases for security, the addition of the secure element chip in the Safe 5 enhances protection even further. However, some may feel that this extra layer of security is unnecessary given their existing measures. It's important to remember that in crypto security, there’s truly no such thing as overkill.
• Higher Cost: At $169 and €169, the Safe 5’s price tag may not be justifiable for those who already use effective security measures, like long passphrases. If you're upgrading from older models like the Safe 3 or Model T, it’s worth weighing whether the additional security features are necessary.

Should You Get the Trezor Safe 5?

If you’re serious about protecting your crypto and want a balance between ease of use and advanced security features, the Trezor Safe 5 is an excellent choice. With its durable build, enhanced PIN encryption via microSD, and the powerful Shamir Backup feature, it offers top-tier protection. At $169 and €169, it provides great value for those looking for a reliable hardware wallet.

However, if you're already using a strong passphrase or a previous Trezor model, it’s worth considering whether the upgrade to the Safe 5 aligns with your specific needs. While it offers advanced features that enhance security and usability, some users may find that their current setup meets their requirements just fine.

Ready to secure your assets with the Trezor Safe 5? Visit Trezor’s official website to learn more or make a purchase.