Trezor Safe 5
By Sebastian
The Trezor Safe 5 is the latest hardware wallet from SatoshiLabs and the successor to the Trezor Model T. With a 1.54-inch touch-enabled color display, a stylish design including robust Gorilla Glass and even a vibration motor for haptic feedback, the Safe 5 makes a high-quality impression. Thanks to the built-in secure chip and open source firmware, the security model is comparable to the cheaper Trezor Safe 3. If you don't mind the extra cost compared to its "little brother", you will be offered a better user experience and a great package overall.
Trezor Safe 5
- Fully open source
- Secure chip
- Color display with touch
- Gorrilla glas
- USB-C support
- Multi-share Backups
- Not compatibel with iOS/iPhone
- No multisig setup registration
- Does not use BIP-39 by default
- Supports many altcoins
The Trezor Safe 5 comes in a thin, plastic-wrapped cardboard box. Included is of course the hardware wallet itself, a (relatively short) USB-C cable, as well as some paperwork in the form of stickers and two blank templates for 20 recovery words. Here you can see the Bitcoin-only edition in its bright orange packaging. The Safe 5 is also available in classic black, dark green and purple.
From the outside, there are two main components on the hardware wallet: the USB-C port and, on closer inspection, the 1.54-inch color display, which is used to make all entries via touch. In the original packaging, the USB port is also covered with a glossy sticker - a feature to protect against basic manipulation that should be taken into account with freshly unpacked devices.
Operation via the touchscreen is very intuitive and pleasant. The vibration motor provides haptic feedback depending on the type of input (tap, swipe or hold) - a function that initially sounds like a gimmick, but actually helps to recognize whether an input has been registered. The touchscreen itself reacts quickly and reliably and, provided you don't have overly large fingers, also precisely.
Functions
Together with the Trezor Suite, the Trezor Safe 5 actually offers all the functions you would expect from a hardware wallet in 2024. Functions such as the optional passphrase, support for the more or less new Taproot addresses or the option to use multiple accounts are almost a matter of course. The Trezor Suite interface is also pleasantly modern and clearly laid out.
So let's take a look at some of the unique selling points and noteworthy features of Trezor Safe 5 and Trezor Suite.
German firmware
What was criticized at the time of the Trezor Safe 3, namely the lack of a German-language interface, must now be emphasized positively. Not only the Trezor Suite can now be set to German, but also the firmware of the Trezor Safe 5. All information on the hardware wallet is therefore also displayed in German, which is particularly useful for users who have difficulties with the standard English language.
In some places, the firmware translation still seems a little mechanical, but the function is currently still in beta and it can be assumed that minor details will be improved over time.
A super display
Many hardware wallets rely on relatively small displays with a low resolution. Instead, the Trezor Safe 5 display is not only in color, but is also quite sharp with a resolution of 240 x 240 pixels. Details such as individual letters of a receiving address can therefore be matched very well, especially because the content of the display is mirrored exactly in the Trezor Suite.
The front is also made of robust Gorilla Glass instead of plastic, which not only gives the product a high-quality feel, but should also protect it from scratches. With some competitor products, the display scratches quite quickly due to the choice of plastic material. Our test device still looks brand new.
The lack of OLED technology with "perfect black level" is a bit of a shame, as the otherwise uniformly black front is interrupted by the backlit LCD display. But that's complaining on a high level, as the display can also be very bright in return.
Multi-share backups
Anyone looking for a simple way to split access to their own wallet across several backups without having to switch to a complex multi-sig wallet could find what they are looking for with Trezor's "multi-share backups", which were previously also known as Shamir backups (after Shamir's secret sharing) or formally SLIP-39. The only disadvantage of this approach is the deviation from the BIP-39 wallet standard, which somewhat restricts the recovery options.
It should be noted that the SLIP-39 standard with a backup of 20 recovery words is now used by default when creating a new wallet. The idea behind this: It should also be possible to switch to a multi-share backup at a later date without having to move the entire wallet. This is very practical if you decide to use multi-share backups at a later date.
The standard BIP-39 backups can of course be selected as an option instead. However, this option is almost misleadingly hidden behind the name "Outdated backup types":
Secure Chip
The two predecessors of Trezor's new hardware wallet, the Model One and the Model T, were often criticized for their lack of a secure chip. This is a chip specially designed for security, which primarily offers protection against attacks when accessing the hardware directly. Just like in the Trezor Safe 3, such a chip is also installed in the Trezor Safe 5, in addition to the regular microcontroller.
This has the decisive advantage that firmware installed on the Trezor can still remain open source and therefore transparently verifiable. Such secure chips are usually proprietary products whose specific architecture and functionality are not publicly known. Such a "dual-chip architecture" makes it possible to combine the advantages of the secure element with the advantages of the transparent firmware that runs on the regular microcontroller. Trezor is also working with its sister company Tropic Square on its own open-source secure chip, which is rumored to be planned for a future "Trezor Safe 7".
Completely open source
As you would expect from a hardware wallet, both the firmware and the software on your own end device, the Trezor Suite, are completely open source, meaning that the code is freely accessible. The firmware can also be reproduced manually. This makes it possible to ensure that the final firmware has actually been created from the published source code.
Bitcoin-only firmware
When setting up the Trezor Safe 3, the user is offered the choice of which firmware to install on the hardware. In addition to the universal firmware, which covers all functions, there is a version limited to Bitcoin ("Bitcoin only"), which has been reduced to the bare essentials and therefore theoretically reduces the potential attack surface. The Bitcoin-only firmware can also be installed on the normal editions (black, green, purple) of the Trezor Safe 5.
Minor points of criticism
Let's move on to a few points of criticism of the Trezor Safe 5, which are basically minor details rather than real "dealbreakers".
First of all, the lack of support for iPhones and iOS devices in general should be noted, as is the case with almost all USB-based hardware wallets due to Apple's restrictions. The Trezor Suite Lite app for iOS can be used as a watch-only wallet to keep an eye on your transactions, but if you are dependent on direct use on your iPhone, you should look for an alternative. The Trezor Suite web app can be used with its full range of functions on Android.
Bitcoin-not-so-only?
As you can see from the pictures, the Trezor Safe 5 is also available as an optional "Bitcoin-only" edition in a stylish, bright orange color. The marketing and the installation process indirectly suggest that the universal altcoin firmware cannot be installed on the device. This is often a welcome security aspect for Bitcoiners, as the Bitcoin-only firmware theoretically offers fewer attack surfaces and potential vulnerabilities.
Technically, however, the bootloader of the Trezor Safe 5 does not prohibit the installation of the altcoin firmware. The universal firmware version can also be installed manually in the Trezor Suite using the "Install custom firmware" function.
Of course, this is not a major disadvantage, as an attacker would reset the device anyway to switch to the altcoin firmware. But it is not a "real" Bitcoin-only edition like the BitBox02, whose bootloader does not allow the firmware edition to be changed, or the Blockstream Jade, which only supports Bitcoin anyway.
No multisig registration
Advanced users who are interested in a multi-signature setup should think twice before using the Trezor Safe 5. The Trezor wallet firmware still does not support persistent registration of multisig wallets. In theory, the user must therefore always re-verify all public keys of all participants in the setup before verifying a receiving address, which is a rather impractical hurdle that is quickly neglected in practice.
With hardware wallets that enable such registration, the time-consuming verification only has to be carried out once. The device can then independently verify transaction details or addresses of the multisig wallet.
Note: The Trezor Safe 5 is currently not yet compatible with software such as Electrum and Sparrow Wallet. However, this support is very likely to be delivered later, as with the Trezor Safe 3. Multisig could therefore not yet be tested, but the functionality is comparable to the Trezor Safe 3.
Conclusion
The Trezor Safe 5 fills the shoes of its predecessor, the Model T, with ease and now follows suit with a secure chip. The comparison with the equally new Trezor Safe 3, which is not actually inferior to the Safe 5 in terms of security and specific functions, is probably much more decisive. If you are on a tight budget, the Trezor Safe 3 is therefore the better choice in a direct comparison. However, if you want a higher-quality product with a touchscreen, the Safe 5 is a sophisticated overall product and offers a better user experience thanks to details such as the vibration motor and the good display.
Trezor Safe 5
- Fully open source
- Secure chip
- Color display with touch
- Gorrilla glas
- USB-C support
- Multi-share Backups
- Not compatibel with iOS/iPhone
- No multisig setup registration
- Does not use BIP-39 by default
- Supports many altcoins
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