Questions Before Buying Trezor Safe 3

General topics
1

Hi,

I have been handling my crypto investments through an online bank in the UK called Revolut, and up until now I’ve been really happy with their service. I can transfer cash from my main bank to my Revolut account on my phone with Apple Pay, meaning if I want to buy tokens fast, there’s no waiting on transfers or anything, I can buy or sell tokens in seconds, and since they’re a bank, I can either store my FIAT there and just access it through a virtual debit card on my phone, or instantly transfer it to my regular bank.

However, staking is no longer supported, and I am hoping that I will get better rates dealing through Trezor as opposed to an online bank that doesn’t primarily deal in crypto, and I’ll be able to benefit from staking my investments. In light of these things, I’ve been thinking about getting a hardware wallet, and the Safe 3 was recommended to me, and the price and features look good. However, there’s a few things that I don’t know and I’d like to clear up before committing,

I understand that Trezor is not a bank, and can’t issue me a card, so I want to know how fast and easy it is to transfer FIAT between Trezor Suite and my bank account. If I sell tokens on Trezor, does the FIAT from the sale go directly into my main bank account? Is it instant, or will I find myself waiting minutes, hours, or days before a FIAT transfer between my bank and Trezor Suite is completed? I read that Trezor Suite doesn’t store FIAT, so when I buy crypto, does it just charge the requisite funds to a credit/debit card as with any other online purchase? Does it support Apple or Google Pay? If not, what are my options to get money into my Trezor Suite to buy tokens, and how fast is it?

I had questions about what would happen if Trezor went out of business and Trezor Suite stopped working, but I found my answer in another thread, so I’m happy with that.

Thanks in advance to anyone who’s able to address any of my concerns, and I hope that I’ve clearly communicated my questions and concerns, it basically boils down to “how fast and easy is it to get FIAT in and out of Trezor?”.

Cheers.

2

1st I’m in the UK also…

i think your missing the point really.
First and foremost Trezor is a hardware wallet, not a crypto exchange.
So treat it as a hardware wallet.
If you want to buy crypto with £/FIAT, then that doesn’t really have much to do with Trezor.
You are looking for a FIAT/crypto, on/off ramp.

just use something like:

uphold.com

the first 2, you can just send them £ (bank transfer is best, but card can also be used) and give them the address of your trezor wallet.
then in about 10 minutes (or whatever) you have the crypto on your trezor.
You will have to do KYC the first time you do this.
But maybe try it with like £20 to see how it goes…

Just be really careful to enter the receive address of your trezor correctly. Any mistake and the crypto is gone somewhere else. Also be careful to ensure the bank transfer details are correct for the pounds.

3

Thanks for the answer. When I was doing my research, Trezor Suite said it had buy/sell/trade features, which I assumed meant that you could quickly and easily do all of those things. Thanks for the address warning, I’ve been using crypto for well over a decade (bitcoin was $12 the first time I tried to buy crypto, oh the missed opportunity), so I’ve made almost every mistake in the book apart from that one.

From what you’re saying, it sounds like all I’d use Trezor for is long term storage of any crypto holdings. Anything that I might want to buy/sell/trade expeditiously I’m better off keeping in my Revolut account? If this is the case, Trezor should change their marketing materials. From reading their site, I was under the clear impression that Trezor Suite came with full fledged exchange functionality allowing me to buy and sell crypto, but if that’s not the case and I have to buy and sell my crypto elsewhere, all I’m doing is dinging myself with an extra 2 transaction fees for every trade I make.

I actually bought a Trezor Safe 3 after posting this, but I guess I’ll only use it if I buy substantially more stakeable crypto, as the staked payments should cover the transaction fee to send it to my Trezor, and the transaction fee to send it back to Revolut where I can trade it for FIAT. Revolut disabling staking was the only reason I started looking into hardware wallets, and Trezor looked like a good bet with T.S. being marketed as an easy to use full fledged exchange.

All of the above being true, I guess I’ll just throw the Trezor on eBay when it arrives. If I’ve misunderstood you, and Trezor does offer everything that I thought it did from the marketing materials, then I’ll hold off for another reply to straighten the record. Trouble is that I can’t use Trezor Suite without pairing it with my Trezor, and if I open my Trezor, it’ll be hard to sell, as I’d imagine anyone with any knowledge of the topic would be extremely hesitant to buy a used hardware wallet where someone else has your recovery seed…

4

I should have done more reading before I bought. Today I’ve found out that Trezor has very limited coin support (focused on Bitcoin), which is the opposite of what the article comparing hardware wallets said. I don’t have any BTC holdings, I have DOT, XTZ, WAXL, AVAX, ALGO, 1Inch and a bunch of others that apparently Trezor doesn’t support. I already got an email saying that my order is shipped, so I guess I’ll just throw it on eBay when it gets here…

Thanks for your help and time.

5

Trezor Suite does have trade and sell features, however this is done via our partner exchanges.

Trezor supports thousands of coins and tokens, but out of those you named DOT, ALGO are not supported.

6

yeah checking coin support before purchase is important, but anyway.

For me, I generally avoid CEX exchanges, main reason is, you buy your crypto and then find it’s frozen in the exchange and they won’t let you actually have it… not your keys, not your coins etc.
I’ve been had like this a few times, so CEX = BAD (in my eyes)

if you use transak or ramp.network, or similar you send them £ to their bank account, they ask what address you want the coin to go, bam, job done, the coin is yours, on your wallet, your keys etc.
To me this is how crypto should be done, none of this: buying, waiting to see if it goes through, then re-transferring off the exchange to your proper wallet, to find out: ‘oh did you not read the T&Cs, you can’t actually have it because it’s a wednesday and we don’t like wednesdays’

same with crypto swaps, use non-custodial, exchanges, then the crypto comes back to you and not tied up in the exchange with their frustrating T&Cs , which they seem to make / adjust on an adhoc basis.

you will find that probably all hardware wallets use 3rd parties to process their exchanges etc, since it’s not really what they do. So you may as well just do it direct and I think: let the hardware guys concentrate on coin support and stuff, rather than 3rd party exchange integration.

Anyway good luck, and I think perhaps Hot wallets maybe a better option for you if you want large coin support?

7

Yeah, I checked the Safe 3 page that I bought it from again, and it said it supports over 9000 coins, so I’m kind of shocked that DOT and ALGO aren’t on there, but it’s better than the info I had before, a Trezor staff member on Reddit saying basically there were no plans to implement support for other coins because they wanted to focus on Bitcoin.

Regarding CEX, I felt much the same way, I felt safer keeping my BTC and ETH in wallets controlled by me. Also when researching Revolut and whether I could transfer my private keys to my Trezor, or if I’d have to send the coins in a transaction, I found out that when you buy crypto, they don’t actually buy you any crypto, everything is “pooled”, which I take to mean that they’re essentially taking your money when you buy crypto, and giving it back when you sell. That said, it is extremely easy to take cash out of my crypto, send my crypto to another wallet, and I even have a debit card that pays for anything I purchase with it from my crypto holdings. Since they’re an actual bank, and banks are more highly regulated than CEXs such as Kraken, where I first tried crypto for investment rather than just to buy things online, so I’m comfortable that they’re not going to disappear overnight and take all of my money with them.

The lions share of my holdings are in DOT, and I went with Trezor because they removed staking, and I foolishly unstaked all of my DOT in anticipation of moving it to my Trezor where I could re-stake it (there’s a 30 day wait after unstaking DOT before you can access it). So when it comes down to it, I bought a Trezor Safe 3 because I wanted better control of a coin that it turns out it does not support. My DOT holdings have done really well for me, and when choosing a device DOT support was at or near the top of the list of things I wanted. I did actually check, and the site says of the 9000+ coins Trezor claims to support DOT was included, though it was called “Binance-Peg Polkadot”, and had a different icon to the one I was used to, the shorthand for the coin was still DOT, so I figured it had to be the same. Are there plans to add any more coins to what Trezor currently works with, particularly DOT?

I’m really on the fence right now as to whether to keep the Trezor, or try to pass it off to someone else, and the promise of future support would have weight in that decision. The other thing I need to do is check out some of their trading partners and compare their buy and sell rates with what I get on Revolut. There may be advantages yet, I really wish that Trezor Suite would let me look around and get a really good feel for what it offers without connecting my device, because as soon as I peel that hologram off, it’s worthless to anyone except me…

8

I just compared my holdings to the “supported coins” database, I have DOT, ROSE, TRB, XTZ, ALGO, STORJ, 1INCH, ARPA, IMX, FIS, CVC, AVAX, LCX, NMR, TRU, POLS, LDO, MLN and YFI.

Of all those coins, the only one that the coin database on the Trezor site doesn’t claim to support on the Safe 3 is ALGO…

9

Sorry for the multiple posts, by the time I’m done editing my original post, it says it’s too late and I have to make another post. WAXL I don’t currently have holdings in, but I do buy in and out of it occasionally, and that’s also not supported.

I really wish I could see the values on the exchange partners without going through a lengthy sign up and verification process, but on the whole, their fees look to be higher than what Revolut charges me (1.99%, which I could also reduce if I paid for membership, but I’d have to trade £1400 of crypto in a month for that to pay for itself, and I don’t generally move than much crypto, I buy, and for the most part hold hoping that one or more of the coins blows up in a big way, though I do occasionally move things around to try to turn a quick profit (hence currently having no WAXL, which I’m planning on buying back into when and if the price drops back down again).

10

Trezor is not an exchange or money transferring institution, it is meant for long term holding.
But the option is there, there are also couple of non KYC partners for crypto to crypto swaps.

You see value of your coins any time of course.

12

Trezor also almost has no staking support other than Cardano (ADA) for other coins staking is done via third parties. Like Metamask for Ethereum staking for example.