Trezor Safe 5 Review For Canadians

In my community on Reddit – OCryptoCanada, which you should definitely follow by the way – and across many other crypto subreddits, whenever someone asks for hardware wallet recommendations, one name keeps appearing at the top: the Trezor Safe 5.

I reached out to the Trezor team and asked them to send me one for a thorough, independent review – and they did. But here’s my disclaimer: this did not affect my bias whatsoever. You’re getting my honest opinion on Trezor Safe 5, the good and the bad.

Alright, let’s get straight to it. As always, I’ll start with the cons first, then move to the pros. Let me tell you what I disliked about the Trezor Safe 5.

CONS:

• Price Point: At around $169 USD (approximately $230-240 CAD), the Trezor Safe 5 is one of the more expensive hardware wallets on the market. For beginners just starting their crypto journey with a small portfolio, this might feel like overkill compared to cheaper alternatives.
• Learning Curve for Beginners: While Trezor has improved the user experience significantly, complete crypto beginners might still find the initial setup process intimidating. Understanding recovery seeds, passphrases, and the Trezor Suite software requires some patience and attention to detail.
• No Bluetooth Connectivity: Unlike some competitors, the Trezor Safe 5 doesn’t offer Bluetooth connectivity for mobile use. You’re limited to USB-C connections, which means you’ll need an adapter for some mobile devices. This makes on-the-go transactions less convenient compared to NFC or Bluetooth-enabled wallets.
• Larger Form Factor: The Trezor Safe 5 is noticeably bulkier than card-style wallets like Tangem or the ELLIPAL X Card I recently reviewed. It’s not something you can slip into your regular wallet – you’ll need to carry it separately, which reduces portability for daily use.
• Touchscreen Responsiveness: While the color touchscreen is a nice upgrade, some users report that it’s not always as responsive as modern smartphone screens. You might need to tap buttons multiple times occasionally, which can be slightly frustrating during the setup process.
• Limited DApp Browser: While Trezor Safe 5 supports most major cryptocurrencies and integrates well with popular DeFi protocols, the built-in DApp browsing experience isn’t as seamless as using a hot wallet. Advanced DeFi users might find some limitations compared to software wallets.

Now, let’s talk about why the crypto community absolutely loves the Trezor Safe 5, and honestly, there’s a lot to love here.

PROS:

• Open-Source Firmware: This is HUGE. Trezor’s firmware is completely open-source, meaning the entire crypto community can audit the code for vulnerabilities. This transparency is why security experts consistently recommend Trezor – there are no hidden backdoors or proprietary code that could compromise your funds. Trust but verify!
• Shamir Backup (SLIP39): Instead of the traditional single 12 or 24-word seed phrase, Trezor Safe 5 supports Shamir Backup, which splits your recovery seed into multiple shares. You can set it up so you need, for example, 3 out of 5 shares to recover your wallet. This means if one backup is lost or stolen, your funds are still safe. It’s perfect for inheritance planning or distributed security.
• Color Touchscreen Display: The 1.54-inch color touchscreen is a massive upgrade from older Trezor models. You can easily verify transaction details, addresses, and amounts right on the device without squinting at a tiny screen. The user interface is intuitive and much more pleasant to navigate.
• Secure Element + Open-Source: Here’s what makes Trezor Safe 5 special: it combines a secure element chip (EAL6+ certified, bank-grade security) with open-source firmware. Many wallets are either open-source OR use secure elements, but Trezor manages to do both. This gives you the best of both worlds – transparency and hardware-level security.
• Passphrase Support (25th Word): You can add an optional passphrase on top of your recovery seed, essentially creating a “hidden wallet.” Even if someone steals your recovery seed, they can’t access your funds without the passphrase. This is an advanced feature, but incredibly powerful for serious holders.
• Trezor Suite Desktop & Web App: The Trezor Suite software is polished, user-friendly, and regularly updated. You can manage your portfolio, exchange crypto, and connect to DeFi protocols all through a clean interface. It’s available as a desktop app (for maximum security) or web-based (for convenience).
• Broad Cryptocurrency Support: Trezor Safe 5 supports over 1,000 cryptocurrencies including Bitcoin, Ethereum, Solana, Cardano, Polkadot, and countless ERC-20 tokens. Whether you’re a Bitcoin maximalist or a multi-chain DeFi degen, it’s got you covered.
• Established Track Record: Trezor has been in the hardware wallet game since 2014 – they literally invented the category. Over a decade of proven security, continuous updates, and a trusted reputation in the crypto community. This isn’t some new startup – this is the OG.
• Privacy-Focused: Trezor doesn’t require any personal information to use. No email registration, no KYC, no account creation. You can use it completely anonymously, which is how crypto should be.
• Firmware Updates: Trezor regularly releases firmware updates to add new features, improve security, and support new cryptocurrencies. The Safe 5 is built to last and will stay relevant for years to come through continuous development.

Unboxing Trezor Safe 5

Alright, let’s unbox this thing and walk through the setup process so you know exactly what to expect.”

Inside the box, you’ll find:

• The Trezor Safe 5 device
• USB-C cable
• Recovery seed cards for writing down your backup
• Getting started guide
• Stickers (because why not)”

Setting up the Trezor Safe 5

Step 1: Download and Install Trezor Suite

1. Go to the official Trezor website at trezor.io/start.
2. Download the Trezor Suite app for your operating system (desktop version recommended for first-time setup; web version works but is less secure for initial configuration).
3. Install the app by following the on-screen prompts:
   • On Windows/macOS: Run the installer and follow the wizard.
   • On Linux: Extract the file and run the executable.
4. Launch Trezor Suite. It will open to the welcome screen.

Step 2: Connect Your Trezor Safe 5

1. Plug the smaller end of the USB-C cable into your Trezor Safe 5.
2. Plug the larger end into a USB port on your computer.
3. The Trezor Safe 5 screen will light up (if it’s your first time, it may show a “No firmware” message—this is normal).
4. In Trezor Suite, select “I want to set up a new wallet” (or similar prompt) if it appears. The app will detect your device.

Step 3: Install the Firmware

1. Trezor Suite will automatically detect that no firmware is installed and prompt you to Install firmware.
2. Click Install firmware. The app will download the latest version (this may take a minute).
3. On your Trezor Safe 5, confirm the installation by tapping Confirm on the touchscreen (use the haptic feedback to guide you).
4. Wait for the process to complete—the device screen will show progress, and the app will notify you when done.
5. Click Continue in Trezor Suite.

Step 4: Authenticate and Verify Your Device

1. The app will show a “Let’s check your device” screen. This verifies your Trezor Safe 5 is genuine and not tampered with.
2. Follow the on-screen instructions: The app will display an image or code.
3. On your Trezor Safe 5 touchscreen, compare and confirm it matches (tap Yes if it does).
4. If there’s any mismatch, stop immediately and contact Trezor support—do not proceed.
5. Once verified, click Continue in the app.

Step 5: Create Your Wallet Backup (Recovery Seed)

1. In Trezor Suite, click Create new wallet (or Create backup if prompted).
2. Read and agree to the Terms and Conditions on your Trezor Safe 5 touchscreen (tap Agree).
3. The device will generate a random recovery seed (a 12- or 24-word phrase—this is your wallet’s master key).
4. You’ll be prompted to confirm you understand the backup instructions: Never share it, store it offline, and never enter it online except when recovering.
5. Tap I understand on the device.
6. Write down the words exactly as they appear on the Trezor Safe 5 screen, in order, on the provided recovery cards (one word per line).
   • Use a pen for permanence—do not type or photograph it.
   • The device will show words one by one; confirm each by tapping Next.
7. Once all words are displayed, store the cards in a secure, fireproof location (e.g., a safe). Consider splitting them across multiple locations for extra security.

Step 6: Verify Your Backup

 

1. Trezor Suite and the device will prompt you to verify the backup by selecting random words from your seed.
2. On the touchscreen, scroll and tap the correct words as requested (e.g., “Select the 3rd word”).
3. If you select incorrectly, the device will guide you to restart the verification.
4. Once complete (all words verified), tap Confirm on the device. This ensures your backup is accurate.

Step 7: Set Up Your PIN Protection

 

1. Trezor Suite will prompt you to set a PIN (a numeric code for device access).
2. On the Trezor Safe 5 touchscreen, enter a 4-9 digit PIN using the on-screen keyboard (avoid simple patterns like 1234).
3. The device will ask you to confirm by re-entering the PIN.
4. Tap Confirm. In the future, you’ll enter this PIN every time you connect the device.
   • Tip: The PIN is entered blindly (dots only) for security—memorize it well.

Step 8: Enable Passphrase (Optional but Recommended for Advanced Security)

1. In Trezor Suite, go to the menu (top-left dropdown) and select Passphrase wallet (or enable it during setup if prompted).
2. On the device, enter a custom passphrase (a secret word or sentence) when prompted.
3. Confirm it. This adds an extra layer: Even with your seed, someone needs the passphrase to access funds.
4. Store the passphrase separately from your seed—losing it means losing access.

Step 9: Activate Coins and Complete Setup

1. The app will show an “Activate Coins” screen. Select the cryptocurrencies you want to manage (e.g., Bitcoin, Ethereum—defaults are enabled).
   • You can change this later in Settings > Coins.
2. Review your selections and click Complete setup.
3. Your wallet is now ready! Trezor Suite will display your account balances (initially zero).

Step 10: Post-Setup Customization and Security Checks

1. Test a Small Transaction: Send a tiny amount of crypto to your new address (found in Trezor Suite under Accounts) to verify everything works. Confirm the transaction on the device touchscreen.
2. Update Firmware Regularly: In Trezor Suite, go to Settings > Device > Check for updates.
3. Customize Homescreen (Fun Feature): Connect the device, go to Settings > Device > Customization > Upload image. Select a JPEG wallpaper and confirm on the device.
4. Enable Advanced Features: Explore passphrase, multi-share backups, or Shamir Backup in Settings for enhanced security.
5. Backup Reminder: Never enter your seed on any website or app—only on your physical Trezor during recovery.

Is Trezor Safe 5 Safe?

So, is the Trezor Safe 5 actually safe? Let me break down the security.”

“The Trezor Safe 5 uses a secure element chip certified to EAL6+ standards – the same level of protection used in passports and banking cards. This chip is designed to be tamper-resistant and will erase itself if someone tries to physically attack it.

But what really sets Trezor apart is the open-source firmware. Every line of code can be audited by security researchers worldwide. If there’s a vulnerability, it gets found and fixed quickly. This is why Trezor has maintained such a strong security reputation for over a decade.

The PIN protection means even if someone steals your device, they can’t access your funds without the PIN. After multiple wrong attempts, the device wipes itself.

The Shamir Backup option adds another layer – splitting your recovery across multiple locations means no single point of failure.

And the optional passphrase feature creates a completely hidden wallet that’s impossible to detect even with physical access to your device and recovery seed.

In terms of security, the Trezor Safe 5 is absolutely top-tier. It’s trusted by individuals, institutions, and security experts worldwide for a reason.”

Final Word on Trezor Safe 5

Alright, final verdict time. Should YOU buy the Trezor Safe 5?

If you’re serious about crypto security, have a portfolio you want to protect long-term, and value proven technology with a decade-long track record – absolutely yes. The Trezor Safe 5 is worth every penny.

The combination of open-source transparency, secure element protection, Shamir Backup, and continuous development makes this one of the best hardware wallets money can buy. The crypto community recommends it for good reason.

Is it perfect? No. It’s expensive, bulkier than card wallets, and lacks Bluetooth connectivity. But these are minor trade-offs for fortress-level security and peace of mind.

For Canadians specifically – yes, it ships to Canada, works perfectly with Canadian exchanges, and you can even buy it directly from Canadian retailers.