Trezor, a leading hardware wallet manufacturer, has rolled out a new in-wallet exchange feature in its beta client. The update allows users to purchase, sell, and swap between 11 different cryptocurrencies directly from the Trezor interface, eliminating the need to transfer funds to a third-party exchange and thereby reducing exposure to exchange hacks.
How the Trezor Beta Exchange Feature Works
Announced on September 19, 2018, the feature is accessible after logging into the beta version of Trezor Wallet. Once inside, users will see a new “Exchanges” tab in the top-right corner. The first time a user clicks on it, a disclaimer appears clarifying that all trades are conducted between the user and third-party exchange partners, not directly by Trezor.
The supported assets are: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Monero (XMR), Dash (DASH), Dogecoin (DOGE), Bitcoin Gold (BTG), Ethereum Classic (ETC), and Zcash (ZEC). Users can buy these assets with fiat currency or swap among them.
The integrated exchange partners include Changelly, Coinmama, ChangeNOW, Paybis, and Coinswitch. These platforms provide liquidity and execute the actual trades, while Trezor acts as a secure front-end.
KYC Policy: Trezor Does Not Mandate It, but Partners Might
Addressing privacy concerns, Trezor’s marketing manager tweeted: “Just to clarify, we won’t run KYC — The exchanges might. We do not offer exchange services, they all go through third parties. It’s an optional service. If KYC will be enforced by those services, the user will know it and can refuse to continue.” This maintains Trezor’s non-custodial ethos while offering users the option to comply with a partner’s requirements if they choose to proceed.
The team also noted that they are evaluating the integration of decentralized exchanges (DEX) in the future, which would completely eliminate the need for any third-party KYC.
Comparison with Other Hardware Wallets
Trezor is not the first hardware wallet to offer in-wallet swapping. Keepkey, owned by Shapeshift, already allows users to trade through Shapeshift’s dropdown menu directly in the wallet. However, Shapeshift recently transitioned to a membership-based model, which may affect its compatibility with Keepkey going forward.
Another competitor, Coolbit X, integrates both Shapeshift and Changelly for in-wallet exchanges. On the other hand, Ledger hardware wallets currently do not offer any built-in trading services; the Ledger Live platform has a “Buy/Trade” tab that merely redirects users to third-party exchanges after selection.
With this update, Trezor enhances user convenience while preserving the security advantages of self-custody. For crypto users who want to trade without the risk of leaving funds on an exchange, the new feature is a significant step forward.