Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (dapps). It provides a secure and transparent infrastructure for developers to build applications that run exactly as programmed without downtime, censorship, or third-party interference.
Getting Started with Ethereum on Trezor
Trezor Suite offers native support for Ethereum, allowing you to securely manage your ETH and interact with the Ethereum blockchain directly from the application.
Accessing Your Ethereum Account
To access your Ethereum accounts in Trezor Suite, follow these steps:
- Click the plus (+) symbol in the left navigation pane.
- Select Ethereum from the list of available cryptocurrencies.
- Confirm your selection by clicking "Find my Ethereum accounts."
Your Ethereum account will now appear among your default accounts in Trezor Suite.
Using Third-Party Wallet Applications
While Trezor Suite provides comprehensive Ethereum support, you can also safely use your Trezor device with certain third-party wallet applications. These integrations keep your recovery seed and private keys fully protected by your hardware wallet.
Popular compatible wallets include MetaMask, Rabby, Exodus, MyEtherWallet, Ambire, Ronin Wallet, and others.
Understanding Ethereum Fundamentals
Smart Contracts Explained
Ethereum smart contracts are self-executing agreements with terms directly written into code. These contracts run on the Ethereum blockchain, with their code publicly visible to all parties. When predetermined conditions are met, the contract automatically executes, enabling secure, transparent transactions without intermediaries.
Ether, Gas, and Network Fees
Ether (ETH) is the native cryptocurrency that powers the Ethereum network. When you perform any action on the network—sending tokens, interacting with contracts, or other operations—you must pay for the computing power required. This payment is called "gas" and is always paid in ETH.
Key points about gas and fees:
- Gas fees must be paid regardless of whether a transaction succeeds or fails
- Miners receive these fees as compensation for validating transactions
- Fees are not paid to Trezor but to network participants maintaining the blockchain
- You can check current gas prices on websites like Etherscan
Calculating Transaction Costs
Ethereum transaction fees are calculated using this formula:
Gas Price × Gas Limit = Transaction Fee
Gas Limit Considerations
The gas limit represents the maximum amount of gas you're willing to spend on a transaction. Higher gas limits indicate more computational work is required. A standard ETH transfer typically requires 21,000 units of gas.
Important notes about gas limits:
- Lowering the gas limit won't reduce costs if the transaction requires more computational resources
- You must include enough gas to cover the computational resources used, or the transaction will fail with an "Out of Gas" error
- All unused gas is refunded after transaction completion
Gas Price Dynamics
The gas price determines how quickly miners will prioritize your transaction. During periods of high network congestion, gas prices increase due to supply and demand dynamics.
Miners typically include transactions sorted from highest to lowest gas price until a block is full. Setting an appropriate gas price ensures your transaction gets processed in a timely manner.
Resolving Insufficient Funds Errors
The "Cannot send due to insufficient funds" error occurs when your account doesn't have enough ETH to cover the gas costs. Remember that all transactions—including token transfers and contract interactions—require gas, which is always paid in Ether.
Managing ERC-20 Tokens with Trezor
ERC-20 tokens are custom cryptocurrencies created on the Ethereum blockchain using a standardized technical specification. There are currently over 1.4 million ERC-20 tokens in existence, though many have little to no market value.
How ERC-20 Tokens Work with Trezor
When managing ERC-20 tokens with your Trezor device, remember that they share the same address as your Ethereum account. You don't need separate addresses for different tokens.
To view an ERC-20 token in Trezor Suite, simply send it to your Ethereum account address. Tokens will appear automatically once received and confirmed on the blockchain.
Adding ERC-20 Tokens to Trezor Suite
Follow this step-by-step guide to store ERC-20 tokens using your Trezor device:
- Open Trezor Suite (desktop or web version)
- Select Ethereum from the My Accounts panel on the left
- Navigate to the Receive tab
- Click "Show full address"
- Verify that the address shown in Suite matches the one displayed on your Trezor device
- Copy the receiving address and use it as the destination for sending your ERC-20 tokens
- Once tokens are sent, they will appear in the Tokens menu
Sending ERC-20 Tokens
The process for sending ERC-20 tokens is similar to receiving them:
- Open Trezor Suite (desktop or web version)
- Select Ethereum from the My Accounts panel
- Go to the Send tab
- Click the field under Send that displays Ethereum and your balance
- Choose the token you want to send from the dropdown menu
- Enter the amount and set the appropriate fee
- Send the transaction and verify it on your device
Ensure your Trezor Suite is updated to the latest version (these instructions apply to version 24.11.3 and later).
Handling Unrecognized Tokens
Some ERC-20 tokens might not be immediately recognized by Trezor firmware. You can still store and send these tokens by manually specifying the contract address, which will cause them to appear as "unknown tokens."
To find a token's contract address:
- Visit Etherscan and search using the token's ticker symbol (e.g., "UNI" for Uniswap)
- Exercise caution, as multiple tokens can share the same ticker
- The contract address will appear on the right-hand side of the token's page
- Always verify the address against the token project's official website
Typically, the correct contract address will be displayed alongside supply, price, and other relevant information. Contracts used solely for functionality may not display this information prominently.
👉 Explore advanced token management strategies
Frequently Asked Questions
Can I use any ERC-20 token with my Trezor device?
Yes, you can store any ERC-20 token using your Trezor device. While most popular tokens are automatically recognized, some may require manual addition using their contract address. All tokens benefit from the security of your hardware wallet regardless of recognition status.
Why do I need ETH to send ERC-20 tokens?
ERC-20 tokens operate on the Ethereum blockchain, which requires gas fees paid in ETH for all transactions. When sending tokens, you must have sufficient ETH in your account to cover the network fees, even though you're not sending ETH itself.
What happens if I send tokens to the wrong address?
Token transactions on blockchain are irreversible. If you send tokens to an incorrect address, they may be permanently lost. Always verify addresses carefully before sending, and consider sending a small test transaction first when dealing with large amounts.
How can I reduce Ethereum gas fees?
To reduce gas fees, consider transacting during periods of lower network congestion, typically late nights or weekends. You can also adjust gas prices manually, though setting them too low may result in delayed transaction processing.
Are there risks associated with unknown tokens?
While storing unknown tokens is technically safe for your wallet, exercise caution with tokens from unverified sources. Some tokens might have malicious contracts, though simply storing them in your wallet typically doesn't pose direct risks to your other assets.
Can I use multiple third-party wallets with my Trezor?
Yes, you can connect your Trezor device to multiple compatible third-party wallets simultaneously. Your private keys remain secure on the device, and you can interact with different interfaces while maintaining the same level of security.