“I bought 2 with my initial order. Set one up to use and put the other one in locked storage. I wanted backup plan in case of total failure and another hardware wallet sell out.
Of course it would partially depend on the value of the assets you want to protect.” – Trezor Reddit User
This is the most common reason to get a second hardware wallet: peace of mind.
Imagine this…
• Your device is damaged
• Your device is lost
• Your device is stolen
It could be as unexpected as your pet eating your device (surprisingly, this has happened multiple times with dogs.)
Or as dramatic as a misplaced or stolen device.
Think of this device as your emergency backup.
With this backup device, you can be ready to access and secure your funds immediately. There is no need to waste time ordering a new hardware wallet. Just enter your PIN and/or passphrase, and you can immediately access your funds to secure or move them.
To be clear, in this case, you are cloning your original hardware device by restoring the same wallet. They will usually be kept in different locations.
Two things happen after you get into crypto…
- You buy a hardware wallet
- You tell everyone you know about how crypto changes the world!
It’s ok, the moment you get into crypto, you can’t stop talking about it. We’ve all been there.
Gifting a hardware wallet is a great way to help friends and family start their self-custody journey without leaving their assets on an exchange.
You can be there to answer any questions.
Like this Trezor Model T user:
“I Bought This Crypto Wallet as a Gift During Prime Days and Scored a Great Deal! The recipient has shared that it’s easy to use and effectively does the job, which is all I could ask for. So, I guess it’s a solid 5 stars from me.”
And if you’re giving a hardware wallet to someone who might need help getting started?
Consider gifting them an onboarding session with one of our Trezor Experts!
“You only wanna trade BTC -> BTC only firmware. Otherwise, no need. Except if you have tons of BTC/crypto, then consider getting multiple hardware wallets.” — Trezor Reddit Comment
We sell Bitcoin-only hardware wallets for Trezor Safe 3 & Trezor Safe 5 for a reason.
It’s not uncommon to want one device for Bitcoin and one device for other crypto.
Some users prefer to separate Bitcoin from other cryptocurrencies for simplicity and security. If Bitcoin makes up most of your crypto, this might be you.
Interested in our Bitcoin-only devices? You can check them out by clicking here.
If you’re actively trading but also HODLing Bitcoin and altcoins, keeping separate devices makes sense.
• One wallet for trading — connected and frequently used for transactions.
• One wallet for long-term storage — rarely touched, securely stored.
If you’re HODLing for the long term, you don’t want to spend too much time fiddling with your hardware wallet beyond the necessary updates.
Having one device you only use for trading and another securely hidden away is much easier and safer, as you’ll want your trading wallet to hand quite often.
“My thought was it made sense not to put all my eggs in one basket.” — Trezor Forum Comment
You wouldn’t keep all your money in one bank account, so why store all your crypto in one wallet?
• Multiple wallets mean you can split funds across devices, reducing risk in case of theft, loss, or damage.
• You can also use a passphrase (advanced feature) to create multiple wallets on one device.
You can learn more about passphrases here:
This isn’t a fun question, but it is necessary.
Everyone who owns crypto will have to consider this at some point in their life: If something happens to you, can your family access your crypto?
Do they know where your hardware wallet is and how to access your funds in an emergency?
Giving a hardware device to a trusted family member or executor is not uncommon, and it’s usually part of a multisig setup.
If this interests you, also consider looking into Trezor’s Multi-share Backup.
This is becoming more common as the crypto economy becomes larger.
Here at Trezor, we hold crypto as a business, so having multiple devices and layers of protection to separate business and personal funds makes sense.
If you accept crypto payments or hold crypto as a company, a dedicated business hardware wallet ensures:
• Clear separation of funds
• Easier accounting & security
If you own a business and want to manage crypto, getting a second hardware wallet is necessary to manage the funds and be transparent.
Would you feel comfortable carrying your main hardware wallet while traveling?
A secondary travel wallet can hold limited funds while your main assets stay secure at home.
Pro tip: Use a passphrase to create a separate wallet for travel within your device.
Some people collect trainers. Others collect hardware wallets.
Hardcore crypto users love upgrading to the latest, most secure hardware wallet tech.
But having multiple wallets isn’t just fun, it ensures you’re always using the best hardware to protect your assets.
Given how much hardware wallets are often protecting, the investment is often seen as reasonable.
Bitcoin adoption grows through education.
If you teach friends, host meetups, or run workshops, having a dedicated hardware wallet for demos makes learning easier.
At Trezor Academy, we use hardware wallets for in-person education and to help people learn self-custody the right way.
If you’re involved in similar events, it might be worth getting a spare device!
Need instant access to your funds? Multisig probably isn’t for you.
Want extra layers of security and don’t mind the complexity? Multisig could be a great option!
Multisig (multi-signature) is a highly secure way to store crypto, eliminating the risk of a single point of failure.
Instead of relying on just one wallet, multiple keys (usually multiple devices) are required to authorize transactions. This reduces the risk of losing access due to a lost or stolen backup.
Some users choose multisig to distribute signing across multiple locations or even to make it harder to access their own funds, such as requiring physical travel to retrieve signing devices.
Warning: Multisig is not beginner-friendly. If set up incorrectly, you could permanently lose access to your funds. Proceed with caution!