Crypto hardware wallet Trezor Model One is designed to securely store the private keys to your digital assets in cold storage, which is offline and physically separated from your computer. To use the device for transactions, connect it to your computer and download its native Trezor Suite software for your desktop. While Trezor Model One can manage major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), it offers fewer coins and features than its competitors, such as Ledger’s Nano S Plus model.
Pros & Cons
Pros
- Intuitive interface with native Trezor Suite for desktop
- More than 1,289 cryptocurrencies are supported
- Crypto-to-crypto trading through the Trezor Suite
- Securely store private keys to NFTs on Ethereum
- Buying and selling of crypto directly from the wallet
Cons
- Only a small number of blockchains supported
- Some major coins like SOL, ADA, and XRP are unsupported
- Incompatible with iOS devices, Chromebooks
- No native staking or NFT support in Trezor Suite
Supported Coins
SatoshiLabs has made sure that the Trezor One is compatible with a vast majority of cryptocurrencies with significant value, making it an ideal storage option for digital assets. The Trezor One can securely store private keys to 1,289+ digital assets, including more than half of the top 20 cryptocurrencies by market capitalization, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), Bitcoin Cash (BCH), Stellar (XLM), Zcash (ZEC), and Dash.
It’s worth noting that a list of unsupported cryptocurrencies includes XRP, EOS, Tron (TRX), Tezos (XTZ), Cardano (ADA), and Monero (XMR). Many of these unsupported crypto assets are supported by the similarly-priced competitor, Ledger Nano S.
However, SatoshiLabs has focused more on developing the more expensive Trezor Model T, which is compatible with a much wider range of cryptocurrencies. As a result, there has been a slowdown in the addition of new coins to the Trezor One. Despite this, the Trezor One remains an efficient hardware wallet solution for storing digital assets.
Trezor Model One Price
The Trezor Model One is attractively priced at $69, making it significantly cheaper than the more advanced Trezor Model T, which has a retail price of $219. It’s also priced comparably to the Ledger Nano S Plus, which is Ledger’s base model hardware wallet and retails for $79.
For new crypto investors, the cost of a hardware wallet can often be a deterrent, especially when considering the size of their portfolio. The affordable price point of the Trezor Model One makes it a more compelling option for storing your coins securely.
Build Quality & Design
The Trezor One is a compact device, measuring just 60mm x 30mm x 6mm, making it easy to fit in most wallets without any hassle. It weighs a mere 12g and comes with a lanyard, which can be used to attach it to a keyring or pocket, making it highly portable. In contrast to Ledger’s Nano S, which resembles a thumb drive, Satoshi Labs opted for a design that resembles a high-end car key.
The device is manufactured primarily of plastic and has a 128 x 64-pixel OLED display, a micro-USB port, and two buttons as its main features. Although it is sturdy, the Trezor One’s lightweight and lack of premium materials give it a somewhat cheap feel compared to the Ledger Nano S and X, which are encased in aluminium.
Trezor One’s Ease Of Use
The Trezor One has been designed to be as compact as possible, which can make it less user-friendly. With just two buttons and a small screen, it can be challenging to navigate its menus. However, the OLED display can still provide a significant amount of information without excessive scrolling, which is a common complaint with the Ledger Nano S.
Fortunately, for most tasks, you won’t need to interact directly with the device. The Trezor Bridge software handles most functions, such as initiating payments and verifying messages. You’ll typically use the buttons to confirm payment addresses, verify security changes, and authorise logins.
Unlike its main competitors, you don’t need to download specific apps to store different cryptocurrencies on the Trezor One. During the wallet setup process, accounts are automatically created for various crypto assets, creating a more streamlined user experience.
However, the micro-USB cable provided could have been longer than its 200mm length. It can be challenging to connect the device to a computer, especially if the computer is not in a convenient location.
Overall, the Trezor One is simple to use and should not present any major challenges for even the least experienced crypto investors.
App Compatibility
The Trezor One does not natively support USB-C connections, but it can be connected to Android smartphones. Unfortunately, iOS users are unable to connect to the device via mobile, but they can still connect on their desktops running Windows, Mac OSX, or Linux. Many third-party cryptocurrency wallets also support these devices.
However, without Bluetooth support, it can be inconvenient to carry an extra cord to spend cryptocurrency from your mobile device.
Trezor One Security
The Trezor One provides a secure way to store crypto asset private keys offline, shielding them from exposure to connected devices. This safeguards owners against theft tactics, which commonly involve using counterfeit wallets or compromised web services to steal user funds.
Trezor One also offers an optional PIN for additional security. If enabled, the PIN must be entered before the device boots up and is practically impossible to brute-force. The firmware imposes an increasingly long delay between each attempt, equivalent to 1.8 raised to the power of the number of failed attempts in seconds. Therefore, 10 failed attempts would result in an almost 6-minute delay (1.8^10 seconds), and the device is wiped after 16 attempts.
In the event of a wipe, the 24-word recovery seed received during setup can be used to restore the wallet. For increased security, users can also add an optional 25th word that should be kept separately from the original 24-word recovery phrase.
SatoshiLabs designed the Trezor One to prevent modifications or breaches. The enclosure is sealed with ultrasound, making it difficult to open the device without raising suspicion. Customising the home screen makes it challenging for an attacker to replace the device with a fake one. Additionally, the device features a write-protected bootloader with a disabled JTAG, rendering firmware modification attempts useless.
Customer Support
The Trezor offers a wealth of support, including a plethora of educational resources that have earned it the reputation of an online encyclopaedia of cryptocurrency wallets. While the majority of these support features are geared towards Bitcoin and Bitcoin Cash transactions, Trezor also has an extensive FAQ section that provides clear and comprehensive answers to a wide range of queries.
To help users get started with the device, Trezor provides detailed, step-by-step documentation on setting up and operating the wallet with the hardware. Additionally, the software includes a troubleshooter tool that allows users to quickly identify and resolve common issues.
For quick and easy access to answers and support, Trezor also offers a chatbot that users can use to ask questions and receive timely assistance.
Set Up Trezor One Device
Follow these steps to set up your Trezor One device:
Step 1: Connect TREZOR to Your Computer
Connect your Trezor One device to your computer using the USB cable provided. On the device’s screen, you should see a Lock icon and an instruction to go to trezor.io/start.
Step 2: Go to trezor.io/start
Click on the link provided on your device’s screen to go to trezor.io/start. This page provides information on how the Trezor PIN and recovery seed works. Choose if you want to subscribe to their newsletter or not, and continue to set up your device.
Step 3: Install TREZOR Wallet
You will need to install the TREZOR Wallet in order for your device to communicate with your computer. To do this, go to wallet.trezor.io. You can either install the TREZOR Chrome Extension or the TREZOR Bridge, depending on your operating system. In this guide, we’ll use the Chrome Extension.
Step 4: Install Latest Firmware
To ensure the safety of your cryptocurrencies, the firmware is not installed when the device is shipped. To install the firmware, click “Yes, Install” and follow the instructions.
Cross-check the firmware fingerprints on the browser screen against the one on your Trezor device to ensure they match. Click “Continue” on your device.
Step 5: Reconnect TREZOR
After installing the firmware, unplug your device and plug it in again. Go to wallet.trezor.io to continue setting up your device.
Step 6: Give TREZOR Device a Name
Next, you can give your device a name to help you identify it easily.
Step 7: Setting Up the PIN
Setting up your PIN may seem confusing at first, but it’s easy once you get the hang of it. You will see a 3×3 grid (with dots) on your browser and a 3×3 grid (with numbers) on your device.
For example, if you want your PIN to be 6789, you need to refer to the exact position of these numbers in your device and hit them in sequence on your browser. You will need to do this twice to confirm your PIN.
Step 8: Write Down the Recovery Seed
Your Trezor device will display a unique combination of 24 words. Write down all 24 words on the recovery seed card provided, word by word. Verify it again and click Finish on your device.
Make sure you never lose your recovery seed card, as it is the only way to recover your cryptocurrencies if you lose your device.
Step 9: Enter PIN to Access TREZOR Wallet
After completing the above steps, you can now access your Trezor wallet for the first time. Go to https://wallet.trezor.io/ on your browser (if you already have it closed), enter your PIN, and hit enter.
- Access other supported coins.
- Customise the TREZOR home screen.
- Access security features.
- Edit the device’s basic settings.
- Lock the TREZOR device.
- Forget the TREZOR device.
- Configure app settings.
- Label receiving addresses.
- Add a new account.
- Add old accounts before SegWit.
Trezor One Alternatives
If you’re interested in a more affordable option, you might want to consider Ledger’s Nano wallets as an alternative to Trezor. The Ledger Nano S, which is comparable to the Trezor One in terms of features, is available at a similar price point and supports more currencies. This wallet is a good choice for those who prefer a different brand or are unable to find the Trezor One at a reasonable price.
If you need a wider range of cryptocurrencies, you may have to compromise some of the security benefits that Trezor One provides. Software wallets that rely on hot storage offer a seamless experience for managing all of your crypto assets in one place. However, these wallets are always connected to the internet and are thus more vulnerable to attacks. Despite this, they offer a lot of versatility. CoinSpot Wallet is one of the most popular software wallets and is supported by a reputable Australian exchange, providing various options for expanding your crypto portfolio.
Trezor Model One FAQs
Is Trezor One safe?
Trezor One is one of the most reliable places to safeguard your cryptocurrency. With limited access to any connected device, the Trezor wallet ensures that it can be used safely with devices that may have been compromised. The cold storage feature provided by the Trezor One keeps your crypto safe. In the event of losing your device, Trezor offers a solution to retrieve your lost coins.
Is Trezor T better than Trezor One?
While the Trezor One is a secure option for anyone looking to store their cryptocurrency safely, upgrading to the Trezor Model T has its advantages. Despite being nearly three times more expensive than the Trezor One, the Model T’s touchscreen display justifies the extra cost for those with the means to do so. The touchscreen enhances both usability and security, making it a valuable investment for those who can afford it.
Is it worth buying Trezor One?
Trezor One is an ideal hardware wallet for beginners who primarily aim to securely store the private keys to various crypto assets, including BTC, ETH, and over 1,289 more offline. Whether or not this wallet is suitable for you depends on the features, security level, and other factors that you require in a hardware wallet.
Is Trezor safer than MetaMask?
The value for money offered by Trezor models is higher than that of MetaMask, and Trezor also boasts superior security features. By securing your private keys, Trezor eliminates the need to depend on MetaMask for key protection. With your keys stored exclusively in the Trezor hardware, they are fully shielded from unauthorised access.
Final Verdict
The Trezor Model One, priced at approximately $69, offers excellent security and supports a wide range of cryptocurrencies. However, when compared to newer hardware wallet solutions such as the Ledger Nano X and Trezor Model T, it falls short. Nevertheless, within its price range, the Trezor One still performs admirably, offering features comparable to the Ledger Nano S and surpassing the less expensive KeepKey wallet in terms of functionality.
