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Trezor Model One review
Touted as the "original hardware wallet," we take a look at whether the Model One still stacks up.
Finder’s rating: 3.5 / 5.0
★★★★★
Good for storing the keys to major crypto assets offline.
Not so good for its supported coin range.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
The Trezor Model One is the original cryptocurrency hardware wallet. It's a small device for securely storing the private keys to your digital assets in cold storage – offline and physically separated from your computer.
To make transactions using the device, it must be connected to your computer and you must download the device's native Trezor Suite software for your desktop.
The Model One is all you need to manage major crypto assets like Bitcoin (BTC) and Ether (ETH). But it doesn't offer as many coins and features as some of its competitors, including Ledger's
Nano S Plus model
.
Model One pros and cons
Pros
Supports 1,317+ crypto assets
Easy-to-use native Trezor Suite interface for your desktop
Can trade crypto to crypto using Trezor Suite
Can store private keys to NFTs on Ethereum
Buy and sell crypto directly from your wallet
One of the most affordable hardware wallets on the market
Cons
Small number of blockchains supported
Doesn't support some major cryptos like SOL, ADA and XRP
Doesn't support iOS
Doesn't work well with Chromebooks
No native staking support or support for NFTs in Trezor Suite
What's in the box?
You'll find the following items in the box for the Trezor Model One:
A Trezor One device
USB-A to Micro USB cable
Keychain with strap
2 recovery seed phrase cards (with lines for 24 words on each)
Before unboxing your Trezor Model One, carefully check the shrink wrap and the box itself for any evidence of tampering.
Once you open the box, make sure that the holographic sticker over the USB input for the Trezor device itself hasn't been tampered with. If someone has accessed your device, it may be vulnerable to hacking and theft of funds.
Contact Trezor support if you have any concerns about the integrity of your device.
Trezor Model One price
The Trezor One sells for US$58 through Trezor's official website.
This makes it much cheaper than Trezor's flagship hardware wallet, the Trezor Model T, which retails for US$186.
Its cost is about on par with Ledger's base mode hardware wallet – the Ledger Nano S Plus – which retails for US$79.
Where to buy the Trezor One in Hong Kong
Purchase the Trezor One directly from Trezor's website – and not from a third party – to reduce the chances of someone tampering with your device before it reaches you.
Trezor lists some authorised resellers that sell the Trezor One on its site. If you decide to buy from a reseller, these are the only ones that you should consider.
The Trezor One can store private keys to 1,317+ digital assets. This is fewer assets than the Trezor Model T supports (1,317+).
It's also far less than the 5,500+ digital assets that a comparable wallet like the Ledger Nano S Plus supports.
Importantly, the Trezor One doesn't support major blockchains and crypto assets including Solana (SOL), Binance Smart Chain (BNB), Cardano (ADA) and Ripple (XRP).
Managing NFTs on the Trezor One
You can store the private keys to your NFTs on the Ethereum blockchain with your Trezor One.
But you won't be able to view or manage your NFTs using Trezor Suite. You'll have to sync your Model One with a third-party software wallet like
MetaMask instead.
Purchasing and swapping crypto coins through Trezor Suite
You can now use MoonPay in Trezor Suite to purchase crypto with dozens of fiat currencies, including Hong Kong dollars.
And if you want to swap your crypto, there's no need to send it from your Trezor One to an exchange. You can perform trades in Trezor Suite using a swap feature
powered by Changelly, which allows you to swap coins and tokens across several blockchains.
Trezor One security
Because the core technologies that Trezor employs are all open-source – including its physical hardware – anyone is able to review and test the code, which is posted on GitHub, in an effort to expose flaws.
In October 2019, crypto exchange Kraken found a flaw that made the wallet hackable if someone had physical access and the right set of tools. In response, Trezor made improvements to the future editions of its hardware wallets to eradicate the flaw.
While Kraken showed that previous versions of the Trezor One could hypothetically be hacked, there are no reports of a Trezor One purchased by a retail customer ever being compromised in this way.
Trezor specs compared
Both the Trezor One and the Model T help you to safely store the private keys to your digital assets offline.
The main
differences between the Model One and Model T
are the number of assets each hardware wallet supports, the physical features of the wallet itself, cost and advanced software features such as Shamir Backup.
While the Trezor One and Ledger devices serve the same primary purpose – storing the private keys to your digital assets offline – there are a number of differences between the devices including supported coins, cost and the physical device.
Make sure that the shrink wrap around the box in which you receive your device, the box itself and the holographic stickers over the top and bottom openings of the box haven't been tampered with before setting up your Trezor One. Plastic wrapping can be removed and replaced easily, so pay extra care to the condition of the package and plastic seals, which are more likely to reveal evidence of tampering. If you suspect tampering, contact Trezor support for assistance.
Setting up a Trezor One is relatively quick and straightforward, with the device and on-screen prompts guiding you through the process.
Follow these steps to set up your Trezor One device:
Click the "Get Desktop App" button and download Trezor Suite for whatever desktop operating system you run. The Trezor One is compatible with Windows 10+, macOS 10.11+ and Linux.
Connect your Model T to your desktop using the USB-A to Micro USB cord.
Click the "Begin setup" button.
Click the "Install firmware" button.
Click the "Create new wallet" button.
Verify the package by following the instructions in Trezor Suite.
Follow the instructions on the device. Your device will generate a unique recovery seed phrase that will provide access to all of the digital assets that you manage with Trezor One.
Click on the "Create backup" button and write down your 24-word recovery seed phrase on the specially designed cards for doing so that came with the device. Make sure to spell all of the words correctly and to write them in the correct order.
Once you've confirmed that you've written all of the words down, your Trezor One will display the 24-word recovery seed again. Double-check the correct order and spelling of the words.
Enter a PIN (recommended length: 4–6 digits) by clicking the obscured numerical pad in the browser. The layout revealing the position of your digits is displayed on your Trezor device.
In Trezor Suite, click on the "Standard wallet" button and set this wallet as your initial and default wallet.
You may also be prompted to give your Trezor One default wallet a name.
How to use the Trezor One
To use your Trezor One, you will use the Trezor Suite app on your desktop in conjunction with the device.
Connecting with Trezor Suite
Once Trezor Suite is open, follow these steps:
Open the Trezor Suite app on your desktop.
Plug your Trezor One into your desktop using the USB-A to Micro USB cable.
Enter the PIN for your Trezor One.
If you gave your Trezor One a name, you will need to confirm the name.
To store the private keys to your digital assets on your Trezor One, you must first add the apps that support each blockchain to Trezor Suite and your Trezor One:
Click on the "Assets" section.
Click on the "Coins" tab.
Click on the button all the way to the right of the coin or token you want to add. Once the background of the button has switched from grey to green, the app for the coin or token is enabled.
Repeat for all of the apps you'd like to use on your device, or click "Enable all" from the onset if you'd like to run all of the available apps all at once.
You can use Trezor Suite to trade between cryptocurrencies. This allows you to trade cryptocurrency without having to store it on a centralised exchange, which helps reduce the risk of theft and counterparty risk (e.g. the exchange shutting down).
To trade in Trezor Suite, plug your Trezor device into your computer and then select the Accounts view.
Click the green Trade button and open the Exchange tab.
Select the assets you want to swap and select the level of fee you're willing to pay. The fee level will determine the rate of the transaction.
Keep in mind that certain trading pairs may not be available and that the coins and tokens supported for trading only include those that can be stored on Trezor devices.
When you click the green Compare offers button, you will see the different offers from different exchanges for the trade. Trezor Suite only serves as an interface for these different exchanges. It isn't an exchange in and of itself.
Trezor partners with services like Changelly, ChangeNOW, CoinSwitch and ShapeShift to facilitate trades, though not all of these operate in Hong Kong.
The majority of the exchanges do not require you to complete a Know Your Customer (KYC) verification process. But some may, and you'll have to complete said process to complete the transaction.
Once you've selected an offer you like, agree to the terms and conditions.
Confirm the receiving address via your Trezor device. Once you confirm the address, click Continue transaction and then click Confirm on Trezor & send.
Follow these steps to receive private keys to a digital asset on your Trezor One:
Click on the "Accounts" tab and you will see an empty "Transactions" tab.
Click on the "+" on the top left side of the screen near "My accounts."
Click on the "Receive" tab to get your first receiving address.
Check and confirm the address on your Trezor One. Make sure that the receiving address created by your Trezor device matches the one in Trezor Suite.
Input the address in the space provided in the wallet from which you're sending funds and click send.
Wait for the transaction to process. Some transactions can take longer than others based on network congestion.
Once the payment has been received, you'll see it in the "Transactions" panel.
You can use your Trezor One with an Android device.
To use your Trezor One in conjunction with your phone, you must connect to Trezor Suite in your web browser using WebUSB.
Follow the instructions on the site to send and receive funds with your Trezor One.
Alternatives to Trezor Model One
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Our verdict
The Trezor One is a good entry-level hardware wallet for beginners.
As the original hardware wallet, it has a long track record of safely storing the private keys to digital assets offline.
But its features are limited when compared to a hardware wallet like the
Ledger Nano S Plus
, which retails for only a few dollars more than the Trezor One.
The Trezor One's native software – Trezor Suite – provides a user-friendly interface to help you manage your digital assets and even buy digital assets with fiat through MoonPay, but it doesn't allow you to stake your crypto nor view and manage your NFTs the way that you can on Ledger Live – the native software for Ledger products.
Safely storing the private keys to your digital assets is a very crucial part of investing in this asset class. Do your research on the
best crypto wallets out there before you decide which is right for you.
Hardware wallets like the Trezor One are widely considered to be one of the safest ways to store the private keys to your crypto offline, especially if you are a crypto holder looking to invest for the long term.
Frequently asked questions
Is Trezor One good?
Trezor One is a good hardware wallet for newcomers who are predominantly looking to store the private keys to assets like BTC, ETH and up to 1,317+ other crypto assets offline.
Whether it's right for you depends on the features, level of security and other factors you are looking for in a hardware wallet.
Is Trezor T better than Trezor One?
The Trezor Model T has more security features, a touchscreen and additional coin support compared to the Trezor One – but its higher price reflects this.
Is Trezor One obsolete?
No, the Trezor One is not obsolete. It is still a secure device for storing the private keys to your digital assets offline, and Trezor frequently updates both the software and firmware for the device.
Is it worth it to buy Trezor?
Trezor is one of the two biggest names in the world of crypto hardware wallets. See for yourself if it's worth buying a Trezor by reading our review and comparing it to some of the other best hardware wallets on the market.
Hardware wallet ratings methodology
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate cryptocurrency hardware wallets by scoring each wallet out of 10 for 3 components: security, functionality and cost. Each component is weighted based on importance, as follows:
Security: 50%
Functionality: 40%
Cost: 10%
These scores are aggregated and visualised as a total score out of 5 stars.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Frank Corva is a cryptocurrency writer and analyst for digital assets at Finder. Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance. He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University. He taught writing and entertainment business courses in Japan and worked with UNICEF in Nambia before returning to the States to teach at universities in New York City. He spent years as a publicist and graphic designer in the music industry, working for record labels like Warner Music Group and Triple Crown Records, and he's also a former music journalist whose writing and photography has been in published in Alternative Press, Spin and other outlets.
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