Trezor One Hardware Wallet Review 2020

The Trezor One is one of the best hardware wallets for cryptocurrency on the market, and it comes at an affordable price. The Trezor was created by SatoshiLabs in 2014 and was the first cryptocurrency hardware wallet in the world. The Trezor hardware wallet, now called Trezor One, was the first product to offer seed recovery and passphrase protection. Trezor has become immensely popular in the crypto community due to its security, affordability and ease of use. Hundreds of thousands of Trezor hardware wallets have been sold to customers in more than 150 countries worldwide. The ability to purchase crypto with fiat and make exchanges within the Trezor Wallet app further its popularity.

Trezor One

  • Affordable price
  • Simple to use
  • Supports over 1000 coins and tokens
  • Trusted brand

Trezor One Pros & Cons

The Benefits PRO's
  • Affordable
  • Easy to use
  • Purchase cryptocurrencies with USD and exchange them in the wallet
  • Web browser, Desktop OS, and Android supported
  • Supports over 1000 coins and tokens
The Downside CON's
  • No support for iOS
  • Only select cryptocurrencies can be purchased with fiat
  • Not free like software wallets
  • A little more expensive than competitors

Trezor One at a Glance

Wallet type: Hardware
Platforms supported: Windows, MacOS, Android, iOS
Cryptocurrencies supported: Over 1,000 cryptocurrencies and tokens
Price $59-$69
Device size: Small-Medium
Year released: 2014
Pin code protected: Yes
Mobile support: Yes
Trust rating High

Beginner Perspective of Trezor One

The Trezor One is a great cryptocurrency hardware wallet for beginners because it’s easy to setup and use, it allows you to purchase assets and tokens directly through the Trezor Wallet application, and you can exchange your assets and tokens within the app as well. This combination of features makes it a good option for crypto beginners because they do not have to register with an exchange in order to make their first purchase of cryptocurrency coins or tokens, something that most other software wallets do not offer, and the Ledger hardware wallets, Ledger Nano X and Ledger Nano S, do not offer this either. The same can be said of the ability to exchange or swap cryptos when comparing Trezor to Ledger hardware wallets. The ease of access to cryptos, combined with ease of setup and top-notch security, make the Trezor One a great cryptocurrency hardware wallet for beginners as long as they aren’t bothered by the initial cost to purchase it.

Trezor White Hardware Wallet

Best Features

The best features of the Trezor One cryptocurrency hardware wallet are that in comparison to the Ledger hardware wallets it offers much more access to assets and tokens at a much more affordable price point, and Trezor provides detailed step-by-step support for setup, purchase, and exchange of assets.

At around half the cost of the Ledger Nano X, and still a lower cost than the Nano S, the Trezor One offers the same level of security but it gives users much more power. This is because cryptocurrency such as Bitcoin, Ethereum, and Ripple can be purchased directly through the Trezor Wallet app using fiat, and these purchased assets can then also be exchanged within the wallet app. This can’t be done using Ledger’s hardware wallets and app.

Detailed instructions available through Trezor’s website walk users through all of the purchase and exchange processes.

Cryptocurrencies Supported

Trezor One supports over 1000 crypto coins and tokens including:

For a full list of supported assets and tokens please visit: https://trezor.io/coins/

 

Security

Your private keys are stored and isolated inside the device, keeping them offline and therefore making it more difficult for them to be compromised. A PIN code is required to access the hardware wallet, and all transactions and changes made to the wallet’s settings must be confirmed by pressing the physical buttons on the wallet.

In addition to the PIN, the Trezor One allows for a passphrase to be created. Using this feature creates a separate account on the wallet, where you can store whichever assets you want, meaning even if your PIN is compromised, whatever accounts and assets you have stored with the extra passphrase cannot be accessed.

Finally, the Trezor One uses a 24-word recovery phrase, rather than the standard 12-word phrase frequently seen for software wallets, though it does have an option to use only a 12-word recovery phrase. This makes it even harder for your device, and therefore your assets, to be compromised. For more information on added passphrase security with Trezor please visit the Trezor blog.

In addition, Trezor allows compatibility with Universal 2nd Factor (U2F), which allows you to use your Trezor One as a hardware security token for verifying logins on services such as Google and Dropbox.

Supported Operating Systems

The Trezor One hardware cryptocurrency wallet is supported on desktop operating systems Windows, macOS, and Linux, while also offering browser support in FireFox and Chrome. It also offers mobile support for Android phone, however there is currently no support for iOS.

Potential Dealbreakers

The main downside with using the Trezor One cryptocurrency hardware wallet is that it costs money to buy. Unlike software wallets, where you only have to pay transaction fees required to trade assets and tokens, the Trezor One costs around $59 USD before tax and shipping.

For someone new to cryptocurrency, or simply comfortable with the security of another wallet, they may prefer to spend that money on acquiring extra tokens and assets then simply use a free software wallet. Apart from the cost, there is little downside to the Trezor One, as it is extremely secure, and offers users the ability to purchase and exchange assets within their app. Users who want a wallet compatible with iOS will also need to explore other options.

The only other potential downside being the same as with all software and hardware wallets: losing your recovery phrase with no contingencies results in losing your assets.

 

Trezor One Frequently Asked Questions

About the Author

Evan Jones

Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos. He bought his first hardware wallet shortly thereafter. He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing.