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.
By: Evan Jones | Dec 13, 2019 | Modified May 26, 2020
|Platforms supported:||Windows, MacOS, Android, iOS|
|Cryptocurrencies supported:||Over 1,000 cryptocurrencies and tokens|
|Pin code protected:||Yes|
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.
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.
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/
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.
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.
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.
No, the Trezor One does not have a touch screen, it has an OLED display which can show up to six lines of text at a time. The Trezor Model T, Trezor’s newer hardware wallet, offers a touchscreen LCD display, but it costs three times as much as the Trezor One.
Yes! The Trezor One, and the newer Trezor Model T, are both great ways to store Bitcoin Cash. Trezor hardware wallets offer top-notch security by storing your private keys on the device and protecting access to your wallet with both PIN code and available passphrase security.
No, Trezor One does not offer Two-Factor Authentication (2FA) because the purpose of a hardware wallet is to replace 2FA. The hardware wallet acts as your second factor of authentication when making purchases, exchanges or even checking your accounts, as you must press the buttons on the Trezor One to validate your desired action.
Trezor does offer compatibility with Universal 2nd Factor (U2F). U2F was created to overcome the weaknesses associated with 2FA. Using U2F allows you to use your Trezor One as a hardware security token for verifying logins on services such as Google and Dropbox. For more information on the added security your Trezor.
No, Trezor hardware wallets are not waterproof. Trezor does sell silicone and steel cases for their hardware wallets, but they are not rated as waterproof either. Should you drop your Trezor hardware wallet in water and it loses functionality you can always recover access using your recovery phrase, as your assets are stored on the blockchain, not on your physical wallet.
Trezor is the company which created the first cryptocurrency hardware wallet, which was initially called the Trezor hardware wallet. Upon release of the Trezor Model T, they rebranded their first wallet the Trezor One. Trezor may also refer to their software application in which you can buy and exchange crypto in conjunction with their hardware wallet.
Trezor’s headquarters are located in Prague, the capital of the Czech Republic, where Trezor was created.
Yes! The Trezor products available on Amazon are sold by authorized dealers and fulfilled by Amazon. For those concerned that buying a Trezor through Amazon rather than directly from Trezor may lead to them receiving a compromised device, Trezor places tamper-evident holograms or seals on all of their packages. Your device is safe to use assuming it arrives with no damage to this seal.
It could be argued that the Trezor One is better than the Ledger Nano S. This is because the Trezor One (and Model T) offers users the ability to not only store their cryptocurrencies safely, but also purchase them with fiat and exchange them from the safety of the Trezor wallet app. This can’t be done with the Ledger Nano S. Not only that, but the Trezor One is also cheaper to buy than a Ledger Nano S.
No, the Trezor One does not have Bluetooth, neither does the Trezor Model T. Trezor as a company believes that the fewer devices their wallet communicates with, the safer it is to use. Their wallets are single-purpose computers with no additional functions or hardware, such as Bluetooth, meaning there is nothing to compromise the device. For more information on Trezor’s security philosophy please visit their home page.
Yes! Both the Trezor One and Trezor Model T are compatible with the Exodus software wallet. Users can then manage their Trezor device from the Exodus Wallet desktop application. All operations involving your private key still require you to confirm them on the Trezor hardware wallet. However, Exodus and Trezor are not synced across all assets, meaning even though both support Steller, when a Trezor is connected to Exodus, the Trezor Stellar wallet will not be visible on the Exodus interface. Currently the only Trezor supported assets accessible through Exodus are Bitcoin, Ethereum (and all ERC-20 tokens supported by Exodus), Litecoin, Dash, Bitcoin Gold, and Ripple.