Trezor One Wallet Review

Contents

Trezor One is a multi-currency crypto hardware wallet developed by SatoshiLabs in 2012 and launched as Trezor Model One in 2014. Despite its age, it remains competitive and is still one of the best storage options for blockchain enthusiasts. It is available in over 150 countries worldwide and is recognized as one of the safest cold wallets. The device is easy to set up and use, with the entire software installation and setup process taking no more than five to ten minutes. This Trezor One wallet review uncovers all you need to know before purchasing the Trezor hardware wallet. Stick with us until the end.

trezor model one crypto wallet

What is Trezor One Wallet?

The Trezor One hardware wallet is designed for beginners, offering easy setup and use. It is highly secure and has a proven track record of keeping funds safe. The wallet allows users to purchase assets and tokens directly and supports over 1,000 assets. The wallet is a cold storage, non-custodial solution made for storing cryptocurrency. This Trezor One Wallet review established that the device is the oldest hardware wallet around and is still considered to be one of the best in both reputation and affordability. The wallet offers best-in-class security for crypto storage at a fair price, making it a good option for users seeking simple, offline storage with high security. It’s available for both desktop and mobile device users. It is priced at around $70, making it an affordable option for users looking for a reliable hardware wallet.

Type of Wallet

  • Hardware/Cold storage wallet

Price

  • $69

Fees

  • Variable network fees

Trezor Model One Features

  • Password-less login
  • Two-factor authentication
  • Secure socket shell
  • Multi-currency support

Number of Cryptocurrencies Supported

  • 1,289

Earn (Staking/rewards)

  • Doesn’t support staking directly

Customer Service

  • User Manual, Help Center, FAQs, Trezor One Community.

Hardware Compatible

  • Windows 10+, Mac OSX 10.11+, Linux, and Android

SPV or Full Node

  • Full node

Who is it Best for?

  • Best for all security-conscious crypto users

Pros

  • Simple and easy to use
  • High security features
  • Affordable price point
  • Supports 1250+ assets

Cons

  • Cheap, plasticky feel
  • Supports relatively fewer cryptocurrencies

Services Offered by Trezor One Wallet

Trezor One is a popular hardware wallet designed to provide secure storage for cryptocurrencies. Here is an overview of the services offered by Trezor One Wallet:

  • Secure Storage: Trezor One offers a secure offline storage solution for cryptocurrencies, protecting your private keys from potential online threats such as hacking or malware. It uses advanced cryptography to ensure the safety of your digital assets.
  • Multi-Currency Support: Trezor hard wallet supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dash,and 1,250 other assets. This allows users to store and manage multiple digital assets in a single wallet.
  • Transaction Signing: With Trezor Bitcoin wallet, you can securely sign cryptocurrency transactions offline. The wallet generates a digital signature for each transaction, ensuring the integrity and authenticity of the transaction.
  • Password Manager: Trezor One can also function as a password manager. It allows you to store and encrypt your passwords, providing an extra layer of security for your online accounts.
  • Compatibility: Trezor One is compatible with various operating systems, including Windows, macOS, and Linux. It can also be used with popular cryptocurrency wallets and platforms, such as MyEtherWallet and MetaMask.

How to Create an Account

  1. Go to the official Trezor website by typing “trezor.io” in your web browser’s address bar and hit Enter.
  2. On the website’s homepage, you will see various Trezor models. Select “Trezor One” to proceed with creating an account for this specific hardware wallet.
  3. Once you have selected Trezor One, connect your device to your computer using the USB cable that came with the wallet.
  4. To connect your Trezor One device to the computer, you need to install the Trezor Bridge. Click on the “Downloads” tab on the Trezor website and choose the appropriate version of Trezor Bridge for your operating system. Follow the on-screen instructions to complete the installation.
  5. Once the Trezor Bridge is installed, launch the Trezor Wallet application on your computer. The application will automatically detect your connected Trezor One device.
  6. On the Trezor Wallet interface, click on the “Create new wallet” button. You will be prompted to choose a name for your wallet. Enter a unique name and click “Create.”
  7. Trezor One uses a recovery seed to restore your wallet in case of loss or damage. The device will display a series of 24 words. It is crucial to write down these words in the exact order and keep them in a secure location. Click “Continue” once you have written down the recovery seed.
  8. To ensure that you have correctly written down the recovery seed, the Trezor device will ask you to select some of the words from the list displayed on the screen. Select the words as prompted and click “Confirm” to proceed.
  9. Next, you will be prompted to set up a PIN for your Trezor One device. This PIN will be required every time you connect your device to a computer. Follow the instructions on the screen to set up a PIN of your choice and click “Continue” when done.
  10. Congratulations! Your Trezor One account has been successfully created. You can now access your wallet and manage your cryptocurrencies securely.

How to Proceed with a Transaction

How to Make a Deposit

  1. Connect your Trezor One device to your computer using the USB cable provided.
  2. Open the Trezor Wallet website on your browser and select the wallet you want to use for the deposit. If you don’t have a wallet yet, follow the steps mentioned earlier to create one.
  3. Install the Trezor Bridge software on your computer if you haven’t done so already. The Trezor Wallet website will guide you through the installation process.
  4. Once the Trezor Bridge is installed, launch the Trezor Wallet website and select the wallet you want to use for the deposit.
  5. On the wallet dashboard, click on the “Receive” button or the equivalent option for your chosen cryptocurrency. This will generate a unique deposit address for your wallet.
  6. Copy the generated deposit address or scan the QR code using your cryptocurrency exchange or wallet from where you want to send the funds.
  7. Go to the exchange or wallet from where you want to send the funds and navigate to the withdrawal or send option.
  8. Paste the deposit address you copied from the Trezor Wallet or scan the QR code provided.
  9. Enter the amount of cryptocurrency you want to deposit and review the transaction details to ensure they are correct.
  10. Confirm the transaction on the exchange or wallet and wait for the funds to be sent to your Trezor Wallet.
  11. Once the transaction is confirmed on the blockchain, you will see the deposited funds in your Trezor Wallet.

How to Make a Withdrawal

  1. Plug your Trezor One device into your computer and open your preferred web browser to visit the Trezor Wallet website (trezor.io/start).
  2. Click on the “Trezor Wallet” button to access the wallet interface. On the wallet interface, click on the “Enter PIN” button.
  3. Use the device’s touchscreen to enter your PIN. The numbers will be displayed on the device randomly, so make sure to check the device screen for the correct order.
  4. Once you have entered your PIN, you will see a list of accounts associated with your Trezor One. Select the wallet from which you want to make the withdrawal. If you have multiple wallets, make sure to choose the correct one.
  5. In the wallet interface, click on the “Receive” tab. You will see a list of receiving addresses associated with the selected wallet.
  6. On the platform from which you want to withdraw your funds, locate the withdrawal section. Enter the withdrawal address generated in the previous step.
  7. Specify the amount you wish to withdraw. After entering the withdrawal details, review them carefully to ensure accuracy. If everything looks correct, click on the “Withdraw” button to initiate the withdrawal.
  8. Your Trezor One will display the details of the pending transaction. Carefully review the details on the device’s screen, including the withdrawal address and amount. If the information is correct, press the confirmation button on your Trezor device to approve the withdrawal.
  9. Once the withdrawal transaction is confirmed, you will receive a confirmation notification on the platform from which you initiated the withdrawal. Depending on the cryptocurrency and network congestion, it may take some time for the transaction to be confirmed.

Trezor One Wallet Supported Tokens

This Trezor One Wallet review established that the crypto storage solution supports hundreds of coins and tokens, both natively in Trezor Suite and through third-party tools. The wallet supports some of the most popular cryptocurrencies, including Bitcoin, Ethereum, Cardano, Litecoin, and XRP, among others. Trezor One Wallet is a great option for users looking to manage a wide range of digital assets securely. Here is a list of what to expect from the over 1,250 compatible assets.

  • Bitcoin (BTC)
  • Ethereum (ETH) and all ERC-20 tokens
  • Cardano (ADA)
  • Litecoin (LTC)
  • Ethereum Classic (ETC)
  • Ripple (XRP)
  • Dogecoin (DOGE)
  • Monero (XMR) – supported by Trezor firmware but not yet implemented in the Trezor Suite app. For these, you need to use a 3rd party wallet mentioned on the coins list.
  • Stellar (XLM) – supported by Trezor firmware only.
  • Tezos (XTZ) – supported by Trezor firmware only
  • Over 1000 coins and ERC-20 tokens in general.

Is Trezor One Wallet Safe and Legit?

When it comes to managing cryptocurrencies, the Trezor One cold wallet is a trustworthy and secure hardware option. When the Trezor hard wallet connects to other devices via USB, it restricts that connection to only those that deal in cryptocurrencies. Therefore, the device can connect to devices infected with malware without losing money. This Trezor wallet review found out that the device offers unrivaled safety for cryptocurrency, guaranteeing that funds will remain secure even if the device is misplaced.

Security

Trezor One Wallet is designed with a strong emphasis on security, offering users a safe and reliable way to store their cryptocurrencies. It provides multiple layers of protection to ensure the safety of your private keys and funds. Let’s dive deeper.

  • Encryption and Authentication: The Trezor One Wallet uses advanced encryption methods to protect your private keys. During setup, you’ll create a unique recovery seed – a list of 24 words that the device generates. The seed is encrypted and stored securely on the device. All transactions made with the wallet are signed using this seed, guaranteeing the authenticity and integrity of the transactions. Additionally, Trezor hardware wallet supports a strong pin code, which is required every time you want to access your wallet.
  • Two-Factor Authentication: Trezor One Wallet provides an extra layer of security through its support of two-factor authentication (2FA). By enabling 2FA, you can add an extra step to the login process, which involves using a smartphone app to generate a time-based one-time password. To set up 2FA, you need to install the app on your smartphone and follow Trezor’s instructions. The benefits of using 2FA include an additional layer of security, making it much harder for attackers to gain access to your wallet. Even if someone gains access to your pin code, they would still need physical access to your smartphone to complete the login process.
  • Cold Storage: One of the key security features of Trezor One Wallet is its use of cold storage. Cold storage refers to storing your cryptocurrency offline, away from any internet-connected device. Trezor One Wallet achieves this by keeping your private keys completely offline, stored securely on the device itself. When you want to make a transaction, you need to connect your Trezor One Wallet to a computer or smartphone using a USB cable. The device securely signs the transaction using your private keys, but never reveals these keys to the connected device. This ensures that even if your computer or smartphone is compromised, your private keys remain secure.

trezor one wallet review for crypto

User Interface

The Trezor One Wallet app offers a clean and intuitive interface designed for both beginners and experienced users. Upon logging in, users can easily view their cryptocurrency balances and transaction history. The navigation menu, located at the bottom, allows for quick access to different sections of the app. It’s well labeled and organized, so sending or receiving funds is a simple process. We did not encounter any problems during this Trezor Model One review.

How to Use Crypto Wallet on Android & iOS

Using the Trezor Model One crypto wallet on Android and iOS is a straightforward process. Here is a step-by-step guide to help you get started:

  1. Connect your Trezor Model One to your Android or iOS device using the USB cable provided.
  2. Visit the official Trezor website and download the Trezor Wallet app from the App Store or Google Play Store.
  3. Open the app and select the “Create new wallet” option.
  4. Follow the on-screen instructions to set up your wallet. This includes creating a PIN code and writing down your recovery seed. Make sure to store your recovery seed in a safe place, as it is crucial for wallet recovery.
  5. Once your wallet is set up, you can start managing your cryptocurrencies. The app supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and more.
  6. To receive funds, simply provide the sender with your wallet address. You can find your wallet address by navigating to the corresponding cryptocurrency in the app and selecting the “Receive” option.
  7. To send funds, select the cryptocurrency you want to send, enter the recipient’s wallet address, and specify the amount you wish to send. Review the transaction details carefully before confirming.

How to Use Crypto Wallet on Desktop

  • Step 1: Connect your Trezor Model One device to your desktop computer using the provided USB cable.
  • Step 2: To enable communication between your Trezor device and the desktop wallet interface, you need to install the Trezor Bridge. Visit the Trezor website and download the appropriate version of Trezor Bridge for your operating system.
  • Step 3: Once Trezor Bridge is installed, open your preferred web browser and navigate to the Trezor web wallet interface at https://wallet.trezor.io/.
  • Step 4: On the Trezor web wallet interface, you’ll be prompted to choose your browser support. Select the browser you are using, and the interface will automatically detect your connected Trezor device.
  • Step 5: If you’re using your Trezor Model One for the first time, you’ll be prompted to initialize it. Follow the on-screen instructions to set up your device, including selecting a PIN code and creating a recovery seed. Make sure to store your recovery seed in a safe place.
  • Step 6: After initializing your Trezor device, you’ll be redirected to the wallet interface. Here, you can see your account balance, recent transactions, and various account settings.
  • Step 7: To manage your cryptocurrencies, navigate to the “Accounts” tab on the left-hand side of the wallet interface. Here, you can see all the supported cryptocurrencies on your Trezor device.
  • Step 8: To receive funds, click on the “Receive” button next to the cryptocurrency you want to receive. The wallet will generate a unique receiving address for you to share with the sender.

Regularly check for firmware updates for your Trezor device and update it if necessary. Similarly, keep your desktop wallet interface up to date by visiting the Trezor website and downloading the latest version.

Backup & Restore

Backing up your Trezor One Wallet:

  1. Connect your Trezor One to your computer.
  2. Open the Trezor app and follow the on-screen instructions to set up your wallet.
  3. Once your wallet is set up, click on the “Backup” option in the Trezor app.
  4. Choose between single backup and Shamir backup.
  5. Follow the on-screen instructions to backup your recovery seed.

Restoring your Trezor One Wallet:

  1. Use a USB device to connect your Trezor Bitcoin wallet to your computer.
  2. Open the Trezor app and follow the on-screen instructions to set up your wallet.
  3. Once your wallet is set up, click on the “Recover wallet” option in the Trezor app.
  4. Enter your recovery seed when prompted.
  5. Follow the on-screen instructions to restore your wallet

Troubleshooting

This Trezor One review established that the wallet is a dependable and user-friendly way to manage cryptocurrencies, but like any technology, it may experience issues. To assist users with these problems, we have created a troubleshooting guide that addresses common problems and provides step-by-step solutions for resolving them.

Issue 1: Device Not Recognized

Solution:

  • Ensure that you are using the original USB cable that came with the Trezor Model One device.
  • Try using a different USB port on your computer. Sometimes, USB ports can become faulty.
  • If you are using a USB hub, try connecting the Trezor Model One directly to your computer.
  • Restart your computer and reconnect the Trezor Model One.
  • If the issue persists, try connecting the device to another computer to determine if the problem lies with your computer or the device itself.

Issue 2: Unable to Access Wallet

Solution:

  • Ensure that you have installed the Trezor Bridge software on your computer. This software allows your device to communicate with the wallet interface.
  • Make sure you are using a supported browser such as Google Chrome, Mozilla Firefox, or Microsoft Edge.
  • Disable any browser extensions or plugins that could interfere with the wallet interface.
  • Clear your browser cache and cookies and try accessing the wallet again.
  • If you are accessing the wallet through a bookmarked link, try typing the URL directly into your browser’s address bar.

Issue 3: Forgotten PIN or Recovery Seed

Solution:

  • If you have forgotten your PIN, reconnect the Trezor Model One to your computer.
  • On the wallet interface, select “Forgot PIN” and follow the on-screen instructions to enter your recovery seed.
  • If you have forgotten your recovery seed as well, unfortunately, there is no way to recover your wallet. It is crucial to store your recovery seed in a safe place.

Issue 4: Transaction Not Confirmed

Solution:

  • Check the transaction details on the wallet interface to ensure that the recipient address and amount are correct.
  • Verify that you have sufficient funds in your account to cover the transaction fees.
  • If the transaction is pending, wait for a sufficient number of confirmations. The time required for confirmations depends on the cryptocurrency you are using.
  • If the transaction still does not confirm, try increasing the transaction fee.
  • If none of the above steps work, contact Trezor support for further assistance.

Issue 5: Firmware Update Failure

Solution:

  • Ensure that your device is connected to a stable internet connection.
  • Make sure your computer has sufficient battery power or is connected to a power source.
  • Restart your computer and reconnect the Trezor Model One.
  • If the firmware update fails, try using a different USB cable and port.
  • If the issue persists, contact Trezor support for guidance on resolving the firmware update failure.

Remember, if you encounter any persistent issues while using the Trezor Bitcoin wallet, it is always recommended to reach out to the Trezor support team for further assistance. They have a dedicated team of experts who can provide personalized guidance and solutions based on your specific situation.

Trezor One Wallet Alternatives

Trezor One Wallet Vs Ledger Nano S Wallet

  • Design: Model One Trezor cold wallet has a lightweight plastic casing, while Ledger Nano S features a sleek steel design.
  • Mobile Support: Trezor One only supports Android devices in the mobile browser, whereas Ledger Nano S has a mobile app for both iOS and Android.
  • Cryptocurrency Support: Ledger Nano S supports over 5,500 cryptocurrencies, while Trezor One supports 1,289.
  • Security: Both wallets offer high levels of security, with private keys that never leave the device. Ledger devices use a double chip base for added security, while Trezor models are built on a single chip base.
  • Additional Features: Trezor Model T, an upgraded version of Trezor One, offers a color touchscreen and Shamir Backup for improved private key security. Ledger Nano S has also been upgraded to Ledger Nano S Plus, featuring additional features like Bluetooth connectivity.
  • Price: Trezor One is priced at $69, while its counterpart sells for $79.

trezor model one and model t compared

Trezor One Wallet Vs Trezor Model T Wallet

  • Design: The Trezor Model T has a larger touchscreen, while the Trezor Model One does not have a touchscreen. The Model T is also larger and heavier compared to its counterpart, which is smaller and lighter.
  • Mobile Support: Both wallets work with desktop, internet browsers, Android, and iOS platforms, providing flexibility for users.
  • Cryptocurrency Compatibility: The Trezor Model T supports more cryptocurrencies and tokens (1450+), compared to the Trezor Model One’s about 1,250. This makes it more versatile for users who hold a wide range of crypto assets
  • Security: Both wallets feature a robust security stack, including secure chip technology, PIN protection, and passphrase encryption. However, the Trezor Model T has a more powerful CPU and additional security features like a Shamir backup system and ultrasonic welding casing.
  • Additional Features: The Trezor Model T has a broader feature set, making it suitable for crypto power users. It offers advanced features like a microSD card slot and a magnetic dock for password management. The Trezor One crypto wallet is more budget-friendly but lacks these additional features.
  • Price: The Trezor Model T is priced at $219, while the model one Trezor cold wallet is priced at $69.

Final Thoughts

Trezor crypto wallet is a hardware solution that securely manages over 1,000 cryptocurrencies. With features like limited USB access, open-source designs, two-factor authentication, and cold storage, users can trust that their digital assets are safe. It is user-friendly and offers an in-wallet exchange service. Troubleshooting any issues is easy with the solutions provided by Trezor. If you are looking to purchase a great cold storage solution for crypto assets without breaking the bank, the Trezor Model One is a good fit. The Trezor One Wallet is the industry standard hardware wallet and has been for some time. In sum, it’s a reliable and legal way to keep track of cryptocurrency, packed with useful extras for its customers.

Q&A Session

In this section, Eugene Abunagana will address your inquiries and the most common questions regarding Trezor Model One and offer guidance to newcomers in the field. Feel free to submit your questions through our contact form, and we will strive to respond within 48 hours.

Yes, Trezor One allows users to purchase assets and tokens directly.

Trezor One supports hundreds of coins and tokens, both natively in the Trezor Suite and through third-party tools. Native support of Bitcoin, Ethereum (and all ERC-20 tokens), Cardano, Litecoin, Ethereum Classic, XRP, and Dogecoin, plus some other coins, means that you will be able to add, receive and send them directly in the Trezor Suite application for desktop or web.

Trezor One remains a secure option for storing digital assets, thanks to its use of standard security measures like encryption and two-factor authentication. The wallet stores cryptocurrency in cold storage, keeping private keys offline and away from online threats such as hacking and phishing attacks.

Yes, Trezor One cold wallet is a good way to store Bitcoin Cash. The wallet supports Bitcoin Cash, allowing users to store, send, and receive Bitcoin Cash securely.

Trezor is a hardware wallet company while Trezor One is its debut product, released in 2012.

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