With around $2 billion worth of cryptocurrencies lost to scams and hacks, choosing a secure storage solution for your portfolio is crucial. The Trezor One is often touted as one of the most secure hardware wallets on the market, but is it really that good? In this Trezor One review, you’ll find out about the wallet’s pros, cons, and top features. First:
What Is the Trezor One?
You might have heard of the Trezor One, a popular hardware wallet for storing cryptocurrencies. But what precisely is it, plus why is it such a popular choice among crypto enthusiasts?
You’re likely familiar with software wallets for storing cryptocurrencies– the digital wallets you store on your computer or smartphone. Unfortunately, these are vulnerable to attacks, and it is best to store your portfolio (or crypto passwords/keys) offline. A hardware wallet is a physical device, like a USB drive, that stores your cryptocurrencies offline, making them more secure against hacks and cyber threats.
Image Credits: trezor.io
The Trezor One was the very first hardware wallet in the industry, launched in 2014 by the Czech company SatoshiLabs, as a solution for securely storing cryptocurrencies. At the time, software wallets were prone to security breaches and hacking, so the team at SatoshiLabs set out to create a more secure option.
The Trezor One connects to your computer or mobile device without compromising security. Like other hardware wallets, it has a dedicated chip where your crypto keys are stored and never exposed online. You can access the keys using a password or a PIN, and the device is also equipped with advanced security features, such as passphrase protection, to keep your assets safe from hackers and cyber thieves.
So why should you consider the Trezor One as your next cryptocurrency wallet? Well, to fully understand why it’s so popular, it’s best to dive into the details. Read on for the wallet’s pros, cons and top features.
Pros Of the Trezor One
- Easy to set up and use
- The physical device provides added security for private keys
- Supports multiple cryptocurrencies
- User-friendly interface
- Affordable compared to other hardware wallets
- Regular firmware updates for security and bug fixes
Cons of the Trezor One
- A limited number of supported cryptocurrencies compared to some other hardware wallets
- As a physical device, it can be lost or damaged
- Requires a separate device to access and manage assets
- Some users may find it less convenient than a software wallet
- Not as sleek as some other hardware wallets on the market.
What’s In The Box?
When you buy the Trezor One, here is what you should find in the box:
- The Trezor One hardware wallet
- Two recovery seed phrase sheets
- A brief instruction manual
- A USB cable
- A keychain
- Trezor stickers
It is best to buy the hardware wallet from the Trezor website to keep your portfolio safe. That way, you are sure the wallet will not be tampered with before it gets to you. If not, you should only buy the wallet from verified resellers on the Trezor website.
In addition, the wallet is made in a tamper-proof design, so you should tell if it has been opened before. To do so, check that the glue on the cardboard box is undisturbed and that the two tamper-resistant stickers with holograms are also intact. If any part of the packaging is disturbed, contact Trezor before setting up the wallet.
How to Set Up the Trezor One
Here are the steps to follow when setting up your new Trezor One:
- Install the Trezor Suite on your device- it will allow your wallet to communicate with your computer when you connect it. Also, ensure you download this software from the official Trezor website.
- Connect the Trezor One to your computer using the USB cable.
- Open the Trezor Wallet in your web browser and follow Trezor’s instructions to create a new wallet. Here, you will first need to set up your pin with up to nine numbers. Then, write down the 24-word recovery seed backups on each of the recovery sheets. Double-check that you recorded the right phrases, then find a safe place to store your sheets separately. Remember, these recovery sheets, or the seed phrase, are the only way you can recover your portfolio on a new device if anything happens to your Trezor One.
- After you’ve confirmed the recovery seed, you’ll be taken to the dashboard of your Trezor wallet. You can start adding cryptocurrencies to your Trezor One and manage your assets.
Top Trezor One Features
The Trezor One is a reliable crypto wallet that you can use to manage and even track your portfolio. But, if you are still at the buying stage, these are some of the best features you will enjoy from the wallet.
The Trezor One is designed with multiple security features that help protect your cryptocurrencies and keep your assets secure. Some of the key security features of the Trezor One include the following:
- Offline storage of private keys: The Trezor One stores your private keys offline, which makes it more difficult for hackers to access your assets. Keeping the keys on a separate device can reduce your risk of cyber attacks like malware and phishing scams.
- Two-factor authentication: The Trezor One requires a password to access the device and supports two-factor authentication (2FA) for added security. This means you can use a second device, such as your smartphone, to approve transactions, making it hard for hackers to access your assets even if they have your password.
- Seed recovery for wallet restoration: The Trezor One generates a recovery seed when you set up the device, and you can use this seed to restore your wallet if the device is lost or damaged. The recovery seed is a sequence of 24 words you’ll need to write down and store in a safe place, providing an added layer of security for your assets.
- Regular firmware updates: The Trezor One regularly receives updates that improve security and fix bugs. You can stay up-to-date on the latest security features and protect your assets from potential threats by updating your firmware.
- Support for U2F (Universal 2nd Factor) authentication: With U2F, you can use the Trezor One as a secure second factor for logging into your online accounts, providing an added layer of security for your online activities.
b) Supported Cryptocurrencies
The Trezor One supports around 1000 cryptocurrencies and ERC-20 tokens, allowing you to manage multiple assets from a single device. Some of the cryptocurrencies supported by the Trezor One include:
- Bitcoin (BTC)
- Ethereum (ETH) and all ERC-20 tokens
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Bitcoin Gold (BTG)
- Stellar (XLM)
- Ripple (XRP)
- Dogecoin (DOGE)
- Dash (DASH)
- cZash (ZEC)
This list is incomplete, and Trezor continues to add support for new cryptocurrencies over time. Additionally, you can use the Trezor One with third-party wallets and platforms that support Trezor devices, providing you with even more options for managing and storing your cryptocurrencies.
c) Intuitive Screen
One of the most paramount features of a hardware wallet is the screen. While you are after the best storage and safety, you should understand how easily you can complete transactions; that is where a screen comes in. As mentioned in the security section above, you need to enter passwords when using the wallet, making it imperative that you can see what you are entering.
Luckily, the Trezor One has a 128×64 px OLED screen that displays up to six lines of text. Suffice it to say, you can easily double-check your entries before authenticating any request.
d) Easy to Use
The best thing about this wallet is that it is very easy to use. For starters, it is easy to set up, and the intuitive screen makes navigation quite easy. That’s not all; the wallet allows you to buy, sell, stake, or transfer your crypto assets directly from the wallet.
You will only need to open Trezor Suite, look for the cryptos you want to transact and the best providers, confirm your payment method is accepted, understand the fees, and click “Get This Deal.”
The wallet’s compatibility is paramount: it tells you which devices you can use it with, so the more, the better. The Trezor One is compatible with all desktops, including Windows, Linux, and macOS. You can also access the Trezor Suite software through Chrome and Firefox browsers without compromising the safety of your portfolio.
Unfortunately, the wallet is not made fully compatible with smartphones. For starters, it lacks a Bluetooth connection that would make it easy to use with all smartphones. But you can use it with your Android smartphone through the USB cable. Unfortunately, there is no way to access the wallet through your Apple smartphone.
As you know, the crypto industry keeps you on your toes. The assets you trade change in value dramatically, so you must always be ready to complete a transaction. So, when buying your hardware wallet, you need one that you can use anywhere, even on the go.
The Trezor One wallet is small and easily portable- it will fit in your pocket or bag; you only have to keep it very safe from prying eyes. Owing to how easy it is to use with your desktop device, you should be able to log in and complete a transaction in a minute or so.
Still, it is quite a bummer that you can’t use it with your Apple smartphone since it lacks Bluetooth. You will have to have your laptop or Android smartphone with you to complete any transaction.
The industry is easily crawling with hardware wallets, each promising the best features, with the biggest highlights being security, ease of use, and portability. While it is important to guarantee these features, it is also important to avoid the accompanying FOMO that will have you spend more than a wallet is worth.
If you want a good wallet with pretty good features, then we recommend getting the Trezor One. The wallet only costs around $60, and the only difference between it and its successor, the Trezor Model T, is that the latter, while more expensive, comes with a colored touch screen and supports more cryptos.
The Trezor One is undoubtedly one of the most affordable wallets out there, and it is ideal for beginner investors who do not need to manage a very diverse portfolio. Its alternatives, like the Ledger Nano X and Nano S Plus, are all more expensive, but they also support more assets and come in a smaller form factor.
The Trezor One Potential Deal Breakers
The Trezor One is a pretty good wallet, but there are some areas where it does not meet our expectations. Let’s look at these below:
a) Fewer Supported Cryptos
While it supports over a thousand crypto assets, this wallet falls short by a long mile compared to the Ledger wallets and the Trezor Model T.
The Ledger wallets support more than 5000 assets, while the Trezor Model T supports De-Fi and NFTs. However, considering the cost of the Trezor One, it is still a very good option for beginner investors who don’t have such a diverse portfolio.
b) No Mobile Compatibility
The Trezor One does not have mobile compatibility, though you can use the USB cable to connect it to your Android smartphone. Unfortunately, you can’t connect your Apple smartphone, so that means you will need to carry your laptop for any transaction.
While this may be a downside for iOS users, it is safer for your crypto. For instance, most alternative hardware wallets use Bluetooth to connect to smartphones, but a wireless connection can leave your transactions vulnerable to hackers.
c) No Touch Screen
As more wallets come out, it is becoming increasingly necessary to have touchscreen displays that make entries and transactions swifter. Unfortunately, you will have to rely on buttons when using the Trezor One, though the large screen makes it easy to double-check entries before completing transactions.
The Trezo One is a pioneer in the cryptocurrency industry, especially when it comes to cold storage. If you want to buy a cheap wallet that guarantees safety and ease of use, it is a great option. However, if you want top-of-the-line features like smartphone support and touchscreens, you may need to spend another $100 or more to get the most recent and advanced wallets. The KeepKey wallet, Trezor Model T, Ellipal Titan, and the Ledger Nano X are good alternatives.