Hardware wallets are popular and well-recommended, as they let you easily and conveniently store (and use) your cryptocurrency.
But is the Trezor the best hardware wallet out there?
The Trezor One was the world’s first cryptocurrency hardware wallet (released in 2014), but how does it compare to all the other options out there?
In this Trezor review, we’ll dive in and find out.
Advantages & Disadvantages
- Make securing your cryptocurrencies really easy.
- Supports Bitcoin (BTC), ERC-20 tokens, & 20 other cryptocurrencies.
- Well-recommended and reputable (the world’s 1st hardware wallet).
- Includes excellent password manager and U2F compatibility.
- More expensive than similar options (£113 / €128 / $130).
- Looks and feels cheap.
- Supports fewer cryptocurrencies than the Ledger Nano S.
What is a Trezor?
The Trezor was the world’s first bitcoin hardware wallet. It’s manufactured by SatoshiLabs and was launched in 2014. Since its release, the Trezor has grown to support a total of 22 cryptocurrencies (+ all ERC-20 tokens).
Hardware wallets are popular and well-recommended by the crypto-community because they allow you to securely store and use your cryptocurrency. They’re not free, but they’re worth every penny for the convenience and peace of mind they provide.
I'll go on the record and say the Hardware Wallets are better than software and paper wallets for all except a handful of opsec/infosec experts. Security isn't about absolutes. It's all relative and complexity/operator skill are of the utmost importance.
— Andreas M. Antonopoulos (@aantonop) March 27, 2018
But wait, why are they secure?
Hardware wallets isolate sensitive information, like your cryptocurrency private keys, on the device itself. That information never leaves the device. When you do want to make a transaction, it’ll be processed on the device. You’ll also have to physically confirm the transaction (by pressing a button) before it is authorised.
Trezor: Technical Specs
|Size||60mm x 30mm x 6mm|
|Display||Monochrome (128 x 64px)|
|Processor||120 Mhz Cortex-M3|
|Safety & Certifications||CE & RoHS certified|
Airplane & X-ray safe
|Coins||22 cryptocurrencies + ERC-20 tokens|
|Security||Secure PIN, Passphrase, & Device Recovery|
|Password Manager||Encrypted storage in cloud (Google/Dropbox)|
|Authentication||SSH & U2F|
The Trezor supports several popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Beyond this, they support an additional 19 cryptocurrencies.
Through Trezor’s integration with MyEtherWallet, the Trezor also supports secure storage of every ERC-20 token.
Check out this searchable list to see whether your favourite cryptocurrency is supported.
What’s in the Box?
So, what’s in the box?
- 15cm (USB to Micro USB) Cable
- 2x Recovery Sheets
- User Manual
- 4x Trezor Stickers
- Small Trezor Lanyard
The box has two anti-tamper stickers and is glued shut. I had to hulk apart the box to get inside.
The USB cable is also stupidly short (just 15cm). Not a big deal, but annoying.
- Plug Trezor into your computer.
- Go to: trezor.io/start
- Select Trezor One
- Install the latest firmware.
- The Trezor will ask you to reconnect it twice.
- Create a new wallet.
Once you’ve completed these steps, you can start using your Trezor straight away. However, I’d strongly encourage you to backup and setup a PIN code immediately. It takes less than 5 minutes.
When you’re asked to select your PIN, this will pop up on your Trezor and computer screen.
When you set and enter your PIN, the Trezor will scramble what number is assigned to each of those dots. This helps to keep your device secure, as any malware on your computer won’t know what your PIN is (check out this post for more details).
If you want to check that you recorded your recovery seed correctly, then read this post for instructions. If you do this, make sure to enable ‘Advanced Recovery’. It takes about 5-10 minutes to complete this process.
Compared to the Ledger Nano S or Trezor Model T, the Trezor One looks and feels really cheap.
It’s small (60mm x 30mm x 6mm) and lightweight (12g). The screen is just monochrome (128 x 64px), but it’s easy enough to read. I bought the Trezor One in black, but you get it in white too.
After being spoiled by the full-colour touchscreen on the Trezor Model T, I was disappointed by the Trezor One’s design. In comparison, the Trezor One is a whole lot clunkier to use too.
However, I don’t think this is a big deal.
A hardware wallet isn’t some fancy fashion accessory. As long as it keeps your private keys safe, how it looks and feels shouldn’t matter much. If the design does matter to you, stop reading this and check out the Trezor Model T.
Trezor’s wallet interface is great.
Even for absolute beginners, I think it’d be intuitive and easy to use.
The images below (click to enlarge) show you the Bitcoin (BTC) wallet, but the interface for other supported cryptocurrencies look similar.
In the ‘Send’ tab, there are some additional options.
The most useful options here are ‘Add Recipient’ and ‘Import from CSV’. These options allow you to send cryptocurrency to multiple addresses in a single transaction. You might see this referred to as ‘batching’ elsewhere. The main benefit of this is that it lowers the fees paid if you’re intending to send cryptocurrency to multiple addresses.
If you’re interested in learning more about this, check out this post.
The Trezor One comes with some useful additional features:
- Password manager: an intuitive and easy to use password manager. Because this doesn’t rely on a master password, it’s much more secure. Find more details here.
- Two-factor authentication (U2F): you can use your Trezor One as a 2nd authentication device with services like Dropbox, Google, and GitHub. It’s like
- Check out what other websites support U2F here.
- Sign-in with Trezor: some websites, like Bitstamp or CoinPayments, integrate with your Trezor device.
- Customise homescreen: you can upload a small (128 x 64px) black and white image which will be shown on your Trezor homescreen.
- Check out this guide for details.
- Not important, but a cool little extra.
The Trezor costs about £113 / €128 / $130 (incl. VAT & shipping) from the official website. You can pay with a credit/debit card, or bitcoin (BTC).
You might find that it’s cheaper to buy from an authorised reseller.
In the UK, MyHardwareWallet is currently selling the Trezor for £84 (incl. VAT & shipping). You can pay via credit/debit card, PayPal, or Request (ETH).
|Wallet||Price (incl. VAT & shipping)||Website|
|Trezor One||£113 / €128||Official Site|
|Trezor Model T||£177 / €200||Official Site|
|Ledger Nano S||£84 / €95||Official Site|
|Ledger Blue||£254 / €177||Official Site|
Trezor vs Trezor Model T
The Trezor Model T’s touchscreen is a significant upgrade which makes it easier and faster to use. With the Trezor Model T, you’ll enter sensitive information (e.g., your PIN, passphrase, or recovery seed) directly on the screen.
In comparison to the Trezor Model T, the Trezor One is much clunkier to use.
The Trezor One and Trezor Model T support the same number of coins right now. However, the Trezor Model T will begin to support more cryptocurrencies (e.g., Ripple and Monero) which the Trezor One won’t.
You could trust that your cryptocurrency funds would be safe with either of these, but the Trezor Model T is the superior option.
Check out this Trezor Model T review to learn more.
Both these other options keep your cryptocurrency just as secure.
However, the Ledger Nano S supports more cryptocurrencies than either Trezor. The Ledger Nano S is cheaper too.
Check out my Ledger Nano S post to learn more.
Although not as popular, here are some other options:
Summary: Best Hardware Wallet?
Regardless of how cheap or clunky the Trezor One seems, it’s still a great hardware wallet.
But is the best hardware wallet out there?
After messing around with all the popular options, I think there are better options out there:
- For the cost-conscious, the Ledger Nano S is cheaper and supports more cryptocurrencies.
- The premium option is the Trezor Model T, which has an excellent full-colour touchscreen and will soon support more cryptocurrencies than the Trezor One (e.g., Ripple and Monero).
What Do You Think?
What do you think about the Trezor?
Would you recommend it to others? Or would you suggest something else?
Comment below and let us know!