Trezor Model One Review 2026: Best Budget Hardware Wallet? Full Audit
Trezor Model One Review 2026: Still Worth It?
The Trezor Model One is the original hardware wallet — launched in 2014, it pioneered the concept of offline crypto storage. In 2026, at $69, it remains the most affordable entry into self-custody. But is it still competitive? We tested it against the Ledger Nano S Plus to find out.
Try Trezor
Open-source hardware wallet · supports 1000+ coins · battle-tested since 2014
🎁 Industry-trusted brand for self-custody
Security: 9/10 · Ease of Use: 8/10 · Coin Support: 7/10 · Value: 9/10
Trezor Model One Specs & Design
| Spec | Details |
|---|---|
| Price | $69 (official Trezor shop) |
| Security Chip | Microcontroller (no Secure Element) |
| Display | OLED 128×64px, 2 buttons |
| Supported Coins | 1,800+ (BTC, ETH, all ERC-20, etc.) |
| Connection | USB-A to USB Micro-B |
| Open Source | Yes — fully open source |
| Passphrase | Yes (hidden wallet feature) |
| Bluetooth | No |
| Battery | None (powered by USB) |
Security: Open Source vs. Secure Element
The Trezor Model One uses a standard microcontroller chip (STM32) rather than a dedicated Secure Element (SE) chip like Ledger uses. This is the main technical criticism: SE chips are physically tamper-resistant and certified for financial applications.
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However, Trezor argues that their fully open-source firmware is a stronger security model than closed-source SE chips. Anyone can audit Trezor’s code — and thousands of security researchers have. No backdoors have been found in 10+ years.
The practical risk is physical access attacks: a sophisticated attacker with physical possession of your Trezor could theoretically extract the seed phrase. This is a real attack vector, but it requires specialized equipment and direct physical access — not relevant for typical users.
🔐 Key Security Features
BIP39 seed phrase (12 or 24 words) | PIN protection with increasing delay on wrong attempts | Passphrase for hidden wallet | Open source firmware — fully auditable
Setup: Easier Than You’d Expect
Setting up a Trezor Model One takes about 15 minutes:
1. Connect via USB to your computer and visit trezor.io/start
2. Download Trezor Suite (the official desktop app)
3. Install the latest firmware
4. Write down your 12-word seed phrase (NEVER photograph or store digitally)
5. Set a PIN (use 6+ digits)
6. Confirm your seed phrase backup
The Trezor Suite app is excellent — clean interface, portfolio overview, built-in swap feature via partners, and clear send/receive flows.
Trezor Model One vs Ledger Nano S Plus
| Feature | Trezor Model One | Ledger Nano S Plus |
|---|---|---|
| Price | $69 | $79 |
| Security Chip | STM32 microcontroller | CC EAL5+ Secure Element |
| Open Source | Yes (full) | Partial (firmware only) |
| Coin Support | 1,800+ | 5,500+ |
| NFT Support | Limited | Yes |
| Blind Signing Risk | Low (clear signing) | Higher for DeFi |
| Hack History | None | Data breach 2020 (no funds lost) |
| Best For | BTC & ETH focused, privacy | DeFi, NFTs, EVM chains |
Pros & Cons
Pros
- Fully open-source firmware
- 10+ years of proven security
- Simple 2-button operation
- Excellent Trezor Suite software
- Most affordable at $69
- Passphrase for hidden wallet
Cons
- No Secure Element chip
- Vulnerable to physical attacks
- No Bluetooth/mobile connection
- Fewer coins than competitors
- No NFT management
- Older design vs. Trezor Model T
Verdict: Best Value Hardware Wallet for BTC/ETH Holders
At $69, the Trezor Model One is the best entry-level hardware wallet for users who hold primarily BTC and ETH. The fully open-source design and 10-year track record are compelling. If you need DeFi/NFT support or maximum physical security: consider Trezor Model T ($179) or Ledger Nano X ($149).
Frequently Asked Questions
Yes, for most users. The open-source firmware has been continuously audited and no backdoors found in 10+ years. The main limitation is physical tamper-resistance — a sophisticated attacker with direct access could theoretically extract the seed. Use the passphrase feature for maximum protection.
Trezor Model One supports 1,800+ cryptocurrencies including Bitcoin, Ethereum, all ERC-20 tokens, Litecoin, Dogecoin, Cardano (limited), and most major altcoins. It does not natively support Solana or XRP at the device level.
Ledger has a hardware advantage (Secure Element chip) and supports more coins. Trezor wins on full open-source transparency and no corporate data breaches (Ledger had a customer data breach in 2020). Both are excellent choices — the right one depends on your priorities.
No. Hardware wallets are immune to remote attacks — your private keys never leave the device. The only attack vector is physical access. Keep your device and seed phrase physically secure and you’re protected.