Trezor One cryptocurrency hardware wallet review
Keep your cryptocurrency safe offline with this popular hardware wallet.
finder.com.au's rating: 3.2 / 5.0
- Great for its built-in exchange support
- Not so great for its limited coin support
The Trezor One is a cryptocurrency hardware wallet. It's a device for securely holding cryptocurrency private keys offline in "cold" storage.
When you want to make a transaction you can plug in your Trezor and it will provide the keys to sign off on a transaction, which is done by physically pushing buttons on the device.
Its design protects your cryptocurrency by ensuring keys are always offline and by requiring physical interaction to confirm a transaction and prevent remote theft.
Supported cryptocurrencies: BTC, ETH, BCH, USDT, LTC, XLM, BNB, DASH, ETC and over 700 more.
What's in the box?
Your Trezor One will come with:
- A Trezor One device
- USB cable (type B)
- 2 recovery seed cards (24 words)
- Instruction booklet
How to set up Trezor One
You need to set up your Trezor One before you can deposit cryptocurrencies to it.
To set it up:
- Open trezor.io/start in your web browser and choose Trezor One as your product.
- Follow the prompts through and install Trezor Bridge. It's compatible with Chrome and Firefox.
- Plug your device into your computer.
- Install the system firmware by clicking "Install firmware".
- Unplug and re-plug the device after installation is completed, then refresh the site to see the welcome message.
- Click on "Create new" on the welcome page.
- Click "Create a backup in three minutes".
- Write the words down as they appear, pressing the button on the device to show the next ones. They must be correct and in the right order.
- Name your device.
- Assign a PIN.
How to use Trezor One
How to make or receive payments
The Trezor hardware wallet is designed to be used with the Trezor Wallet computer program.
After completing set-up, with your device plugged in, you can load funds onto your wallet:
- Select the relevant cryptocurrency on the wallet interface.
- Click on the "Receive" tab.
- Click on "Show full address" to show the address on your device. Make sure it's the same as is shown on your computer.
- Copy the receiving address and initiate the transaction from wherever you're sending funds from.
To make a payment from the wallet:
- Select the cryptocurrency you want to send.
- Enter the destination address and how much you want to send.
- Confirm the details and initiate the transaction.
Built-in exchange supportTrezor One has built-in exchange support for Changelly and ShapeShift.
This means you can trade cryptocurrencies directly through your Trezor using the wallet's site.
You'll need to:
- Go to the Trezor Wallet site.
- Select the cryptocurrency you want to sell, found in the top left corner.
- Select your account with the funds, then the coin you want to buy.
- Choose which account you want to receive the funds into.
- Confirm the details of the transaction.
- Click on "Continue to exchange" and confirm the move on your Trezor device.
- Choose an exchange (Changelly or ShapeShift) and enter the rest of the details, then confirm the transaction. You'll also be prompted to confirm the exchange on your Trezor hardware wallet before the trade goes through.
Where to buy Trezor One in Australia
You can buy the Trezor One at Trezor's online store or through an approved reseller.
Before using an approved reseller, make sure you double-check that it's on the approved reseller list maintained by Trezor.
Never buy a Trezor from anyone except an authorised reseller as confirmed by Trezor itself and definitely never buy a used or second-hand hardware wallet.
Starting from €49.
How secure is Trezor One?
Warning: If someone has physical access to your Trezor hardware wallet, they may be able to access your private keys, even without any specialised knowledge or expensive equipment. To secure your Trezor against physical attacks, you need to choose a strong passphrase for it.
If you want a hardware wallet with more security against physical attacks, you may want to compare other options.
Despite the risk of physical attack, Trezor still offers a high level of security by virtue of being a hardware wallet.
- Hardware wallet: These types of wallets ensure your funds are held offline.
- PIN protected: To access the device you need to enter a PIN.
- Back-up phrase: In the event of loss or theft of your device, you can use the seed phrase to restore your wallet on a new device.
- Open source: Trezor's design and firmware is open-source and has been heavily scrutinised.
What else do I need to know about Trezor One?
Trezor was one of the first hardware wallet manufacturers in the cryptocurrency scene, arriving in early 2014 as bitcoin started really taking off for the first time.
Since then, it has been a prominent figure in the cryptocurrency world.
In a nutshell
- Clear screen: The Trezor One is distinguished by its large and clear screen.
- Proven security: The Trezor One is regarded as one of the most tried-and-tested hardware wallets in the world.
- Integrated exchange support: You can seamlessly initiate trades through your Trezor.
- Price: At Free download, the Trezor One is pricier than other wallets of its age, and even some newer ones.
- Limited coin support: Trezor One doesn't support as many coins as the more recent Trezor Model T or other hardware wallets.
Compare Trezor One against other cryptocurrency wallets
Frequently asked questions
Cryptocurrency wallet ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate cryptocurrency hardware wallets by scoring each wallet out of 10 for 3 components: security, functionality and cost. Each component is weighted based on importance, as follows:
- Security: 50%
- Functionality: 40%
- Cost: 10%
These scores are aggregated and visualised as a total score out of 5 stars.