Trezor One review
by Scott Wehman
- Passphrase Support
- Feature-rich Interface
- Quick & Easy Setup
- Multisig Support
- Device Time-Out
- Multi-Sig Only Supported Via Electrum
- No Validation of Change Address on the Device
- Black and White Screen
Who Should Buy a Trezor One?
Crypto investors who value a good reputation & security
Crypto investors who want multi-currency support
Crypto investors who want an inexpensive wallet
Why Buy a Hardware Wallet?
Hardware wallets are important tools to enable cold storage of your bitcoin, a method which keeps your private keys completely offline.
They are designed and marketed with every level of user in mind and are considered a best practice to use in managing any level of funds.
Paper wallets and hot wallets are not seen as easy-to-use or secure by comparison. These methods are not recommended except for specific applications or by advanced users.
Table of Contents
Trezor One: the Basics
Comparison with Competitors
Its limitations include the number of coins which are supported and the lack of bluetooth capabilities.
Both Trezor and Ledger have higher-end devices (the Trezor Model T and Ledger Nano X, respectively). Each of these provide a more premium experience with advanced functions not available in their entry-level models.
While the Nano S and Nano X have similar capabilities relative to the Trezor One and Model T, the key difference is that the Nano X can connect via bluetooth.
It appears that Trezor has chosen to avoid bluetooth connectivity to limit the attack surface.
What's in the Box
Before attempting to set up and use a hardware wallet, you should inspect the packaging and be wary of the device potentially being compromised before it reaches you.
The Trezor One packaging consists of a thin cardboard box sealed with two hologram security stickers. These are easily authenticated the images encountered on their official website when you begin setup.
After opening, it's not really worth keeping for storage.
The box contains:
Trezor One Device
USB Cable (with Trezor Branding)
Lanyard, Keychain & Stickers
Seed Backup Cards and Device Information
Security & Design
Next to the lock icon, there is a single-click “forget device” function available as well.
Recovery Seed Words
Device Setup & Activation
Trezor has created a subdomain of their website to access and operate your device, which you begin by accessing here. Pairing the wallet with your computer requires the installation of the Trezor-bridge, an integration with your browser.
This approach is a combination of those used by the Ledger has its own specific software (Ledger Live) and the KeepKey which is either paired with the ShapeShift website or by using a standalone Chrome plugin.
SatoshiLabs has also recently announced the upcoming release of its bitcoin-only firmware.
Main Wallet Interface
Trezor can easily claim the highest number of customizations for a hardware wallet.
The interface in the browser is clean and sparse, yet provides links to relevant information and educational rollovers.
A huge array of options and settings such as renaming accounts, saving labels and notes with a DropBox integration or even designing your own image for the home screen image are available.
Additionally, above the wallet area there are a number of links to the information-dense Trezor website, support tab and blog.
Also found here is the incredible Trezor Wiki which has user, security, developer, business and general knowledge base sections — all of which relate directly to using the Trezor devices or interacting with the company itself.
There is abundant and concise information available, which is useful even for those without one of their devices.
Wallets & Accounts
Trezor uses a device/account/address hierarchy layout in the interface for the wallet so selecting and navigating everything straightforward and intuitive.
Importing legacy (pre-Segwit) accounts, wallet countervalue settings (a whopping 32 fiat currencies are available) or switching to a custom server are all within a few clicks.
Addresses within a specific account can be created at will, which is a key benefit over the Ledger Nano S and Nano X wallets (which require an address to have been used before you are able to create additional ones under that account).
You are also able to display a QR to receive a transaction on both the device itself and the wallet view (your computer's screen) which makes accepting payment far more frictionless.
Another advantage is the ability to construct multiple transactions within one operation.
Another great feature is the Trezor One’s flexibility in determining your transaction priority, which allows for a range of speeds for quick selection (all the way down to 1 sat/byte) but also provides a custom range.
This is feature is further augmented by calculating an expected completion time once you’ve made your selection.
Transactions to different recipients can also be batched at the time of creation.
Account Balance & History
Your transaction history can be exported on a per-account basis (versus Ledger Live’s ability to aggregate both coins and accounts into one document).
CSV and PDF formats are available and indicate the date, time, transaction ID and type, address, value, transaction total and balance at the time of that transaction.
- Bitcoin Cash
- Tether (USDT)
- Over 1,000 more
Hardware & Operating System Compatibility
The Trezor One Screen
Using the Trezor One Privately
The Trezor One is an impressive and affordable device that offers superior functionality to both entry-level and experienced users.
From the setup procedure to navigation of the interface and diving into advanced features, the experience was seamless, informative and enjoyable.
With the enormous amount of credibility, innovation and ethos of SatoshiLabs behind it, it’s no surprise Trezor has become one of the top hardware wallet providers in the industry.
Of the available hardware wallets, Trezor has the most educational content available which is inspiring to users to dig deeper on the capabilities and possible applications of their wallets.
Their products gain a major advantage for this supplemental information.
Pro vs Con
- User friendly
- Reasonably Priced
- Device must be connected for all operations
- Passphrase Support
- Good Reputation
- No Multi-Signature Capabilities in Trezor Wallet (yet), however this is possible through Electrum
- No Validation of Change Addresses on the Device