Trezor Model One Review 2026: Still the Best Budget Hardware Wallet?
The Trezor Model One is the world's first hardware wallet — released in 2013. Thirteen years later, is the $59 wallet still worth buying in 2026? We tested it extensively to find out.
Trezor Model One
The Trezor Model One remains the best value hardware wallet in 2026 at $59. It's fully open-source, battle-tested over 13 years, and covers all major cryptocurrencies. Its main limitations are no Solana support, no Bluetooth, and a small two-button interface. If you hold Bitcoin, Ethereum, and major altcoins — it does everything you need.
Key Specifications
- 100% open-source firmware
- Excellent price — just $59
- 13-year security track record
- Simple 2-button setup
- Supports BTC, ETH, and 1,000+ coins
- Works with MetaMask and major DeFi apps
- Passphrase protection available
- No dedicated secure element chip
- No Solana (SOL) support
- No Bluetooth — USB only
- Small screen, two-button navigation
- Trezor Suite less polished than Ledger Live
- Vulnerable to physical attack without PIN
Security Deep Dive
Trezor Model One's security is built on two pillars: open-source firmware and physical isolation of private keys. Your private keys never leave the device. Every transaction must be physically confirmed using the two buttons — no remote attacker can trigger a transaction without physical access.
The fully open-source firmware is Trezor's defining security feature. Anyone — including security researchers, cryptographers, and the general public — can review every line of code. This transparency has allowed dozens of vulnerabilities to be discovered and patched over the years before they could be exploited.
The Secure Element Question
The Model One does not have a dedicated secure element chip (unlike Ledger). This means a sophisticated attacker with physical access to your device could theoretically extract the seed phrase through hardware-level attacks. In practice, this requires expensive equipment and direct physical possession of your device for an extended period — not a realistic threat for most users.
Trezor's mitigation: a strong PIN makes brute-force access exponentially harder (30 wrong guesses wipes the device), and an optional passphrase adds a second layer that is never stored on the device itself.
Security Record: In 13 years of operation, no Trezor user has had their funds stolen through a remote attack. The only known compromises have involved users sharing seed phrases or falling for phishing scams — not the wallet itself being cracked.
Setup & Ease of Use
Connect to computer via USB
Plug in the included USB cable. Visit trezor.io/start in your browser. Download and install Trezor Suite if you haven't already.
Install firmware
New devices ship without firmware for security. Trezor Suite will prompt you to install the latest firmware — takes about 60 seconds.
Generate your seed phrase
The device generates 12 random words. Write them down on the included recovery card — offline, never digitally. This is the most critical step.
Verify your seed phrase
The device asks you to confirm each word in random order, ensuring you've written them down correctly.
Set your PIN
Choose a PIN of 1–9 digits. The number positions shuffle each time it's shown, preventing anyone watching from learning your PIN. You're ready.
Total setup time: approximately 15–20 minutes. The two-button interface takes some getting used to — navigation requires pressing left, right, or both buttons. It's functional but less intuitive than Ledger's or Trezor Model T's touchscreen.
Supported Coins
Trezor Model One supports over 1,000 cryptocurrencies including Bitcoin, Ethereum, all ERC-20 tokens, Litecoin, Bitcoin Cash, Cardano, XRP, Dogecoin, Dash, and Zcash. It works with MetaMask for DeFi and NFT interactions.
Notable gaps: Solana (SOL) is not natively supported. Monero (XMR) requires Monero's own wallet software rather than Trezor Suite. If you hold either of these, consider the Ledger Nano X instead.
Trezor Suite App
Trezor Suite is the desktop and web app for managing your Trezor. In 2026 it covers buying, selling, sending, receiving, staking, and a built-in Tor privacy mode. It has improved significantly from earlier versions but still lags behind Ledger Live in terms of polish and mobile experience. There is a mobile companion app but it's more limited than Ledger's offering.
Trezor Model One vs. Competition
| Wallet | Price | Coins | Bluetooth | Open Source | Best For |
|---|---|---|---|---|---|
| Trezor Model One | $59 | 1,000+ | No | 100% | Budget, BTC focus |
| Trezor Model T | $179 | 1,000+ | No | 100% | Touchscreen, open source |
| Ledger Nano S Plus | $79 | 5,500+ | No | Partial | Wide coins, desktop |
| Ledger Nano X | $149 | 5,500+ | Yes | Partial | Mobile, large portfolios |
Who Is the Trezor Model One For?
The Trezor Model One is the ideal choice if you:
- ✓ Want the most affordable reputable hardware wallet ($59)
- ✓ Primarily hold Bitcoin, Ethereum, and major altcoins (not Solana)
- ✓ Value fully open-source, auditable firmware above all else
- ✓ Prefer desktop use over mobile
- ✗ Hold Solana — choose Ledger instead
- ✗ Want a mobile-first Bluetooth experience — choose Ledger Nano X
Exceptional Value — Our Top Budget Pick
At $59, the Trezor Model One is the best value hardware wallet available. Its 13-year security track record, fully open-source firmware, and solid coin coverage make it the right choice for most Bitcoin and Ethereum holders. The small screen and two-button navigation are minor frustrations, but nothing that should stop you from buying one. If budget isn't a concern and you want Solana or Bluetooth, step up to the Ledger Nano X.
Frequently Asked Questions
Yes — for Bitcoin and Ethereum holders, absolutely. At $59 it remains the best value hardware wallet. Its security track record over 13 years is unmatched. The main reason to choose something else is if you hold Solana or want Bluetooth connectivity.
No — Solana is not supported on the Trezor Model One. If you hold SOL, you'll need a Ledger wallet or use a software wallet like Phantom for Solana specifically.
Yes. Trezor integrates directly with MetaMask as a hardware wallet option. This lets you interact with DeFi protocols, NFT marketplaces, and other Ethereum dApps while keeping your private keys on the Trezor device.
Because Trezor's firmware is fully open-source, the community can maintain it independently even if the company disappeared. Your seed phrase can also recover your funds on any BIP39-compatible wallet, making you independent of Trezor as a company.
Risk Disclaimer: Hardware wallets significantly reduce risk but require responsible use. Always back up your seed phrase offline. Never buy from third-party resellers. This article is for informational purposes only and does not constitute financial advice.