›   Bitcoin Wallets   ›   TREZOR One
Pros
  • Screen offers extra protection and verification
  • Affordable hardware wallet with screen
Cons
  • Older version of the TREZOR hardware wallet
Buy a TREZOR One

TREZOR is a Bitcoin hardware wallet and launched in August 2014. It was the first Bitcoin hardware wallet, offering secure cold storage plus the ability to spend with the convenience of a hot wallet.

trezor one

TREZOR is a small, key-sized device which connects to your computer with a USB cable. It stores your Bitcoin and cryptocurrency private keys offline and signs transactions. It can be safely used on a malware infected computer.

Price

The TREZOR costs $59.

Make sure you NEVER buy a TREZOR or any other hardware wallet from eBay.

Only buy from the TREZOR store, Billfodl, or any other authorized reseller.


Here is the TREZOR compared to the other three popular hardware wallets:

COMPARISON

Ledger Nano X

  • SCREEN:
  • RELEASED: 2019
  • PRICE: $119

Ledger Nano S

  • SCREEN:
  • RELEASED: 2016
  • PRICE: $59

TREZOR T

  • SCREEN:
  • RELEASED: 2018
  • PRICE: $159

TREZOR One

  • SCREEN:
  • RELEASED: 2013
  • PRICE: $59

Security

TREZOR provides top-notch security for bitcoin, protecting against both physical and virtual theft.

TREZOR is an HD wallet where you control the private keys, so an entire wallet can be backed up with the 24 words generated on setup. The original 24-word seed is generated using RNG from the device and the computer. The seed is generated offline and displayed on the TREZOR’s screen, which ensures that the seed is never on an internet-connected device.

trezor one

A PIN code is required on setup, and required for spending. After each incorrect guess the wait between guesses is raised by a power of two. Making 30 guesses would take 17 years.

You can add a passphrase to the 24-word seed for extra security, which acts as a 25th word. You must remember the passphrase because the seed without the passphrase is not enough to recover the wallet. A passphrase offers more security, but if forgotten the wallet cannot be recovered.

You can recover the entire wallet with the 24-word seed and passphrase if used, in the event that your TREZOR is lost or damaged. Recovery can be done with another TREZOR or with other wallets, like Electrum or Mycelium.

TREZOR’s screen allows you to confirm that you’re sending to the intended recipient, but this does not prevent against phishing attacks.

A full overview of how TREZOR handles security threats can be found on the Satoshi Labs website.

trezor one

TREZOR’s buttons (as shown above) also make sure that a hacker couldn’t automatically send a transaction from your device. The button must be physically pressed in order to confirm each outgoing transaction.

Setup and Initialization

There are three ways to setup your TREZOR: via myTREZOR.com, the Chrome extension, and via the command line. Setup involves setting the PIN code, device name and password.

trezor chrome extension

myTREZOR.com is TREZOR’s web wallet, while the Chrome extension is an app installed to your browser. The setup process on both is the same. The one difference is that setup in myTREZOR.com is online, while the Chrome extension can be used offline. If you care about your privacy, use the Chrome extension and setup offline.

Backup Seed

As mentioned earlier, you backup your TREZOR by writing down 24 words. These 24 words can then recreate your TREZOR wallet in the event your TREZOR is lost, stolen or damaged.

The TREZOR comes with paper to write down the words:

billfodl

For the extra paranoid user, you may want to store your seed in a fireproof safe. Or, get something like the Billfodl.

The Billfodl is stainless steel backup solution. It allows you to store your 24 word backup seed on material that is much more resistant to fire, electricity, water and other potential dangers to your backup seed.

billfodl

For example, one user had $1 million worth of cryptocurrency backed up on a seed. His house was flooded, and the water destroyed his paper backup seed. This would not have happened had the user been storing his backup seed on stainless steel like the Billfodl.

billfodl

The Billfodl protects your seed from both fire and potential floods. For $80, this can be worth it depending on the amount of cryptocurrency you’re storing on your device.

Learn More About Billfodl

Privacy

TREZOR itself offers very good privacy. Satoshi Labs has no way of tracking your actions after you receive the device because it has no serial number. All of the software is open source. No usernames or passwords are needed when using TREZOR.

Privacy is determined by the wallet used with TREZOR: Electrum, MultiBit HD, and GreenAddress on desktop, GreenBits and Mycelium on Android, and myTREZOR.com on the web.

Data can be leaked upon setup if using TREZOR’s myWallet. For a more private initialization, use the Chrome extension or the python tools to setup your device on an offline computer.

Software Wallets

Trezor is compatible with a number of wallets, including Electrum, MultiBit HD, and GreenAddress on desktop, GreenBits and Mycelium on Android, and myTREZOR.com on the web. Use the TREZOR Chrome extension to manage your device.

TREZOR vs. Ledger Nano S

TREZOR and the Ledger Nano S are often compared.

The main difference is that TREZOR is more like a mini computer, while the Ledger Nano S uses a secure chip.

TREZOR vs. KeepKey

KeepKey is actually a port of the TREZOR’s code and firmware.

Until recently, the main difference was that KeepKey offers a digital screen and the ability to recover the seed without worrying about keyloggers. But, recently TREZOR added the ability to do a secure recovery.

So now the main difference in the KeepKey vs TREZOR showdown is that the TREZOR is made from plastic, while the KeepKey is aluminum.

The KeepKey feels more like a premium device, although the TREZOR is probably more secure against drops since it’s much lighter.

TREZOR vs. Paper Wallet

TREZOR may be better than a paper wallet for less technical users. Paper wallets can be hard to setup and it’s easy to make mistakes. TREZOR makes creating secure offline storage easy. Although paper wallets are just as secure if created correctly.

Promo Code

There are currently no TREZOR promo codes available. If a coupon or discount code becomes available, we’ll update this post.

Does TREZOR Work with Litecoin?

TREZOR can be used to store Litecoin, DASH, and other altcoins. It’s up to software wallet developers to integrate support–the device itself is compatible with any altcoin.

This marks the end of our TREZOR review. The next few sections show you how to use and restore TREZOR with Electrum and Mycelium.

Buy a TREZOR

How to Use TREZOR with Mycelium

This article details how to use a previously initialized TREZOR with Mycelium. Your TREZOR must be setup before use with Mycelium. To learn how to RESTORE your TREZOR using Mycelium, click here.

First, make sure you have the latest version of Mycelium installed on your Android device. Open Mycelium and select “new account”. If you already have Mycelium installed then skip this step.

New Mycelium account

Swipe right to move over to the “Accounts” tab. Click the key on the top right to add a new account.

mycelium accounts

Click “Advanced”.

mycelium advanced

Under “Import a Trezor-HD account” tap “Trezor”.

trezor mycelium

Plug in an OTG cable to your Android device and plug in your TREZOR to the OTG cable.

plugin trezor mycelium

Enter your TREZOR pin code. The numbers will be displayed on your TREZOR’s screen.

trezor pin mycelium

Enter your TREZOR passphrase if you have one. Any passphrase will create a valid wallet. If your wallet shows a zero balance, restart the process and double check that the passphrase was entered correctly.

trezor passphrase mycelium

Mycelium will scan for accounts on your TREZOR.

mycelium scan

In this case we have one account based on the passphease entered. Click on an account to load that account, or tap “Import next unused account” to add a new account.

accounts trezor mycelium

Name your TREZOR account. This is how it will be displayed in the Mycelium app.

name trezor mycelium

You can now send payments from your TREZOR with Mycelium.

Even if the TREZOR is removed after use, the wallet and its addresses will still be viewable in watch-only mode. This way you can still view your balance, generate new addresses, and receive payments.

Restore with Mycelium

If your TREZOR has been lost or stolen, your funds can still be accessed by importing the recovery seed and passphrase (if used) into Mycelium for Android.

A fresh install of Mycelium is required. If you already use Mycelium, write down the 12-word backup seed and reinstall the application.

When opening Mycelium, you’ll be given two options: Restore Backup and Create New. Select Restore Backup.

Welcome to Mycelium

Select the number of words contained in your seed, and check I have a password if you used a passphrase:

Mycelium words

Mycelium will have you enter the words one at a time.

Mycelium words

Input your passphrase if you used one. Any passphrase will create a valid wallet. If your wallet shows a zero balance, restart the process and double check that the passphrase was entered correctly.

Mycelium passphrase

You can now send any funds that were stored on your TREZOR.

Note that the private keys from your TREZOR seed are now stored in Mycelium. Your funds should immediately be moved to cold storage. The old TREZOR seed is now insecure and should not be reused.

How to Use TREZOR with Electrum

This article details how to use a previously initialized TREZOR with Electrum. Your TREZOR must be setup before use with Electrum. To RESTORE your TREZOR with Electrum click here.

TREZOR can only be used with Electrum 2.0+. Make sure you have the latest version installed.

Plugin your TREZOR and open Electrum. Select Create new wallet and Hardware wallet. The Restore or import a wallet option is for restoring a TREZOR seed if the device was lost, stolen or damaged.

add TREZOR Electrum

TREZOR is the only hardware wallet supported by Electrum and will be automatically selected in the next step.

hardware Electrum

Enter your TREZOR pin.

Electrum PIN code

Input your passphrase if you used one. Any passphrase will create a valid wallet. If your wallet shows a zero balance, restart the process and double check that the passphrase was entered correctly.

Electrum PIN code

You can now spend from your TREZOR with Electrum.

Even if the TREZOR is removed after use, the wallet will still be viewable in watch-only mode.

Restore with Electrum

If your TREZOR has been lost or stolen, your funds can still be accessed by importing the recovery seed and passphrase (if used) into Electrum.

When opening Electrum you’ll be greeted with a list of options. (Existing users must navigate to File > New/Restore).

Select Restore or import a wallet and Hardware wallet.

restore TREZOR seed electrum

TREZOR is currently the only hardware wallet supported by Electrum and is automatically selected in the next window.

hardware Electrum

Enter your TREZOR recovery seed.

TREZOR recovery seed

Input your passphrase if you used one. Any passphrase will create a valid wallet. If your wallet shows a zero balance, restart the process and double check that the passphrase was entered correctly.

TREZOR passphrase

You can now send any funds that were stored on your TREZOR.

Note that the private keys from your TREZOR seed are now stored in Electrum. Your funds should immediately be moved to cold storage. The old TREZOR seed is now insecure and should not be reused.

Rating: 4.7

Buy a TREZOR One