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Our impressions

Trezor Model One

BitBox02

Pros

Small form factor and very portable
Excellent value at an affordable price point

not reviewed yet

Cons

MicroUSB in this day and age is quite outdated, but still connects to USB-A or newer USB-C ports
Requires constant USB connection to operate
Limitations compared to Trezor Model T
- Supports fewer coins and misses support for e.g.: XRP, ADA (Cardano), XMR (Monero)
- Button input can be cumbersome compared to the touchscreen of the Model T
Key extraction vulnerability (if an attacker with the right tools and knowledge has physical access to the hardware wallet)

not reviewed yet

Verdict

Despite being the very first hardware wallet product, with it’s debut in 2014, the Trezor Model One is still one of the best hardware wallets. It has a very attractive price point, while providing excellent value and functionality.

Make sure to use a passphrase if you are worried about key extraction attacks. Read more about the vulnerability

not reviewed yet

Disclaimer: Our impressions are based on a compilation of factors tailored to the average user’s perspective. It is also important to note that whether a feature is a “pro” or “con” can depend on your situation and preferences. What may be an advantage in one scenario could be a challenge in another, and vice versa. Therefore, while reviewing these points, it’s essential to consider your unique requirements and circumstances when making decisions. This list aims to provide an idea of what to anticipate, but it is not the ultimate guide to determining whether something will work for you or not.

Key features

Trezor Model One

BitBox02

Release year

2014

2019

Supported coins

Supports multiple coins, Bitcoin-only mode available

BTC, ETH, LTC, XLM , DOGE, DASH, ZEC, NEM,
and a thousand others. See a full list at trezor.io/coins

Supports multiple coins

In app support for BTC, LTC, ETH and selected tokens.
ADA with AdaLite and 1500+ ERC20 tokens supported with MyEtherWallet.

For Bitcoin-only support see BitBox02 Bitcoin-only edition

It is not possible to convert a BitBox02 Multi edition into a BitBox02 Bitcoin-only edition or vice-versa. The BitBox02 bootloader prevents firmware downgrades and installing firmware for a different edition of the BitBox02 (Multi or Bitcoin-only) as otherwise that would be a security attack vector.

Open source

Firmware
Companion software

Firmware
Companion software

Seedphrase support

BIP-39 (Mnemonic phrase)
Passphrase

BIP-39 (Mnemonic phrase)
Passphrase

Security protections

On device PIN entry
Factory reset with wrong PIN
Factory reset with decoy PIN
On device recovery

Secure element
On device PIN entry

Dual chip security architecture
Secure chip: ATECC608B; True random number generator (NIST SP 800-90A/B/C)
Anti-klepto mitigates the nonce covert channel attack
Physical protections
Security audit & bug bounty program

Platform compatibility

Windows
macOS
Linux
Android
ChromeOS

Chrome OS is not officially supported and relies on WebUSB in the Chrome browser. This means that, i.e., it’s not possible to set up a freshly unboxed Trezor One, you need to perform the first-time firmware installation on a PC or Mac.