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Our impressions

Trezor Model One

Ledger Nano S Plus

Pros

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

Great form factor, paired with robust casing protection made out of medal for high portability
Future-proof USB-C port
Uses the BIP-39 standard, which allows wallet recovery even without hardware
Can be used as a secure key, providing additional value outside crypto use-cases

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MicroUSB in this day and age is quite outdated, but still connects to USB-A or newer USB-C ports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)

Requires constant USB connection to operate
Firmware is closed source
App concept (apps need to be installed on the device to support certain coins and features) can be overwhelming, especially for new users, but easy enough to start using the device in no time

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

One of the most secure hardware wallets at a very attractive price point. The secure element chip prevents seed phrase extraction attacks, but comes at the price of closed source firmware. Users have to get familiar with the concept of individual apps that have to be manually installed by the user to make the device support the features (i.e. coins, security key functionality, etc.) they need. Installation is not much different than installing smartphone apps from the app store though, so not that difficult after all. As no company is perfect, please make sure to keep updated on Ledger controversies, before making a buying decision. Read more about Ledger controversies

All in all – a very good deal to keep your crypto assets safe with a very high level of security.

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

Ledger Nano S Plus

Release year

2014

2022

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, Bitcoin-only mode available

BTC, ETH, ADA, XRP, LTC, XLM, DOGE, DASH, XMR
in total 5,000+ coins available

Open source

Firmware
Companion software

Companion software

Apps that are installed on Ledger Nano S Plus are open source

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

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.