Step one toward full independent control of your own security is taking full control of your cryptocurrency funds without depending on a third party. This is also a significant step toward becoming your own bank. By this time, you might have already decided that a hardware wallet is the right solution for you. The question that remains is “Which hardware wallet is right for me?”
This review aims to introduce Trezor One – the original hardware wallet – and to take a look at it from various points of view: design, security, user experience, and affordability.
Trezor One is a hardware cryptocurrency wallet. It’s a computer designed to keep your funds out of the hands of people trying to steal them. It’s the size of a car key fob and connects to your computer via a USB cable. Probably the most important feature of the device is that it keeps your private keys in an isolated environment, so even if you connected the device to an infected computer, your funds wouldn’t be compromised.
Additionally, Trezor Password Manager helps you manage your online credentials, and using Trezor as a security token lets you protect your online accounts with U2F.
Trezor One, when compared to the next-level design of Trezor Model T, is simpler and more affordable, but with the same level of security. It makes independent security accessible to the masses, and it’s a great starting point for cryptocurrency beginners.
Trezor One supports major cryptocurrencies (Bitcoin, Ethereum, Litecoin, Zcash, etc.) as well as hundreds of other altcoins.
Trezor One comes in a clean-looking black package. The box is wrapped in plastic foil and protected by tamper-evident holograms. The box is glued together, so it’s impossible to open without tearing the cardboard. It’s important to make sure the package is not damaged, and to return any suspicious-looking packages to the manufacturer immediately.
The box contains the device itself, a USB cable, a lanyard, a getting started guide, a recovery seed card, and four stickers.
You might be surprised how light and uncomplicated the device is. Given its purpose, making the design as simple as possible is logical – the simpler it is, the fewer weak spots it has. The device is made of light but highly durable plastic. It has a small screen, two buttons, and a USB port. Overall, the package is neatly organized and contains everything you need.
The guide in the package tells you how to get your new Trezor set up. The process is pretty straightforward, and the interface guides you throughout. The most important point is to write down your recovery seed and store it in a safe place. The recovery seed helps you to recover your funds in a different Trezor if you lose or damage yours. However, it is also the key to your funds in case somebody steals the device from you. We recommend storing it on a piece of paper or a more durable material and keeping it in a place that only you have access to. You should also enable PIN protection right from the beginning.
Trezor Wallet, the web interface, is designed to be easy to use even for someone new to crypto. Make sure to switch to the right cryptocurrency. The user experience is very smooth and secure. Trezor requires you to confirm each outgoing transaction or address generation directly on the device. This means that you don’t have to trust the computer you’re connected to.
You can also use Trezor with other third-party interfaces and services, such as Electrum; however, it’s better to set up the device directly in Trezor Wallet.
Trezor is the community darling with a reputation as a secure and transparent device. One of the strongest points of Trezor’s security is that everything, both hardware and firmware, is open-source and public on GitHub. The community and security experts are able to audit and verify the device, and you can even build one yourself. Unlike some competing products, there is no secret black box.
The device is delivered empty with no pre-installed firmware – you’ll take care of that during the setup process. As mentioned above, it is PIN-protected and allows you to label your device and change its home screen to make it instantly recognizable, so that it cannot be replaced by a fake after you set it up.
All the important settings, transaction signing, and receiving address generation requires on-device confirmation. You’ll be able to see the entire address on the screen of your device during confirmation, without having to scroll. Private keys are kept in an isolated environment, so the chances of them being stolen are extremely low.
Trezor One delivers on all of its promises – it’s easy to use, handy, simple, and extremely secure. It supports hundreds of cryptocurrencies and has an excellent UX. Its price has recently gone down, making it very competitive in the hardware wallet market. To sum up, Trezor is firmly established in the top tier of hardware wallets and is the golden standard of cryptocurrency security.