The Trezor Model One is the pioneering 2014 hardware wallet that created the cold storage industry. While its open-source track record is legendary, its legacy Micro-USB port, lack of a Secure Element chip, and missing support for Solana and Cardano mean that most buyers today will be much better served by the Trezor Safe 3 for just $10 more.

Full Review

Trezor Model One Review

The Trezor Model One (released in 2014 by SatoshiLabs) is the legendary pioneer that established the entire cryptocurrency hardware wallet industry. Over a decade later, it remains one of the most widely recognized cold storage devices in the world. However, the hardware security landscape has shifted dramatically, and modern crypto users need to understand where the Model One still excels—and where its aging hardware shows its limits.

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Design and Hardware Limitations

The Model One features an ultra-lightweight plastic chassis weighing just 12 grams, equipped with a small monochrome OLED display and two physical buttons:

• Display & Navigation: The 0.96-inch OLED screen displays transaction addresses and confirmation prompts. Navigation is straightforward using the two tactile buttons, but verifying long addresses requires scrolling.
• Micro-USB Connector: The device still uses an older Micro-USB port rather than modern USB-C. While functional, it requires carrying a legacy cable or adapter when connecting to modern laptops.
• Scrambled PIN Entry: Unlike the touchscreen on the Model T or Safe 5, entering your PIN on the Model One requires looking at a 3x3 scrambled keypad on the device screen while clicking blind number positions in the Trezor Suite app on your computer.

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Security Architecture: Open-Source vs. Physical Attack Vectors

Security on the Trezor Model One is rooted in SatoshiLabs’ commitment to 100% open-source firmware and hardware:

• Open-Source Transparency: The entire codebase is publicly auditable, ensuring no hidden backdoors or proprietary firmware blobs.
• No Secure Element Chip: The Model One uses a general-purpose microcontroller (STM32F05) rather than a certified Secure Element chip (such as the EAL6+ chips in the Trezor Safe series or Ledger devices).
• The Critical Role of Passphrase: Because it lacks a Secure Element, the device is vulnerable to physical fault-injection attacks (voltage glitching) if a sophisticated attacker gains physical possession. SatoshiLabs strongly recommends enabling a strong BIP-39 passphrase, which mathematically encrypts your keys in memory and neutralizes physical extraction threats.

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Asset Support Gaps

While the Model One supports thousands of ERC-20 tokens, Bitcoin, and Ethereum, its constrained memory creates noticeable gaps in modern blockchain support:

• Unsupported Major Coins: The Model One does not support Solana (SOL), Cardano (ADA), Ripple (XRP), Monero (XMR), or Tezos (XTZ).
• Supported Core Ecosystems: Full native support for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and all EVM chains via Trezor Suite or MetaMask.

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Trezor Model One vs. Trezor Safe 3

In 2026, the Model One faces stiff internal competition from the Trezor Safe 3 ($79):

Feature	Trezor Model One ($69)	Trezor Safe 3 ($79)
Secure Element	None	EAL6+ Certified Chip
Connector	Micro-USB	USB-C
Solana & Cardano Support	❌ No	✅ Yes
Shamir Backup (SLIP39)	❌ No	✅ Yes

For just $10 more, the Trezor Safe 3 provides modern USB-C, an EAL6+ Secure Element, Shamir multi-share backups, and full Solana/Cardano compatibility.

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RateMyWallets Verdict

The Trezor Model One remains a functional, budget-friendly Bitcoin and Ethereum cold storage device backed by an unrivaled 10-year track record. However, for everyday users in 2026, its Micro-USB port, missing Secure Element, and lack of Solana/Cardano support make the Trezor Safe 3 a significantly better purchase.