Trezor Model One:
the first hardware wallet ever made, still sold today without a secure element chip.
We tore apart the original Trezor, the world's first hardware wallet, across seven weighted categories; from fully open-source firmware and hardware, genuinely tamper-evident packaging, and firmware that isn't pre-loaded at the factory, to a real, well-known architectural fact worth stating plainly: unlike virtually every other device in this series, including Trezor's own newer Safe line, the Model One has no dedicated secure element chip at all, alongside real, meaningfully narrower coin support and no iOS compatibility; and landed on a score the marketing page won't show you.
Our take, up front: the Model One is where this entire product category began, launched in 2014 by SatoshiLabs (founded 2013 by Marek "Slush" Palatinus and Pavol "Stick" Rusnák), and it's genuinely earned its place in crypto history: over 1 million units sold, more than a decade with no disclosed remote hack of the device itself, fully open-source firmware and hardware from day one, and a real, thoughtful anti-tampering design where firmware isn't pre-loaded at the factory but only installed when you initialize the device yourself. The packaging is genuinely tamper-evident: a glued box, two holographic seals, and a factory plastic wrap you'd notice if disturbed. Here's the real, well-known fact worth stating plainly: unlike virtually every other device we've reviewed in this series, including Trezor's own newer Safe line, the Model One has no dedicated secure element chip at all, a real architectural gap that even Trezor itself later addressed by adding one to the Safe series specifically to raise physical security. Layer on real, meaningfully narrower coin support (sources cite anywhere from roughly 1,200 to 1,800 assets, versus 5,000 to 30,000-plus on modern competitors), no iOS compatibility, and no NFT support, and this reads less as a flawed device and more as an honest snapshot of 2014 engineering still being sold in 2026. One real, separate note worth precision: the company's official X (formerly Twitter) account was compromised in 2024, a real incident, but one involving social media, not the hardware or its firmware. We weighted all of it below.
The Model One's firmware and hardware are both fully open-source, a genuine, real transparency standard the company has maintained since 2014. A real, thoughtful anti-supply-chain-tampering design: firmware is not pre-loaded at the factory and is only installed when the user initializes the device, meaning a factory-level backdoor is structurally harder to introduce. Genuinely tamper-evident packaging, a glued box sealed with two holographic stickers and wrapped in factory plastic, lets buyers verify their unit wasn't opened before it arrived. Real, notable architectural fact: unlike virtually every other device we've reviewed in this series, the Model One does not include a dedicated secure element chip; Trezor itself later added a certified EAL6+ secure element specifically to its newer Safe line to raise physical security, an implicit acknowledgment that the Model One's architecture has a real, meaningful gap here. Passphrase-protected hidden accounts add a genuine additional privacy layer. We found no disclosed remote hack of the device or its firmware in our research; the one real security incident we found, a 2024 compromise of the company's official X account, involved social media, not the hardware.
Pros
- Fully open-source firmware and hardware, independently auditable
- Firmware not pre-loaded at the factory; genuinely tamper-evident packaging
- No disclosed remote hack of the device itself in over a decade
Cons
- No dedicated secure element chip, unlike Trezor's own newer Safe line
- The company's official X account was compromised in 2024 (a social-media incident, not a device breach)
Real, notable discrepancy across sources on exact coin count, ranging from roughly 1,200 to 1,800 supported coins and tokens depending on the source, meaningfully narrower than modern competitors offering 5,000 to 30,000-plus. Compatible with third-party software wallets including Electrum. No native NFT support in Trezor Suite.
Pros
- Supports major assets including Bitcoin, Ethereum, and ERC-20 tokens
- Compatible with third-party software wallets like Electrum
Cons
- Meaningfully narrower coin support than modern competitors
- No native NFT support
A simple two-button design paired with a small OLED "Trusted Display" keeps the interface genuinely straightforward, and setup is independently described as easy. TREZOR Bridge doesn't require a special browser, a real, minor convenience. But there's no native iOS support of any kind, and real, comparatively limited mobile functionality overall relative to newer competitors in this series.
Pros
- Genuinely simple two-button interface, independently described as easy to set up
- TREZOR Bridge doesn't require a special browser
Cons
- No native iOS support of any kind
- Comparatively limited mobile functionality relative to newer competitors
Real, genuinely tamper-evident packaging: a glued cardboard box sealed with two holographic stickers and wrapped in factory plastic, letting buyers verify their unit wasn't opened before arrival. A small, discreet, key-sized design is real and genuinely portable. No independently-documented durability complaints turned up in our research.
Pros
- Genuinely tamper-evident packaging with holographic seals
- Small, discreet, key-sized form factor
Cons
- None significant found in our research
SatoshiLabs is a real, genuinely pioneering company, founded in 2013, having sold to over 1 million customers over more than a decade. Real, positive: the company has continued applying its security expertise to help other crypto projects, per at least one source. We found no disclosed remote hack of the device or its firmware in our research; the one real security incident we found, a 2024 compromise of the company's official X account, is a separate, real, but company-communications-level issue rather than a hardware or firmware breach. At least one source notes responsive, helpful customer support.
Pros
- Over a decade of operation with no disclosed device-level breach
- Over 1 million customers served worldwide
Cons
- Company's official X account was compromised in 2024 (unrelated to the hardware)
Real, significant price discrepancy across sources, ranging from roughly $49 to $72, consistently positioned as one of the most affordable hardware wallets on the market, meaningfully cheaper than Trezor's own newer Safe line and most competitors reviewed in this series.
Pros
- Among the most affordable hardware wallets in this entire series
- No subscription fee
Cons
- Real price discrepancy across sources ($49-$72)
Real passphrase-protected hidden accounts add a genuine privacy layer. BIP39 and BIP44 standard support, among the first wallet providers to implement these, ensures broad backup portability. Real, notable limitation: no NFT support, no touchscreen, and comparatively fewer modern conveniences than newer devices in this series, including Trezor's own Safe line.
Pros
- Real passphrase-protected hidden accounts
- Among the first to implement BIP39 and BIP44 standards
Cons
- No NFT support or touchscreen; fewer modern conveniences than newer devices
Buy only through Trezor's official store, and consider the Safe 3 first.
For roughly the same money, the Safe 3 adds a certified secure element and broader coin support. Choose the Model One specifically if you want the original, historically significant device, or if the lowest possible price is your priority.
A pioneering, honest device that its own manufacturer has since improved upon.
There's real, genuine respect due here: this device invented the category, has no disclosed remote hack in over a decade, and remains fully open-source at a genuinely low price. None of that is diminished by what follows. But the most telling fact about the Model One's security today isn't anything a critic says, it's what Trezor itself did next: the company's own newer Safe line specifically added a certified secure element the Model One never had. That's not us second-guessing the original design; it's the manufacturer's own roadmap saying the architecture could be better. Combined with real, narrower coin support and no iOS compatibility, this reads as a historically important device that both is honestly priced for what it is today.
The scorecard above is deliberately general. Whether the Trezor Model One is right for you depends heavily on which of these you already are.
The budget-first buyer who wants the lowest possible price for real, open-source hardware self-custody
Among the cheapest genuine hardware wallets available, with a fully open-source, independently auditable design.
The collector or historically-minded buyer who wants the device that started the category
This is the original hardware wallet, still functional and still sold, with real historical significance.
The Bitcoin-primary holder with modest coin-support needs
If your holdings are concentrated in major assets, the narrower coin support is less likely to be a practical limitation.
Anyone who wants a certified secure element, iOS support, or broad modern coin coverage
Trezor's own Safe 3 covers all three for a similar price, making it the more sensible choice for most new buyers today.
The scorecard covers the headline judgment calls. These four tables cover the specifics we didn't want to bury in prose; what having no secure element actually means, the real price and coin-count discrepancies across sources, Model One vs. Trezor's modern Safe line, and how it compares against the other wallets we've reviewed.
What having no secure element actually means
| Model One | Devices with a secure element | |
|---|---|---|
| Key storage | General-purpose microcontroller | Dedicated, certified tamper-resistant chip |
| Physical extraction resistance | Debated among security experts | Independently certified (e.g., EAL5+, EAL6+) |
| Trezor's own later response | N/A | Added a certified EAL6+ secure element to the Safe line specifically |
This doesn't mean the Model One is broken; it means a specific class of physical attack that a secure element is designed to resist has a real, debated question mark over it on this device, one Trezor's own newer hardware was built to close.
Real price and coin-count discrepancies across sources
| Metric | Range across sources |
|---|---|
| Price | $49 to $72 |
| Supported coins/tokens | Roughly 1,200 to 1,800 |
We couldn't fully resolve these discrepancies from available reporting; confirm the current, exact figures directly on Trezor's official site before buying.
Model One vs. Trezor's modern Safe line
| Model One | Trezor Safe 3 | |
|---|---|---|
| Secure element | None | EAL6+ certified |
| Price | $49-$72 | $59 |
| Coin support | ~1,200-1,800 | 8,000+ |
| Privacy tools | Basic passphrase | CoinJoin, Tor, passphrase |
For a similar price, the Safe 3 offers a certified secure element and meaningfully broader coin support, which is why at least one detailed source explicitly recommends it over the Model One for new buyers today.
How it compares to other hardware wallets we've reviewed
| Wallet | Secure element | Price | Notable trade-off |
|---|---|---|---|
| Trezor Model One | None | $49-$72 | No iOS support; narrower coin support than modern devices |
| Trezor Safe 3 | EAL6+ | $59 | Disclosed, unpatchable microcontroller vulnerability |
| Ledger Nano S Plus | EAL6+ | $79 | No iOS support; closed-source firmware |
| SafePal S1 | EAL6+ | $49.99 | Apparently unresolved GPL violation |
Among budget devices in this series, the Model One is now the only one without any secure element at all, a real, distinguishing gap relative to its closest price-tier competitors.
We don't just want to hand you our number; we want to show you how it sits next to what other review desks and comparison sites have published. Coverage here is generally warm and historically appreciative, and at least one source explicitly recommends the newer Trezor Safe 3 over the Model One for buyers today.
Our score lands meaningfully below the aggregated industry average; most sources treat the Model One with historical appreciation and price-based enthusiasm without weighting the real, well-known absence of a secure element as heavily as we do for a device still being sold new today.
| Source | Score | Type |
|---|
Scores compiled by our editorial team from publicly available reviews as of August 2026. "Editorial estimate" means the outlet didn't publish a single numeric score, so we converted their published verdict and sentiment into a comparable 100-point figure. Verify current figures directly with each source before citing them elsewhere.
No. It's one of the few devices in this category still sold without a dedicated secure element chip. Trezor later added a certified EAL6+ secure element to its newer Safe line specifically to improve physical security.
We found no disclosed remote hack of the device or its firmware in our research, a genuinely clean record over more than a decade. In 2024, the company's official X (formerly Twitter) account was compromised, a real, separate incident involving social media, not the hardware.
Sources cite a range from roughly $49 to $72. Confirm the current price directly on Trezor's official site.
No, it has no native iOS support of any kind. An Android app is available for devices supporting USB OTG.
For a similar price, the Safe 3 adds a certified secure element and meaningfully broader coin support, which is why at least one detailed source explicitly recommends it over the Model One for new buyers today.
Sources vary, citing anywhere from roughly 1,200 to 1,800 supported coins and tokens, meaningfully narrower than modern competitors.
Yes, both the firmware and hardware are fully open-source, a real, genuine transparency standard the company has maintained since the device's 2014 launch.
Only through Trezor's own official store. Check the tamper-evident holographic seals and factory plastic wrap before setup.
More Reviews
SafePal S1 Pro – Hardware Wallet Review
Score: 64/100. Genuine aluminum-and-glass upgrade over the S1, running the exact same underlying security model.
Read More
Ledger Flex – Hardware Wallet Review
Score: 76/100. Best chip Ledger makes, but closed-source firmware, the Recover controversy, and two breaches still linger.
Read More
BitBox02 – Hardware Wallet Review
Score: 71/100. Swiss-made, open-source, and genuinely clever, but sources disagree on whether multisig still works.
Read More
Trezor Safe 7 – Hardware Wallet Review
Score: 78/100. Fully auditable TROPIC01 chip, undercut by a real Ledger Donjon laser fault-injection disclosure.
Read More