Trezor Model One at a glance
The Trezor Model One is the OG open-source hardware wallet — the device that started the entire industry in 2014. In 2026 it's still the cheapest way for Canadians to get into cold storage at CAD $89, and its firmware remains 100% open-source and auditable. The tradeoff versus newer models: two physical buttons instead of a touchscreen, no secure element chip (relies on firmware isolation), and no Bitcoin-forks-only ecosystem support.
Key features
100% open-source firmware
Every line of code is published on GitHub. Independent security researchers audit it continuously.
Cheapest cold storage entry point
CAD $89 direct from Trezor — under half the price of a Ledger Nano X.
9+ years of production
Continuous firmware updates since 2014 — the longest track record in the industry.
Full BIP-39 + BIP-44 compatibility
Recovery seed works with any BIP-compatible wallet software — no vendor lock-in.
Our verdict
The Trezor Model One is the industry's grandfather product — 9+ years of continuous firmware updates and full open-source auditability at CAD $89. For anyone testing cold storage or holding under $5k CAD, it remains the best-value entry point. For larger positions, spend the extra $20 CAD on the Trezor Safe 3 for its dedicated secure element.
What we liked
- +Cheapest legitimate hardware wallet in Canada (CAD $89)
- +100% open-source firmware — fully auditable
- +9+ years of continuous updates and community support
- +BIP-39 seed works with any compatible wallet software (no vendor lock-in)
Where it falls short
- −No dedicated secure element chip — relies on firmware isolation
- −Only two physical buttons (no touchscreen)
- −USB Micro-B port is dated in 2026
- −Smaller coin support (~1,200 vs Ledger's 5,500)
Security analysis
4.0/5The Trezor Model One's security model relies on firmware isolation rather than a dedicated secure element chip — a design choice that has been extensively debated for a decade. In practice, no Model One has been remotely compromised in the wild; the documented attacks all require physical access plus specialized equipment.
- →100% open-source firmware — every line auditable
- →9+ years of security-community scrutiny
- →No wireless attack surface (USB only)
- →Optional Bitcoin-only firmware reduces attack surface
Canadian setup guide
- 1Order from trezor.io (CAD $89, 3-7 days shipping to Canada)
- 2Verify holographic tamper-evident seal
- 3Install Trezor Suite on macOS, Windows, or Linux
- 4Update firmware first — device ships with unsigned firmware for security
- 5Set a PIN on the device (7 digits recommended)
- 6Generate a new 12- or 24-word recovery seed on the device
- 7Write the seed on the paper card, then upgrade to a metal backup
Where to buy in Canada
Frequently asked questions
Is the Trezor Model One still worth buying in 2026?+
Yes, for two specific buyers: absolute beginners testing cold storage with a small position (under $2,000 CAD), and open-source purists on a tight budget. For any position over $5k CAD, the Trezor Safe 3 (CAD $110) is worth the small premium for its dedicated secure element chip.
Where can I buy the Trezor Model One in Canada?+
Direct from trezor.io (CAD $89, tracked shipping from EU, ~3-7 days) or Amazon.ca (only 'Sold by SatoshiLabs' or 'Sold by Amazon.ca' listings — never marketplace).
Does the Trezor Model One support Bitcoin-only firmware?+
Yes — you can flash a Bitcoin-only firmware build via Trezor Suite for a smaller attack surface. Recommended for Bitcoin maximalists on a tight budget.