Trezor Model One Vs Ledger Nano S Plus: Which Is Better For Canadians In 2026?

How Do The Trezor Model One And Ledger Nano S Plus Compare, Spec By Spec?

Every row comes from the makers’ own pages and published security records, checked October 2026. Where there is no fair winner, the row says so.

What Happens If You Lose Your Trezor Model One Or Ledger Nano S Plus?

Trezor Model One: Your coins are recorded on the blockchain, not stored inside the device. Recovery depends on the backup: 24-word backup; 12-word backup requires an advanced setup; 2 wallet backup cards. Keep that backup offline and never type it into a website or app. 6 security issues are on record for the maker, the latest on 2026-09-09 (Brevo newsletter provider breach, phishing from Trezor's address).

Ledger Nano S Plus: Your coins are recorded on the blockchain, not stored inside the device. Recovery depends on the backup: recovery sheets; optional Ledger Recover. Keep that backup offline and never type it into a website or app. 7 security issues are on record for the maker, the latest on 2026-08-27 (Security Bulletins 023, 024, 025: signing-review bypasses).

How Much Does It Cost To Get These Wallets To Canada?

CBSA courier thresholds: shipments from outside the US and Mexico are duty and tax free only up to CAD 20, and from the US or Mexico up to CAD 40, so expect taxes on any hardware wallet. Buy from the maker or an authorised reseller only.

Which Is Better To Buy Today, Trezor Model One Or Ledger Nano S Plus?

Only one of them is still for sale. Trezor's own page for the Model One says it is no longer sold and names the Trezor Safe 3 as its successor. The Ledger Nano S Plus is on sale as a "Nano Classic" at USD 69. So this comparison is partly history, for the many people who own a Model One or find one used, and partly a buying guide for the Nano S Plus. There is no buy link here for the Model One.

Which Is More Secure, Model One Or Nano S Plus?

The Nano S Plus has an ST33K1M5 secure element at CC EAL6+. For the Model One, Trezor's pages state no secure element at all: and Trezor describes the Safe 3 as the model with the EAL6+ element. That is the original Trezor design: open, simple and chip-light, which makes it good for transparency and weaker against physical attacks.

That weakness is documented. In January 2020 Kraken Security Labs showed a seed extraction on the Model One and Model T for stolen or intercepted devices without a passphrase. Trezor said a passphrase fully protects against it and that it is a chip limitation firmware cannot fix (Kraken Security Labs). If you own a Model One, set a passphrase. The Model One does support PIN and passphrase protection.

The Nano S Plus belongs to a brand with its own history: a 2020 customer data leak, the 2023 Connect Kit attack on dApp users, and security bulletins 023 to 025 in August 2026. Ledger reports no evidence of exploitation against users in the latest. Whether the code is open is unclear: the Model One's open-source status was not stated on the page I fetched, while Trezor as a brand lists open code; Ledger does not claim open firmware.

Which Is Easier To Use?

Both are small, screen-and-two-buttons devices. The Model One has an OLED with a two-button interface and connects by USB cable. It ships with a 24-word backup (a 12-word backup needs an advanced setup) and two wallet backup cards. The Nano S Plus has a 1.1 inch monochrome OLED at 128 x 64 with two buttons and a USB-C connection, weighs 21 g, has no battery and has one big limit: it works on desktop and Android only, and does not work with iOS. Ledger Wallet runs on Windows 10+, macOS 12+, Ubuntu 20.04+ and Android 10+.

Which is easier? The Nano S Plus, because of the polished Ledger Wallet app. The Model One's companion details were not on the fetched page, so I will not rate its software.

Which Supports More Coins?

The Nano S Plus supports 500+ coins directly in Ledger Wallet and thousands more through 50+ compatible third-party wallets. The Model One's coin list was not stated on the page I checked, and Trezor has moved its multi-coin emphasis to the Safe line. If you hold a wide mix of coins, buy the Nano S Plus or move up to a Safe 3.

Which Costs Less In Canada?

The Nano S Plus is USD 69, the cheapest Ledger, with Canadian pricing on Ledger's storefront and resellers Canada Computers, Best Buy Canada and Amazon Canada. The Model One has no price because it is discontinued; if you see one for sale online, be careful. The Canadian Anti-Fraud Centre advises purchasing any hardware wallets directly from the manufacturer, and a second-hand seed device is exactly how people get tampered units. The Safe 3 is USD 59, cheaper than the Nano S Plus, and Trezor lists Amazon Canada as an authorised reseller.

How Do They Work With Canadian Exchanges?

Either device just gives you an address. Withdraw from Wealthsimple Crypto, Newton or NDAX like any external wallet. Wealthsimple's page says withdrawing to your own wallet is not taxable; the CRA agrees that transfers between wallets you own are not dispositions. FINTRAC's travel rule has applied since June 1, 2021, so expect extra prompts at CAD 1,000 or more.

Which Should You Choose?

If you already own a Model One, use a passphrase and consider moving to a Safe 3 or Safe 5. If you are buying new on a tight budget, the Nano S Plus works on a laptop or Android phone. Does Ledger still support the Nano S Plus? It is on sale and works with the Ledger Wallet app on desktop and Android, and I found no support-end date either way. Better still, compare the newer models in best crypto wallets in Canada, my Trezor Safe 5 review or the Trezor Safe 5 Vs Ledger Nano X page.

Buy Ledger Nano S Plus Buy Trezor Safe 3