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

How Do The Trezor Model One And Ledger Nano X 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 X?

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 X: 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.

Is The Trezor Model One Still Sold?

No. Trezor's page says "The Trezor Model One is no longer sold" and points to the Safe 3 as its successor. It describes the device as a mainstay of the hardware wallet industry for over a decade. So this page is about two things: whether to keep a Model One if you own one, and whether it is worth chasing second-hand. I will not link a buy button for it.

Which Is More Secure, Trezor Model One Or Ledger Nano X?

The Nano X has a CC EAL5+ secure element. Trezor's page for the Model One mentions none, and it describes the Safe 3 as the model with the EAL6+ secure element. The Model One offers PIN and passphrase protection, a 24-word backup (12 words with an advanced setup) and two wallet backup cards. Trezor's current models advertise open-source security, though the Model One page does not say so, and Ledger's pages do not claim open-source firmware.

The Model One's known flaw is old and specific. On January 31, 2020 Kraken Security Labs showed that with physical access and a voltage glitch of the microcontroller, the encrypted seed could be extracted in about 15 minutes. Trezor said a passphrase protects against it and that it is a chip limitation firmware cannot fix. If you own one, a passphrase is not optional; it is the point.

The Nano X has the 2025 and 2026 bulletins (021, then 023 to 025 in August 2026), none with evidence of exploitation against users. So "have Ledger wallets ever been hacked?" The honest answer is: the shop and marketing database was breached in July 2020 (about 1 million emails, and name, address and phone for roughly 272,000 customers), the Connect Kit was compromised on December 14, 2023 (dApp users, no hardware wallet or seed), and researchers have found firmware bugs that Ledger fixed. Funds on devices were not the casualty.

Which Is Easier To Use?

Both tiny screens force a multi-step check. The Nano X adds Bluetooth and a battery (up to five hours), which a Model One cannot match. If you want wireless phone use from a new device, the Nano X is the only one of the pair you can buy.

Which Supports More Coins?

Ledger lists 500+ coins directly in its app and thousands more through 50+ third-party wallets. I could not source a coin count for the Model One, and Trezor's current pages talk about newer models. Check the Model One's coin list in Trezor Suite before relying on it for anything unusual. I keep my own XRP on a Trezor Safe 7 and a Tangem card.

Which Costs Less In Canada?

The Model One has no price because it is no longer sold. The Nano X lists at $99 USD on Ledger's shop, with a Canadian storefront and resellers (Canada Computers, Best Buy Canada, Amazon Canada). Buying a Model One second-hand carries a tamper risk, and the Canadian Anti-Fraud Centre's advice is to buy hardware wallets directly from the manufacturer. For a new Trezor, the Safe 3 is the replacement at $59 USD: see Trezor's Safe 3 page. For the Nano X, use my Ledger Nano X link.

How Do They Work With Canadian Exchanges?

Same flow for both: get an address, send a small test and then the balance. Coinbase's "Sending to myself" box and Kraken's Travel Rule pop-up from CAD 1,000 are the two prompts you will meet. Moving coins between wallets you own is not taxable per the CRA, so replacing a Model One with a Safe 3 is not a disposition.

Which Should You Choose?

If you own a Model One, keep it with a passphrase, or move to a Safe 3, which is the successor with an EAL6+ chip. If you are buying new and want Bluetooth, the Nano X is your choice from this pair. Better again, compare Safe 3 vs Nano X and Safe 3 vs Model One, or browse the best crypto wallets in Canada.