With the crypto industry on the surge each day, it is evident that more and more people are coming into the space, often exploring what it offers. Everyone is looking for something to start off their journey.
One of the issues that beginners worry about is the storage of their assets in a safe and reliable wallet. Therefore, the choice is to use hardware wallets like SafePal.
We delve into a more detailed review, which may help you decide if it is safe storage for your crypto.
💰 Buy a SafePal S1 hardware wallet here.
SafePal Pros and Cons
- Affordably priced hardware wallets on the market at $49.99
- Supports various languages, over 54 blockchains, and has unlimited crypto assets.
- CC EAL 5+ security certification
- 100% offline, air-gapped signing mechanism.
- Self-destruct mechanism that helps prevent malware attacks.
- The SafePal S1 does not integrate with Software wallets other than SafePal.
- The SafePal mobile wallet does not support the Ripple (XRP) and Stellar Lumen (XLM) blockchains.
What is a Hardware Wallet?
There are mainly two types of crypto wallets in the crypto space: software-based hot wallets and physical cold wallets. Hardware wallets come as cold wallets, providing one of the most secure ways to keep cryptocurrencies.
A hardware wallet, in most cases a small plug-in device, is a portable key to access your crypto assets safely from anywhere. This means that hardware wallets do not necessarily store crypto itself but the keys that access it.
Therefore, with hardware wallets, you can control your private keys, maximize security, and have a backup option.
What is SafePal?
SafePal, founded in 2018, is a crypto hardware wallet by Binance Labs. The wallet has three wallets in one. The first is the SafePal app, a mobile version of the wallet, the browser extension, and the SafePal S1, the hardware version.
The S1 wallet offers a complete suite of secure crypto management solutions that seasoned crypto veterans and newbies can access. It mainly constitutes an air-gapped crypto wallet that does not need any connection via Bluetooth, WiFi, or other radiofrequency to sign transactions.
SafePal is about the size of a car key fob that connects to your computer or mobile device through a USB cable.
SafePal S1 Key features
High Level of Security: SafePal S1 uses a secure element chip to store your private keys and has a secure boot process, ensuring that no one tampers with the device.
A Physical Button: SafePal S1 has a physical button that you press to confirm transactions, which helps you prevent accidental or unauthorized transfers.
Easy-to-use interface: The S1 has an easy-to-use interface that allows you to manage your assets and make transactions with just a few clicks. The wallet lets you see your balances, send and receive payments, and access your transaction history. It has a full-color screen, a D-pad for scrolling, and a built-in camera for high-speed QR code scanning for signing transactions.
Several operating systems: With the device, you can operate through multiple operating systems, including Windows, Mac, and Linux, and use various wallets and exchanges.
Supported Cryptocurrencies and NFTs
SafePal S1 can support unlimited cryptocurrencies, including Bitcoin, Ethereum, and BNB. It currently supports 54 blockchains, with thousands of ERC-20 and BEP-20 tokens. With SafePal S1, you can manage NFTs on several blockchains, including Ethereum, Solana, and Polygon.
SafePal S1 also allows you to connect to dApps on different blockchains, including Ethereum, BNB Chain, Solana, and Polygon, within the SafePal S1 wallet. These include Aave, Compound, Uniswap, and Curve.
Using the SafePal software wallet alone makes you more susceptible to hacks than using it in conjunction with SafePal S1. With S1, you have a vast choice of security features, including;
- Fully air-gapped transactions– You can only sign transactions with the SafePal S1 by the device’s built-in camera to scan a QR code in the SafePal wallet before inputting your PIN code. The wallet is also wholly offline, meaning you do not need internet or wireless connectivity for the transactions.
- CC EAL 5+ Certification- The device is built with a dual-chip architecture with two chips inside. One of the chips is a financial grade EAL5+ crypto SE chip specifically designed to secure cryptographic key storage.
- Self-destruct mechanism: If the device detects a virus or malware, the device will automatically self-destruct. Therefore, storing your seed phrase in a safe place becomes somewhat essential, as you will need it to recover your assets on a new SafePal S1 if your current device self-destructs.
You can buy a SafePal S1 wallet for $49.99. The price tag on the wallet may seem steep, but consider the value of security and peace of mind it gives.
💰 Buy a SafePal S1 hardware wallet here.
How to Use a SafePal Hardware Wallet?
To use the SafePal hardware wallet, follow the steps below:
- Install the SafePal app from the App Store or Google Play Store on your mobile device.
- Connect the SafePal S1 wallet using the provided USB cable to your mobile device.
- Open the SafePal app on your device and follow the on-screen instructions to set up your wallet. This will include creating a wallet password and writing down your recovery phrase.
- Once the wallet is set up, you can use the app to view your balance, send and receive cryptocurrency, and manage your wallet settings. To make transactions, you must confirm it on the SafePal hardware wallet by pressing the button on the device.
Ensure that you always back up your recovery phrase and store it safely in case of losing your device or forget your password.
SafePal, a hardware wallet by Binance, is a top-of-the-line option for securely storing and managing your crypto assets. Its easy-to-use interface, robust security features, and sleek design make it an excellent choice for beginner and experienced cryptocurrency users.
With its competitive price point compared to other hardware wallets and top-notch customer support, SafePal is worth considering for your cryptocurrency storage needs.
Who owns SafePal?
SafePal was founded in 2018 by Veronica Wong and a group of crypto developers. At the end of 2018, it was incubated by Binance.
Can SafePal S1 Store NFTs?
Yes, SafePal S1 can store NFTs as well as other ERC20 tokens. You can use the SafePal app or extension to browse, buy, sell, and trade NFTs on platforms like OpenSea, Rarible, and Binance NFT.
Is SafePal Wallet Free?
The SafePal software wallet is free. You can download a browser extension or mobile phone app version of that wallet at no cost.