SafePal S1 Hardware Wallet
This is an advanced hardware wallet built with world-leading security architect and seamless user-experience. You can secure, manage, send, trade and swap crypto with it easily. SafePal S1 makes your crypto life secure and simple.
SafePal S1 hardware crypto wallet was introduced to the crypto community in 2019. And though it’s relatively new, SafePal is a highly innovative wallet that seeks to provide crypto users with a “Secure, Simple, and Enjoyable crypto management solution.” The wallet has the backing of prominent crypto industry players like Binance Exchange. It has also integrated a host of operational and security features to help it achieve this goal.
According to the SafePal S1 website, the wallet was developed by a group of software, cybersecurity, and hardware experts, with the blessings of Binance. And one of its approaches to solving the constant challenges faced by other crypto hardware wallets was making it a 100% cold storage wallet.
This review will detail its features, understand how it works, vet its ease of use and fees. We will also provide you with a step-by-step guide on how to use SafePal Hardware Wallet before telling you if SafePal S1 is indeed the safest hardware wallet yet.
What are the pros and cons of using the SafePal S1 Hardware Wallet?
Pros:
- Very safe as it stores all your private keys offline in a tamper-proof secure element
- SafePal S1 is cheaper than most other crypto hardware wallets
- The hardware wallet supports a wide range of both cryptocurrencies and tokens
- It features the largest and most liquid crypto exchange
- The hardware is tamper-proof and embraces stringent security measures
Cons:
- One may consider the wallet’s activation process quite laborious and not beginner-friendly
- It maintains a rather complicated crypto transfer process
Security of crypto holdings is the most vital factor investors, or traders look out for in a wallet. SafePal comes ready to deliver with some impressive advanced security features.
Recovery seed
When setting up your user account, SafePal provides you with 12 or 24 random phrases that form your wallet recovery seed. You should write them down and save them offline.
Secure element
The SafePal hardware wallet comes fitted with a hack-proof EAL5+ secure element. The EAL5+ is a global finance industry-grade crypto chip that stores your private keys. If someone tries to hack or gain authorized access, it will trigger the key deletion and self-destruct feature.
Two-factor authentication
Every crypto transaction on the SafePal mobile App must be signed and verified with a two-factor authentication system.
Key-deletion tool
SafePal S1 hardware wallet has a key deletion tool. This enables you to add and delete cryptos and tokens with ease.
Offline cold storage:
SafePal S1 hardware wallet is entirely offline. It connects to your phone or computer via a USB cable. It does not use wireless (Wi-Fi, Bluetooth, or otherwise) connections with internet-connected devices.
SafePal S1 Hardware wallet cost and fees
As of July 2021, the SafePal S1 is priced at $49.99.
It’s advised to always buy hardware wallets directly from the manufacturer or official resellers. Buying second-hand hardware wallets poses the risk of the private keys being compromised.
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