SafePal Wallet Review 2024: Pros, Cons, Pricing + Key Points

In the ever-evolving world of cryptocurrencies, the importance of secure storage solutions cannot be overstated. Understanding this fact, the SafePal S1 hardware wallet works to provide its users with robust digital asset security and ease of use.

In this SafePal S1 review, we will explore the key features, pros and cons, fees, overall performance, and how to use the SafePal hardware crypto wallet.

Key Takeaways:

• Security is a priority for Safepal, with features like a Secure Element (SE) chip, biometric verification, strong encryption, and offline storage of private keys ensuring the safety of users’ crypto holdings.
• Supporting a wide range of cryptocurrencies, Safepal S1 allows users to manage multiple digital assets within one wallet.
• The Safepal mobile app complements the hardware and offers on-the-go asset management and quick access to funds for added convenience.
• Safepal enhances the cryptocurrency trading experience by providing built-in decentralized exchange features like Safepal Swap and direct integration with Binance for spot trading.

SafePal S1 Hardware Wallet Review: Overall

Safepal S1 offers extensive compatibility to manage multiple digital assets within a single wallet. With many special features, this wallet is a great choice for anyone looking for a safe and convenient way to store digital assets. Below is a table that provides an overall of the Safepal hardware S1 wallet.

 What Is SafePal S1?

The SafePal S1 is one of the leading hardware wallets on the cryptocurrency market. This crypto hardware device helps users secure their digital assets by providing offline safe crypto storage of their private keys.

SafePal S1 wallet is one of the two wallets under the SafePal trademark. Its counterpart, SafePal S1 Pro, is an upgraded version with more features and functionalities (SafePal S1 Pro is available for distribution in Japan and other Asian markets from August 2023). However, these advancements do not mean SafePal S1 is inferior. On the contrary, the wallet has impressive features and is remarkably secure. We will explore these features in greater depth.

SafePal S1 Hardware Wallet: Pros and Cons

Like other hardware wallets, SafePal S1 has its advantages and disadvantages. The sections below summarize these pros and cons extensively.

Pros of SafePal S1 Hardware Wallet

• Sleek and Portable Design: The SafePal S1 wallet has a sleek and compact design, making it easy to carry around. The matte black finish gives it a premium look and feel.
• User-Friendly Interface: This hardware wallet features a clear and intuitive interface, making navigating and managing your digital assets easy. The 1.3-inch color display provides a pleasant user experience.
• Highly secure: The SafePal S1 wallet incorporates a secure element chip (SE Chip) and uses a hierarchical deterministic (HD) wallet structure. These features, among others, ensure robust encryption and secure storage of private keys.
• Mobile App Integration: SafePal offers a mobile app that seamlessly integrates with the S1 wallet, allowing users to manage their crypto assets on the go. The app adds flexibility and convenience to the overall experience.
• Wide Cryptocurrency Support: SafePal supports unlimited cryptocurrencies and blockchain.

Cons of SafePal S1 Hardware Wallet

• Integration with third-party wallets: SafePal S1 hardware wallet is only compatible with the SafePal app and does not integrate with other software wallets such as MetaMask or Trust Wallet.
• Battery lifespan: Online reviews indicate that SafePal has a somewhat limited battery lifespan.

SafePal S1 Hardware Wallet Features

The SafePal S1 wallet is a feature-packed hardware wallet that provides a secure, user-friendly solution for managing cryptocurrencies. Let’s unpack the features that make SafePal S1 one of the most remarkable hardware wallets and assess what makes them stand out.

Buy Crypto with a Credit Card

Buying crypto using a credit card directly on the Safepal app is possible because of the platform’s integration with MoonPay.

To buy crypto using a credit card, connect your SafePal S1 hardware wallet to the SafePal app and go to the dApp browser within the app.

Search and select MoonPay, then choose the cryptocurrency you want to purchase. Indicate the amount and choose Credit Card as your payment method. Complete the process by entering your personal information and credit card details, typically including your email address, billing address, and credit card information.

Built-in Decentralized Exchange and Binance Spot Trading

Safepal has developed a built-in decentralized exchange (DEX) feature called “SafePal Swap” in their mobile app. SafePal Swap allows users to swap or exchange cryptocurrencies directly within the Safepal app without using external exchanges.

This DEX feature seamlessly integrates with the user’s Safepal S1, ensuring users can execute trades directly from their wallet while maintaining full control over their private keys and funds.

Additionally, SafePal provides seamless integration with Binance for spot trading. This wallet allows users to connect their Binance account to the SafePal app, making executing trades from within the wallet conveniently. The integration also provides clear information about market prices, order books, and trading pairs, enabling users to make informed decisions.

Advanced Security Features

When it comes to cryptocurrency hardware wallets, security is paramount. The SafePal S1 wallet incorporates several robust security features to protect your crypto assets.

It utilizes a secure element chip (SE Chip) that provides strong encryption and secure storage of private keys. The wallet also implements a hierarchical deterministic (HD) wallet structure. This enables users to generate and manage multiple addresses with a single seed phrase, enhancing privacy and convenience while maintaining high security.

Below is a list of other security features that SafePal S1 incorporates

• EAL 5+ secure element: This means that the SafePal S1 has been independently certified to the highest level of security.
• True random number generator: With this feature, users can generate private keys in a truly random way, making them more difficult to hack.
• Air-gapped signing mechanism: This technology makes it possible to sign cryptographic transactions without radio frequencies or a physical link, negating the need for the internet or an outside signal.

SafePal Supported Coins

SafePal Wallet Price

The SafePal S1 wallet price varies depending on the bundle you choose. However, this wallet can be seen as one of the most affordable crypto hardware wallets. Here’s a breakdown of the three bundles offered on the SafePal crypto wallet website.

• The Standard bundle: This bundle includes the SafePal S1 hardware wallet and a leather case and costs around ($59.98).
• The hardcore bundle: With this bundle, you get the SafePal S1 crypto wallet, a Cypher steel backup device, and a leather case ($94.98).
• The expert’s choice bundle: This includes the SafePal S1 hardware wallet, a Cypher steel backup device, a leather case, and a SafePal Capsule ($104.97).

SafePal S1 vs Ledger S Plus vs Trezor One

When comparing the SafePal S1, Ledger Nano S Plus, and Trezor One, all three are crypto hardware wallets designed to store and manage cryptocurrencies securely. However, there are differences in terms of features, security, supported cryptocurrencies, and user experience. Let’s compare various aspects of SafePal S1, Ledger Nano S Plus, and Trezor One.

Related Comparision: ledger vs trezor 2024 _ What is the best wallet?

What’s In the Box?

When purchasing a brand new SafePal S1 wallet, here’s a list of items you can find inside the box:

• SafePal S1 Wallet: The main component is the SafePal S1 hardware wallet. It is a compact device designed to store and manage cryptocurrencies securely.
• USB-C Cable: A USB cable connects the SafePal S1 wallet to your computer or mobile device for power and data transfer.
• Mnemonic Phrase Card: The package typically includes a recovery card or a piece of paper where you can write down your seed phrase. The seed phrase is a crucial backup that enables you to recover access to your wallet and funds in case of loss or damage to the device.
• User Manual: The user manual or quick start guide that provides instructions on setting up and using the SafePal S1 wallet.
• Stickers or Accessories (Optional): Some SafePal S1 packages may include additional items like stickers or other accessories for branding or personalization.

How to Use SafePal S1 Wallet

Setting up the SafePal S1 wallet involves several steps to ensure your wallet’s proper initialization and security. Here is a step-by-step guide on how to set up the SafePal S1 wallet:

1. Press and hold the power button on the SafePal S1 wallet to power up the gadget.
2. The first step is to select a language. Choose your preferred language, and you will be redirected to the Device authentication interface.
3. On the Device authentication interface, click Next to reveal a unique QRcode.
4. Scan the QRCode using your phone. This will redirect you to a Verification page on your phone’s browser.
5. The next step will display a 6-digit code randomly generated by your device. Enter the code shown on the Verification page on your SafePal device and click Next.
6. Click Authenticate on your phone to start authentication.
7. You will see a Result page on your phone confirming successful authentication.
8. On your S1 wallet, click Next, and use the device’s camera to scan the QR code shown on the result page. This will activate your S1 hardware wallet.

The activation process can take several minutes. Once complete, you can start the Safepal S1 wallet setup process.

Step 2: Set up the S1 hardware wallet

If your wallet was activated, you will see two options on its screen, “Create New Wallet” or “Recovery My Wallet“. This tutorial will guide you on how to create a new wallet.

Click on “Create New Wallet” and choose the preferred length of your mnemonic phrase. Your mnemonic phrase is the same as a recovery phrase. From this point, follow the steps indicated in the image below.

Step 3: Download and Install the SafePal Mobile App

Using your mobile device, scan the QRCode that appears on your S1 gadget screen once you finish creating a wallet. This will redirect you to the SafePal App on Google Play Store for Android or the App Store for iOS. Download and install the app.

Step 4: Connect SafePal S1 to Mobile Phone

Connect one end to the SafePal S1 wallet and the other to your mobile device using the provided USB cable.

Step 5: Launch the SafePal Mobile App

Open the SafePal app on your mobile phone. The app will automatically detect and connect to the SafePal S1 wallet.

Conclusion

The SafePal crypto wallet is among the best hardware wallets in the crypto industry. This cryptocurrency hardware wallet offers a secure, user-friendly solution for safeguarding your cryptocurrencies. With its sleek design, robust security features, and intuitive interface, it is one of the best crypto wallets for experienced and novice users on a budget.

Integrating the mobile app further enhances the user experience, enabling convenient digital asset management. Suppose you’re looking for a reliable hardware wallet to store your crypto assets securely. In that case, the SafePal S1 wallet is certainly worth considering.

SafePal S1 Review: FAQs

Is SafePal safe?

SafePal is one of the most secure hardware wallets on the market. This hardware wallet has an EAL 5+ secure element, meaning it has been independently certified to the highest level of security.

It also has an independent secure element chip (SE Chip), a hierarchical deterministic (HD) wallet structure, and a self-destruct mechanism, all to protect crypto investors against malicious attacks.

Has SafePal ever been hacked?

There have been no publicly reported instances of the SafePal hardware wallet being hacked or compromised. SafePal hardware wallet is a reputable brand that prioritizes security and has implemented robust measures to protect user funds.

However, It’s worth noting that no system is entirely immune to potential vulnerabilities, and security risks can emerge in any technology.

Is SafePal backed by Binance?

Yes, it is. SafePal is the first-ever hardware wallet to secure Binance investments.