Safepal Review

Safepal Ratings at a Glance

Once you’ve made up your mind to acquire or invest in digital assets (cryptocurrencies and tokens), the most vital question becomes how to safeguard your coins. This is because, unlike paper currency like the USD, you cannot store your Bitcoin or any cryptocurrency by locking it up in your closet or putting it in a bank.  

However, the good news is that transactions on the blockchain are secure – as long as your private key is protected. So the big question is, how do you secure your private keys? The answer is not far-fetched. Thanks to technology, dedicated software and hardware wallets like Trezor, SafePal, Ledger and others provide a medium for storing your private keys safely.

SafePal is a company backed by Binance Labs, the venture arm of crypto exchange Binance. The company’s essential products and services are  SafePal S1 Hardware Wallet, SafePal Cypher Seed Protection Board, SafePal Leather Protective Case and the token known as SafePal Token (SFP).

The company is gaining ground in the crypto space due to its products and services, especially the SafePal S1 hardware wallet. Another factor contributing to the company's growth is its ability to forge partnerships with other crypto-based or crypto supporting platforms, e.g. Rarible_ an NFT marketplace in the crypto ecosystem and Travala_a travel booking platform that accepts crypto payments.

Safepal S1 Hardware Wallet

SafePal S1 Hardware Wallet was launched in January 2019 and as such, it is considerably new to the crypto space. The wallet supports 20 blockchains (including Binance Chain and Binance Smart Chain (BSC) and excluding its native coin), 10,000+ tokens, including Non-Fungible Tokens (NFTs). It is the first wallet launched by SafePal.

Tip: Non-Fungible Tokens are pieces of digital content supported by blockchain. Each NFT has its unique value and cannot be interchanged.

SafePal Cypher Seed Protection Board

SafePal Cypher is a 304-grade stainless steel board designed to protect mnemonic phrases (secret groups of words representing a wallet) of your cryptocurrency hardware or software wallets from factors like water, fire and corrosion. 

The SafePal Cypher is 100% offline and makes for easy installation and usage. It is used to safeguard your seed phrases. The SafePal Cypher is compatible with Ledger Nano, Trezor, KeepKey and basically all BIP39 hardware and software wallets.  

SafePal Leather Protective Case

SafePal Leather Protective Case is a water-proof, anti-drop and scratch-proof leather case. It performs the dual function of protecting your wallet from scratches/bumps and keeping your credit cards in order. 

Among its salient qualities is a beautiful PU surface with a soft velvet interior that does the vital job of protecting your wallet against scratches. It also incorporates an invisible reinforced magnetic buckle that keeps it close after use, ensuring that your wallets and credit cards don't fall off. The Leather Case currently retails at an affordable price of roughly $10. It is lightweight and effortless to slip into your jean pocket or handbags.

SafePal Token (SFP)

In January 2021, SafePal introduced the utility token SFP to the SafePal ecosystem. SFP is a decentralized token that is based on the Binance Smart Chain (BSC). So far SafePal has issued about 500,000,000 limited SFP tokens.  SFP can be used in several different ways, including:

To pay fees:

Users can pay fees with the SFP and get discounts on SafePal products such as the SafePal hardware wallets and SafePal Swap.

For staking rewards:

You can stake SFP tokens to qualify for rewards from the SafePal Earn program. To stake means to hold funds in a cryptocurrency wallet.

To receive bonus & airdrops:

Holding the SFP token gives you the privilege to receive special coupons and collectibles from SafePal and its partners.

In community governance: 

SFP token holders can vote on new features and initiate proposals such as including new blockchains on the SafePal products.

SafePal products are somewhat affordable. The SafePal S1 hardware wallet is currently sold out on Amazon and SafePal's official site. However, you can still pre-order as a new batch will hit the store soon. The SafePal S1 hardware wallet originally cost  $69.99 but is currently on a limited-time discount of $49.99. You can also buy the SafePal Leather Case to protect your hardware wallet from scratches. The Leather Case costs approximately $10.The SafePal App is free to use.  

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.

An average user has a positive review as regards their experience with the company. The customer service team are readily available to provide support or clarifications in a friendly and professional manner. Most complaints among users, especially on TrustPilot, centres on delayed order or not receiving their order at all.

Set up is pretty straightforward. After you download and open the SafePal App, you have two options to choose from— software wallets and hardware wallets. You can only pair hardware wallets. You can create a new wallet for the software wallets if you are a new user or import the old one.

New users can create a software wallet by tapping on the “Software Wallet” tab. This would lead you to the welcome screen. Then you press the “Next” button. You will be automatically asked to set a security password for your SafePal software wallet.

Like other platforms, you would need to input at least 8 alphanumeric characters to create your password. You can add your fingerprint to it and create a pattern password as an extra layer of protection.

The SafePal’s chip incorporates multiple sensors to detect and prevent possible attempts of hardware tampering. The hardware is tamper-proof. This means that if someone tries to tamper with its secure element, the key deletion and self-destruct features will be triggered.

Overall, SafePal is among the best crypto wallets for both newbie and professional investors and traders, including crypto enthusiasts. It is reasonably priced and an excellent option for investors looking for an affordable and safe storage option.    

Safepal vs Competitors

SafePal is remarkably efficient and, as such, has been given popular competitors like Ledger and Trezor a run for their money.

Low Cost

At just $49.99, SafePal S1 is one of the cheapest hardware wallets in the crypto space. Ledger Nano S retails at $59.99, and Trezor One retails at around $73.

Self destruct 

SafePal has a self-destruct mechanism which is lacking in the Ledger Nano S and Trezor One.

Completely offline 

SafePal provides an air-gapped solution for crypto transactions. It works 100% offline, with no need for Wi-Fi, Bluetooth or NFC connectivity.  Although it has a USB interface, the USB is only used for performing firmware updates only.

On the other hand, the Ledger Nano S requires a USB connection to confirm and sign transactions. At the same time, the Nano X operates over Bluetooth in addition to USB.

Screen

SafePal has a 1.3' IPS screen, while both the Nano S and Trezor One come with a single color display.

Frequently Asked Questions