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By Zach — 3 years ago
In this review, we are going to deep dive into what makes the Safepal S1 hardware wallet unique. Why is it any better than Trezor or Ledger? Why is the price so much lower? How secure is this new and fairly unknown hardware wallet maker? Is it backed by Binance? Stay tuned for this article to get all of these questions answered and more!
This device was originally created by Binance Labs division and wanted to have a unique approach to a hardware wallet that was cheap enough for the average user, but also supported the Binance chain and added support for their internal projects. This really is a unique entry level hardware wallet, that greatly differs in terms of design, functionality, and overall user experience.
I will also link to the full reviews for the Trezor One hardware wallet, and the Ledger Nano S hardware wallet, HERE and HERE, respectively for comparison. Also, if you have any questions that were not answered here, leave a comment down below and I will personally answer them for you.
Now, onto the Safepal S1 hardware wallet. Let’s go!
SafePal S1 – What Makes It Unique?
The Safepal hardware wallet is first and foremost an entry level hardware wallet competing directly with Trezor One and Ledger Nano S, in terms of pricing and functionality. However, although this wallet does not support anywhere near as many coins as the Trezor and Ledger (more on that bellow), but it’s truly a wireless, disconnected and unencumbered security device.
This device is 100% completely offline. This is not true of the two other wallets mentioned here. So how does this device work, then? Two words for you: QR Codes. The device has a camera installed on the back and has a 1.3 color LCD screen to verify transactions, which has the ability to display a QR code for you to make transactions directly from your smartphones mobile wallet, directly to the Safepal.
The Safepal S1 hardware wallet is built with dual chip architect. Embedded with financial grade EAL5+ crypto chip, S1 keeps your private key in top security. It has multiple layers of sensor detects any possible software or hardware attacks, and once a malicious attack is detected, the device will activate self-destroy and key-erasing mechanism, preventing anyone from stealing your money.
This is most likely why thy don’t ship the box with any anti-tampering mechanisms, much like Ledger.
What’s In The Box?
This device has everything you need to get setup right out of the box (minus the Safepal App for your smartphone). Recovery seed cards, user manual, stickers, and more.
• SafePal S1
• User Manual
• USB Cable (Charging Only)
• Mnemonic Recovery Card (x3)
• SafePal Stickers (x2)
• Cleaning Cloth
There isn’t anything else you need, except either a charging adapter, or your computer to power up your device on the only button on the side of the device. However, my device came with a little juice already on it when I pulled it out of the box.
Features & Price
This can be considered one of the most attractive features of the device as it’s only $39.99 for this hardware wallet. Yes, you read that right. But why is it so cheap? Well, even though it looks like a very sleek and expensive device, its is made of plastic coating and a very small camera module that is used to transact at a very low resolution.l It’s obvious that they built this as cheaply as they could, while still remaining secure.
This is not necessarily a bad thing, but you also get what you pay for. One of the key features that sets this device apart from most other competing hardware wallets is the fact that there is NO:
- EXTERNAL DEVICE CONNECTIONS
This gives it extra security, but it also makes it easier to use, as there are no extra devices necessary for this to operate, other than your smartphone. All you need right out of the box is a charger that supports USB-A to charge the device and a smartphone to download the Safepal App to setup and initialize the device.
Additionally, this is the first and only device to support the Binance DEX (decentralized exchange) for ERC-20 and BNB tokens for trading offline. Pretty sweet.
This is the one weal point of this product is the lack of coin support, as it only supports: Bitcoin, Ether (and ERC-20 Tokens), BNB, Litecoin, Dash, and Bitcoin Cash. However, they have mentioned that there is Ripple (XRP) and Tron (TRX) coming very shortly. They truly are attempting to add more coins, and over time, if they don’t raise their price, this option will be a slam dunk for most users.
Additionally, I will add that the Binance Chain Coins (BEP2) tokens are also supported as this is a Binance hardware wallet after all. Below Is a full list of coins currently supported.
Safepal – Conclusion
Overall, this is a pretty solid introductory hardware wallet. It’s unique from it’s direct competitors and its simple and easy to use. As mentioned above, it has no connection weaknesses and cannot be hacked by any radio frequency or directly connected internet device. It’s truly a unique wireless hardware wallet that can be used on the go and is one of only a few hardware wallets that are “truly wireless” with no dependence on other devices. Oh, and did I mentioned it’s under $50?
There are higher quality and more durable devices that use a similar method of communication, such as the Cobo Vault and The Ellipal 2.0 (and upcoming Ellipal Titan), however those devices are much more expensive. Personally, If I mainly only wanted to secure Bitcoin, Ethereum, and only a handful of ERC-20 tokens, then I would definitely go with this device over the Ledger Nano S, or even the Trezor.
Not because the above are bad in any way (because they are not), but because for the price and no dependence on other devices, this is truly a contender for the best “entry-level” hardware wallet.
What do you think? Is there a better deal for an entry level hardware wallet? Sound off below!
The Crypto Renegade
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