Safepal S1 Review: A Hardware Wallet Backed By Binance
Confused Between Safepal vs Ledger vs Trezor??? Safepal S1 is an Innovative wallet equipped with a camera and HD Display screen. In Safepal S1 Review, we will discuss the design and features in details. We will also Compare Safepal Hardware Wallet with Ledger and Trezor in Short. Lets start with Safepal hardware Wallet review.
Hardware wallets have been designed to completely isolate the private keys and PIN codes of your computer or smartphone so that it cannot be hacked or infiltrated. On the other hand, software wallets that can be downloaded and used on your mobile, desktop computers or online as web wallets are much prone to hacking and loss of your valuable assets.
A paper wallet is one of the safest means to store your passphrase or PIN codes but needs to be connected to a computer to import your private PIN codes. This is a major drawback of paper wallets, a reason which many find it inconvenient to use as their wallet for storing cryptos. Even if you think your passcodes are safe with you in your paper wallet, it is just a matter of time when hackers will infiltrate your wallet encryption through malware.
This is a reason why many rely on hardware wallets, one of the safest wallets by far. Hardware wallets are not only affordable and portable but you can store your recovery seed codes and private keys safe in a paper wallet in case there is a loss of your wallet. One of the key features of hardware wallets is that they are protected by layers of security features and users have full control of their private keys.
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SafePal S1 Review: The most cost-effective hardware wallet
SafePal the cold wallet company has been incubated and invested by Binance Labs an undertaking of the Binance brand and introduced its brand-new hardware wallet SafePal S1 in May of this year.
The idea of the venture was to introduce a new brand of the most affordable and cost-effective crypto hardware wallet that has been made to date. The wallet comes at the very affordable price tag of $39.99 which marks it as one of the cheapest hardware wallets in the market even less than Ledger Nano at $59 and Trezor at $74.99.
Physical Attributes
SafePal S1 is slim and long giving it an edgy look and is quite handy just the size of a small mobile phone. An important feature is a small camera just like one in a mobile device on the back of the wallet specifically made for scanning QR codes.
The body is made of plastic and is light and easy to handle. The back of the wallet has a black matt finish giving it a sleek look. The directional pad or D-Pad comes with OK buttons and is extremely easy to handle just like a gaming device.
The device comes with the standard starter manual, a USB cable cord, brand stickers, and mnemonic cards where you can safely store your mnemonic seed codes and private keys. The color screen is large in size so that you can view all your wallet details properly. One of the drawbacks of the screen is that it is not completely smudge-proof, but worry not, SafePal provides you a smudge-proof cleaning cloth to clean the surface of the screen.
How to set up your SafePal S1 wallet?
The setting up of the wallet is quite simple even for a new user. For a new user, here are some simple steps to setup your wallet.
- Push the power button to start the device. In case of low battery you can charge the drive through USB cable.
- You will get an instant notification that will ask you to create a new wallet or simply restore an old one. You have to choose an option.
- If you want to create a new wallet, you will need to create and verify a 12-word, 18-word, or a 24-word mnemonic seed phrase. You will be required to verify once more and your wallet is ready.
Major Features and Advantages
- SafePal supports multiple currencies mainly Bitcoin, Binance Coin, BEP2 Tokens, ERC-20 compatible coins, and Ethereum. Currently, it does not support Litecoin and EOS but promises to add a few more coins in the future.
- All transactions have to be verified through QR code authentication which secures your transactions and receipt of funds. This is done through the SafePal mobile app. The pairing might seem difficult during the first few attempts, but after a few trials, it will be smooth and easy.
- The wallet isolates itself from internet connections through the use of the QR code, an essential safety protocol for your assets. Furthermore, the wallet does not have any WiFi, NFC or Bluetooth connection.
- One of its interesting features is its self-destruct mechanism which is activated if the device’s internal sensors detect any virus or malware attack. In such cases, the wallet will immediately erase all your private keys and passphrases making it almost impossible for hackers to recover anything. In that case, users have to boot up their mnemonic phrase and private keys into a new wallet.
- The wallet is quite tech-savvy and has the look of a smartphone making it quite trendy for today’s market. The plus point of the wallet is its display screen which is double the size of Trezor’s and even bigger than Ledger Nano which makes it comfortable to view your transactions and asset details in the wallet.
- Safepal S1 offers mobile app for iOS and Android platform so that users can access and manage funds on the go.
- The wallet is equipped with a D-pad which make it easier for a user to navigate and use the wallet.
- Safepal S1 has a camera on the backside. Since it doesn’t have any connectivity option, the wallet operates and uses this camera to scan QR codes to sign the transaction.
Weekness and Disadvantages
- As of now, the vault does not support some trending cryptocurrencies like Litecoin, Monero, TRON, EOS etc. But they are adding more currencies as mentioned on the website.
- USB, bluetooth, WiFi, NFC are not available in the Safepal S1 Wallet. However, the makers of the wallet have clarified that it is due to the high security offered by the wallet.
Safepal Vs Ledger Vs Trezor
Safepal S1 Review: The Conclusion
Overall, SafePal can be nominated as one of the best crypto-friendly wallets for Bitcoin and Ethereum users. It is a budget-friendly wallet especially for retail investors and new users who want to enter the crypto market and is looking for an affordable and safe place to store their Bitcoins and Ethereum. You can safely transfer and store your coins from the exchange market into your wallet.
The wallet gives hard competition to industry giants like Ledger Nano and Trezor One in comparison to its security features. Users who are used to QR codes might find S1 a very comfortable hardware wallet. Moreover, its large display screen is an added advantage mainly for new users and helps you to browse all the settings.
