SafePal: Hardware Wallet and app review

SafePal Hardware Wallet is a hardware cryptocurrency wallet and app that allows offline (cold) storage of several dozen cryptocurrencies and hundreds of tokens, as well as buying and exchanging them. The wallet is supported by cryptocurrency exchange Binance - the native SFP token runs on the Binance Smart Chain blockchain and was distributed in February 2021 via the Binance Launchpad platform. In today's review, Profinvestment.com's editorial team will talk about how to connect and set up SafePal wallet, its technical features and its own mobile app.

Overview and Specifications

Advantages and disadvantages

What is SafePal?

SafePal is backed by influential crypto industry companies such as Binance Labs, Trust Wallet, Litecoin Foundation. It is a compact and affordable option for cold storage of cryptocurrencies. There is a colour screen and a navigation bar of 5 buttons below it. The device is equipped with a camera to scan QR codes - this is needed to sign transactions.

SafePal has no wired or wireless connection other than USB for charging and downloading updates. This creates the strongest possible "air cushion" between the user's tools and the rest of the Internet.

Because of the lack of connectivity interfaces, convenience has to be sacrificed a little: the process of sending and receiving funds requires getting used to it. QR codes are used for this purpose - to send funds, you need to scan the code of the target crypto-purse address, and to receive, by contrast, scan the code that will appear on the screen of your device with your mobile app. However, once you get used to it, you may well appreciate this option.

The device's battery is fully charged from scratch in 2-3 hours. The SafePal S1 uses a lithium battery. If you use the wallet for 10 minutes a day, it will last about 20 days from a full charge.

Safepal supported Coins and Tokens

SafePal is a wallet that works with more than 30 blockchains and all the tokens placed on them. Supporting as many assets as possible is one of the company's priorities. Of course, all top cryptocurrencies are supported, such as:

• Bitcoin

• Ethereum

• Binance Coin

• Solana

• Cardano

• XRP

• Polkadot

• Dogecoin

• Avalanche

• Polygon

• Litecoin

• Bitcoin Cash

• Tron

SafePal S1 software offers high scalability to support multiple currencies. In other hardware wallets, this is arranged as follows. There are A, B and C blockchains that use the same encryption algorithm. If the user wants to manage them all, they would have to install them one at a time in the device and each would take up 1/3 of the device's memory. In SafePal S1, all the blockchains using the same encryption algorithm are integrated as one and therefore do not take up much memory.

SafePal currently supports all the most popular algorithms: secp256k1, nist256p1, ed25519. And therefore can work with an almost limitless number of cryptocurrencies.

For an up-to-date list of assets, see the

How to set up Safepal wallet?

Setting up the SafePal S1 hardware wallet is a simple process that even a novice can handle, but, as with anything, you need to be careful with each step. Here are step-by-step instructions on how to get started with the vault:

1. When unpacking the device, please note if the box is unopened and has the original stickers on it, as well as - if the package is complete. The kit includes the hardware wallet itself, USB-A to Micro-USB cable, three recovery phrase storage sheets, two stickers, cleaning cloth, user manual.
2. Start authentication. Activate the wallet, select a language and press Next to have the QR code appear on the screen.
3. Open the browser on your mobile device to scan this code. You will then be redirected to a confirmation page. Press OK on the device to display the randomly generated six-digit code. Enter it on the confirmation page in your browser. You should then be notified that the device is genuine, has never been used and is safe.

SafePal authentication

1. Press Next on the device and scan the QR code displayed in the browser. Activation may take several minutes. Once it is complete, you can move on to the settings.

2. The device will show a choice between Create New Wallet or Recover My Wallet (create a new Wallet or recover an existing Wallet).

3. To create a new wallet, follow this sequence: create a mnemonic phrase of the desired number of words (the more the safer), write down all the words in order on a piece of paper, then enter it to check. Be careful when writing it down. There will be no opportunity to make a copy of the backup phrase later. Come up with a PIN code of 6 to 12 characters. Finally, give the wallet a name of your choice.

4. To restore the wallet: specify the number of words in the seed phrase and enter it. Wait 10-15 seconds. Enter the PIN code. Give the wallet a name.

5. Download SafePal Wallet for Android or iOS. Configure your security settings: password for logging in, a graphic key or your fingerprint.

6. Select the Hardware Wallet option in the settings, see instructions. 

7. Scan the QR code on your phone screen with the device.

8. Confirm your action with a PIN, scan the QR code on the device with your phone and the wallet and app will then be linked.

Connecting SafePal

You can add coins and tokens to your wallet if you wish. But if the wallet has been restored, the app will retrieve them automatically. Each new S1 hardware wallet can sign BTC, ETH, BNB, ERC-20, BEP-2 transactions by default. If you have any of these coins, you do not need to manually add them to the device.

Transactions

In the SafePal app, select the token you want to send. Enter the target crypto address and amount. Please note that sending to centralized exchanges may also require you to specify a token, otherwise the funds may be lost.

Initiate the signing of the transaction. The app will display a QR code. You need to scan it with the hardware wallet and enter the PIN. Once the transaction is signed, you need to sync the data back to the app by scanning the QR code with your phone. Then tap Broadcast on the app and the transaction will be sent to the blockchain.

There are two options for obtaining cryptocurrency:

Call up the QR code on the SafePal S1 device through the Asset Management menu. Then another person (or yourself) can scan it and send the assets.
Copy the address from the app. To do this, press receive on the desired coin page.

If you have been sent cryptocurrency, and you don't see it in your hardware wallet, don't panic. the fact is that the S1 hardware wallet is a standalone device, isolated from the internet and blockchain. It cannot automatically update the balance. So you need to make a connection between the app and the wallet so that the latest information can be sent to S1.

Where to buy a SafePal wallet in UK?

SafePal S1 Hardware Wallet can be purchased through several channels. However, please note that availability and options may have changed since then. Here are some potential options to consider when looking for a SafePal S1 Hardware Wallet in the UK:

1. Official SafePal website: The most direct way to purchase a SafePal S1 is through the official website. The website typically ships worldwide, including the UK.
2. Online marketplaces: Major online retailers like Amazon or eBay often have listings for hardware wallets like SafePal S1. Make sure to purchase from a reputable seller to ensure you receive a genuine product.
3. Local electronics or computer stores: Some local electronics or computer stores may carry SafePal S1 hardware wallets. This option is less likely, but worth checking if you prefer to purchase in person.

Before making a purchase, remember to verify the authenticity of the product and ensure that it is the correct model. Additionally, when setting up your SafePal S1 hardware wallet, always follow best practices for securing your private keys and recovery phrases.

Comparison with other Cold wallets

Safepal S1 vs. Ledger Nano S Plus

Based on the information above, the SafePal S1 Hardware Wallet offers more supported assets at a lower price point, while the Ledger Nano S Plus is a more established brand with a slightly higher price. Both wallets have strong security features and user-friendly interfaces. Ultimately, the choice between the two devices may come down to personal preference, the assets you wish to store, and your budget.

SafePal S1 vs. Trezor Model One

In summary, both SafePal S1 and Trezor Model One are reputable and secure hardware wallets that support a wide range of cryptocurrencies. However, SafePal S1 is priced more affordably and has a more user-friendly design with additional features such as a built-in exchange and DeFi support. On the other hand, Trezor Model One has a more traditional design and a passphrase feature that provides an additional layer of security.

Conclusion

Because of its low price, multiple cryptocurrencies and high security, the SafePal hardware wallet has become quite a popular option, even though it is young. The project is supported by major companies and has already been approved by many users. It's also worth noting the functional app, which offers decentralised coin exchange and card-to-card purchases. Directly from the app you can interact with dApps. The user interface is very user-friendly and easy to understand. And especially convenient is the ability to create both a cold and a hot wallet at the same time, using them through the same app.

FAQ

What is SafePal wallet?

A hardware wallet, a device for cold storage of cryptocurrency.

What software wallets can I integrate with?

Only with the official SafePal App.

How many cryptocurrencies does the wallet support?

30,000+ coins and tokens on 32 blockchains.

How much is SafePal S1?

The Safepal wallet is $49.99.

How long does the charge last?

With a standard use time of 10 minutes a day, it lasts for 20 days.

How are the funds secured?

A PIN code is set up on the device and a security code and biometric data are installed in the app. In addition, there are no wireless connections, so the data cannot be intercepted.