If you own any Bitcoin, Ethereum, or some other cryptocurrency, then you have most likely heard about the importance of protecting your digital money. You can keep them in a cryptocurrency-exchange, but your funds are only 100% safe if you store them yourself. For years, the most popular cold wallets have been Ledger and Trezor. But, SafePal is a new option and it has received a lot of attention in recent months. Is it worth the money? Is SafePal better than Trezor and Ledger? Keep on reading to find out!
The price of a SafePal is currently $40. That makes it cheaper than a Ledger and a Trezor. That is a big advantage, and as a result, I ordered two devices and I had them delivered to central Europe within 3 weeks.
A SafePal review
The box itself looked really nice, and you have the feeling that there is something really valuable on the inside (based on the design of the box). This is a good first impression! It has a very nice black color, and so does the device itself.
One big difference if you compare SafePal with Trezor and Ledger, is that this has to be run through a mobile device and not your computer. I am a computer person, but since the world is moving more towards mobile devices, I guess I am starting to get old when I miss the chance to use it with my computer.
However, it is easy to download the SafePal application to your cellphone or tablet, and after using it for 10 minutes, I have got to say that I have gotten entirely used to accessing and using the wallet through my cellphone.
The first steps
When you first start your SafePal, you need to create a new wallet. This is a very important step. Here you will get a passphrase of either 12, 18, or 24 words, and you need to guard these keys with your life. There are three cards in the SafePal box where you can write down the passphrase. Make sure to store these cards in safe places, and it is not recommended to store them on your computer, in your email, or other digital devices that can be accessed during hacking attempts and more.
If you ever have to change your SafePal device or lose access to your wallet, then you will need the passphrase to gain access to your money again. Without these, you will not be able to restore your wallet. You will also need to create an unlock pattern on the SafePal mobile application, and later you will also have to add a pin-code to your SafePal device. These are all to keep your digital money secure.
You will have to pair your SafePal device with the SafePal application on your mobile device. This is done by scanning QR codes, and this is very important to understand, because whenever you want to do something that deals with your SafePal wallet, you will need both your cellphone and your SafePal device.
SafePal – a digital wallet
SafePal is a digital wallet. It is a place where you can store your Bitcoin, Ethereum, and thousands of other cryptocurrencies. It supports more blockchains and currencies than any other cold wallet. Since it is closely related to Binance, it also supports the Binance Smart Chain. You can easily deposit and withdraw funds from your SafePal wallet, and you can find your addresses both inside the SafePal application on your cellphone and on the SafePal wallet itself. You will also find QR codes showing your wallet addresses, something that is very convenient!
Now you are ready to store your values, and you are currently your own bank. It is a big advantage compared to Ledger, that you do not have to manually install the different wallets for the different cryptocurrencies. While the different Ledger devices have limits to the number of wallets you can install at the same time, there are no such limits with SafePal.
Besides allowing you to store crypto, a feature will be added in the future that will also let you receive interest on the funds you store in your wallet. An exact date for the release of this feature has not yet been released, but it is a promised feature. The SafePal token (SFP) will increase the interest rate, depending on how big a percentage of your total portfolio is held in SFP tokens.
SafePal – Much more than a wallet!
SafePal is much more than just a wallet where you can store your funds. There are lots of applications built into the SafePal application. As a result, you can trade on Uniswap and on PancakeSwap, you can trade directly on Binance, and you can find lots of different Defi applications and other applications within the mobile application. As a result, you will be able to trade directly with your funds stored in your wallet. You can also swap tokens directly, or trade/swap using Uniswap or other decentralized exchanges.
These are just some of the possibilities and opportunities coming with your SafePal. But, is it good? Is it easy to use? Do I like this better than my Ledger and my Trezor?
My thoughts about SafePal
First of all, I really like the design of the package and the SafePal itself. It has the exact size of a payment card when it comes to height and length. But, it is thicker, meaning that you cannot place it in your normal wallet together with your VISA card. You need a “thicker” pocket to store the device.
It is easy to transfer funds to and from SafePal. All you need is an address to transfer funds to your SafePal. If you would like to transfer funds from your SafePal to some other address, you will need to use the mobile application to initiate the transfer. Later you will have to scan a QR code on your mobile with the camera on the backside of the SafePal. When this is done, you will have to enter your SafePal pincode, before you will have to scan a QR code on the SafePal with your mobile application. It might sound complicated, but it is very easy!
I have used my SafePal to trade on PancakeSwap and it worked very well. But, I first tested it on a day with high volatility. As a result, the prices changed every second. And believe me, if you are in a hurry, then the process with scanning a QR code, entering your 6 digits (or longer) pincode, for then to scan one more QR code, feels very time demanding, and it might lead to failed transactions. Luckily, the trading fees on the BSC-chain are not that expensive, but if several transactions on Uniswap using the Ethereum blockchain fails, then it can cost you a lot. When doing a normal transfer of funds, this doesn’t matter at all.
It might take 15-20 seconds to initiate a transfer or a swap, but once you have initiated it, things are quick (at least if you use the BinanceSmartChain (BSC), meaning that you will receive your confirmation very quickly!
My final thoughts
I have been using my SafePal for some days, and I really like the device. I like the shape, and I like all the functions available. It is easy to use, and the support of a wide range of cryptocurrencies makes it way more suitable for storing crypto than other cold wallets available. Currently, the price of a Trezor One is $60 (or more), while the price of a Ledger Nano S is $60 (or more). The price of a SafePal is $40. If I had to purchase one of these, I would definitely purchase a SafePal device. Not only because of the price but also because of the features available.
- Would you like to learn more about SafePal? Maybe purchase a SafePal? Visit the SafePal website right now.
I hope you have found this review useful. Have you used SafePal yourself? Are you satisfied? If you have any comments or questions, please use the comment field below. I would love to hear from you!
This article was first published in the IP Address Guide. I normally don't post articles I have published elsewhere here, but since I know that many people were curious to learn more about the SafePal device, I decided to do it this time! No hard feelings, anyone!