The SafePal wallet is a reliable option for securely storing your cryptocurrencies. As I often recommend based on my experience since 2016, the best way to protect your crypto is by moving it off exchanges and into a private wallet. Taking self-custody of your assets ensures that only you have control over them, adding an essential layer of security.
Even the largest crypto exchanges aren’t immune to risks. Hacks can result in stolen funds, and as we saw with FTX, exchanges can collapse, leaving customers unable to withdraw their assets. That’s why I always recommend withdrawing your crypto from exchanges and storing it securely in a wallet like SafePal.
SafePal offers three types of wallets: two hot wallets—a mobile app and a browser extension—and a hardware wallet. Among these, the hardware wallet is the safest option since it’s completely offline and not connected to the internet.
The hardware wallet securely stores your private keys offline, eliminating the risk of online hacking.
For those reasons, I recommend the SafePal hardware wallet for keeping your crypto assets as secure as possible.
What Coins Does Safepal Wallet Support?
SafePal stands out by supporting unlimited cryptocurrencies across 54 networks. Whether you hold Bitcoin, Ethereum, Cardano, Dogecoin, or any other popular cryptocurrency, SafePal has you covered. What I appreciate most is that the SafePal hardware wallet lets you store as many cryptocurrencies as you want, making it a versatile and future-proof option for managing your digital assets.
How Does Safepal Wallet Work?
App wallets, also known as software wallets, store your private keys on your device. Since your phone is connected to the internet, this can expose your private keys to potential theft.
That’s why I prefer hardware wallets like SafePal’s, which store your private keys entirely offline. These wallets never connect to the internet, so your private keys remain secure. When making a transaction, you must verify it directly on the hardware device itself, adding an extra layer of protection.
It’s worth noting a common misconception about crypto wallets: your cryptocurrency isn’t actually stored in the wallet. Your crypto always resides on the blockchain. The hardware wallet securely stores your private keys and enables you to verify transactions. The crypto never leaves the blockchain.
This setup has another advantage: if you lose your hardware wallet, you won’t lose your crypto. By purchasing a new hardware wallet and entering the seed phrase from your lost wallet during setup, you can regain access to your crypto without any loss.
How to Use the SafePal Hardware Wallet
When you first power on your SafePal hardware wallet, you’ll have two setup options: creating a new wallet or restoring an existing one. If you’ve lost a previous SafePal hardware wallet, you can choose the restore option and enter the seed phrase you already have to regain access to your crypto.
This step is crucial. If you’re setting up a new wallet, SafePal will generate a unique seed phrase. Write this down on paper and store it securely. Never take a photo of your seed phrase or save it on your computer or in the Cloud—that would compromise the security of keeping your private keys offline.
For added durability, you can use the SafePal Cypher to store your seed phrase safely, ensuring it’s protected from physical damage like water or fire.
To make a transaction with the SafePal hardware wallet, you’ll need to download the SafePal app. Conveniently, there’s a card included in the box with a QR code that directs you straight to the app in your app store.
After downloading, you’ll be prompted to set up security features, such as fingerprints or FaceID, to ensure your account is well-protected.
Once the app is fully configured, you can use it to add networks and tokens. SafePal comes preloaded with the Bitcoin, Ethereum, and Binance networks, so if you hold ERC-20 tokens, you don’t need to install anything additional. Since Ethereum is already activated, adding Ethereum-based tokens is as simple as entering their contract address.
Sending or receiving crypto with the SafePal wallet is straightforward. Simply select the relevant asset and follow the on-screen instructions.
If you’re sending, enter the recipient’s wallet address and the amount you wish to send. For receiving, just copy your wallet address and share it with the sender. The process is intuitive, making it easy to manage your transactions securely.
To confirm a transaction, you’ll use the SafePal hardware device itself. Turn on the device and navigate to the “scan” tab using the arrow pad. The device features a built-in camera, and you’ll use it to scan the QR code displayed in the app.
This extra step adds a layer of security, ensuring that your transaction is verified directly on the hardware wallet.
Next, you’ll enter your PIN on the device itself.
Then, you will scan the QR code shown on the device with your phone. Finally, you will hit “broadcast” on the app.
At first, the multiple steps to sign a transaction with SafePal might seem a bit tedious, but I appreciate how this process prioritizes security. SafePal’s air-gapped signing mechanism ensures that the hardware wallet doesn’t connect to your phone or computer through Bluetooth or USB, keeping it entirely offline.
For me, this independence from other devices adds significant peace of mind. Knowing my private keys remain protected and completely offline makes the extra steps feel worth it.
What’s in the Safepal Wallet Box?
The SafePal hardware wallet comes with:
- SafePal hardware wallet
- USB cable
- Cleaning cloth
- 2x stickers
- Mnemonic phrase card
- Download app card
- User manual card
Is SafePal hardware wallet safe?
I consider the SafePal hardware wallet to be one of the safest options available for storing crypto. It’s completely offline, as it doesn’t connect to the internet or use Bluetooth or WiFi, which significantly reduces the risk of hacking.
The key to keeping your crypto secure is writing down your seed phrase and storing it safely. Even if you lose the hardware wallet itself, you can simply purchase a new one and restore access to your crypto using your seed phrase. It’s a straightforward and reliable way to ensure your assets are always protected.
Price
The SafePal hardware wallet is on the cheaper side of hardware wallets which makes it a great deal. It retails at $49.99 USD or approximately $85 CAD but always check the price only at their official website.
SafePal Vs Ledger Vs Trezor
SafePal
- Unlimited cryptocurrencies
- Colour screen
- Plastic
- 100% offline
- Air-gapped signing mechanism
- Uses mobile app
- $94
- 1200+ cryptocurrencies
- microSD slot
- Tamper-evident hologram
- Password manager
- Colour screen
- Plastic
- Desktop app only
- $92 & $294
Ledger Nano
- 5,500+ cryptocurrencies
- Secure Element chip
- Monochrome screen
- Steel
- Mobile app
- Bluetooth
- $114 & $209
SafePal’s main competitors are Ledger and Trezor Model T who also offer hardware wallets. There are some key differences between them.
SafePal supports unlimited cryptocurrencies, making it a standout option compared to Trezor, which supports 1,800+ cryptocurrencies, and Ledger, which supports 5,500+. With SafePal, you can store as many assets as you like without limitations.
In contrast, Ledger restricts you to managing only 100 cryptocurrencies on your device at a time. So, while Ledger supports the most cryptocurrencies overall, SafePal offers the most flexibility in managing them, followed by Ledger, then Trezor.
Both Trezor Suite and Ledger Live come with built-in crypto exchanges powered by third-party providers, making it easy to buy and sell crypto. A major advantage is that your purchased crypto is transferred directly to your hardware wallet without needing KYC, as these wallets are non-custodial. However, the downside is that trading fees are higher than on standard exchanges, so I’d recommend using this feature sparingly and not as your primary exchange.
When it comes to usability, both SafePal and Trezor feature color screens, which make them easier to navigate compared to Ledger’s monochrome display. That said, Ledger’s steel construction may offer better durability than the plastic builds of SafePal and Trezor, especially in case of accidents.
When it comes to security, SafePal is fully offline, as it doesn’t use Bluetooth or WiFi, which I think adds significant peace of mind. By comparison, the Ledger Nano X uses Bluetooth, which some argue could make it more vulnerable to potential attacks.
Trezor also avoids Bluetooth and adds an extra layer of security with a microSD card slot on the Trezor Model T. This allows you to pair your device with a microSD card so that it only works when the card is inserted. Keeping the two separate adds an additional level of protection.
Both Ledger and SafePal include an EAL5+ chip, the same type used in passports and payment systems, offering robust defense against tampering and hacks—a feature I find reassuring.
For managing crypto and making transactions, both SafePal and Ledger provide mobile apps, which makes on-the-go management easier. Trezor, unfortunately, lacks this feature, which could be a drawback for some users.
While all three hardware wallets have their pros and cons, SafePal stands out as one of the more affordable options. Ledger starts at $114 CAD for the Nano S Plus and goes up to $209 CAD for the Nano X. Trezor ranges from $92 CAD for the Model One to $294 CAD for the Model T.
At $94 CAD, SafePal is on the cheaper side, especially considering its ability to manage unlimited cryptocurrencies at once. If you’re working within a $100 budget, SafePal offers excellent value without compromising security.
Safepal Downsides
The SafePal hardware wallet has very few downsides. Making a transaction does involve several steps, as you’ll need to switch between the app and the device multiple times, but I see this as a small trade-off for the enhanced security provided by its air-gapped signing process.
One limitation is that SafePal doesn’t have a built-in exchange like Trezor and Ledger, so it can’t function as an all-in-one crypto management and trading system. However, if you already have a crypto exchange you trust and prefer using, this won’t feel like a significant drawback.
Another consideration is that SafePal is designed to work exclusively with its mobile app, which might be inconvenient for those who prefer managing their crypto on a computer.
Safepal Wallet Customer Support
SafePal has received some poor customer service reviews, with complaints about lost or undelivered funds. However, many of these seem to stem from user errors or scams rather than issues with the wallet itself.
From my experience, SafePal has a customer service team available to assist with queries, along with a helpful section on their website for troubleshooting and setting up your device. Personally, I’ve never had any issues with SafePal—it’s been reliable and straightforward to use.
Latest Updates on SafePal For Canadians
SafePal has taken a step forward with the introduction of its new open-source Bluetooth hardware wallet, the SafePal X1. This wallet combines secure crypto management with the convenience of enhanced mobility, which I think is a great addition for users who value flexibility.
Another standout feature is its DApp support for Web3, making it much easier to interact with decentralized applications. SafePal’s growing ecosystem also continues to expand its DeFi integration capabilities, giving users access to a broad range of decentralized finance options.
Conclusion
SafePal is an excellent choice for crypto users who are new to hardware wallets. It’s affordable, compact, and works seamlessly with your phone for signing transactions. I even picked SafePal as my top recommendation for the best crypto wallet for Canadians.
While SafePal offers strong security features, seasoned crypto investors seeking maximum security might lean toward Ledger or Trezor. These wallets have been around longer, earning their reputation as trusted options in the industry.
That said, SafePal has the backing of Binance, one of the biggest players in the crypto world, which adds credibility despite it being relatively new.
One feature I really appreciate is that SafePal is completely offline—perfect for anyone who doesn’t trust Bluetooth or wired connections, which are used by Ledger and Trezor.
With unlimited storage for cryptocurrencies, SafePal is ideal for those trading a large variety of tokens. Plus, it’s the most affordable hardware wallet currently available, making it both secure and budget-friendly.
