Oleg Galeev

Updated 2 months ago

SafePal Wallet Review: Should Canadians Use it?

The SafePal wallet is a crypto wallet that can keep your cryptocurrencies safe. The best way to store your crypto is to keep it in a private wallet and off crypto exchanges. By taking self-custody of your assets, you’re ensuring that only you have access to them. 

Crypto exchanges, even the big ones, can be hacked and customer funds can be stolen. Exchanges can also go out of business, as we saw with FTX, and customer funds aren’t able to be withdrawn. It’s therefore much safer to withdraw your crypto from exchanges and keep it safe in a wallet like SafePal. 

SafePal offers three kinds of wallets. It has two hot wallets, which are an app you can download to your device, and a browser extension. SafePal also has a hardware wallet, which is not connected to the internet. A hardware wallet is the safest place you can store your crypto. 

The hardware wallet stores your private keys offline, and since it never connects to the internet, there’s no risk of it being hacked. 

We recommend the SafePal hardware wallet for a number of reasons. 

What Coins Does Safepal Wallet Support?

Coins available in Safepal Wallet

SafePal supports unlimited cryptocurrencies and 54 networks. They support popular cryptocurrencies such as bitcoin, Ethereum, Cardano, Dogecoin and many more. You can store as many cryptocurrencies as you like on the SafePal hardware wallet. 

How Does Safepal Wallet Work?

Activating my Safepal wallet

With app wallets, also called software wallets, they store your private keys on your device. Since your phone is connected to the internet, this can leave your private keys vulnerable to theft

With a hardware wallet like SafePal’s hardware wallet, your private keys are stored on the hardware wallet itself, which is 100% offline. It is never connected to the internet so your private keys can’t be stolen. When making a transaction, you must verify it using the device itself.

One misconception with crypto wallets is that your cryptocurrency is stored in the wallet. Your crypto is always on the blockchain, but the hardware wallet stores your private keys and allows you to verify transactions using the physical device. The crypto never leaves the blockchain.

This is a good thing because if you lose your hardware wallet, you won’t lose your crypto. You can buy a new hardware wallet and upon its setup, put in your seed phrase from the wallet you lost, and you’ll be able to access your crypto again.

Infographics on how to use Safepal wallet from the official website

How to Use the SafePal Hardware Wallet

When you first turn on your SafePal hardware wallet, you can either set it up as a new wallet or restore a wallet you already have. You might choose the latter option if your previous SafePal hardware wallet was lost and you’ll enter the seed phrase that you already have.

This is the most important step. If you set the device up as a new wallet, SafePal will generate a new and unique seed phrase. You should write this down on paper and keep it safe. Never take a picture or store your seed phrase on your computer or in the Cloud as this defeats the purpose of keeping your private keys offline. You can also buy SafePal Cypher to save this phrase. 

Adding seed phrase to Safepal Cypher

To make a transaction with the SafePal hardware wallet you need to download the SafePal app. There is a card in the box with a QR code which will take you to the app in your app store. 

Once downloaded you’ll need to set up the security, which includes using fingerprints or FaceID.

Once fully configured, you can use the app to add networks and tokens. SafePal automatically comes with the Bitcoin, Etherum, and Binance networks activated. 

This means that if you hold any ERC-20 tokens, you don’t need to install anything. You only need to add the native network for tokens (e.g. Ethereum for Ethereum tokens) but SafePal has Ethereum installed already. 

Adding network to my Safepal crypto wallet

When sending or receiving, you click the relevant asset and follow the onscreen instructions. Enter the wallet address and amount if you are sending. Or copy your wallet address if you are receiving an asset. 

Sending BNB assets to a different crypto wallet

You will use the SafePal hardware device itself to confirm the transaction. Turn on the device and use the arrow pad to enter the “scan” tab. The device has a camera and you will need to scan the QR code that appears in the app.

Confirming transaction with QR code via Safepal wallet

Next, you’ll enter your PIN on the device itself.

Entering a PIN code to my Safepal wallet

Then, you will scan the QR code shown on the device with your phone. Finally, you will hit “broadcast” on the app.

Scanning QR code from Safepal Wallet to finalize transaction

While it may seem cumbersome with many steps, this process of signing a transaction is what makes SafePal safe. It is an air-gapped signing mechanism, meaning your device does not connect to a phone or computer via bluetooth or USB cable. This means the SafePal hardware wallet is independent of other devices and 100% offline. 

What’s in the Safepal Wallet Box?

Unpacking 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

Things inside the Safepal wallet box shown on infographics

Is SafePal hardware wallet safe?

The SafePal hardware wallet is one of the safest crypto wallets you can get. It is 100% offline because it never connects to the internet and it does not use bluetooth or wifi.

As long as you write down your seed phrase and store it safe, your crypto will always be safe with the SafePal hardware wallet. If you lose the hardware wallet itself, you can buy a new one and enter the seed phrase you already have to access your crypto. 

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

Trezor Model T

  • 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 and Ledger Nano crypto wallets on the original boxes

Trezor supports a total of 1800+ cryptocurrencies whereas Ledger supports 5,500+ cryptocurrencies and SafePal supports unlimited cryptocurrencies. You can store as many assets you like in your SafePal wallet

With Ledger, you can only have 100 cryptocurrencies on your device at a time. This means that SafePal supports the most cryptocurrencies, then Ledger, then Trezor, but Ledger restricts how many you can manage at one time. 

Both Trezor Suite and Ledger Live have in-built crypto exchanges provided by third-party providers where you can buy and sell crypto easily. The big pluses for these exchanges is that you can get your bought crypto onto your hardware wallet right away after purchase, and you do not need to KYC since the hardware wallets are non-custodial. The downside is that the trading fees are more expensive than a regular exchange. Therefore, it’s best to use them occasionally, but not as your main exchange. 

Both SafePal and Trezor have colour screens, whereas Ledger is monochrome, which makes SafePal and Trezor easier to see and interact with. However, both SafePal and Trezor are made of plastic, while Ledger is steel, which may prove more resistant to accidents. 

Screenshot from Safepal wallet website

When it comes to security, SafePal is 100% offline because it doesn’t use bluetooth or wifi. The Ledger Nano X can be used with bluetooth, which some people argue makes the Ledger vulnerable. 

Trezor does not use bluetooth either and it has an additional security feature which SafePal doesn’t have. 

Trezor has a microSD card slot, meaning you can pair your Trezor model T with the microSD so that your Trezor will only work if the microSD card is inserted. This way, you can keep them separate in different places, for extra security. 

Ledger and SafePal hardware wallets include a chip called EAL5+ often used in passports and payment systems. This chip acts as a defense against tampering and hacks and is an excellent security element.  

When it comes to managing your crypto and making transactions, both SafePal and Ledger offer mobile apps while Trezor does not. This makes it easier to make transactions on the go.

While there are pros and cons to each of the hardware wallets, SafePal is one of the cheaper options. Ledger costs $114 CAD for the Ledger Nano S Plus, and $209 for the Ledger Nano X. Check the current price on the Ledger website.

It costs $92 CAD for the Trezor Model One and $294 CAD for the Trezor Model T. 

SafePal costs $94 CAD, which puts it on the cheaper end. The fact that you can manage unlimited cryptocurrencies at one time makes SafePal a great choice if you only have $100 to spend. 

Safepal Downsides

The SafePal hardware wallet does not have many downsides. It takes a few steps to make a transaction since you need to swap between the app and the device multiple times, but this is a small price to pay for the added security that comes with air-gapped signing. 

SafePal does not have a built-in exchange like Trezor and Ledger meaning you can’t use it as an all-in one crypto management and trading system, but if you already use a crypto exchange that you like, then this is not a huge drawback. 

You can only use SafePal with your phone and the app, which could be a downside for people who like to use their computer for everything. 

Safepal Wallet Customer Support

Unfortunately, SafePal has poor customer service reviews with users complaining that they have lost funds or didn’t receive funds. However, the majority of these reviews are likely from people who were scammed or had failed transactions due to their own errors. 

SafePal has a customer service team on hand to answer your queries and a helpful section on their website for questions about setting up your device. I never had any issues with Safepal.

Conclusion

SafePal is a great choice for crypto users new to hardware wallets. It is affordable, small and light, and can be used with your phone for signing transactions. I even picked Safepal as the best crypto wallet for Canadians.

It has good security features, but for a seasoned crypto investor who wants the maximum security, Ledger or Trezor might be better options simply because they have been on the market much longer and are trusted hardware wallets. 

However, SafePal is backed by Binance so we know that it is trusted by some of the biggest industry players despite it being relatively new. 

SafePal is also 100% offline, making this security feature ideal if you don’t trust bluetooth or wired connections which Ledger and Trezor use. 

SafePal offers unlimited storage for your cryptocurrencies, which is perfect if you trade a lot of tokens. It’s also the cheapest hardware wallet currently on the market, meaning the SafePal hardware wallet is not only secure, but affordable as well.

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Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen. 

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