Evan SelemaniSafepal is a leading player that offers a low-cost solution for storing cryptocurrencies in a physical wallet. Backed by major companies such as Binance Labs and the Litecoin Foundation, SafePal is increasingly used to keep hackers at bay.
Is a good wallet to store cryptocurrencies?What are its advantages and what are its disadvantages?
This is what we are going to see here.
We have a Safepal wallet. It is actually one of the cheapest hardware wallets on the market. It is therefore its accessibility which makes it its first asset. We reviewed the SafePal wallet to identify its pros and cons. Not only that, we have also reviewed the many features of Wallet Safepal as well as the procedure for purchasing and configuring a Safepal Wallet.
What are the features of the SafePal wallet?
SafePal offers a sophisticated hardware wallet, featuring cutting-edge security architecture and a user-friendly user interface. It allows to secure, manage, send, negotiate, exchange cryptocurrencies with all simplicity, and to access decentralized applications transparently.
The SafePal S1 has unlimited storage capacity and allows you to manage 33 different blockchains and more than 20 different tokens.
Can you buy cryptocurrencies with SafePal?
Yes, SafePal allows you to buy cryptocurrencies. Indeed, Simplex, the infrastructure that allows you to exchange fiat currency for cryptocurrencies, has entered into a partnership with SafePal.
This allows SafePal to directly buy more than 100 cryptocurrencies using popular payment methods such as Visa, MasterCard, Apple Pay, Swift, SEPA, and others.
Is it possible to stake on SafePal Earn?
SafePal has a feature called SafePal Earn. This allows users to invest in cryptocurrencies in a few simple steps and earn passive income from cryptocurrencies that use proof-of-stake as a consensus mechanism. Everything happens through the SafePal interface, without the need for third-party decentralized programs.
safepal : Is this a wallet secured ?
SafePal simplifies cryptocurrency management without compromising security. Private keys are kept secure on the physical wallet because there is no Bluetooth, WiFi or NFC.
SafePal also has a smartphone app with advanced security features, such as a self-destruct mechanism, EAL5+ security et two-factor authentication.
SafePal: A decentralized wallet?
As SafePal is a decentralized program, it does not request, access or store personal information about users so that they can use the different features of the wallet. The user must only buy the SafePal wallet then configure the wallet (as we will see a little further down).
Information is requested only if the user wants to use the Binance platform, which is integrated inside the Safepal application.
Advantages and disadvantages of SafePal wallet?
The Safepal Wallet allows you to manage an unlimited number of tokens. Indeed, the user is free to add and remove tokens as they see fit. However, the Safepal wallet has some disadvantages, which we'll cover in more detail below.
Benefits
- An increased level of security
- Easy to configure
- The wallet has a self-destruct function
- Best price on the market (it is the cheapest today)
- allows secure wireless transactions
- User-friendly
- Unlimited number of cryptocurrencies.
Drawbacks
- SafePal still has not updated its software.open source“, despite claims announcing this since 2020…This can be problematic for some people.
- A need to connect to the computer in case of firmware updates.
How to buy the SafePal S1 Wallet?
To buy the SafePal wallet and benefit from a one-year warranty, visit the official Safepal store. The user interface is self-explanatory. Just follow the steps below:
- Go to the official SafePal website.
- Select the number of wallets to purchase, add them to your cart, then click “Order now”
- Fill in the basic information (name, shipping address, payment details, phone number, etc.), then click "Following"
- Choose between standard or express delivery costs
- Select your payment method (paypal, BTC, or other cryptos)
- Place the order.
- Connect your cryptocurrency wallet or complete the transaction directly.
How to Set Up Your SafePal Wallet in Minutes
The process of setting up your SafePal S1 wallet is simple. Here are the different steps:
Buy SafePal Wallet
As we said above, Safepal is a great tool to keep your cryptocurrencies away from hackers. To obtain it, visit the official Safepal store. It is not recommended to buy second-hand hardware wallets! It is possible that the first person who bought it keeps the private keys!
—> Go to the official SafePal store
Checkedz that the device has not been used ( Very important).
Before starting setup, make sure the device is in good working order and has never been used by anyone. It is only necessary to check:
- If the package is opened or damaged.
- If the SafePal screen displays the language selection page and sends you to the device authentication step.
- If any of the items included in the box below are missing.
Authenticate the SafePal S1 wallet
To improve the security of your SafePal wallet, It is essential to perform authentication to ensure that the device has never been used and then activate it afterwards. The procedure is simple, you just need to:
- Select the language of your choice.
- Authenticate the device: A QR code containing a unique 6-digit code is displayed on your SafePal interface. Scan the QR code with your smartphone to be redirected to the verification page. If the device is in good working order, you will be prompted to click the button "Authenticate" at the end of the procedure.
- Activate the device : To activate the SafePal wallet, you must scan the QR code displayed on the authentication results page. This activation may take a few minutes.
Configure your SafePal S1 wallet
Once you are sure your wallet is authentic, now configure your SafePal S1 wallet. You can either create a new wallet, or, import an existing wallet in the Safepal wallet.
- Create a new SafePal wallet
The pictures below show steps to creating a new SafePal wallet
- Import an existing wallet into SafePal
The images below show the steps to import wallet into SafePal Wallet
Use the Safepal app with the Safepal S1 Wallet
SafePal is a cryptocurrency wallet app secure, decentralized, easy to use and free, which allows you to manage more than 20 tokens at your fingertips.
As previously stated, SafePal hardware wallet cannot connect to the Internet to avoid cyber attacks. Therefore, it is unable to communicate with the internet to receive, send or connect to a decentralized application. For this reason, it is essential to synchronize the Safepal S1 wallet with the Safepal application for Smartphone.
In other words, your private keys will never leave the Safepal S1 and will remain safe. The fact that it is linked to the SafePal application, which is easy to configure and free, allows you to carry out various transactions without ever putting your private keys in the hands of hackers.
How to use SafePal to send and receive money?
Launch the SafePal app. Choose the token you want to transfer from the list of available cryptocurrencies. Then click “Send", enter the destination address and amount, then click Next.
To receive tokens from a platform to SafePal, simply enter the receipt address by clicking on "Receive".
Conclusion on the SafePal Wallet
SafePal aims to make cryptocurrencies safe and simple for the general public. It offers secure, diverse and user-friendly physical wallet solutions for everyone.
Indeed, it is easy to use the SafePal Wallet to store, buy, exchange cryptocurrencies and access Dapps transparently.
Our opinion is positive regarding the SafePal wallet. Its interface is fluid and self-explanatory. Don't hesitate to try the experience by taking advantage of the cheapest wallet on the market.
However, we regret the fact that it is not open source (Ledger is not either) and prefer open source physical wallets...
—>Read the article: The 6 best “Open Source” wallets to store your bitcoins and cryptos
SafePal Wallet FAQ
How much does the Safepal wallet cost?
At the time of writing, the price of a Wallet wallet is only 49 euros.
Is SafePal owned by Binance?
No but Binance has invested in the platform with other companies such as Litcoin foundation.
How many tokens can the SafePal Wallet hold?
The SafePal Wallet supports more than 33 blockchains, and more than 20 tokens.
Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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