SafePal takes care of your cryptocurrencies, securing your private keys on their hardware wallet while simultaneously letting you manage, observe and trade your assets from the mobile app.
What is SafePal?
SafePal is a cryptocurrency wallet that aims to provide a secure and user-friendly crypto asset management platform. SafePal provides one-stop non-custodial wallet solutions to enable users to easily store, manage and trade their crypto assets.SafePal helps users to secure and manage crypto assets through the combination of a decentralized and secure wallet solution and a crypto wealth management platform that bridges DeFi and CeFi.
SafePal S1 Hardware Wallet and Wallet App
The app (software wallet) is available for Android and Apple IOS. The app provides an interface with which you can send or receive cryptocurrencies, interact with contracts (dAPPS), and trade using both SafePal DEX (Decentralized Exchange) and Binance CEX (Centralized Exchange) interfaces.
The SafePal Dex is an AMM (Automated Market Maker) that allows token swaps across different blockchains; the most prominent are Ethereum, Bitcoin, and Binance Smart Chain. There are also staking options built within the SafePal Earn feature, which will be implemented in Q1 of this year. The app also functions as an on-ramp and will let you buy crypto using credit cards, bank transfers, IDEAL, BanContact, EPS, GiroPay and SofortBanking methods.
What’s in The Box?
We are always curious about unboxing any product, especially Hardware Wallets, whether we are getting everything as a quality product.
- SafePal S1 Hardware Wallet
- USB-A to Micro-USB cable
- Three mnemonic seed phrase recovery sheets
- 2 Stickers
- Quick start guide/ user manual
- Cleaning cloth
BitMart
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Advantages
While unboxing your product, certain precautions are taken to make sure you are receiving an original product. The box will have two anti-faking stickers; this enables users to check if the package has been opened/ tampered with.
EAL5+ secure element technology makes sure your device and private keys stay safe.
A self-destruct mechanism makes sure your device is wiped clean when anyone tries to open it physically or by having too many failed attempts for opening it, leaving potential hackers empty-handed. Of course, you can just use your seed phrase to get your access back.
The device makes use of a true random number generator, making sure generated keys are genuinely random.
Supported Coins
The SafePal Wallet supports over 20 blockchains under which also Binance Smart Chain (BSC) and well over 10.000 tokens. Unlike the Ledger and Trezor Wallets, for the SafePal Wallet, these tokens don’t require the installation of 3rd party Apps, making it much easier to manage your crypto’s.
The SafePal Wallet App also allows for creating multiple accounts, for instance, a long-term and a daily use wallet, making managing multiple wallets very easy from within the app.
Conclusion
SafePal, since being backed by Binance which is a Million Dollar company, wants its product to have security and quality to its traders/customers who using such wallets. And the main purpose of a Hardware wallet is to protect it from hackers for holding your crypto assets for a long time holding. This is not for short time holders/day traders / or someone who does daily crypto transactions. But If you want security, then this is it.
But is it not user-friendly, which is quite common amongst any other hardware wallet.
