As the crypto industry is growing day by day and people are joining it, everyone would like to keep their crypto safe, for this they will need a hardware wallet. And if are also in the crypto market then a hardware wallet is a great choice if you’re looking for a safe and durable way to store your cryptocurrency. In this SafePal S1 review, we will take an in-depth look at the SafePal S1 hardware wallet including its features, price, overall performance, and how to set it up, so without wasting any time let’s get started.
What Is SafePal S1?
SafePal S1 is a 100% offline cryptocurrency hardware wallet backed by Binance Labs the venture arm of Binance (the number one crypto exchange in the world). It is the first hardware wallet in which Binance Labs has invested. The SafePal S1 hardware wallet is completely air-gapped and does not require Bluetooth, WiFi, NFC or USB Connection.
The SafePal S1 hardware wallet allows you to safe and simple way to store, manage, and trade your cryptocurrency assets. It is super lightweight and portable and comes in the size of a credit card. It is currently supports 15 languages, with more to come in the future. It has an extensive reseller network in over 200 countries and regions.
Safepal S1 is completely decentralized, with users retaining complete ownership of their assets. Customers, from over 200 countries and regions place their trust, in Safepal S1 wallet.
SafePal S1: Pros And Cons
SafePal S1 Pros:
- Safepal offers a solution, for safeguarding your cryptocurrency assets.
- The most affordable hardware wallets on the market compared to other hardware wallets.
- Usable with a simple interface.
- Lightweight and Portable.
- Fully offline cold storage device and 100% air-gapped signing mechanism.
- Malware prevention by self-destruct mechanism.
- Buy cryptocurrency with a credit or debit card.
- Supports thousands of coins and tokens.
SafePal S1 Cons:
- Not user-friendly like other hardware wallets.
- Software wallets other than SafePal cannot be integrated with the SafePal S1.
- XRP and XLM blockchains aren’t supported by SafePal’s mobile wallet.
Safepal S1 Review
|$49.99 (VAT and duty excluded)
|100+ blockchains and unlimited assets
|1.3’ Full Color Screen
|EAL5+ certified secure element, Self-destruct Mechanism, Air-Gapped Signing Mechanism
|3.94 x 2.36 x 0.79 inches
|Yes (Android and IOS)
|Google Chrome, Mozilla Firefox and Microsoft Edge
What’s In The Box?
The SafePal S1 comes with the following accessories:
- SafePal S1 Hardware Wallet
- Cleaning Cloth
- 3 Mnemonic Phrase Card
- Get Started Guide
- USB-C Cable
- 2 SafePal Stickers
SafePal Supported Coins And Networks
You don’t have limited storage on this device. You can manage unlimited tokens and NFTs all in one device. It supports more than 100 blockchains and all of their tokens, and new blockchains and tokens are continually being added. If you are looking for any specific coin or token which you want to store then you go to the safepal website and click on the Assets button at the top, you will see a window where you can search for any token.
It will tell you if safepal is supporting it or not and you’ll also see what network it is, if you can even buy it in the app, swap it, and which wallets are supported because some wallets or coins are only supported on the app and some you can also use on your device.
READ ALSO :- Tangem Wallet: A Comprehensive Review
SafePal S1 Key Features
Seed Phrase :- Usually you see 12 or 24 words seed phrase but safepal lets you choose 12, 18 and 24 words for your seed phrase. I highly recommend you to choose 24 words phrase for security purpose.
SafePal APP :- SafePal App is a user-friendly application for managing the safepal hardware wallet and safepal software wallet. SafePal app is available for both Android and iOS, you can download both from anywhere.
QR Code :- You can use an encrypted QR code to receive money at any time and from anywhere. People can easily accept payments from others by scanning a QR code. They don’t need any extra software or hardware. By doing this, users can quickly and easily receive payments, and their assets are kept safe.
It communicates with the SafePal app or extension via QR codes, lowering the possibility of hacking or interception. When you do a transaction or any operation in Safepal app, it shows QR code on your phone. So this is something that you have to do, it can be a little bit difficult because it’s also asking you to do this kind of two-way verification even when you want to add a new blockchain with some new tokens or coins.
Free Global Shipping :- If you buy two or more SafePal S1, S1 Pro, X1, or Cypher units, select Standard Shipping to get free shipping! This offer isn’t valid for the SafePal leather case or Express Delivery.
Warranty :- All products from SafePal come with a one-year warranty; this warranty begins on the date of purchase for accessory products and the activation date for hardware wallet products. To get the warranty, get in touch with their customer service team.
SafePal S1 Cypher :- The SafePal Cypher is a metal seed phrase board that safeguards your mnemonic phrase safe from fire, water, salt, and rust.
SafePal GiftBox :- The SafePal Wallet App has a built-in feature called SafePal GiftBox that lets the SafePal community find out about new crypto projects and their latest updates. Blockchain projects give rewards to the SafePal community when they finish tasks and quizzes. Through a safe platform, blockchain projects can give tokens or NFTs directly to users as a reward.
SafePal Token (SFP) :- SFP is a BEP-20 token that is transferable to any wallet supporting the Binance Smart Chain network. SFP also serves as the SafePal governance token, allowing holders to propose and vote on new features, such as adding new blockchains to SafePal products. Users can use the SFP token to pay fees and receive discounts on SafePal products such as hardware wallets and SafePal Swap. If you own an SFP token, SafePal and its partners will send you special coupons and collectibles.
DApps and NFT :- You can use dapps within the safepal app that allows you to connect to numerous decentralized apps like PancakeSwap, Uniswap, Aave, Compound, etc. The device is compatible with non-fungible tokens (NFTs) on the Ethereum, Solana, BNB Chain, and Polygon blockchains.
SafePal S1 Security Features
SafePal S1 has advanced security built-in features, such as an EAL5+ secure element, a device authentication mechanism, a self-destruct mechanism, and more.
EAL 5+ Secure Element :- The SafePal Wallet comes with EAL 5+ element chip. It has a dual-chip architecture, which means it contains two chips. One of these chips is an EAL5+ crypto secure element chip, which is built for the safekeeping of cryptographic keys and is used in the financial sector. The EAL5+ is a top-tier secure element chip used in the global finance sector that stores your private keys.
Self-destruct Mechanism :- When the safepal wallet detects any malware or virus it will destroy itself so no one will be able to reveal your seed phrase and steal your funds. This makes it impossible for someone to steal the cryptocurrency that is stored in the wallet.
Air-Gapped Signing Mechanism :- It’s 100% air-gapped cryptocurrency wallet that can sign transactions without requiring a Bluetooth, NFC (Near Field Communication), WiFi, or other radiofrequency connection. The SafePal S1 is completely offline cold-storage device, which means it has no internet or wireless connectivity.
True Random Number Generator :- A true random number generator is another feature of the SafePal S1. It’s a machine that makes random, unique numbers. This is used to make private keys for the wallet that are completely unique and can’t be guessed by anyone else.
The price of the SafePal S1 is $49.99. The SafePal S1 is one of the most reasonably priced crypto hardware wallets on the market and even beginners can also afford it. It costs a lot less than other wallets on the market.
How To Buy Safepal Hardware Wallet
You should purchase SafePal S1 wallet directly from SafePal’s official website, not from a third party. First go to the official website of Safepal and move your cursor on the Products button, you will see the option of Safepal S1, click on it, a new window will open where you can select your quantity and then click on order now button. After this, it will ask you for some personal details like your email id, name, mobile number, etc. fill it and click on the next button.
Then you will have to make payment, in which you have two options, one is through crypto or you can make payment through PayPal. And then you click on the Place Order button and you will have your wallet in a few days.
How To Use Safepal Wallet
These steps will show you how to setup SafePal S1 hardware wallet :-
- Download and install the SafePal app from the Google Play Store or App Store on your smartphone.
- You will see that you can select between software and hardware wallet so you will select a hardware wallet and they will also ask you to set up and enter a security pin.
- Then you will need to click on the button on the side for a few seconds and then the device will start.
- You will see a few languages which is supporting English, German, and many more languages.
- Then they ask you if you want create a new wallet or want to recover your wallet then click on the create new wallet then you have two options either you can create now or click on what’s Mnemonic.
- Then you can decide how many words your mnemonic phrase should be either it’s 12, 18 or 24 words.
- The wallet will show you the phrase word and you write it down on the seed phrase card.
- They will ask you to put in the seed phrase in the right order so that the wallet knows and confirm that you have written down your seed phrase.
- Once you verified it, it will ask you to set pin after that you can name your wallet.
- If you haven’t downloaded the app yet then you will see QR Code so you can download the app with that QR Code.
- Just open your camera scan the QR Code and it will get you to the landing page of safepal and there you can decide if you want to go to the Google Play Store or App Store.
- Now you can choose if you want to have a software wallet or harware wallet and click on that. Then click on next and enter your security pin.
- Use the camera on the backside and scan the QR Code displayed on your phone then click on confirm and enter your pin again.
- Now you see some kind of dynamic QR Code. Scan the QR Code with the mobile phone again and then click on the join now button and that’s it.
Safepal Vs Ledger
Ledger is a well-known and popular brand of hardware wallets, while SafePal is backed by Binance Labs. When it comes to the user experience, SafePal is simpler and less flashy, while Ledger has a more established and easy-to-use interface and a larger community.
Safepal S1 currently supports unlimited assets and more than 100 blockchains while Ledger Nano X supoorts over 5,000 cryptocurrency. When it comes to security, both Ledger and SafePal have great hardware features that will keep your crypto assets safe.
SafePal features a self-destruction mechanism, something that neither Trezor One nor Ledger Nano S have. Both devices have CC EAL 5+ security ratings and secure element chips to protect them.
How To Update Safepal S1 Hardware Wallet?
Before you try to upgrade the firmware, please make sure that your mnemonic phrase is backed up and stored safely so that you don’t lose it if the upgrade fails.
These steps will show you how to upgrade SafePal S1 hardware wallet :-
- Go to the https://www.safepal.com/en/upgrade/s1.
- Enter and submit the SN of your SafePal S1 and then download the firmware to your PC.
- Do not change the file name ‘Upgrade.bin’, or the upgrade will fail.
- Connect your SafePal S1 with the PC and prepare for the upgrade.
- Plug the wallet into your PC. Go to the ‘Setting’ and enter ‘Upgrade’. Click ‘Enter Upgrade Mode’ and then the PC will detect the wallet.
- Copy the upgrade file into your wallet. Once the wallet enters the upgrade mode, the computer will detect it and show a “Wallet” folder on the screen.
- Copy the ‘Upgrade.bin’ file to the ‘Wallet’ Folder. On S1, confirm the upgrade and enter PIN to process.
- On S1, continue to enter the ‘Upgrade’ process. Enter the PIN Code and the upgrade will be started.
- After few minutes it will show you the firmware is upgraded. And now you can enjoy the new features and coins.
As we found in our SafePal wallet review, this crypto cold wallet backed by Binance is the best way to store and manage your cryptocurrency assets safely. It is a great choice for both new and experienced cryptocurrency users because it is easy to use, has strong security features, and looks good. It supports a wide range of cryptocurrency coins and tokens. It has a reasonable price and great customer service.
FAQ :- SafePal S1 Review: Cryptocurrency Hardware Wallet
Is Safepal A Good Wallet?
Yes, SafePal is a most secure and user friendly wallet and it gives you all the features you need in a wallet like EAL 5+ Secure Element, Self-destruct Mechanism, etc.
How Safe Is The SafePal S1 Hardware Wallet?
The SafePal S1 has a feature that deletes all the information on the device if someone tries to mess with it or enters the wrong password too many times. A secure element with an EAL 5+ rating keeps your private keys safe and offline in this hardware wallet.
Is it really worth buying Safepal S1 Hardware Wallet?
Yes, absolutely because it gives you a lot of features and supports many cryptocurrencies and blockchains and also gives you a lot of security features and that too for just under $50.
Can SafePal S1 store NFTs?
Yes, SafePal S1 lets you store both NFTs and other ERC20 tokens. If you want to browse, buy, sell, or trade NFTs on OpenSea, Rarible, or Binance NFT, you can use the SafePal app or extension.