Home Reviews Everything You Need to Know About the SafePal Wallet

Everything You Need to Know About the SafePal Wallet

The SafePal wallet is the first hardware wallet backed by Binance Labs. It's important to have full control over your keys.

safepal wallet review

If the current FTX scenario made one thing obvious, it’s this; Not your keys, not your crypto. Non-custodial wallets are key to your crypto well-being. A non custodial hardware wallet is as safe as you can get for your crypto, and  SafePal is one of such hardware wallets.

SafePal is the first hardware wallet invested in by Binance. So, let’s have a look at what they have under the hood.

What Is the SafePal Wallet?

The SafePal wallet is the brainchild of Veronica Wong. With two other co-founders, she started the project in 2018. They are the first hardware wallet that Binance Labs invested in. This is their S1 wallet.

Currently, they have over 6 million verified users and they operate in no less than 196 countries. Furthermore, SafePal supports 54 blockchains and counting. All this with unlimited currency storage. They also update their product every two to three weeks. The product is available in 15 languages, with more to come. 

What makes them stand out is that their signing mechanism is 100% offline air-gapped. In other words, real cold storage. They don’t use Bluetooth, Wi-Fi, or NFC. Cross-platform is another feature. It’s available for iOS, Google Play. Recently, they also added three browser extensions; Chrome, Firefox, and Microsoft Edge.

SafePal

Source: SafePal website

How Does the SafePal Wallet Work?

In general, crypto wallets offer storage for your crypto. There are various options available. For example:

  • Hot wallets — like a web browser, dApp, or desktop option. You store them on your computer. Hence, they are ‘hot’.
  • Cold wallets — The most secure option. Not stored on a computer. You keep your seed phrase in a safe location. 

So, you see, there are online wallets and offline wallets. The latter being the safest option. All these wallets provide you with two keys. The public key and the private key. You can consider a key to be a long string of numbers and letters.

  • Public key — This is your receiving address. You can send crypto to this address.
  • Private key — This key gives you access to your wallet. For this access, a wallet creates a seed phrase. These are 12 or 24 random words in a specific order. Entering this seed phrase into your wallet unlocks access to your funds. It is of vital importance to keep this seed phrase safe. Anybody who has access to these private keys has access to the funds in your wallet.

To keep this seed phrase safe, SafePal offers the Cypher Seed Protection Board. This board is corrosive-resistant to water, fire, or acid. In contrast to writing your seed phrase down on paper. The picture below shows the specifications of the S1 hardware wallet.

SafePal

Source: SafePal S1 Hardware Wallet page

How to Recover a SafePal Wallet?

You can recover your SafePal Wallet with your seed phrase. Sometimes this is also referred to as a mnemonic phrase. You will need to follow these steps:

  • Download the SafePal app — You can do this at their website or with a QR code. 
  • Set up a password with optional fingerprints — This password must be at least 8 numbers and letters. This allows you to change security settings. For instance, the fingerprint.
  • Recover the wallet — Once you have done the previous steps, you can start the actual recovery. Follow these steps. 
  • ‘Software Wallet’ -> ‘Import Wallet’ -> ‘Import via Mnemonic Phrase’. Now enter the Security Password.

This is where you enter your seed phrase. Be careful and follow the following steps. This will help you, so you don’t recover the wrong wallet.

  • SafePal uses a variety of seed phrases. They can range from 12, to 15, 18, 21, or 24 seed words per set.
  • It is of utter importance that you use the right seed phrase. The right phrase and the words in the exact order. If you mix this up, you may recover a different wallet.
  • The input frame warns you when you add a wrong word. It will turn red. There’s a list of 2048 words, which you can find here. This list has words from the BIP39/44-word list.
  • Use the correct ‘Passphrase’ and enter it.
  • Once you entered all seed words correctly, click ‘Import wallet’ and you’re done.

You can find a link to the SafePal Zendesk with all these steps explained here.

How to Create a SafePal Wallet?

Creating a SafePal Wallet is easy to do. Follow these steps:

  • Download the SafePal app — See above, and follow the same steps.
  • Set up a password with optional fingerprints — See above, and follow the same steps.
  • Create a wallet. — Click ‘Software Wallet’, followed by ‘Create Wallet’. Enter the password. Set the wallet name and choose your seed phrase. Either 12 or 24 words. Click ‘Next’ and you created a new wallet.
  • Back up your seed phrase — This is an important step. If you lose the seed phrase, you don’t have access to your funds anymore. Write down the seed phrase and make sure it’s correct. Use multiple backups, when written on paper. Store them in different places. You can also get the SafePal Cypher Board. Don’t store it on your phone or computer, and don’t take pictures of the phrase.

Here’s a link to their Zendesk, explaining all these steps in detail.

Is the SafePal Wallet Safe?

The SafePal Wallet is a secure wallet. As long as you don’t lose your seed phrase, you should be fine. So, in other words, make sure that you back up your seed phrase. Most importantly, don’t share the phrase with anyone else. Here are some important safety features of the wallet:

  • SafePal Cypher Board — This will secure your seed phrase safely. It’s made of corrosive-resistant material. This protects from water, fire, or acid.
  • Secure element — The wallet has a hack-proof EAL5+ secure element. This is a worldwide standard for industry-grade crypto chips. When there’s an attempt to hack it, it will self-destroy.
  • 2FA — 2-Factor authorization. Activate it on your mobile.
  • Key-deletion tool — Add or delete tokens easily.
  • Offline — The S1 Wallet is 100% offline. It connects with a USB cable, not with Bluetooth or Wi-Fi. 
Can You Stake on a SafePal Wallet?

Yes, you can stake on a SafePal Wallet. They have a SafePal Earn feature. This allows making passive income in your wallet. Staking involves four steps, as listed here:

  • Select a pool
  • Enable your LP tokens
  • Deposit your LP tokens
  • That’s it

For a full explanation, visit their Zendesk article. You can stake most of your crypto holdings. However, your wallet needs to be above the V2.9.0 version.

Conclusion

With 6 popular questions, we explained the SafePal wallet to you. Now you should know everything about this wallet. What it is, how it works, and how to recover your wallet. We also covered how you can create a wallet; how safe it is and if you can stake on the wallet.

SafePal also has the SFP token. The current price is $0.646213. This is 9.5% up in 24 hours. However, the token is up 75.88% over the last 30 days. No surprise here, looking at the current market. The current lesson is ‘Don’t practice unsafe CEX’. The market cap is $69.8 million. Their max supply is 500 million, with a current circulating supply of 108 million tokens.

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