With its sleek, pocket-sized casing and comprehensive , the SafePal S1 hardware wallet has become a prime favourite of crypto asset owners who are investing for the long-term.
Having said that, the SafePal S1 does have its imperfections too.
In this review, we will share the pros and cons of the SafePal S1, its features and key technical specs, and some of our own considerations to help you decide if this wallet is the right one for your crypto assets.
SafePal S1 Summary
The SafePal S1’s cutting edge is not in any one innovation but in combining technologies we are familiar with such as QR codes and PIN numbers to create a simple and elegant device the size of your credit card. This familiarity breeds comfort and you can be sure that it is easy to use.
Where innovation is consistently producing new gadgets and features, the SafePal S1 wallet screams “less is more”. By eliminating features such as Bluetooth and WiFi connectivity, the S1 boosts its security with less expense, passing on the savings to you through its exceedingly low price while you sleep well at night. Hey, you can’t hack a wallet if you can’t connect to it.
Key Benefits:
- Focused on security
- Simple, compact and elegant
- User-friendly (especially for beginners)
- Extensive user support and in-app crypto services
- Highly affordable
Pros of SafePal S1
- Highly Affordable: One of if not the most affordably priced hardware wallet at US$49.99.
- Highly Convenient: Can be used on Android or iOS mobile phones via the SafePal app and various browser extensions for computers, all with password protection.
- Extensive User Support: Supports 15 languages, 20+ blockchains and 30,000+ crypto assets.
- High Connectivity Across Crypto Sectors: SafePal wallet owners will have extensive access to decentralised exchanges, projects, and services across the crypto landscape via WalletConnect V3 and third-party dApps on the wallet app.
- High Security: Certified to have the highest level of security against penetration tests (EAL 5+) and, if all else fails, self-destructs to prevent loss of assets from malware attacks (can be backed up later with your wallet’s seed phrase).
- Almost Unhackable: The S1’s 100% offline wallet with no wired or wireless interaction with other devices makes it extremely difficult to remotely hack and for your private keys to be stolen. Transactions are signed by scanning QR codes; the wallet scans QRs on the phone, then the reverse (yes, twice!).
- Sleek & Portable: The SafePal S1 wallet and the box that holds the entire kit is sleek, compact, and professional, making it easy to carry around or pack in your bag.
Cons of SafePal S1
- No Integration With Other Wallet Providers: SafePal S1 can only be used with the SafePal app and does not integrate with other wallet apps created with other wallet providers.
- Requires Charging: As a separate mini-computer that generates and scans QR codes, the SafePal S1 has to be charged via it’s USB-C port as part of having no connection with other devices.
- Occasional Firmware Upgrade: While the S1 does not require every firmware update to be installed, every 3 months or so, the firmware of the wallet goes out of date you have to perform a firmware update via USB-C from a computer.
SafePal S1 Features
The key features of the SafePal S1 include those concerning security and functionality. Because the S1 can only be used with the SafePal wallet app, we will also discuss the wallet app’s features in conjunction with the hardware wallet’s safety features.
Safety Features
The SafePal S1 device comes with multiple layers of security features.
Air-gapped Signing of Transactions
The SafePal S1 signs transactions via its in-built camera by scanning a QR code in the wallet app followed by. Following this, the hardware wallet generates its own series of QR codes to be scanned by the wallet app on your mobile phone.
The device was designed to positively avoid having a Bluetooth, Wi-Fi, NFC or USB connection with the aim of eliminating the possibility of the device being hacked by and losing your private keys to external malicious actors.
EAL 5+ Certification
This hardware wallet has an EAL 5+ certification.
What is that? This certification indicates a high level of security assurance established through rigorous tests including simulated real-world attacks. This level of safety is the culmination of multiple layers.
A secure element chip, used to secure information on passports and credit cards, secures the private keys to your digital assets.
Your private keys are generated with a true random number generator which, unlike keys generated by a pseudo-random number generator, cannot be reproduced.
Last Resort Self-Destruct Safety
If in the rare circumstance that even the hardware wallet is itself compromised by some form of malware that manages to get past all layers of defence and is able to target your private keys, the SafePal S1 has one last card to play, which is to self-destruct, taking your keys and the malware with it.
So long as you have your mnemonic seed phrase, you will be able to back up your wallet on another hardware wallet device later on.
SafePal Wallet App Features
The SafePal wallet app contains a plethora of features to complement the simple yet secure hardware wallet.
Supported Crypto Coins and NFTs
The SafePal S1 supports over 30,000 coins and tokens from over 20 blockchains. It also supports NFTs on Ethereum, Polygon, Solana, and Binance Smart Chain in addition to other blockchains.
Buy Crypto With Fiat
Users can buy cryptocurrency with fiat through the SafePal wallet app. This service is provided by SImplex in partnership with SafePal which allows users to purchase crypto currency with their MasterCard or Visa, saving time and gas fees compared to exchanging for crypto on external platforms such as crypto.com.
Spot & Margin Trade
Spot and margin trading are available with an interface that takes after the Binance mobile device app. While the trading interface may not be as complete as that of the Binance mobile app proper, it nevertheless allows users to skip transferring assets to Binance proper and trading there before transferring back into a wallet.
By being able to trade on Binance directly with your SafePal wallet instead of a Binance wallet, you save on waiting time, gas fees, and avoid the risks of placing assets in a centralised exchange.
Swap Cryptocurrencies In-App
The SafePal wallet app contains a native dApp called ‘Swap‘ that allows users to swap between two cryptocurrencies of choice as they would on any centralised or decentralised exchange.
Swap‘s coin pairings come from available coin pairings on large exchanges such as MEXC from within the app, making it extremely convenient. Swap also supports cross-chain swapping.
Third-Party dApps & WalletConnect V3
In addition to its already extensive features, the SafePal wallet app contains dApps that link to a long list of popular platforms such as DEXs (PancakeSwap, UniSwap), informational sites (CoinMarketCap, Etherscan), and chain-based protocols (AAVE).
It is also possible to access the dApps of DeFi projects through the search bar on the wallet app dApps menu.
WalletConnect V3 is also available which allows users to connect their wallet to platforms with WalletConnect V3. (WalletConnect V3 is an initiative that is pushing for connectivity of wallets across the entire crypto ecosystem.)
SafePal S1 Price
The SafePal S1 goes at US $49.99 (excl. shipping) which is a real steal. In particular, I would recommend this hardware wallet to anyone who is just starting out in crypto and is shopping around for a cheap, user-friendly wallet that is high quality.
While it is true that many other hardware wallet have great strengths that are decked out with more, I can safely say that I have struggled to find a hardware wallet cheaper than the S1 while still delivering above and beyond on security and functionality, not to mention that the device’s casing and box are very well designed and appealing while giving you extras such as seed phrase cards and sealing stickers.
SafePal S1 Key Technical Specs
We have identified the most important technical specs for crypto asset owners to consider when considering the Safepal S1 hardware wallet for their crypto assets:
| Key Specs | Description |
|---|---|
| Device Dimensions | 86 x 54 x 06 mm |
| Device Weight | 33 g |
| Battery | 400mAh |
| Display | 1.3-inch Color Display |
| Mnemonic Seed Phrase | • Supports 12-word, 18-word, and 24-word |
| Supported Crypto Assets | • 20+ blockchains and all their tokens (over 30,000) • Constant additions via firmware upgrade • NFTs |
| Security | • EAL 5+ independent secure element • True random number generator • Anti-tampering self-destruct mechanism |
| Connection | • Completely offline cold-storage • Air-gapped signing by QR code • No Bluetooth, WiFi, NFC |
| Mobile Phone App | Android, iOS |
| Browser Extensions | Chrome, Firefox, Microsoft Edge |
Contents of SafePal S1 Kit
The contents of the Safepal S1 kit include the following:
- SafePal S1 hardware wallet device
- USB Cable
- User manual
- App download card
- Cleaning cloth
- Sealing stickers x 2 (for sealing the box for various anti-tamper purposes)
- Mnemonic phrase cards x 3 (for storing your wallet’s mnemonic seed phrase)
SafePal S1 Kit Contents
Conclusion: Should I Get A SafePal S1?
the SafePal S1 is a wallet that is easy to work with while having access to various bread and butter services like swapping between cryptocurrencies or for buying gas.
Much unnecessary and intimidating complexity has been removed while a focus on clarity and simplicity has led to a comfortable and smooth-sailing user experience. This is especially good for beginners who want to begin buying and safely holding some crypto without being stopped by complex procedures and needing to research at every step.
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