Summary:
The SafePal S1 is a budget-friendly hardware wallet, priced under $50, offering robust security features by keeping assets offline and secure through a 100% air-gapped signing mechanism. It supports over 58 blockchains and multiple languages, and comes with a user-friendly setup process. The device includes a leather case, a metal plate for storing the seed phrase, and multiple security measures such as a random number generator and an anti-tampering self-destruct mechanism. While it lacks a desktop app and requires a USB connection for firmware updates, its extensive features and support make it an excellent choice for both beginners and experienced cryptocurrency users
Introduction
Today, we’re diving into the world of crypto hardware wallets with a review and guide on the SafePal S1. This wallet, which I’ve had at home for a year without touching, turned out to be a pleasant surprise. With a price tag below $50, it is packed with features that make it a compelling choice for both beginners and experienced users.
SafePal S1 Overview
The SafePal S1 hardware wallet is about the size of a credit card, though slightly thicker. It includes a display, buttons for navigation, a camera, and various ports. This compact device is designed to be a secure and convenient solution for managing cryptocurrencies.
Founded in 2018 and backed by Binance Labs since 2019, SafePal has steadily evolved from being just an app to offering a comprehensive hardware wallet solution. Recently, they also introduced a Chrome extension, although a desktop app is still not available. SafePal prides itself on being a true cold storage device, keeping your coins 100% offline with no Bluetooth, Wi-Fi, NFC, or USB connections required for transactions.
Key Features
Cold Storage Security: The SafePal S1 ensures your assets remain offline and secure, using a 100% air-gapped signing mechanism. Transactions are confirmed by scanning QR codes displayed on your phone with the wallet’s camera.
Affordability: Priced at around $50, the SafePal S1 offers a budget-friendly entry point into the world of hardware wallets. Purchasing two devices grants free global shipping, which is a nice bonus.
Package Contents: The SafePal S1 comes with a leather case, a metal plate for storing your seed phrase, a cleaning cloth, USB cable, stickers, and paper for writing down your seed phrase.
Security Measures: The wallet includes a random number generator, multiple layers of security sensors, and an anti-tampering self-destruct mechanism to protect your seed phrase from unauthorized access.
User-Friendly Setup: Setting up the SafePal S1 is straightforward and beginner-friendly, taking about 10 minutes to complete. The wallet supports mnemonic seed phrases of 12, 18, or 24 words, with 24 words being recommended for maximum security.
Extensive Blockchain Support: The SafePal S1 supports over 58 blockchains and their tokens, allowing you to manage a wide variety of assets on a single device.
Language Support: SafePal supports more than 15 languages, including English, German, Spanish, French, Turkish, Italian, Chinese, Japanese, Korean, Russian, and Vietnamese, making it accessible to a global audience.
Setup Guide
1. Unboxing and Initial Setup:
- Ensure the package is sealed and undamaged.
- Download the SafePal app from the Google Play Store or Apple App Store using the QR code provided.
- Charge the device if necessary, and then power it on by pressing the side button.
2. Creating a New Wallet:
- Select your preferred language.
- Choose “Create a New Wallet” and write down the mnemonic seed phrase displayed on the device. This phrase is crucial for recovering your wallet if needed.
- Confirm the seed phrase by entering the words in the correct order.
- Set up a security PIN for your device.
3. Pairing with the SafePal App:
- Open the SafePal app and select “Hardware Wallet.”
- Scan the QR code displayed on your phone with the wallet’s camera.
- Confirm the pairing and enter your PIN.
- Scan the dynamic QR code on your phone to complete the pairing process.
4. Adding Blockchains and Tokens:
- In the app, go to the asset management section and select the blockchains and tokens you want to manage.
- Use the wallet’s camera to scan QR codes for each blockchain or token you add.
- Confirm the additions in the app to see them displayed on your device.
Using the SafePal S1
Transaction Confirmation: When performing transactions, the app will display a QR code that you need to scan with the wallet’s camera. This two-way verification process enhances security.
Managing Assets: You can easily add or remove tokens and manage your portfolio within the app. The SafePal S1 supports DeFi applications, market tracking, and NFT management.
Security Features: The wallet’s firmware updates require a USB connection, although transactions do not. Regular updates are released every 2-3 weeks, enhancing functionality and security.
Earn and Staking: The SafePal app includes an “Earn” section where you can stake tokens like SFP, Ethereum, and BNB for rewards.
Downsides
Closed Source: SafePal is not open-source, which may concern some users who prefer transparent code. However, this also means potential vulnerabilities are less exposed to hackers.
USB Requirement for Updates: Despite marketing claims of no USB needed, firmware updates do require a USB connection, which can be seen as a minor inconvenience.
No Desktop App: While a Chrome extension is available, the absence of a dedicated desktop app might limit some users.
Conclusion
The SafePal S1 is a feature-rich, affordable hardware wallet that offers robust security and ease of use. Its support for multiple blockchains, extensive language options, and user-friendly setup process make it an excellent choice for both beginners and seasoned crypto enthusiasts. While it has a few downsides, such as the need for USB updates and being closed source, its overall value and security features make it a standout option in the hardware wallet market.
If you’re looking for a secure, budget-friendly way to manage your cryptocurrencies, the SafePal S1 is definitely worth considering. Feel free to use the link in the description to purchase one and take advantage of free global shipping when buying two devices. For more detailed guides and reviews, subscribe to SafePal Dragons channel and stay tuned for upcoming information on the SafePal S1 and other hardware wallets.
