I learned about a cold wallet called SafePal.Please help! How about this wallet?

[Mike0022]

I am new to crypto and I have been looking for a safe and simple to use cold wallet.
I have observed cold wallets of various brands for a long time, but I think common wallet brands such as Ledger and Trezor are more complicated to use.
Recently, My friend recommended a cold wallet for me called SafePal. Please help me take a look at it. How about this wallet?
This is SafePal Official Website, which is said to be invested by Binance.
I learn about from their official website that this product features include:

Security lies in every detail
True random generator
Embedded with Germany AIS31 standard true random generator, keeping the uniqueness of your private key.

Independent crypto chip
Dual-chip architect, with an EAL5+ crypto chip, protecting your crypto asset from malicious attacks.

100% off-line
SafePal S1 only interacts with SafePal App via encrypted QRcode in isolated environment, rather than Bluetooth, NFC, Wifi, USB or any other connections, keeping the asset 100% off-line.
Anti-tampering technology
Anti-tampering technology Self-destroy and data-erasing mechanism embedded, protecting your crypto asset from both software and physical attacks.

PIN code protection
• Disrupted order of digits
• Hidden digits of the PIN
• Self-destroy during brutal attack

Smooth and seamless user experience
1.3' high-resolution screen
Accessible and friendly, showing every detail of your asset

Mobile-friendly
Send money anytime, anywhere as you like!

Scan and send
Send money with a simple scan at your fingertips

Simple back-up and recovery
Supporting all BIP39/BIP44 standard with fast and easy recovery mechanism. Don't worry, we've got your back.

SafePal App
Manage 1000+currencies in one App, easy to take full control
Keep every transaction detail in record
All records trackable in real-time

This is their help center. The content is very detailed and looks good. There are quite a lot of descriptions of security.
I also follow their Twitter, they are very active in interacting with users, and often post product activity.
Meanwhile, I also joined their Telegram group.
Currently, there are hundreds of users in the group. The interaction is very active.
They have 3 administrators who are responsible for responding to user inquiries.
I see the group user feedback and they are very satisfied with the product.
The most important thing is that they only sell for $ 39.99, which is the cheapest cold wallet I have seen, and Binance Investment feels very reliable.

So please help me identify whether such a cold wallet is worth buying?

[1715467028]

1715467028

[gentlemand]

When it comes to hardware wallets track record and established competence is far more important to me than who's endorsing it.

We can point to years of use with Trezor and Ledger. I don't like the way Ledger operate so would favour Trezor.

Safepal might be wonderful. I'd rather let other people prove it to me over several years.

[CryptoBry]

I am sure this post can be considered as promotional attempt by SafePal. However,  I am not making a judge on who is posting here but what is being posted. As the first hardware wallet invested and backed by Binance, there must be something good and forward-looking with this product provider. Let's see if it can be able to compete well with Trezor and Ledger, the two most popular brands in this business. In case, Binance will decide to flex its marketing muscle to help SafePal then I am sure it can easily capture a good slice of the available market. Good luck to this project.

[bitmover]

Safepal might be wonderful. I'd rather let other people prove it to me over several years.

This.

Why are going to risk your money in this new wallet?
Buy a ledger or trevor for your savings. If you want to have an exotic wallet , just try this safe pal for small amounts.

I am new to crypto and I have been looking for a safe and simple to use cold wallet.
I have observed cold wallets of various brands for a long time, but I think common wallet brands such as Ledger and Trezor are more complicated to use.

No they are not complicated to use. They are simple

Recently, My friend recommended a cold wallet for me called SafePal. Please help me take a look at it. How about this wallet?
This is SafePal Official Website, which is said to be invested by Binance.
I learn about from their official website that this product features include:

Security lies in every detail
True random generator
Embedded with Germany AIS31 standard true random generator, keeping the uniqueness of your private key.

Independent crypto chip
Dual-chip architect, with an EAL5+ crypto chip, protecting your crypto asset from malicious attacks.

100% off-line
SafePal S1 only interacts with SafePal App via encrypted QRcode in isolated environment, rather than Bluetooth, NFC, Wifi, USB or any other connections, keeping the asset 100% off-line.
Anti-tampering technology
Anti-tampering technology Self-destroy and data-erasing mechanism embedded, protecting your crypto asset from both software and physical attacks.

PIN code protection
• Disrupted order of digits
• Hidden digits of the PIN
• Self-destroy during brutal attack

Smooth and seamless user experience
1.3' high-resolution screen
Accessible and friendly, showing every detail of your asset

Mobile-friendly
Send money anytime, anywhere as you like!

Scan and send
Send money with a simple scan at your fingertips

Simple back-up and recovery
Supporting all BIP39/BIP44 standard with fast and easy recovery mechanism. Don't worry, we've got your back.

SafePal App
Manage 1000+currencies in one App, easy to take full control
Keep every transaction detail in record
All records trackable in real-time

Nothing new here.
Trezor and ledger do all that.

[Lucius]

I am new to crypto and I have been looking for a safe and simple to use cold wallet.

I think you are not new in crypto, and that you are promoting this wallet - even if you think that hyperlinks can hide your links, it's more than obvious what it's really about. Personally, I find these promotions very insidious, since they assume that the forum members are stupid people who click on all the links and do not check them before.

Code:

https://safepal.io/?utm_source=forum&utm_medium=Bitcoin%20Forum&utm_campaign=Daily

I am with Ledger for now, and the other option would definitely be the Trezor. There is currently no third option worth the risk, so in my opinion, every air gapped wallet is safer than a hardware wallet without any reputation.

[Quidat]

When it comes to hardware wallets track record and established competence is far more important to me than who's endorsing it.

We can point to years of use with Trezor and Ledger. I don't like the way Ledger operate so would favour Trezor.

Safepal might be wonderful. I'd rather let other people prove it to me over several years.

When it comes to security of funds then im too paranoid with that and the thing you said was right.It would take for several years and a bunch of positive feedbacks before i do consider on using up a new wallet.

Other than that- i dont tend nor plan to try it out just for the sake of curiosity.Always stick to the known ones and you'll be safe but it doesnt mean that new players doesnt have a chance.
They do just need time to prove out.

[1Referee]

Other than that- i dont tend nor plan to try it out just for the sake of curiosity.

The fewer people try out new hardware wallets, the less likely it will be that new hardware wallets will be exposed for having bugs or backdoors. It basically means that even after the few people who used their wallets without any problems for a couple of years straight, the vulnerabilities can and probably will show up when the mass is stress testing it.

It's hardware and software combined, so there is a lot that can go wrong. The best hardware and software engineers work for the biggest companies in the world, and even they don't manage to design a perfect product in terms of safety/security. In that regard, we should expect less 'perfect' products from the companies behind the most popular hardware wallet brands.

I still hold about 70% of my cold wallet funds in simple paper/metal wallets. Easy to hide and transfer and it gives me a peace of mind. The other 30% sits in Ledger Nano S's.

[sunsilk]

It's name might be 'safepal' but it seems not to most. It has been said that when it comes to the reputation nothing beats Ledger and Trezor. Although there's keepkey and other competitors but that's what we always hear from the people of the community.

It will take time for safepal to prove themselves but it doesn't guarantee users to jump off to them quickly.

[bL4nkcode]

Ah, seems a promotional post and a paid one. Well, above answers are enough for you to understand, that competition is good for hardware wallet market, but the reputation of the company and the product is the priority when buying a hardware wallet.
Introduce us a HW that ledger and trezor doesn't have with of course, a secured, open source, budget-friendly, simple and user-friendly designs.

[LTU_btc]

I think you are not new in crypto, and that you are promoting this wallet - even if you think that hyperlinks can hide your links, it's more than obvious what it's really about. Personally, I find these promotions very insidious, since they assume that the forum members are stupid people who click on all the links and do not check them before.

Code:

https://safepal.io/?utm_source=forum&utm_medium=Bitcoin%20Forum&utm_campaign=Daily

I also noticed this thing immediately after I opened this link. OP pretends that he is just random guy, when in reality he is an employee of that company. It's not good way of promotion, because people will definitely will notice these tracking tags in link. You had to come straight as company employee as all professional business do here.
There is quite many hardware wallets in market, not just Ledger and Trezor. So, I just ask you one question which I usually ask in such cases when someone promote new hardware wallet. Can you tell few strong reasons why people should pick your hardware wallet, instead of these trusted and most popular wallets?
P.S. You should move your topic to Hardware wallets child board.

[hugeblack]

If it is covered by Binance, why is it not being officially announced on that platform, I think you will find more acceptance if the sale is through Binance.com.
I followed the links on the site and all refer to Binance.com, but there are no links from Binance to safepal.io.

Generally, if you find enough confidence, I think the price of $ 40 is very cheap compared to the ingredients.

[joniboini]

If it is covered by Binance, why is it not being officially announced on that platform, I think you will find more acceptance if the sale is through Binance.com.

They did include some references to this wallet.

https://docs.binance.org/wallets/safepal.html
https://medium.com/binance-labs/buidlers-season-1-project-3-of-8-safepal-1b8fb1e9c974
https://www.youtube.com/watch?v=8olCNqR_2wY

[LeGaulois]

If anyone wants to look at a video to see the device in action here. I like it with the screen   1"3 perfect for me.

You can store a lot more cryptocurrencies compared to Ledger (I don't know with Trezor) and they plan to add 2-5 chains per month. Their architecture seems to be a lot more different compared to Ledger, hence the device could support an unlimited number of altcoins as they say.

I know some people think, anything new isn't to be trusted, it needs track record, etc but they all have to start somewhere, they can't become well know and get their reputation in 1 month. And if we follow this logic the HD wallet ecosystem will never evolve. I agree with @1Referee too

I think  I'm going to buy it to play with, they sell it for $40 currently.

...

It's backed by BinanceLab if I'm correct.
 

[GreatArkansas]

If it is covered by Binance, why is it not being officially announced on that platform, I think you will find more acceptance if the sale is through Binance.com.
(....)

Binance invested and backed SafePal so something partnership.
Since they also enabled the SafePal hardware wallet to the Binance Dex.
https://m.safepal.io/

SafePal, A junior Crypto Hardware Wallet Brand, caught the attention of Binance in less than one year after its establishment, and became the first and only hardware wallet team invested and incubated in the first Binance Labs Incubation Program.

[o_e_l_e_o]

It caught my eye with the headline that it is "100% offline" and only communicates via QR codes. I assumed the USB port on the bottom was power pins only for charging and no data transfer. That was until I saw on their website that it does indeed have a data connection which you have to use to flash the firmware, meaning it is just as vulnerable to this attack vector as any other hardware wallet.

Beyond that, I don't see what it is offering that other wallets don't already? It seems to boast a lot of coins/tokens, but given that >99% of those 2000 assets are completely trash, that really doesn't appeal to me either. I think more competition in this space is always a good thing, but unfortunately there's not enough here for me to risk my funds on a new and untested product for essentially no new features.

[Pmalek]

but unfortunately there's not enough here for me to risk my funds on a new and untested product for essentially no new features.

No new features and what is more important no reason to stop using the already trusted hardware vendors because with proper care they do the job they were built to do. Protect your seed words, don't enter them anywhere online or in a bogus software, use a strong passphrase and you are good to go.

[malevolent]

Closed source, no plans provided how to build your own clone from scratch, no secure element, can't find anything whether it has been professionally audited by anyone of competence.

It's nice that there's more competition, and I'd trust Binance more than a new random no-name startup, but the above make it a deal breaker for me.

[The Sceptical Chymist]

Ah, seems a promotional post and a paid one.

I hate to bump this thread, but I did see this SafePal wallet on Amazon and did a search here to see if anyone had reviewed it.  I agree with you that OP is/was a shill for SafePal and that really puts a bad taste in my mouth, because it's just a flat-out lie that he's a noob looking for a hardware wallet.  Obviously OP hasn't made any more posts on bitcointalk, so he's busted.

I was wondering why there aren't more hardware wallets being discussed in this section, because there are quite a few on Amazon that look pretty but are really expensive.  Seems like the older, more well-established ones are the most popular and I totally understand why.  I'd be tempted to buy something like a SafePal wallet if I knew it worked well, but with no track record....it's tough to justify.

Closed source, no plans provided how to build your own clone from scratch, no secure element, can't find anything whether it has been professionally audited by anyone of competence.

Ah.  Then the only reason to buy it is as a collectible (lookin' at you, gentlemand, with an eye toward crypto history).

[gentlemand]

I was wondering why there aren't more hardware wallets being discussed in this section, because there are quite a few on Amazon that look pretty but are really expensive.  Seems like the older, more well-established ones are the most popular and I totally understand why.  I'd be tempted to buy something like a SafePal wallet if I knew it worked well, but with no track record....it's tough to justify.

Same as Bitcoin vs alts? Why would you take the risk on something that isn't battle tested and subject to the obsessive scrutiny of thousands of its users?

I'll be the first to admit I'm clueless about this stuff. I'll stick with the gear that has the most clued up people keeping it honest.

[DaveF]

I was wondering why there aren't more hardware wallets being discussed in this section, because there are quite a few on Amazon that look pretty but are really expensive.  Seems like the older, more well-established ones are the most popular and I totally understand why.  I'd be tempted to buy something like a SafePal wallet if I knew it worked well, but with no track record....it's tough to justify.

Same as Bitcoin vs alts? Why would you take the risk on something that isn't battle tested and subject to the obsessive scrutiny of thousands of its users?

I'll be the first to admit I'm clueless about this stuff. I'll stick with the gear that has the most clued up people keeping it honest.

It's kind of an endless loop.
If you are new how to you gain traction in this sector.
Design / build / implement. That's simple.
Now you have to prove its safe. (open source hardware / software) but then what?
How do you get a foot in the door with the big players?

-Dave