Safepal hardware wallet review and opinions

[Lillominato89]

Hello guys, I was looking for an Hardware Wallet and i found this small and smart device. It immediately cauch my attention.


The wallet is called “SafePal” and it is supported by Binance Labs, Litecoin Foundation and Trust Wallet.

I had the opportunity to buy and try one of it last month. It is very easy to use and with a nice-looking design. In the package we can find:
1 SafePal S1 Hardware Wallet
1 User Manual
1 USB-A to micro-USB cable
1 SafePalm Stickers Set
3 Recovery Sheets
1 little cloth to clean it


SafePalm S1 supports over 1.500 cryptocurrencies and therefore you can store the best cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, Tron, EOS and many more.
Here an oerview of the supported coins and tokens


No physical attachment point: SafePal S1 does not use WiFi, Bluetooth, NFC and or radio signals.
It communicate via encrypted QR codes with double scanning between the safepal app and the safepal wallet which is equipped with a special camera, keeping your 100% private key offline. In addition, it has an EAL5 + cryptographic chip, which helps protect your wallet from cyber attacks and implements a self-destruction and data deletion mechanism. The SafePalm supports 10 different languages 
Inside the dedicated app we also find a dex that connects directly to the Binance dex and it will be possible to trade your BNB directly from the app itself without the need to have them on the binance exchange.

The current price for one device is $ 39.99 + shipping costs, but if you buy 2 or more the shipping is free. This is an affordable and very competitive price, for me an excellent wallet for this price. I hope I did something pleasing to everyone and can help someone that want to try it.

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[20kevin20]

Awesome! Thanks for your review.

I don't know if I should feel safe having a camera on my hardware wallet. I feel like it's a potential privacy risk while the thing is turned on. Would've been much better imo if they had a little camera cover. I also cannot find any open-source mention of it, so I suppose it's closed source which I don't agree with for a HW. Even Ledger, although it's partially open source, makes me a bit suspicious about it.

Moreover, in comparison to what Ledger says (at least if we take their words for granted), SafePal has a Serial Number which means these devices could be tracked if you don't take the right precautions. In other words, if you purchase this device from their website using your real name and address, they could assign the SN of the sold SafePal to your personal data which is worrying, to say the least.

I have a few questions however:

• How does the device feel? From your first picture, the front buttons look like they feel a bit cheap - I know this is a $40 device, but does it feel sturdy or at least of average quality?
• If there's one thing I hate about my Ledger, it's the fact that I cannot for example see the balance of all my accounts without having to add them beforehand in Live. Can you see all balances directly from the SafePal?
• Does it have a rechargeable battery or do you have to keep it constantly connected to an USB port?
• As far as I understand, the hardware wallet does not need any kind of connection in order to complete a transaction as you could simply just scan QR codes, right? If you plug it in a PC, can you use any other wallet besides theirs with it? With Ledger for example, you can use Electrum.

[stomachgrowls]

Awesome! Thanks for your review.

I don't know if I should feel safe having a camera on my hardware wallet. I feel like it's a potential privacy risk while the thing is turned on. Would've been much better imo if they had a little camera cover. I also cannot find any open-source mention of it, so I suppose it's closed source which I don't agree with for a HW. Even Ledger, although it's partially open source, makes me a bit suspicious about it.

Just trying out to find more information about this wallet and i cant found if this one is open source or not but you can see some other reviews about its pros and cons:
https://academy.binance.com/tutorials/safepal-s1-hardware-wallet-review#cons
https://7labs.io/tips-tricks/safepal-hardware-wallet.html

Yes, its cheap but still hesitant when it comes to complete security of your coins.People would simply stick out to known or reputable ones when it comes to HW.

[Lillominato89]

Awesome! Thanks for your review.

I don't know if I should feel safe having a camera on my hardware wallet. I feel like it's a potential privacy risk while the thing is turned on. Would've been much better imo if they had a little camera cover. I also cannot find any open-source mention of it, so I suppose it's closed source which I don't agree with for a HW. Even Ledger, although it's partially open source, makes me a bit suspicious about it.

Moreover, in comparison to what Ledger says (at least if we take their words for granted), SafePal has a Serial Number which means these devices could be tracked if you don't take the right precautions. In other words, if you purchase this device from their website using your real name and address, they could assign the SN of the sold SafePal to your personal data which is worrying, to say the least.

I have a few questions however:

• How does the device feel? From your first picture, the front buttons look like they feel a bit cheap - I know this is a $40 device, but does it feel sturdy or at least of average quality?
• If there's one thing I hate about my Ledger, it's the fact that I cannot for example see the balance of all my accounts without having to add them beforehand in Live. Can you see all balances directly from the SafePal?
• Does it have a rechargeable battery or do you have to keep it constantly connected to an USB port?
• As far as I understand, the hardware wallet does not need any kind of connection in order to complete a transaction as you could simply just scan QR codes, right? If you plug it in a PC, can you use any other wallet besides theirs with it? With Ledger for example, you can use Electrum.

Hi, I try to be as exhaustive as possible in answering your questions, as far as your perplexity is concerned, I totally agree, however being that safepal wallet does not use any radio connection, the use of the camera remains only locally and only for scan the QR codes, obviously I do not exclude that it may damage the privacy.

- The device itself is very handy but you can still note that cheap material has been used, the buttons are not always responsive but given the low cost of the device you can turn a blind eye, the device is of average workmanship and obviously you cannot expect that it is impact resistant, you must keep it carefully

-From the safepal wallet it is not possible to view the balance of the coins kept but it is possible to view it from the appropriate smartphone app

-Includes a rechargeable lithium battery (if I'm not mistaken) of 450mha which has a good duration in itself, obviously the more the wallet is turned on the faster it discharges, but since most of the operations are done through the app the wallet battery is recharged few times

-The hardware wallet can only receive incoming transactions, in order to be able to send a transaction instead you need to double scan the QR code, once by scanning with the safepal wallet the QR code that appears on the smartphone app and once by scanning with the smartphone the qr that appears on the safepal wallet, for the moment it is possible to use only the smartphone app and it is not possible to connect it to the pc, only for software update it can be connected to the pc

I hope I was helpful

[Lillominato89]

Awesome! Thanks for your review.

I don't know if I should feel safe having a camera on my hardware wallet. I feel like it's a potential privacy risk while the thing is turned on. Would've been much better imo if they had a little camera cover. I also cannot find any open-source mention of it, so I suppose it's closed source which I don't agree with for a HW. Even Ledger, although it's partially open source, makes me a bit suspicious about it.

Just trying out to find more information about this wallet and i cant found if this one is open source or not but you can see some other reviews about its pros and cons:
https://academy.binance.com/tutorials/safepal-s1-hardware-wallet-review#cons
https://7labs.io/tips-tricks/safepal-hardware-wallet.html

Yes, its cheap but still hesitant when it comes to complete security of your coins.People would simply stick out to known or reputable ones when it comes to HW.

There is a github repository but I can't tell you if the code is open-source or not. Obviously your perplexity is more than fair, it is not easy to trust something when money is at stake, whatever the type of wallet (HW, SW or PW) we will never be 100% sure that our coins are safe

[Darker45]

~snip~

Just trying out to find more information about this wallet and i cant found if this one is open source or not but you can see some other reviews about its pros and cons:
https://academy.binance.com/tutorials/safepal-s1-hardware-wallet-review#cons
https://7labs.io/tips-tricks/safepal-hardware-wallet.html

Yes, its cheap but still hesitant when it comes to complete security of your coins.People would simply stick out to known or reputable ones when it comes to HW.

The review from the second link you provide says, "SafePal is closed-source." That would be another con on the list.

It also says the HW is fully air-gapped and yet it needs to be plugged into a computer to update the firmware. That sounds contradictory to me. That means it is not fully air-gapped in the strict sense of the word.

But it would be interesting to see this new player in the market developed further. And definitely make their HW device more sturdy to start with. I guess the price always comes second to basic features in terms of safekeeping.

[giammangiato]

Hello guys, I was looking for an Hardware Wallet and i found this small and smart device. It immediately cauch my attention.


The wallet is called “SafePal” and it is supported by Binance Labs, Litecoin Foundation and Trust Wallet.

I had the opportunity to buy and try one of it last month. It is very easy to use and with a nice-looking design. In the package we can find:
1 SafePal S1 Hardware Wallet
1 User Manual
1 USB-A to micro-USB cable
1 SafePalm Stickers Set
3 Recovery Sheets
1 little cloth to clean it


SafePalm S1 supports over 1.500 cryptocurrencies and therefore you can store the best cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, Tron, EOS and many more.
Here an oerview of the supported coins and tokens


No physical attachment point: SafePal S1 does not use WiFi, Bluetooth, NFC and or radio signals.
It communicate via encrypted QR codes with double scanning between the safepal app and the safepal wallet which is equipped with a special camera, keeping your 100% private key offline. In addition, it has an EAL5 + cryptographic chip, which helps protect your wallet from cyber attacks and implements a self-destruction and data deletion mechanism. The SafePalm supports 10 different languages 
Inside the dedicated app we also find a dex that connects directly to the Binance dex and it will be possible to trade your BNB directly from the app itself without the need to have them on the binance exchange.

The current price for one device is $ 39.99 + shipping costs, but if you buy 2 or more the shipping is free. This is an affordable and very competitive price, for me an excellent wallet for this price. I hope I did something pleasing to everyone and can help someone that want to try it.

Amazing product for ana amazing price. Yes this helps also people that start with a low quantity of crypto to learn what is an hardware wallet, how it works and why is better than put cryptocurrencies in the exchanges. The binace dex function is also amazing for the "not holding users".

[Lucius]

What I first noticed was that this hardware wallet was developed in collaboration with Binance, which to some extent gives them a certain dose of credibility for a good start. Also the price is very competitive with the main competitors (although Ledger has very good discounts from time to time), but for those who want to try something new this HW looks like a very good opportunity.

I checked the price of postage for the EU and it is about $ 12, but I did not find information from where the device is sent, so I can not say anything about customs costs and the total price of the device (our VAT + custom tax may apply).

What kind of SEED  does it use, BIP39 or its own scheme for phrase formation? 2) what about software it can  communicate with, solely with Binance app or something else. 3) and memory, how many coins  that wallet could control at once?

According to what is stated on their page (click on Shop tab) this HW is support BIP39/44 standard. Their download page is only offer SafePal app, so we can assume that this is the only official app for this wallet. But it is also backed by Trust wallet, and this wallet is in Binance hands from 2018.

They do not state clearly how many apps it is possible to have on the device at the same time, but they state that they have a different strategy than Ledger and that their device can support unlimited of cryptocurrencies.

https://docs.safepal.io/safepal-app/token-coin-management/supported-currencies

[Lillominato89]

I checked the price of postage for the EU and it is about $ 12, but I did not find information from where the device is sent, so I can not say anything about customs costs and the total price of the device (our VAT + custom tax may apply).

I purchased the product about a month ago, the product cost $ 39.99 + shipping cost for Italy of $ 6, the product was sent from Shenzhen China in about 15 days due to the emergency covid19, but on the site it is specified that it takes about 8 working days to receive the product

[20kevin20]

~

Thank you for the detailed answers.

It definitely has some cons that make me doubt whether it's worth it to go for a cheaper HW or to buy the Ledger/Trezor instead, especially as we're talking about the safety of your funds. As both Ledger & Trezor are very popular and have gone through many security tests, I'd personally rather wait a little more and save money for one of them instead.

An interesting product however, I'll keep an eye on it. Maybe time will prove my gut instinct wrong.

[The Sceptical Chymist]

The wallet is called “SafePal” and it is supported by Binance Labs

Binance Labs?  Never heard of it, though I'm assuming it's some sort of research division of Binance...?

And yeah, this definitely looks like a pretty slick-looking hardware wallet and it isn't too expensive either.  If I had some extra cash to blow I might be interested in buying one, if only for the novelty--but I don't, nor do I need multiple HW wallets.  The Ledger is tried-and-tested, and I'd be afraid to try a new one without a positive track record, especially since I'm not a tech geek who could easily see flaws in the code and so forth.

It definitely has some cons that make me doubt whether it's worth it to go for a cheaper HW or to buy the Ledger/Trezor instead

If you're buying a hardware wallet that you're actually going to use to store crypto, I wouldn't play around with anything except a Ledger or Trezor.  Certainly not until some of these new wallets establish themselves as contenders in the market.

[Lillominato89]

Binance Labs?  Never heard of it, though I'm assuming it's some sort of research division of Binance...?

And yeah, this definitely looks like a pretty slick-looking hardware wallet and it isn't too expensive either.  If I had some extra cash to blow I might be interested in buying one, if only for the novelty--but I don't, nor do I need multiple HW wallets.  The Ledger is tried-and-tested, and I'd be afraid to try a new one without a positive track record, especially since I'm not a tech geek who could easily see flaws in the code and so forth.

It is a division of the Binance team, I discovered it only thanks to the purchase of the Safepal, they operate on research and studies on blockchain but I can't tell you more more, you can check on their site if you want, I will link it to you

https://labs.binance.com/

[dkbit98]

I would not say Safepal is better than Ledger or Trezor hardware device, but it may be better than all the rest hardware wallets.
We need to see more Safepal testing from coders and experts.

Good thing is the price, as currently it is one of the cheapest hardware wallet, and you can even get free shipping if you buy two.

Bad thing is that Safepal is not open source software, and we are not being able to use it with desktop OS.

[hugeblack]

Binance again, they seem to be trying to control multiple crypto industries, starting with a platform, a wallet, hardware wallets, explorers, coinmarketcap, Mining pools, ...etc.

The design of the device is elegant and the price is cheap, but are there any advantages to work with binance? I expected to add a special addition to direct trading on the platform or use the platform application instead of creating a new application.

About air-gapped how did firmware upgrade?

[Lillominato89]

The wallet is called “SafePal” and it is supported by Binance Labs, Litecoin Foundation and Trust Wallet.

Looks attractive, but at same time multiple questions arise. What kind of SEED  does it use, BIP39 or its own scheme for phrase formation? 2) what about software it can  communicate with, solely with Binance app or something else. 3) and memory, how many coins  that wallet could control at once?

sorry if I answer late, the wallet supports BIP39 BIP44, mnemonic phrases as well as scans of qr codes and a pin code to confirm all the operations you intend to do

[Lillominato89]

Binance again, they seem to be trying to control multiple crypto industries, starting with a platform, a wallet, hardware wallets, explorers, coinmarketcap, Mining pools, ...etc.

The design of the device is elegant and the price is cheap, but are there any advantages to work with binance? I expected to add a special addition to direct trading on the platform or use the platform application instead of creating a new application.

About air-gapped how did firmware upgrade?

I don't know why they created an additional app, maybe the binance labs are just an investor in the safepal team, I don't really know the details. however, within the safepal app there is the exchange section that connects directly to binance dex and you can start trading directly from the wallet without sending funds to binance. in my opinion it is a really interesting feature! same functionality that exists on trustWallet

as for the update, I can't answer you, they gave me the device with the latest firmware available, I will let you know when there will be a new update

[sukbir]

Thank you for post. I would be grateful if you can do youtube review video.

[Lillominato89]

Thank you for post. I would be grateful if you can do youtube review video.

I'm sorry but I don't have fluent English, and above all I don't have the right equipment to make an exhaustive video, however on YouTube there are several videos on safepal, and in various languages

[sukbir]

No worries mate, I will have a look on Youtube.

Thank you for post. I would be grateful if you can do youtube review video.

I'm sorry but I don't have fluent English, and above all I don't have the right equipment to make an exhaustive video, however on YouTube there are several videos on safepal, and in various languages

[giammangiato]

As mentioned a few posts before, I find the dex binance function in the wallet extraordinary. In this regard, have you ever tried this function? I find it interesting enough and if possible can you tell us your impression? Or if you have other news to say, because I'm thinking of buying one. Many thanks in advance