KeepKey is a hardware cryptocurrency wallet that supports more than 40 crypto assets. It’s beautiful, simple to use, and affordable. It is still inferior to the TREZOR One or Ledger Nano X, but it has better coin support and company credibility. Overall, it is a solid wallet for hardware.
KeepKey, a once independent hardware wallet, was purchased by ShapeShift in 2017. The acquisition of the hardware wallet company was at least partially for integration into ShapeShift, a non-custodial exchange that allows traders to have an extremely high level security for crypto assets.
What is a hardware wallet and how do you use it?
The hardware wallet was a new type and type of cryptocurrency wallet that emerged in 2013. A hardware wallet is basically a piece that stores your private keys but isn’t connected to the Internet. Remote attackers won’t have the ability to steal your coins.
Hardware wallets can be used safely even on computers infected by malware, because of the way they are made. TREZOR, with its TREZOR One hardware wallet, was the first to be adopted by mass bitcoiners. The Ledger Nano S followed, and then KeepKey. Although there are many companies making hardware wallets today, these three remain the most popular choice for crypto enthusiasts.
KeepKey Supported Cryptocurrencies
Through its integration with MyEtherWallet and KeepKey, more than 1000 crypto assets can be stored in the hardware wallet. Most of these are ERC-20 tokens. KeepKey supports only seven crypto assets that do not use ERC-20 tokens. This leaves the crypto wallet with a few obvious omissions. KeepKey devices cannot store popular altcoins such as Ripple, EOS and Binance Coin.
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Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
These are the major crypto assets that KeepKey supports:
- Bitcoin
- Bitcoin Cash
- Bitcoin Gold (in KeepKey Client).
- DASH
- Dogecoin
- Ethereum
- Litecoin
- DigiByte (only available on beta.shapeshift.com
- 1000+ ERC-20 tokens
KeepKey Online Purchase
KeepKey can be ordered online for almost all of its features. The hardware wallet can be ordered in its own online shop for 50,00 EUR (click to see the current price). You can pay via PayPal, cryptocurrencies, or credit card. Shipping fees may incur additional charges. Due to the fact that the shipment is from America, additional duties might still be applicable. You can purchase the hardware wallet through an official reseller around the world. They also sell KeepKey in their shop.
Delivery
The small, foil-coated box in which the hardware wallet is packed is sealed with foil. The lid is sealed with foil so that any previous openings are not obvious. Although it does not guarantee 100% security, this seal is a good idea. With a black cardboard box that can open like a treasure trove and a magnet closes the lid, KeepKey’s hardware wallet will be visible. On the inside of the lid, the URL www.keepkey.com/get-started is printed where you can start setting it up. The accessory is located on the second level.
KeepKey Design and Unboxing
You’ll be amazed at how fun the entire unboxing process is when you receive your crypto wallet. It is obvious that the packaging and product design were carefully thought out. A KeepKey seal is included on the box to show that it has not been opened before, which indicates that the device remains secure.
The KeepKey hardware wallet is included in the box. Also included are a USB cable to connect the wallet with your computer. A card to write your recovery sentence and a leather case to store that card. Although it may sound silly, KeepKey’s sleek design with cool digital animation make using it much more enjoyable than other hardware wallets. It feels more durable than other wallets.
Although you won’t have to carry it around unnoticed, just like a TREZOR and Ledger, it is a hardware wallet that stores large amounts of Bitcoin. So why would you want it to be in your pocket? It uses the same 2nd screen protection as TREZOR or Ledger, which makes it less vulnerable to keystroke spying.
How to set KeepKey up
KeepKey setup is easy and should take no more than 10 to 20 minutes. It is extremely easy to use.
These are the basic steps to set up your KeepKey.
- ShapeShift is now available
- Pair your KeepKey
- Upgrading the firmware of your device
- Start the setup
- Transfer crypto to device
You can view your portfolio and buy crypto using Banxa. You can also trade on decentralized exchanges.
How much does KeepKey cost?
KeepKey’s original price was $239. The company has since reduced the price to $79 making it an affordable and competitive hardware wallet (similar to the TREZOR one). You can also buy KeepKey from an authorized US reseller for $99. This will include a waterproof, fireproof offline backup.
KeepKey vs. Ledger vs. TREZOR
The KeepKey hardware wallet is one of the most noticeable features that cryptocurrency users notice. It comes at a lower cost than the other major options. It doesn’t have the same brand trust or brand recognition as Ledger so the lower price makes sense. Ledger also offers many different wallets for hardware, all at different prices.
KeepKey is most well-known for its association to ShapeShift. However, devices from Ledger are also compatible with ShapeShift’s cryptocurrency exchange.
It uses a different chip to protect users’ private keys against attackers. KeepKey uses the same chip as TREZOR’s hardware wallets.
Ledger hardware wallets can support more crypto assets than KeepKey.
Security
Two security issues are related to the hardware wallet.
The vulnerability in the STMicroelectronics chips used in the TREZOR hardware wallet in 2017 was first discovered. The same chip is also used in KeepKey devices.
Hacks that occurred in 2017 on KeepKey and TREZOR devices made it possible for an attacker to gain physical access to a device and obtain the backup seed. This was done by using software and hardware vulnerabilities. KeepKey later refuted the claim that it was easy to obtain the seed phrase associated with a hardware device in only 15 seconds.
It is important to note that users are already in trouble if their device is stolen by someone else. KeeyKey sees the purpose of their devices is to protect their users against remote attacks from hackers over the internet.
Conclusion
KeepKey did an amazing job creating a user-friendly, beautifully designed hardware wallet. This is a great product to have if you don’t mind its size. It will be able to surpass its competitors in the future with more supported coins and a greater presence of companies in the Bitcoin ecosystem.
