Once you have decided to invest and acquire digital assets (tokens and digital currencies), the most important question that arises is how to keep them safe. This is because unlike your fiat currency, you cannot put digital currencies locked in your closet or in the bank. So in this case you will need a digital wallet. But how do you know which wallet is best for your cryptos? In this article we will be discussing Safepal review, which is said to be one of the best hardware wallets in the market. So if you are wondering is Safepal safe, then here is your answer.
A hardware wallet which is often known as a cold wallet is an offline wallet that stores all your digital currencies. This comes in the form of a USB drive that can be kept away from the computer when not in use. The best advantage of a hardware wallet is that since it is not directly connected to the internet, it is less prone to get hacked.
Safepal Review: An Overview
Safepal is an entity that is backed by Binance Labs, which is the venture arm of the digital currency exchange Binance. The essential services and products of the company are SafePal S1 Hardware Wallet, SafePal Leather Protective Case, SafePal Cypher Seed Protection Board, and the SafePal Token (SFP).
Safepal Binance is attaining ground in the arena of crypto for its services and products, especially the S1 Safepal hardware wallet. Another factor that is contributing to the growth of the company is its capability to forge partnership with other crypto supporting or crypto based companies.
Safepal Review: Services And Products
Safepal offers a range of products and services. And this is one of its primary reasons to gain so much popularity. Here are the top products and services that Safepal offers.
Safepal S1 Hardware Wallet
Now it is time for the Safepal S1 review. This hardware wallet was initiated in January 2019 and so it is comparatively new to the crypto space. 19 blockchains are being supported by the wallet, 10,000+ native tokens. This is the first wallet that was launched by this company.
SafePal Cypher Seed Protection Board
Safepal Cypher is a stainless steel board which is of 304 grade that is created to protect mnemonic phrases of your digital currency software or hardware wallets from obstacles like fire, water, and corrosion.
This product is completely offline and makes for easy usage and installation. It is also available to protect your seed phrases. This is compatible with many other wallets like Ledger Nano, KeepKey, Trezor, and many more.
SafePal Leather Protective Case
This is an anti-drop, water-proof, and scratch-proof leather case. It executes the dual operation of safeguarding your wallet from bumps or scratches and keeping your credit cards in place.
Among its salient features is a beautiful PU surface with a soft velvet inside that does the important job of safeguarding your wallet against any scratches. It also includes an invisible reinforced magnetic warp that keeps it close after use, guaranteeing that your credit cards and wallets don’t fall off. The Leather Case presently retails at an affordable value of roughly $10. It is effortless and lightweight to slip into your jean pocket or handbags.
SafePal Token (SFP)
In January 2021, SafePal presented the utility token SFP to the SafePal environment. SFP is a decentralized token based on the BSC(Binance Smart Chain). So far SafePal has offered about 500,000,000 limited SFP tokens. SFP can be used in several varied ways, including:
- To pay fees: Users can pay their fees with this token and receive discounts onSafepal products like Safepal swap, Safepal hardware wallets, etc.
- For staking rewards: The user can stake SFP token to be able to qualify for rewards from the Safepal Earn program. The stake implies holding of funds in a digital currency wallet.
- In community governance: The token holders of SFP can vote on latest features and initiate proposals like the inclusion of new blockchains on the products of Safepal.
Safepal Review: Pricing
SafePal products are to some extent affordable. The SafePal S1 hardware wallet is presently sold out on Safepal website and on Amazon. However, the user can still pre-order as a new batch is set to hit the store soon. The SafePal S1 hardware wallet generally costs $59.99 but is presently on a limited-time discount of $39.99. The user can also purchase the SafePal Leather Case to protect your hardware wallet from any type scratches. The Leather Case costs nearly $10.The SafePal App is free to use.
Safepal Review: Security
Security of any crypto holdings is the most important factor that is looked out by the traders and investors whenever they purchase a wallet. Safepal arrives ready to deliver with some impressive advanced features in security. It has a good recovery speed and secures all the elements as soon as they are put in the wallet. There is also a 2FA (2 factor authentication) and cold storage system for all its users.
Pros And Cons of Safepal
This is the last segment of our review where we will be seeing what are the pros and cons of this hardware wallet.
- A self-destruct system to prevent any malware attack.
- Very price friendly. It is priced at only $39.99.
- Safepal supported coins are less. Currently it does not support some trending digital currencies like Litecoin, TRON, Monero, EOS.
Safepal offers highly secured and efficient software and hardware wallets for digital currencies. But they are more popular for their hardware wallet. The above Safepal review dealt with the explanation of all the features and products that this company offers. This hardware wallet is ideal for newbie investors and crypto traders.