If I were to ask you to name a hardware wallet, chances are that you would either say the Ledger Nano S or X or Trezor One or Model T. I don't blame you as those devices are probably the most popular hardware wallets out there as those companies have been in the crypto space for quite some time. However just as the crypto space has grown, so has the number of options to keep your crypto safe.
Having said that, in this post I am going to briefly write about the SafePal S1 hardware wallet and highlight some of my experiences with it.
You may not have heard of it or even seen it before so here's what it looks like. Looks very different from the other hardware wallets eh?
But before I write about the device, I first want to give a big thank you to the people at SafePal for sending me a unit to test out and review. I definitely wouldn't have been able to write this post if it hadn't been for them sending me a unit. Despite them sending me a unit to try and test out, this post will be as unbiased as possible.
So here are what I think the pros of the device are:
- internal battery
- can add various wallets in the software wallet
- integrated with both Binance DEX and Binance (new feature)
- integrated with Uniswap
- integrated with Compound
- can easily swap coins within the wallet
- price ($40 USD)
- nice feeling d-pad
Here are what I think the cons are:
- closed source code
- can only be used with a mobile device
- upgrading the software can be cumbersome and requires a Windows computer
After looking at the list of pros and cons, the number of pros definitely outnumber the cons. The only thing that may put you off on the wallet though is that the code is closed source. This means that only the people at SafePal have access to the code behind developing the wallet.
Why is this concerning? As the code isn't open for people to see, you're essentially taking SafePal's word that it's a secure wallet. For all we know, there could be a "back door" to the wallet that we don't know about as the code isn't available for the public to audit and verify.
I could be mistaken, but I don't think that SafePal's plan is to create wallets with backdoors to then steal your crypto in their defence though. This is especially true as they're the first hardware wallet to be backed by Binance. A friend of mine said that the wallet might as well be called the "SAFUPal." I hope you got the joke.
Now that we've looked at the pros and cons of this device, who is this hardware wallet for? Assuming that this wallet supports the coins that you're looking to hold, I personally think that this wallet is good for those who are looking for a hardware wallet who doesn't care whether the code is open or closed source and doesn't want to pay a lot for it. This wallet, in my opinion, has great value for the price.
Another group of people who may be interested in this wallet are people who frequently use the DEXes that this wallet supports. You can buy, sell, swap, and trade coins all from within the device. You maintain control over the private keys at all times.
As for the people who this wallet isn't good for, I would say that it's not for people who want an open source wallet and want to be able to verify the code him or herself. In that case, you'll want a Trezor.
Either way, I would love to know what your thoughts are on the device. Do you already have one? Would you like to get one? Why or why not?
For those of you who are interested in a full review of the device, check out the video below.
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