SafePal S1 – SafePal review and guide for beginners (2024)

Hardware wallets are the best choice for safekeeping your assets, giving you the assurance that the wallet and private key belong to the original owner. SafePal S1 among hardware wallets, it is one of the most convenient and secure options for safekeeping, management and trading of assets for both beginners and professionals, and can boast of large investors such as Binance. SafePal has made great strides in cryptography through the development of hardware wallets, including the SafePal S1.

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SafePal S1 - Cheap Cryptocurrency Wallet

SafePal wallet S1 was launched in January 2019 and supports 20 blockchains and more than 10 thousand tokens. Its leather protective cover also protects your wallet from scratches. SafePal wallets are designed for users who care about their security in the cryptocurrency world and provide users with the following features:

• Recovery seed: 12 or 24 random phrases
• Offline cold storage: SafePal S1 does not use a wireless connection like WiFi and is completely offline.
• Two-factor authentication: The transaction must be authenticated via two-factor authentication.
• Safety feature: EAL5+ (self-destruct function)
• Key Eraser: Adding or deleting cryptocurrencies

You might be interested in: Cryptocurr wallets and wallet hardware - TOP selection

SafePal review

A little about the company and the development of the wallet

SafePal was built by a group of experts with more than 15 years of experience in hardware, software and security. This is the key for the wallet. SafePal S1 has been designed from the ground up, so it is not an off-the-shelf solution from another company. Even though the price is in the lower range, it does not change the fact that security is the main goal of the SafePal team, along with supporting the wider adoption of the blockchain ecosystem. This is also one of the reasons why Binance Labs decided to join SafePal as the first hardware wallet portfolio in the Binance ecosystem.

SafePal was founded in 2018 and the SafePal S1 product was launched at the end of May 2019. Since then, it has been trying to offer users an affordable price, security that only offline storage can offer, and a simple and convenient user interface.

How much does it cost to get a SafePal wallet?

It's currently on sale and worth 49.99 USD. If you buy 2 products (excludes leather case), shipping is free. You can pay by credit card, PayPal or in cryptocurrencies.

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Security

The first point of security is the ability to verify the authenticity of the wallet using a mobile application. While the package with the product can be opened without breaking the seat belts according to some users, the device itself will offer you a verification of authenticity upon startup.

The second security point is that no seed is required when paired with the mobile app. So there is no risk of someone stealing it from you.

The keypad shuffles the order of numbers during PIN verification of transactions so that no one in the vicinity can detect the PIN based on movements or the sound of tapping.

When it comes to communication, SafePal only uses QR codes, which the company considers to be the most secure in this case.

The wallet also brings with it several disadvantages that could discourage some users. One of them is the fact that it is not possible to view the balance directly on the wallet.

It is also necessary to connect the wallet to the computer with a cable during the firmware upgrade, so the wallet does not provide a complete air-gap from the Internet. It also lacks a cover on the camera, which may raise privacy concerns for users. Some users also try to prevent possible misuse of personal data in the company's database by having their wallet sent to collection points (instead of delivery to their own address), paying in cash and filling in incorrect billing information.

As for the source code of the device, it is closed, which could pose some security risk.

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Problems

Kraken Labs recently conducted a wallet test and while they failed to steal any funds and no private keys were stolen, they discovered several security threats that could be exploited in the future:

• The company refuses to provide the source code, even though it has an open GLU license
• The device is controlled by only one, custom-built chip
• When disconnecting and connecting a single contact on the motherboard, it may happen that the private keys are not deleted in case of physical intrusion.

The company issued its own statement on the findings, which you can read here.

Control

The device is controlled via joystick-like arrow buttons. It's intuitive, although it can feel a little slower than you get used to.

Comparison of SafePal wallet vs. Vault and Ledger

The wallet differs from its competitors Trezor and Ledger primarily in its appearance and size. While Trezor and Ledger look more like flash drives, SafePal is shaped like a credit card or a smaller smartphone. It is thin but has a large enough color display that facilitates handling. It is more comfortable to hold than the Ledger and also has a more comfortable keyboard than the Trezor.

Also read: Safe Wallet Reviews and Where to Buy (2022)

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Other products

In addition to the hardware wallet, SafePal offers several other interesting products. The first is the SafePal Cypher, which is an iron card for recording a recovery seed. A clever design with several screws ensures that the letters of your seed will not fall out. The iron sheets can also withstand temperatures of up to 2500°C, which should protect your seed even from a house fire. In addition, the card is in the shape and size of the wallet itself, therefore the offered leather case is suitable for both products.

SafePal guide for beginners - step by step

What you'll find in the package with the SafePal S1 hardware wallet

After verifying the authenticity of the package and making sure that it has not been tampered with, open the package. You should find the following items in it:

• SafePal S1 hardware wallet
• Cleaning cloth
• USB cable
• Instructions for use
• 2 stickers
• 3 mnemonic phrase cards

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SafePal S1 hardware wallet verification

This is the security mechanism for verifying the SafePal device and needs to be used when the user receives a new SafePal hardware wallet. Here's a step-by-step procedure:

Step 1

Po zapnutí vaší hardware peněženky a výběru jazyka se vám zobrazí ověřovací rozhraní zařízení. Po kliknutí na tlačítko „Next“ se zobrazí unikátní QR kód.

Step 2

Spusťte svůj mobilní prohlížeč a naskenujte QR kód zobrazený na peněžence. Budete přesměrováni na stránku pro ověření. Klikněte „OK“ na zařízení a pokračujte na další krok. SafePal S1 vygeneruje náhodný 6 číselný kód. Tento 6 číselný kód musíte zadat na stránce ověření ve vašem mobilním telefonu.

Step 3

Po zadání ověřovacího kódu ve vašem mobilním prohlížeči klikněte na volbu „Authenticate“ a uvidíte výsledek.

Note: If you purchased a new device, this point should identify it as a new and original device.

Step 4

V tomto kroku klikněte na tlačítko „Next“ na vaší hardwarové peněžence. Naskenujte QR kód na stránce s výsledkem, abyste aktivovali svou hardwarovou peněženku. Aktivace zabere několik minut, poté proces ověření hardwarové peněženky S1 skončí.

How to set up SafePal S1 hardware wallet

After verifying your wallet in the previous step, you can now restore your previous wallet or create a new wallet. You will see two options on your device:

• Create New Wallet - Create a new wallet
• Recovery My Wallet - Recover my wallet

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Create a new wallet

Below are photos of the following steps required to create a new wallet:

Step 1

Vyberte si jedno ze tří čísel: 18,12,24. Zařízení vám nabídne seznam mnemonických frází, které byste si měli zapsat na obnovovací list a uschovat jej na bezpečném místě. Poté klikněte na „OK“.

Step 2

V tomto kroku si musíte vybrat správné slovo z mnemonické fráze, které vám zařízení ukáže, a poté klikněte „OK“.

Step 3

Jakmile jste si správně vybrali celou mnemonickou frázi, uvidíte zprávu o ověření. Poté můžete vytvořit svůj vlastní PIN kód pro peněženku. PIN kód obsahuje 6-12 digitálních čísel. Po kliknutí na možnost „Set My PIN“ se vám zobrazí nová stránka.

Step 4

V tomto kroku můžete zadat PIN kód, který chcete. Po zadání PIN kódu ho musíte potvrdit a znovu zadat na nové stránce. Po konečném potvrzení PIN kódu vstoupíte na novou stránku a zhruba po 10-15 sekundách se vám zobrazí zpráva „Wallet is created“.

Step 5

V tomto bodu můžete zadat název vaší hardwarové peněženky. Po zadání názvu klikněte na volbu „Done“. Poté klikněte na „OK“. Gratulujeme, vaše nová peněženka na SafePal  S1 hardwarové peněžence byla právě vytvořena.

Restore my wallet

In the images below, you can see the step-by-step procedure for restoring your wallet:

Pro obnovu vaší peněženky musíte nejdříve zvolit počet mnemonických frází (18,12,24). Po volbě mnemonické fráze ji musíte zadat ve správném pořadí. Po zadání všech mnemonických frází a jejich potvrzení byste měli vidět zprávu „Verified“. Pro pokračování následujte tipy ve ve výše zmíněných krocích (3 až 5).

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Pairing the SafePal S1 hardware wallet with the SafePal App

In order to confirm transfers and verify DApp logins, you need to install the SafePal app on your mobile phone.

Step 1 (Download SafePal App)

You can download the SafePal App using the QR code below. You can also download and install this app from App Store or Google Play.

Step 2 (Security Settings)

If you are installing the SafePal app on your device for the first time, you will need to follow the security settings procedure below. These steps include a fingerprint, setting a security password, and a pattern.

Step 3 (Turn on the wallet)

V tomto kroku se vám zobrazí dvě možnosti. Vyberte možnost „Hardware wallet“ a po přečtení pokynů klikněte na „Next“.

Step 4 (Scan QR Code)

Po spuštění procesu spárování pro vás program vytvoří QR kód. Teď je potřeba, abyste přešli k S1 hardwarové peněžence a kliknuli na „Scan“. Po vstupu do sekce skenování byste měli naskenovat QR kód, který pro vás vytvořila aplikace SafePal. Poté musíte zadat PIN kód do S1 hardwarové peněženky pro ověření spojení.

Step 5 (Scan QR Code)

Po dokončení předchozího kroku by vám teď měla S1 hardwarová peněženka zobrazit sadu dynamických QR kódů. V aplikaci SafePal klikněte na „Next“ a naskenujte dynamický QR kód zobrazený na S1 hardwarové peněžence. Po dokončení tohoto kroku dojde ke spárování vašeho zařízení s aplikaci SafePal.

How to add coins/tokens to wallet

If you have created a new wallet in S1 hardware wallet, you can manually add coins or tokens to your wallet.

Step 1

In the SafePal application, in the assets section, click the edit option.

Step 2

V sekci správa mincí uvidíte seznam mincí. Vyberte minci, kterou chcete, a klikněte na „Add coin“.

Step 3

Scan the QR codes between the app and the SafePal S1 hardware wallet. This will synchronize the data between the wallet and the SafePal app.

Step 4

Přejděte do nabídky „Asset management“ a uvidíte tam mince, které jste přidali.

List of coins supported by SafePal S1 hardware wallet

The SafePal S1 hardware wallet supports 20 blockchains and more than 10 thousand tokens. As a bonus, unlike some other hardware wallets, SafePal does not require you to install a new app for additional cryptocurrencies. All you need is one program that supports all encryption algorithms. The following list includes several of these coins:

• Bitcoin
• Ethereum
• Ripple
• Bitcoin Cash
• USD Tether (erc20)
• Polkadot
• Litecoin
• Binance Coin
• EOS
• Stellar
• Throne
• Crypto.com
• Huobi Token
• Ethereum Classic
• Dash
• No
• and more…

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How to send and receive transactions

Sending a transaction:

Step 1:

Vstupte do aplikace a klikněte na tlačítko „Send“. Budete požádáni o naskenování QR kódu adresy příjemce pomocí mobilu.

Step 2:

Zkontrolujte a potvrďte detaily transakce (včetně transakčního poplatku) a klikněte „Send“. Budete požádání o podpis transakce v podobě QR kódu.

Step 3:

Scan the code into the wallet and verify the destination address.

Step 4:

Po potvrzení PIN kódu v mobilu potvrďte „Next“ a naskenujte dynamický QR kód z peněženky.

The transaction should be submitted.

Accepting the transaction:

Step 1:

Na peněžence si otevřete volbu pro danou minci. Potvrďte „Receive“.

Step 2:

Scan the QR code from the wallet display into the mobile application.

SafePal wallet with Binance DEX

Burza Binance provozuje semi-decentralizovanou burzu Binance DEX na svém vlastním chainu. Pokud chcete obchodovat na této burze, stačí si v aplikaci na mobilu zvolit možnost „Trade“. Budete přesměrování přímo do rozhraní Binance DEX.

After executing the exchange order, you proceed in the same way as when sending the transaction, see above (scanning QR codes and confirmation).

Pokud je pro vás pohodlnější provádění burzovních příkazů přímo z internetového prohlížeče vašeho počítače, SafePal nabízí i tuto možnost. Stačí v mobilní aplikaci kliknout na sekci  „Asset“  a spustit QR sken. Namiřte fotoaparát mobilu na rozhraní v prohlížeči.

You then use the wallet device to verify the transaction and signature.

Also read: Top 10 DEX - The best decentralized stock exchanges in 2022

Firmware upgrade and its security

Firmware upgrade is the most critical part of the wallet. For this reason, it is protected by 5 layers of security:

1. The program is verified every time the device is started
2. Code in the app and on the device - if it was changed, someone probably reset the device without your knowledge
3. PIN
4. The firmware upgrade takes place via the official website, where you download the upgrade.bin file and then proceed with the installation according to the instructions.
5. There is no downgrade option

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You may also be interested in: Ledger Nano X Review and Where to Buy Nano X (2022)

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All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.