SafePal Wallet Review (SFP)

There are a few wallets that offer an equal amount of security and convenience. SafePal wallet is one of the hardware wallets that ensure users’ convenience while protecting their assets.

Cryptocurrencies are becoming a leading investment option during the recent economic crisis. Some leading banks of the USA have gone bankrupt and others are struggling to maintain their reputation. At the same time, FED’s interest rate hikes have also caused trouble for investors.

Investors are looking to secure their investments. And cryptocurrencies are considered a more reasonable option as they aren’t controlled by a single entity. Most new investors are storing their cryptocurrencies in online wallets without realizing the consequences. Most users don’t understand that online wallets are also similar to traditional banks because they’re controlled by a centralized authority.

The hardware wallets provide users with complete control of their investment. Most hardware wallets are difficult to use. But

What is SafePal?

As discussed earlier, SafePal is a hardware wallet that enables users to store a wide range of crypto tokens. It’s the first and only hardware wallet investment of Binance Labs. Unlike other hardware wallets, SafePal enables users to access the app or extension through QR codes. It ultimately eliminates the risk of hacking and interception.

It’s a portable device and can be easily connected to a mobile device or computer through a USB cable. It allows users to store their private keys in its secure element chip. It eliminates unauthorized and accidental transfers with its physical button that a user needs to press to confirm a transaction.

SafePal can be used with a range of exchanges and wallets. Moreover, it’s compatible with multiple operating systems like Windows, Linux, and Mac. It offers an easy-to-use interface allowing users to check their crypto balance and view transaction history with just a few clicks. Similarly, users can easily send and receive funds by adding a wallet address.

SafePal Important Features

Support for Multiple Cryptocurrencies

SafePal supports more than 54 blockchain networks and 15 languages. Thus, users can conveniently store a wide range of cryptocurrencies in their wallets. It provides easy customization features for adding or deleting tokens. Interestingly, SafePal allows users to store unlimited crypto tokens. So, the users won’t have to look for an alternative at any point in time.

If a user wants to add a token that isn’t already on the list, they can upgrade the firmware with a few steps to add support for the latest digital assets.

Mobile Friendly

The users can access their SafePal wallet on a wide range of mobile devices because its mobile application is compatible with devices that use iOS 10.0 and Android 5.0 or higher. The best thing about this hardware wallet is that the users can use an encrypted QR code to receive money anywhere and anytime they want. Thus, the user can receive payments in a fast and secure manner.

Ease of Use

SafePal provides a simplified payment processing solution with its easy-to-use interface. Whether it’s about checking account balances, viewing transaction history, or transferring funds to each other, the users can get everything done with a few simple steps.

Even beginners can easily understand the user interface of this wallet. Unlike other hardware wallets, SafePal provides simple backup and recovery options. The users can easily recover their funds whether their wallet gets damaged or they accidentally delete their wallet.

Stake-to-Yield

Most investors are now staking their crypto tokens to earn passive income. Most online and software wallets offer the staking feature but the users usually have security concerns about these wallets. SafePal removes these concerns while allowing users to stake their coins in a secure environment.

Security

SafePal comes with a dual-chip architecture to ensure the security of the funds. EAL5 + crypto chip is supposed to protect the private keys of the wallet. The wallet has its own random number generator that is used to generate unique private keys for the wallet whenever needed.

SafePal can’t be accessed through WiFi or Bluetooth. Thus, it provides protection against hacking attacks. Even if someone manages to hack into the wallet, the wallet will activate the self-destroy feature to protect the stored cryptocurrency from theft.

SafePal vs Ledger and Trezor

Trezor and Ledger are the leading hardware wallets that have been around for quite some time. SafePal wallet costs only $49 whereas the other two wallets cost $59 each. Ledger takes the lead in terms of currency support because it supports more than 5,000 cryptocurrencies. Trezor and SafePal support only 1,500+ and 1,000+ cryptocurrencies respectively.

How to Use SafePal Hardware Wallet?

The users need to download the app from Google Play Store or App Store and connect it to their wallet using the USB cable. They can then set up the wallet by visiting the app on their mobile device. The users must write down the recovery phase during this process. The users are advised to store their recovery phrase in a secure place. Once the account is set up, the users can start sending and receiving money.

SafePal Tokenomics

SFP is the native token of SafePal that users need to pay as transaction fees when transferring funds to each other. With a circulating supply of 369.6 million tokens, SFP has a market cap of $152 million. It ranks among the 200 best cryptocurrencies in terms of market cap.

Conclusion

SafePal is a secure and user-friendly hardware wallet that offers complete control over cryptocurrency investments. With its affordable price, extensive currency support, and robust security features, SafePal stands out among its competitors. Its easy-to-use interface, compatibility with mobile devices, and staking capabilities make it an attractive choice for both novice and experienced investors.

Feel free to get in touch with us if you need more information about how SafePal works. We also invite you to subscribe to our weekly newsletter if you need regular updates about Bitcoin and the crypto market.