Finance

KeepKey Hardware Wallet Review

What is a KeepKey wallet?

KeepKey is a hardware crypto wallet founded by Darin Stanchfield in 2015, eventually acquired by ShapeShift following its partnership in 2016. It is a multicurrency wallet that utilizes advanced technology to ensure a secure experience for its users. The wallet’s association with ShapeShift exchange makes it possible for users to exchange their digital assets directly from the KeepKey hardware device.

Keepkey is one of the largest hardware wallets and possesses a substantial feel making it more luxurious than other hardware wallets. It constitutes a large (OLED) screen, protected by polycarbonate casing, which enables the user to view long cryptocurrency addresses and recovery phases without scrolling. The USB-B interface is utilized by KeepKey for charging and connection to the PC. Apart from this, the hardware device consists of a button that is used to control operations.

Apart from being aesthetically appealing the wallet has been designed to be compatible with the Hierarchical Deterministic (HD) wallet structure and possesses a promising recovery feature. When it comes to security the private keys of the user are stored in a separate offline environment which means the wallet will still be secure even if plugged into a virus affected system.

Technical  Specifications of Keepkey wallet

  • Dimensions- 38 x 93.5 x 12.2 mm
  • Weight- 54g
  • Display (OLED screen)- 256×64mm 3.12″
  • Processors- ARM Cortex- M3 processor
  • Connector- USD micro- B
  • Compatibility- 64-bits desktop computer (Windows 8+, macOS 10.8+, Linux). Also compatible with Android smartphones.

Keykey wallet Pricing 

The KeepKey wallet may cost you $49 if you purchase it from the official ShapeShift website. The price may range up to Keepkey Wallet after adding on the delivery charges and taxes. It is always advised to purchase the KeepKey device from the official website of ShapeShift and not any other retailer.

Security Features of Keepkey wallet 

  • PIN code Protection- The KeepKey hardware wallet is PIN protected. You will be required to set up a PIN during wallet setup which will be asked for every time you want to access the wallet, view crypto balances, or initiate a transaction.
  • Number Randomization- This feature of the KeepKey wallet randomly shuffles the PIN numbers from time to time to prevent malware copying the code and using it to gain access to your digital assets.
  • Recovery sentence- The private key of all your cryptos are stored in the KeepKey hardware wallet. KeepKey also renders a recovery seed of 12-24 words during set-up. The key is unique to your device and can be used to retrieve the private keys in case your wallet gets stolen or damaged.
  • Passphrase- This is an additional word or phrase that you can append to your recovery sentence and is not stored on your device. With this optional feature, you can encrypt the private keys so that even if a malicious entity circumvents read protection, the keys will remain secure.
  • Physical Button- Apart from the above-listed features KeepKey has a button its device which needs to be pressed for confirmation of any transaction. The button functions as a 2FA protecting users from erroneous payments. This also ensures nobody can transact without the physical device even if they have your private key or recovery phase.

Supported Currencies & Payments 

KeepKey supports most of the popular cryptocurrencies including Bitcoin, Litecoin, Dogecoin, BitcoinCash, Dash, Bitcoin Cash, Ethereum, and DigiByte. Apart from these, the wallet also supports over 40 ERC-20 tokens and coins, including Tether and TrueUSD stable coins. Although the number of coins supported by KeepKey is too low as compared to other competitive wallets whose numbers touch 1000s.

Supported Currencies & Payments 

KeepKey supports most of the popular cryptocurrencies including Bitcoin, Litecoin, Dogecoin, BitcoinCash, Dash, Bitcoin Cash, Ethereum, and DigiByte. Apart from these, the wallet also supports over 40 ERC-20 tokens and coins, including Tether and TrueUSD stable coins. Although the number of coins supported by KeepKey is too low as compared to other competitive wallets whose numbers touch 1000s.

The list of cryptocurrencies supported by KeepKey include-

  •   AELF (ELE)
  •         Aeterenity (AE)
  •         Aragon (ANT)
  •         Augur (REP)
  •         Basic Attention Token (BAT)
  •         Binance Coin (BNB)
  •         Bancor (BNT)
  •         Civic (CVC)
  •         Storj (STORJ)
  •         com (MCO)
  •         CyberMiles (CMT)
  •         Dai (DAI)
  •         Decentraland (MANA)
  •         DigixDAO (DGD)
  •         District0x (DNT)
  •         Edgeless (EDG)
  •         FirstBlood (1st)
  •         FunFair (FUN)
  •         Gifto (GTO)
  •         Gnosis (GNO)
  •         Golem (GNT)
  •         ICONOMI (ICN)
  •         IOST (IOST)
  •         iExec (RLC)
  •         TrueUSD (TUSD)
  •         Maker (MKR)
  •         Matchpool (GUP)
  •         Melon (MLN)
  •         Metal (MTL)
  •         Numeraire (NMR)
  •         OmiseGO (OMG)
  •         Polymath (POLY)
  •         Populus (PPT)
  •         Ripio Credit Network (RCN)
  •         SALT (SALT)
  •         SingularDTV (SNGLS)
  •         SpankChain (SPANK)
  •         Status (SNT)
  •         0x (ZRX)
  •         0xBitcoin (0xBTC)
  • However, KeepKey is trying its best to catch up. It has recently integrated MyEtherWallet into its platform which has enabled the users to have access and hold 1000+ tokens and coins online.

Wallet Fees

KeepKey wallet levies a transaction fee that is not dependent upon the value of the underlying transaction, rather it is calculated automatically based on network congestion (e.g., the size of the mempool– the total number of transactions waiting to be confirmed), and the size in bytes.

Bitcoin Custom fee  

KeepKey enables custom fee selection for bitcoin in its platform. Users can select a fast, medium, or slow transaction speed which corresponds to the necessary fee.

While for the other assets the fee is automatically calculated by KeepKey and is ensured that transactions are confirmed with a minimal wait time.

The calculated fee is awarded to bitcoin miners who mine new bitcoins and secure the blockchain network.

Is KeepKey wallet safe?

If you want to know if the KeepKey Hardware wallet is 100% safe or not, the answer is No. The team behind KeepKey might have gone to great lengths to render security and safety to its users but there is a glaring loophole and that is the fact the device is not regulated. It is important for a crypto wallet to adhere to the regulatory requirements to offer seamless security.

Pros 

  • Attractive Design
  • Multi-currency support
  • Layered Security features
  • Affordable device
  • Compatibility with multiple operating systems. Google plugin also available.
  • Integration with ShapeShift
  • Cold storage

Cons 

  • Requires third-party software add on.
  • Less portable than TREZOR and Ledger
  • Cant save setup progress
  • Unregulated

Conclusion

KeepKey wallet reflects commendable features, however, it still lags as compared to its competitors like Trezor and Ledger. The security of the wallet is still questionable, and the number of coins supported by the wallet is also limited. Although, it is an affordable wallet and is also very aesthetically appealing.

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