KeepKey Wallet Review

What is The KeepKey Wallet?

Company History

Pros & Cons

Advantages

Disadvantages

UX Overview

Installation Tutorial

Security

How KeepKey Compares To Other Wallets

FAQ

What currencies does KeepKey Support?

Does KeepKey support software wallets?

Is KeepKey secure?

Which Operating Systems does KeepKey Support?

How Many Private Keys and Wallets Can be Stored on My KeepKey?

Conclusion

 

What is The KeepKey Wallet?

 

KeepKey is a hardware wallet that prides itself on security and its slick, modern design. KeepKey competes with two other well-known wallets – Ledger and Trezor, in the top 3 spots as the best hardware wallets out there. While it doesn’t support as many different cryptocurrencies as the other two, what it lacks in variety it makes up for in style and durability. It is also easier to use than its competitors. The KeepKey wallet also sports a few advanced features, such as a PIN key randomizer and the integrated exchange from Shapeshift. The price point that KeepKey presents is a lot more attractive than Ledger and Trezor. 

 

Company History

 

KeepKey was founded in 2015 by Darin Stanchfield and its headquarters are in the US. It was acquired by Shapeshift after they had integrated with them and became the first hardware wallet to integrate with an exchange platform. While it is owned by Shapeshift, Darin remains as the CEO of KeepKey. 

 

Shapeshift, now the owner of KeepKey, was founded back in 2014 by Erik Voorhees (No, he’s not connected to Jason Voorhees). They managed to get a lot of funding back then with which they were able to successfully launch their company. Shapeshift has their own token, called the Fox Token, which allows Shapeshift users to trade on their platform for free. Every Fox token nets you 10$ in free trade volume every month.

Pros & Cons

 

Pros

 

  • Ease of use
  • Great Price
  • Great design
  • Secure
  • Advanced Features
  • Integrated exchange

 

Cons

 

  • Limited currency support
  • Doesn’t have the reputation levels of its competitors

 

Advantages

 

There are quite a few advantages to using KeepKey from its slick design (trust us on this one – it feels a lot better in your hands than what Ledger or Trezor have on offer) to the ease of use and the large display that can show full cryptocurrency addresses without the need to scroll back and forth. Since it was acquired by Shapeshift, it also has a built in exchange where you can trade, receive, and send the various cryptocurrencies it supports.

The KeepKey wallet also has a PIN code randomizer which changes your PIN from time to time, preventing hackers from getting access to your recovery sentence. Lastly, if you buy KeepKey through their website and use the link they provide you with, it can cost as low as 10$! A very competitive price when compared to Trezor or Ledger. Speaking about the price, the funny thing is that KeepKey launched at a steep, steep price of $239. After that, it seemed that the company realized that it might be too pricey for what it offered, lowering the price to $49 and going as low as $10 with special promotions, as mentioned above.

 

Disadvantages

 

The main disadvantage to using the KeepKey hardware wallet would have to be the limited amount of currencies it supports. Natively, only eight currencies are supported, and then you have the various ERC-20 Tokens that they support. This isn’t enough to even begin comparing it with its competition, which both support over a thousand different cryptocurrencies. KeepKey and Shapeshift have also had security issues in the past.

Both of these issues aren’t that severe since a hacker would need to have your device, physically, in order to hack it. It’s basically the same as your regular wallet getting stolen. However, they do still pose a security risk – but every single physical wallet will have this kind of issue, and none are exempt from it.

 

UX Overview

 

In this user experience (UX) overview, we’ll take a deeper look into the design of the KeepKey wallet as well as what comes in the box.

 

Similarly to the device itself, the box that it comes in has a very slick, cool look.

The insides are even better, and we can see that they went to great effort in order to make the design and unboxing process very cool. The box has a seal to show that it hasn’t been opened before. Once you tear that off, inside of this cool packaging you’ll find a couple of things:

 

  • The hardware wallet itself
  • A card where you can write your recovery words
  • A leather case to keep that card in
  • A usb cable to connect the wallet to your desktop or laptop

 

As you can expect, everything follows the same design philosophy as the wallet itself – very slick and modern stuff. 

While sporting a cool design, the KeepKey is also one of the biggest cryptocurrency wallets on the market, which may be off putting to some. The dimensions are as follows:

 

  • Width: 93.5 mm
  • Height: 38.0 mm
  • Depth: 12.2 mm

 

When compared to something like the Ledger Nano X, whose dimensions are:

 

  • Width: 18.6 mm
  • Height: 72 mm
  • Depth: 11.75 mm

 

You can see that the KeepKey hardware wallet is more than twice the size of the Nano X.

 

However, KeepKey being larger than its competition isn’t necessarily a bad thing. Thanks to its size, it sports a wide screen that allows users to see the whole cryptocurrency address without scrolling back and forth.

 

When it comes to its design, we think that the KeepKey wallet is ahead of its competition… but sadly, that’s one of the only things it does better to a degree.

 

Installation Tutorial

 

Setting the KeepKey wallet up is pretty easy. It shouldn’t take you longer than five minutes to finish setting it up. We’ll link a video from KeepKey’s official channel at the bottom while also providing a text tutorial for setting it up.

 

The first thing you’ll want to do is unbox it (obviously). Once you get everything out of that smooth box, you’ll need to download the KeepKey app client from the chrome web store. Once you connect your KeepKey wallet to your device through the USB cable that’s provided, you can open the app through chrome and then select the initialize button. You’ll be asked to input a label/name for your device.

You’ll then be asked to input a PIN that’s shown on your wallet, after which you’ll need to re-enter the randomized PIN once more. Once you’re done with that, your recovery sentence will be shown on the screen of your keepkey wallet, which you should then write down. Once you’re done writing it down, all you need to do is press and hold the confirmation key on your wallet. And that’s all there is to it.

 

As promised, here’s the video guide from KeepKey

 

https://www.youtube.com/watch?v=g8Qj-yb_4KY

Security

 

There are multiple types of crypto wallets available for purchase. Software wallets, online wallets, paper wallets, and hardware wallets. KeepKey is a hardware wallet, which are also the most secure type of crypto wallet as they don’t have to be connected to the internet most of the time. 

 

KeepKey is pretty standard when it comes to security features. It offers most of the options that its competition does, but it stands out with the feature that changes up your PIN code, which prevents malware from being able to access it. However, there have been issues, bugs, and holes in its security that could be exploited by hackers. Namely, Ledger found physical issues in both Trezor and KeepKey that couldn’t be fixed.

These allowed hackers to find your recovery phrase in around five minutes, give or take, if they had physical access to your device. This is a fundamental flaw with the manufacturing of these devices, and it seems that it can’t be fixed.

 

But wait, there’s more! While Shapeshift has managed to fix this second issue (which was found by Ledger, again), we wonder if it would have happened if Ledger hadn’t notified them of this. Again, however, it was an issue only if hackers would manage to get access to your wallet physically, which seems to be a recurring theme.

 

While these issues can pose a threat, no other hardware wallet is exempt from them and hackers will always be able to find one way or another to bypass the securities of these wallets if given enough physical access. It is up to you, the owner, to keep your fortunes (small or large) that are stored on these devices, safe. 

 

How KeepKey Compares To Other Wallets

 

The biggest and main difference when compared to other wallets, especially KeepKey’s main competitors, can be found in the amount of cryptocurrencies that the wallet supports. While KeepKey supports only seven main cryptocurrencies (BTC, BCH, BTG, DASH, DOGE, ETH, LTC) and more than twenty ERC-20 tokens. Ledger and Trezor support more than a thousand different cryptocurrencies. Other differences come in design and size. Where KeepKey is at least two times larger than Trezor or Ledger. KeepKey also has a more consumer-friendly price-point. 

FAQ

 

What currencies does KeepKey Support?

By far the most egregious thing about KeepKey is the amount of cryptocurrencies it supports. The main ones are: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), DASH, Dogecoin (DOGE), Ethereum (ETH), and Litecoin (LTC). It also supports various ERC-20 Tokens.

 

Does KeepKey support software wallets?

Yes, KeepKey can be used with MyCelium and Electrum software wallets.

 

Is KeepKey secure?

As we discussed above, the only issues in security that KeepKey had were related to hackers having physical access to your device for more than five minutes. It doesn’t differ from other hardware wallets in this regard.

 

Which Operating Systems does KeepKey Support?

KeepKey is compatible with Windows, Mac, and Linux. The KeepKey Client app is available on each of platforms via Google Chrome.

 

How Many Private Keys and Wallets Can be Stored on My KeepKey?

The KeepKey wallet relies on the BIP32 protocol, so it will deterministically generate an unlimited number of private keys from its original seed. These keys are generated from your recovery seed. Since KeepKey supports the BIP32 and BIP44 protocols, it allows the wallet to store an infinite number of accounts that each have an infinite number of private keys.

 

Conclusion

 

KeepKey is one of the top three hardware wallets out there, and deservedly so. Even though it’s relatively newer than its other two main competitors, and even though it doesn’t have the same reputation, it’s still able to stand on its own legs. While the downside of supporting only forty cryptocurrencies can be pretty significant, the KeepKey wallet makes up for that shortcoming with its design, ease-of-use, and a very attractive price point.

If you’re looking into buying a wallet that will support a larger portfolio, then KeepKey isn’t for you. However, if you’re interested in a slick-looking, relatively cheap hardware wallet that’s gonna look good in your hands you’ve come to the right place.

 

 

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