KeepKey Hardware Wallet Review
KeepKey hardware wallet was released in 2015 and can store digital many crypto coins on the wallet. With the KeepKey wallet, the funds are stored offline away and secured from hackers. It allows the user to send and receive crypto from different wallet addresses.
The in-built exchange system, integrated by Shapeshift, allows the user to buy and sell many crypto coins. The KeepKey compared to some hardware wallets, it offers customizable transaction to confirm transactions faster. We will cover these and other details in more depth in the article below.
This KeepKey Hardware Wallet Review has a size of 0.23 x 0.11 x 0.06 inches and compared to other crypto hardware wallets it has the largest hardware size. The device uses an OLED screen with a size of 256 x 64mm. 3.12″. KeepKey device has only one button to navigate during the process where the user has to enter a PIN, Passphrase, Seed Phrase, etc. However, the device can be controlled easily by many devices and we’ll explain it more further in the section “How to use KeepKey”.
The screen uses polycarbonate as casing protection which makes it harder to get scratched. But the user, shouldn’t have to worry if the device gets any scratch as the OLED screen protect it and it doesn’t affect the use of the device. The design of the device is made with combined black color and anodized aluminum.
KeepKey’s design of the wallet uses a combination of dark navy blue colors. Designed with clean colors to adopt the user on day and night timeframes. The Portfolio menu on the home screen gives the user a portfolio value of total assets available on the KeepKey device. The user can get real-time data on charts about the top major cryptocurrencies like Bitcoin, Litecoin, Ethereum, Dashcoin, and more.
Sending or receiving money through the KeepKey platform can be done easily and it supports QR code transactions too. Customized transactions, allow the user to customize the transaction of payment and confirm the transactions much faster.
The platform can be used on devices with an operating system of Windows, Linux, Mac OS, and Android. The KeepKey device can be connected on computers, laptops, or smartphones via USB-A cable and it doesn’t need any mouse or keyboard to control it.
What coins does KeepKey support?
KeepKey supports more than 20 cryptocurrencies and ERC-20 tokens. Such as major crypto coins like Bitcoin, Ethereum, Litecoin, Dashcoin, and more.
The full list of supported cryptocurrencies and tokens is listed below:
Bitcoin, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, Dash, and ERC-20 tokens: Aragon, Augur, Basic Attention Token, Civic, District0x, FunFair, Golem, Gnosis, OmiseGo, SALT, Bancor, ICONOMI, Melon, SwarmCity, Wings, iExec, Status, Numeraire, Metal, TenX, Qtum, 0x, FirstBlood, Ripio Credit Network, SingularDTV, DigixDAO, WeTrust, Matchpool, Edgeless and Storj.
Is KeepKey safe?
Security features offered by KeepKey are the same features offered by other competitors as Ledger and Trezor. The private keys on the device are encrypted and secured from hackers. For security reasons, KeepKey doesn’t allow the user to view the private key unlike Trezor does.
The PIN protection prevents the device to be hacked with a four-digit code with authorized access. To set up the 4-digit pin code, the user can initialize it during the setup of the wallet. It’s recommended to store the PIN-code in a safe place because if the user cannot access the KeepKey device with the PIN, the only way to save the crypto funds would be with the recovery seed phrase.
KeepKey device can be set up with a 12-word recovery seed phrase. The recovery seed phrase can be set up during the installation of the KeepKey wallet for the first time. Once the user has written the 12-word sentence, it needs to be confirmed and this can be done by holding the button on the KeepKey device. After the button is pressed, the recovery key phrase cannot be reset and the phrase should be kept in a safe place.
The passphrase option is shown after the user connects to the wallet with the PIN code. If the user enabled the passphrase feature, the user can access only the “KeepKey Chrome Client”.
Once the passphrase it’s enabled, the wallet can be used to access the website beta.shapeshift.com.
To enable the passphrase option, the user needs to follow these simple instructions:
1. First, plug-in and unlock the KeepKey device.
2. Click the “gear” icon located on the top-left of the KeepKey client.
3. Click the option “Enable BIP39 Passphrase”.
4. Enter a long passphrase combination of different characters.
5. Write down and copy the wallet address generated from the passphrase account.
6. Unplug the KeepKey device and plug it back in (Enter PIN).
7. Do not enter a passphrase. Just click the “OK” button with an empty passphrase to access the original unprotected accounts.
8. Open the wallet where store your crypto funds and send them to the address that you copied earlier on the strep number five. Double-check and make sure the address you copied it’s the correct wallet address.
9. Unplug the KeepKey device again and plug it back in (Enter PIN).
10. Enter the passphrase you’ve chosen and click the “OK.” button.
11. Once this procedure is finished successfully, the user can see all crypto funds on the passphrase-encrypted address.
KeepKey offers an exchange platform for all its users to buy and sell crypto within the KeepKey wallet. The exchange platform is integrated with Shapeshift and this makes the trading between cryptocurrencies quicker and comfortable. The user can access the exchange on the left side of the client wallet by clicking the “Trade” menu.
The user can buy Bitcoin, Ethereum, and Dashcoin with fees of less than 1%. KeepKey used the Wyre platform to process the buying orders and buying Bitcoins, Ethereum and Dashcoin are available only for United States users. The user needs to verify the identity on the Wyre platform which usually takes 2-3 business days.
How to Get Your $10 KeepKey
ShapeShift registered clients can enjoy a $49 USD discount on the KeepKey device. The KeepKey hardware wallet costs $59, but the users can buy it for only $49 USD. The offer is available still and will last once supplies end according to the KeepKey website. The shipping will take 6-8 weeks and but the United States users can enjoy free shipping. For international users, the shipping costs and VAT fees apply. To get more details about the discount offer of KeepKey hardware wallet, you can visit the link below:
To get the $10 KeepKey wallet, follow the steps below:
1. Create an account on ShapeShift which takes less than three minutes.
2. Provide the name, email, birthdate, address, government-issued ID, and last four digits of your social to complete verification.
3. Once the account is verified and you become a ShapeShift member, you will receive a coupon in your email for $69 off the $79 KeepKey retail price.
Compared to other affiliate programs like Trezor or Ledger, KeepKey users can earn commissions of up to 25%. KeepKey offers the highest commission for each referral amongst the other competitors. The affiliate program can be accessed 24/7 and receive real-time reports of the total number of clients, clicks, and more. To become the part of an affiliate program the user can follow the link below to learn more and sign up.
How to use KeepKey
The ShapeShift platforms allow the user to connect the KeepKey hardware device and use it online with Google Chrome or Brave browser. To learn how to set up the KeepKey device with Shapeshift platform, follow the steps below:
1.Use the Chrome or Brave browser and visit https://beta.shapeshift.com
2. Pair your KeepKey with the Shapeshift
3. Select the option “Connect a wallet” and choose the KeepKey logo.
4. Ensure that the KeepKey device is plugged in and that you closed the KeepKey Updater App.
5. Then, click the “PAIR KEEPKEY” button to begin.
6. A new popup window will appear with the message “beta.shapeshift.com wants to connect”. Choose (Highlight) the KeepKey option and then click the “Connect” button.
7. Update the KeepKey device, You may be prompted to update the KeepKey device.
8. Click on the buttons “Download Updater App” and “Get the App”.
9. Then, after the download is finished, open the .exe file (For Windows) or .dmg file (For Mac).
10. Click the “Update Now” button.
11. It will ask you, if you want to set up the KeepKey for the first time or if the KeepKey device was set up before. We will explain the instructions for new devices, so choose the option “THIS KEEPKEY IS NEW”.
How do I access KeepKey?
1.Unplug the KeepKey and plug it back in while holding the button down on the device.
2. Confirm on the KeepKey device by holding the button as prompted. You will see the arrow on the screen blackout once it’s time to release.
4. Do not unplug the KeepKey during this time.
5. Then, disconnect and reconnect the KeepKey device.
6. Lastly, disconnect, and reconnect the KeepKey device while holding the button down. If the firmware is not updated, it will ask you to update the firmware so follow the instructions on your screen.
1. Click the “INITIALIZE KEEPKEY” button to begin.
2. If this isn’t your first time using KeepKey and you would like to recover an existing wallet, please select the option to recover from the recovery sentence instead and follow the onscreen directions.
3. Name your KeepKey device on the “Label Your KeepKey” field.
4. Once the device is labeled with a name, the KeepKey balances will reflect even after the KeepKey device is disconnected.
5. Choose a PIN Code (4-Digit Code) for your KeepKey. It will ask the user every time for the PIN code to confirm a transaction. The PIN block is a combination of numbers that will change every time you use the KeepKey device to ensure it’s kept secure.
6. To follow the combination numbers on the KeepKey, each button will be illustrative of what is shown on the KeepKey’s screen.
7. Choose and confirm the PIN Code (remember: the combination numbers will change before the confirmation screen, so make sure you take a look at your KeepKey screen).
8. After the PIN code is completed, it will show the recovery seed phrase. The 12-word sentence is important as it’s used to restore your funds. Write it down on a hard copy and lock it somewhere safe. Do not keep a digital copy of this sentence. If you wish to restore another recovery sentence, click the link here.
Once you have written down the 12-word recovery sentence, confirm the recovery sentence by holding the button on the KeepKey device.
After the recovery sentence is confirmed, your KeepKey address will sync with the ShapeShift platform and you will be brought to your dashboard.
The cheap price cost of KeepKey and the features of it make the KeepKey wallet buy a good choice. It offers the same security features as Trezor and Ledger do, the recovery sentence is shorted than other hardware wallets, but that shouldn’t make you feel insecure.
The wallet integration lacks somehow, with support only on Desktop and Android devices. It doesn’t offer a touchscreen for control, but the user can integrate the wallet with the ShapeShift platform and control it easily.
The exchange built-in platform offers crypto users a secure way to buy crypto directly into their wallets. Only United States users are allowed to buy Bitcoins, Ethereum, and Dashcoin. The low fees for buying crypto with 1%, could have a bigger impact on the users and the KeepKey platform too.
In general summary, KeepKey hardware wallet compared to Trezor vs Ledger wallet, with a cheaper price and its features, KeepKey hardware wallet is not far behind. Hopefully you enjoyed this KeepKey Hardware Wallet Review and if you wanted to know another trustworthy wallet, we also suggest reading our Cobo Vault Review 2020.
Images via KeepKey, Writer Behar H.