Crypto Wallet is a Physical (Cold wallet) and server-based (hot wallet) storage to store different cryptocurrencies. Secured with unique public and private keys, these wallets support fund transfer, native coins, and trading options too. Learn more.
Deciding a Good Crypto wallet is hard, where the first concern falls in place is trust factor than security, fees, and features. Coinpedia Wallet review digs everything you must know before beginning with a wallet and this review is about a wallet that completes the holy trifecta of hardware wallets- 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.
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.
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-
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.
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.
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.
If you are keen on using the KeepKey wallet, we will guide you through the set-up process. For getting started you require the following things-
(Note: You can only access the KeepKey Client app via the Google Chrome app store on the Google Chrome browser.)
You will be required to download the KeepKey Client App from the Chrome Web Store STEP2
Select “Initialize KeepKey” after you open the KeepKey Chrome App.
Label Your device:
Select a PIN between 1-9 digits
You will be required to re-enter your PIN and select “Confirm PIN”.
Now carefully write down your 12- word recovery sentence.
Press the button on your device to confirm that you have written your recovery sentence on your recovery card.
You have successfully completed the initialization process of your KeepKey device!
You can hold numerous accounts on your KeepKey device. Although, it is suggested to not have more than 10 accounts on one device for smooth functioning. Let’s go through the process of opening an account-
Open the KeepKey app and enter your PIN.
Located the “Add Account” icon in the bottom right corner of the window.
Through the drop-down menu select the account you wish to add-
Choose a name for your account and click on the “Add account” button.
The new account will be registered among the other accounts.
Keepkey natively supports sending, receiving, and holding Bitcoin, Bitcoin Cash, Bitcoin Gold, DASH, Dogecoin, Ethereum, and Litecoin. If you wish to initiate transactions with the mentioned coins go through the following steps-
Open KeepKey Client App and plug in your device.
Go to the account through which you wish to send your assets. And click on the “Send/Trade” button.
Input the destination address where you would like to send the assets and the amount you wish to send.
Bitcoin users can enjoy custom fee selection. KeepKey enables the bitcoin users to choose fast, medium or slow transaction speed, whichever corresponds to the necessary fee.
Now after you have entered the destination address and the amount, click on the “Send” button and enter your PIN to confirm the transaction.
Confirm the amount you are sending and the receiving address in your KeepKey client and on your KeepKey device. Once you can confirm that the information is correct click the button on your KeepKey device to initiate the transaction.
KeepKey is integrated with ShapeShift exchange and enables users to easy exchange digital assets. Although, you must sign up for the ShapeShift membership account to use the ShapeShift feature on your KeepKey device.
Open the KeepKey client App and plug in your KeepKey device.
Select the account you would like to send your assets from, and click on the “Send/Trade” button.
Click on the destination address field – Select the asset you wish to ShapeShift into.
Now you will be required to enter the amount you wish to ShapeShift to and then click on the “Trade” button at the bottom.
Now enter your PIN to confirm the transaction. And also confirm the amount you would like to ShapeShift sending on KeepKey device. Once you have checked the details click on the button on your KeepKey device to initiate the transaction.
You will be frequently prompted by KeepKey to update your firmware. Before you initiate the process make sure you possess your recovery sentence.
Open the KeepKey client App and plug in your KeepKey device, while holding the button down on your device to launch KeepKey firmware update mode.
Make sure you have access to your recovery sentence.
Click “Update Firmware” in the KeepKey Client.
Hold onto the KeepKey button to confirm you confirm that you have your recovery sentence just in case your private keys are erased.
Your KeepKey firmware is now being updated.
KeepKey devices support 12,18 and 24-word recovery sentences. Follow the instructions below to restore your recovery sentence onto your KeepKey device-
Connect your device which has been wiped and open the KeepKey App.
Click on “Recover KeepKey” on the bottom right.
Now input a label for your KeepKey device. And now set a PIN for the device, which can be 9 digits long.
Using the cipher on your device, enter the first word of your recovery sentence. The word will auto-complete upon entering the fourth letter of each word.
For example, to enter the letter “b,” select the letter that corresponds to “b” on the cipher. Thus, on the cipher below, you would enter “r” as the substitute for b. The cipher will scramble after each letter is entered. This guards your recovery sentence against exposure to the internet.
Even if your computer was infected with key-logging software, your recovery sentence would remain safe as the words themselves are not entered. You only input the corresponding letters as they appear on the cipher.
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.
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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