KeepKey Wallet Review 2023
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Cryptocurrencies have reached a long way after the initial release of Bitcoin and their security remains top priority. Bitcoin wallets and other cryptocurrency wallets have emerged in the early years of crypto and they fall into two main categories: software wallets and hardware wallets.
In today’s review, we’ll be featuring a well-known and affordable hardware wallet by the name of KeepKey. If you’re looking for an affordable and secure cryptocurrency hardware wallet, then KeepKey is the perfect choice for you.
Keep reading to find out more!
About the KeepKey Hardware Wallet
KeepKey was a United States-based company when it was created in 2015 but soon after it was purchased by the Swiss company Shapeshift (shapeshift.io) along with their main product, the KeepKey hardware wallet.
Shapeshift is an online crypto exchange that features crypto conversions at affordable prices. It offers users the option to convert and trade FOX tokens on two trading platforms: the Beta platform and the Classic platform, as well as other trading tools and features.
While they have an active trading platform, their most sought-after product is the KeepKey wallet. So what’s the KeepKey wallet? The KeepKey wallet is an open-source hardware cryptocurrency wallet that offers hierarchical deterministic or HD features. The wallets utilize state-of-the-art crypto security technology to provide users with the most secure environment for their crypto private keys.
The KeepKey wallet was initially designed as a forked variant of Trezor devices but the developers came up with their own features and created a completely new product. The wallet has a sleek design with a metal body that has a large 3.12” OLED screen, which is a fairly unique feature, as competitive wallets have smaller screens that usually come with buttons.
Another interesting feature is that the KeepKey wallet can display QR codes on the screen and users can receive funds by displaying the QR code on the go without the need to connect it to their PC.
All in all, the KeepKey wallet is an interesting piece of hardware and holds its own ground against some more expensive and popular wallets like the Ledger Nano S, Ledger Nano X, Trezor Model T, and Trezor One.
Design and Box Contents
When your device arrives, it will be in a stylish cellophane-wrapped black box with the KeepKey logo imprinted on the front. The box is rather large and can be used to store your device along with the accessories that come with it.
If you notice that the seal on the box is broken, this means that the device might have been tampered with and shouldn’t be used. A short disclaimer, never buy your crypto storage devices second-hand because there is no way to determine whether the device has been tampered with or not.
The box contains the KeepKey wallet device, a USB cable, the recovery phrase metal card, and the warranty and regulation documents.
The device itself is rather large, much larger than its competitors and this is mostly due to the large 3.12” touch screen. The large size of the device isn’t necessarily a bad thing as it’s less likely for you to lose it.
The device boasts an aluminium case with a plastic front cover where the screen is located. It’s on the heavier side due to its screen and the material it’s made of but this makes it a bit drop-resistant. However, users should be careful when carrying the device with them as the OLED screen is sensitive and can be easily scratched if carried loosely in one’s pocket.
Ease of Use
The KeepKey wallet has a user-friendly interface that’s targeted at beginners and can be connected to multiple devices and operating systems. The wallet can be connected to mobile devices like Android and iOS by downloading the Mycelium online wallet app from the devices’ app store. To connect it to desktop devices like Windows, Mac, and Linux, users will have to connect the wallet with the USB cable that’s provided in the box.
When firing up the wallet for the first time, users need the latest version of Google Chrome. Next, they should enable the app extension through the Chrome app store, connect the wallet to their computer and click on the Initialize KeepKey prompt. This is a quick process and should be completed in a couple of minutes.
The next step is to choose your PIN code. The recovery code for the PIN number will be displayed on the device’s screen instead of the client. There will be a designated recovery card in the box and it’s recommended that users write their recovery phrase on the card and store it somewhere safe.
Upon completion, users will have to create a KeepKey account through the client so they can receive and transfer funds through the wallet. The user interface has a friendly design and allows users to create up to 10 accounts – a limit that makes sure the device doesn’t get slowed down.
The wallet can also be connected to a Chrome browser extension for quicker access to the client app.
The device’s centre-screen displays the user’s current account balance with three menu options: Send Crypto, Receive Crypto and Transactions. There is also an integrated Shapeshift crypto exchange but to use it, users will have to create a separate account on Shapeshift first.
Bitcoin and Supported Cryptocurrencies
When it comes to supported cryptocurrencies, this is where the wallet falls short. KeepKey can hold a very limited amount of tokens. The good news is that the wallet supports the most favourite cryptocurrencies, including Bitcoin (BTC) and altcoins like Bitcoin Cash (BCH) Ethereum (ETH), Bitcoin Gold (BTG), Litecoin (LTC), Dogecoin (DOGE), Dash and some other ERC-20 tokens.
The wallet supports around 40 coins in total. This is a setback, especially when compared to competitive devices like Ledger and Trezor that support from 100 tokens up to a thousand.
To combat this, the KeepKey team has created an asset request feature that allows users to request a specific coin. If enough users request that same coin, the developers will add support for it on the wallet. We do not know whether this is true or false but the feature is included in the client app.
Trading Fees and Limits
There are no fees for using the KeepKey wallet by default but there are transaction fees in place for purchasing and sending crypto. Sometimes these fees are referred to as network fees or blockchain fees. The fees are paid out to the miners who verify transactions on the blockchain and none of the proceeds from the fees goes to Shapeshift. These fees vary based on the network congestion of the chosen cryptocurrency.
The KeepKey wallets have implemented three different levels of custom fees for Bitcoin transactions that users can choose from based on how fast they want their transactions to be verified. The three fee tiers include fast transaction speed, medium transaction speed, and slow transaction speed.
For other cryptocurrencies, KeepKey automatically assigns network fees, thus ensuring transaction confirmation in a minimal amount of time.
Is KeepKey Safe to Use?
As KeepKey is a cold storage wallet, the crypto safety is at maximum as the private keys are stored offline. The KeepKey wallet offers users top of the line security measures and it’s even considered to be one of the leading HD wallets in terms of safety. KeepKey has diverse security features and functions as a small computer with the primary function to safely store crypto keys.
Other than the cold storage security feature, KeepKey offers a custom PIN code that prevents any unauthorized access, a 12-word recovery sentence, and a recovery seed phrase that can go up to 24 digits. The phrase seed is entropy generated from both the device and the connected computer. This provides an extra layer of multi-device security. The seed is always generated offline and is displayed on the KeepKey wallet’s OLED screen.
The wallet is shipped with tamper-proof packing so users can be aware if someone has opened the device prior to delivery. All in all, the device’s top of the line security features should inspire other platforms to improve their current industry-standard security measures.
Both KeepKey and the company behind the wallet, Shapeshift, offer their users a robust customer experience. They offer different articles on their websites about any types of problems that users might encounter. KeepKey also features a broad customer support section on the website where different topics can be addressed ranging from wallet initialization to sending and receiving Bitcoin.
The customer support system for direct contact is handled through support tickets and the support team can be contacted via email, through the “contact us” bot on the website and through a telephone number (1-715-503-3066). For additional customer support features click here.
A Few Words Before You Go...
The KeepKey wallet is one of the most affordable wallets on the market and firmly stands its ground against more premium devices like Ledger or Trezor. The security features are more than enough to provide the safety of your private keys and the OLED screen feature makes it a unique addition to the market for cryptocurrency products.
The main drawback of the wallet is the limited number of cryptocurrencies that it supports but at least it features the most popular ones along with other ERC-20 tokens. If you don’t mind the limited crypto support, then there’s nothing really holding this wallet back to rub shoulders with the flagship devices on the market.
frequently asked questions
Hardware wallets come in the form of physical devices like the KeepKey wallet and are used to store users’ private crypto keys offline. They have additional features like purchasing crypto through a native wallet exchange but their primary function is to store private keys.
Software wallets, sometimes referred to as hot wallets, come in the form of a desktop or mobile applications that store users’ keys online and function similarly to a debit card. Users can purchase, sell, and trade crypto directly from the user interface as these wallets are always online.
If your KeepKey wallets get damaged or stolen, users can use the 12-word recovery phrase to restore any digital assets when they get a new device.
Yes, hardware wallets are one of the safest methods you can choose to store your private keys. The developers or company owners have no access to your private keys and only you can authorize access and transactions to and from the wallet.