KeepKey is a popular hardware wallet amongst bitcoiners looking to secure their cryptocurrency. For some time now KeepKey has been overshadowed by other competitors like Ledger Nano and Trezor Model T.
With the ever-growing popularity of Bitcoin and customer information hacks hodlers are no longer overlooking KeepKey hardware wallets.
In this Keepkey review, will unpack what KeepKey offers and how a user can store their cryptocurrency.
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The KeepKey device was developed in 2015 gaining notoriety as being a safe way to secure users’ bitcoin.
In 2017 the manufacture of KeepKey hardware wallet was acquired by Shapeshift in an effort to leverage Shapeshift’s cryptocurrency exchange.
Headquartered in Switzerland but run out of Denver. Shapeshift has been entrenched in the crypto ecosystem since 2014. The company provides a platform that swaps between assets in a seamless, safe, and secure environment.
Erik Voorhees, CEO of ShapeShift envisioned an exchange experience where safety and ease of use could fit together.
KeepKey hardware wallet fell in line with this vision and is now one of the flagship products offered by Shapeshift.
What Is KeepKey?
In short, KeepKey is a hardware wallet that allows users to securely store their cryptocurrency completely offline. With KeepKey hodlers can generate and manage their private keys.
Private keys are critical to authorize outgoing transactions on the blockchain.
If your private keys fall into the wrong hands so does your bitcoin. As the saying goes “Not your keys, Not your bitcoins”. Hardware wallets like KeepKey store your private keys.
Without this safeguard, users could misplace, lose, or worse get private keys hacked away from them.
In the crypto space, there is no cold storage centralized bank or institution to backup private keys. Therefore devices like KeepKey play an important role in storing your cryptocurrency funds.
Most individuals buy bitcoins and just leave them on the exchange.
The Shapeshift team saw this challenge and integrated the hardware wallet with its exchange.
Instead of entrusting your Bitcoin purchase with a third party now, you can leverage KeepKey as an optimal place to hold your crypto.
Security – KeepKey hardware wallet provides users with stress-free security. As users can store their Bitcoin offline. Providing you with a PIN code and recovery seeds similar to other hardware wallets like Ledger Nano X or Trezer One.
Using the confirmation button all transactions must be manually approved for added security.
Backup and Recovery – As we mentioned earlier KeepKey hardware wallets provide users with a 12-word recovery phrase. The phrase is used to easily backup or recovers your private keys.
The phrase is unique to your wallet and if found out by someone can result in your Bitcoin being stolen.
Large Display – May seem like an odd feature to add but a large screen on a cryptocurrency wallet is hard to come by. KeepKey is one of few hardware wallets to have a sizable display screen.
This is perfect for users who want to clearly see every digital asset being sent and received on their device.
Exchange Functionalities – Thanks to the integration with the Shapeshifts platform users can easily engage in crypto exchanges from the KeepKey wallet.
How Does It Work
As mentioned earlier in the KeepKey review, KeepKey works in tandem with the Shapeshift platform. Users take full control of the private key, storage, and transaction signing.
The ease of use is by design KeepKey wallet stores your Bitcoin without risking it every time the wallet is connected to your computer via USB cable.
Below we briefly breakdown the setup process for the Keepkey wallet through Shapeshift.
Beginning KeepKey Setup
If you use other hardware wallets Setting up a KeepKey wallet can feel more or less the same. Go to the ShapeShift Platform the link can be found on the Shapeshift website.
Pairing KeepKey to ShapeShift
Users can then connect their USB cable from KeepKey wallet to the computer and begin the pairing process.
As KeepKey pairs users need to follow a series of onscreen prompts. KeepKey’s desktop app, updater app, or another window of the ShapeShift Platform should not be running in the background.
This will help in making your KeepKey hardware wallet compatible with the ShapeShifs platform.
At some point, you’ll be prompted to Initialize KeepKey. At this phase, you can recover an existing wallet or create a new wallet by initializing the KeepKey.
As you follow the “Initialize KeepKey” onscreen prompts you will be able to add a pin and given a new recovery phrase.
After confirming your Pin and Recovery Phrase, your address will sync, and you will be brought to your dashboard. The video found below from YouTube Channel Knowledge Scroll does an amazing job demonstrating the unboxing and setup process from start to finish.
Is KeepKey Safe?
KeepKey wallet is safe as it protects users’ private keys offline away from other attack vectors. This doesn’t mean hardware wallets don’t come with risk.
Hardware wallets can malfunction in a number of ways from firmware dysfunction to app failures.
In our KeepKey review, we mention that users have the ability to use a recovery seed or pin code as a form of added security.
You are in charge of funds and can’t simply rely on Keep Key safeguards.
Can KeepKey Be Hacked?
It is possible for KeepKey to be hacked. Although this possibility “hacking” can happen to any Hardware wallet under the right circumstances.
In fact, Kraken Security Labs found a few security flaws with KeepKey in the past.
The flaw relied on voltage glitching, it was a brute force tactic that took control of the microcontroller found within the wallet.
KeepKey says that the wallet best protects against remote attacks and not physical. As with any other hardware wallets, you should keep your wallet out of the hands of others.
It’s literally the best line of defense against physical attacks. As recommended also enable your BIP39 Passphrase with KeepKey client.
What Coins Does KeepKey Support?
As one of the third popular cryptocurrency hardware wallets out on the market KeepKey wallet coin support is surprisingly limited.
Either way, users can store dozens of the leading tokens and coins like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and ERC-20 tokens just to name a few. The full list can be spotted here.
Keep Key does lack a bit here for some perspective Ledger Nano X has 1000+ supported coins.
KeepKey Wallet Price
KeepKey wallet is not only attractive but also budget-friendly. The hard wallet currently costs just around USD $49.00. This pail in comparison to past prices where the wallet easily went for USD $239.00.
The current cost of a KeepKey wallet is a great pricing strategy as other Bitcoin wallets fall alongside this range.
KeepKey Hardware Wallet Alternatives
The Ledger Nano is the hardware wallet that is built for holding and managing cryptocurrency. Features major coins support from Bitcoin, Ethereum, and even smaller ones like Stellar or NEO.
Ledger Nano S was their very first hardware cryptocurrency wallet. It was built with security and ease of use in mind like all their products.
Trezor One wallet is a small key-shaped hardware wallet that allows crypto holders to store their cryptocurrency in a secure manner. A great option if you are looking for a direct competitor of the Ledger Nano series. Trezor puts a lot of work into its hardware wallet and provides great support to its users.
Pretty much one-to-one comparison between them and Ledger…
ELLIPAL’s newest cold wallet, the “ELLIPAL Titan” is an upgrade in both look and feel. Sporting a fully metal sealed and air-gapped body. The key advantage of hardware wallets such as ELLIPAL Titan is its usability, multiple coin support, and added security.
Currently, ELLIPAL Titan is $169 which is a bit less budget-friendly. Yet the tradeoff is a hardware wallet with a robust set of features.
KeepKey Review – Pros and Cons
-Easy to use interface with a large display
– API integrated with ShapeShift making for easy crypto exchanges
– Multilevel security features to protect users Crypto
-Budget-friendly price makes it a nice value buy
-When compared to other hardware wallets KeepKey features limited coin support
-Larger and heavier to carry around
-KeepKey & Shapeshift Initial Setup
KeepKey Review – Is Worth It?
KeepKey software can feel a bit clunky and the lack of a true desktop client may leave users a bit underwhelmed.
Luckily, the chrome extension app was recently discontinued. As users can utilize shapeshift or Electrum platforms.
We spotted a handful of customers taking issue with the pairing process and others flat-out had issues with the KeepKey device.
The larger screen display is a nice touch as users can easily view cryptocurrency actions.
It’s also very affordable as the current price for KeepKey is listed at $49.00 making it very enticing among hodlers.
With that being said KeepKey limited coin support, odd firmware dysfunction, and hefty frame leaves more to be desired. Ledger Nano X and Trezor one hardware wallets seem to be better in comparison. Offering more value for the price.
KeepKey is one wallet to keep an eye on as shapeshift software upgrades adding more value to this formidable opponent.