Proper storage is crucial when it comes to cryptocurrencies. This is because of how risky the cryptocurrency industry is with the existence of hackers and a wide range of methods for stealing customers' money. As much as you want to be profitable as a crypto investor, you should also devise a plan to keep your assets safe.

There are a variety of storage solutions at your disposal, each having trade-offs in terms of security and usability.

It is expected that new crypto users will stick with exchanges since they enable them to deposit their money in an online wallet, allowing them to have a soft landing in the crypto space. However, technically speaking, users do not control their coins. They would likely not get their money back if the exchange was hacked or shut down.

However, if you are looking to move your crypto assets off exchanges and would want a secure place to store them, a hardware wallet might be the option for you.

There are several hardware wallets in the market, with KeepKey being one of the best. We'll review this particular hardware wallet in this article to give you a good idea of what to expect.

KeepKey Overview

KeepKey is a crypto hardware wallet that allows users to securely store digital assets and private keys offline. It was founded by Darin Stanchfield as an independent hardware wallet company but was acquired in 2017 by the cryptocurrency exchange, ShapeShift.

The cryptocurrency wallet is uniquely designed and user-friendly, with affordable pricing. More so, it has a large display that gives more clarity to crypto assets sent and received on the wallet device. It also supports several cryptocurrencies and can be used on Android and computer devices.

Buying KeepKey Wallet

Currently, nearly all orders for KeepKey are placed online, especially on the company’s website. However, you can also buy it from authorized dealers, including The Crypto Merchant and The Crypto Shop, who provide KeepKey through their retail stores.

Payment options include credit cards, PayPal, and digital currencies. However, there are additional shipping costs. Since the shipment will come from America, you may have to pay customs fees, depending on your jurisdiction.

Unboxing/Design

The wallet comes in a thick cardboard box with magnetic closure and silver printing. You must check to ensure that the KeepKey seal is intact, proving that no one has opened the box before you.

The box contains the KeepKey hardware wallet wrapped firmly in a foil, a USB cable for connecting the wallet to your computer, a card to put down your recovery sentence on, and a good leather case to keep the card.

As for the wallet design, KeepKey is sleek with cool digital animation. It has a large display which is suitable for viewing long crypto addresses. It also has two-screen protection, which makes it safer against keystroke spying.

The device feels durable, although it is bigger than other hardware wallets on the market. It also weighs about 55 grams, which shows it is less portable than other wallets.

Setup

Setting up your KeyKey is similar to setting up any other hardware wallet for the first time. You begin the setup on the website, as indicated on the box's lid. The procedure for setting up is described in detail there.

You'll be required to create or connect a wallet after you have plugged in your KeepKey device. Also, it may be necessary to update the firmware first.

The rest of the setup process involves choosing a name, setting a PIN code, and creating a backup.

First, you'll give the hardware wallet a creative name. This allows you to distinguish between different KeepKey wallets. However, the name can be changed at any time in the future. The name is saved when you click the "Set Label" button. There is no need to interact with the hardware wallet at this point.

For security purposes, a PIN is then generated. This helps to prevent any unauthorized use.

For PIN entry, a random pattern of digits 1 to 9 appears on the KeepKey display. The digits are then inputted into the computer through a software interface. You do this by clicking on the corresponding box with your mouse.

Since the pattern of digits on the hardware wallet is constantly changing, malware on the computer cannot determine the actual numbers. The chosen PIN is then confirmed by clicking the "Choose PIN" button. To eliminate errors, the PIN must be re-confirmed, and as usual, with a new pattern.

The next and most important step is backup creation. It will be a collection of 12 random words, which you will see on the KeepKey device display screen. It's best to record the 12 words on the card included in the package, after which you'll confirm the writing by long-pressing the hardware wallet button.

The setup is done.

However, note that your backup/recovery seed is the key to all your digital assets and apps. It can only be seen once, so write it down and keep it safe. Do not make a digital copy of the recovery seed, and do not upload it online. Remember that you are responsible for any financial loss resulting from improper handling.

Usage

After completing the setup, you will be taken directly to your Bitcoin wallet. The next step is to receive and send cryptocurrencies, in this case, Bitcoin.

Receive Cryptocurrencies

If you are ready to send cryptocurrencies to your hardware wallet, click the "Receive" button under the receiving account, and an unused address will be generated. This is visible both in the software and the hardware wallet's display.

You should use the address only if both addresses match. If it’s anything other than that, then the address output could have been meddled with.

Send Cryptocurrency

Once you have cryptocurrency in your hard wallet, you can send it to anyone else. To do so, click the "Send" button.

You'll find a basic form with only room for the amount and the receiving address and a button for sending all coins. The transaction must be confirmed twice after clicking “Send.”

It is also critical that the address displayed on the device corresponds to the address you entered. The fee is calculated automatically and cannot be changed using your software.

View Transactions

The KeepKey software also provides a history of transactions on the respective crypto accounts. To find your transaction history, click the "Transactions" button. This will open a new window with a list of all the transfers to and from the account.

The "Details" link takes you to a blockchain explorer, where you can find more information.

Create Multiple Accounts

More accounts can be added using the KeepKey software. It can be on the same cryptocurrency as the other created account or another supported cryptocurrency. To do so, select “Add Account,” then choose a currency and a name for your new account.

Your accounts will be displayed in a list at the start of the KeepKey software, and you can switch between them at any time. Each account has a similar setup and operates in the same way.

Other Functionalities

The KeepKey wallet allows you to do other things, including direct swapping between crypto assets and firmware upgrades.

You can effortlessly convert one cryptocurrency to another with KeepKey. This is because of the ShapeShift exchange's integration.

More so, KeepKey prompts you to update the device's firmware regularly, allowing you to enjoy new features while bridging security gaps.

Compatibility

The KeepKey hardware wallet can be used on both Android and desktop devices. It is fully compatible with several desktop operating systems, including Windows, Mac, and Linux.

However, KeepKey does not have Bluetooth support; hence it cannot work with iOS devices.  

The hardware wallet also works with third-party software such as Mycelium, Electrum, MultiBit, and ShapeShift. You could, for example, use Electrum instead of the KeepKey software, but it only works with Bitcoin, although it has many more features.

KeepKey Supported Coins

As is standard practice, hardware wallets do not only support Bitcoin. You can store many other cryptocurrencies as supported by the wallet.

KeepKey falls short of its competitors in that it only supports a few digital assets, in addition to the over 1000 ERC-20 tokens supported through the wallet's integration with MyEtherWallet.

While you can find all of the popular coins and tokens, it's very unlikely that you'll be able to send, store, and receive less popular tokens. Nevertheless, If you want to store a specific coin, you can fill out KeepKey's Asset Request Form and hope that more people will be interested in that cryptocurrency. While it isn't perfect, it is a possibility.

Having established that here is the list of coins that the KeepKey hardware wallet supports:

• Bitcoin
• Bitcoin Cash
• Bitcoin Gold (in the KeepKey Client)
• DASH
• Dogecoin
• Ethereum
• Litecoin
• DigiByte (only on beta.shapeshift.com)
• 1000+ ERC-20 tokens

Security

Firstly, KeepKey is a hardware wallet, one of the most secure ways to store your assets. The private keys remain safe on the device, and due to this design, hackers cannot steal them over the internet even if you plug the wallet into a computer infected with malware.

In addition to being a cold wallet, KeepKey provides you with PIN protection and recovery seeds. You must unlock your KeepKey after each launch before accessing your accounts. This ensures unauthorized individuals do not read your account balances or send coins.

If you forget your PIN, you can restore the device to the factory setting and then start over in the software, this time with the "Recover KeepKey" option. You will need your recovery seed for this process.

Again, the wallet has a one-of-a-kind feature that randomly changes your PIN code pattern making it difficult for malware to copy your PIN code and steal your cryptocurrencies. Even a keylogger on the software cannot decrypt the PIN since the numbers are only visible on the device, and you have to enter the numbers through anonymous boxes by mouse.

However, regarding your recovery phrase, it's critical to understand that if someone finds out the 12 words, such a person can restore your wallet and steal all your assets. This means that you are solely responsible for the security of your wallet and will be liable for losses resulting from a stolen seed phrase.

KeepKey Price

KeepKey was extremely expensive when it first hit the market, with a price tag of $239. However, since then, the company's price has been reduced several times to a much more reasonable and competitive amount - $49, making it one of the most reasonably priced hardware wallets available.

KeepKey can also be purchased from any authorized US reseller for a slightly higher price.

KeepKey Pros

• The wallet makes a more secure storage option than software-only options.
• It is user-friendly with a sleek design.
• Users can swap cryptocurrencies directly on the wallet because of its integration with the ShapeShift non-custodial exchange.
• The hardware wallet is reasonably priced.

KeepKey Cons

• KeepKey supports a somewhat limited amount of cryptocurrencies.
• It is less portable than other hardware wallets.
• It does not work with iPhones.
• It has no Bluetooth support.

Alternative Hardware Wallets

KeepKey, Trezor, and Ledger are three well-known cryptocurrency hardware wallet brands. They offer secure hardware wallets and have incorporated cryptocurrency exchanges. Here's how they stack up.

KeepKey Vs. Trezor

TREZOR is a reputable hardware wallet company with two types of wallets. SatoshiLabs created the original Trezor hardware wallet (Trezor One) in 2014, making it the world's first cryptocurrency hardware wallet. Nonetheless, the Trezor Model T, launched in 2018, offers a significant upgrade over the original Trezor One.

The Trezor Model T is an excellent cryptocurrency hardware wallet for beginners, thanks to its simple setup and ease of use. You can purchase assets and tokens directly through the Trezor Wallet app and also exchange your assets and tokens.

The Trezor Model T also has a large full-color touchscreen display which most Trezor Model T reviews highlight as the device's main selling point. The touchscreen makes entering PINs and reviewing crypto addresses much easier.

Trezor supports over 1000 crypto coins and tokens, including Ripple and other major cryptocurrencies not supported on KeepKey. Additionally, fee control features are provided by the software wallet you use with your Trezor device.

The Trezor Model T hardware cryptocurrency wallet is compatible with desktop operating systems like Windows, macOS, and Linux and also offers browser support in Firefox and Chrome. However, just like KeepKey, it has mobile support for Android phones (via USB-C), but there is currently no support for iOS.

While Trezor supports a higher number of coins, is more portable, and has a bigger overall company reputation, KeepKey has a cheaper price tag with a great design.

KeepKey vs. Ledger

Ledger is another popular hardware wallet company, which like Trezor, offers both basic and premium hardware wallets: Ledger Nano S and Ledger Nano X, respectively. It looks like a typical steel USB storage device, which makes it easy to carry around.

The Ledger wallet supports over 1,000 tokens and coins and offers access to built-in cryptocurrency exchanges where you can buy, sell, or trade coins while using your hardware wallet.

As for connectivity, mobile users appreciate the Ledger Nano X's optional Bluetooth capability, which neither Trezor nor KeepKey provides.

Ledger is compatible with Android and iOS devices, as well as Windows, Mac, and Linux computers. Ledger wallets can also be used with well-known software wallets like MetaMask, Coinbase wallet, or Electrum.

Again, Ledger hardware wallets offer more features than KeepKey and are compatible with iOS; however, KeepKey offers a less expensive means of securing your cryptocurrencies in offline storage.

Summary

KeepKey is a beautiful, user-friendly, secure hardware wallet for storing digital assets. It has some excellent security features, which makes it one of the best hardware wallets on the market. It is also one of the most affordable hardware wallets.

While there are other large and well-known competitors available, KeepKey performs admirably. The main disadvantages of KeepKey are that it supports fewer cryptocurrencies than Trezor and Ledger and is less portable than other hardware wallets.

Despite its weight, its large screen greatly improves usability. The wallet is simple to use and to send and receive assets.

If the cryptocurrency you have in mind is supported on KeepKey and you don’t mind the size since you are unlikely to need to carry it around casually, this is a cool product to own.

FAQ

What Is A Hardware Wallet and How Does It Work?

Hardware wallets are devices that are specifically built to store private keys securely. They are considered safer than desktop or smartphone wallets as they do not connect to the internet. Since hackers can’t tamper with the device through the internet, it is safe to say hardware wallets significantly reduce exploitable vulnerabilities.

Hardware wallets keep private keys in the device. The private keys are typically held in a special location within the device that prevents them from being removed easily.

Nevertheless, since hardware wallets are always offline, they must be used together with another machine. Once connected to a computer or smartphone, users can interact with software that allows them to initiate a transaction or view their balance.

Interestingly, hardware wallets are designed in such a way that they can be plugged into infected PCs or smartphones without fear of the private key leaking.

However, it is critical to understand that hardware wallets rely on several assertions to remain secure. You must keep your recovery seed safe, as anyone with access to it can restore your accounts on another wallet.

On the other hand, hardware wallets are a tempting target for attackers. They are not magical weapons, and there are several plausible methods for hacking a hardware wallet, especially if the device is physically accessible.

Can I buy KeepKey Hardware Wallet on Amazon?

Yes, you can buy the KeepKey wallet on Amazon. But it should be noted that putting a third party between yourself and the creator of the hardware wallet is risky.

If possible, order hardware wallets directly from the manufacturer or official resellers. Untrustworthy stores or private sellers on platforms such as eBay or Amazon may manipulate the devices or deceive the buyer for their own good. The thieves can then later steal all of the coins from your hardware wallet. Unfortunately, similar incidents have occurred in the past.

What happens if I lose my KeepKey?

That is not an issue. You can restore your accounts to a new hardware wallet. Simply get another wallet and take the "Recover KeepKey" route. However, this process will require the recovery key you created when you first set it up.

What is the safest way to store my recovery seed?

While KeepKey includes a card in the package to write down your recovery phrase, such backup is not resistant to water, fire, and all-natural disasters. And in the event of these accidents, you have no means of recovering your accounts.

However, Billfodl could be a safer option. It is a solid stainless steel case used to store and protect recovery phrases, designed to resist fire, water, and more.

Who should buy KeepKey?

KeepKey could be your best bet if you’re seeking to keep your cryptocurrencies safe and isolate your private keys from hackable computers or smartphones. KeepKey might also be for you if you don’t mind owning a significantly large hardware wallet to help benefit from its large display screen. You can also explore this option if you are looking for affordable hardware wallets.

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