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The wallet comes in a unique packaging with a KeepKey seal indicating that it’s not been opened. The box contains the wallet, a USB cable, a card for noting down the seed phrase, and a leather case. The build quality of the device is exceptional, and it provides you with the second screen protection present in Ledger and TREZOR wallets. This ensures that there isn’t any keystroke spying going on.
Keep in mind that KeepKey wallet doesn’t have as small a footprint as other popular hardware wallets like TREZOR and Ledger Nano X and it will be noticeable in your pocket. In terms of portability that’s not exactly a major concern but it may not be as convenient as other cold wallets.
Setting up KeepKey Wallet
Download KeepKey from Chrome web store, connect the wallet to your device and follow the given instructions. You will be asked to set up a PIN and you will also need to note down your seed phrase which is necessary to recover your coins in the event that your wallet gets stolen or damaged.
KeepKey is compatible with some of the software wallets as well including MyCelium and Electrum. Being acquired by Shapeshift means you can engage in cryptocurrency trading within the wallet.
Security
The major reason of buying a hardware wallet is to ensure security and KeepKey does a great job. Your private keys are stored on the device instead of the manufacturer’s server minimizing the risk of cyber criminals accessing your digital assets. Moreover, there is also PIN protection along with 12-word seed phrase backup recovery. It’s recommended that you write down the seed phrase on a paper and keep it somewhere safe. That’s the only way to recover your cryptocurrency if anything goes wrong with your device.
Apart from the above security features, KeepKey has also limited the dependency on the internet for the device usage which is inherently safer. If your device isn’t connected to the internet, it can’t be remotely accessed keeping your coins safe and secure.
Compatibility
Compared to other hardware wallets like Ledger Nano series and TREZOR that support over 1000 digital assets, KeepKey only supports 40 cryptocurrencies and ERC-20 tokens. Some of the popular coins supported by KeepKey include Ethereum, Bitcoin, Bitcoin Gold, Bitcoin Cash, Dogecoin, Litecoin, and DASH.
If you want to increase the support for ERC-20 tokens, you can integrate the wallet with MyEtherWallet which allows you to store 1000 tokens.
Conclusion
Interestingly, when KeepKey wallet was released, the price tag was exorbitant at $240. However, due to the increasing competition, now the wallet is available around $70-$80 which makes it quite affordable like Ledger Nano S and TREZOR One. Overall, the wallet doesn’t really stack up against the top dogs with limited cryptocurrency support and lack of brand reputation.
However, if you are looking for something that looks great and has its own distinct personality along with decent compatibility and robust security, KeepKey is a great option for you. Otherwise, the established brands offer a better product in this price range.