A KeepKey Review for 2021
However, in this review, we’re going to introduce you to the KeepKey wallet, which supports over 40 different crypto assets. Also, it's probably the most beautifully designed device out of the big three.
In this KeepKey review, we'll walk you through what this device is, how it works, its pros and cons, as well as what we think of it compared to other crypto hardware wallets in the market.
Table of Contents
Released in Kirkland, Washington in 2015 by Darin Stanchfield, KeepKey is a popular cryptocurrency hardware wallet.
It is a hierarchical deterministic (HD) hardware wallet, which means that you can store multiple cryptocurrencies and an unlimited number of private keys on there and access them no matter where you are in the world.
The KeepKey wallet has a significantly bigger screen than some of its competitors. This makes confirming transactions a tad easier as you can see the transaction details more clearly on a bigger screen.
The device also has a more premium look, thanks to the aluminum case that gives the wallet a sleek look and screen protection.
KeepKey was acquired by Swiss company ShapeShift AG in August 2017. This acquisition is worth mentioning because ShapeShift allows you to exchange between cryptocurrencies easily using only the KeepKey device and client.
When KeepKey first came out, it was priced at a steep USD $239. But since many competitors have lower price points, they reduced the price to a much more reasonable and competitive USD $79*. This move has helped KeepKey gain popularity tremendously.*Rates current as of September 2021
KeepKey: How It Works
When you first receive your package, you’ll see a KeepKey seal, which is there to show that no one has opened it before you.
Inside the box, you’ll find the KeepKey hardware wallet, a USB cable to connect the wallet to your computer, a card to write your recovery sentence on, and a nice leather case to keep that card.
The wallet also uses second screen protection, making it harder for people to spy on your keystrokes. KeepKey is all about that premium feel!
It’s super easy to set up your KeepKey for the first time — it probably won’t take longer than 5 minutes!
First, you’ll need to download the KeepKey client from the Chrome web store. Then, connect your device, add PIN protection, and write down your recovery seed.
This recovery seed is very important as it helps you recover your funds in case you ever lose or break your wallet. KeepKey is fancy enough to provide a leather case for your seed card so it’s not just a piece of paper lying around in your room!
After setting up your wallet, you’re probably wondering how to start using it. To do so, you’ll need to create an account to get your KeepKey wallet address. Your wallet should have already created a Legacy Bitcoin Account by default during the configuration process, but you have to create accounts for every individual altcoin.
So for example, if you’d like to transfer Ethereum to your KeepKey wallet, you will first need to create an Ethereum account.
You can also use KeepKey with other software wallets like Electrum and MyCelium. Remember how we said KeepKey was acquired by ShapeShift? Here’s where it comes in handy: there’s built-in crypto to crypto exchange inside the KeepKey wallet that allows you to easily trade between cryptocurrencies. This is going to save you a lot of headaches as you get more familiar with different digital assets and want to try out more.
KeepKey supports 40 different digital assets, mainly Bitcoin, Bitcoin Cash, Bitcoin Gold, DASH, Dogecoin, Ethereum, and Litecoin, to name a few.
Although KeepKey supports the majority of popular coins, it does lose an edge when compared to Trezor and Ledger, which both support over 1,000 assets.
KeepKey: Pros & Cons
Pros: The Good Stuff
Multilevel security features
Integrate with ShapeShift for easy currency conversions
Supports 40 digital assets
Cons: The Not So Good Stuff
Needs third-party software add-on
Slightly less portable than other hardware wallets due to its large display
Does not save setup progress
More expensive than other hardware wallets
If you lose your password (PIN) and recovery phrase, you cannot access the wallet
No transaction fee estimates
No local currency amounts thus require manual calculations when sending payments in cryptocurrency
Our Final Thoughts
At its current price point, KeepKey is a solid, secure cryptocurrency hardware wallet. Its sleek design and bigger screen certainly help with improving user experience and making transaction confirmation a lot easier than on other wallets.
However, the bigger size means that it’s not as easily portable as other wallets that are probably the size of a USB. If you’re not planning to carry your wallet around though, then that’s not an issue!
With the ShapeShift feature within the wallet, KeepKey has an edge over its competitors in the sense that you can exchange cryptocurrencies without the need of connecting with other exchange platforms.
Unlike other hardware wallets, however, KeepKey doesn’t have its own native app — its app is Chrome-based. KeepKey also only supports 40 digital assets, which is a lot fewer than the 1,000 that Trezor and Ledger provide. If you’re only looking to trade the most common coins though, then KeepKey is all you need.
Overall, KeepKey is a great hardware wallet option for its sleek design and affordable price. It’s easy to exchange crypto coins within the wallet, but you do have to decide if you’re okay with just trading 40 coins. If you’re a beginner just trying out crypto trading, then this is a great choice!
Frequently Asked Questions
A hardware wallet is a device that stores your private keys and digital assets. It is not connected to the Internet. Since the device is offline, it allows you to store your coins safely and transact with computers even if the computers have been infected with malware.
The first hardware wallet was released in 2013 by Trezor. Soon after, Ledger and KeepKey joined the race and became the top three hardware wallet options for crypto enthusiasts. Hardware wallets are great for people who have large amounts of digital assets and don’t want to store their funds on the Internet.
Hardware and software wallets are both highly secure crypto storage, but they function rather differently. Hardware wallets store your private keys and assets on a physical device that is not connected to the Internet, preventing other people or computers from accessing them. Software wallets, on the other hand, hold private keys on the Internet or on software, which poses a higher risk of compromise.
When you buy and sell crypto using a software wallet, you start and complete the transactions online. You need to have a stable Internet connection to conduct transactions. But with a hardware wallet, you have to use the physical device to confirm transactions, usually by pressing down two buttons together.
This process makes it harder for bad actors to steal your money from a hardware wallet. That said, many software wallets require you to set up 2-factor authentication and encrypt your transaction details, which are extra layers of security that you can rely on to protect your assets.
Another difference between hardware and software wallets is cost. Most software wallets come free of charge when you sign up for an account online, but hardware wallets typically cost upwards of USD $50*.
Some wallets can even cost hundreds or thousands of dollars. KeepKey, introduced in this article, costs USD $79*.*Rates current as of September 2021
The easy answer is no. You don’t need to own a hardware wallet to buy, store, or send Bitcoin because most online crypto exchanges out there will give you a free wallet on their site when you sign up.
Online wallets are free, very secure, and are mostly insured so they are great for beginners. However, since your assets are online and aren’t physically in your hands, some advanced traders prefer to store their large amounts of assets in hardware wallets.
Note that when you use a hardware wallet, you still need a working computer to initiate transactions. You can connect your wallet to your computer either via a USB cable or Bluetooth.