Hardware storage is a highly effective means of ensuring the security of cryptographic keys. They provide "cold" storage of private cryptographic keys on physical devices, disconnecting them from the Internet connection and thereby protecting them from cyber threats as much as possible. This feature makes them extremely difficult for intruders to crack.

One of such reliable hardware wallets is SafePal S1. Developed with the active support of Binance Labs, Trust Wallet and the Litecoin Foundation, it is becoming a reliable tool for storing cryptocurrency. SafePal S1 is deservedly considered one of the most secure hardware storages on the cryptocurrency wallet market. Its reliability and security are confirmed by leading companies and funds, which makes it an attractive choice for storing large amounts of cryptocurrency.

General characteristics 

Hardware storage offers a number of important characteristics that make it an attractive choice for storing cryptocurrency:

1. Warranty and Service life: Users receive a one-year warranty on the device, providing an additional level of protection and confidence in the reliability of the device.

2. Security sensors: The device is equipped with security sensors placed in several layers, which provides a high level of protection for storing cryptocurrency assets.

3. Self-destruct mechanism: The built-in algorithm monitors and reacts to hacker attacks, upon detection of which the device automatically destroys all data, preventing unauthorized access.

4. Autonomy: The hardware storage provides autonomous operation thanks to the built-in 400 mAh battery, which allows the device to work for up to 20 days without recharging.

5. Multicurrency: The device supports a wide range of cryptocurrencies and tokens, including 33 blockchains and more than 30 thousand tokens. Users also have the option to add new assets when updating the firmware.

In addition to these features, the manufacturer's website provides additional information about the product, as well as the ability to order the device and related accessories.

Wallet Features 

SafePal wallet offers a number of significant advantages that ensure safe and convenient storage of cryptocurrency:

1. Built-in random number generator: SafePal includes a random number generator that is used to create a unique SEED phrase, providing secure storage of private keys.

2. EAL5+ chip: This chip guarantees the maximum level of information security, protecting the wallet from external threats and attacks.

3. Self-destruct mechanism: In case of a physical hacking attempt, SafePal activates a self-destruct mechanism that ensures the safe deletion of all data from the device.

4. Offline operation: The wallet can function autonomously, which allows users to use it in any conditions, even in the absence of an Internet connection.

5. Air-gapped signing mechanism: SafePal uses an air-gapped signing mechanism, which means that private keys never go online, providing maximum protection from cyber threats.

6. Secure Hot Apps: The wallet offers secure hot apps that allow users to buy, exchange and sell cryptocurrencies directly from the wallet.

The wallet can be managed through a smartphone app or browser extension, providing maximum convenience and accessibility for users. To download the software, it is recommended to use only the official SafePal website for guaranteed security.

Security of the SafePal hardware wallet

SafePal wallet has a number of outstanding features that ensure its high level of reliability and security:

1. Software checking: At the first synchronization with the software on a PC or mobile device, SafePal undergoes an additional online authentication check. If a fake device is detected, all programs are immediately blocked, which prevents access to malicious programs.

2. Air gap signature mechanism: The built-in camera provides an "air gap" connection mechanism. This makes SafePal as autonomous as possible and prevents the possibility of remote access to the wallet for stealing codes.

3. Malware Detection Sensors: SafePal is equipped with sensors that can detect hacking attempts and activate a self-destruct mechanism. In case of danger, the device is fully formatted, preventing access to confidential information.

4. EAL5+ chip: This chip provides an additional layer of protection, making SafePal as reliable as possible and protected from unauthorized access attempts and information theft.

5. Two-factor authentication: Users make transactions through a mobile app or extension, but the transaction will not be processed until the confirmation button is pressed directly on the wallet. This provides an additional level of security during operations.

The main protection mechanism is a recovery phrase consisting of 12 random words that are generated by the wallet during registration. This ensures that access to accounts can be restored even if a physical device is lost.

Recovery Seed

The seed phrase, or "recovery seed", is a mnemonic phrase that is generated by your crypto wallet. This phrase plays a key role in the security of your cryptocurrency assets, as it is used to restore access to your wallet in case of loss or damage to the device, as well as to transfer assets to other devices.

Storing the seed phrase is critically important because anyone who gets access to this phrase will be able to access all your cryptocurrency assets. Therefore, it is important to ensure maximum protection of this information.

The SafePal wallet allows you to choose the length of the LED phrase yourself, from 12 to 24 words. The longer the phrase, the higher the security level of your assets.

It is recommended to store the LED phrase in the safest possible place. It is not recommended to photograph or record it digitally, as this increases the risk of third parties accessing your assets. The best way to protect yourself is to write down the phrase on paper or use special stickers provided with the SafePal S1 wallet and hide them in a safe place. There are also storage options on a metal plate or a flash drive, which should be stored in a safe place, for example, in a safe deposit box or a safe deposit box.

Setting up SafePal on a mobile device

Now let's figure out how to use SafePal. Please note that it does not connect to a computer -  synchronization is only possible with a smartphone through the app. The wallet is compatible with Android OS versions 6 and later or iOS 13 and later.

So, first you need to download the app to your smartphone. To do this, either scan the QR code on the manufacturer's website or open the app store and use the search by name.

To start using SafePal, follow these simple steps:

1. Download the app: Go to the app store on your smartphone (App Store for iOS or Google Play for Android) and find the SafePal app, or follow the link from the official website.

2. Install and launch the app: After downloading the app, open it on your smartphone.

3. Enter a PIN code or use a fingerprint: To increase security, set a PIN code or connect fingerprint identification to log in to the application.

4. Verify the authenticity of the device: Turn on your SafePal hardware wallet and follow the instructions in the authentication app. This will provide an additional level of security. You may need to scan the QR code from the screen of your SafePal device and confirm the verification in the app.

5. Create a new wallet: After authentication, you can create a new wallet in the SafePal app.

6. Personalize settings: After creating a wallet, customize it according to your preferences and needs.

If you receive a "Warning" message during authentication, contact the seller to replace the wallet, as this may indicate that the device has already been used.

Steaking

Staking in SafePal is an opportunity to generate passive income from the coins you keep. This process is implemented in the form of filling income farming pools, where the size of your contribution is strictly limited and does not exceed 3% of the total pool.

To participate in the betting, you can invest the following coins:

• BNB (Binance Coin);

• BSW (Binance Smart Chain);

• CAKE (PancakeSwap Token);

• BANANA (ApeSwap Finance Token);

• USDT (Tether);

• ETH (Ethereum);

• BTCB (Bitcoin);

• USDC (USD Coin).

Some of these coins can be added to liquidity pools by receiving Liquidity provider tokens (LP) in return. For example, you can select a pair of cryptocurrencies, such as BNB-USDC, and add them to the pool in equal proportions. The projected revenue from staking depends on the chosen coin and ranges from 3 to 85% per year.

To participate in the betting, you need to click on the button with the image of a bag of money ("Investments") on the main screen of the SafePal application. Then select a token or a cryptocurrency pair, confirm the transfer of coins to the pool. The investment programs are open-ended, and you can withdraw your coins at any time by clicking the withdrawal button from the pool. The cryptocurrency will be returned to your wallet along with the accumulated interest.

Cryptocurrency exchange inside the wallet

The Swap tool is integrated into the SafePal mobile virtual storage, which provides users with the opportunity to exchange existing cryptocurrencies at current market rates. It is located in the "Exchange" section. With this tool, users can easily and quickly exchange between different cryptocurrencies using current market rates.

A special feature of the Swap tool in SafePal is the availability of the cross-chain asset conversion option. This means that users can exchange cryptocurrencies between different blockchains, not limited only to the internal blockchain.

In addition, the conversion of crypto assets through centralized trading is available in the SafePal repository. Users can trade tokens and coins through the "Markets" tab or the built-in terminal from Binance. This allows users to participate in trading on various cryptocurrency exchanges, having access to a wide range of cryptocurrency pairs and the ability to obtain data on current market prices and trading volumes.

Commission 

There is no commission in the SafePal wallet for using the device or storing cryptocurrency. However, when conducting transactions such as sending or receiving coins, a blockchain fee is charged, known as a "gas fee". The amount of this fee depends on several factors, including the speed of the transaction, the type of network and its workload. The user can see the exact amount of the commission before confirming the transaction, which ensures transparency and control over commission costs.

Support Service

The SafePal application provides a help center where users can find answers to popular questions. If additional information is required, they can refer to the manufacturer's website. In addition, an online chat with a bot is available, through which you can send a request to the support service. To do this, open the application settings, select the appropriate section and leave a question in the online chat form, as well as specify an e-mail for feedback. If the bot is unable to respond to the request, it will be forwarded to an employee of the company, and the response will be sent by email. Please note that the waiting time for a response can be up to 24 hours.

Reviews

SafePal is hugely popular among several million users worldwide, and their satisfaction is rated at 4.8 out of 5 on the customer satisfaction scale. One of the main advantages of SafePal, which users pay attention to, is the relatively low cost of the wallet, since analogues on the market are 3-4 times more expensive. 

Users also appreciate the convenience of the QR code transaction system, although it may take some time for some of them to get used to this method. Although some users may lack the ability to connect a wallet to a computer, others, on the contrary, consider working through a mobile application one of the strong advantages.

Other advantages that wallet owners pay attention to include a convenient joystick, a high level of security and easy operation via a mobile application.

Conclusion

Taking into account careful analysis, it can be concluded that the SafePal wallet has practically no serious drawbacks. The wallet is easy to use, has extensive support for various blockchains, provides enough memory to store tokens from various networks, and also has a reliable battery that provides up to 20 days of battery life with daily use for 15-20 minutes.

The SafePal application supports the functionality of dApps, allows you to earn income from betting and even trade on popular decentralized platforms, which significantly expands its functionality.

Given the simple interface, affordable cost, attractive design and high level of security, we can recommend the SafePal wallet as a budget alternative to other devices in the cryptocurrency wallet market.