If you have a large stash of coins, bitcoins especially, that need tight protection, you should definitely give KeepKey a consideration. Armed with enhanced security functions, the hardware wallet provides you with the safety of your coins so you can sleep peacefully at night. Hardware wallets are considered as one of the safest ways to store cryptocurrencies.
This review considers the cold storage’s functions, history, price and fee, all the while comparing it with other similar products, like Ledger Nano S and Trezor. We conclude with pros and cons, providing remarks on the overall performance of the wallet.
General Information about Wallet
The wallet was created by a company of the same name in 2015, as additional wallet service device in the market that competes with Trezor and Ledger Nano S. Since then, the cold storage aimed to increase its market share by adding coins and functions within its platform.
The firm itself is based in Washington, the USA with production facilities located in the same place as headquarters. Much like Ledger Nano S and Trezor, there is no official number of users, since the company wishes to keep these numbers private. More importantly, it is hard to estimate its current market share as well.
The product itself can be shipped anywhere in the world, as long as you have an available credit card as a payment method. Thus, anyone is eligible to purchase the device and store coins in it at any time.
Being an HD wallet, KeepKey operates with private keys, without a need for a server connection. Decentralization of the device is important, as it provides you with sufficient security against cyber attacks. Beginners might find using the wallet a bit complicated at first but with user manuals and online guides, starts will catch up with features in no time.
Hardware & Online Properties
The package sent to you would include a cable, the KeepKey wallet and user manual. The device itself differs from other wallets, as it is made of aluminum, aimed at damage control should you happen to drop it.
The wallet can be kept in your purse or pocket, which makes it comfortable to carry around. The USB cable can connect the device to PC or laptop. Dimensions of the wallet itself are 38 x 93.5 x 12.2 mm.
In this sphere, KeepKey currently underperforms when compared to Trezor and Ledger Nano S. The accepted cryptocurrencies are bitcoin, Ethereum, litecoin, Dogecoin, DASH, and Namecoin, while the company aims to add more in the future. All of the coins have their own balances and addresses within the wallet, meaning that you do not need to get several of them for different coins.
It is not possible to deposit and keep fiat currencies, such as USD or EUR since the device is blockchain-oriented.
Platforms and Features
The KeepKey’s supported platforms are Windows, Linux, Mac and Android environments. The iOS users are yet to be included in the service, while Trezor and Ledger both have a separate platform for Apple phones. The online platform is available in Chrome explorer, much like other hardware appliances, as shown below.
The platform itself is very easy to understand and use, as the screen of the wallet lists several options that you tap. Other platforms are also simple and user-friendly, making this wallet, apart from its setup, a nice device to handle, as shown in the picture below.
Price & Fees
You can purchase KeepKey at company’s profile or on Amazon, depending on your preferences. In both cases, the price of the wallet is $129, slightly higher than Trezor and a lot more costly than Ledger Nano S.
You should also consider the shipping fees, as they vary from country to country and from transportation method used. You can use PayPal to purchase KeepKey directly from the company.
Much like its counterparts, KeepKey offers several security functions for you to use. Firstly, it uses privately generated keys (recovery seed of 8, 12 or 24 words; password and username; transaction codes), keeping your information outside of the KeepKey’s online servers.
Due to the installed blockchain technology, the wallet operates in both online and offline environments, keeping hacker’s hands off your balances. The screen and buttons act as physical protection, as you need to confirm the transaction with two buttons pressed at the same time. Screen, on the other hand, can be used in offline mode to check your balances, without going online for it.
You also have a PIN code that you can use when login on and off the platform, adding another layer of protection for your account. If you are interested in security functions, in particular, you can read more about this, Store Cryptocurrencies Safe 2018.
KeepKey has an FAQ section alongside its ticket system where you can post or find questions about your issues. All you have to do is to provide your email, question, and text that follows it and you will be answered within 24 hours from the ticket submission.
KeepKey’s services have had positive reviews online while Reddit users usually have good remarks for the device with its price being the only exception. Since other, very similar products have lower prices but basically same functions, many people deem luxurious looks to be of little value for them.
Opened for the industry in 2015, the KeepKey wallet grew to be one of the more popular wallet choices in the market. Since then, the company added very few coins until today though it is reasonable to expect that more is to come soon.
The company also managed to collaborate with several exchanges and wallet services, such as ShapeShift, Electrum, MultiBit, and Mycelium.
Pros and Cons
There is very little difference between KeepKey and other HD wallets such as Ledger Nano S and Trezor. Apart from materials and luxury feel it provides, users have similar security functions as other cold storage devices.
Unavailability of iOS and small coin number supported are a letdown but the wallet itself provides what it promises. The security is of high level, ensuring your coins stay where they are supposed to be.