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As crypto-adoption slowly begins to happen, more and more investors are made aware of the benefits of self-custodial cold wallets and the demand for affordable hardware wallets have skyrocketed. KeepKey is the perfect fit, offering a hardware wallet and compatible platform to send, receive or exchange your crypto assets without risking your privacy at an affordable price.
- KeepKey is one of the cheapest hardware wallets on the market
- Extremely straightforward to send and receive crypto assets
Can fully read addresses through the large display screen
Platforms supported: Android + iOS
Wallet type: Hardware Wallet
WE RECOMMEND KEEPKEY
KeepKey History and Background
KeepKey markets itself as ‘The Next Frontier of Crypto Security’, being taken over by Swiss crypto exchange shapeshift.io in 2017, which has direct integration with the KeepKey hardware wallet. Founded in 2015 by Darin Stanchfield, KeepKey is headquartered in the US and provides one of the cheapest and most reliable hardware wallets to date. KeepKey is often compared to its two biggest competitors: Ledger and Trezor, both for price and functionality.
What is in the Box
After purchasing a KeepKey hardware wallet, you will receive a box containing:
- The KeepKey hardware wallet
- USB cable to connect to external devices
- Recovery Phrase sheet
All items are neatly packaged within a small box, creating a neat case to carry your hardware wallet around with you.
Currently, the KeepKey wallet offers a bit over 40 different cryptocurrencies which you can store or exchange via their wallet and shapeshift platform. Although a relatively small collection compared to other hardware wallets, all major crypto assets such as Bitcoin and Ethereum are supported.
When compared to similarly priced hardware wallets on the market such as Ledger, having only 40 supported crypto assets is slightly disappointing.
Supported Operating Systems
For such a competitively priced hardware wallet, KeepKey supports all prominent operating systems including Windows, MacOS, Linux and Android. Unfortunately, the wallet is not compatible with iPhone OS, which may annoy iPhone users.
Setting up the KeepKey Wallet
Step 1: After receiving your hardware wallet, head over to the ShapeShift web platform, which directly adds important features to your wallet experience. For example: Instantly buy or sell your cryptocurrency.
Step 2: Connect your KeepKey wallet to your computer through the USB provided and click ‘Connect a Wallet’ and select KeepKey as your hardware wallet.
Step 3: Agree to pairing your KeepKey and click ‘Connect’.
Step 4: After your KeepKey is connected, you will be prompted to set up your wallet by clicking ‘Initialize Keepkey’. You will be asked to label your wallet, create a secure PIN code and also receive your 12 word backup phrase.
Step 5: Remember to securely note down your recovery phrase on the paper provided. Once done, your KeepKey is ready to go!
The steps to setting up the KeepKey Wallet:
After receiving your wallet, head over to the ShapeShift web platform which directly adds important features to your wallet.
Connect your wallet to your computer and click "Connect a Wallet".
Set up your wallet by clicking "Initialize Keepkey".
Label your wallet, create an PIN code and receive your 12 word backup phrase.
Remember to securely note down your recovery phrase.
How do I Transfer Bitcoins to My Wallet
Each transaction that occurs related to your KeepKey will need to be manually confirmed via the device.
Step 1: Connect your KeepKey device to your computer and open the ShapeShift web platform to connect your device. You will be asked to enter the pin you created on setup to verify the wallet.
Step 2: Select the coin you wish to receive, in our case Bitcoin, and click receive Bitcoin, which will show you your Bitcoin receiving address and a QR code for transactions.
Step 3: Either directly copy the address for the sender or scan the QR code directly to ensure the address is correct.
Remember: For large transactions always do a ‘test transaction’ first, to ensure the address is correct and funds are received correctly.
Step 4: Once the sender sends the Bitcoin to your KeepKey, you should receive the funds in under an hour, depending on the congestion of the Bitcoin network.
All finished! You now have Bitcoin stored in a cold-storage wallet!
How much does the KeepKey Wallet cost?
Priced at $49, the KeepKey markets itself as one of the most affordable hardware wallets on the market without sacrificing any of the important security features users require.
Is KeepKey Safe?
Without offering distinct unique features, the KeepKey offers expected security features to keep your crypto assets safe. For example, like all hardware wallets, your private recovery key is kept secure on the device itself. On top of this, the wallet also boasts features such as PIN protection.
To offer their customers constant support, KeepKey has its own ZenDesk, which has an extensive Frequently Asked Question section along with ample different articles and guides for troubleshooting problems for their customers.
Frequently Asked Questions
Yes, the KeepKey wallet is a safe option to store your cryptocurrency assets. The wallet comes with a PIN code and recovery code. The PIN changes often to ensure that hackers are unable to exploit your wallet through the code.
The Ledger wallet is better for storing, sending, and receiving cryptocurrencies. However, the KeepKey wallet is only good for storing, not sending or receiving. Conclusively, the Ledger wallet outperforms KeepKey in terms of overall performance.
The KeepKey hardware wallet works well with Android, iOS, Windows, masOS, and Linux.
KeepKey hardware wallet only supports seven cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, Dash, and 46 ERC-20 tokens.