KeepKey Review (December 2022) - Pros, Cons, Features, & Pricing - Comparewise
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KeepKey Review (December 2022) – Pros, Cons, Features, & Pricing

KeepKey is a well-known bitcoin hardware wallet that was first introduced to the public in 2015 by Darin Stanchfield in Kirkland, Washington. Because it is a hierarchical deterministic (HD) hardware wallet, you are able to store numerous cryptocurrencies and an endless number of private keys on it, and you are also able to access them regardless of where in the world you are. In our KeepKey review you’ll learn all there is to know about this wallet.

The KeepKey wallet includes a screen that is noticeably larger than the screens on some of its rival products. Because the specifics of the transaction are shown more clearly on a larger screen, this makes the process of verifying transactions a little bit less difficult. In our KeepKey review we’ll get into all the details of this wallet.

The wallet’s screen is protected by the metal casing, which also contributes to the device’s more upscale appearance by giving it a more streamlined appearance. In August of 2017, the Swiss business ShapeShift AG completed its acquisition of KeepKey.

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Last Updated: Nov 26, 2022

KeepKey

  • Stress-free security & user-friendly design
  • Supports leading cryptocurrencies
  • Limitless wallet addresses on one device

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It is important to highlight this purchase since ShapeShift enables you to quickly trade between different cryptocurrencies with simply the KeepKey hardware wallet and client software. Let’s get into our KeepKey review.

What is KeepKey, and How Does it Work?

In its most basic form, KeepKey is a wallet that store digital currency. Crypto wallets are similar to traditional wallets in that they can store cash and allow the user to carry the dollars about in their pocket. However, crypto wallets store digital currency in offline hardware that can also fit in the user’s pocket.

Crypto wallets, in contrast to traditional wallets, are equipped with a plethora of cutting-edge features, particularly those relating to security and protection. Why is it important to have a cryptocurrency wallet when there are software wallets that can be downloaded for free?

The issue at hand is one of safety. Because cryptocurrencies are stored in digital form, they are susceptible to theft by hackers, just like any other digital asset, for as long as users keep their devices linked to the internet. Wallets are stored as software on computers and mobile devices, both of which are likely to be constantly linked to the internet.

Because of this always-on connection, the safety of any digital currency you keep on these devices is never guaranteed. Using a crypto wallet, such as the KeepKey hardware wallet, allows you to store your coins in a separate location that is encrypted and completely offline.

Because of this, your digital assets will be protected from the risks that are present online. In addition to that, it has many levels of protection inside the device itself, which would secure your cryptocurrencies in the event that the gadget was lost or stolen.

Keepkey-Crypto-Wallet-Product-Comparewise

How to Set Up a KeepKey Wallet

To get your KeepKey Wallet up and running, follow these steps:

  • Check that the device you want to use is connected to your computer. Upon doing this, you will be instantly prompted to upgrade your device via the web platform for the Shapeshift KeepKey app. After the update is complete, you will be given the option to download the firmware. Because KeepKey does not ship with firmware pre-installed, this will be the very first time that one is put into the device.
  • Now that the firmware update has been completed, the time has come to connect your device. Simply follow the directions that are shown on the screen of your computer, as you did when you were at the previous step. Create a device name; this may be any name you wish to be linked with the gear you are putting in place.
  • The next step is to choose a PIN for your account. Pick out the digits you’d want to use for your personal identification number (PIN). Enter the digits on your computer by re-creating the process of entering the number that is shown on the KeepKey into the empty keypad on your computer.
  • After that, the next step in establishing your security configuration is to jot down your backup passphrase input. It is highly advised, for reasons of both privacy and safety that this nine-word passphrase be written down on a tangible piece of paper. If you have access to these keys, you will also have the ability to manage all of your coins using the KeepKey client. Simply take a piece of paper and write the words down in the order that you see them shown on the screen.
  • You are now prepared to utilize your KeepKey hardware wallet if everything has been completed without a hitch up to this point.

KeepKey Features

Next in our KeepKey review we’ll cover the highlights of using this wallet. KeepKey is a high-capability hardware wallet that comes with a variety of other cutting-edge features.

Multiple Currencies

Users of KeepKey are able to keep more than simply Bitcoin on their own KeepKey devices. The wallet is compatible with a wide range of ERC20 tokens and a significant number of the most well-known cryptocurrencies currently in circulation.

Integration of the ShapeShift

The same individual who launched the cryptocurrency trading platform ShapeShift also established the company that is now known as KeepKey. When he developed KeepKey, he included ShapeShift directly into the hardware of the device. As a result, users are now able to utilize Shapeshift to swap their assets straight from the KeepKey wallet.

Forming Alliances

Electrum and Mycelium are just two of the many popular wallet services that are compatible with KeepKey. KeepKey customers may take use of these partners’ services by signing in to their respective wallets with the added layer of protection provided by the KeepKey hardware wallet.

OS Compatibility

The KeepKey hardware is fully compatible with a diverse range of computer operating systems, including Windows and macOS, amongst many others.

Display

The KeepKey gadget boasts one of the industry’s biggest screens, making it competitive in the market for hardware wallets. It has a stunning appearance, and in comparison to the majority of its rivals, it is considerably simpler to read and navigate.

Keepkey Crypto Wallet - Comparewise

User Friendly

The actual piece of hardware is relatively simple to use, and in comparison to other types of hardware wallets, it is both more spacious and more user-friendly.

In addition, the user interface of the wallet is incredibly streamlined and intuitive when it is connected to a computer. KeepKey is an excellent option for those who are just starting off with hardware wallets.

KeepKey Screen Display

The display screen is a very significant component of any hardware wallet that you purchase. The fact that your computer and the internet are not connected to the display screen is one of the reasons why it is so crucial.

That whatever is shown on the KeepKey display screen can only ever be viewed by your eyes is an important point to keep in mind. It enables the user to safely unlock their KeepKey device using their PIN, it displays the mnemonic recovery seed for the KeepKey, and it provides transactional information for you to validate.

Because it shows all of the crucial information that is required to access your device and manage your cryptocurrencies, the display screen is a key component of the KeepKey’s security system.

Who is KeepKey for?

Everyone who has bitcoin ought to store it in a hardware wallet such as KeepKey. It is the safest and most secure means of storing and managing your cryptocurrency since it is immune to the hacking attempts and security issues that internet hot wallets and software wallets are prone to.

This makes it the best solution for keeping and handling your money. As a result, this approach to storing and managing your Bitcoin is the one that offers the highest level of protection possible. Because of this, it is essential for everyone to keep at least the bulk of their cryptocurrency in a hardware wallet.

If you require access to your money when you’re away from your KeepKey wallet, the only time you should consider using a software wallet or an online wallet is in that circumstance. You would require access to your money through the internet, a computer, or a mobile phone, for instance, if you were traveling but wanted to make a transaction but had left your KeepKey device at home locked up in the safe.

In this scenario, you would be unable to conduct the transaction. Consequently, the KeepKey wallet is the most suitable option for the purpose of maintaining the bulk of your bitcoin holdings and conducting big or significant transactions. Depending on the size of your cryptocurrency holdings and the frequency of your transactions, you could find that using an online or software wallet is adequate.

Keepkey Crypto Hardware Wallet-Comparewise

KeepKey Safety

Hardware wallets, such as KeepKey, provide the highest level of security when it comes to storing and dealing with your bitcoin, as was previously discussed. The KeepKey gadget utilizes the most advanced and cutting-edge security methods available to provide protection against both digital and actual forms of theft.

Let’s start by looking at how it prevents consumers from losing their virtual property. Your private keys are kept safe in an unconnected and offline environment by the KeepKey device, and they are never transferred off of it.

Even when it is connected to the computer, the KeepKey will only interact with it over a highly restricted protocol, ensuring that your private keys are never compromised in any way.

Additionally, since the gadget is not connected to the internet, it is immune to viruses, malware, and hacking attempts. The only method to get access to the private keys and monies stored in your cryptocurrency wallet is to first physically unlock your KeepKey wallet using the secure PIN that you set up.

Even if the thief manages to steal your smartphone, they will be unable to access the digital wallet without either the security PIN that you selected or the 12-word mnemonic recovery phrase that you put up. This latter aspect will be covered in the section on backing up and recovering your KeepKey data.

Another one of the KeepKey’s physical protection features is that the packaging it comes in cannot be opened or altered in any way. KeepKey does not support any firmware that is not officially distributed by them. Therefore, the KeepKey hardware wallet protects and safeguards your bitcoin in both the digital and physical realms.

KeepKey Privacy

Users of KeepKey are able to maintain their entire anonymity since the service does not request any personal information from users. Your KeepKey wallet activity is not saved on or sent to any servers, ensuring that your privacy is preserved regardless of what you do with it.

However, when you use your KeepKey with a wallet service provided by a third party like as Mycelium or Electrum, the device’s level of privacy is only as good as the software wallet it is used with.

Keepkey Review Crypto Wallet - Comparewise

Which Cryptocurrencies can you Store on KeepKey?

Through its interaction with MyEtherWallet, the KeepKey hardware wallet is able to support over a thousand distinct cryptocurrencies, the vast majority of which are ERC-20 tokens. In practice, KeepKey is only compatible with seven different cryptocurrencies that are not ERC-20 tokens.

This results in a lot of obvious details being left out. KeepKey devices are not capable of storing well-known alternative cryptocurrencies like Ripple, EOS, or Binance Coin, for instance.

Is KeepKey Secure?

As was discussed earlier, the fact that KeepKey is a hardware wallet provides it a significant advantage over a significant number of the other solutions for cryptocurrency storage that are currently available on the market.

Having said that KeepKey is not considered to be a high-end hardware gadget by the majority of people, although KeepKey and TREZOR have very similar underlying designs, the common consensus is that TREZOR and Ledger are the best two hardware choices now available on the market. Ledger is also quite popular.

It’s important to note that the same security flaws that have previously afflicted TREZOR devices have now affected KeepKey hardware wallets. However, despite the fact that KeepKey’s hardware component gives it an advantage over wallets that just use software, the fact of the matter is that there are alternative choices available on the market that provide an even higher degree of safety.

System Operating Environments That Are Supported

KeepKey wallets are compatible with all operating systems for desktop computers, while the hardware devices themselves are only compatible with several mobile operating systems. Your iPhone will not be able to use the KeepKey wallet since it does not support Bluetooth technology. Integration with Android wallets is feasible, though.

Potential Dealbreakers

Although the KeepKey hardware wallet comes in at a lower price point than its other hardware-based competitors, the fact of the matter is that you don’t necessarily want to go with the cheap option when you’re already paying extra to get more security for your cryptocurrency holdings.

This is especially true when you consider the fact that the KeepKey hardware wallet comes in at a lower price point than its other hardware-based competitors. Those who are seeking to spend on a hardware wallet may want to consider purchasing one of the more well-known choices now available on the market, such as a device manufactured by Ledger.

Keepkey Review Hardware Wallet - Comparewise

It’s likely that the fact that KeepKey doesn’t support a huge number of well-known cryptocurrencies will be a deal breaker for anybody who wants to invest in a range of different crypto assets. On the other hand, if you are the kind of person who just want to store Bitcoin for the foreseeable future, then the KeepKey may be a workable choice for you.

The lack of iPhone support will be a deal breaker for anybody who wants to keep their bitcoin assets in a wallet that is based on iOS, and will prohibit them from using this wallet. It is important to note, as is common practice, that the mobile industry as a whole looks to be going toward what are, in essence, hardware wallets that are directly built into the phones.

Backups and Other Offline Storage Options

Unlike software and online wallets, the KeepKey saves your bitcoin and private keys in a safe environment that is separated from the digital world. This makes the KeepKey an ideal solution.

People’s primary fear, given that the KeepKey is not linked to the internet and physically keeps your cryptographic and private keys, is what would happen in the event that their KeepKey was misplaced, stolen, or destroyed. Is it feasible for them to get their cryptocurrency at this point? The appropriate answer to this query is the word “yes.”

The contents of a KeepKey hardware wallet, which is a hierarchical deterministic wallet, may be backed up and restored by using a 12-word mnemonic recovery phrase. This phrase is also referred to as your wallet seed. During the one-time process of initializing your gadget, you will be presented with this sentence.

This 12-word phrase must be written down by the user in consecutive sequence on the recovery card that is given, and then the card must be stored somewhere safe and secure. You will be able to restore the wallet on a new KeepKey by entering this wallet seed when you are configuring the new KeepKey. After that, the wallet will be brought back to its previous state, complete with all of your bitcoin and private keys.

Keepkey Unboxing - Comparewise

KeepKey Support

KeepKey offers excellent help, and this service is particularly impressive given that it is customized. You may contact customer care by email or regular mail, in addition to using their many social media outlets.

Additional ways of help include the company’s support page, which is both broad and thorough. The website has a variety of useful resources, including articles, FAQs, and also guides.

How to Buy a KeepKey Wallet

The KeepKey may only be purchased from the official KeepKey website or through one of their partner websites, which are affiliated with KeepKey. When purchased via the KeepKey website, you have the option of using either credit card, PayPal, or Bitcoin as a method of payment.

KeepKey Pros

  • The user interface of this gadget is simplified in comparison to that of competing goods thanks to the sleek and very well crafted OLED display.
  • Gives users access to some of the most popular cryptocurrencies in the world
  • Security measures consisting of many layers.

KeepKey Cons

  • Because there isn’t a web wallet, users have to download additional software, such Electrum or MultiBit, in order to utilize the wallet’s apps.
  • Because of its larger size, it is significantly less portable than the TREZOR or the Ledger, both of which can be carried about in your pocket without difficulty.
  • Configuration is not too complicated, but users are unable to save their progress at any point throughout the process.
Ledger Nano S Plus Wallet - Comparewise

KeepKey Alternatives

Not convinced KeepKey is right for you? You might consider using another crypto wallet, such as:

Thanks for checking out our KeepKey review!

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FAQs about KeepKey

What prevents the maker of my hardware wallet from robbing me of my cryptocurrency holdings?

What prevents the maker of your device from just taking your bitcoins by means of a backdoor and utilizing it to access your private keys? How much faith do you need to put in the companies who make hardware wallets? Even while a system that is entirely "trustless" is probably not attainable, manufacturers are doing all in their power to reduce the amount of dependence that is placed on them. The majority of the software code used by many makers of hardware wallets is open source, which means it is freely accessible to the public. Anyone is able to investigate how the gadget operates as well as how secrets are protected. Of course, not everyone is able to evaluate code; this is why independent researchers are often urged to investigate, and bug bounty programs frequently compensate them when they discover anything. This in no way restricts their capacity to publish a comprehensive independent report without first obtaining authorization. The bare necessities to take along: Your secret private keys will need to be accessible at all times for a wallet since it will be managing them. You have the ability to, and should, demand complete openness about the operation of a wallet, and you should also make sure that independent public audits are actively supported.

What sets a hardware wallet different from a software wallet, and why would you choose one over the other?

Both hardware wallets and software wallets provide very safe storage for cryptocurrency, but their operations are somewhat different. Your private keys and assets are kept safe on a hardware wallet, which is a physical device that is not connected to the internet and holds all of your cryptocurrency and digital asset holdings. Because of this, it will be impossible for any other individuals or systems to access your secret keys or valuables. On the other side, software wallets store private keys on the internet or on software, which exposes them to a greater danger of having their security compromised. You begin and finish the transactions associated with buying and selling cryptocurrency utilizing a software wallet entirely online. You will need a dependable connection to the Internet in order to carry out transactions with any degree of success. When using a hardware wallet, however, you are required to utilize the actual device itself to confirm transactions. This is often accomplished by simultaneously depressing two buttons on the device. Because of this procedure, it will be more difficult for dishonest individuals to take your money from a hardware wallet. In spite of this, the majority of software wallets call for you to encrypt your transaction information and set up two-factor authentication. These are both additional levels of protection that you can rely on to keep your assets safe. The price is another distinction that can be made between hardware and software wallets. Software wallets are often offered at no cost when you sign up for an online account, however hardware wallets may cost anything from to as much as. Hardware wallets are usually more secure than software wallets.

What are the repercussions of misplacing my KeepKey?

The actions that are taken in the event that you misplace your KeepKey device are dependent on the preventative measures you took before the device was misplaced. You should be able to restore access to all of your crypto assets via the recovery procedure if you wrote down your 12-word recovery seed before you lost your device and then retrieved it after the loss of your device. Even if the recovery phrase is necessary in the event that you have misplaced your device, you still need to make sure that you give this backup the highest attention at all times. It is important to remember that the safety of your hardware wallet is rendered meaningless if a third party is able to have access to your recovery seed. The recovery seed would need to be entered into a different KeepKey device if the attacker were to successfully steal it. After reaching that stage, the attacker would be able to move all of your assets to their own crypto addresses and steal them. A vulnerability in the system is shown here in the form of the need to physically keep a backup. Some users choose to create numerous copies of their backup phrase and shard it into various parts before storing it at the residences of trusted individuals or in safety deposit boxes in order to protect themselves from the vulnerability that this security flaw presents.

Have hackers ever been successful in breaking KeepKey's security?

There have been two separate problems with the KeepKey hardware wallet's security in recent months. To begin, a security flaw was discovered in the STMicroelectronics chip that was used in the TREZOR hardware wallet back in the year 2017. KeepKey devices make use of the identical chip that you see above. The hack that occurred in 2017 and affected the TREZOR and KeepKey devices made it possible for an attacker with physical access to a device to obtain the backup seed associated with a device in a matter of 15 seconds by making use of vulnerabilities found in both the hardware and software of the device. This was made possible through the use of vulnerabilities found in both the hardware and software of the device. KeepKey subsequently refuted the assertion that it would be simple to get the seed phrase connected with a hardware device in about 15 seconds, saying that this time frame was unrealistic. If a user's physical gadget is taken by an unauthorized third party, the user is already in a significant amount of difficulty. This point should go without saying. When seen from the point of view of KeeyKey, the purpose of their products is to safeguard their customers from cyberattacks launched from a distant location over the internet.

Is the KeepKey the proper device for me to use?

If you wish to make purchases using your mobile device or if you carry your hardware wallet about with you, the KeepKey is probably not the best option for you to use as your wallet. Because it is physically bigger than some of the other bitcoin hardware wallets, the KeepKey is less portable than those other wallets. If that is not the case, however, and you only have investments in currencies that the KeepKey can store, then it may be a smart option for you to go with the KeepKey. The KeepKey comes in at a price that is comparable to its competitors and has an elegant and contemporary style. Because it is integrated with ShapeShift, you don't have to transmit your cryptocurrencies to a centralized exchange in order to trade them. This makes it a very convenient feature. Because of this, it is an attractive offer for cryptocurrency dealers who often swap currencies.

If I lose track of my PIN, would I still be able to access my cryptocurrency accounts?

KeepKey won't let you access your account if you can't recall your personal identification number (PIN). Your account can only be restored by using the recovery phrase, since there is nothing else that can be utilized. In the event that the recovery sentence is misplaced, there is no other method to access your account.

October 6, 2022
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