KeepKey Review: Cryptocurrency Hardware Wallet

One of the best ways to keep your cryptocurrency safe is by storing your private keys offline on a hardware wallet. There are quite a few hardware wallets on the market, and it can be difficult for investors to know which solution is suitable for their particular needs.

In this review, we’re going to look at the main features of the KeepKey hardware wallet. KeepKey is one of the leading hardware wallets on the market and is manufactured by Swiss company Shapeshift.

How Hardware Wallets Work

As mentioned briefly above, hardware wallets work by storing your private keys on a device that is not connected to the internet. This is also known as “cold storage”.

Crypto Keys – What are they?

When you own cryptocurrency, you own a set of keys, which give you access to the use of that cryptocurrency. The cryptocurrency itself resides on a blockchain (a cryptographically secure immutable ledger).

There are two types of keys, public and private. The public key is a bit like your email address. You can share this publicly, and others can use it to send you cryptocurrency.

The private key should never be shared with anyone else. If someone gets access to your private key, they’ll be able to access your crypto too! It is the private key that is stored and kept secure on the hardware wallet.

Seed Phrase

When setting up a cryptocurrency wallet, a string of words (usually 24 or 12 words) is generated. This is known as a “seed phrase” and is the only backup you’ll have if your hardware wallet lets lost, stolen, or breaks.

It is vital that you keep your seed phrase offline and in a secure place. Never store it digitally, or take a picture of your seed phrase. If someone gets access to your seed phrase, they’ll be able to access your cryptocurrency!

Read more about hard wallets, seed phrases, and how to keep your cryptocurrency secure:

The Ultimate Guide to Keeping Your Crypto Safe in 2021

What to expect when unboxing your KeepKey Hardware Wallet

When you get any hardware wallet, you’ll first need to check the integrity of the packaging. It’s important to make sure that the seal is still intact. If this is not the case, your hardware wallet may have been compromised and infected with malware. If you suspect in any way that the package has been compromised, we would recommend contacting the manufacturer and returning the wallet.

The KeepKey also comes in a shrink-wrapped package, so look for that too before setting the device up.

When you open the box, you’ll find:

• KeepKey Hardware Wallet
• USB-C Cable
• Seed Phrase Backup Cards
• Warranty Information Booklet

What Coins does KeepKey Support?

Compared to some other leading hardware wallets, which support over 1000 coins, KeepKey currently only supports around 40 cryptocurrencies. While the most popular coins (bitcoin, ethereum, XRP, Ada, etc.) can be stored on KeepKey, you might want to check whether it supports the coins you hold and want to store.

If you’re only interested in storing well-established coins like bitcoin, ethereum, or XRP, this shouldn’t be an issue. However, we did note that some quite popular top 50 cryptocurrencies are not yet supported by KeepKep, which is a bit disappointing.

ShapeShift Integration

Even though the KeepKey hardware wallet stores your private keys offline, not connected to the internet, you can still manage your cryptocurrencies thanks to its integration with the Shapeshift platform.

You can link your KeepKey to Shapeshift, which allows users to trade their wide selection of cryptocurrencies directly from the platform. You can also purchase crypto with fiat on Shapeshift.

Other Software Compatability

As well as Shapeshift, you can use KeepKey with a number of other crypto management platforms. These include:

• Electrum
• Mycellium
• Multibit

KeepKey is also compatible with all of the popular operating systems, including Mac, Windows, Linux and Android.

KeepKey Security Features

KeepKey comes with most of the security features you would want in a hardware wallet.

PIN

KeepKey features a PIN as an additional security feature. The PIN is selected by the user and can include up to nine digits.

See Also

Ellipal Titan REVIEW: One of the Most Secure Hardware Wallets

If your KeepKey ends up in the wrong hands, it cannot be accessed without the PIN code.

Additionally, KeepKey scrambles the PIN (shown below) in order to protect against malware, such as key-logging.

Additional Passphrase Protection

KeepKey features an additional security feature, known as a passphrase. A passphrase is essentially an additional word that you can add to your seed phrase to protect it in the event it becomes compromised.

Open Source Firmware

KeepKey’s firmware is open-source. This means that anyone can examine the source code and check for vulnerabilities. The source code for KeepKey can be found here.