KeepKey Review

If you’re looking for a secure place where you can “store” cryptocurrencies, you have probably come across cold wallets. If so, this KeepKey review might be exactly what you need at the moment.

KeepKey is a better-known hardware wallet. However, is it actually good and reliable? In this KeepKey review, I will answer these and many more questions, including the wallet’s functionality, major benefits and flaws, pricing, KeepKey supported coins, and so on.

What is more, you’ll find all the needed information on how to set up the device, send and receive assets. On a side note, if you'd like to check out some alternatives to KeepKey, take a look at the Ledger Nano X, one of the biggest hardware wallet industry leaders.

Let’s begin this KeepKey wallet review from finding out more about the company.

Verdict at a Glance: KeepKey is a hardware wallet that features a sleek and modern-looking design. The wallet is easy to use, it offers unique security measures, as well as customer-friendly prices. The wallet itself can be easily managed for your mobile device. The only issue is that it's a bit bigger and heavier than other hardware wallets.

Douglas Eriksen

Founder and CEO at ChainMosaic

What are the key security factors to consider when using a cryptocurrency wallet for NFTs?

Key security factors to consider when using a cryptocurrency wallet for NFTs are wallet provider reputation (opt for a well-regarded provider with a proven track record in security), wallet type (choose the appropriate type (hot or cold) according to your needs and risk tolerance), and update regularity (keep your wallet software updated to the latest version to get all security patches).

KeepKey Review: What is ShapeShift?

Before getting into the KeepKey review, I must talk about ShapeShift, and you'll soon understand why.

You see, ShapeShift was a crypto exchange founded back in 2014 in Switzerland by Erik Voorhees. The company managed to attract a fair amount of funding, which allowed ShapeShift to boost its business. Initially, the exchange provided two different platforms - Beta version and Classic, as well as other helpful tools. Besides, in 2019, it launched the FOX token, which acted as a rewards token.

However, in 2021, the company was turned into a permissionless DAO and the FOX token was repurposed into a governance token.

KeepKey, an offline wallet that helps to protect your cryptocurrencies from hackers, was ShapeShift’s most popular product since it acquired it in 2017. Once ShapeShift turned into a DAO, though, KeepKey became a standalone entity. Nevertheless, ShapeShift and KeepKey continue to work together, with the former being one of many dApps that can be connected to the wallet.

Speaking of the wallet, what I find really interesting is that when KeepKey was created, it was retailing at $239. However, the price has gone down significantly throughout the years and now KeepKey costs only $78.

Now that we've covered this information, let’s jump into more details.

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KeepKey Review: PROS

I'll cover both the wallet's pros and cons, but I want to begin this KeepKey review with the positives.

Relatively Secure - Cold Wallet

First thing first, it’s important to understand that when it comes to choosing the best cryptocurrency wallet for your needs, the most critical factor is security. It doesn’t matter if the wallet is visually appealing or is super easy to navigate if your assets can be stolen in the blink of an eye.

Security usually depends on the wallet type. To help you understand it better, I would like to introduce you to different types of wallets out there:

• Online wallets. Online wallets are the least secure. When keeping all of your coins online, you must truly rely on the provider. Even though the majority of online wallets do not store your private keys, it doesn’t mean that your coins cannot be stolen. Also, when it comes to hacking, online wallets are the most vulnerable. So, unless you keep very small amounts of cryptocurrencies, you should think about more secure storage.
• Software/app wallets. Software wallets are good when you’re making daily trades. They’re more secure than online, however, not as good as hardware wallets.
• Hardware wallets. If you’re storing huge amounts of cryptocurrencies and don’t want to lose them, a hardware wallet is one of the most recommended options for you. Since your private keys are stored offline, you’re protected against hacking.
• Paper wallets. A paper wallet is considered to be the most secure, however, if you lose it by accident, all of your coins are lost as well.

The good news is that KeepKey is a hardware wallet, so it’s one of the most secure storage for your assets. That said, even if your computer is infected with malware, hackers won’t be able to steal your cryptocurrencies.

In addition to being a cold wallet, KeepKey also provides you with a PIN code and a recovery seed phrase. Ledger Nano X and other reliable hardware wallets feature the same security measures.

KeepKey wallet also has this unique feature where it switches your PIN code numbers from time to time. This way, malware is unable to copy your code and steal your cryptocurrencies.

How does the PIN switching work? You have to click the boxes in the PIN layout based on the number layout you see on your KeepKey wallet. However, do note that the number placement is re-scrambled at random each time you connect your wallet.

When it comes to the recovery phrase overall, it’s important to understand that if anyone finds out those specific 12-24 words, that person can recover your wallet and steal all your assets. That said, you should keep your seed phrase safely hidden. However, with a hardware wallet, you have an additional safety precaution even if this happens.

You see, if a hacker manages to access your wallet online somehow and aims to steal your assets, they still won't be able to do that without having your actual wallet. Why? Because there’s usually a button on the device that you have to press and hold to confirm the transaction.

The same is true with KeepKey, you have to confirm all transactions on its OLED display. KeepKey emphasizes the importance of user verification to prevent any "blind signing" vulnerabilities.

Overall, KeepKey supports robust community-verified security features. It's committed to open-source solutions and user empowerment in managing and verifying cryptographic operations securely.

Note: If you care about security, you should never purchase hardware wallets from third-party providers because if you receive a tampered device, you might lose all your funds.

That said, the next thing I want to talk about in my KeepKey review is the wallet's design and usability.

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User-Friendly, Sleek Design

The majority of hardware wallets are relatively tricky to use. However, usability is one of the advantages that’s worth to be mentioned in this KeepKey review.

What’s exceptional about KeepKey is that it has only one button. This button is used for turning the device on and off. All the other processes can be managed through the mobile app. That includes entering your PIN code and setting up the recovery seed.

Now, you’ve probably noticed that KeepKey is one of the biggest cryptocurrency wallets in the market. When compared to Trezor and Ledger, it’s more than two times bigger. Here are the KeepKey’s dimensions:

• Height: 38.0 mm
• Width: 93.5 mm
• Depth: 12.2 mm

One of the main advantages that KeepKey has over other hardware wallets is a wide screen. It allows you to see the entire cryptocurrency address without the need to scroll back and forth. Based on the cold wallet users, it’s one of the aspects that strongly improves usability.

However, due to the fact that KeepKey has a huge screen, it’s more prone to scratches. But since the screen is protected by a polycarbonate casing, there’s no need to worry about the physical damage that could affect the device’s functionality.

If you prefer wider screens, you can also check out Ledger Nano X. Unlike the company’s first version, it has a bigger screen that allows you to see the entire cryptocurrency address. Just like KeepKey.

Finally, the KeepKey installation process is relatively quick. What is more, it won’t be difficult to send and receive assets. I will guide you through these processes at the end of this KeepKey review.

Attractive Price

At the moment, the KeepKey wallet costs only $78; however, there were days when you had to pay more than $200 for the same device. The company likely decreased prices due to competition.

Let’s take a quick look at the competitors’ prices:

• Ledger Nano S Plus - $79
• Ledger Nano X - $149
• Trezor One - $59
• Trezor Model T - $179

As you can see, competitors maintain pretty similar prices when it comes to their first models. However, if you want to get more advanced versions, it will cost you $149 for the Ledger Nano X and $179 for the Trezor Model T.

That being said, KeepKey maintains a slightly lower than average pricing point that seems completely fair to me. When it comes to choosing a reliable model that offers a similar pricing point, I’d definitely recommend Ledger Nano S Plus.

When talking about KeepKey pricing, it's also worth noting that all wallet buyers receive free worldwide shipping. Besides, US buyers can pay for the wallet with crypto, which is a pretty nice perk.

Over 7,000 Supported Coins

It’s pretty obvious that when it comes to the most popular cryptocurrencies, it’s easy to find wallets that support them. However, if you’re into less mainstream coins, it might not be that easy.

In the past, KeepKey supported only 40 cryptocurrencies. While you could find all the leading coins and tokens to choose from, it was unlikely that you would have been able to send, store and receive less popular tokens. Compared to Ledger wallets that support more than 5,000 cryptocurrencies, this might have seemed like a small number.

Luckily, though, the KeepKey supported coin list has increased exponentially. As of writing, it supports 348 blockchains, which equates to over 7,000 crypto assets. Here are some of the supported coins:

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Dogecoin
• Dash
• Ripple
• Cosmos
• etc.

However, do note that XMR and SOL are not supported on the KeepKey wallet.

By the way, if you have a specific coin in mind and it's not supported, you can fill out KeepKey’s Asset Request Form and expect that there are more people who are interested in that cryptocurrency. If there are, the coin will be added to the list.

Did you know?

Compare Crypto Wallets Side by Side With Others

All Crypto wallets may look similar to you but they're NOT all the same!

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KeepKey Review: CONS

Now that we've covered all the positive aspects of this KeepKey wallet review, it’s time to take a look at the wallet’s drawbacks.

Heavy to Carry Around

As I mentioned previously in this KeepKey review, it’s bigger than any other cryptocurrency wallet in the market. While its huge screen improves usability, it’s also pretty heavy to carry around.

This issue may not be as significant if you keep your wallet hidden at home. However, if you prefer carrying it around in your pocket (which is not recommended), then it might be slightly uncomfortable.

The KeepKey wallet weighs 54g, so you should decide for yourself whether or not that’s a problem.

What Comes Into Package?

When the KeepKey is delivered to you, that’s what you’ll find in a package:

• KeepKey wallet itself
• A woven nylon USB cable
• Recovery phrase backup card
• Warranty information
• How to Use KeepKey?

Now that we've covered all the advantages and disadvantages of this KeepKey wallet review, it’s time to find out how to use it. I would like to begin by showing you how to set up KeepKey and then move to sending and receiving assets.

How to Start Using KeepKey?

Before starting to do anything, you will need to have:

• A computer
• KeepKey Desktop app (available on Windows, Mac, and Linux)
• KeepKey hardware wallet
• USB cable
• KeepKey Client app (available on Windows, Mac, and Linux)
• Recovery sentence card (included in the package)

When it comes to the apps, note that there are many fake KeepKey apps on the Chrome Store. Thus, you should only download them from the official KeepKey website.

Once you have all you need, follow these steps (if you're not up for reading, check out this KeepKey wallet setup video):

Step 1: Download the KeepKey Client app.

Step 2: Install the KeepKey Desktop app and plug in your device.

Step 3: Follow the wallet setup tutorial. Firstly, you'll have to pick the preferred language and then wallet settings (you can also stick to default settings).

Step 4: Update your device. You will need to update your Bootloader and your Firmware. To do that, unplug your device, hold down the button, and then plug it back in while still holding it down. Proceed with the instructions you'll see on the app and on the device.

Step 5: Select and confirm your PIN. It can consist of up to 9 digits. It’s recommended that you include at least 6. Take a look at your screen closely when choosing digits because they will change before the confirmation.

Step 6: Lastly, you'll have to write down your recovery phrase. The phrase consists of 12 words. It’s crucial to write down all the words in the correct order! After doing so, hold the button to confirm.

That’s it! After that, you’ll be taken to your dashboard.

Now, even though you already know how to start using KeepKey, this KeepKey review is not over yet.

How to Send Crypto Using ShapeShift?

Let's get a bit more practical and talk about sending crypto assets from your KeepKey wallet using the ShapeShift dApp (the process is very similar when using THORSwap or Uniswap, too). Before sending your assets, though, make sure that you have a sufficient amount in your wallet. If you do, continue by following this guide:

Step 1: At the top of the ShapeShift page, you will find the “Send” button, click on it.

Step 2: Now, you need to select an asset that you want to send. You can find the needed asset by using the search tool or simply scrolling down through the available list.

Step 3: Select the asset that you want to send and click “Next”.

Step 4: Fill in the details, including the recipient address and the amount you want to send and click “Continue”.

Step 5: Confirm that the provided information is correct and click “Send”.

Step 6: Enter your PIN and click “Submit”.

So, you can see, sending cryptocurrencies using KeepKey really requires minimal effort.

How to Receive Crypto Using ShapeShift?

Now, the final aspect I want to include in this KeepKey review is the process of receiving assets. Here’s how to do that using ShapeShift as well:

Step 1: Click on the “Receive” at the top of the ShapeShift page.

Step 2: Just like when sending crypto, find the needed asset, select it, and click “Next”.

Step 3: Now, you need to confirm that the address you see on your KeepKey matches the one on your computer screen.

Step 4: Copy the entire address and send it to the person from whom you want to receive the assets.

That's it! Once the sender completes the transaction, you'll find the assets in your account. Easy, right?

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Conclusions

Therefore, as promised at the beginning of this KeepKey review, I answered all of the most important questions regarding this wallet.

KeepKey is a hardware wallet that comes with some great security features. Since it’s a cold wallet and your assets are stored offline, it’s one of the most secure storage for your assets. Besides, it supports over 7,000 crypto assets.

The major issue regarding KeepKey is that it's bigger than other popular cryptocurrency wallets (like Ledger Nano S Plus or Nano X). Though, while it’s relatively heavy, a wide screen strongly improves usability. The wallet is easy to set up, send and receive assets.

I hope that you found this KeepKey review helpful and already know whether this wallet is good for your needs!

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