The KeepKey wallet was released in 2015. It is a hardware wallet that digital asset holders can use to store their cryptocurrencies safely. However it lags behind in the luxury wallet competition. Yet there are other more affordable alternatives if you are new to crypto or a casual trader.
The wallet supports well over 40 different types of cryptocurrencies. However, the wallet does not have the reputation of its competitors: the Ledger Nano S, Ledger Nano X and Trezor Model T. Regardless, the wallet still features certain structural and aesthetic features that make it a decent option.
KeepKey was founded by Darin Stanchfield in 2014 and they are headquartered in the US. The Company became the first ever hardware wallet to integrate with an exchange with its partnership with Shapeshift in 2016.
At the moment, Shapeshift Company has acquired the project but Darin stills retains the CEO role.
Key features of the KeepKey:
- Larger screen– Displays full cryptocurrency addresses without scrolling
- Weighty luxury feel– Smooth finish and does not feel like it would break easily.
This multicurrency wallet can provide you a less costly alternative with a lot of the features of premium hardware wallets. Despite lacking the reputation of its counterparts, its beautiful design and ease of use still makes it a contender in the cryptocurrency wallet market.
Let’s look at the KeepKey’s key features in more detail:
KeepKey comes with a unique product design and packaging.
The box already has security seals on two sides to confirm it has not been tampered.
Inside the box, you will find the KeepKey wallet, a USB cable to connect it with your computer and a card to write your recovery sentence on. A leather case is also included to store your card safely.
The wallet also features a 2nd screen protection like Trezor which guards against Keystroke spying.
At the time of launch in 2015, KeepKey retailed a high price. With more established competitors, the price is now considerably lower at US$79.
KeepKey stores your private keys in a a separate offline environment. This means it will be unaffected if your computer is infected with viruses.
In addition, the KeepKey can be protected by PIN code and backed up with 18 to 24 word recovery seeds. These features however are basically expected in hardware wallets nowadays with both the Ledger and Trezor having the same.
Specifically, the KeepKey has number randomisation to prevent hackers from stealing your cryptocurrencies with malware. This is where the location of the PIN numbers is randomised each time.
KeepKey however does not go into any further details on their security features.
3.5/5 Security Rating
Keepkey natively supports 7 of the most common cryptocurrencies: Bitcoin, Bitcoin Cash, Bitcoin Gold, DASH, Dogecoin, Ethereum and Litecoin. Including ERC-20 tokens it supports over 40 coins.
This is far less than the over 1000+ cryptocurrencies supported by KeepKey’s competitors.
At the release of my video in August 2018 comparing the Trezor Model T, Ledger Nano S and the KeepKey, the latter did not support ERC-20 tokens.
However KeepKey does continuously work on developing their firmware and ERC-20 tokens are now supported.
There are also complaints that KeepKey is slow to update on supported cryptocurrencies. For example, Bitcoin Satoshi’s Vision (SV) was created out of the Bitcoin Cash (BCH) hard fork on 15 November 2018. However to date i.e. 6 months later, there is still no support for it by KeepKey.
2.5/5 Multi Currency Support
The KeepKey is one of the largest cryptocurrency hardware wallets at 38 x 93.5 x 12.2 mm. It also has a substantial feel making it more luxurious than other cryptocurrency wallets. However some people, myself included, would prefer smaller sized wallets.
The KeepKey also boasts a simple design by only having 1 button.
One may be concerned that having only 1 button will mean that it will take ages to set up the recovery seed and enter PIN numbers. However the KeepKey makes it simpler by having most of the processes done via its app. The button is generally only used for on/off and as a confirmation button.
The KeepKey also has the largest display screen sporting a 256×64mm 3.12″ OLED screen. The screen is protected by a polycarbonate casing although its still easy to scratch. The scratches however are only cosmetic and do not affect the use of the device.
The benefit of this large display screen means it can display cryptocurrency addresses and even the recovery phrase in its entirety. This saves users from scrolling back and forth which is a huge plus.
The KeepKey uses USB-A interface for charging and connecting to the PC. Windows users would surely prefer this. One problem with Ledger Nano S devices is that the USB-A connection becomes unstable after prolonged use. However it is unknown whether this is also a problem in the KeepKey wallet because frankly, we do not use it often.
The process is similar and simpler than other hardware wallets.
You simply download the KeepKey Google Chrome extension from the Google Playstore and connect your device.
Instructions on the screen are pretty basic and it takes less than 5 minutes. Ensure that you finish the setup with a pin and recovery phrase.
It goes without saying that when writing down the recovery phrase; ensure there are no cameras recording and do not save a copy of it onto your computer. This is because anyone with the recovery phrase can use it to restore your device and potentially steal your assets.
4/5 for Hardware Design
4/5 of Ease of Use
The main selling point of the KeepKey is its integration with Shapeshift. This means that the wallet already has an in crypto to crypto exchange inside. This makes trading between cryptocurrencies easy and convenient.
This feature is held back by its limited cryptocurrency support. However it should not be a problem to users who do not intend to trade in any cryptocurrencies other than the major ones supported by Shapeshift.
Verdict: Is the KeepKey still worth buying in 2019?
The KeepKey lags behind in the luxury hardware wallet competition compared to the Trezor Model T and Ledger Nano X. They do have a robust physical design and easy installation process, but severely lacking in coin support.
For casual trader or newcomers to crypto, they may not want to spend that much on a hardware wallet. In that case, the Ledger Nano S is a more compact and affordable option.
So is the KeepKey still worth buying in 2019? The answer is sadly, no.
|Ledger Nano X||Ledger Nano S||Trezor One|| |
Trezor Model T
|Price||$119||$59||$78||$170||$79||Free (iOS, Android)|
|Security Certification||CC EAL 5+||CC EAL 5+||X||X||X||ORU audit|
|Review Rating (out of 5)||4.4||3.9||3.75||4.25||3.5||4.5|
Reviewed on 30 May 2019 by Angela Wang
Security Rating: 3.5/5
Multi-currency support: 2.5/5
Hardware design: 4/5
Ease of use: 4/5
Final Score: 3.5/5
KeepKey Product Specifications (Technical Specifications)
|Processors||ARM Cortex-M3 processor|
|Compatibility||64-bits desktop computer (Windows 8+, macOS 10.8+, Linux). Also compatible with Android smartphones.|
|Size||Size: 38 x 93.5 x 12.2 mm |
|Supported Assets||40+ Supported assets|