SaFePal S1

Basic Information

SaFePal S1 is a non-custodial hardware wallet which allows you to safely store your assets. It is manufactured by a company called SafePal who is backed by a strong investor – Binance. It supports about 54 blockchains and stands out because of its low price and lack of connectivity to other electronic devices.

Functionality

People who do not know about the product might mistake the wallet for an mp3 player. With it being the size of a credit card, it is really easy to carry around. The wallet is operated by a small joystick and a camera. As the device cannot be connected to other devices like PC or mobile phone via a USB cable or Bluetooth, the only way to operate it and confirm your transfers is by scanning a QR code and using a mobile app. The USB cable is only used for software upgrades and charging the wallet, as it has a battery that lasts up to 20 days of use (assuming a usage of 10 minutes per day).

The safety of the wallet is provided by a seed of either 12 or 24 words. All important data is being stored on an EAL 5+ independent secure chip. Just like other wallets, it must be used with a PIN. If the device detects any viruses or other attacks, it will destroy itself. That is another safety feature that keeps your assets safe (as long as you have your seed written somewhere, otherwise you will lose everything stored in the wallet).

Pros and Cons

Pros

Price – it is one of the cheapest hardware wallets available on the market
Safety – as the wallet is not connected to any electronic devices, it is truly cold storage and the chances of you being hacked are really small - or almost impossible
Variety of assets – you can store more than 1000 assets on the wallet
24/7 online support – the developers offer 24/7 support for those who need help with the device

Cons

Looks fragile – with the low price comes a concession – the wallet does not look solid and durable, and it is questionable as to whether it can withstand rough treatment
Hard to transfer assets – moving your assets takes a while and is not as user-friendly as other hardware wallets

Supported Chains

This wallet supports 54 blockchains including the most established chains like Bitcoin, Ethereum, Cardano, Ripple, Solana, Polkadot, Avalanche and Cosmos, as well as NFTs.

You can find the whole list of supported assets on the official website.

Tips from an Analyst

When setting up the wallet, follow the instructions inserted inside the package. Be sure to write down your seed and do not put it on any electronic device. Anyone who has access to it can steal your assets from you and even the manufacturer of the wallet will not be able to help you. Always buy your wallet only from the official website, as this decreases the risk of someone manipulating it.

Since SaFePal S1 does not look very durable, you can protect it with a leather case that is also sold on the official website.

Personal Opinion

SaFePal S1 might be one of the best hardware wallets available on the market. The price is really great and considering the safety features and the fact that the wallet is truly offline, many people have bought it.

On the other hand, the wallet does not look so great, as it is made of plastic. There are certainly better looking, more durable wallets available on the market. You can enhance it with a leather case, but that raises the cost.

When you look at the price, safety, and the fact that the wallet supports many decentralized apps (dApps) and blockchains, people who would like to get into DeFi might think that this is the right choice for them. However, I do not agree. The main disadvantage of the wallet is that transferring funds is complicated and not at all user-friendly. If you are someone who wants to interact with their assets on a daily basis, I would recommend looking somewhere else. If the developers create a new model that solves this issue, I would buy one. Unfortunately, I believe that this won’t happen as the complexity of the transfers is caused by the lack of connectivity (and therefore, high level of safety), in which the developers take a lot of pride and on which they are unlikely to compromise.