Is the Keepkey the best hardware wallet for securing bitcoin and other cryptocurrencies? It’s undoubtedly a strong contender! Find out why in my elaborate Hands-on Keepkey review.
Let me start off by saying KeepKey is not selling for $5. Well, it did as a promotion during Christmas. I couldn’t pass up at that price as I needed a wallet for my growing portfolio anyway.
If you are familiar with cryptocurrency hardware wallets, then you have probably come across the names Keepkey, TREZOR, and Ledger. These are the three most popular hardware wallets you can find in the market today.
Despite having done tons of research about hardware wallets, I have never owned one. Ever since my interest in cryptocurrencies some years back, I have been storing my coins in either online wallets or on pieces of paper hidden in my house.
However, until recently, I have flirted with the idea of purchasing either a TREZOR, Ledger, or Keepkey wallet, but I have been reluctant to pick one as they share similar features. But it was when I stumbled across a Christmas promo for the Keepkey wallet when I decided to pull the trigger.
I have been a proud owner of the Keepkey Wallet for a couple of days now. In this article, I will provide you a review of my personal experience thus far and how it stacks up against its competitors and if it’s a safe choice for storing cryptocurrencies.
My Unboxing Experience
First off, I was blown away by its solid presentation. The Keepkey wallet comes in a quality apple-esque box, sealed by an anti-tamper sticker, to indicate if the box has attempted misuse or access to it.
Upon opening the box, I was greeted by the sleek 3.2″ OLED display of the device, and in my opinion, Keepkey is by far the best-looking hardware wallet I’ve seen. Accompanying the wallet is a user manual, recovery sentence card, leather pouch, and a braided USB cable, which showcases the premium quality of the product.
The rectangular hardware design also boasts of a glass touchscreen single button for simplicity. At first, I was concerned that the Keepkey wallet has only one button, but I later realized that most of the operations are accomplished via its app.
The primary function of the button is to turn the device on/off and also acts as a confirmation button. The wallet also comes with a polycarbonate screen casing to protect the screen, but on closer inspection, it doesn’t seem to confer sufficient protection against scratches.
I found the large screen to be advantageous, especially for cryptocurrency enthusiasts, as it displays cryptocurrency addresses as well as the recovery phase. I also didn’t have to stress with scrolling back and forth to locate addresses. The Keepkey can also be connected to a PC or laptop for charging or file transfer using a USB-A.
Setting up The Keepkey Wallet
I found setting up Keepkey to be quite simple; All I was required to do was to download the Keepkey client from the Chrome web store and connecting the device to the computer.
The Keepkey wallet has a simple and straightforward interface. The whole process, including adding PIN protection and writing down the recovery seed, took me about 5 minutes. My only complaint is that there isn’t the option of saving your progress.
I had to start the setup process twice after accidentally clicking on the wrong icon in the browser.
Keepkey features a PIN code backed with 18 to 24-word recovery seeds. This feature also applies to other hardware wallets, notably Ledger and TREZOR.
Also, Keepkey employs number randomization, which goes a long way to prevent hackers from stealing users’ cryptocurrency using malware. Each time you log into your wallet, the PINs are randomized.
Keepkey ShapeShift Integration
ShapeShift, which bought Keepkey in 2017, integrated the hardware wallet with its crypto exchange that allows you to instantly trade digital currencies, including Bitcoin, Litecoin, and Dogecoin, from your KeepKey without having to share or expose your private keys online.
Keepkey Supported Coins
From a device that is similar in size as a box of Mentos breath mints, I expected a vast array of supported coins and on-device storage.
However, this is where I saw Keepkey’s design, and its functionality begins to depart. Falling a little short of its competitors, Keepkey supports 40 different digital assets. For reference, TREZOR, and Ledger support over 1000 assets each. The main coins supported by Keepkey are:
2. Bitcoin Cash
3. Bitcoin Gold
Keepkey, Trezor Model T, and Ledger Nano X Wallet Comparison
Ledger Nano X and TREZOR Model T are currently TREZOR’s main competitors. All 3 competitors are stopping at nothing to woo more customers, this includes reducing prices and increasing the quality of their products. This competition is great for us as customers, but it indeed makes the choosing process much harder. So how does the Keepkey wallet compare against its competitors?
At the time of this writing, the Ledger Nano X is retailing at $119, the TREZOR Model T at $159, while the Keepkey Hardware wallet is a steal at only $99. This makes the Keepkey wallet a perfect choice, especially if you have a tight budget and don’t want to overspend.
While all the hardware wallets have easy to read screens, the Keepkey’s screen is much larger making it a tad bit heavier.
The Ledger Nano X features two secure chips while the KeepKey and TREZOR resemble small computers. This slight difference does not affect anything security-wise, as all these three devices are so secure that they can even be used on computers that are infected by malware or hacked.
Setting each wallet up is easy and straightforward. It only takes a few minutes to get the wallet up and running.
5) Size & Design
Size and design of a hardware wallet are not as crucial as security, but carrying around a bulky wallet can be an inconvenience.
Of these three devices, the TREZOR Model T is the smallest, while the Keepkey is the heaviest; however, I enjoyed the sleek aluminum design of the Keepkey wallet.
In my opinion, size and design all come down to personal preferences, and I believe the most important factors to consider before buying a hardware wallet are price, security, and user experience.
However, all three wallets are great hardware wallets that can store your crypto coins securely. I am eager to purchase the TREZOR One and Ledger Nano S and compare them with the Keepkey wallet.
Should You Buy the Keepkey Hardware Wallet?
All in all, Keepkey is an excellent cryptocurrency hardware wallet thanks to its ease of use, beautiful design, and functional security. Cryptocurrency beginners would surely love this wallet as it’s easy to set-up and also to use.
The integration to ShapeShift allows users to trade cryptocurrency directly from the device without necessarily sharing their private keys. Since the company is yet to release another model of the wallet, the new model is expected to offer even more functionality.
Do you own a Keepkey or any other hardware wallet? I’d love to hear your experience with it or answer any questions you have. You can also check out my TREZOR Model T and Ledger Nano X reviews if you are still undecided on which hardware wallet to buy.