KeepKey Hardware Wallet Review – A Beginner’s Guide
Last Updated: 4/10/19
KeepKey is a cryptocurrency hardware wallet that supports over 40 different crypto assets. It is beautifully designed, easy to use and comes at an affordable price. When comparing it to its main competition (the TREZOR One and Ledger Nano S), it still lacks the coin support and company reputation but overall KeepKey is a solid hardware wallet.
If you want a more detailed review of KeepKey keep on reading. Here’s what I’ll cover:
- What is a hardware wallet?
- KeepKey Company Overview
- KeepKey Design and Unboxing
- KeepKey Supported Coins
- How to Setup KeepKey
- KeepKey Price Tag
- KeepKey vs. TREZOR vs. Ledger
Since 2013 a new type of cryptocurrency wallet has emerged – the hardware wallet. Basically, a hardware wallet is a piece of hardware that you can store your private key on, so that a remote attacker won’t be able to steal your coins.
If you want a more detailed review about different types of wallets watch our complete wallet tutorial.
Due to the way hardware wallets are designed, it’s possible to use them safely even with computers infected with malware.
The first hardware wallet to reach mass Bitcoiners adoption was TREZOR with the TREZOR One. Later on came the Ledger Nano S, and finally came Keepkey. Even though today there are multiple companies that manufacture hardware wallets, these three still remain the top choice for crypto enthusiasts.
KeepKey was founded by Darin Stanchfield in 2015 and is headquartered in the US. KeepKey acquired the Bitcoin wallet Multibit in 2016, and was later acquired itself by Shapeshift on August 2017. The company is headed by Darin as the CEO and Ken Hodler (yes, Hodler is his actual name) as the CTO. The company has annual revenues of $2.4m.
The first thing you’ll notice when you get your KeepKey is how exciting the whole unboxing process is. You can tell that a lot of thought was put into the packaging and product design.
The box comes with a KeepKey seal which shows that no one has opened it before you, indicating that the device is secure.
The content of the box includes the KeepKey hardware wallet, a USB cable to connect the KeepKey wallet to your computer, a card to write your recovery sentence on and a nice leather case to keep that card in.
It may sound stupid but KeepKey’s sleek design and cool digital animation makes the experience of using it feel much better than other hardware wallets. The device itself also feels much more durable.
Even though you won’t be able to walk around comfortably with it in your pocket, like you would with TREZOR or Ledger, you still need to remember that this is a hardware wallet which is used to store large amounts of Bitcoin – so why would you want to walk around with it in the first place?
The device uses the same 2nd screen protection that TREZOR uses which makes it more secure to keystroke spying.
Falling a little short of its competitors, KeepKey supports 40 different digital assets. The main supported coins are:
- Bitcoin Cash
- Bitcoin Gold
For reference, TREZOR and Ledger support over 700 coins. For the complete list of Keepkey supported coins click here.
Setting up your KeyKey for the first time is pretty similar to any other hardware wallet. You’ll need to download the KeepKey client from the Chrome web store, connect your device and follow the instructions you see on the screen.
The whole process, including adding PIN protection and writing down your recovery seed takes about 5 minutes.
Here’s how it’s done:
You can also use KeepKey with other software wallets like Electrum and MyCelium.
Since Keepkey was acquired by Shapeshift, there’s also a built in crypto to crypto exchange inside the wallet so you can easily trade between cryptocurrencies as shown below:
When KeepKey first came out its price tag was extremely high ($239). Since then, the company decided to reduce it to a much more reasonable and competitive $79, making it one of the most affordable hardware wallets out there (similar to the TREZOR One).
When putting KeepKey up against its main competitors I personally feel it falls short of them. While the price tag and design are great, the number of coins supported and the overall company reputation don’t match those of TREZOR and Ledger.
I think the price reduction was an awesome move by KeepKey, as it can now actually compete much more aggressively. Personally, I still use TREZOR and Ledger as my own wallets.
The guys at KeepKey did a great job with creating a beautifully designed, user-friendly hardware wallet. If you don’t mind the size of the product, this is a cool product to own.
With more coins supported by the device and greater company presence in the Bitcoin ecosystem, KeepKey can definitely overtake its competitors place in the future.
If you already own a KeepKey or any other hardware wallet, I’d love to hear your experience with it or answer any questions you have in the comment section below.
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