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KeepKey Hardware Wallet Review – A Beginner’s Guide

By: Ofir Beigel | Last updated: 1/4/21

KeepKey is one of the top 3 hardware wallets around today (along with TREZOR and Ledger). In this post I’ll review the wallet from head to toe and also share my personal experience with it.

KeepKey Review Summary

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 X), it still lacks the coin support and company reputation. Overall KeepKey is a solid hardware wallet.

That’s KeepKey in a nutshell. If you want a more detailed review of KeepKey keep on reading, here’s what I’ll cover:

  1. What is a Hardware Wallet?
  2. KeepKey Company Overview
  3. KeepKey Design and Unboxing
  4. KeepKey Supported Coins
  5. How to Setup KeepKey
  6. KeepKey Price Tag
  7. KeepKey vs. TREZOR vs. Ledger
  8. Conclusion

1. What is a Hardware Wallet?

In 2013 a new type of cryptocurrency wallet has emerged – the hardware wallet. Basically, a hardware wallet is a piece of hardware that stores your private keys and is not connected to the Internet. This way 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 Bitcoiner 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.


2. KeepKey Company Overview

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.


3. Keepkey Design and Unboxing

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 than the competition.

Even though you won’t be able to walk around with it in your pocket unnoticeably, like you would with a 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 and Ledger use which makes it more secure to keystroke spying.


4. KeepKey Supported Coins

Falling a little short of its competitors, KeepKey supports 40 different digital assets. The main supported coins are:

For reference, TREZOR and Ledger support over 1000 assets each. For the complete list of Keepkey supported coins click here.


5. How to setup Keepkey

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:


6. KeepKey Price Tag

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).

Alternatively, you can also purchase KeepKey from an authorized US reseller together with a fireproof, waterproof offline backup for $99.


7. KeepKey vs. Ledger vs. TREZOR

Ledger Nano X
price:
$119
Overall rating:
5 Star Rating
Trezor One
price:
$80
Overall rating:
4.5 Star Rating
Trezor T
price:
$170
Overall rating:
4.5 Star Rating
Keepkey
price:
$79
Overall rating:
4 Star Rating

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 a TREZOR One and Ledger Nano S as my personal wallets.


8. Conclusion

The guys at KeepKey did a great job with creating a beautifully designed, user-friendly hardware wallet. If you don’t mind the size, 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.

Keepkey

$79
8.3

Design

9.7/10

Ease of use

9.0/10

Price tag

8.5/10

Portability

6.0/10

Pros

  • Great design
  • Intuitive to use
  • Competitive price tag

Cons

  • Not very portable
  • Supports only 40 assets

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41 comments on “KeepKey Review”

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  1. My experience with KeepKey has been exceptional and the support I have received has been first rate. They did have teething problems in the past but those seem well behind them. Please note, do NOT download the Chrome extension. There were security issues and the new ShapeShift platform does not require it. It used to be that if you were a ShapeShift member (free) you could get a KeepKey for $10. I have purchased several. It is a no brainer at that price. I also own a Ledger Nano X and Ledger Nano S. For simplicity and all around functionality I much prefer the KeepKey.

  2. Willnotdisclose

    Shapeshift/KeepKey bought the MultiBit (Classic and HD) software wallet company. Then they closed it down. Unfortunately MultiBit HD did not have any inbuilt system to export the wif private key (like dumpprivkey) so this makes it nearly impossible to sweep any forks like Bitcoin Cash and so on.

    I bought a Ledger Nano S in 2017. Transferred the Bitcoins to it and was happy about and safe, but this year I learned about Bitcoin Cash, Gold and other forks. So wanted of course my rightful share of those. Took me three months to be able to find a procedure and retrieve the private key in wif from MultiBit HD. Was in contact with Shapeshift about the lack in the software to retrieve the private key. They of course said that MultiBit HD was “deprecated” and nil support offered. So f*ck them!

    The only workable solution to retrieve the private key is by following ***Link Removed*** to the letter. It works, but its better to use Coinomi to sweep the Bitcoin Cash and other forked funds instead of the suggested wallet Electrum. I did of course pay a contribution to Joseph Duchesne for his awesome work.

    I will never ever buy any product from Shapeshift/Keepkey. If they would have taken their responsibility and created a software to retrieve the wif from Multibit HD then I could have considered , but its way past that now.

    Bought another Ledger Nano, the X version. But now Im angry with Ledger as well as they didn’t comply with GDPR and let someone hack the client base and post the names, addresses, phone numbers and email of every client. Have now two Ledger Nanos. If I ever again need to buy a hardware wallet I will buy from a company that keeps the client personal information safe. Ledger made a complete mess so they also are disqualified.

    A feature I have not seen in the Nanos is to create multiple empty coin wallets. Only one empty coin wallet can be created until any funds has reached it. I would like to create 10+ empty wallets for the same coin so I can receive with a multi-send function that is available on Electrum or other wallets. Also a system to split up coin wallets and automatically send to newly created coin wallets in the same Hardware wallet. The reason? Well Bitcoin is soaring. Close to 30k USD now. Each. So if you have a wallet with 10 Bitcoin its now worth 300k USD. Is that a problem? Yes as there are thousand or more computers randomly searching the hexadecimal blockchain hoping to stumble on an active wallet. If they are lucky they will sweep whatever is in there. Yes, its less likely to randomly find a wallet with funds than winning Eurolotto or Powerball. But people do win the lottery and people do manage to find wallets with funds and sweep them. So yes I want to keep the wallet in less than one Bitcoin so if someone manage to find my wallet at least they wouldn’t be able sweep (steal) all of my Bitcoins!
    There is even a Bitcoin puzzle with 160 wallets with coins inside to find and sweep, so far about 70 have been found.

  3. “I could never afford one.” <— If you are storing less than $200 in crypto, then there's not much point in paying for a cold wallet. If you have more than $200 in crypto, you can afford to buy a decent cold wallet to protect your assets. Don't scrimp and save $50 to lose hundreds or even thousands.

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