SafePal S1 Cold Wallet
4.6 ⭐⭐⭐⭐
SafePal S1
- Founded in 2017 by Veronica Wong & Partners. SafePal’s HQ is in Singapore, but it is a remote-first company.
- SafePal began as a hardware wallet company, but it has since expanded to become a full suite of crypto management solutions that exceed storage. It has even launched its own crypto token, SafePal Token (SFP).
- Binance was heavily involved with SafePal in its early stages as a startup. It was the first hardware wallet to receive investment from Binance Labs. Their collaboration continues to this day.
- SafePal has partnerships and collaborations with many major cryptocurrency platforms and traditional finance companies, including BingX, Stader Labs, and Fiat24.
- Security Features: 4.2 ⭐ 70%
- Supported Cryptocurrencies: 5.0 ⭐ 100%
- User Experience (UX): 4.5 ⭐ 90%
- Integration & Compatibility: 4.8 ⭐ 96%
- Backup & Recovery Options: 4.7 ⭐ 94%
SafePal S1 Cold Wallet
A crypto cold wallet is a method of securing your cryptocurrencies and digital assets safely offline. SafePal has emerged as a major player in the colt wallet market, offering crypto hardware wallets and a variety of other solutions to help keep your crypto safe.
The SafePal S1 is one of the most popular budget cold wallets available today. Our reviews and rankings of the SafePal S1 will give you the full picture on how it keeps your crypto safe, how it compares to other leading cold wallets, and whether there are areas in need of improvement.
Key Features & Functionalities
Air-Gapped Security & QR Code Transmission
The device operates without Bluetooth, Wi-Fi, or USB, using QR codes for secure, offline data transmission.
Extensive Cryptocurrency Support
The wallet supports millions of cryptocurrencies across over 100 blockchains, with options for adding custom assets.
Self-Destruct Mechanism
It includes a tamper detection feature that triggers data deletion if unauthorized access is attempted.
Integration with a Broader Ecosystem
It works seamlessly with the companion mobile app, enabling dApp integration, exchange connectivity (like Binance), and even offers API access for developers.
Robust Backup & Recovery Options
Users can secure their assets with a seed phrase (12, 18, or 24 words) and benefit from additional metal backup solutions and passphrase support for hidden wallets.
User-Friendly Design
Its compact, credit card–shaped design features a touchscreen with QR code reading, making setup and use straightforward.
Pros and Cons of Ledger Nano X
Pros:
- Pricing. Popular alternative to hardware providers like Trezor and Ledger. Price point is a particular draw.
- Multi Product Ecosystem. SafePal is growing a crypto management ecosystem, with hardware, accessories, backup solutions, apps, and a proprietary crypto token. Users can benefit with discounts, etc., when holding SFP tokens.
- Air-Gapped Security. Use your SafePal S1 wallet without a Wi-Fi or USB connection. The device supports QR code reading.
- Extensive Token Support. Hold millions of cryptocurrencies from across more than 100 blockchains.
- Explore Web3. Integrations with numerous De-Fi and broader web3 products through the SafePal App.
Cons:
- Closed Source Firmware. The crypto developer community cannot monitor and audit the code.
- Past Security Incidents. Several vulnerabilities have been identified in the past, although SafePal has taken steps to address them.
- Dependence on the SafePal App. While the SafePal App is regarded as a plus, some users believe the promotion of the app makes the SafePal S1 too dependent on a mobile device for full functionality.
Security Features
Air-Gapped Security
SafePal S1 can be used without Bluetooth, Wi-Fi, or USB connection. QR codes are enabled for data transmissions.
Self-Destruct Mechanism
Additional security is provided with data deletion if tampering is detected.
PIN Protection
Users can access the S1 with their private PIN.
Lacks Open Source Firmware.
Tamper-Proof Design
SafePal has firmware anti-tamper capability to ensure only official firmware updates are permitted.
Supported Cryptocurrencies
Hold Numerous Cryptocurrencies
SafePal supports millions of different cryptocurrencies across 100+ blockchains.
Custom Asset Support
Add custom assets through the SafePal app.
User Experience (UX)
Easy to Set Up and Install
SafePal S1 is designed to be easy to use.
Compact Design
SafePal S1 is shaped like a credit card.
Touchscreen with QR Code Reading
1.3 Inch Screen Equipped with Camera for QR Code Reading.
Companion Mobile App and Growing SafePal Crypto Ecosystem
Integration & Compatibility
dApp Integration
Access to DeFi applications and services through SafePal App.
Exchange Integration
SafePal S1 is compatible with major exchanges like Binance.
API Access
Developers can access SafePal’s public API.
Backup & Recovery Options
Seed Phrase
Generate a 12 18 or 24-word seed phrase during setup.
Metal Backup Solutions
SafePal offers proprietary metal engraving and backup solutions.
PIN Protection & Passphrase Support
SafePal enables the use of passphrases to create multiple hidden wallets.
Security & Risks Assessment
SafePal has a strong reputation for security. There have been no major hacks of SafePal devices en masse. However, it has had past security incidents. These include a report from Kraken Exchange in 2021 that identified several vulnerabilities. These included the ability to bypass tamper protection features, potential firmware downgrade attacks, as well as concerns over open-source licensing. SafePal responded to the report by updating firmware structures and creating new anti-tampering features for SafePal devices.
User Protection Measures
- SafePal has mechanisms in place to ensure all firmware updates are from official sources only.
- Several anti-tampering features are in place, including a self-destruct data deletion mechanism.
- Educational resources are provided for SafePal users to learn about device safety and securing credentials like PINs and seed phrases.
Potential Risks
- Seed Phrase can be lost by users. Always keep copies of your seed phrase securely offline.
- SafePal devices can be lost, stolen, or damaged. Access to your private keys can be restored with seed phrase on a new device.
- SafePal offers additional backup and security products like metal engravings.
User Reviews & Community Feedback
Trustpilot Ratings & Reviews
SafePal has a high score of 4.1 out of 5 on Trustpilot. This is based on 300 reviews. Customer service was constantly singled out for praise. SafePal’s team responded to negative reviews, offering more support and advance..
Reddit & Crypto Community Discussions
The crypto community on Reddit tends to have a positive view of the SafePal S1. Users often praise its ease of use and the vast range of cryptocurrencies supported. Some Redditors are skeptical about closed-source firmware.
Expert Reviews & Endorsements
The SafePal S1 has been recommended by many different crypto experts and influencers. These include Scott Cunningham, who lauded the wallet as “the most affordable feature packed wallet you can get today.” In a YouTube review and corresponding Medium article.
Pricing & Cost Analysis
The cost of the SafePal S1 is at the lower end of the market at $49. Many reviewers have noted that you get a lot of bang for your buck in terms of features for that low cost. There is an upgraded version, the SafePal S1 Pro, which retails at $89.99. It has superior housing material and a better battery. It’s also worth noting that SafePal really pushes the concept of buying bundles, offering deals when you purchase multiple related products (metal backups, leather wallets, etc.).
There aren’t any additional costs or subscriptions after you purchase your SafePal S1. Yet, we should note that SafePal will aim to nudge you into its growing ecosystem through the SafePal App and the company’s crypto token.
| Feature |
SafePal S1 | Trezor Model One | Ledger Nano X |
|---|---|---|---|
| Security Features | Air-Gapped QR Code, PIN, passphrase. Self-destruct mechanism Closed source firmware. |
PIN, passphrase support, open-source firmware
| Secure Element chip, PIN, passphrase, partially closed-source firmware. |
| Supported Cryptos | Vast number of assets across 100+ blockchains |
1,800+ assets, no native Ethereum NFTs or newer L1 chains
|
5,500+ assets including native Solana, Cardano, XRP, Polkadot
|
| Companion App | SafePal S1 | Trezor Suite (Full desktop only) |
Ledger Live (Full-featured desktop + mobile app)
|
| Staking Support |
Yes. Staking offered through the SafePal App, including XTZ, COS, DOT
|
Very limited; relies on third-party wallet integrations
|
Native staking via Ledger Live for ETH, DOT, ADA, SOL, and more
|
| Price | $49 | $49 | $149 |
Final Verdict & Recommendations
SafePal is a nimble, dynamic crypto storage solutions company that arguably does not have the same stature as Trezor or Ledger. That said, it constantly punches above its weight and has positioned itself as an alternative to Trezor and Ledger. The SafePal S1 also punches above its weight: You will be hard-pressed to find a more feature-rich hard wallet at a similar price point. Its support of a vast number of cryptocurrencies, proprietary tokens, and unique security features make it something of a bargain for $49.
There are some drawbacks to the SafePal S1. Closed-source firmware means the source code is not available for independent verification. Vulnerabilities were also discovered a few years back. Finally, while it’s laudable to see SafePal building out its web3 ecosystem, some crypto holders understandably would prefer that cold wallet providers concentrate on security.
Nonetheless, the SafePal S1 is one of the best budget crypto cold wallets available today. It gets a well-deserved 4.6 out of 5 from us.
Our Rating
4.6 ⭐
⭐ 4.6 | SafePal S1
FAQs
Is SafePal S1 the safest cold wallet?
No. There are cold wallets available with more robust security features. However, the SafePal S1 certainly does not compromise on security. It’s one of the best budget hardware wallets available today.
Can I store multiple cryptocurrencies on this wallet?
Yes. You can store a vast number of cryptocurrencies, including Bitcoin, Ethereum, Solana, Litecoin, and Dogecoin. Technically, there is support for an unlimited number of different tokens.
How does SafePal S1 compare to SafePal S1 Pro?
The SafePal S1 Pro is an upgraded version of the SafePal S1. The former has a better battery and superior housing material. Security and basic functionality are broadly the same on both the S1 and S1 Pro.
Does SafePal S1 support staking and DeFi?
Yes. Multiple functionality for web3 products and services is offered through the SafePal App. You can earn cryptocurrency rewards through the SafePal Earn feature of the SafePal App.
How can I recover my wallet if I lose access?
You will be provided a seed phrase on activation of your device. If you lose or
damage your device; the seed phrase will restore access to your private keys on a new device.
Best Security Practices for Crypto Cold Wallets
SafePal, as well as its rivals like Trezor and Ledger, have become prominent names in crypto security. They offer secure solutions to keep your crypto safe offline in hardware wallets. In the vast majority of cases, that means your private keys will remain safe forever. Nevertheless, crypto security must be bolstered by the actions of users. Educate yourself on cold wallet risks and threats in the wider crypto sector.
Cold wallet users should follow these steps to secure their digital assets:
- Only buy wallets from trusted sources and official retailers.
- Check that the device packaging has not been tampered with when you receive it.
- Always keep your seed phrase and other sensitive data secured safely offline.
- Use the additional layers of security offered by hard wallet providers like SafePal.
- Beware of phishing threats and other scams when moving your crypto on and off hot wallets and exchanges.