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KeepKey Wallet is one of the oldest and most secure Bitcoin hardware wallets in the world. Launched in 2015, the device is used across the world to secure digital coins and tokens. It does this with the use of advanced technology which protects customers’ funds from remote theft or cyberattacks.
KeepKey is a multicurrency wallet which can hold most of the popular cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Bitcoin Gold, Dash, and Dogecoin. As the wallet has been integrated with the ShapeShift cryptocurrency exchange, it is possible to exchange the digital assets directly from the device. KeepKey wallet also provides the option to recover your account in case the device is broken, stolen or lost.
This hardware wallet comes complete with a clear screen which is used to display information about all your transactions. Unlike Trezor and Ledger Nano S, KeepKey has only one button which is used to control all device operations. The wallet doesn’t require any battery to function, instead, it is powered when connected to a computer.
Originally, KeepKey was sold at close to $200, but its price has since decreased. Until recently, it was available for just under $100, whilst today it is priced at under $50. For security reasons, it is recommended that you purchase the wallet directly from the official website here.
KeepKey wallet supports 55 coins and tokens which includes:
Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Litecoin (LTC), Dogecoin (DOGE), Dash (DASH), 0xBitcoin (0xBTC), 0x (ZRX), Binance (BNB), Augur (REP), Basic Attention Token (BAT), Bancor (BNT), Civic (CVC), Edgeless (EDG), FunFair (FUN), Gnosis (GNO), Golem (GNT), ICONOMI (ICN), Metal (MTL), Storj (STORJ), Tether (USDT), TrueUSD (TUSD), WeTrust (TRST)
To know the full list of coins and tokens supported by KeepKey wallet, simply visit their site and click on the ‘Assets’ tab at the top of the page.
The page which appears will give you a full overview of the cryptocurrencies supported by this cold storage device. Cryptocurrencies are split between ERC-20 tokens and others.
KeepKey can be connected to the computer via a USB port. The operating systems compatible with the device are Windows, Mac, and Linux. It is possible to use the KeepKey device with your mobile phone by installing the MyCelium app which is available on both Google Play Store and App Store. The device must be connected to your phone using an OTG adapter cable. If there is no option on your mobile phone to connect the OTG cable, then you cannot use KeepKey on your phone.
KeepKey can and should be purchased directly from their official website. Once the package is received, ensure that it has the following:
Like Trezor, the KeepKey wallet is protected with a holographic seal which shows if and when a device is tampered. Before using the device, ensure that the seal is not broken and intact. If in doubt, you should contact KeepKey’s support team immediately. Do not use the device until you are sure that it is safe to do so.
To initialize the KeepKey wallet, you need the latest version of Google Chrome on your computer. The KeepKey app needs to be installed after downloading it from the Chrome App Store. Click here for further information.
Screenshots are shown for illustration purposes only. Actual product may vary.
To send/receive digital assets using the KeepKey wallet, the user must create an account by following the steps listed below.
Even though you can create an unlimited number of accounts, KeepKey highly recommends that you keep a maximum of 10 accounts for faster operation of the device.
Follow the below steps to receive BTC, Altcoins or any ERC20 token on your KeepKey wallet.
Once the sender completes the transaction, you should receive the funds in your KeepKey wallet. The time taken for this can vary significantly, with transactions taking longer when a coin’s network has a high volume.
For better privacy, it is highly recommended to use a unique address for every transaction. By default, the KeepKey will generate a new address for every transaction.
Follow the below steps to send BTC, Altcoins or any ERC20 token from your KeepKey wallet:
You have successfully transferred your funds out of the KeepKey wallet. To know the status of your transaction, you can check the Transaction History on your KeepKey client app.
Since KeepKey is integrated with the ShapeShift exchange, it is possible to exchange the digital assets directly from the wallet.
Once you have confirmed the transaction, ShapeShift exchange will make the conversion and deposit your new coins or tokens in your wallet.
KeepKey is an HD (Hierarchical Deterministic) wallet which uses the BIP32 protocol to store the private keys of Bitcoin, Altcoins and other ERC20 tokens. As it uses BIP32, it is possible to generate and store an unlimited number of private keys on the KeepKey wallet.
While entering your PIN code, the numbers will be shown only on the KeepKey device and not on the computer. This prevents hackers from using keyloggers or other kinds of mechanisms to discover the code. This is just one of the reasons why storing your cryptocurrencies on KeepKey is a great way to keep them safe.
In addition to the PIN, you can also set an optional passphrase for extra protection. As the microcontroller in the KeepKey has read protection, it is impossible to access the flash memory where the private keys are stored. Even if the hacker steals the device and tries to use any debugger tool to communicate with the device, it is impossible to read the private keys from the device.
In case your KeepKey device is lost or stolen, it is possible to recover your account, provided you remember your 12-word recovery seed.
To recover your account into another KeepKey device, follow the below steps.
Your account should have been recovered successfully and all account information will be displayed on the screen. In case of any issues contact KeepKey’s customer support immediately.
Even if you don’t have another KeepKey device, it is still possible to recover your accounts on any wallet that is compatible with the BIP44 protocol like MyCelium, Coinomi, CoPay, Exodus etc. On the other hand, if you have to recover only one account, then it can be done using any BIP39 compatible wallet.
Even though KeepKey has recently reduced its price, it is not as popular as Trezor or Ledger Nano S. Many users have reported connectivity issues on the Reddit forum. In addition, there have also been reports that the customer support team is relatively slow to resolve these issues. Other than connectivity, no issues related to security have been reported on social media or online forums. Overall, KeepKey is considered a safe hardware wallet to store coins and tokens.
KeepKey has only got one button to control the entire operation of the device whereas Trezor offers touchscreen as well as physical buttons. The display screen of KeepKey is slightly bigger than those of both Trezor One and Trezor Model T. Like Trezor, KeepKey also supports the Blind matrix to improve the security of the PIN code entry. Both brands are easy to configure and offer superb security. Trezor supports a larger number of coins and tokens than KeepKey. On price, Trezor models are more expensive than KeepKey, but this makes sense when you compare the features.
KeepKey has only one button whereas the Ledger Nano S comes with two buttons. As the display of the KeepKey wallet is bigger, it is somewhat less comfortable in your pocket than the Ledger Nano S. Both wallets provide excellent security and are favourites amongst the crypto community. Regarding supported coins and tokens, the Nano S supports a significantly higher number of coins. For this reason, the Ledger Nano S provides better value for money, with its cost price just slightly higher than that of KeepKey.
Portability – 3.5
Security – 4.9
Ease of use – 4.2
Cryptocurrency Support – 4.0
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