Why do people need hot wallets at all? If exchanges are fast and convenient, why not just leave your crypto there? The reality is that when your assets stay on an exchange, you don’t fully control them. Accounts get frozen, platforms get hacked, companies go bankrupt, and users often discover too late that “not your keys, not your coins” is more than a proverb. A cold wallet solves that by giving you true ownership.
SafePal greets us on its website with an intriguing message: “Own Your Crypto Adventure”. It stands as a strong competitor to industry giants like Trezor and Ledger. In this article, we’ll break down its features, security, user experience, pros and cons, and how it stacks up against the big names.
What is SafePal?
SafePal is a crypto wallet ecosystem. It started in 2018 when founder Veronica Wong noticed a common problem: crypto was powerful, but most people felt locked out by complexity and high-risk tools. So SafePal launched its first hardware wallet in 2019 and quickly earned trust as the first hardware wallet backed by Binance.
Today, over 25 million users globally across 200+ regions and countries rely on SafePal’s hardware wallets, mobile app, and browser extension.
SafePal was one of the first hardware-wallet projects incubated by Binance Labs. That likely gave them both early funding and credibility.
Supported cryptocurrencies and networks
SafePal supports 100+ blockchains, including Bitcoin, Ethereum, Solana, BNB Chain, Polygon, and TRON, and more than 30,000 coins and tokens. You can add and manage almost any major asset and ERC-20 altcoins directly through the app or hardware wallet.
You can find the full list of supported assets on the official SafePal website.
SafePal features
SafePal combines strong security with tools for everyday crypto management. Here’s a quick look at the key features that define the SafePal experience.
Air-gapped security
Air-gapped means the wallet can’t connect to anything because there is no WiFi, Bluetooth, USB, or internet. The S1 and S1 Pro sign transactions only through QR codes. Your private keys never leave the device, so even if your phone is infected, they can’t be stolen.
Secure element and tamper protection
The EAL5+ secure element is the same type of chip used in bank cards and passports. Tamper protection helps the device detect and resist break-in attempts.
30,000+ assets covered
The app supports over 30,000 tokens on 100+ blockchains, so you don’t need five different wallets just to see your portfolio. Bitcoin, stablecoins, ERC-20 tokens, and new altcoins show up in one clean dashboard.
Swaps, staking, NFTs, and DApps in one place
You can swap tokens, stake assets, view NFTs, and use DeFi apps right inside the app. You start the action, your hardware wallet signs it, and you’re done. It basically gives you a mini-exchange and DeFi toolkit built right into your wallet.
Simple fiat-to-crypto purchase
You can buy crypto with a card or payment provider straight in the app. Just choose the asset, select a partner service, and complete the purchase like a regular online payment.
SafePal versions
SafePal offers three hardware wallet models, each designed for a different style of crypto user. All of them support 30,000+ assets across 100+ blockchains and include core protections like PINs, passphrases, and anti-tampering sensors. So how do they differ?
SafePal S1
SafePal S1 is the first hardware wallet launched by SafePal developers. It is the most popular and affordable model ($49.99). The device has a 1.3-inch color screen and is controlled via D-pad (pad with directional buttons). To confirm transactions, you need to scan a QR code.
SafePal S1 Pro
SafePal S1 Pro is an improved version of the first model of the wallet, which uses a similar mechanism for confirming transactions via QR code.
The main difference is the material of the case: the device is made of aluminum alloy and tempered glass. In addition, this model has a higher battery capacity: 500 mAh.
SafePal X1
A wallet works on Bluetooth technology, which is used to confirm transactions. The system is open source (meaning, the code is open for anyone to inspect). The device is operated with 12 buttons. The model is also equipped with a black and white 1.8-inch tempered glass screen. The battery capacity is half that of the previous model (200 mAh).
User interface and experience
In the mobile SafePal app, you get one clean dashboard showing your entire portfolio across 100+ blockchains, with market data and transaction history neatly organized.
The app is available on both Android and iOS devices and allows users to create new wallets or import an existing one. The interface can be used in both dark and light modes.
For desktop users, SafePal offers a browser extension compatible with Chrome, Firefox, and Edge. The desktop experience is ideal for users who prefer doing all financial operations on a larger screen.
SFP token
SFP is the token that powers the SafePal ecosystem. It was launched on Binance Launchpad in 2021. It runs on both BNB Chain and Ethereum and has a fixed supply of 500 million tokens.
Like many native coins, SFP unlocks rewards like partner airdrops, staking yields, hardware wallet discounts, and lower swap fees. One unique perk is that holders can even use the Gas Station DApp to convert SFP into gas tokens for other networks. It's a useful shortcut when you’re out of ETH or BNB.
If having control over the app matters to you, SFP gives you that option. After all, it also serves as a governance token, letting users vote on new features. According to CoinMarketCap, the current SafePal SFP price is $0.346.
Fees and pricing
There are a fees of SafePal to be aware of. Below is a breakdown.
How to set up and use SafePal wallet
Getting started with SafePal takes just a few minutes. The setup process is pretty easy and intuitive. Follow the steps below:
1. Install the SafePal app. Download it on your phone, proceed with the SafePal login process, and set a strong security password.
2. Create your wallet backup. Generate a 12- or 24-word seed phrase. Write it down on paper and store it somewhere safe. This phrase is the only way to restore your wallet if your device is lost.
3. Add the assets you want to track. Search for your tokens among 30,000+ assets inside the app and add them to your dashboard.
4. Set up the browser extension. If you prefer desktop, install the SafePal extension. The flow is the same: create a password, back up your seed phrase, and you’re ready to go.
5. Connect your hardware wallet. S1 / S1 Pro models pair with the app using encrypted QR codes, X1 - connects via Bluetooth. In all cases, your private keys stay offline.
6. Start sending and receiving crypto. Create a transaction in the app, confirm it on your hardware device (or in-app wallet), and SafePal will broadcast it securely.
Pros and cons of SafePal crypto wallet
No wallet is perfect, and SafePal is no exception. Look at the table to see both its strengths and trade-offs.
SafePal’s reputation: is SafePal legit?
SafePal is mostly seen as a legit and trustworthy wallet, however, there are issues. On Trustpilot, some people say the customer service is great and that the team helped them solve issues quickly.
But others share the opposite experience: slow replies, trouble recovering funds, or swaps that didn’t go through at the right time and led to losses.
Here’s a quick look at what users complain about most often in 1-star reviews:
- Lost funds / missing wallets after updates or failed transactions
- Poor or absent customer support
- Allegations of scams or misleading behavior
- Concerns over security and safety
People mention some kind of authorized malicious DApps that have already managed to trick users.
On Reddit, though, the wallet is praised a lot — not a single bad review. It’s actually surprising.
Overall, user reviews are mostly positive and show that this wallet is a solid alternative to its more established and reputable competitors like Trezor or Ledger.
Alternatives to SafePal
Despite everything SafePal does well, you’ve probably wondered whether another wallet might suit you better. If that thought crossed your mind, here’s a list of solid alternatives plus a concise comparison table covering their key features.
- Ledger Nano S Plus — well-trusted hardware wallet with EAL 6+ security and polished Ledger Live app.
- Trezor Model One — open-source wallet with strong security and easy to use.
- ELLIPAL Titan — fully air-gapped like SafePal, using QR-code only transactions, but with a robust metal build.
- Tangem — uses NFC (tap-to-connect technology) instead of seed phrases, convenient and minimalist.
- BitBox02 — strong choice for privacy-focused users, with compact design and solid security.
Here is a concise comparison table covering their key features:
Final decision
SafePal offers a rare mix of strong security, wide asset support, and budget-friendly pricing. With EAL 5+ protection, fully air-gapped signing, and support for 30,000+ assets, it feels more like a full Web3 toolkit than a simple wallet.
The SafePal S1 is a solid entry-level choice if you want something simple and affordable. The S1 Pro is better if you want the same security but in a more durable, premium build with a longer-lasting battery. And the X1 is ideal for users who prefer Bluetooth connectivity and an open-source setup.
Matvii Diadkov
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