KeepKey hardware wallet review 2018 | Features & fees | finder.com

KeepKey hardware wallet – February 2018 review

KeepKey is a bitcoin hardware wallet with advanced security against virtual and physical theft. Now, a lower price tag means more users can give it a try.

KeepKey is a secure hardware wallet that provides access to the world’s leading cryptocurrency assets. Launched in 2015, KeepKey uses advanced technology to provide users with one of the most secure environments for storing their cryptocurrencies.As a Hierarchical Deterministic (HD) wallet, KeepKey can be thought of as a miniature computer designed specifically for storing private keys.

KeepKey’s recent price cut makes it an affordable option for users looking for a combination of value and security when managing their cryptocurrency wallets.

Product Name KeepKey Wallet
Wallet Type Hardware
Supported Cryptocurrencies BTC, BCH, DASH, DOGE, ETH, LTC, NMR

Pros

  • Security features.
  • Attractive design.
  • Multi-currency support.
  • Value for money.

Cons

  • Requires third-party software add-on.
  • Less portable than TREZOR or Ledger.
  • Can't save setup progress.
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

What is KeepKey?

As an HD wallet, KeepKey allows you to generate and store an unlimited number of private keys. A “private key” is a sophisticated form of cryptography that allows you to access your cryptocurrency.

In addition to bitcoin, the KeepKey wallet enables the storage and transaction of a variety of cryptocurrencies, including Ethereum, Litecoin, Dash, Dogecoin and Namecoin. This is ideal if you’re using multiple cryptocurrencies or looking to build a portfolio of digital assets.

KeepKey integrates with the wallet software on your computer by taking over private key generation, private key storage and transaction signing.

Compatible with:

  • Operating systems: PC, Mac, Linux and Android
  • Software wallets: Works with Electrum, MultiBit and Mycelium.

How much does it cost?

When KeepKey launched back in 2015, it sold for $239. The price tag has since come down considerably to $99, but is still more expensive than some other Bitcoin hardware wallets.

Which currencies can I store?

  • Bitcoin
  • Ethereum
  • Litecoin
  • Dash
  • Dogecoin
  • Namecoin

How do I add currency to my wallet?

Getting started with KeepKey is as easy as downloading two Chrome applications – one for generating a wallet and one for connecting to KeepKey through Chrome. After the initial setup, you simply add an account and select the cryptocurrency you want to add or exchange. This enables you to deposit cryptocurrency and exchange one for another (e.g. you can exchange an amount from your bitcoin account to your Ethereum account).

How do I make or receive payments with my KeepKey?

The process for sending and receiving payments does not change with KeepKey. The only difference is that your computer no longer stores the private keys, which means it is not able to sign transactions. Instead, transactions must be passed to the KeepKey in order to be signed. Once a request is received by the KeepKey, users are notified and prompted to make a manual confirmation. Once approved, the transaction is signed and returned to the computer client to be announced on the cryptocurrency network (e.g. bitcoin, Ethereum, etc.).

Although users don’t need to install any drivers to use KeepKey, they need one of the special software applications mentioned above or the KeepKey Chrome app.

How secure is KeepKey?

KeepKey is considered one of the most secure HD wallets on the market. As such, it has several security measures.

  • Private Key. Your private key is stored directly on KeepKey and never leaves the device.
  • PIN Code. Your Personal Identification Number prevents any unauthorized user from viewing your balances or conducting transactions.
  • Recovery Sentence. The entire wallet is backed up with a 12-word recovery sentence that is generated on setup. This sentence can be used to recover your private keys in the event your KeepKey wallet is lost or stolen.
  • Passphrase: Additionally, users have the option of selecting an additional word that is attached to the recovery sentence. KeepKey does not recommend using the passphrase feature unless you understand the consequences of doing so.

Where can I get KeepKey?

KeepKey can be purchased directly via the company’s website or through Amazon. These are the only two official vendors, which means you should avoid purchasing the wallet on any other platform.

KeepKey website

Pros and cons

Pros

  • Top-notch security standards make it virtually impossible for hackers or viruses to steal your private key.
  • Offers the same security features as more established products, such as TREZOR.
  • Attractive, professionally designed OLED display makes using the device easier than other similar products.
  • Provides access to the world’s leading cryptocurrencies.
  • New price offers great value.

Cons

  • A lack of web wallet means users must add software such as Electrum or MultiBit to make use of its applications.
  • Larger size makes it slightly less portable than TREZOR or Ledger, which can fit comfortably in your pocket.
  • Setup is fairly straightforward, but doesn’t allow users to save their progress.

Next steps

With this information in hand, you are now ready to give KeepKey serious consideration. To get started, simply visit the KeepKey website and place your order. In just a few days, you’ll receive the hardware wallet fully equipped with a USB cable and recovery card. All you need to do is turn on your computer, install the latest version of Chrome and have a pen handy for writing down your recovery sentence.

Frequently asked questions

Image source: KeepKey Wallet

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2 Responses

  1. Default Gravatar
    RobertJanuary 29, 2018

    Does KeepKey work with XLM crypto?

    • Staff
      RonFebruary 24, 2018Staff

      Hello Robert,

      Good day! Appreciate you contacting finder regarding your inquiry today.

      KeepKey wallet does not support XLM at the moment. They are only supporting currencies below:

      Bitcoin, Ethereum, Litecoin, Dash, Dogecoin, Namecoin

      If you are looking for wallets to store your XLM coins, you may refer to this page — https://www.finder.com/how-to-buy-stellar-lumens. If you scroll down a bit, you will see there a list of wallets that support XLM.

      Hope this helps!

      All the best,

      Ron

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