SafePal S1 Review: Is This Affordable Hardware Wallet Worth It?

With cryptocurrencies comes the need for high-level security. Just as we secure fiat money in safes, crypto requires robust protection — and this is where wallets come into play. Software wallets store your assets online for easy access but can be vulnerable to hacks. Hardware wallets, on the other hand, are the gold standard for security, storing your private keys offline, out of reach from online threats.

The SafePal S1 is a hardware wallet that takes security up a notch by operating entirely offline, using air-gapped technology to protect your assets. But what makes it different from other hardware wallets on the market? How does it ensure maximum security while still being easy to use?

In this SafePal S1 review, we’ll explore how this compact device, with support for over 30,000 cryptocurrencies, balances top-notch security with user-friendly features. We’ll dive into its key elements — such as the EAL 5+ secure element, self-destruct mechanisms, and NFT support — to see whether the SafePal S1 is the right choice for safeguarding your digital wealth.

SafePal S1 Review Summary

The SafePal S1 hardware wallet offers an excellent balance of security and portability, making it ideal for safeguarding your digital assets offline. With its air-gapped design, multi-currency support, and advanced security features like anti-tampering mechanisms, it’s a reliable choice for both beginners and experienced crypto users. Backed by Binance, SafePal S1 ensures maximum protection for your assets while maintaining ease of use.

The Key Features of SafePal S1 Are:

Here’s a brief bullet-point summary of the key features of the SafePal S1:

• Air-gapped security: Operates offline, no WiFi, Bluetooth, or USB connections.
• EAL 5+ secure element: Ensures tamper-proof protection for private keys.
• Self-destruct mechanism: Automatically deletes sensitive data if tampering is detected.
• Multi-currency support: Supports over 30,000 cryptocurrencies and tokens.
• NFT and DeFi integration: Manage NFTs and interact with DeFi apps via the SafePal App.
• Compact design: Credit card-sized and portable for easy use.
• Rechargeable battery: Lasts up to 420 hours on standby.
• Affordable pricing: High security at a competitive price of $49.99.

What is Safepal?

SafePal is a growing name in the world of cryptocurrency. Based in Singapore, the company set out to make digital asset management both secure and accessible for everyone. Their flagship product, the SafePal S1 hardware wallet, is designed to protect your crypto from online threats with its air-gapped technology, offering a high level of security.

But SafePal doesn’t just stop at hardware wallets. They offer a full range of products, including software wallets and an intuitive mobile app that helps users manage their crypto on the go. Regardless of your crypto experience, SafePal almost has something for everyone. Their easy-to-use solutions allow users to store, send, receive, and trade a variety of cryptocurrencies without compromising security.

One of SafePal’s most innovative offerings is that it gives users the ability to do much more than just hold their crypto—it opens up new possibilities for interacting with and growing their digital assets. SafePal’s close relationship with Binance, one of the largest cryptocurrency exchanges in the world, further strengthens its credibility and reliability in the market.

What is SafePal S1?

The SafePal S1 is a hardware wallet built for maximum security, designed to safeguard your cryptocurrency offline. With no WiFi, Bluetooth, or USB connectivity, it operates entirely through QR code verification, ensuring it remains isolated from online threats. Its sleek, credit card-sized form factor makes it highly portable, and with support for over 100 blockchains and 30,000 tokens, including Bitcoin, Ethereum, and NFTs, it’s a powerhouse for crypto storage.

But what really sets the SafePal S1 apart is its focus on security. Equipped with an EAL 5+ secure element, it stores private keys in a tamper-resistant environment, protecting them from both software and physical attacks. Additionally, the self-destruct mechanism wipes all sensitive data if the device detects any tampering, giving users peace of mind.

The SafePal S1 is user-friendly, especially with its SafePal App integration, where users can manage assets, trade securely, and even handle NFTs. The device’s rechargeable battery is said to last up to 20 days, and its 1.3" color display and built-in camera make transaction verification smooth and easy.

What’s in the Box:

• SafePal S1 Hardware Wallet
• USB Cable
• 3 Mnemonic Phrase Cards
• Cleaning Cloth
• 2 SafePal Stickers
• User Manual

Key Specifications:

• Screen: 1.3” IPS color
• Battery: 400mAh (up to 20 days)
• Security: EAL 5+ Secure Element, Anti-Tampering Self-Destruct
• Camera: QR code scanning
• Size: Portable, lightweight design

SafePal S1 Review: Features

Let's now take a deeper dive into the wallet's key features:

Air-Gapped Technology

The SafePal S1 operates completely offline, using QR code verification for transactions rather than relying on WiFi, Bluetooth, or USB connections. This air-gapped technology ensures that the wallet remains isolated from potential online threats, providing an additional layer of security against hacking attempts. By eliminating any form of internet connection, the SafePal S1 minimizes vulnerabilities, making it nearly impossible for online attackers to gain access to your crypto.

EAL 5+ Secure Element

At the core of the SafePal S1's defense system is its EAL 5+ secure element chip, a security standard commonly used in sensitive applications like banking. This ensures that private keys are stored in a tamper-proof environment, safeguarding them from both physical and software attacks. The S1’s chip guarantees that even if the wallet is compromised physically, your private keys remain protected, giving you confidence in your asset security.

Anti-Tampering Self-Destruct Mechanism

In addition to its secure element, the SafePal S1 comes with an anti-tampering mechanism that automatically activates a self-destruct function if the device detects any physical intrusion. If tampering is detected, all sensitive data, including private keys, is erased, ensuring that your crypto assets are never at risk. This feature is particularly useful for users who travel frequently with their hardware wallet or store large amounts of crypto.

Multi-Currency Support

One of the most attractive features of the SafePal S1 is its support for over 30,000 cryptocurrencies and tokens, including popular assets like Bitcoin, Ethereum, Binance Coin, and various DeFi tokens. Whether you are holding mainstream coins or exploring niche projects, the SafePal S1 ensures that you can manage a diverse portfolio of digital assets from a single device.

NFT and DeFi Integration

The SafePal S1 integrates seamlessly with the SafePal App, which offers support for NFTs and decentralized finance (DeFi) applications. Users can securely store, manage, and trade NFTs across multiple blockchains, while also interacting with DeFi platforms directly from the app. This level of versatility makes the S1 more than just a simple crypto wallet, as it serves as a hub for broader blockchain activities.

Portability and Design

Weighing in at just 38 grams and roughly the size of a credit card, the SafePal S1 is highly portable and designed for ease of use. Its 1.3-inch color display offers a clear interface for navigating wallet functions, while its compact form factor makes it easy to carry around. Whether you are a frequent traveler or simply prefer a minimalistic design, the S1 provides the ultimate convenience.

Rechargeable Battery

The SafePal S1 is equipped with a 400mAh rechargeable battery, which can last up to 420 hours on standby. For active users, this battery life ensures you don’t have to constantly worry about recharging. Its longevity is an added advantage, especially for users who value continuous access to their wallet.

Affordable Price

Despite its advanced security features and extensive support for cryptocurrencies, the SafePal S1 is priced competitively. This makes it an excellent choice for users who want high-end protection without breaking the bank, standing out as one of the most cost-effective hardware wallets on the market.

The SafePal S1’s focus on security, ease of use, and broad asset support make it a versatile and reliable option for users seeking top-tier protection for their digital assets. You can check our exclusive reviews on the Ledger Nano S, Ledger Nano X and the Trezor One for a more in-depth comparison.

SafePal S1 Supported Cryptocurrencies

The SafePal S1 wallet supports a broad range of cryptocurrencies, making it a versatile tool for managing diverse digital portfolios. With compatibility for over 30,000 tokens and more than 100 blockchains, users can store major cryptocurrencies and altcoins alike.

Major Cryptocurrencies

SafePal S1 supports widely known assets such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Ripple (XRP). These cryptocurrencies are foundational in many portfolios, making this wallet suitable for mainstream users.

Altcoins and DeFi Tokens

In addition to major coins, SafePal S1 supports various altcoins like Dogecoin (DOGE), Cardano (ADA), and a host of tokens on the Binance Smart Chain (BSC). This level of support is ideal for users who are engaged with DeFi platforms, providing easy access to a variety of DeFi tokens.

Token and Blockchain Support

SafePal S1 supports a vast array of tokens across more than 100 blockchains, giving users the flexibility to manage numerous digital assets from one place. The wallet’s wide-reaching token support includes popular standards such as ERC-20 and BEP-20, ensuring compatibility with many decentralized applications and tokens.

NFT and DApp Integration

SafePal S1 also supports NFTs, allowing users to manage, store, and trade their non-fungible tokens within the SafePal ecosystem. Additionally, the wallet integrates with decentralized applications (DApps), providing more functionality for those participating in decentralized finance and NFT markets.

SafePal’s wide support for both popular and niche cryptocurrencies makes it a strong contender for users looking for a hardware wallet capable of handling a broad spectrum of digital assets.

Setting up SafePal S1

Setting up the SafePal S1 wallet is a crucial process that ensures your digital assets are stored securely. The following steps provide a detailed guide to getting your device ready for use:

1. Download the SafePal App

To begin, download the SafePal App from the official website or by scanning the QR code that comes with your S1 device. The app is essential for managing your crypto assets and interacting with the wallet.

2. Power On and Initialize the Wallet

Turn on the SafePal S1 by pressing and holding the power button. You’ll be greeted with the option to either create a new wallet or recover an existing wallet. If this is your first time using the wallet, select “Create Wallet.” For those who are migrating from another device, the “Recover Wallet” option allows you to input your existing recovery phrase to restore your wallet.

3. Create/Recover Wallet

If you are creating a new wallet, the S1 will generate a 12, 18, or 24-word mnemonic phrase. This phrase is crucial for the recovery of your wallet in case the device is lost or damaged. It’s important to write down the phrase carefully and store it offline in a secure place. SafePal recommends using offline methods like paper or metal storage to avoid potential digital breaches. For recovering an existing wallet, simply input your previously generated mnemonic phrase.

4. Bind the S1 Wallet to the SafePal App

Next, you'll need to bind your S1 device to the SafePal App. On the app, tap “Add Wallet” and follow the instructions. The binding process involves scanning QR codes from both the device and the app to establish a secure connection between them. This step is vital as it allows you to manage your digital assets through the app while the hardware wallet handles transaction signing offline.

5. Set a Secure PIN Code

Once the wallet is bound, you’ll be prompted to set a PIN code for your SafePal S1. This PIN is required to access the device and authorize any transactions, providing an additional layer of security. Ensure that the PIN is strong and not easily guessable to protect your assets further.

6. Start Managing Your Assets

With the setup complete, you are now ready to start managing your crypto assets. You can send, receive, and store a wide variety of cryptocurrencies. The SafePal App also allows you to interact with decentralized applications (DApps), trade directly from the app, and manage NFTs securely, offering comprehensive crypto management features.

SafePal S1 Security

The SafePal S1 is designed with an array of advanced security features, offering robust protection for your digital assets. One of its key strengths is its air-gapped technology, which keeps the wallet completely offline by eliminating any WiFi, Bluetooth, or USB connectivity. This ensures that no data can be compromised via online methods. All transactions are verified using QR code scanning, maintaining total isolation from potential online threats.

EAL 5+ Secure Element

At the core of SafePal S1's security lies its EAL 5+ secure element, a highly trusted security standard used in critical applications like banking and government systems. This secure element provides encryption for your private keys, protecting them from both software and hardware attacks.

Anti-Tampering Self-Destruct Mechanism

The S1 wallet also comes with an anti-tampering mechanism. If the device detects any unauthorized attempt to open or hack it, it activates a self-destruct mechanism, wiping all sensitive data, including your private keys. This feature offers an extra layer of protection against physical attacks.

Firmware Anti-Tampering Protection

SafePal S1 includes firmware anti-tampering protection, which ensures that only SafePal-approved firmware updates can be installed on the device. Any attempt to install unauthorized or compromised firmware is blocked, securing the device from software vulnerabilities.

Device Authentication

To prevent the use of counterfeit devices, the SafePal S1 incorporates a device authentication mechanism. Each device is uniquely authenticated by the SafePal network, verifying that it is a genuine product before it can be used for transactions.

Offline Transactions via QR Codes

SafePal S1 uses QR code technology to facilitate transactions offline. Instead of connecting the wallet to the internet, users simply scan a QR code to sign transactions, further enhancing security by avoiding any exposure to online vulnerabilities.

PIN Code and Passphrase Protection

For additional security, users must set up a PIN code and can optionally use a passphrase. The PIN is required to access the device.

Kraken Finds Flaws in S1 Security

In 2021, Kraken Security Labs identified vulnerabilities in the SafePal S1 hardware wallet, highlighting several concerns:

• Ineffective Tamper Detection: SafePal's tamper detection system was found lacking. While the wallet claims to erase data if tampering is detected, Kraken found it could bypass this by reconnecting a single pin, and the data was not erased unless specific conditions were met (device powered on and pin disconnected for over 10 seconds).
• Open Source Licensing Violations: SafePal used GPL-licensed components (U-Boot and Linux Kernel) without sharing the required source code, violating open source licensing rules.
• Downgrade Attack: Kraken demonstrated the ability to downgrade the firmware without detection, a vulnerability SafePal addressed with firmware version V1.0.24.

SafePal Responds

SafePal responded to Kraken Security Labs’ security report, addressing several concerns and clarifying claims:

• Funds are Safe: Despite Kraken's attempts, no cryptocurrency was stolen.
• Ineffective Tamper Detection: SafePal dismissed Kraken’s bypass of the self-destruct mechanism, stating it is unrelated to core security. The RF shield serves a non-security function, and the tamper mechanism is more complex than described.
• Downgrade Attack: SafePal patched this vulnerability in firmware V1.0.24. Kraken's efforts didn’t compromise core security.
• Communication Weakness: SafePal uses the Elliptic Curve Diffie-Hellman Key Exchange to protect communication between the application processor and the secure element, making it difficult to extract sensitive data.
• Other Attempts: Kraken’s other attempts to modify firmware, tamper with data, or change configuration were unsuccessful, leading to device malfunction or upgrade failure, as expected by SafePal.

SafePal S1 Price

The SafePal S1 stands out for its competitive pricing, offering robust security features for just $49.99.

This makes it one of the most affordable hardware wallets on the market, especially considering its air-gapped design, self-destruct mechanism, and support for over 30,000 cryptocurrencies. At a fraction of the cost compared to other premium wallets, the SafePal S1 is an excellent option for both beginners and seasoned crypto users looking for top-tier protection without breaking the bank.

Not only that, you can also explore bundled purchases as per your preference.

SafePal S1 NFT Support

SafePal S1 provides excellent support for managing NFTs, integrating seamlessly with multiple blockchains like Ethereum, Binance Smart Chain (BSC), Solana, and more. Users can store, view, send, and manage NFTs directly through the SafePal App. Whether you're collecting digital art or engaging in NFT trading, SafePal's integration ensures that all assets are managed securely.

Multi-Blockchain NFT Support

SafePal S1 supports NFTs on blockchains such as Ethereum, Binance Smart Chain (BSC), Polygon, Solana, and TON. This allows users to manage a wide variety of NFTs across different ecosystems in one wallet.

Managing NFTs in the SafePal App

Through the SafePal App, users can easily navigate the NFT homepage. They can send, receive, and view their NFT collections, making it simple to manage assets. The app interface offers both grid and list views for organizing and viewing NFTs, with the added ability to hide certain assets for privacy.

Securing NFTs

The SafePal S1 ensures the safety of your NFTs by keeping them within the secure hardware wallet environment. Unlike software wallets, which expose private keys to online vulnerabilities, SafePal S1’s air-gapped technology prevents external attacks. The hardware wallet provides an additional layer of protection when storing NFTs on blockchains like Ethereum and Binance Smart Chain.

Interaction with Decentralized Platforms

With SafePal S1, users can interact with DApps related to NFTs, whether it’s for purchasing or trading digital collectibles. The wallet ensures that all transactions involving NFTs remain secure.

SafePal App

The SafePal App is a comprehensive mobile wallet that allows users to securely manage, trade, and grow their cryptocurrency portfolios. Available for both iOS and Android, the app supports over 30,000 tokens and integrates with 100+ blockchains, making it a versatile tool for crypto enthusiasts.

Asset Management

Users can buy, sell, and store popular cryptocurrencies such as Bitcoin, Ethereum, and Binance Coin directly through the app. It also supports cross-chain token swaps and asset transfers with ease.

NFT and DeFi Integration

The app allows users to manage their NFTs and interact with decentralized finance (DeFi) applications across different blockchains. Whether it's staking crypto assets or trading NFTs, the SafePal App brings everything into a unified platform.

Secure Transactions

Designed with security in mind, the app pairs seamlessly with SafePal’s hardware wallets like the S1, ensuring offline signing for secure transactions. All sensitive information, including private keys and mnemonic phrases, is kept offline and is not stored on SafePal servers, giving users full control of their data.

Real-Time Market Monitoring

The app provides users with real-time market data and analysis tools, such as price alerts and live K-line charts, to help users stay on top of their investments. This makes it easier for traders to make informed decisions.

User-Friendly Interface

The app’s interface is designed for simplicity, allowing even beginners to navigate and manage their crypto assets without hassle. With features like the "Spot & Swap" function and NFT gallery views, it offers a smooth experience for all users.

SafePal S1 Review: Closing Thoughts

The SafePal S1 offers a strong balance of security and ease of use, making it a great option for anyone looking to safeguard their cryptocurrency. With its offline air-gapped technology, EAL 5+ secure element, and multi-currency support, the S1 provides peace of mind for both beginners and experienced users. Its compact design and affordability make it accessible, while advanced features like NFT and DeFi integration ensure versatility.

However, choosing the right hardware wallet requires careful consideration. While the SafePal S1 checks many boxes, it’s essential to do thorough research before making a decision. Understand your specific security needs, compare different wallets, and read reviews to ensure the wallet fits your lifestyle and preferences. Security in the crypto world is a serious matter, and investing time into understanding your options will help you maximize both protection and convenience.