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KeepKey Review: Is it legit, safe and trustworthy for UAE citizens and residents?

The KeepKey Wallet is a cryptocurrency storage solution that is implemented as a hardware wallet. It is a multicurrency wallet that utilizes cutting-edge technology to thwart hacking attempts and protect digital assets from being stolen. Because the wallet has been integrated with ShapeShift, customers are able to trade their digital assets straight from the physical device without having to go through an intermediary. Visit KeepKey Website.

KeepKey is equipped with a recovery feature that enables users to reclaim their accounts from devices that have been lost or stolen. The gadget features a sizable screen that allows for the lucid presentation of transaction information as well as a button that allows direct management of operations from the device itself.

One of the three products that Shapeshift offers is called the KeepKey wallet. Darin Stanshfeeld first established KeepKey in 2015 as a firm that would later go on to manufacture the hardware wallet device. In 2016, the company entered into a collaboration that led to it being "Shapeshift aware." The integration of the wallet with the application programming interface (API) for the Shapeshift exchange made it possible for users to trade their cryptocurrencies with the KeepKey hardware wallet.

The ultimate acquisition of KeepKey by Shapeshift in 2017 was a move that further illustrates the dedication of both firms to protecting users' privacy and data. Erik Voorhees serves as CEO of Shapeshift, and the company's operations are managed out of Switzerland. As part of the deal for the acquisition, KeepKey will continue to produce the same brand of products.

The most prominent cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Bitcoin Gold, and Dash, are supported by KeerKeu, along with more than 40 ERC-20 tokens. These include the Basic Attention Token (BAT), the Storj Token (STORJ), the Binance Coin (BNB), the Tether Token (USDT), the Ox Token (ZRX), and the Bancor Token (BNT).
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In addition to this, we ask that you have a look at our Cryptocurrency Exchange List. On this page, you will discover a list of exchanges where you may trade various digital assets.

When utilizing the KeepKey hardware wallet, you will be subject to transaction fees. The prices are determined according on the amount of traffic on the network. KeepKey enables users to set their own transaction fees for Bitcoin transactions. Users have the ability to pick a fast, medium, or slow transaction pace while using this. The more quickly a transaction is completed, the greater the costs.

KeepKey will automatically charge a fee for confirming transactions involving other digital assets, reducing the amount of time customers have to wait for a response. It should be brought to your attention at this time that KeepKey does not receive any percentage of the payments. The blockchain network distributes all transaction fees to the miners that participated in the transaction.

On the official website, the KeepKey wallet may be purchased for $79. There is a possibility of a little difference in the shipping prices based on the retail outlet that you select to make your purchase from as well as your location; these factors will determine which option is best for you.

The KeepKey wallet is straightforward to operate. It is possible to use it without a battery being present. A computer running Linux, Mac OS X, or Windows can be used to connect the device by using one of its available USB ports. KeepKey may also be used with a mobile phone provided that it is linked to the computer through an OTG adapter connection. You will need to download the MyCelium app from either the Google Play Store or the Apple App Store in order to utilize the device in this manner.

In order to complete the initial setting, you will need to use the most recent version of Google Chrome. As a result, all you need to do is ensure that this is present, then download the KeepKey app from the Chrome Web Store and follow the on-screen instructions to install and activate it. After that, use the USB cord to connect the wallet to your computer, launch the KeepKey client, and then click the "Initialize KeepKey" button to proceed with the initial setting of the device.

After that, give your gadget a name or label, and then proceed to generate a one-of-a-kind PIN code. Take careful note of the recovery code that will be presented on the device. Before you push the button on the device to finish initializing it, you need to make sure that you have written it down on the recovery card and stored it in a secure location.

In order to share and receive digital assets, you will need to first create a KeepKey account using the client app. The user interface is quite welcoming to newcomers. Users are permitted to register for more than one account. However, KeepKey suggests keeping the number of accounts to a limit of 10 for the most efficient use of the hardware wallet.

The monitor display is reserved for the "Account balance," as well as the following three items from the menu:

You will need to create a Shapeshift account in order to make advantage of the integrated Shapeshift exchange capability. The team has worked hard to ensure that each of these processes is intuitive and easy to follow.

The KeerKeu Wallet offers an exceptional level of safety. KeepKey recommends using new addresses for each transaction so that users may maintain the best amount of anonymity possible.

KeepKey is commonly considered to be among the HD (Hierarchical Deterministic) wallets that offer the highest level of security currently available on the market. The security features of the gadget provide a level of protection against both physical and digital theft known as a 'tor-net'. It is possible to use it on any device, even one that has been compromised by malicious software. For storing the private keys to all of the digital assets, it makes use of the BIP32 protocol.



Other integrated forms of security include the following:

Authorization of Transactions to Be Handled Manually: Each transaction requires you to provide your KeerKeu personal identification number (PIN). In addition to this, prior to each transmission being transmitted, you will be required to manually advance it using the button located on the hardware.

Recovery Phrase: If you have a 12 word recovery seed, you can simply access your accounts even if your device has been lost or stolen.

PIN Code: When setting up your wallet, you will be prompted to generate a one-of-a-kind PIN code. This safeguards the contents of your wallet against being viewed by anybody who is not allowed to do so.

In order to offer an additional layer of protection, it is an additional word that has been added to your 12-word recovery phrase. Because the usage of this feature is voluntary, end users have the choice to ignore it.

There are a number of retail locations where one may purchase a KeepKey wallet. On the other hand, it is always recommended that you buy your equipment straight from the manufacturer.

Don't forget to also look at other wallets that offer the same level of security, such as the Enjin, Trezor, and Ledger Nano S.

The once-independent bitcoin hardware wallet known as KeepKey was purchased by the cryptocurrency exchange known as ShapeShift in the year 2017. At least in part, the business that makes hardware wallets was bought so that it could be integrated into the non-custodial ShapeShift exchange. This connection makes it possible for traders to achieve an incredibly high level of protection for their cryptocurrency holdings.

More than forty distinct cryptocurrencies may be stored in the KeepKey hardware wallet at this time. It is now regarded as the third most notable hardware wallet available on the market, behind the solutions produced by Ledger and TREZOR.

The fact that the KeepKey is a hardware wallet is the KeepKey's most valuable attribute in our opinion. Hardware wallets provide a higher level of security than software wallets because they prevent your private keys from coming into contact with any device that is connected to the internet and that you use to transfer bitcoin payments. The process of signing transactions takes place on a separate device that is not connected to the internet. This provides security against remote attackers who are attempting to access your cryptographic keys.

KeepKey was bought by the firm known as ShapeShift in 2015, and ShapeShift also operates a non-custodial cryptocurrency exchange. Traders who are interested in increasing the level of safety afforded to their money have the option of utilizing a KeepKey hardware wallet in conjunction with the non-custodial ShapeShift exchange. This is an excellent choice for such traders.

Through its interaction with MyEtherWallet, the KeepKey hardware wallet is able to support over a thousand distinct cryptocurrencies, the vast majority of which are ERC-20 tokens. In practice, KeepKey is only compatible with seven different cryptocurrencies that are not ERC-20 tokens. This results in a lot of obvious details being left out. KeepKey devices are not capable of storing well-known alternative cryptocurrencies like Ripple, EOS, or Binance Coin, for instance.

The following is a list of some of the most important cryptocurrencies that KeepKey supports:

Bitcoin Bitcoin Cash (Bitcoin)
Gold-plated Bitcoin (in the KeepKey Client)
DASH Dogecoin Ethereum Litecoin DigiByte are the five cryptocurrencies (only on beta.shapeshift.com)
1000+ ERC-20 coins

As was discussed earlier, the fact that KeepKey is a hardware wallet provides it a significant advantage over a significant number of the other solutions for cryptocurrency storage that are currently available on the market. Having said that, KeepKey is not considered to be a high-end hardware gadget by the majority of people. Although KeepKey and TREZOR have very similar underlying designs, the common consensus is that TREZOR and Ledger are the best two hardware choices now available on the market. Ledger is also quite popular. It's important to note that the same security flaws that have previously afflicted TREZOR devices have also affected KeepKey hardware wallets.

However, despite the fact that KeepKey's hardware component gives it an advantage over wallets that just use software, the fact of the matter is that there are alternative choices available on the market that provide an even higher level of safety.

KeepKey wallets are compatible with all operating systems for desktop computers, while the hardware devices themselves are only compatible with several mobile operating systems.

Your iPhone will not be able to use the KeepKey wallet since it does not support Bluetooth technology. Integration with Android wallets is feasible, though.

The KeepKey gadget itself as well as a wire that converts from USB-A to USB-C are all that are included in the packaging, so taking it out of the box doesn't actually show all that much about it. On the plus side, the cable is braided nylon, which is a great choice if you're looking for something that's going to last.

Additionally, the KeepKey package comes with a recovery backup card; however, this card is nothing more than a sheet of paper on which you may put your 12-word recovery phase. In addition to that, there is the documentation necessary for warranties and regulatory agencies.

The installation of KeepKey is not overly complicated and should not take more than ten to twenty minutes at most. There is a great degree of simplicity in operation. It is important to remember that in order to begin using KeepKey, you will first need to register for an account with ShapeShift.

The initial configuration of your KeepKey consists of the following four steps:

Create an account with ShapeShift today.
Set up your KeepKey and make sure the firmware on your device is up to current.
Launch the set up procedure.
Send encrypted data to the device.

You should even be able to trade utilizing decentralized exchanges from that location, in addition to seeing your portfolio and purchasing cryptocurrency using Banxa.

Although the KeepKey hardware wallet comes in at a lower price point than its other hardware-based competitors, the fact of the matter is that you don't necessarily want to go with the cheap option when you're already paying extra to get more security for your cryptocurrency holdings. This is especially true when you consider the fact that the KeepKey hardware wallet comes in at a lower price point than its other hardware-based competitors. Those who are seeking to spend on a hardware wallet may want to consider purchasing one of the more well-known choices now available on the market, such as a device manufactured by Ledger.

It's possible that the fact that KeepKey doesn't support a large number of prominent cryptocurrencies will be a deal breaker for someone who wants to invest in a variety of different crypto assets. However, if you are the type of person who just want to store Bitcoin for the foreseeable future, then the KeepKey may be a workable choice for you.

Last but not least, for anyone who prefers to store their bitcoin assets in an iOS-based wallet, the absence of iPhone compatibility will be a deal-breaker and prevent them from using this wallet. It is important to note, as is common practice, that the mobile industry as a whole looks to be going toward what are, in essence, hardware wallets that are directly built into the phones.

The fact that the KeepKey hardware wallet is available at a price point that is cheaper than that of the two other major alternatives on the market is one of the first things that the majority of bitcoin consumers notice about the KeepKey product. Because KeepKey does not enjoy the same degree of brand awareness or trust as Ledger, the pricing point that KeepKey offers is more rational when seen from this angle. On the other hand, Ledger provides customers with a selection of several hardware wallets to pick from, each of which is offered at a different pricing point.

Although KeepKey is perhaps best recognized for its affiliation with ShapeShift, the fact of the matter is that devices from Ledger may also be used with the ShapeShift bitcoin exchange. While this may be the case for KeepKey, it is not the case for Ledger.

To protect its customers' private keys from being stolen by third parties, KeepKey has included a unique chip into its hardware. KeepKey hardware wallets are built with the same chip as is found in TREZOR hardware wallets.

Last but not least, the KeepKey hardware wallet is limited in the number of cryptocurrencies it can store in comparison to the Ledger hardware wallet.

Does KeepKey support Bitcoin SV? (Bitcoin Satoshi Vision) The Bitcoin SV protocol is not supported by the KeepKey hardware wallet in any way. On the other hand, the KeeyKey client is compatible with Bitcoin, Bitcoin Cash, and Bitcoin Gold all at the same time.

Amazon is currently accepting orders for the KeepKey wallet. However, you should be aware that putting another party between yourself and the inventor of the hardware wallet might be considered a security flaw. This is something that should be kept in mind. Keep in mind that before you make the very first use of your hardware equipment, you do not want it to have passed through the hands of a large number of other individuals. When it comes to the type of security-sensitive gear that we are discussing here, a direct link between the user and the hardware manufacturer is always the best option.

KeepKey does not come with its own mobile application; rather, it may be used in conjunction with the MyCelium app, which can be installed on any mobile device running Android or iOS. KeepKey also offers a Google Chrome plugin that was designed to work in conjunction with the physical keychain. It is important to remember that in order to connect your KeepKey Hardware wallet to your phone or desktop computer in order to use the software, you will need an OTG connection.

KeepKey is a hardware wallet that enables users to transmit and receive Litecoin transactions.

The actions that are taken in the event that you misplace your KeepKey device are dependent on the preventative measures you took before the device was misplaced. You should be able to restore access to all of your crypto assets through the recovery procedure if you wrote down your 12-word recovery seed before you lost your device and then retrieved it after the loss of your device.

Even if the recovery phrase is necessary in the event that you have misplaced your device, you still need to make sure that you give this backup the highest attention at all times. It is important to remember that the safety of your hardware wallet is rendered meaningless if a third party is able to have access to your recovery seed. The recovery seed would need to be entered into a different KeepKey device if the attacker were to successfully steal it. After reaching that stage, the attacker would be able to move all of your assets to their own crypto addresses and steal them.

A vulnerability in the system is presented here in the form of the requirement to physically keep a backup. Some users choose to make numerous copies of their backup phrase and shard it into various parts before storing it at the residences of trusted individuals or in safety deposit boxes in order to protect themselves from the vulnerability that this security flaw presents.

There have been two separate problems with the KeepKey hardware wallet's security in recent months.

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To begin, a security flaw was discovered in the STMicroelectronics chip that was utilized in the TREZOR hardware wallet back in the year 2017. KeepKey devices make use of the identical chip that you see above.

The hack that occurred in 2017 and affected the TREZOR and KeepKey devices made it possible for an attacker with physical access to a device to obtain the backup seed associated with a device in a matter of 15 seconds by making use of vulnerabilities found in both the hardware and software of the device. This was made possible through the use of vulnerabilities found in both the hardware and software of the device. KeepKey later refuted the assertion that it would be simple to obtain the seed phrase connected with a hardware device in about 15 seconds, saying that this time frame was unrealistic.

If a user's physical gadget is taken by an unauthorized third party, the user is already in a significant amount of difficulty. This point should go without saying. When seen from the point of view of KeeyKey, the purpose of their products is to safeguard their customers from cyberattacks launched from a remote location over the internet.

 

Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.