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This rating describes our personal assessment of the user-friendliness of the product. How easy is the onboarding process? How modern is the user interface and is it easy to use? Are all the important functions quick and easy to find? We ask ourselves all these questions in order to give a personal rating from 1 to 10 points.
For products or services in the crypto space, trust and security should be the biggest factors in the selection process. Since we could not seriously evaluate the technical security of a platform or product, we analyze publicly available factors such as security features, location, regulation, certifications, audits, team/company, general reputation and, of course, track record.
Crypto doesn't have to be cryptic. Especially for beginners, the first contact with the crypto world can be overwhelming. With this rating, we give our assessment of how easy it is for beginners to find their way around: from the onboarding process to using the most important functions.
Customer support is an important factor for many users. A long wait or no response at all in the event of problems can be frustrating, especially when it comes to sensitive topics such as finances. With this rating, we give our assessment of the quality of customer support. In order to provide as balanced an assessment as possible, we also include user opinions from other platforms in our evaluation.
Some exchanges and brokers are regulated by financial supervisory authorities in certain countries/states. This often entails strict financial regulatory requirements and compliance requirements to which the company must adhere. Regulatory clarity can contribute to greater transparency and thus also greater trustworthiness.
Do you have ideas or suggestions for changes? Then we look forward to your feedback! We make every effort to keep all metrics and information as up-to-date as possible. However, if you discover an error or outdated information, we would be delighted to hear from you.
Feel free to write to us:
A wallet that is “open source” makes its software code public (e.g. on Github). Either the entire program code or at least significant parts of it are publicly accessible. This has the advantage that many parties can review the code and security gaps or other vulnerabilities are discovered and improved more quickly.
The so-called "private key" is a unique sequence of numbers and characters and the private key that gives you direct access to and control over your cryptocurrencies. The private key is used to sign transactions. In simple terms, it can be seen as a digital fingerprint that proves that you are the owner of the cryptocurrencies. If you store your cryptocurrencies on so-called "custodial wallets" (e.g. crypto exchanges), you are not the owner of your private keys.
The anonymity of “non-custodial wallets” is generally relatively high. However, there are differences between providers when it comes to collecting and storing user data. There can also be differences in the ordering process for hardware wallets as to which user data is stored and for what period of time
The so-called “secure element” is a chip (microprocessor) that stores your private key and is separated from the rest of the hardware. This special chip gives the hardware wallet significantly more protection against local, physical attacks. Depending on the chip, a different level of security can be offered. Some chips can be compromised with less effort, while with others this is only possible with special equipment and is extremely complex.
The so-called “secure element” is a chip (microprocessor) that stores your private key and is separated from the rest of the hardware. This special chip gives the hardware wallet significantly more protection against local, physical attacks. Depending on the chip, a different level of security can be offered. Some chips can be compromised with less effort, while with others this is only possible with special equipment and is extremely complex.
The overall rating is the average of our individual ratings. Our ratings do not constitute investment advice, but merely our personal opinion. You are welcome to use them as rough indicators and additional perspective. In the dynamic and fast-growing crypto sector, parameters can often change from one day to the next, so we cannot guarantee that the rating data is up to date. Therefore, please never use our ratings as an isolated basis for decision-making and not as a substitute for your own research.
Some wallets offer an integrated trading function within the wallet to buy and sell cryptocurrencies directly. This functionality is usually made possible by a connection to the web interface of an exchange. The integrated trading function in wallets offers enormous advantages: cryptocurrencies can be bought in the same place where they are to be stored. The manual transfer of cryptocurrencies from an exchange to your own wallet is therefore no longer necessary, which can save time and money.
Multisignature wallets or multisig wallets are wallets that require at least two private keys to sign a transaction. This additional process makes it possible to greatly increase security against unwanted access, for example through personal threats. This security mechanism is particularly useful when storing particularly high assets.
If the hardware wallet or the device with the corresponding software wallet is lost or damaged, there is no need to panic. As long as you have your private key or recovery seed (also called “seed phrase”) in your possession, you can restore your wallet at any time. The recovery seed is a combination of 12-24 words and is the most common backup method for wallets. Important: Keep your recovery words and private keys secret and never share them with other people!
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SafePal vs Ledger Nano S in comparison
Overview
The Ledger Nano S is the most popular hardware wallet on the market. It is the more affordable sibling of the Nano X, lacking additional convenience features such as Bluetooth and offering smaller storage capacity. Despite this, the price-performance ratio of the Ledger Nano S remains unbeatable.
- Easy operation
- Connection via QR code
- Well-designed security features
- Affordable price
- Color display
- Lesser-known company
- Not open source
- High security and excellent price-performance ratio.
- Ideal for beginners with a limited budget.
- Supports a wide range of cryptocurrencies.
- User-friendly and straightforward setup.
- Limited app storage compared to newer models.
- No Bluetooth connectivity, making it less convenient for mobile use.
- Upgraded models like Nano S Plus and Nano X offer better features.
- Small screen size can be less convenient for frequent use.
Information
Hardware
Features
- SafePal App
- SafePal Earn
- QR-Code (air-gapped signing)
- Self-destruction function
- Hidden wallet (credible deniability)
- Ledger Live App
- Up to 100 apps
Wallet Rating
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About
Our Review
The SafePal S1 is a uniquely designed hardware wallet that we find very innovative. The device generates a unique QR code on its built-in screen, which can be scanned with a smartphone and the associated software. According to the manufacturer, this provides a security advantage as the wallet is never physically connected to another device, unlike other manufacturers. We also appreciate the combination of tactile operation and a color display. SafePal offers a distinctive approach compared to its competitors, making it a viable alternative in this category. However, due to our emphasis on trust, transparency, and open-source criteria, we lean towards more well-known competing products. If these points are less critical for you, the SafePal S1 is a high-quality wallet offering great value with numerous comfort and security features at an affordable price.
Hier ist der optimierte und umformulierte Text für die Ledger Nano S Review: The Ledger Nano S was the first successful hardware wallet on the market and remains the market leader today. It is a classic wallet that offers high security and an excellent price-performance ratio, making it ideal for beginners with a limited budget. Recently, Ledger introduced an upgrade: the Ledger Nano S Plus. Priced at €79, it is only slightly more expensive than the regular Nano S and offers significant improvements in features and build quality. If you can spend a bit more, consider the premium model Nano X from Ledger. For the extra cost, you get a higher quality device, more storage space for apps, and easier handling thanks to its Bluetooth connection to your smartphone.
About the author
Ethan is the go-to crypto guru at Exchange Flow, with nearly a decade steering traders through crypto exchange platforms worldwide, Ethan brings welcome clarity to the complex terrain of digital currencies. His hands-on approach to testing and analyzing exchanges worldwide makes his reviews and articles valuable information for readers and newcomers in the crypto world. Beyond his crypto expertise, Ethan is a retro gaming enthusiast and an explorer at heart, using his crypto gains to fuel adventures around the world. Dive into Ethan’s articles and reviews for a global perspective on cryptocurrency that’s as enlightening as it is engaging.
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