KeepKey Review: The Best Alternative to Trezor and Ledger?

KeepKey is a once-independent hardware wallet that was acquired by cryptocurrency exchange ShapeShift back in 2017. The hardware wallet company was acquired at least in part for integration into the non-custodial ShapeShift exchange, which allows traders to gain an extremely high level of security for their crypto assets.

The KeepKey hardware wallet currently supports more than 40 different crypto assets, and it is the third most noteworthy hardware wallet on the market, behind the products from Ledger and TREZOR.

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KeepKey Hardware Wallet Overview

KeepKey Hardware Wallet

KeepKey

  • Hardware wallet that offers a high degree of security for its users
  • Simple integration with ShapeShift, a non-custodial crypto exchange
  • Can be used with any desktop, laptop, or Android device
  • Large screen helps with UI
The Benefits PRO's
  • The hardware component of this wallet makes it much more secure than software-only options
  • ShapeShift acquired KeepKey for integration with their non-custodial exchange
  • This device tends to be sold at a lower price than TREZOR and Ledger devices
The Downside CON's
  • The number of crypto assets supported is somewhat limited
  • Does not work with iPhones
  • No Bluetooth support

KeepKey at a Glance

Wallet type: Hardware
Platforms supported: Windows, MacOS, Linux, Android
Price: $17-$50
Cryptocurrencies supported: 1,000+
Device size: Medium
Released: 2015
Pin code protected: Yes
Built-in display: Yes
Mobile support: Yes (Android only)
Trust rating: High

Best Features

The best feature of the KeepKey is the simple fact that it is a hardware wallet. Hardware wallets offer a superior level of security because they do not allow your private keys to touch your internet-connected device that you use to send cryptocurrency payments. The transaction signing process is done on this separate, offline device, which offers protection from remote attackers who are trying to access your crypto keys.

KeepKey Hardware Wallet

ShapeShift, which is the company that acquired KeepKey back in 2015, also runs a non-custodial exchange. The combination of a KeepKey hardware wallet with the non-custodial ShapeShift exchange is a great option for traders who want to achieve a greater level of security with their funds.

 

What Cryptocurrencies are Supported?

The KeepKey hardware wallet supports over 1000 different crypto assets via its integration with MyEtherWallet, most of which are ERC-20 tokens. In reality, KeepKey only supports seven crypto assets that are not ERC-20 tokens. This leads to a number of glaring omissions. For example, popular altcoins like Ripple, EOS, and Binance Coin cannot be stored on KeepKey devices.

Here are some of the main crypto assets supported by KeepKey:

  1. Bitcoin
  2. Bitcoin Cash
  3. Bitcoin Gold (in the KeepKey Client)
  4. DASH
  5. Dogecoin
  6. Ethereum
  7. Litecoin
  8. DigiByte (only on beta.shapeshift.com)
  9. 1000+ ERC-20 tokens

Is KeepKey Safe?

As mentioned previously, the fact that KeepKey is a hardware wallet gives it a huge edge over many of the other crypto storage options on the market. Having said that, KeepKey is generally not regarded as a top tier hardware device. TREZOR and Ledger are generally accepted as the top two hardware options on the market, although KeepKey and TREZOR have similar underlying architectures behind them. Notably, past security issues that have affected TREZOR devices also affected KeepKey hardware wallets.

So, while the hardware aspect of KeepKey means it has a leg up on software-only wallets, the reality is there are other options on the market that offer an even greater level of security.

Supported Operating Systems

KeepKey wallets work with all desktop computer operating systems, but the hardware devices do not work with all mobile operating systems.

While integration with Android wallets is possible, the lack of Bluetooth support for the KeepKey wallet means the device will not work with your iPhone.

Potential Dealbreakers

While the KeepKey hardware wallet comes in at a lower price point than its other hardware-based competitors, the reality 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. Those who are looking to splurge on a hardware wallet may want to go with one of the more established options on the market, such as a device from Ledger.

KeepKey’s lack of support for many popular altcoins may also be a dealbreaker for someone who likes to dabble in multiple different crypto assets. Then again, if you’re someone who just wants to hold Bitcoin for the long term, then the KeepKey can be a viable option.

Lastly, the lack of iPhone support will be a dealbreaker for anyone who likes to use an iOS-based wallet for their cryptocurrency holdings. Of course, it should be noted that the mobile industry in general appears to be moving to what effectively are hardware wallets integrated directly into the phones.

KeepKey Frequently Asked Questions

About the Author

Kyle Torpey

Kyle Torpey

Kyle is the creator of https://thecryptofeed.net and has been writing about Bitcoin since 2014. He's interested in the use of Bitcoin as digital gold and means of censorship-resistant transaction, in addition to issues related to online privacy.