KeepKey is a hardware device cryptocurrency wallet. Its main competitors are Trezor and Ledger. The private key is kept on the device itself which makes it extremely secure. To send transactions, users need to connect the device to a PC via a USB. Even if the PC is compromised, the device will remain secure due to a high level of encryption. The wallet currently supports over 30 cryptocurrencies. The first time the device is used, the device will display the users private key. Users will also need to use a Chrome application for interaction with the device. The wallet has built-in integration with ShapeShift which enables trading between cryptocurrencies.
When users are initialising the wallet, they will be provided with a recovery phrase which can be used if the device gets lost or stolen. The wallet is hierarchical deterministic. The KeepKey firmware is open source. There is no multi-signature functionality and there is no option for users to enable two-factor authentication.
A KeepKey device is priced at $129 which is higher than competitors Ledger and Trezor. It has been noted to be more difficult to use than competitors. It still represents a supreme level of security and the exchange integration with ShapeShift is a unique feature which Ledger and Trezor do not have
Pros & Cons
- The private key is stored on the device itself
- Users are provided with a recovery seen in the event that they need to restore their wallet
- The wallet is hierarchical deterministic
- In-built integration with ShapeShif
- Priced higher than competitors
- No multi-signature functionality and no two-factor authentication