SafePal Review | Should SafePal Be Your Next Wallet? 🤔
8 min read
Digital currencies have transformed from niche investments to mainstream assets. As such SafePal Wallet has emerged as a top contender for safeguarding those digital assets. Keep reading this review of SafePal to decide if this up and coming wallet is the right one for you!
SafePal is a cryptocurrency wallet that was founded in 2018 by a team of crypto believers led by Veronica Wong. The team is based in Singapore and has only raised a small $500,000 seed round early on and have since grown the team to over 35 employees.
SafePal provides users with custodial and non-custodial hardware and software wallets and was the first wallet that was backed by the exchange Binance.
Since its launch in 2018, SafePal has grown to a userbase over 10 million users in 87+ countries. SafePal is available across multiple platforms including mobile on Android and IOS, as a browser wallet on Chrome, Brave, FireFox and Edge.
SafePal is also available as a Hardware Wallet which offers supports for over 15 languages, 100 blockchains and over 200,000 coins and tokens.
SafePal Crypto Wallet
The SafePal user experience is great as users have multiple options in terms of platform support. Users can either use SafePal by downloading the app on their phone, downloading the wallet in their browsers or simply ordering the hardware wallet.
The SafePal mobile apps have been downloaded over 1 million times and have a stellar rating of over 4.4 stars based on over 30,000 reviews. While the browser extension only has a bit over 50,000 users, it also has a good rating of over 4 stars.
Besides wide support and solid ratings, SafePal provides support for over 100 blockchains and 100s of thousands of coins. This is great as it makes the wallet accessible and relevant to a wider user base.
SafePal is non-custodial which means that users only have to download the app and create an account without providing any personal details.There is support for multiple browsers and the UX is beginner friendly and modern.
SafePal Wallet Features
In terms of features, SafePal offers most features that users expect from a modern wallet. This includes support for 100s of blockchains that can easily be swapped between one another.
Users can of course also easily connect to dApps across the support ecosystems which includes Bitcoin, Ethereum, Aptos, Arbitrum, Dogecoin, Optimism, Solana, Tron and many others. This means that users can easily find opportunities to earn, lend and borrow their digital assets across different blockchain ecosystems.
Users can of course also swap between their different tokens within the app as well as connect their wallet to Binance in order to access spot trading. SafePal charges a 0.3% swap fee for each transaction that occur in the app and users also have the option to buy crypto with fiat from within the wallet.
SafePal has partnered with Simplex to allow for it's buy crypto services and users will have to pay a few percent commission when depositing in this manner. For users that wish to purchase the SafePal hardware wallet, pricing starts at $49 US Dollars.
Safepal offers a very versatile wallet which offers support for over 100 blockchains including but not limited to Bitcoin, Ethereum, BNB Chain, Ripple, Cardano, Litecoin, Polkadot, Polygon and many others. While all blockchains are support on mobile, the browser extension offers a more limited range of blockchains and coins.
SafePal also supports multiple stablecoins including USDT, USDC, BUSD, USDK and many others. At the time of writing, the only hardware wallet that is supported is it's own native SafePal wallet.
SafePal is a decentralized wallet that doesn’t access or store any personal information from our users, such as mnemonic phrase, passphrase, and App security password.
When it comes to the security offered by SafePal, one important consideration to know is that the app is not open source. Also, there is not a lot of information on the website about security audits, bug bounties and more.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.