Keep Key is a secure hardware wallet that was first released in 2015. It comes with a Shape Shift in wallet exchange feature that was introduced after the popular exchange bought Keep Key in 2017. The wallet allows you to store many of the world’s leading and most popular cryptocurrencies. It is a good looking unit with a large screen and is easy to set up like Ledger and Trezor wallets. Keep Key is a Hierarchical Deterministic (HD) wallet and as such acts a mini computer whose only job is to store your private wallet keys. With a high level of security and advanced features, it’s suitable for those new to cryptocurrencies and advanced users alike. In this Keep Key review, we will discuss all you need to know before getting started with this trendy hardware wallet.
Setup and Initialization
Initializing is not complicated however to get started you need to use your computer to download the Keep Key Client App for the Chrome web store and follow the steps.
The App works on Windows, Mac or Linux Operating Systems.
The device is also compatible with software wallets such as: Electrum and Mycelium.
You’ll have to name your device, set a 1-9 digit PIN (a minimum of 6 digits is recommended) on your computer by looking at the corresponding randomized number grid on your Keep Key that’s there for an extra layer of security. After you’ve written down your 12-word recovery sentence in the right order on the card that comes with the device and confirmed that you have written it down, then you’re ready to start and add funds.
Note: store the card with your recovery sentence on it in a safe place because it is your only way to recover the funds on your device should something happen to the device.
Sending and Receiving Funds
Keep Key supports the following popular cryptocurrencies:
Bitcoin, Ethereum, Litecoin, DASH, Dogecoin, and Bitcoin Cash.
ERC-20 tokens are shown as subaccounts under each of your Ethereum accounts. The following ERC-20 tokens are supported:
Aragon, Augur, BAT, Civic, Golem, Gnosis, OmiseGO, District0x, FunFair, Bancor, SALT, SingularDTV, Iconomi, DigixDAO, Melon, SwarmCity, Wings, WeTrust, iExec, Status, Numeraire, Metal, TenX, Qtum, FirstBlood, Ripio, Storj, and 0x.
To add an account for any of the 54 supported cryptocurrencies you use the Keep Key App. Keep Key recommends a maximum of 10 accounts, however, in theory, an unlimited amount of accounts can be added. Note the device might slow down when you add more than the recommended 10 accounts.
Sending and receiving funds is also done with the app and is straight forward. Each time you’ll need to enter your PIN for security and we’ll talk more about the security features of the device later on in this Keep Key review.
One cool feature is that you can determine the speed and therefore the fee level you want to pay when sending Bitcoin by selecting either Fast, Medium or Slow, with faster transaction times costing more.
Built-in Shape Shift Exchange
An interesting feature of the Keep Key wallet is the inbuilt Shape Shift powered exchange. After Keep Key was acquired by Shape Shift in 2017 the featured was added and allows users to exchange cryptocurrencies directly on the device so you can ‘shift’ or exchange funds without having to make an account with an exchange. The process is relatively simple and is done in much the same way as sending cryptocurrencies.
Security and Privacy
Quality security features on par with established brands such as Trezor make it almost impossible for hackers or viruses to access your private keys.
There are several security features Keep Key uses to protect your digital assets:
- Your private key is created during the initialization and never leaves the wallet.
- A personalized Recovery Sentence that is only shown once when setting up and consists of 12 words that are used to recover your private keys if something happens to your wallet.
- With your Keep Key device, you can set up hidden wallets using a Passphrase. This an additional word, like a password, so should a would-be thief somehow get in then only those accounts without a passphrase attached will be shown. But KeepKey does not recommend using the passphrase feature unless you are sure you understand the risks involved.
- Your PIN is created by you in a secure process while setting up and stops anyone from accessing your account information or making transactions.
In terms of privacy, it depends on the software wallet that you use with it. Electrum is generally considered to be the most private option.
Keep Key Review Summary
Keep Key is a competitive option for those looking at purchasing a hardware wallet. The Shape Shift exchange is a novel feature and makes exchanging easy, that coupled with top-level security measures make it suitable for even the most experienced users. The easy set up could be made better with the ability to save the setup progress however is simple enough for beginners. Hopefully, we have covered any questions you had about using the device in this Keep Key review and if you think that it is right for you then you can get your Keep Key here.
Disclaimer: Buy For Bitcoin does not provide any warranties towards the accuracy of the statements in the above Keep Key review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.