Safepal vs Trezor | Is Trezor Worth The Higher Price?
Jack Moreau
Jun 2024
8 min read
Fact checked
Introduction: When it comes to safeguarding your precious digital assets, selecting the right cryptocurrency wallet is of utmost importance. In this comprehensive review, we have pitted Safepal vs Trezor, analyzing an array of essential factors including blockchain and cryptocurrency support, distinctive features, software wallet compatibility, security measures, and much more!
Safepal and Trezor are two leading hardware wallets in the cryptocurrency industry. In this extensive overview, we will compare the key features and functionalities of these two wallets to help you make an informed decision.
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 Wallet Website
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 user base over 10 million users in 87+ countries.
SafePal Wallet App
SafePal is available across multiple platforms including mobile on Android and IOS, as a browser wallet on Chrome, Brave, FireFox and Edge, as well as a Hardware Wallet. The SafePal wallets support over 15 languages, 100 blockchains and over 200,000 coins and tokens.
SafePal Platforms
Trezor is also a leading hardware wallet that has been in the market since 2013. The wallet was developed by Satoshi Labs with the aim of providing secure storage for Bitcoin and other cryptocurrencies.
Trezor Wallet
Trezor is a cold wallet, which means that it keeps your private keys offline, away from potential hackers. Trezor supports over 1,000 different cryptocurrencies, making it a versatile option for users with diverse portfolios.
Trezor Wallet App
The wallet offers robust security features, including Shamir Backup, which provides an additional layer of protection for your assets. Trezor also offers a user-friendly interface, making it accessible to users of all experience levels.
With over 1 million Trezor Wallet users, the brand has established a strong reputation for its top-notch security and reliability. The wallet is compatible with both desktop and mobile devices, allowing users to access their funds conveniently. Trezor Suite, the wallet's desktop application, provides a multi-functional platform for managing your assets securely.
Safepal vs Trezor User Experience
SafePal wallet offers a simple and straightforward user experience, making it an excellent choice for beginners. The wallet's design is sleek and modern, with a compact size that is easy to carry around.
Safepal is a non-custodial wallet, meaning that users have complete control over their private keys, ensuring the highest level of security for their crypto assets. One of the standout features of Safepal is its wide range of supported cryptocurrencies with over 10,000 cryptocurrencies supported.
SafePal cryptocurrencies
Additionally, Safepal also supports multiple seed phrases, allowing users to create multiple accounts within a single wallet for added convenience.
Trezor is well-known in the crypto community for its robust security features and user-friendly interface. The wallet offers two models, the Trezor Model One and Model T, both of which provide excellent functionality and security.
The Trezor Model One is an affordable option, priced at $69. It features a compact design with a small monochrome display and two physical buttons for navigation and confirmation of transactions. The Model One can support up to 1289 digital assets, making it a versatile option for storing a wide range of cryptocurrencies.
Trezor Model One
For users looking for a more advanced option, the Trezor Model T is available. Priced at $219, the Model T offers a larger touchscreen display and wider support for over 1456 cryptocurrencies.
Trezor Model T
It also includes a USB-C connection and supports anonymized coinjoin transactions, providing users with enhanced privacy features. Both Trezor models come with a user-friendly interface and are compatible with Trezor Suite, a comprehensive software suite that allows users to manage their digital assets with ease.
Trezor Suite
Trezor also has a solid reputation, with high ratings on Amazon for their hardware wallets. In conclusion, both Safepal and Trezor offer excellent security features and user-friendly interfaces.
Safepal stands out for its wide range of supported cryptocurrencies and multiple seed phrase support, while Trezor excels in providing robust security and a well-designed interface.
Safepal vs Trezor Features
When it comes to product features, Safepal provides users with a comprehensive set of features. It offers an in-app DEX, allowing users to easily swap between their assets.
SafePal Swap
However, it is important to note that there is a swap fee of 0.5% on Safepal, in addition to some additional commissions from exchange partners.
SafePal DeFi
The wallet is also partly open-source, which may be a key detail for those who prioritize transparency. Additionally, Safepal supports NFTs from various blockchains, including Solana, Ethereum, BSC, Avalanche, and Polygon, making it a suitable option for NFT enthusiasts.
SafePal NFTs
On the other hand, Trezor offers a wide range of features as well. It allows users to easily send and receive over 1000 digital assets, including popular cryptocurrencies like Bitcoin, Ethereum, and Chainlink.
Trezor Cryptocurrencies
Trezor also supports buying and swapping cryptocurrencies within its Suite App through third-party exchanges. However, it is worth noting that the exchange fees charged by these third-party providers range between 1.8% to 3.6% which is quite expensive.
Trezor Suite
Additionally, Trezor does not natively support Web 3 access or NFT visualization in its Suite app, requiring users to rely on third-party tools for these functionalities.
In terms of staking, Safepal supports staking for various assets, including Cardano, BNB, Solana, Tezos, Atom, Injective, and Osmosis. This allows users to earn staking rewards on their digital assets. On the other hand, Trezor does not natively support staking but can be accessed through third-party applications that support Trezor.
When it comes to buying cryptocurrencies with fiat currencies, Safepal offers support via a third-party integration with simplex. This enables users to easily buy crypto directly with fiat within the wallet interface.
SafePal buy crypto with credit card
Trezor also supports various payment methods, including credit/debit cards, SEPA bank transfers, and regional payment methods like SOFORT and iDeal.
Safepal is a hardware wallet that offers a non-custodial and open-source design, ensuring that users retain complete control over their private keys and funds.
The wallet emphasizes decentralization by storing private keys on users' personal devices rather than a central repository. This approach provides robust resistance against potential cyber-attacks, as assets are spread across millions of devices.
However, it also places the responsibility of safeguarding assets squarely with the user, necessitating the secure storage of passwords and mnemonic seed phrases.
Trezor is renowned for its robust security framework, achieved by integrating hardware and software. The wallet incorporates a Secure Element chip to store private keys, isolating them from internet connectivity and enhancing protection against potential physical breaches.
Trezor Secure From Day One
In addition to the secure storage of private keys, Trezor offers advanced features such as setting a PIN and passphrase for account recovery. Trezor also makes use of open-source software, allowing for continuous improvement and auditing by community developers.
Trezor vs Online Exchanges
Trezor's emphasis on security is further strengthened by its Secure Element chip and trusted display for confirming transaction details. The wallet has never been successfully hacked, solidifying its position as one of the most secure hardware wallet options.
Trezor also provides compatibility with other software wallets and offers additional security measures such as secure data deletion and encryption.
Safepal vs Trezor Conclusion
Ultimately, the choice between Safepal and Trezor will depend on the specific needs and preferences of the user.
Safepal excels in providing support for a wide range of cryptocurrencies and offers seamless integration with popular DeFi platforms. It is also known for its user-friendly interface and 24/7 customer support.
On the other hand, Trezor stands out for its unparalleled security features, including the use of a Secure Element chip and trusted display.
Trezor also offers compatibility with other hardware wallets and provides additional security measures. Both wallets have their advantages and drawbacks, so users should carefully consider their priorities and requirements when making a decision.
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.
