KeepKey Review: Affordable Cold Storage

KeepKey’s entry into the hardware wallet market back in 2015 was met with both excitement and skepticism. Arriving with a premium price tag that later dropped to a more competitive $78 USD. The wallet represented an interesting middle ground. It merged cold storage security with ShapeShift’s exchange integration, wrapped in a design that prioritized screen real estate over portability. It was one of the first wallets to feature a large OLED display, making full address verification possible without endless scrolling.

While newer models from competitors such as Trezor and Ledger have since raised the bar with Secure Element chips and advanced features. KeepKey has maintained its position through aggressive pricing and open-source transparency. After ShapeShift’s acquisition in 2017 and subsequent transition to a DAO in 2021. Development has continued under decentralized governance.

This review breaks down whether KeepKey remains a practical choice for budget conscious crypto holders. Or, if its lack of modern security features makes it a device to avoid.

Hardware & Build Quality

When in hand, the KeepKey feels quite substantial. Weighing in at approx 54 grams and measuring 38 x 93.5 x 12.2 mm. It’s noticeably larger than many hardware wallets. For reference, that’s more than twice the size of a Ledger Nano S Plus and significantly bulkier than a Trezor Safe 3. While the casing is constructed from durable polycarbonate with an anodized aluminum back. The overall size kind of makes it less convenient for everyday use in a pocket.

One of the most noticeable features of the device is the 3.12-inch OLED display. It essentially makes it one of the largest (or widest) screens you’ll find on a hardware wallet. This is a clear advantage when verifying long cryptocurrency addresses, or reviewing transaction details. You are able to view the entire address without scrolling back and forth. Which can significantly reduce the chance of confirming a questionable transaction. The screen is also protected by a polycarbonate film, though it can be prone to cosmetic scratches over time. These don’t necessarily affect functionality, however they do detract from the device’s premium feel.

The KeepKey uses a single button interface located at the top. All confirmations, from PIN entry to transaction approval, are handled by pressing and holding this button. While simple in theory, the lack of vibrational feedback compared to Safe 3’s dual-button setup, can feel less precise.

Another notable design choice is the use of a braided USB-A to USB-C cable. This is a step up from older micro-USB models and improves durability. However, the device has no internal battery, meaning it must remain plugged in to operate. This isn’t necessarily a flaw for a cold storage device, however it does eliminate any possibility of wireless or mobile-first usage.

The KeepKey unit ships in tamper evident packaging with security seals, along with a recovery seed card and a leather sleeve for storing your recovery phrase. The packaging is minimal and functional, mostly designed for secure delivery without unnecessary extras. ⁽¹⁾

Note: KeepKey is a port of Trezor’s open-source firmware. While it features unique hardware and a larger screen. Its core security logic is based on Trezor’s proven architecture and standard recovery protocols.

Connectivity & Security

The KeepKey’s security model is where things get interesting, and not always in a good way. Connectivity is deliberately simple. You get a USB-C port for power and data, with no Bluetooth, no wireless charging, and no mobile transaction support. This wired-only design is actually a security strength in one sense, as it pretty much eliminates wireless attack methods entirely.

However, the foundation of the device reveals a fairly big weakness. The KeepKey does not use a Secure Element chip. Instead, it uses an ARM Cortex-M3 processor with offline key generation and open-source firmware. While this makes the wallet fully auditable by the crypto community. It also leaves the device vulnerable to physical attacks.

This separate unpatchable flaw allows recovery phrase extraction, if the device is physically compromised. Essentially, this means if someone gets their hands on your KeepKey and has the right tools, your seed phrase is accessible.

To stay protected, you would need to:

• Update to firmware 6.4.1 or later
• Use a strong passphrase in addition to your PIN
• Keep your device physically secure at all times

The wallet does include standard security features such as PIN protection, to help prevent keylogging. Access to the device is secured by the user defined PIN, with the number placement randomized each time you connect the device. This interesting feature makes it harder for malware on your computer to determine the actual PIN.

Moving on to recovery, the KeepKey uses a 12-word seed phrase that is generated during setup. This is your backup key to all your assets, so it’s important to store it securely offline. The device also supports an optional passphrase (often called a 25th word), which generates a completely separate hidden wallet. This kind of acts like a hidden safety vault. If someone ever forces you to open your wallet. You can show them a ‘decoy’ account with a small amount of money, while your main savings stay completely hidden.

Firmware integrity is handled by secure bootloader verification, ensuring that only authentic and untampered KeepKey software runs on the device. All firmware and client software are fully open source, which allow community audits. This transparency is a strength, but it doesn’t make up for the lack of hardware level tamper resistance. ^{(2, 3)}

Note: The lack of a Secure Element chip is a significant limitation. While firmware updates can patch software vulnerabilities, the hardware-level flaw remains unpatchable.

Note: In 2020, Ledger’s Donjon security team discovered a side-channel vulnerability in KeepKey’s PIN verification process (and similar Trezor models). By analyzing power consumption during PIN entry. Attackers with physical access could extract the PIN, using profiled voltage data. At the time, ShapeShift responded by releasing firmware version 6.4.1, which patched this specific issue.

 

 

KeepKey Desktop App & User Experience

The KeepKey doesn’t operate on its own. Its real potential comes through the KeepKey Desktop app, which pretty much serves as your main control center. The app is available for Windows, macOS & Linux. It provides a clean interface for users to manage their portfolio, and the experience is pretty straightforward. Plug in your KeepKey via USB, enter your PIN on the device, and your assets are ready to manage.

Where the KeepKey’s hardware really shines is in how the large screen integrates with the software. The 3.12-inch OLED display makes verifying transaction details (amounts, addresses, network fees) far easier than smaller screens. You’re not squinting or scrolling endlessly. Everything is visible at a glance, which significantly reduces the chance of approving a malicious transaction.

Daily management within the app is designed for simplicity. Adding a new asset, sending crypto, or receiving funds all follow a consistent workflow. The app displays the action, you verify it on the device screen, then confirm by pressing and holding the button. This “see on device, confirm on device” approach drastically reduces phishing risk and ensures that even a compromised computer can’t execute unauthorized transactions.

One of KeepKey’s standout features is its direct integration with the ShapeShift dApp and ThorChain. The wallet allows you to swap cryptocurrencies without leaving the interface or exposing your private keys online. This non-custodial setup supports enabling native cross-chain swaps, across major blockchains without intermediaries. Since ShapeShift’s transition to a DAO in 2021. KeepKey’s development has accelerated after branching out as an independent firm. Including ongoing firmware updates and an expanded dApp store.

The app also supports integration with other platforms such as Electrum, Mycelium, and third-party wallets via WalletConnect. This flexibility helps ensure the device can serve as a secure signing vault, for nearly the entire crypto landscape. Even if some chains require a bit more setup.

At the end of the day. The KeepKey Desktop app and hardware combination, is built for secure and straightforward asset management. It’s mostly suited for the long-term holder, not so much the high frequency trader. Additionally, the process of physical verification, while essential for security. Does add moments of observation that make it ideal for safeguarding a core portfolio. ^{(4, 5)}

Coin Support & App Capacity

KeepKey takes a fairly wide approach to asset support. The device currently supports over 7,500 digital assets across more than 350 blockchains. This includes all the major blue-chip assets such as; Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE) and Dash. Through its recent firmware evolution and dApp Store expansion, the wallet has also integrated support for high-demand networks such as Solana (SOL) and Cardano (ADA). In essence, bridging the gap that previously frustrated users. The wallet also supports an extensive list of ERC-20 tokens, enabled through integration with the ShapeShift platform and ThorChain.

​A key advantage (pun intended) is universal coin management. While some competitors require you to install individual blockchain apps with limited storage. KeepKey handles all supported assets through its unified firmware. There are no storage limits or app installations. Every supported coin is available simultaneously. This means you won’t face the frustrating decision of deleting one app to make room for another.

​However, despite this expansion. KeepKey’s native interface can still feel less “polished” for niche tokens, compared to its rivals. While it has closed the gap on major assets like Solana. Progress on deep integration for ecosystems like Polkadot (DOT) or newer Layer-2 networks, can be slower than the prompt updates seen from Ledger (which supports over 5,500 assets) and Trezor (approx 1,800).

​For assets outside KeepKey’s native ecosystem. The open-source design provides flexibility through third-party wallet interfaces, such as MetaMask or Electrum. It covers the vast majority of mainstream coins seamlessly. However, if you’re hunting for the absolute newest “micro-cap” tokens launched on PumpFun, Bonk etc. You might still find the native support lagging behind the industry leaders. ⁽⁶⁾

KeepKey vs. Keystone 3 Pro vs. Trezor Safe 3 vs. SecuX V20

The KeepKey is priced at $78 USD (currently $49.95 USD). This strikes a balance between affordability and basic hardware wallet functionality. Read below for more information on how this device competes with some of its competitors.

Vs Trezor Safe 3

Choosing between the KeepKey and Trezor Safe 3 is almost like choosing between budget secure transparency and modern security. The Trezor Safe 3, priced at $79. Offers users a Secure Element chip (EAL 6+), haptic feedback and a more compact design. It also supports over 1,800 assets with continuous firmware updates. The KeepKey counters with a significantly larger screen and ShapeShift integration, but lacks the Secure Element chip and has slower asset support expansion. Go with the Safe 3 for stronger security and portability, or the KeepKey if you value a large display and built-in exchange functionality.

Vs SecuX V20

This matchup places budget transparency against feature rich convenience. The SecuX V20 is slightly more expensive but includes a military grade Secure Element chip (EAL 5+). This gives it a significant edge over KeepKey in physical security. While the KeepKey relies on its large 3.12-inch display and button interface, the SecuX V20 offers a 2.8-inch color touchscreen and Bluetooth for mobile-first users. KeepKey remains the choice for those who value a 100% open-source architecture, with a desktop focused workflow. While the SecuX V20 is better for users who want the convenience of a touchscreen, with the added protection of a dedicated security chip.

Vs Keystone 3 Pro

This is pretty much a clash of philosophies; budget cold storage vs. premium air-gapped isolation. The Keystone 3 Pro is 100% air-gapped. It uses only QR codes along with a massive 4.0″ touchscreen, to help eliminate remote attacks entirely. It also features a triple-chip security architecture (EAL 6+) and a significantly higher price tag ($129-$149 USD). The KeepKey offers a more streamlined and integrated experience via USB and the Desktop app, but with far weaker physical security. Go with Keystone for the gold standard in air-gapped security, or choose the KeepKey for a more straightforward and budget friendly approach.

 

Strengths & Limitations

While the KeepKey device performs well as an affordable hardware wallet. It makes specific trade-offs between security, convenience and modern features.

Strengths:

• Affordable Cold Storage: The KeepKey’s core strength is its price. At $78 USD (currently $45.95), it’s one of the most budget friendly hardware wallets available. For users with minimal holdings or those just getting started with cold storage, the low barrier to entry can be quite significant.
• Large & Clear Display: The 3.12-inch OLED screen is a major win in the usability category. Users are able to view entire cryptocurrency addresses without scrolling. Which drastically reduces the chance of confirming a fraudulent transaction. This is especially helpful for beginners who might struggle with smaller displays.
• Open Source & ShapeShift Integration: The fully open-source firmware allows the crypto community to audit and verify security. The built-in ShapeShift integration for in-wallet swaps via ThorChain, is also a unique convenience that competitors don’t offer natively.

Limitations:

• No Secure Element Chip: This is the biggest security weakness. KeepKey lacks hardware level tamper resistance, making it vulnerable to physical attacks. The 2020 PIN vulnerability was patched, but an unpatchable flaw allows recovery phrase extraction if the device is physically compromised. Physical security is essential.
• Bulky & Heavy: At 54 grams and measuring 38 x 93.5 x 12.2 mm, the KeepKey is quite larger than most competitors in its class. It’s not really as pocket friendly, and can feel clunky when compared to sleek modern wallets, such as the Ledger Nano S Plus or Trezor Safe 3.
• Lack of Mobile Support: As of 2026, the KeepKey still lacks mobile support. The device cannot natively connect to Android, iPhones or iPads, due to its wired-only USB-C design, and the absence of Bluetooth. This makes it a strictly desktop only tool, lacking the mobile flexibility of Ledger or Trezor. ⁽⁷⁾

Final Thoughts

The KeepKey is a budget friendly hardware wallet that pretty much delivers the basics. Overall, we believe the KeepKey is a decent entry level option. It’s affordable and often found for as low as $49 to $78 USD. It also has a large screen and features open-source transparency.

​For the crypto user who prioritizes affordability and a large display for transaction verification, but doesn’t require the most advanced physical tamper-resistance. The KeepKey represents a balanced choice. It delivers cold storage fundamentals in a straightforward package. Which makes it a reasonable candidate for anyone looking to securely step up from a software wallet, without spending $150 USD+.

​However, the lack of a Secure Element chip remains its most significant limitation. If you’re storing substantial amounts of crypto or need protection against sophisticated physical attacks. You might be better off investing in a Trezor Safe 3 or Ledger Nano S Plus. However, for the average holder who keeps their device in a private and secure location. The KeepKey offers a unique mix of screen real estate and decentralized exchange integration, that is hard to beat at its price point.

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FAQ

1. What devices is the KeepKey compatible with?

KeepKey is compatible with Windows 10+, macOS 10.13+, and most modern Linux distributions. It is strictly a desktop only device that requires the KeepKey Desktop app. It does not support mobile devices, including both Android and iOS.

2. Does the KeepKey have an EAL6+ Chip?

No. As KeepKey appears to be very open-source oriented. The EAL6+ Chip is closed-source, and not a feature currently available from the manufacturer.

3. What happens if my KeepKey gets lost or damaged?

Like most hardware wallets, if your device happens to get lost or damaged. You are able to recover your assets, so long as you remember your 12-word recovery phrase.

Page Last Reviewed / Updated: 09-January-2026