Our SafePal wallet review covers features, fees, security, and real user ratings so you can decide if this non-custodial crypto wallet fits your needs.
The question to ask when choosing a crypto wallet is generally whether or not you can trust it with your funds. Reputation shouldn’t be the deciding factor on where to keep your assets, but SafePal is one of the more reputable non-custodial wallets in the space.
Let’s take a look at the app’s capabilities, its security measures, user feedback, and suitable target audience to decide if this SafePal wallet is right for you before you download it.
Key Takeaways
- SafePal is a non-custodial wallet which means that your private keys are not under any company’s control, but are yours.
- It integrates with over 200+ blockchains and more than 200,000 tokens and NFTs, and has an on/off ramp functionality and built-in swap functionality.
- The app has been downloaded 5M+ times, and in approximately 144,000 ratings has been given a 4.6 rating on Google Play.
- A major difference in most of the negative reviews that come up is that they are not due to problems with the platform, rather it is lost or exposed seed phrases.
- A good choice for those who are interested in using multiple chains and accessing DeFi, not the easiest for complete novices.
What Is SafePal Wallet?
SafePal is a crypto wallet suite launched in 2018, which comes with a hardware wallet, a mobile wallet and a browser extension. BitTech Group Limited is the developer of the mobile app, while top industry players such as Binance and Animoca Brands support the project.
As it is a non-custodial app, SafePal does not store your funds on its servers or your seed phrase with anyone else — all assets remain on your device, under your control with keys. It’s a compelling difference over custodial exchange wallets and a major factor to consider regarding the app’s pros and cons.
It is available in 16 languages, and is compatible with over 200 blockchain networks, such as Bitcoin, Ethereum, Solana, BNB Chain, and Polygon, as well as custom RPC support for over 400 EVM-compatible networks.
Key Features
- With over 200,000 tokens and NFTs supported across the networks it supports, SafePal is a convenient single-app solution for those who wish to manage assets from multiple chains without having to use multiple wallets.
- Inbuilt swaps The wallet offers a cross-chain swap option which is designed to get the best available rates from centralized or decentralized exchange, with no separate bridging fees on smaller transactions.
- Users can purchase and withdraw more than 35 cryptocurrencies directly from the app via payment processors such as MoonPay, Simplex, Binance Connect, and more, and off-ramp into fiat (USD, EUR, or GBP).
- DeFi and dApp access The app also integrates with popular platforms such as Uniswap, OpenSea, Aave, PancakeSwap, and 1inch, allowing users to navigate the DeFi and NFT landscapes all from their wallet.
- Earn and rewards SafePal Earn offers stakers the chance to earn rewards by staking their assets, while it also hosts periodic giveaway-style events relating to the distribution of tokens through airdrops, presales, and NFT whitelisting.
- New hardware wallet support Adding batch signing support on hardware wallets and a Gas Station feature on Solana, which will enable users to pay gas fees in greater flexibility.
Does SafePal have any safety concerns?
There are two distinct aspects of safety with any non-custodial wallet: the app’s security and the care the user takes with his/her credentials.
On the app side, SafePal’s Google Play listing reveals that it doesn’t collect user data and doesn’t share user data with third parties. The company is a non-custodial wallet, meaning the structure of the company means that it doesn’t have the right to access and freeze user funds, as it does not hold the private keys.
However, there are a few user complaints about the loss of funds. SafePal consistently cited the exposure of seed phrases in its public statements, which indicates that the credentials were stolen from outside the app and was likely due to phishing or unsafe storage. It’s not just SafePal, but a lesson that is becoming apparent with all non-custodial wallets: safe seed phrase protection is up to you! Do not share it, store it off-line, and be aware of phishing links that spoof the app and its support.
What Users Are Saying
With an average of 4.6 stars from about 144,000 ratings on Google Play, SafePal has been downloaded over 5 million times. Frequently repeated good points are that it has a wide chain of support and is a well-established wallet in the market. The interface design has been subject to the most criticism, some high gas charges on swaps, and — as mentioned above — instances of the loss of money due to a compromised seed phrase, not the app itself.
Getting Started With SafePal
- Install the app on Google Play Store or App Store.
- Make a new wallet and get your seed phrase.
- Record your seed phrase somewhere outside of the app — not as a screenshot or in cloud notes.
- Secure the access to the app with a PIN or biometric lock.
- Add or Import Assets to your supported chains.
- When your wallet contains money, you can explore about swaps, staking, or dApp access.
Who can use SafePal?Who can benefit from using SafePal?
For those who manage several assets on various blockchains and desire to access swap, staking, and DeFi functionalities without having to switch apps, SafePal is an excellent option. Not quite as easy for those who are complete beginners and looking for a guided, hand-held experience, as it does take more personal responsibility to secure one’s own wallet.
Frequently Asked Questions
What type of wallet is SafePal: non-custodial or custodial?
SafePal does not have any custodial service. Your private keys and seed phrase remain on your device and not on SafePal’s servers; therefore, SafePal has no control or access to your funds.
Are the SafePal fees expensive?
SafePal will strive to achieve competitive swap rates and typically will not accept any bridging fee when it falls within a certain range; however, some users have experienced higher gas charges on certain network swaps due to network congestion.
What do I do if I forget my SafePal seed phrase?
Since SafePal is a non-custodial wallet, there is no account recovery feature with SafePal. If you lose your seed phrase without a backup, you’ll most likely be out of those funds forever.
Is SafePal available worldwide?
The app is offered in 16 languages and is also downloadable from Google Play and App Store in most countries (but not all), with on/off ramp payment options depending on the country.
Final Answer
SafePal is known for its solid functionalities of multi-chain support and its true DeFi and staking features. It’s safe structurally — it doesn’t control your funds; rather, it’s up to you to control your funds — but the design can be slippery. If one can handle self-custody, it is a decent option to consider.
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