What is Safepal cold wallet? Why should traders buy Safepal cold wallets? Let’s learn about how it works and instructions for using this wallet with Learn Crypto Trading.

What is a cold wallet?

A cold wallet is a device or method for storing cryptocurrency private keys offline. The private key is transferred from an internet-connected device to a non-internet-connected device. Businesses, governments, and individuals have been using this data security technique for decades to keep data from being accessed or to store and use it in the future. This technique is called cold storage. Meanwhile, crypto enthusiasts refer to offline key storage devices as cold wallets.

During the trading process, traders often use trade management and investment optimization tools like Trade Buddy first. They will then transfer all profits to cold wallets to protect their assets.

Overview of cold wallets and how to use cold wallets

Before learning about how to use the Safepal cold wallet, let’s briefly learn about how to use cold wallet in general.

• Step 1: Plug the cold wallet into your computer.

• Step 2: Download the software provided with your cold storage wallet.

• Step 3: You will be provided with a recovery phrase or backup code. You should keep this code in a safe and private place. You can write down this code on a piece of paper and hide it.

• Step 4: Each cryptocurrency (like BTC, ETH, or Tether) needs a separate wallet. Follow the instructions to create a new wallet for the cryptocurrency you want to store.

• Step 5: Set up a PIN to access the device.

• Step 6: Once you have your PIN, add the cryptocurrency to your cold wallet by clicking “Receive”. The cold wallet address will be displayed immediately afterward.

• Step 7: To transfer cryptocurrency to a cold wallet, log in to the exchange and send money to your cold wallet address.

Which cold wallet is the safest?

Below is a list of the top safest cold wallets compiled by Trading Crypto:

1. Ledger: Experience secure storage for over 5,500 cryptocurrencies. In 2020, there was a Ledger wallet hack. One million email addresses were leaked, but no assets were stolen. This shows that the Ledger wallet is very secure.
2. Ellipal: No need for a USB or Bluetooth connection, Ellipal only uses QR codes. Elliptical Wallet supports more than 10,000 tokens.
3. Safepal: Also does not require the Internet, Safepal only uses QR codes. Safepal supports thousands of different coins/tokens. Safepal cold wallet has a very easy-to-use interface, suitable for new crypto investors.

Where should I buy a cold wallet?

If you want to buy cold wallet, you should go to the following 4 reputable addresses:

• Manufacturer’s official website: You will buy genuine high-quality products. At sites like Ledger, Safepal, or Ellipal cold wallets, etc. you will receive direct support from the manufacturer.
• Reputable e-commerce platforms: At e-commerce platforms like Amazon, you can also buy good genuine products. You can buy from the manufacturer itself or retail stores on the exchange.
• Crypto exchanges: Large exchanges like Binance will likely provide genuine cold wallets to users.
• Specialized retail stores: You can buy cold wallets at stores that specialize in selling crypto-related products.

See more: What is crypto? Discover what the world of Crypto

Overview of Safepal cold wallet

Safepal is considered one of the safest and most useful cold wallets. Let’s learn more about the advantages and disadvantages of this type of wallet as well as how to use it in the information section below.

How does the Safepal cold wallet work?

Safepal cold wallet is 100% offline. The private key is stored right in the cold wallet. Hackers therefore do not have any chance to steal your private key. If you want to make a transaction, you must use the wallet itself for verification.

Many people still misunderstand that cryptocurrencies will be stored in cryptocurrency wallets. However, please understand, that cryptocurrencies are stored on the blockchain. This means the cryptocurrency will always be on the blockchain, unable to be moved. The cold wallet will store the private key. You can only verify transactions using a physical device.

In case you lose your wallet, your cryptocurrency is still on the blockchain and will not be lost. You can buy a new Safepal cold wallet. After setting up a new wallet and entering the seed phrase from your lost wallet, you will be able to access all of your crypto again.

What are the advantages and disadvantages of the Safepal cold wallet version?

Advantage:

• Can store up to more than 1000 assets.
• High security, can self-destruct from physical attacks.
• Affordable price.
• Wireless devices, using new connection technology.
• Easy to order domestically.
• Integrated with many large DEX exchanges.
• Feel free to add many new tokens.

Defect:

• Long charging time.
• The battery automatically runs out if not used for a long time.
• Still need Internet and plugged into the computer if you want to upgrade firmware.
• Multiple blockchains are not supported.

How to use Safepal cold wallet for newbies

Let’s learn in detail how to use the Safepal cold wallet.

Activate Safepal cold wallet

Step 1: Check to see if the product box has enough accessories. The kit must include a cold wallet, cleaning cloth, stickers, USB cable, 3 sheets of paper to write down the seed phrase, and instructions for use.

Step 2: Press and hold the power button for 3 seconds to start the wallet. Select the language to use. After seeing the text “Verify device”, click “Next”. A QR code will appear.

Step 3: Scan the QR code on the screen with your phone. The QR code will lead to a new link to aid authentication. A verification code with 6 blank boxes will appear on the phone screen. Click “OK” on the Safepal cold wallet. Then enter the authentication code displayed on the cold wallet into the 6 empty boxes on the phone screen. Finally, click “Verify”.

Step 4: You will see a successful authentication message on the website. The wallet will also display the words “Congratulations”.

Step 5: To activate the wallet, Click “OK (Next)” on the wallet then scan the QR code on the phone. Activation will take a few minutes.

Install Safepal cold wallet

After authenticating your wallet, you will see 2 options: Create New or Restore. If this is your first time using it, please select “Create new”.

The new creation process will take place as follows:

Step 1: Create a new cold wallet

Step 2: Rewrite the recovery phrase (24 words should be chosen)

Step 3: Verify the recorded phrases

Step 4: Set up a PIN code of 6-12 numbers

Step 5: Name the wallet you own

Step 6: Use your phone to scan the QR code on the wallet to download the Safepal App.

Connect Safepal cold wallet to Safepal app

Safepal cold wallet is 100% offline and does not connect to the Internet or use USB or Bluetooth. So it needs an application to communicate with the blockchain network. This application will help the wallet sign money transfer transactions or mine data from blockchain or DApp. To connect a cold wallet to the Safepal app, follow these steps:

Step 1: Download the Safepal app at the official website

Step 2: Set a password on the app using characters, fingerprint activation, or Pattern.

Step 3: Select the Hardware Wallet displayed on the application screen and then press “Continue”.

Step 4: Open the cold wallet, and select “Scan”. Use the wallet to scan the QR code displayed on the app. Enter the PIN into the wallet to authenticate the connection.

Step 5: You will see a dynamic QR code on the cold wallet after entering the PIN code. The app will display “Continue”, click on it, the Safepal app will automatically turn on the camera on your phone. After scanning the QR code on the wallet with the app, the connection will be confirmed successfully.

See more: Open Bybit account: Explore the world of Crypto

Add your favorite coins/tokens to your wallet

Step 1: Open the app and click the plus sign. (See picture below)

Step 2: Select your favorite coins and click “Add Coin”.

Step 3: Scan back and forth between the wallet and the app to ensure all data is synchronized.

Step 4: Use the “Asset Management” feature on the wallet to manage all coins.

Summary

Hopefully, with this detailed article on how to use the Safepal cold wallet, newbies will find it easier to use this tool. Please carefully check the place of sale to avoid buying fake goods. In addition, when receiving the goods, you also need to check again to see if you have purchased the correct genuine product. If you want to update your knowledge about crypto investment, don’t forget to follow Learn Crypto Trading next blog.

FAQs

How many coins does Safepal cold wallet support?

Safepal cold wallet supports up to thousands of different coins. You can find famous coins like BTC, ETH, BNB, ADA, DOGE, SOL, etc.

Are cold wallets in general worth buying?

If you are passionate about trading crypto, cold wallets are a product worth investing in. It is the most secure solution for your private keys.

Are cold wallets safe from hackers?

Hackers cannot crack a wallet even if they gain access to a user’s mobile device or computer if they do not have a physical wallet. In particular, wallets that are 100% offline have a higher level of security.