SafePal S1 Wallet Review | Is the SafePal S1 reliable? Is it safe or a scam? A complete analysis of its features, security, compliance, and user reviews.

1. Brand Background and Development History

1. Brand and Origin

• SafePal Founded : 2018

• Founder : Veronica Wong

• Headquarters : Singapore

• Investor : Binance Labs (Binance Incubator Investment)

• Positioning : A decentralized crypto wallet brand that offers both hardware wallets (S1) and software wallets (SafePal App).

2. Development of the S1 Hardware Wallet

• 2019 : The first S1 hardware wallet was released, focusing on combining low cost and security.

• 2020-2023 : Continuously update the firmware to support more assets and DApp interactions.

• After 2024 : Become one of the world's largest-selling mid-range hardware wallets.

3. Market Positioning

SafePal S1 is positioned as an "affordable version of Ledger/Trezor" and targets beginner and intermediate investors.
Comparative products: Ledger Nano S Plus, Trezor One.

2. Functions and User Experience

1. Multi-asset support

• Supports 40+ blockchains and 1000+ crypto assets , including BTC, ETH, BNB, SOL, ADA, etc.

• Supports ERC-20, BEP-20, TRC-20, NFT, etc.

• Regular firmware updates will gradually expand support for new chains.

2. Hardware Design

• It is about the size of a credit card and is equipped with a camera and buttons.

• Air-Gapped : Does not support USB/WiFi/Bluetooth, uses QR code to transmit transaction data.

• Built-in battery, can sign offline.

3. Supporting Software

• SafePal App (iOS/Android) is the core interactive tool.

• Functions include: transfer, staking, swap, NFT management, and connecting DeFi and DApp.

• Highly compatible with the Binance ecosystem, allowing direct participation in transactions.

4. User Experience

• It is friendly to novices and the operation process is intuitive.

• Scan the QR code to complete the signature and avoid network attacks.

• Disadvantages: Firmware updates are relatively cumbersome and require a TF card.

3. Security and Compliance

1. Private Key Management

• Non-custodial mode : The private key only exists in the hardware wallet, and the user must keep the mnemonic phrase safe.

• Security chip : Adopts EAL5+ level security chip to prevent physical attacks.

• Self-destruct mechanism : The device will clear data if the wrong password is entered multiple times.

2. Security Incidents

• As of 2025, there have been no large-scale thefts of funds from SafePal hardware wallets.

• Some users have been scammed by fake SafePal wallets (copycat products).

3. Compliance

4. Third-party audit

SafePal claims that its hardware design has been tested by multiple security agencies, but the full audit report has not been made public, limiting transparency.

4. Media and User Feedback

1. Media Comments

• CoinTelegraph : "SafePal offers a low-cost security solution suitable for beginners."

• Decrypt : "The close relationship with Binance is an advantage, but also brings the risk of centralized dependence."

• Bitcoin.com : "The hardware design is solid, but the update process is a bit complicated."

2. User Feedback

• front :

• “It’s very cost-effective and cheaper than Ledger.”

• “It supports many assets and can also manage NFTs.”

• “Signing with the QR code makes me feel safe.”

• Negative :

• "Firmware updates are troublesome."

• “The app is too dependent on Binance.”

• “It’s not fully open source, and there’s not enough transparency.”

3. Community Cases

A user on Reddit reported having their funds stolen after purchasing counterfeit products instead of from the official website. SafePal later reminded users to purchase through official channels .

V. Risk Warning

1. Counterfeit Product Risk : There are counterfeit SafePal hardware wallets on the market.

2. Dependence on the Binance ecosystem : If Binance encounters regulatory shocks, some functions may be affected.

3. Lack of transparency : The code is not fully open source and the audit results are not made public.

4. Firmware update is troublesome : the update steps are cumbersome and not friendly to novices.

6. Competitive Comparison

VII. Summary

SafePal S1 is a cost-effective hardware wallet that strikes a good balance between security and functionality.

• Advantages : cheap, supports many currencies, and is secure with QR code isolation.

• Disadvantages : Firmware updates are cumbersome, dependent on the Binance ecosystem, and lacks full open source.

Summary in one sentence :
The SafePal S1 is suitable for beginners and intermediate investors with limited budgets, but it may not be ideal for users who seek extreme transparency and open-source security.

8. Multi-dimensional Rating (out of 10 points)

• Security: 8/10 — Secure chip + offline design, but not fully open source

• Functionality: 8/10 — Multi-asset support, DApp access

• User Experience: 7/10 — Newbie-friendly, but complex to update

• Compliance: 4/10 — No financial license, hardware manufacturer

• User reputation: 7/10 — Positive reviews, but risk of being fake

Overall score: 6.8/10

IX. Contact and Support

• Official website: https://www.safepal.com

• Help Center: https://www.safepal.com/support

• Community: Twitter, Telegram, Reddit

✅Final conclusion :
The SafePal S1 is an affordable hardware wallet suitable for beginners, but there is still room for improvement in terms of compliance and transparency.