If you are interested in maintaining complete control over your assets, we recommend using a hardware wallet. Hardware wallets are the most secure way to store your cryptocurrency. Large token-holders also prefer using a third-party custodian to hold their digital assets. Figment has several third-party custodians options. For more information, reach out to us at email@example.com.
At a Glance
- Self-Custody means having control of your digital assets.
- There are just two steps to set up your wallet.
- We’ll show you how to add tokens that the system supports and how to manually tokens.
Who controls your assets?
If you’ve recently purchased cryptocurrency from a centralized exchange, the exchange controls your assets. If the exchange is compromised through a security breach, negligence, and internal corruption, your funds are at risk. If you maintain large assets on a centralized exchange, we strongly emphasize finding a different custody solution, such as self-custody.
Self-custody means that the owner(s) of digital assets controls the private key that enables the transfer of their digital assets. Rather than a centralized entity, this puts the responsibility of securing those assets into the individual who holds them. There are a few different ways to do this, including using a web wallet or third-party custody, but we recommend using a hardware device.
Hardware devices ensure that the owner controls their funds and that the private key isn’t exposed to the internet. We’ve previously published an article on self custody using a Ledger Wallet, which you can find right here.
SafePal S1 Hardware Wallet
SafePal S1 is SafePal’s chief offering as a hardware wallet. It’s an alternative to Ledger’s hardware wallet. SafePal has a host of investors, chief among them is Binance.
From their website, they boast the following features for their wallet:
- EAL 5+ independent secure element
- True random number generator
- Multiple layers of security
- Self-destruct mechanism
SafePal has three steps to get started. Before you can connect to your device, you’ll have to download the SafePal app from the App Store, Google Play, or directly from the website as an APK file. You’ll need to have the app installed and handly.
- Follow the device authentication. The hardware wallet will present you with a QR code to scan, and the app, in turn, will have the same.
- Create a new wallet in the S1 hardware. The wallet will spit out some mnemonic phrases, keep them secure. If you lose the mnemonic phrases and forget your PIN code, you’ll lose access to your crypto.
Before adding tokens, you’ll have to update your wallet firmware using this webpage, similar to updating a new phone after purchasing it.
After that, you can add your favorite tokens from the App. From the asset page, navigate to the “+” in the right middle corner. Add all the tokens you’d like, then transfer them to the S1 device via QR code.
The wallet also allows users to add custom tokens – the following is an example of adding the Graph (GRT), an ERC20 token:
Navigate to the “Coin Management” interface in the SafePal app and choose “Add Custom Token.”
Fill in the required fields. Because GRT is an ERC20 token, this information can be found on Etherscan.
After submitting the information, you will have added GRT to the SafePal App!
As of January 21st, 2021 – SafePal supported over 20 blockchains and more than 10,000 tokens total. They automatically support Ethereum (ETH), along with Polkadot (DOT) and Kusama (KSM).
But because of its structure, it can support any token on Ethereum and Binance Smart Chain. By following the instructions above you can add:
- Chainlink (LINK)
- Crypto.com (CRO)
- Graph (GRT)
- Compound (COMP)
- BandToken (Band)
- Injective (INJ)
- Livepeer (LPT)
- NuCypher (NU)
Always double-check your transfer details before sending cryptocurrency. Every transaction on the blockchain is recorded and irreversible. Once a transaction has been made, there’s no way to get your assets back (unless, of course, you know who you sent it to, and you can nicely ask for it back).
To send tokens, you’ll need both the application and the wallet handy.
- From the SafePal app, click “Send”
- Input the receiving address by pasting the address or scanning the QR code
- Answer all the transfer details on the interface, including the amount you want to send
- Enter your PIN and scan the code on the App with the S1 wallet
- Confirm the transaction on the S1 and enter your pin again
- Scan the QR codes on the S1 with the App
- Confirm your payment
You’ll be able to track your transaction status in the SafePal app by clicking “More Details”
A quick note on Receiving Tokens:
When you are withdrawing tokens from an exchange, the transaction does not need a memo. SafePal has a short video on how to send tokens from an exchange to their hardware wallet. Find that here.
Looking for alternatives? Got questions?
Reach out: firstname.lastname@example.org
You can also join our Telegram channel if you have read online resources/documentation and cannot confidently self-custody your digital assets. There are alternatives to self-custody, such as third-party custody services. Contact us if you would like to learn more about your custody options.