Thanks for your interest in SafePal.
Since SafePal has two product lines: the SafePal Software wallet and SafePal Hardware Wallet, both of which are managed and paired through the SafePal App, some users might find it difficult to tell the difference between them. This short article is to explain the differences between SafePal Hardware Wallet and SafePal Software Wallet so that you can better decide which one suits you most.
Firstly to put it short, following is a comparison chart between the SafePal Hardware Wallet and SafePal Software Wallet. We recommend to chose the wallet that fits into your user case most.
The SafePal Hardware Wallet stores the private key in a completely offline hardware device. To use it, users will need to pair the device with the SafePal App in order to send a withdrawal transaction or approve a Dapp login. Most people choose hardware wallet due to its advanced security in protecting the key. It is very suitable for long-term, large-value asset management.
On the other hand, SafePal Software Wallet stores your private key in the local cellphone environment. You are able to set up a SafePal Software Wallet by downloading the SafePal App without the need to buy an additional hardware device. Compared to SafePal Hardware Wallet, the SafePal software wallet is easier and more convenient to operate, because you can send crypto by entering a set of security password without using a hardware wallet device to sign each transaction. It is very suitable for frequently daily usage and small amounts of storage.
Both SafePal Hardware Wallet and SafePal Software Wallet are decentralized wallets, meaning neither of them stores or accesses your private key, nor crypto assets. Please always keep your private key(mnemonic phrase) in the secure and offline locations, and never give them to anybody!