ELLIPAL Review 2021
Meanwhile there is a follow-up of this model. Look here to learn more about it: ELLIPAL Titan
ELLIPAL is a mobile oriented hardware wallet that works completely isolated from the Internet. All you need is a smartphone with the ELLIPAL app and the device itself. How accurate and how good this works, you will find in the following review.
The hardware wallet is available at a price of 149,00 $ (click here to check the current price) directly at the manufacturer. There are additional charges for shipping. Paypal and various cryptocurrencies are currently available as payment options.
Hardware Wallets should preferably be ordered directly from the manufacturer or official resellers if possible. Dubious stores or private sellers on platforms like ebay or amazon could manipulate the devices for their own purposes or trick the buyer. This way, the thieves can steal all the coins from your hardware wallet at a later time. Unfortunately there have been cases like this in the past.
The device is sent in a small black box, which is sealed in foil and is protected by two seals. If these seals are already broken, you should not use the hardware wallet and contact the support team! The wallet may have been tampered with.
Contents of the Package
In addition to the hardware wallet, a USB charging cable, a guide, a warranty card, two stickers and a note for writing down the backup are included in the scope of delivery. All parts are surrounded by a layer of foam, so everything is securely packed for delivery.
ELLIPAL looks like a cheap smartphone: It is 119x64x10mm large and has a 4 inch large color touchscreen. The casing is grey plastic. According to the manufacturer, the battery inside should hold 650 hours in standby mode and is fully charged in 90 minutes. On the back there is a 5MP camera for scanning the QR codes and a power switch on the right side. The USB port on the top is intended for loading only and data exchange is not possible. However, on the back under the cover is a microSD card card slot to perform updates.
Setting up the ELLIPAL Wallet
Never use a hardware wallet that is already set up. You must choose your own PIN code or password and do the backup yourself. This is not given by anyone!
Thanks to the relatively large colour touch screen and the intuitively designed surface, the set up is very straightforward.
To set it up, you start the hardware wallet by holding down the power button for a few seconds. The process begins with the selection of the language. In addition to English, there are some Asian languages available. Next you will be asked to download the iOS or Android app. To do this, either scan the displayed QR code or visit the page: http://wallet.ellipal.com/downapp.
You can then create a new wallet, import an old one via a backup, or import only a private key. Since this device is to receive a new wallet, a new account will be created. You will then be asked for the account type, where you can choose from different cryptocurrencies. After the selection of the coins you set an account name and a password. A sufficient long password with numbers and letters is required.
Finally, the backup of the account is followed by 12 words, the so-called recovery seed. For each account – with the latest version – you only need one recovery seed. Before the process starts, you have to confirm by selecting three checkboxes that you have understood what the backup is for. Then you will see 12 words that you have to copy. A bit annoying is that every 15 seconds the display switches off automatically, which interrupts the copy over and over again. This time can be changed later in the settings.
Your Recovery Seed is the backup key to all your cryptocurrencies and applications. The Recovery Seed (backup) can only be viewed once. Never make a digital copy of the Recovery Seed and never upload it online. Keep the Recovery Seed in a safe place, ideally also safe from fire and water. Special backup products, for example Cryptosteel Capsule or Billfodl are suitable for this.
No one but yourself can be held liable for any financial losses caused by improper handling of sensitive data.
After that, all the words are displayed again, which must then be placed in the correct order. This ensures that the backup is correct. This means that the account is available on the hardware wallet. But to be able to use all the features, the account must now be linked to the app.
To do this, select the account and click on “Connect App”. A QR code is displayed, which is scanned with the app on the smartphone. This makes it possible to display the balance of the wallet on the mobile phone.
For everyday use, both the hardware wallet and the app are required on the smartphone. Because the ELLIPAL hardware wallet now securely contains the private keys of the accounts, while the app has access to the Internet. The exchange between the two devices takes place exclusively via the camera by scanning each other’s QR codes.
When you play this YouTube video, data is transmitted to Google.
For example, to send a transaction out of this hardware wallet, the transaction must be ordered through the smartphone app. The app then generates a QR code that contains all the information of the transaction. Now you have to select the appropriate account on the ELLIPAL hardware wallet and select the Sign button. After entering the account password you have the possibility to scan the QR code from the app. The hardware wallet signs this transaction with the private key and also generates a QR code, which in turn needs to be scanned by the app. This allows the app to send the transaction to the appropriate network.
More Features of the App
In addition to executing transactions through the hardware wallet, the app also supports other useful functions.
In this way you can view the market situation of various coins directly in the app, read current news from the area of cryptocurrencies or manage addresses via the profile tab. In addition, you can manage not only accounts of the hardware wallet, but also create accounts directly on the smartphone. Of course, these are less secure than those of the hardware wallet, but you avoid the scanning of the QR codes.
Another feature of the app is the direct exchange of cryptocurrencies. This feature allows you to swap all supported cryptocurrencies directly within the app. The fees are directly included in the exchange rate and the exchange is settled according to ELLIPAL via Shapeshift.
Since Ellipal is a mobile oriented hardware wallet, it can be used on the following platforms:
The following cryptocurrencies are currently supported, with continuous work on additional coins:
- Ethereum Classic
- Bitcoin Gold
- Bitcoin Diamond
- TRC20 Tokens
- TRC10 Tokens
- Bitcoin Cash
- ERC-20 Tokens
Here at Inivty you can see all Bitcoin and Altcoin prices from many exchanges in real time, compare rates and buy instantly. You can then easily send the purchased cryptocurrencies to your hardware wallet: compare prices here.
In order to always be up to date with the hardware wallet, an update of the firmware is possible. This ensures compatibility with the latest cryptocurrencies. Since the only data interface is the microSD card slot, the current firmware must be downloaded from the manufacturer’s page and copied to the SD card. A firmware update can be made via the settings of the ELLIPAL hardware wallet. The firmware 1.5.2 is up-to-date at the time of testing, but a new version with more cryptocurrencies and better account management is already being worked on.
Documentation and Support
ELLIPAL comes with a small manual that guides you through the most important steps in English. There is also a small knowledge base on the official homepage that answers the frequently asked questions. If you have further questions, you can also reach the support team via the homepage.
As a hardware wallet manufacturer, ELLIPAL naturally places great value on security. To achieve this, ELLIPAL has developed a security system which protects the user from hacking attempts and at the same time provides mobile support.
A hardware wallet is the most secure way to store cryptocurrencies. This is because these devices store the private keys that provide access to your cryptocurrencies. Only a hardware wallet can effectively protect private keys through numerous security measures. Even though all hardware wallets are considered very secure, there are small differences between each model. In addition, even with a hardware wallet, it cannot be 100% ruled out that a hacker can extract information with physical access with great effort.
An essential part of this is that ELLIPAL does not have any physical connection to the Internet. The only data transfer interface is the microSD card slot. Another point is the multiple verification steps. In addition to the account password, there is also the possibility to set up a gesture password.
Ledger has found many security vulnerabilities in the Android based hardware wallet: Extracting seed from Ellipal wallet. However, this requires direct access to the device. According to the manufacturer these are said to have been fixed in the successor to the ELLIPAL Titan.
FAQ 7Ask your own question
That is not a problem. You can restore your accounts to a new hardware wallet using the recovery key you wrote down when you set it up.
Most wallets support more than just one cryptocurrency, but only generate one backup. Nevertheless, this one backup is sufficient to restore all cryptocurrencies as all private keys of the different wallets result from the seed that is backed up as a backup during setup.
Hardware Wallets such as the Ledger Nano X, TREZOR Model T, BitBox02 or KeepKey all work according to the same principle. They are a special form of a so-called wallet, which is used to manage cryptocurrencies. A hardware wallet is a physical device that securely and inisolationly generates the private keys to the cryptocurrencies. Due to the extra hardware, they have some advantages over software wallets:
- Private keys are often stored in a protected area of a microcontroller and cannot be transferred out of the device in clear text.
- Hardware wallets are immune to computer viruses that steal from software wallets.
- They can be used securely and interactively, private keys never need to come into contact with potentially vulnerable software.
- The software is in most cases open source, so that the user or professionals can validate the entire operation of the device.
However, it is important to understand that hardware wallets are an attractive target for attackers and depend on several assumptions to maintain security. They are not a miracle weapon, and there are several realistic ways to hack a hardware wallet Especially if someone has physical access to the device.
A new cryptocurrency is rarely supported directly by a hardware wallet at the beginning. However, most providers such as Ledger or TREZOR are constantly working to support new cryptocurrencies. Therefore, it is often worth waiting until the desired currency is supported by your hardware wallet.
I would like to give a hardware wallet as a birth gift. Do I need this every time I want to deposit coins or is there another way?
No, you don’t need the hardware wallet every time you want to make a deposit. It is only necessary to set up the hardware wallet and generate an address of the corresponding cryptocurrency.
Cryptocurrency can now be sent to this address on the desired cycle on a regular basis without the need for the hardware wallet. The address does not expire.
Are my cryptocurrencies stored in the hardware wallet, or where exactly are they? This is a very good question because the answer defines what your wallet actually needs to protect.
Cryptocurrencies are so named because they are secured by cryptography. For this you need a set of digital keys, for example your (very secret) private key. With this key you can encrypt and digitally sign things.
Let’s take Bitcoin as an example (other cryptocurrencies work in a similar way). The entire Bitcoin network is kept up to date by a common data structure called the blockchain. It contains records of all transactions ever made and is publicly accessible online, so anyone can read it. When you receive some bitcoins, say 0.1 BTC, you see them in your bitcoin wallet, listed under a bitcoin address.
At the same time, the bitcoins are not actually stored in the wallet, they are just an entry in the public blockchain. What the wallet stores is your secret private key that belongs to that address. Since you control that private key, you can spend those Bitcoins again: that’s how “Bitcoin ownership” is defined. Anyone can see these bitcoins, but only you can spend it, so they are yours. But that also means that *anyone* with the right private key can spend those bitcoins. Therefore, it is very important to keep this key secret.
What stops the manufacturer of your hardware from using a backdoor and simply stealing your cryptocurrencies? How much do you have to trust hardware wallet manufacturers?
While a completely “trustless” solution is probably not possible, manufacturers are doing everything they can to minimize the need to trust them.
Most of the software code of many hardware waller manufacturers is open source, i.e. publicly available. Anyone can check how the device works and how secrets are handled. Of course, not everyone has the ability to review code: that’s why independent researchers are often encouraged to analyze, and are often rewarded by bug bounty programs when they find something. This does not limit their ability to publish a full independent report without permission.
The essentials to go: A wallet manages your secret private keys and requires full access to them. You can and should demand full transparency about how a wallet works and ensure that independent public audits are encouraged.
Ask your question about the product. The question will be published here together with the answer after a few days. You will be notified by e-mail.
|Cryptocurrencies||Bitcoin, Dogecoin, Ethereum Classic, Bitcoin Gold, Stellar, Zcoin, Tron, Decred, Bitcore, Bitcoin Diamond, Groestlcoin, TRC20 Tokens, TRC10 Tokens, Litecoin, Dash, Ripple, DigiByte, Tether, CyberMiles, Ethereum, Bitcoin Cash, ERC-20 Tokens|
|FIDO U2F Authenticator|
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