Crypto Hardware Wallet: Cypherock X1 Wallet Review

Choosing a hardware wallet for your cryptocurrency assets is a critical decision that can significantly impact the security and accessibility of your digital funds. In the fast-evolving landscape of cryptocurrency, having a reliable and secure storage solution is paramount. Today, I’m excited to present the Cypherock X1, a cutting-edge cold wallet that has been generating quite a buzz in the cryptosphere.

The Cypherock X1 sets itself apart with its ultra-compact design, user-friendly interface, and robust security features. As we explore this smart card cold wallet, we’ll delve into its comprehensive set of features, the layers of security it offers, the seamless user experience it provides, and the range of supported blockchains. Furthermore, we’ll take a detailed look at the setup process, providing you with an informative guide to aid you in making an informed decision.

By meticulously examining these aspects, you can gain valuable insights into whether the Cypherock X1 aligns with your specific needs and preferences. As the cryptocurrency market continues to expand, having a clear understanding of the available hardware wallet options empowers you to safeguard your investments effectively. Let’s embark on this exploration together and unravel the exceptional capabilities of the Cypherock X1.

For unboxing and setting up guide, please refer to the video format of this review. For features and general overview, keep reading.

Overview:

First things first, let’s talk about this brand. Cypherock kicked off in 2019 and dropped its flagship product, the X1, in open beta in 2022, before officially launching it in 2023.

This X1 model is made up of four smart cards, each the size of a regular ol’ credit card, which are NFC compatible. It also has a vault (the device) with a screen and joystick. This wallet is designed to work “without a seed phrase,” providing a unique way to safeguard cryptocurrencies without the vulnerabilities linked to seed phrases.

The firmware for the X1 is available as a Free and Open Source Software (FOSS) as covered by its MIT licence and it’s hosted on their GitHub for full transparency. The wallet is designed for users who want a high level of privacy and security and is suitable for storing not only Bitcoin but many altcoins too. There’s a companion app called CySync, which is used to navigate and manage your accounts with the device. You will be using this device and any one of the 4 cards that you get with it – you don’t need all of them to approve transactions, just any one of these will be enough. The other 3 function as back up. You will need all 4 of them during the setting up process though. And also, for recovery, you will need any 2 of them for recovery, in case you need to do a restore in the future, so it’s important to keep at least 2 of these in extra-safe storage. The other 2 can be for day-to-day use.

Design & Build

Cypherock X1 is packed with five main components: the main device, featuring a mini screen and joystick, and four plastic cards that come along with it. It’s small, discreet, and even comes with a joystick for user input. In fact, it’s one of the tiniest devices on the market, right up there with Ledger Nano, Trezor, and BitBox02 – which are currently the smallest ones available. Trezor and Ledger are pretty well-known, so they stand out, whereas this device is low-key. It’s made of plastic and only comes in black. Weighing in at just 17 grams, it’s super lightweight, and each of the four cards is around 5 grams, adding up to a total of just 37 grams. Perfect for travelers like me. Even though the unit is made of plastic, it seems to be quite durable. The screen might be small, but it’s super easy to read, with great brightness, unlike the Ledger Nano S, which many users seem to be struggling with these days.

Security

Cypherock X1 has a unique architecture using an algorithm called Shamir Secret Sharing that splits the master private key into 5 shards, which are independently stored on 5 hardware components – the X1 wallet and the 4 cards. This is done during the initial setting up process which is super simple, even for novice users. Each individual component has a secure element. The device utilises a secure element called ATEC C608A and the cards have EAL6+ certified secure element, which is the current highest industry standard. Compared to older devices like Ledger, this is superior.

In fact, Cypherock was audited by KeyLabs, a hardware security firm that has found vulnerabilities in Ledger and Trezor before. The open-source code has been scrutinised, and certified ‘reproducible’ by WalletScrutiny.
Unlike other wallets that store your Crypto private keys in a single place, this device stores them in a decentralised way making it way more secure. 

There’s also a pin number that you will set up when you first create your wallet. It’s your first line of defence, and this is very important – set it and do not forget it – if you forget the pin, you will lose access to that wallet. You can only wipe out the device and start from scratch with a new setup, new pin, new accounts. 

However, there is a way to recover your accounts in case you forget that pin. 

It’s the good old seed phrase. 🙂

I know I said this device works without a seed phrase, but technically, it does. You don’t have to store it separately, but you can if you want to. Once you’re done setting up, you can opt to see your seed phrase on the device itself. It actually generates a 24-word seed. If you choose to store your seed externally, back it up securely – I use metal plates for this. I really like Bitplates and the Ellipal steel seed – both products are super easy to use, way easier than other products on the market, so check out this post where I discuss the best metal plates. Never store your seed on a digital file on your computer or even on USBs because these are hackable, and once your seed is compromised, your accounts are compromised. Remember – I always say this – your seed is the most crucial piece of data you own – if someone gets that, they have access to your accounts. Without needing your device.

On to the pin – you can choose not to set up a pin – and that’s what I did in my tutorial, but then you’re missing a crucial defense against unauthorized access, so I wouldn’t recommend skipping the pin part.

Compatibility

Cypherock X1 provides compatibility with over 5000 tokens across various blockchains, including popular networks like Bitcoin, Ethereum, BNB Smart Chain, Arbitrum, Polygon, Solana, and others. It’s not the biggest range of networks, but all major ones are covered. And all their tokens. You can even use it for NFTs. These are some of the tokens, but you can see the full list on their website.

Additionally it has a multi-wallet functionality: you can create up to four wallets on this device, each with its unique seed phrase and separate PINs, so this can be very useful to separate accounts, maybe even several users in the family or just to have secondary accounts.

It is compatible with all BIP39 standard seed phrases, so if you’re migrating from another wallet, you can import a 12, 18 or 24 words seed. And you can import up to four seed phrases too, so you could, if you want, upload your other wallets into this device. Although, I prefer having multiple devices to avoid keeping all eggs in one basket, as the saying goes. 

App & Asset Management

The Cypherock X1 Wallet features a straightforward and user-friendly interface. The information displayed on its compact screen is clear, providing comprehensive explanations of ongoing processes. Upon initial activation, the wallet prompts users to download and install the cySync companion app, functioning as both a software wallet and a manager for the X1.

The cySync app is well-designed, incorporating tooltips and support buttons throughout its interface. Users have the option to conceal sensitive information such as balances, access a detailed transaction history, and filter data by account, wallet, or coin type. Additionally, the app allows for efficient searches across accounts and transactions, with integrated YouTube videos for further assistance. You will see it in a moment, when I show you the setting up.

A question I get a lot when I review cold wallets is about storage space. That’s mainly because with Ledger Nano devices, you’re limited to how many blockchains you can squeeze in. But here, no limits! You can stuff as many as you want.

When it comes to sending transactions, you can tweak the fee however you like, so you’re not stuck with a fast, high-fee format. You can set your own preferred transaction fee when sending cryptocurrencies, adjusting the fees based on network traffic and your preference. But if you’re not too experienced, better not mess with this. It’s for the pros because if you choose something unrealistically low, your transaction can be stuck for a long time. Only go for this if you know what you’re doing.

Pricing

This is a top-tier product and is priced at $199 but currently you can get it for $159, which is a great value for money.

Also, you get a 10% discount with my invite link: https://bit.ly/shop-cypherock

IN SUMMARY:

So, to recap, what do I like about this device and what I feel needs some improvement:

PROS

• Seedless design using Shamir’s Secret Sharing but at the same time, you still have the option to store your seed externally, should you wish to.
• Enhanced security using secure element called ATEC C608A and the EAL6+ certified secure elements on the cards.
• Compact and lightweight, really easy to carry around when you travel.
• Easy to use and very intuitive, just tap any of the cards to the device for fast transacting.
• Customisable fee when sending transactions.

CONS:

• It supports about 5000 tokens and coins, while other devices go up to 10,000 and more.
• Price is on the high end making it relatively expensive compared to other hardware wallets.
• No mobile app yet: since this is a lightweight device and I will be using it on the go, it could be nice to be able to use it with my mobile and not only with a computer.

But none of these are big drawbacks really. Especially for someone who is new to crypto, this will be ideal as it has less things to confuse you or complicate the user experience. Definitely a good thing in this regard.

To get this device with extra 10% discount, use this invite link: https://bit.ly/shop-cypherock

All things considered, the Cypherock X1 is a top-notch choice for a hardware wallet. It offers a fresh and clever approach to security by doing away with the need for a seed phrase, which makes it a great option for folks who prioritize ease of use and security. With advanced security features like the use of EAL6+ certified secure elements and the ATEC C608A secure element, the Cypherock X1 really stands out in the market. Its compatibility with the cySync app provides a user-friendly experience, making wallet management a breeze. The Cypherock X1 shows a lot of promise as a solution for cryptocurrency fans looking for a secure and convenient way to handle their digital assets.

---

You can also download my eBook guide to all major crypto wallets – hot and cold, I talk about the differences between these, which ones I recommend from my personal experience and I go through all of the top hardware wallets there, so you can make the right choice which is the wallet for you. It’s a free eBook, just get it from this link.

---

☝These are my opinions, not financial advice, always DYOR.

---

👉 👉 Sign Up for the Crypto Corner Newsletter and get more insight on the crypto markets, new releases and updates, plus my personal choice of coins to trade.

🚩OTHER TOP CRYPTO SERVICES: https://ojjordan.com/resources

---

💻Find me on:

🔹Twitter
🔹LinkedIn
🔹Clapper
🔹My Official Website: http://ojjordan.com

⚠️ DISCLAIMER ⚠️

The information contained in this video is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this post reflects solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.