ELLIPAL EC-01 Cryptocurrency Hardware Wallet Review: Secure Bitcoin Cold Storage?
The ELLIPAL EC-01 is a popular hardware wallet available for about $150 from Amazon. Find out everything you need to know about this hardware wallet today in our review.
What is the ELLIPAL EC-01?
The ELLIPAL EC-01 is an offline cryptocurrency hardware wallet. Unlike certain other hardware wallets, the ELLIPAL EC-01 cannot be connected with Wi-Fi, 4G, Bluetooth, and other connectivity options. In fact, the wallet claims to block any attempts to connect it to a network. There isn’t even a USB port.
The lack of connectivity makes the ELLIPAL EC-01 a cold wallet. It’s designed for long-term storage of your cryptoassets. It’s not designed to be used daily as a way for you to spend your cryptocurrency. However, if you want to store cryptocurrency in the wallet and forget it, then the ELLIPAL EC-01 may be the right choice for you.
You can manage your ELLIPAL EC-01 wallet using the iOS or Android companion app. Install the app on your Android or iOS device. Then, manage your account through your smartphone. All data transfers to and from the device are completed using QR codes. There’s no need to connect your wallet using wireless or wired technologies. Instead, you complete a transfer on your mobile app, scan the QR code using your wallet, and successfully move cryptocurrencies to and from the wallet.
The ELLIPAL EC-01 wallet supports multiple cryptocurrencies, including BTC, BCH, ETH, TRX, DASH, DOGE, Digibyte, LTC, XRP, ETC, USDT, CMT, and all ERC20 tokens.
There’s a visual interface (a screen) on the device that allows you to monitor the data exchange process when moving cryptocurrencies on or off the device.
The ELLIPAL EC-01 wallet is a relatively new product. It first appeared online in late 2018. Today, the wallet is sold on Amazon, where it has attracted a small number of positive reviews over the last few weeks since launch.
How Does the ELLIPAL EC-01 Wallet Work?
The ELLIPAL EC-01 is a totally internet-isolated crypto storage device. It blocks all attempts that try to connect it to a network in order to keep your private keys and cryptocurrency security. There’s no Wi-Fi, no 4G, no Bluetooth, and no USB Connectivity. It’s a cold wallet that aims to offer you a safe and reliable way to store your cryptoassets. There’s no physical connectivity whatsoever.
Instead of connecting your wallet via wireless or wired connectivity options, you connect your wallet using a QR code. All data is synced through QR codes. There’s no need to physically connect your cold wallet with another device, nor do you have to pair the wallet wirelessly. All data is seamlessly transferred via QR code.
The wallet is built using a universal Open Cross Chain Wallet (OCCW) protocol. This protocol allows the wallet to support multiple cryptocurrencies and blockchains. Supported cryptocurrencies include BTC, XRP, ETH, XLM, USDT, BCH, LTC, TRX, BNB, DASH, ETC, DOGE, MKR, BTG, OMG, BAT, ZRX, ZIL, ZGB, ICX, GUSD, AE, QKC, CMT, BTX, PTN, and all other ERC20 tokens. The device is continuously upgraded to support more cryptocurrencies.
To manage your ELLIPAL EC-01 account, you can install the companion app for iOS and Android. The app allows you to manage your account, connect to exchanges through your smartphone, and access real-time market information. All transactions initiated with the app require a two-step verification process with the cold wallet.
Other core features of the ELLIPAL EC-01 wallet include auto-wiping and fast recovery. The wallet allows for automatic wiping that clears all data if a security breach is detected. If your wallet is lost or stolen, you can recover all of your data on another device using the 12-word mnemonic passphrase.
Most of your interaction with the ELLIPAL EC-01 wallet will be via the 4” touchscreen display. The display allows you to monitor asset transfer. It also allows you to complete the two-step verification process when using the ELLIPAL EC-01 app for Android or iOS.
ELLIPAL EC-01 Pricing
The ELLIPAL EC-01 is available from Amazon and other retailers for $149.99 USD.
All ELLIPAL hardware wallets come with a 12 month warranty for subscriber units and a 6 month warranty for the battery. You can claim your warranty by contacting the company.
What’s Included with the ELLIPAL EC-01?
The ELLIPAL EC-01 crypto hardware wallet comes with all of the following included in the packaging:
- 1 x ELLIPAL EC-01 hardware wallet
- 1 x mnemonic word card
- 1 x manual
- 1 x charging cable
- 1 x warranty card
What Do Customers Have to Say About the ELLIPAL EC-01?
The ELLIPAL EC-01 is well-reviewed on Amazon and other online retailers, although the wallet is relatively new. As of January 2019, the ELLIPAL EC-01 wallet has just six reviews on Amazon, including five 5-star reviews and one 4-star review for an average rating of 4.7 stars out of 5.
Customers praised the ELLIPAL EC-01 wallet for competing with other crypto wallet giants like Trezor and Ledger. They appreciated more competition in the market. Many customers also praised the wallet’s QR code scanning system, which they felt was more secure than wired and wireless technologies:
“In an industry dominated by Trezor and Ledger, Ellipal has attempted to make a new type of hardware wallet,” writes one reviewer.
Another reviewer praised the fact that the wallet’s 12-word recovery phrase could be used on any other wallet. You don’t necessarily have to restore funds on an ELLIPAL EC-01 wallet. You can restore it on a Trezor wallet:
“The mnemonic seed it gave me wasn’t something custom to Ellipal, it was industry standard and I was able to restore the seed to a Trezor and access my BTC and DGB with no issue. So even if the company doesn’t make it, I’m confident I could always retrieve my funds by using the seed on another brand of wallet.”
Reviewers also reported that the QR code-based data scanning system was easy to use compared to other crypto hardware wallets. Some felt the QR code system was more secure because the wallet did not need to be connected to wired or wireless protocols:
“You create the send transaction on the companion app which displays an initial transaction QR code, you then go to the corresponding account on your Ellipal and enter a password scan the first QR code with the Ellipal, you then use the companion app to scan the signature verification QR code created by the Ellipal to finish the process. Done. The private key is never connected to the internet. It is only ever displayed on the Ellipal and it is never connected to a computer’s USB, the internet, or anything that could cause it to get into someone else’s hands.”
Some of the reviewers claimed to have previously purchased other crypto hardware wallets. These users generally seemed to enjoy the new ELLIPAL wallet over their old wallet:
“I also have a Ledger and the Ellipal is by far much more convenient,” writes one reviewer on Amazon.
“Be honest, how often have you felt uneasy when you slid your Trezor or Ledger into that USB port? Even better, the Ellipal doesn’t need a computer at all. It works with an app and the camera on your smartphone! The Ellipal has just made other cold wallets seem like dinosaurs. This is the one to have!”
Ultimately, as with all new products, it’s hard to tell which reviews are genuine and which ones may be promoted. Many companies with new products on Amazon will give away review copies to select users. Overall, the reviews online for the ELLIPAL EC-01 wallet are overwhelmingly positive at this time, although there are only a handful of reviews online and it’s hard to form a consensus.
The ELLIPAL EC-01 is a new type of crypto hardware wallet where all data transfers are completed using QR codes instead of wireless or wired technologies. The wallet has no Bluetooth, Wi-Fi, or mobile network connectivity. There isn’t even a Bluetooth port. Instead, you use the mobile ELLIPAL app for Android or iOS to start a transaction, then scan a QR code using the wallet. This process is designed to be more secure than the wired and wireless technologies used by other wallets.
Ultimately, the wallet is still relatively new. It launched online in December 2018. You may want to wait for more reviews to appear online before you buy the ELLIPAL EC-01 wallet. However, it’s available at a price of $150 from Amazon today.