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Wondering if you should pick up the SecuX V20?
Is it worth the increased cost over the SecuX W20?
What new features does it offer for the money?
The SecuX V20 is sleek, sturdy, and most of all, convenient. While very similar to the W20, the V20 has a premium metal exterior. This lends it the weight that power users holding large sums may appreciate.
But is it really worth the extra money over the W20?
In this exhaustive SecuX V20 review, find out everything you need to know about SecuX’s second generation hardware wallet.
Before we go too deep, take a look at SecuX V20 alternatives:
The SecuX V20 is a hardware wallet which supports many major cryptocurrencies and thousands of Ethereum-based tokens. It’s the top of the line version of Taiwanese manufacturer SecuX’s product offerings.
SecuX’s other models are the W20 and W10.
Info: The SecuX line supports over 1000 cryptocurrencies. These leverage the security, flexibility and ease in backing up wallets with Hierarchical Deterministic (HD) capabilities.
The SecuX V20 provides secure cold storage by creating and storing your wallet’s private keys offline. It uses a secure chip to do this, keeping your private keys safe. More on that later.
It can also be integrated with third-party wallets to manage ERC-20 tokens.
The release of the SecuX V20 has seen it it take up the mantle as SecuX’s flagship premium product.
While the base model W10 can now be had for a mere $69, the SecuX V20 is a pretty penny more.
If you want the newest hardware from SecuX, you are going to need to cough up $139.
The real question is: is the premium price worth the added features the SecuX V20 offers?
Lets find out!
The Ledger Nano X is one of the most popular hardware wallets on the market. How does it stack up to the SecuX V20?
The SecuX V20 is much heavier and more robust.
The Ledger Nano X has Bluetooth connectivity, but the cheaper Nano S leaves you completely tethered to the computer via USB, so no mobile transactions are really possible.
Using your mobile device (with the SecuX app installed) is less cumbersome and more discrete if you are making transactions with the SecuX V20 on the go.
Advice: It is worth noting, though, that with this added Bluetooth capability may perhaps come with some added risks. Users of the SecuX V20 should be aware of these risks and make their decision after weighing these against convenience.
Given the architecture of the SecuX V20’s secure element there should be no issues.
And, of course, you can always fallback to using the provided USB-C cable if you remain unconvinced.
After you break the tamper-evident seals and open up your SecuX V20, you’ll find the device itself, a microfiber cloth bag to protect it, as well as a USB-C to USB-A cable.
Also included in the package are two recovery sheets - on which you can write you wallet’s seed phrase -, a Getting Started guide, and a page explaining how to update the device firmware, enable Bluetooth, and solve a couple of common problems.
The V20’s outer chassis is made from polished aluminum. This lends the device a premium feel.
The touchscreen is responsive and does not feel laggy.
The SecuX V20’s one button - the power button - is well constructed, even producing a soft, pleasant clicking sound!
Compared to Ledger and Trezor devices, the V20 is much larger. It also feels more sturdy, as its aluminum exterior is more resistant to force than the plastic of many other hardware wallets.
Still, you’ll want to avoid scratching up the large touchscreen on the front of the device.
If it’s an industrial-grade, global holocaust level of resilience you are looking for, however, you’ll want a Billfodl.
Despite entering the hardware wallet market in just 2018, SecuX utilizes some of the most cutting-edge security technology.
Let’s talk about some of them:
All SecuX hardware wallets make use of what is called a secure element. The chip seen below is the latest generation chip that comes in the SecuX V20:
The exact element that SecuX hardware wallets use is an Infineon SLE Solid Flash CC EAL5+ Secure Element chip, made by a German company. Your PIN and private keys are created on this element and are protected from all outside intruders.
The first time you power on your SecuX V20, you will need to set up a 4 digit PIN code.
This PIN is similar to when you use a bank card at an ATM, it is required to access and operate the devices.
The failsafe incorporated to the PIN is that the device will erase itself after the PIN is input incorrectly after 4 attempts.
No one will be able to access your device through the brute force method to compromise your PIN (and by extension, your coins).
The SecuX V20 now includes passphrase support, also known as “25th word protection”.
Info: A Hidden Wallet is one of SecuX Crypto Hardware Wallets’ unique features. It is the equivalent to a “secret pocket” hidden inside the wallet. It is an alternative feature, and if you select “Create Hidden Wallet”, you will have to set another PIN (4~8 digits) and it must be different from your 1st PIN. The wallet will then request you to set a “Passphrase” (1~99 characters) in order to set up a Hidden Wallet! In other words, if you create a Hidden Wallet in your Crypto Hardware Wallet, you have 2 sets of private keys. The 1st private key manages your original wallet accounts with a 24-words seed code, and the 2nd private key manages your Hidden Wallet accounts with 24-word seed code plus the set passphrase. Every time you power on the wallet, you can enter either the 1st PIN to access the original wallet or the 2nd PIN to directly access the Hidden Wallet.
Here’s why this is important:
You may want to boost the security to your recovery phrase, regardless how secure your seed phrase words are stored.
Remember - anyone with your 24 words can set up your wallet and drain it. The passphrase is like a PIN for the phrase itself (instead of just for the SecuX device).
Another reason is to create a “dummy account” in your device that holds an insignificant sum of funds. A dummy account acts as protection from the so-called “Five Dollar Wrench Attack”.
How an attack on your crypto actually works: the $5 wrench attack
In such a scenario, you could plausibly deny any larger sum of coins exists and the attackers would have sufficient indication that they’ve already cleaned you out.
When you fire up your new SecuX V20 device, you’ll be prompted to create a new wallet or import an existing one.
Creating a new wallet is quite simple. The V20 will show you your 24 word seed phrase.
You will then confirm each word.
Be sure to store your seed phrase somewhere safe, like a Billfodl hardware wallet.
The easiest way to send and receive funds on your SecuX V20 hardware wallet is by using the online interface, called SecuXcess.
Head to SecuXTech and click My Wallet up the top right.
Here, you can select whether you want to connect via USB or Bluetooth. You’ll need to enter a One-Time Password, which will show up on the device.
Once that’s done, you’ll be taken to the wallet homepage.
You’ll be able to view your account balances and send or receive coins in your wallet.
Note that Chrome and Opera are the only two browsers that are currently supported.
SecuX wallets currently support over 1,000 coins, including these larger cap projects and all ERC20 tokens.
TL;DR: SecuX supports Bitcoin, XRP, Litecoin, Ethereum (along with thousands of ERC-20 tokens) as well as all the largest coins, including:
Without a dedicated screen, a hardware wallet is essentially a pointless device.
All great hardware wallets feature screens. See below:
Why?
Having the ability to confirm and verify transactions keeps your wallet air-gapped — that is, not connected to the internet.
A good hardware wallet makes this much easier to manage than it would be on your own.
Without a screen, you would be forced to verify addresses and confirm transactions via a computer connected to the internet.
Warning: This data cannot be assumed to be reliable as attackers are constantly looking for methods to steal your coins. You may be shown one address while your funds move to another!
The same thinking goes for handling your recovery seed. Best practice is to view and confirm on an air-gapped device such as a hardware wallet.
The SecuX V20 is a great hardware wallet.
While either are easily seen as high-quality cold storage devices, the SecuX V20 may be more most useful to active traders on the go.
Additionally, the touchscreen and connectivity options are nice extras to have if cost is no barrier.
The time saved with the improved display will certainly add up and eliminate the annoyance of waiting to confirm an entire address or wait for other information to be displayed.
Storing your keys offline with a SecuX hardware wallet and keeping seed words backed up in a stainless steel Billfodl is a great two-pronged defense in keeping your coins secure.
Keeping a backup phrase in a medium impervious to flames, floods, crushing or other forms of destruction is the most secure method toward ensuring reliable access to your funds in the case of an emergency.
Overall, the SecuX V20 is a very nicely designed and constructed hardware wallet. It supports many major coins, though lacks a few such as Monero, Neo, and IOTA.
The SecuX V20 is definitely a solid competitor to more established brands like Ledger and Trezor. However, it lacks the widespread support that these two leading brands have established, making integration with browser apps less than seamless. We also have some concerns about the Bluetooth functionality becoming a potential attack surface in the future. For the time being, though, it seems safe.
We give SecuX V20 a score of 7.8 out of 10!
There have been no known remote hacks of a SecuX hardware wallet device.
The SecuX V20 works similar to how an air-gapped computer works. The private keys (which give you access to the coins on the blockchain) are held in a chip that never connects to the internet. You use the SecuX V20 to sign transactions that are sent to the device. This ensures your keys are not exposed to any malware or ransomware.
If you lose your SecuX V20, it’s nothing to fear (most likely). When you set up your SecuX V20, you were given a 24 word seed phrase. This allows you to restore your wallet if you ever lose the V20 or if it is destroyed or stolen. If someone finds your SecuX V20, they are unlikely to be able to get your coins unless they are very skilled and have a lot of time before you move your coins to a new wallet.
If SecuX goes out of business, your coins will still be safe. The wallet works with or without SecuX still being in existence. Firmware updates are likely to be the only thing affected, though your device will still be usable even without the latest version.
