Home Crypto Education Cryptocurrencies Button wallet Review: How Safe The Telegram Messenger Linked wallet?

Button wallet Review: How Safe The Telegram Messenger Linked wallet?

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Button Wallet can be best described as a messenger-linked and multicurrency crypto vault. Unlike most other software wallets available in mobile and desktop apps or web extensions, Button Wallet is housed by the telegram app. It is more of an expertly crafted and feature-rich telegram bot created by ten highly experienced blockchain and programming experts who are currently based in San Francisco, California.

According to the Button Wallet development team, they set out to design an all-in-one platform that addresses all the challenges faced by the ordinary crypto wallet. And by integrating their system with the most popular app in the crypto circles, they hoped to leverage more than its large following (of approximately 200 million users). They were also looking for a platform that would help address the ease of use, speed, security, and customer support challenges rocking the crypto industry.

In this review, we analyze the Button Wallet and the steps taken by its developers towards achieving this enviable vision. We detail its key operational and security features, vet its ease of use, provide you with a step-by-step guide on how to use the Button Wallet, and list its pros and cons.

Button wallet key features

Telegram linked wallet: Button wallet is not a software of firmware but a telegram bot. It is embedded into the popular app implying that you first need to download the telegram app before using the crypto wallet-cum-exchange.

Cross-platform: Button wallet can be used on both mobile and desktop apps. The fact that it is a bot means that you don’t have to worry about finding the version of the app that is compatible with your phone or computer’s operating system.

Send to name: Button wallet has also made it possible for its users to send cryptos to a recipient’s user handle regardless of whether they have installed Button Wallet or not. This goes a long way in helping Button wallet users avoid the often-costly mistakes associated with getting the recipient’s wallet address wrong.

Inbuilt exchange: In addition to storing cryptocurrencies and tokens, Button wallet integrates Changelly – a crypto-to-crypto exchange services provider. This lets you buy or exchange cryptos and tokens with over 80,000 Button wallet peers and the crypto community at large.

Portfolio tracker: The button wallet bot features several tabs that let you track your crypto portfolio in real-time. These include the balance, token balance, and payment history tabs.

Automate notifications: Button wallet lets you automate most of the wallet functions and customize notifications that reflect on your phone’s display in real-time. Note that you can also automate notifications for exchange rates and transactions for your wallet.

Purchase crypto with card: You can also buy cryptocurrencies or tokens and pay virtually using any credit/debit card. To achieve this, Button Wallet has collaborated with Wyre and Moonpay – two fiat-to-crypto exchanges that process credit and debit card payments.

Develop Dapps: Button wallet recently collaborated with Ethereum Classic Labs – an accelerator program that funds innovative blockchain systems – to design and develop LightySig. This highly innovative project created a single programming library that is compatible with multiple blockchains. The project is best known for its ability to create a Dapp environment that allows blockchain technology experts to develop decentralized apps.

Button wallet security features

Password encryption: When creating a user account for the Button bot wallet, you will be asked to create a password that protects your digital assets and serves as the primary encryption tool.

Leverage Telegram security measures: Telegram is considered one of the most secure social messaging apps. Communications between users are highly encrypted, and it also claims to be free of any government influence or censorship – two factors that make it a darling for most crypto investors. Button wallet seeks to take advantage of all these security and privacy measures put in place by Telegram.

Non-custodial + QR code: Button wallet is a non-custodial wallet that doesn’t store your private keys in Button company or Telegram servers. Additionally, unlike most other hardware and software wallets that provide you with seed for backing up and recovering your digital assets, Button wallet provides you with a QR code.

Integrate Telegram Passport: When interacting with Button wallet services like buying a card that requires KYC/AML verification, Button accepts the identification documents that have been verified by Telegram Passport.

How to set and activate the Button wallet

Step 1: Start by searching for Button Wallet bot in your Telegram app. Alternatively, open the Button wallet website and click the “Use Telegram” icon on the site’s homepage.

Step 2: Click Start

Step 3: Chose the preferred bot language.

Step 4: Since you are just starting, tap on the ‘Create account.’

Step 5: The wallet will now direct you to the account creation page of the Button website. It asks for your email and asks you to create a password.

Step 6: Agree to the terms and conditions and terms of use and click confirm

Step 7: The website will send you a QR code and also present you with the downloadable version of your QR code

Step 8: The bot wallets is now active and ready for use

How to add/receive crypto into your Button wallet

Step 1: Log in to telegram and open the Button wallet channel

Step 2: Click on the “Deposit” icon.

Step 3: Select the coin you wish to deposit

Step 4: Copy the wallet address provided and forward it to the individual or exchange sending you coins

Alternatively:

Step 1: Log in to your Telegram channel and open the Button wallet channel.

Step 2: Click on the “Buy Cryptocurrency” tab.

Step 3: Select the Currency or token you wish to buy and click on the ‘Buy’ tab.

Step 4: It will redirect you to the MoonPay exchange that is integrated into your website.

Step 5: Follow the prompts to complete the transaction.

How to send crypto from your Button wallet

Step 1: Log in to your Telegram and open the Button Wallet bot channel

Step 2: Select the currency you wish to send

Step 3: Enter the number of coins to send

Step 4: Enter the receiver’s wallet address or their Telegram username.

Step 5: Confirm that the transaction details are okay and send

Button wallet ease of use

Button wallet is one of the easiest to use and most beginner-friendly crypto storage vaults we have come across. There is no onboarding process as you only need to search for Button Wallet bot in Telegram and create a password on their website via the redirect link. Buying, receiving, and sending cryptos in and out of the wallet is very straightforward and requires no previous experience.

Button wallet supported currencies and countries.

Button wallet bot currently supports seven major cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dai, Stellar, Waves) and 800+ ERC-20 tokens.

It is also available in 200+ countries and territories.

Button wallet cost and fees

Using and storing your cryptos in a Button wallet is free. You only have to pay the variable transaction fee charged by the crypto exchange or the blockchain network fee charged by miners and administrators when you send cryptos from one wallet to another.

Button wallet customer support

To access support, click on the three bars at the Button wallet channel’s top-right corner and select help. This will direct you to the bot support channel where the technical support bot will address simple challenges while complicated challenges will be forwarded to the wallet developers.

What are the pros and cons of using the Button Wallet?

Pros:

  • Button operates in the ultra-safe environment created by Telegram.
  • The wallet is easy to use and beginner-friendly.
  • It doesn’t require you to download another app or software.
  • Button wallet simplifies the process of backing your private keys by providing you with a QR Code in place of a recovery seed.
  • It has one of the most responsive customer support team.

Cons:

  • It is not immune to threats facing hot wallets.
  • The wallet will only support a limited number of cryptocurrencies.

Comparing Button wallet with other multicurrency wallets

Button wallet vs. eToro

Button Wallet and eToro are similar – they are both hot wallets. They are multicurrency wallets that support a limited number of coins and are also considered safe.

But unlike eToro that stores cryptocurrencies on behalf of its clients and maintain its own crypto exchange, Button wallet is a non-custodial crypto vault that integrates third-party crypto to crypto and fiat to crypto exchanges.

Verdict: Is Button Wallet bot safe?

Well, it has the backing of the safest social messaging app. Further, the telegram app is tied to your phone and requires two-factor authentication when logging in to another device. You also get to create a password when creating a user account. Our reservations with the wallet relying heavily on Telegram security features is that the app isn’t immune to hacks and such other threats as malicious viruses. Plus, the two-factor authentication only applies to Telegram when signing in, not when sending cryptocurrencies from the wallet.

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