Tag: best crypto wallets

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Crypto Exchanges

Trezor Model T: Features, security, pros and cons

“Information stored online can be copied and stolen,” that’s Trezor’s unique selling point. 

“Information stored online can be copied and stolen,” that’s Trezor’s unique selling point. 

“Information stored online can be copied and stolen,” that’s Trezor’s unique selling point. 

Trezor is a hardware wallet – a car-key-sized device that you can use to store, send, and receive most of the major cryptocurrencies. If you’ve not used a hardware wallet before, you might be wondering how you are supposed to view your balances and even transact on such a mini dongle. Stick around to the end as we discuss this and much more.

For starters, a hardware wallet is a physical device that stores private keys used for signing cryptocurrency transactions. Contrary to potential misconception, it does not store the actual funds, just the keys. 

Trezor claims superior security and comes in a variety of flavors with different descriptive code names. For example, you will hear Trezor Model T, Trezor One Metallic, Trezor Ultimate Pack, and so on. Trezor Model T is the flagship wallet that was released by SatoshiLabs, the makers of this wallet. 

This review is all about Trezor. We will look at how to acquire one and get it up and running. We will also look at its security, ease of use, customer support, and other aspects that constitute a balanced cryptocurrency wallet evaluation. Stay tuned!

Key Features

  • Hardware wallet – You use a dedicated physical device for storing your private keys.
  • Multi-currency support – Trezor supports most of the major currencies.
  • Excellent customer support – The product is supported round the clock by a team of specialists.
  • U2F (universal second factor) account reinforcement – This feature works just like two-factor authentication, only that the second factor, in this case, is a hardware device you possess. Trezor’s U2F kicks in when authorizing transactions. This ensures that you never authorize an unknown transaction request.
  • Good reputation – Getting yourself a hardware wallet from a reputable vendor is critical. Imagine buying a cheap device only to find that it slowly siphons your coins to a secret address. Trezor’s reputation among its users will let you rest assured that your money is safe and will always be.

Security Features

Trezor is a hardware wallet, and for this, it boasts of unmatched security. Hardware wallets protect your funds with far greater security than their software counterparts, and it’s easy to understand why – when using these gadgets, your private keys and their associated data never have to see the internet. It’s technically impossible for cryptocurrency hackers to lay their hands on your private keys. 

“But software cold wallets do the same,” some will argue. Well, if you are operating a hot wallet and your computer is compromised by malware, you might be fast running out of luck.  But with a hardware wallet like Trezor, crypto-malware stands no chance.

However, like any other hardware wallet, it is important to take note of the following potential risks:

  • Hardware wallets are usually the target of high-value heists. It is believed that owners of these premium facilities need them because they have too much to store in ordinary software wallets. With more perceived value comes greater risks.
  • Possible product tampering during shipping – Since you are unlikely to fetch the gadget from the manufacturer, the risk that someone along the fulfillment line will alter the device lingers. That goes without saying that you should not purchase a used Trezor wallet, or would you?

Acquiring and Setting up the Wallet

The first step in setting up Trezor is purchasing one, of course! The Model T goes for €149 on trezor.io, its official store. You can also find it on Amazon, thecryptomerchant.com, and probably a few other online shops. Weigh your options then decide. 

Your order has arrived, and you can’t wait to set up your literally shiny new wallet. Follow this quick guide:

  • Unbox the product. You should see the dongle, a USB cable, and two sheets for storing your recovery seeds (this is what you will need to recover your account if you ever lose your Trezor).
  • Connect one end of the USB cable to Trezor and the other to your computer.
  • Once plugged in, the device’s display turns on, and it will ask you to visit trezor.io/start.
  • Visit the web link above. The page has simple instructions on configuring the device. One of the key tasks at this stage is updating the firmware. Click on the “done” button on the page and the “continue” button on the device. Wait for the update to finish, then remove the device and plug it back in. Meanwhile, don’t close the webpage.
  • You will see a “Welcome to TREZOR” message on the web page and an input box for configuring your device’s name. Add a name and save.
  • The next step is setting up your PIN. You will do this on the web page as well. However, the keypad on the web page is a little weird – it is a matrix of dots instead of numbers! The actual keys will be on your Trezor’s mini display. Please note that the keys are not arranged sequentially as you would find on a traditional keypad, and their arrangement changes every time you open it. To set the PIN, tap the dots on the web page – they correspond to the keys on the Trezor display.
  • Confirm your PIN. Note that the keypad arrangement has already changed!
  • Next, you need to set up your recovery seed – very important. This mysterious recovery tool is a set of 24 words that Trezor will display, one at a time and in a specific order. You need to write them down in the order they are presented. There were two sheets of paper in the original box, which are to be used for this purpose. Now, after writing down the words on the first sheet and duplicating, then on the second, you need to store the papers in different locations – that’s how disaster recovery works, different locations.

Just like that, Trezor is set up, and you’re ready to transact. So, let’s see if that too is easy.

Sending Funds

As you might be aware by now, you will be operating your Trezor mostly from your computer. To send funds, 

  • Go to trezor.io and click on the Wallet menu. It will ask you to plug in to continue. So, plug in your Trezor.
  • Enter your PIN on the keypad on the web page.
  • Confirm login on your Trezor.
  • Once you log in successfully, you will see your dashboard with a summary of your transactions.
  • Since Trezor supports different currencies, there’s an option to select which coins you want to send. The option for changing the currency is at the top right corner of the dashboard. Select the appropriate currency and click on the Send menu.
  • Provide the recipient’s address and amount to send in the screen that appears next.
  • Select the network fee. Typically, higher fees result in faster transaction completion. However, the network fee and amount of time it takes to complete a transaction depend on the coin you are sending.
  • Confirm the transaction on your device.

Receiving Funds

  • Go to trezor.io and log in as above.
  • Change to the appropriate currency if necessary and click on the Receive menu. Your deposit address will be generated. Right-click to copy the address and share it with the sender.

NB: Trezor provides immunity against address swapping (which may occur if you have crypto malware on your computer) by allowing you to confirm the address on its mini display.

Supported Currencies

You can deposit it send the following coins using Trezor:

  • Bitcoin
  • Bitcoin Cash
  • Litecoin
  • Dash
  • Zcash
  • Bitcoin Gold
  • Ethereum
  • Ethereum Classic

Customer Care

SatoshiLabs’ customer service is pretty much reliable. You can raise support issues through the contact form on the website, and they will contact you back.

Pros

  • Highly secure
  • Easy to set up and use
  • Reliable customer service

Cons

  • The initial cost is high considering software wallets are free

Final Thoughts 

Trezor is undoubtedly an outstanding hardware wallet. It looks good. It’s secure, it’s easy to use and is supported by reliable customer care. These benefits come at a cost – Trezor Model T is €149 more expensive than it’s free software counterparts. Nevertheless, you can bet that this small investment will be worth every cent in the long run.

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Cryptocurrencies

Verge Tor QT Wallet (Verge QT)

Verge QT can be described as a full-featured, full-node Verge wallet. A full-node wallet requires you to download the entire blockchain. But, don’t let that discourage you, Verge QT easily compensates this with its range of features and attractive interface that will encourage you to play around with its capabilities.

Verge QT can be described as a full-featured, full-node Verge wallet. A full-node wallet requires you to download the entire blockchain. But, don’t let that discourage you, Verge QT easily compensates this with its range of features and attractive interface that will encourage you to play around with its capabilities.

Verge QT can be described as a full-featured, full-node Verge wallet. A full-node wallet requires you to download the entire blockchain. But, don’t let that discourage you, Verge QT easily compensates this with its range of features and attractive interface that will encourage you to play around with its capabilities.

This is also not your usual wallet – it boasts of SSL encryption, Tor network encryption, and a host of other security features. It supports the Verge currency and is available on Windows, Linux and Mac OS X, Android, iOS, and a paper wallet.

In this review, we will look at the key features of the wallet, its security, how to set it up and transact, and its pros and cons. Happy reading!

Key Features

Verge QT has most of the basic features you will expect to find in a cryptocurrency wallet – the ability to store coins, sending and receiving coins, configuring your wallet to your liking, and so on. 

However, the following aspects seem to stand out:

  • Simple and beautiful interface that will encourage you to explore the application’s features
  • Secure – Verge QT benefits from SSL encryption that secures its communication with the Verge network. Additionally, it encrypts IP addresses using the Tor network so that transactions remain truly anonymous
  • Full-node wallet – The entire blockchain is downloaded onto your local machine. This means you can say goodbye to invalid transactions
  • Supports remote procedure call (RPC) commands. If you are an advanced user, you can use this feature to achieve fine control over the Verge blockchain and any activity thereon
  • It has multi-platform support. You can run the wallet on Android, iOS, Windows, Linux, or Mac OS X. 

Security

The security of your Verge QT wallet is guaranteed in many ways. Let’s start with the most outstanding.

Tor Network

Communication from the wallet travels through the Tor network – a network built for privacy and anonymity. The use of Tor in Verge QT ensures that your IP address is never revealed to the Verge network. This is especially important for users who price anonymity over every other aspect. 

SSL encryption

Verge QT also implements SSL encryption. Since it’s a hot wallet, the encryption comes in handy during transaction signing. Transaction signing is a delicate process. Private key data can leak out of the network and into the hands of crypto cyberpunks, who can then use this information to generate a user’s private key and possibly hack their wallet. 

Open-source code

Lastly, the wallet runs open-source code. Well, this is controversial, but open-source software is, in many ways, more trustworthy than proprietary software. It’s developed by the community for the community. Being open-source also means it’s subjected to scrutiny by different parties and that reduces the chance of security bugs breeding in the application.

Setting up an Account

Before we set up an account, let’s first see how to download the application. Are you using an iPhone, or MacBook, or Windows PC? Or perhaps you are the advanced user running a Linux machine? It really doesn’t matter because Verge QT is available on all these platforms and more. 

On the iOS AppStore or the Android PlayStore, Verge QT should be downloaded like any other app. However, setup varies slightly between these two platforms.

iOS Setup

  • After installation, open the app and select “Create a new wallet”
  • Set up your PIN. Fancy a long PIN? No problem. You can configure your desired PIN length, between 4 and 8 digits, from the settings button at the top right corner of the screen
  • After setting the PIN, you will be prompted to write down your paper key. Do it. Verge QT will need this information to generate your public and private keys later on
  • Next, set up your passphrase, and you’re pretty much done.

The wallet is ready. You can use it as it is at this point. However, if you desire the anonymity provided by Tor, select “Proceed with Tor” in the window that will follow. 

Android Setup

The setup process in Android is a bit lengthier particularly for those who want to use the app with Tor capabilities. The following general guideline should be sufficient:

  • Install Orbot – the Android Tor client – from PlayStore.
  • Install Verge Tor Wallet for Android, that’s how the name appears on PlayStore, but don’t open it yet
  • Open Orbot and turn on “VPN” mode
  • Next, go to  “Tor enabled apps” settings on Orbot and select Verge. In the future, this will channel all of Verge’s traffic through the Tor network
  • Go to “Bridges” setting on Orbot and select “Connect directly to Tor network”
  • Now, you can go to Verge and set up your account. You can either create a new wallet or restore an existing one. If creating a new wallet, you will be presented with a random set of words, which you should hide away somewhere safe
  • Next, Verge will allow you to create a passphrase, PIN code, and fingerprint access 
  • Your account is ready and you can use any of the factors above to access your wallet or send funds

Mac OS X Setup

Many will find the process of getting the Verge QT wallet to run on Mac OS quite challenging. However, the following general guide should be useful (Steps are customized for Mac High Sierra).

Python can be fussy if it’s not your area of strength. If you’ve never used it before, you’d be better off using the other versions of the wallet. 

Still, you might be determined to make it work on your MacBook, the risk of getting frustrated, achieving nothing at the end of the day, and feeling like a loser notwithstanding. This detailed guide might be your consolation in that endeavor https://verge.zendesk.com/hc/en-us/articles/360007364291-Verge-Qt-Wallet-Installation-Guide-for-Mac 

Windows Setup

Installing and configuring this wallet on Windows is a little less challenging, but still not a task you’ll want to do on a lazy Sunday afternoon.

  • On your favorite web browser, go to https://github.com/vergecurrency/VERGE/releases
  • You will see a link to “release_windows.zip,” that’s the one you’ll be looking for. Open it and download VERGE-qt.exe and VERGEd.exe. Then save these two in a convenient directory anywhere on your hard drive.
  • The next step is dreadful – downloading the entire Verge blockchain! Luckily, this download completes faster than for other major blockchains. Also, you can skip this download for now.
  • To run the wallet, no fancy command-line tricks are necessary, simply run verge_qt.exe, the one you downloaded earlier. On average, it takes half an hour to load the block index
  • Finally, and after a long wait, your hard work and patience pay off – you meet the beautiful dashboard of your wallet, but it says “out of sync!” If you successfully downloaded the Verge blockchain earlier, it’s just a matter of unzipping the files and copying them to c:\users\%currentuser%\AppData\Roaming\Verge. Verge created this directory during the infamous half-hour wait. 

Paper Wallet Setup

Setting up the paper wallet is a truly unique experience. It is recommended to generate the wallet offline for security reasons. So, you need to download the generator here https://github.com/vergecurrency/vergecurrency.com/raw/master/pages/paper-wallet/xvg-paperwallet.zip. You also need a printer for this exercise. Once you are ready, proceed as follows:

  • Calibrate the printer using the zoom and horizontal shift adjustments. This step ensures your printer and browser work in harmony 
  • Print the front of your wallet. You can either supply your key by rolling a dice or let Verge create the keys for you
  • Print the back of the wallet. You should do this on the flip side of the paper. The backside encodes some tamper-resistant information
  • Cut, fold and seal the paper with opaque tape, and the wallet is ready!

Whichever platform you were configuring your account, all is set and you can start transacting as soon as immediately. So, go ahead and send some funds!

Sending Funds

To send funds, you must have some, go to the “Send” window. The wallet’s interface is very intuitive. Regardless of the platform you are using, you will see a box for inputting the destination address and amount. Provide this information and the application will give you a chance to confirm if everything looks good before you send the coins. If you are satisfied with the summary, press the colorful “Send XVG” button and the funds should be on their way to the recipient.

Receiving Funds

You need to share your wallet’s address to receive funds. To do this, go to the “Receive” window. This will generate an address that you can share with the sender.  Double-tap on the address to copy it. You can also share the QR code generated instead of the address.

Supported Currencies

Verge QT supports only the Verge currency. 

Customer Care

The Verge QT wallet does not have dedicated customer support. However, technical help and general inquiries can be addressed through the various channels provided by the team.

Perhaps the best place to get support is on community forums. Verge has a Telegram channel where community members discuss various matters concerning Verge and crypto in general. It’s not moderated and, if you are easily annoyed, avoid the platform as you may get not-so-sensitive responses for asking awkward questions.

Their Twitter account @vergecurrency mostly posts news and notifications. Occasionally, you may get a direct response to your query. You need to get used to the modus operandi of open-source projects – the community is everything.

There are other forums including Reddit, Facebook, GitHub, Discord, and others, where you may find both technical and usage-related assistance. You might want to check them out.

Pros and Cons of Verge QT Wallet

Pros

  • It supports Face ID on iPhone which allows greater convenience, both in accessing your wallet and performing transactions
  • It supports fingerprint unlocking and transaction authorization in place of PINs, which means more convenience
  • It has a beautiful interface. Verge QT’s interface, across all platforms, is eye-catching on the mean-end and charming from a fair judgment 
  • Configurations are highly customizable – you can set your preferred PIN length, choose your preferred fiat currency and so on
  • The wallet is very stable, and you are less likely to experience technical issues while using it compored with most other wallets. However, Tor misconfiguration is a leading cause of frustration among Verge QT users. If your Tor network is not properly set up, wait for the “no connections” error
  • It is available on most platforms, including iOS! While most wallets shy away from iOS versions, Verge QT developers took this challenge head-on, and the outcome was impressive

Cons

One can be easily be tempted to think that this wallet is perfect, and that’s understandable. But, there are a few issues that could still bother some users. These include:

  • No dedicated customer support – if you experience issues and you can’t find solutions in the community forums, you are on your own
  • Supports only the Verge currency. Well, many wallets are built for a single currency, but that’s still no consolation 
  • It is a full node wallet which means you have to download the entire Verge blockchain

Final Remarks

The Verge QT wallet performs impressively on many factors. It is relatively easy to install and set up on most platforms, it gives a range of configuration options, it is stable, it is secure and looks good. The lack of customer support, inability to transact other currencies, and the need to download the whole Verge blockchain may set some back. But all in all, this wallet efficiently serves its purpose.

Categories
Cryptocurrencies

eToro Wallet Review: How It Works, Key Features, & Supported Currencies

eToro is one of the safest and most popular cryptocurrency wallets. It is availed freely to all eToro trading account holders and is specially designed to hold several crypto coins. It also facilitates the transfer or redemption of crypto coins on different crypto trading platforms and exchanges. Some of the key factors contributing to its rich reputation include its exceptional security, sophisticated design that supports multiple cryptocurrencies, its highly competitive charges, and the fact that that it has the backing of the most reputable online trading platform.

eToro is one of the safest and most popular cryptocurrency wallets. It is availed freely to all eToro trading account holders and is specially designed to hold several crypto coins. It also facilitates the transfer or redemption of crypto coins on different crypto trading platforms and exchanges. Some of the key factors contributing to its rich reputation include its exceptional security, sophisticated design that supports multiple cryptocurrencies, its highly competitive charges, and the fact that that it has the backing of the most reputable online trading platform.

eToro is one of the safest and most popular cryptocurrency wallets. It is availed freely to all eToro trading account holders and is specially designed to hold several crypto coins. It also facilitates the transfer or redemption of crypto coins on different crypto trading platforms and exchanges. Some of the key factors contributing to its rich reputation include its exceptional security, sophisticated design that supports multiple cryptocurrencies, its highly competitive charges, and the fact that that it has the backing of the most reputable online trading platform.

In this eToro wallet review, we will be detailing these factors and highlighting more that make this wallet unique. We will explore the security measures that the online crypto wallet has put in place, provide you with a step-by-step guide on how to interact with the wallet, and compare its efficiency with that of leading hardware and software wallets.

Here is everything you need to know about the eToro crypto wallet:

Key Features

OS compatibility: eToro mobile wallet is highly versatile and compatible with multiple operating systems including Android and iOS.

Multicurrency support: The eToro online wallet supports 100+ cryptocurrencies and tokens. These include the all-popular crypto coins like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BTCH), Litecoin (LTC), and the ERC-20 Tokens.

Multi-lingual support: eToro is a global brand and both their trading platforms and crypto wallets are available to individuals in 100+ countries across the world. Both the website and wallet are also available in over 20 international languages.

Inbuilt exchange: While the eToro wallet doesn’t let you send cryptocurrencies to the eToro trading platform, it features an inbuilt-exchange. This Allows any eToro wallet user to convert one crypto for another without going through the eToro trading platform. It also makes it possible for you to easily receive or send cryptocurrencies to other wallets and crypto exchanges.

Payment cards integration: You can also link the eToro wallet with either your debit or credit cards. This means that you can buy cryptos or withdraw earnings directly to your debit/credit card.

Easy to use wallet: eToro mobile is also easy to use. For instance, the wallet has a relatively straightforward onboarding process. The process of sending and receiving coins into the wallet is also easy.

A large number of trading pairs: In addition to the more than 120 cryptocurrencies and tokens supported by the eToro and its inbuilt exchange, the mobile wallet users are exposed to more than 500 crypto trading pairs.

eToro Security Features

Password: Like most crypto wallets, the eToro wallet app has a password as its primary security measure. You set this unique multi-character password when installing the mobile app.

Two-factor authentication: This security feature provides an added layer of safety by tying your crypto wallet to your phone number, effectively eliminating the possibility of remote hackers gaining access to your digital assets. The two-step verification becomes necessary when logging into the wallet and when transferring crypto to other wallets or exchanges.

High-grade encryption: eToro has introduced the high-grade encryption used on its trading platform to the eToro mobile wallets. Here, the crypto wallet employs different levels of encryption that cover every aspect of the mobile wallet, from the storage of private keys to the wallet’s communications with third parties service providers including payment processing platforms like debit card and credit card companies.

No access to your private keys: eToro doesn’t give you access to your private keys. Rather, it stores them in an encrypted format within the wallet addresses. This further minimizes the chances of unauthorized persona gaining access to your digital assets.

Password recovery: When installing and activating your eToro wallet, you will be provided with a unique and private recovery key. You will need it to recover your private keys should you forget your wallet password or lose the mobile device holding your wallet.

On-Chain address: In addition to keeping the private keys on your behalf, the eToro crypto wallet creates a unique and private on-chain address for you. This is unique, and allows you to send, receive, and store your digital assets anywhere on the blockchain.

Setup and Configuration

Setting up your eToro wallet account is easy and straightforward. And it starts with downloading the free mobile wallet app and registering a new account. We have broken down this registration process. Here’s a step-by-step guide on how to go about it:

Step 1: Download and install the mobile wallet app

You can download the eToro mobile app for free from the official eToro website, Google Play Store (Android version), or App Store (iOS version).

Step 2: Create an account

Creating an account is quite easy. You only need to click on “join” at the top left-hand corner of the page and follow the prompts. Here, you will be required to enter a valid email address, password, and country of residence. Ensure you tick that you have read the terms and conditions before proceeding to the next step.

Step 3: Account verification

eToro clients are subjected to the standard KYC and AML protocols. First, the eToro Wallet team will send you a confirmation email where you need to verify your email. Next, you will be required to verify identity. It starts with an extended registration form that captures such personal details as your name, date of birth, physical address, and mobile phone number.

You then have to verify these details by providing the team with a photo of a government-issued identification document (ID/passport/driving license).

According to eToro, these are verified manually to ensure that only legitimate crypto traders have access to trading wallets, which goes a long way in curbing fraudulent crypto activities as well as eliminating cases of scams.

Step 4: Activate the app and start trading

Once verified, the app directs you to the user dashboard. Start depositing cash, buying, and selling crypto.

How to send cryptocurrencies to another wallet 

Step 1: Log into your eToro wallet via iOS or Android mobile application.

Step 2: Click on balance and select the cryptocurrency you wish to send.

Step 3: Select “Send” and enter the amount you would like to send as well as the recipient’s public address. Here, you have the option of keying in the wallet address or scanning their QR code.

Step 4: Confirm that the recipient’s address is correct and click “send.”

Step 5: You should receive an SMS with a verification code. Copy the code and click on “verify” to complete your transaction.

Step 6: You can check the status of your transaction by clicking on the “transactions” screen.

How to receive currencies from another wallet

Step 1: Start by logging into your eToro mobile wallet

Step 2: Head over to the “Balance” section and click on the digital currency you wish to receive.

Step 3: The app displays the wallet address corresponding to that coin. Copy and forward it to the parties from whom you wish to receive the cryptos.

Supported currencies

eToro operates in over 100 countries and supports over 120 different currencies and tokens. Some of the most popular ones include:

  • Litecoin (LTC)
  • Ethereum (ETH)
  • Bitcoin (BTC)
  • Stellar (XLM)
  • Tether (USDT)
  • Ox (ZRX)
  • Bitcoin Cash (BCH)

You can interact with the above currencies in crypto casinos such as Zet, True Flip, and CasinoFair.

eToro mobile wallet fees

eToro doesn’t charge you for downloading and installing their crypto mobile app. Neither do they charge subscription fees for using it. You will, however, be charged transaction fees every time you transfer cryptocurrencies out to other wallets and crypto exchanges.

This transaction fee varies based on such factors as the crypto coin involved and the amount of crypto transferred. Note that these blockchain fees aren’t imposed by eToro but by the individual cryptocurrency networks in which they are transfered, and collected by the blockchain miners responsible for verifying the different crypto transactions.

Your credit and debit card providers will also charge payment processing fees every time you buy crypto directly using a debit or credit card.

Additionally, eToro maintains Fiat-to-crypto conversion limits whereby a single transaction must have a minimum value of $125 and not exceeding $10,000. Further, verified retail crypto traders can only convert a maximum of $20,000 per day and a maximum of $50,000 per month. The crypto-to-crypto exchange limits, on the other hand, are set at $50,000 (crypto equivalent) per transaction and $200,000 (crypto equivalent) per day.

eToro wallet will also charge a 0.1% fee for in-app crypto-to-crypto conversions with the conversion rates set based on the market rates. Note also that the direct crypto purchase via debit/credit cards is yet to roll out worldwide and you might, therefore, (based on your country of residence) be forced to use third-party platforms like Simplex for your fiat-to-crypto conversions that charge a standard fee of 4% of the transaction amounts.

How does eToro compare with other wallets?

eToro wallet vs CoolWallet S

Besides the fact that both are mobile cryptocurrency wallets, CoolWallet S is a bit expensive. It retails at around $99. However, its high price might be because it is a mobile hardware wallet. And while they both are considered relatively safe, CoolWallet S boasts several premium security features – including the recovery seed. eToro on the other hand upbeats CoolWallet S in the number of supported currencies. eToro gives its wallet holders access to over 120 cryptocurrencies while CoolWallet Swallet only features 22 crypto coins.

eToro wallet vs. Ledger Nano S

Ledger Nano S is one of the most popular and one of the safest crypto hardware wallets. It can hold 1,000+ cryptocurrencies and tokens compared to the eToro wallet’s 120. It also features more security features including the storage of private keys in an offline environment. But while eToro mobile wallet is free, Ledger Nano S currently retails at $59 (exclusive of tax and shipping fees). Ledger Nano S also gives you absolute control over your coins. eToro’s inbuilt exchange and support for direct crypto purchases via debit and credit cards, however, make the crypto mobile app more versatile.

Customer Support

eToro mobile wallet’s customer supports start with their highly elaborative FAQs page on their website. It highlights and provides solutions to all the common challenges faced by different users when interacting with the crypto wallet app.

There are also several avenues through which eToro wallet users can request and access customer support. You can start by raising a support ticket on the website’s Help Center. Additionally, you may raise your queries by messaging eToro wallet support through such social media pages as Twitter, Facebook, and Telegram.

Pros and Cons of eToro Wallet

Pros

  • Easy-to-use and is suitable for new and expert traders
  • Has a trusted reputation for security and reliability
  • Supports fiat currencies and fiat-to-crypto conversions
  • Popular currencies include Ethereum, Bitcoin, and Litecoin
  • No need to memorize public and private keys

Cons

  • Can only be used on mobile devices
  • One may consider the number of cryptocurrencies and crypto pairs supported by eToro mobile wallet limited
  • eToro crypto wallet app is not available to US residents

Final Verdict: Is eToro Wallet safe?

eToro crypto wallet app has taken adequate security measures aimed at keeping their client’s digital assets safe. These include an optional 2-factor verification protocol, high-grade encryption of all the app’s communications with other wallets and third-party service providers as well as control over access to the private keys.

Other factors that may endear it to most users include the fact that it is free, allows for direct crypto purchases via credit/debit cards, and its ease of use. The only downside to the mobile crypto wallet is that the mobile wallet app has no desktop app alternatives.

Categories
Cryptocurrencies

CoinPayments Crypto Wallet Review: Features, Safety, Pros and Cons?

CoinPayments claims to be the best wallet cum payment gateway for cryptocurrencies and has integrated a wide range of both operational and security features that back up this claim. Whether you are looking to pay for goods and services using crypto, want to invest in digital assets, or simply exchange one crypto for another, CoinPayments is designed to meet these needs. It supports numerous cryptocurrencies, including all the ERC20 tokens.

CoinPayments claims to be the best wallet cum payment gateway for cryptocurrencies and has integrated a wide range of both operational and security features that back up this claim. Whether you are looking to pay for goods and services using crypto, want to invest in digital assets, or simply exchange one crypto for another, CoinPayments is designed to meet these needs. It supports numerous cryptocurrencies, including all the ERC20 tokens.

CoinPayments claims to be the best wallet cum payment gateway for cryptocurrencies and has integrated a wide range of both operational and security features that back up this claim. Whether you are looking to pay for goods and services using crypto, want to invest in digital assets, or simply exchange one crypto for another, CoinPayments is designed to meet these needs. It supports numerous cryptocurrencies, including all the ERC20 tokens.

As a fully-fledged cryptocurrency payment platform, CoinPayments is more than a wallet. It provides POS features, crypto conversions, mobile applications, and other functionalities that support the efficient use of cryptocurrencies. Plus, the site offers secure payment processing and swift confirmations.

CoinPayments was launched back in 2013, becoming one of the earliest cryptoprocessors to support altcoins. It is also one of the largest altcoin platforms and supports over 1925 coins and tokens, including Bitcoin, Ethereum, and Litecoin. Note that, at the time of launch, all platforms only supported bitcoin. CoinPayments seized the opportunity to provide a secure processing platform that supports a broader collection of cryptocurrencies. It is one of the most reputable multi-currency wallets available for both PC and mobile users.

Key Features:

Multiplatform:

CoinPayments is available in the form of a desktop app and compatible with all popular operating systems like Linux, macOS, and Windows. The crypto wallet is also available as a mobile app for both Android and iOS devices. You can access your wallet any time, provided you have an internet connection.

Auto coin conversion:

CoinPayments offers auto conversions for some of their altcoins, where you can exchange one coin for another inexpensively and without leaving the site. This feature covers popular coins, including Bitcoin, Ethereum, and Litecoin.

Impressive POS:

CoinPayments wallet app has a feature-rich and highly intuitive design. All the crucial features are within reach and require little to no help to use. The platform is beginner-friendly, and so are mobile apps. There’s also an option to store your coins in CoinPayments secure online wallets.

GAP600 integrated for Swift conversions:

Most wallets rely on third-party software for swift crypto payment processing and swaps. These service providers aren’t always safe or reliable and come at a steep cost. CoinPayments, on the other hand, integrates GAP600 technology that provides for instant Bitcoin payments and deposits as well as real-time crypto transfer to exchanges or other wallets.

Inbuilt exchange:

Coinpayments wallet app inbuilt exchange makes it possible for you to purchase various cryptocurrencies without leaving the wallet. Users can also accept payments in cryptocurrency, making the platform a complete payment processor for both personal and business use.

PayByName:

You can also give the Coinpayments wallet app access to your phone book and activate the PayByName feature. This allows you to send crypto to your phonebook contacts without necessarily copying or importing their wallet address. The feature further boosts the efficiency of the Coinpayments app by eliminating the need to memorize the wallet address.

Security features:

i) Password: Like most crypto wallets and processors, CoinPayments requires users to create a unique password for their accounts during registration. The password has to be at least ten characters and distributed between numbers, letters, and special characters. You can copy and use the recommended password, which is usually very strong and secure, or create one you can easily remember.

ii) Crypto vaults: CoinPayments cryptocurrency vaults are the highlight of the platform’s security. Users can lock cryptos in these vaults for a specified period within which no withdrawals will be permitted. If someone tries to access the vaults before the due date, the system will flag and review the activity, but all your crypto will remain safely locked.

iii) Data encryption: CoinPayments is protected by SSL certificates, regular scanning, and advanced security algorithms that ensure all the information stored within the crypto app – including your personal details and private keys are highly encrypted.

iv) Instant transaction notifications: Users will receive notifications for all activity in their wallet, including deposits, withdrawals, exchanges, and other transactions via email. If the action is suspicious, you can reach the customer support team directly to investigate or cancel.

CoinPayments ease of use:

Coinpayments wallet isn’t just one of the oldest crypto wallets in the market but also has one of the most user-friendly user interfaces. Their web wallet has a simple, yet charming blue and white theme with all the important features neatly arranged within the wallet’s dashboard. It employs a classic menu bar with all the essential tools you will use regularly.

You can also scroll down to find resourceful information about the platform and its features. Both the desktop app and mobile apps are user-friendly and suitable for everyone, including newbies. They load fast and are light, effectively providing you with a swift payment processing experience.

Supported currencies and countries

CoinPayments is one of the most inclusive cryptocurrency wallets in the market, with support for 1925 altcoins, including Bitcoin and Bitcoin Cash, Ethereum Classic, Ether, Litecoin, POA Network Coins, Litecoin, and Ripple.

All the ERC20 token coins are also supported, and you can purchase different types of cryptos on this platform. CoinPayments currently has over 2.2 million users across 182 countries, making it one of the largest crypto wallets you will ever encounter.

CoinPayments cost and fees

If you plan to use CoinPayments for non-commercial applications, the platform is free. Simply sign up and proceed to swap cryptos for free. CoinPayments will prompt new users to create either a personal or business account.

If you create a business wallet, you will be subject to an incoming transaction fee of 0.5%, imposed on merchants using APIs and checkout systems. Users will also pay added fees imposed by network miners that offer transaction verification and confirmation when transferring cryptocurrencies out to exchanges and other wallets.

Customer support

CoinPayments customer support team can be accessed via several channels where you can seek solutions to common and technical issues regarding your account or transactions. If you are experiencing problems with your account, you can reach the support desk by training a support ticket on the company website.

Simply go to the Contact Us page and click on the support wizard link to create a unique code which you will then open in Fresh Desk. An online form is also available if you want to reach support via email. Alternatively, contact them via their different social media pages.

Setting up the CoinPayments crypto wallet

How to set the CoinPayments crypto wallet:

Step 1: Sign up or download the CoinPayments app

To use CoinPayments, you must create a user account. Simply click on the Sign-Up button on the top right of the site’s homepage to begin the registration process.

For mobile users, scroll to the bottom of the site and find respective links to the app in Google Play Store (Android) and App Store (iOS). Once downloaded, install the app and launch it. You can then access the Sign Up section for registration.

Step 2: Complete registration

On the registration window, you will be required to pick a personal or business account, input a username, first and second name, email address, password, country, and time zone. Make sure you provide accurate information and agree to the terms and conditions.

You will also be required to input a capture image text. Upon registration, a confirmation email will be sent, and you must verify ownership by clicking on the link in the email to start using the wallet.

Step 3: Process payments using CoinPayments

CoinPayments allows you to accept payments in cryptocurrency, purchase crypto, and process all kinds of crypto transactions once your account is verified. You can access your wallet using the PC website or mobile app as information is synced between the two. You can also purchase gift cards or integrate shopping cart plugins from popular vendors.

How to receive currencies with CoinPayments

Step 1: Log into your CoinPayments account. Navigate to Your Wallet on the dashboard and click on the respective cryptocurrency options in the command section. The process to this point is similar to sending payments.

Step 2: Click on Deposit/Receive to open a new window. You will be required to fill in your wallet address. Simply copy the address and paste it on the space provided. You can also accept cryptocurrency payments using the PayByName.

Step 3: Click on Deposit to add the crypto to your wallet. Deposits are processed within 1 to 2 hours. When other people send money to your wallet address, the amount is automatically added to your account.

How to send currencies with CoinPayments

Step 1: Log into your CoinPayments account. If you are a newly registered user, the dashboard will open to an account setup wizard. You can click on the wallet to send and receive payments or Merchant to receive payments for goods and services. However, it is important to finish configuring the merchant account if you plan to use CoinPayments as a payment method for your site.

Step 2: To send cryptocurrency, click on Your Wallet on the dashboard to open a window containing all your balances. Each currency is in a row, including the balance and command you wish to apply. Click on the respective crypto options button (like BTC Options for bitcoin) and select Send/Withdraw from the drop-down list.

Step 3: In the new window, input the amount you want to send and the recipient’s address. You can enter the amount in your preferred (supported) FIAT currency, and the system will automatically convert it to the crypto.

Step 4: Click on Request Withdrawal to send the crypto. CoinPayments will send you a confirmation email you must click on to confirm the withdrawal, so head to your email and finish the process.

CoinPayments supported currencies

CoinPayments has the largest support for altcoins and currently accepts Bitcoin, Ethereum, Litecoin, Velas, Apollo, and Badcoin.  The platform supports up to 1925+ altcoins, and the number continues to grow as merchants are allowed to add new coins.

You will also find support for several FIAT currencies, including the Dollar, Euro, Pound, Franc, and Yuan. Currently, the wallet supports 60+ FIAT currencies, which is above any other wallet.

Pros and Cons of CoinPayments crypto wallet

Pros

  • Safe and secure cryptocurrency transactions
  • Supports all popular coins and FIAT currencies
  • Buy, Send, receive, sell, convert cryptocurrency
  • Provides swift confirmations and instant withdrawals
  • Simple beginner-friendly navigation

Cons

  • Charges fee of 0.5% on incoming merchant transactions
  • Long registration process
  • Support tickets are time-consuming to generate

How does CoinPayments compare with other wallets?

CoinPayments vs. Citowise

CoinPayments is in a league of its own when it comes to cryptocurrency processing. The site supports numerous coins and offers on-site conversions and POS features you can integrate into your eCommerce. Unlike Citowise, which is fundamentally a crypto wallet for mobile users, CoinPayments is a crypto payment solution that includes a wallet for both desktop and mobile users. It has a lot more features for merchants and sits among the top crypto processing systems available online.

CoinPayments vs eToro

eToro is more like Citowise and supports a few cryptos for users seeking to transact popular coins. However, it is nothing compared to CoinPayments, which provides a comprehensive payment processing solution and wallet. The only downside is merchants are charged a 0.5% fee on incoming transactions. eToro is free for both personal and business applications, although the app is only available for mobile users.

Final words

CoinPayments is one of the best cryptocurrency processing platforms you will encounter. The payment processor was the first to support coins other than Bitcoin and currently has the largest coin support online. You can transact with all the popular options or even add a new currency. Concerning platform features, CoinPayments allows you to own a personal or business wallet with various functionalities.

You can send crypto, deposit funds to your account, receive crypto payments, and use the auto conversion feature to convert currencies in the middle of a transaction instantly. CoinPayments is available for both PC and mobile users, distinguishing itself from other app wallets. It is also very secure, boasting a growing reputation among users.

Categories
Cryptocurrencies

Blockstream Green Wallet Review: What Makes This Crypto Wallet App Unique?

The Blockstream Green crypto wallet was developed by Lawrence Nahum and Jerzey Kozera of Green Address Inc. It was introduced to the crypto industry in 2013. But would, in 2016, be acquired by Blockstream, yet another blockchain technology company and renamed to Blockstream Green wallet.

The Blockstream Green crypto wallet was developed by Lawrence Nahum and Jerzey Kozera of Green Address Inc. It was introduced to the crypto industry in 2013. But would, in 2016, be acquired by Blockstream, yet another blockchain technology company and renamed to Blockstream Green wallet.

The Blockstream Green crypto wallet was developed by Lawrence Nahum and Jerzey Kozera of Green Address Inc. It was introduced to the crypto industry in 2013. But would, in 2016, be acquired by Blockstream, yet another blockchain technology company and renamed to Blockstream Green wallet.

Today, it is considered by far the most innovative and secure crypto wallet app, as well as the pioneer of multiple security features. The Blockstream Green wallet was, for instance, among the earliest to integrate multi-signature signing, allow two-factor authentication, introduce hierarchical deterministic wallets, and allow for dynamic Bitcoin processing fees.

In this review, we will be looking at all these features in detail and highlighting everything else you need to know about Blockstream green crypto wallet. We will be factoring in its operational and security features. We’ll also explore its pros and cons, cost and transaction fees and compare its efficiency with other crypto wallets.

We start by looking at its primary features:

Key features:

i) User-friendly: The Blockstream Green crypto wallet has one of the friendliest user interfaces. It features a simplistic design that makes in-app navigations seamless and eases interactions with the portfolio. It also features both basic and advanced settings that appeal to the beginner, intermediate, and experienced crypto enthusiasts.

i) Compatible with multiple OS: The Blockstream Green crypto wallet is also highly versatile and compatible with virtually all operating systems. The wallet desktop and mobile app version as well as a web version – available as a chrome extension.

iii) Hardware wallet integration: The crypto wallets versatility extends with its interactions with hardware crypto wallets. Blockstream Green wallet is, therefore, compatible with all the leading hardware crypto wallets, including Trezor and Ledger Nano models.

iv) Real-time account monitoring: The Blockstream Green crypto wallet allows you to monitor the value of your crypto balances in real-time via the apps and web version. It will also automatically email you a report of your transaction every time you send or receive your crypto.

v) Multiple accounts: While Blockstream Green is a specialist wallet that only supports Bitcoin cryptocurrency, it allows for the creation of multiple user accounts. You can, therefore, create an extra user account/wallet address for separating your digital assets. One wallet can, for instance, hold expense and savings accounts.

Security features:

Password:

Blockstream Green crypto wallet has a password as its primary security feature. You, therefore, will be required to set this 6-digit passcode when installing the crypto wallet app.

24-word recovery seed:

Additionally, the app or web wallet will also present you with 24 random phrases that represent its recovery seed. Write these down and store them in a safe place. They come in handy when recovering your private keys should you lose the wallet or forget the passcode.

Two-factor authentication:

This added layer of security eliminates the possibility of remote hacks. It demands that you attach a phone number to your wallet and receive login and crypto transfer verification codes via SMS or call. You can alternatively use ‘tether the app to your email’ and activate SFA via google authenticator.

Highly encrypted:

According to the Blockstream, Green wallets limit the amount perof sonal data collected of their clients while subjecting any data stored within the app – especially the private keys and passcodes – to strict encryption protocols.

Multi-signature wallet:

Blockstream green is a multi-signature wallet implying that two signatories must approve a transaction before it is executed. The first signatory is your password, and the other is the Blockstream servers.

Non-custodial:

All Blockstream green crypto and web wallets are non-custodial. Meaning that your private keys aren’t stored on the companies servers but on the individual device hosting the wallet. This gives near-absolute control of your digital assets while eliminating the possibility of a central point of attack for hackers.

Open-sourced technology:

The Blockstream Green wallet is also built on an open-sourced technology, which is, in itself, a guarantee of safety and transparency.

Hierarchically deterministic:

The wallet is hierarchically deterministic. That implies that it can automatically generate a wallet address for every new crypto transaction. This makes your crypto activity and transactions hard to track.

How to set up the Blockstream green crypto wallet app:

Step 1: Start by downloading and installing the Blockstream wallet app on your phone and desktop (download these apps from the official Blockstream website to get the most updated versions).

Step 2: Launch the app.

Step 3: Write down the 24-word recovery seed using the specific order in which they are presented by the app.

Step 4: Confirm your seed phrase and proceed to set the unique 6-digit passcode.

Step 5: You can now access your Blockstream green wallet dashboard and configure your desired transaction fees

Step 6: Create a Bitcoin wallet address

Step 7: Your wallet is now active, and you are now free to start adding Bitcoins.

How to add/receive crypto into your Blockstream Green wallet

Step 1: Start by launching your Blockstream green wallet app and clicking on the ‘Receive Money’ tab.

Step 2: This reveals your Bitcoin wallet address as well as the QR Code

Step 3: Copy the wallet address and send it to the exchange, wallet, or fiat-to-crypto conversion party from whom you wish to receive funds

Step 4: Wait for the Bitcoins to reflect on the wallet app.

How to send crypto into your Blockstream crypto wallet:

Step 1: Launch the crypto wallet app and click the ‘Send Money’ tab.

Step 2: In the pop-up window that appears, key in the recipient’s Bitcoin wallet address or simply scan their QR code if using a mobile crypto app.

Step 3: Enter the number of Bitcoins you wish to send

Step 4: Confirm that both the wallet address and the Bitcoin amounts are okay and click send.

Step 5: The transaction can take between a few minutes to several hours, depending on your preferred transaction fees.

Blockstream green ease of use:

One of the unique features of Blothe ckstream Green wallet is that it is highly customizable. It features both the basic and advanced app/web wallet settings for the intermediate and experienced bitcoin investor/trader. Some of the customizable features that experienced traders can take advantage of include transaction fees and auto-logout.

In addition to the four-tier transaction fee structure, experienced traders can decide to set a custom transaction fee to be paid in Bitcoin Satoshi. They can also add notes difto ferent Bitcoin transactions and set an automatic logout timer for their apps.

These and more add-ons like SPV synchronization and or PGP key have earned the crypto wallet app a nickname – ‘fancier wallet.’

Blockstream Green wallet supported currencies.

Despite all these operational and security features integrated into the Blockstream Green wallet, it will only support one cryptocurrency – Bitcoin. This sets it apart from its peers of equally advanced crypto wallet apps that support a wide range of cryptocurrencies and tokens. It also sets it apart from some Bitcoin-specific wallet apps that support both Bitcoin and its hard fork – Bitcoin Cash.

If you, however, wish to invest or interact with more crypto coins and tokens while enjoying the security and operational features of the Green wallet, consider integrating it with a hardware wallet.

Blockstream Green cost and fees:

Downloading and installing the Blockstream Green crypto wallet app is free, and so is using it to store your digital assets. You will, however, be charged a small transaction fee when you send Bitcoins from the app. But, you get to set the transaction fee when setting up the account.

Ideally, Blockstream Green crypto mobile and desktop app features five classes of Bitcoin transaction fees under the ‘Replace by fee protocol. The most pronounced are the low-fee transfer option that charges the lowest amounts but takes the longest to execute a transaction, the medium-fee transfer that charges moderate amounts for relatively faster transaction processing, and express-transaction fee that charges significantly higher fees for near-instant transaction processing.

You get to decide on your preferred transaction fee level when setting up your green wallet app. You, however, can always adjust this fee category at any time or shift to the other two pricing models – the customized Satoshi bitcoin payment plan or the economy-fee category. The later is only available on the desktop wallet app and only possible when sending Bitcoins to a wallet within 12 blocks from your physical location.

All of these fee categories are variable and dependent on the transaction volumes.

Blockstream green customer support:

Blockstream Green wallet’s customer supports starts with the FAQ page on the company website that guides you on how to interact with the app and provides solutions to common app challenges. The Blockstream website and both the desktop and mobile crypto wallet apps as well as its web wallet are multi-lingual and currently support over 12 of the most popular international languages.

We also found their customer support team quite friendly and highly responsive. And you can reach out to them by raising a support ticket on the company’s website or contacting them via email info@Blockstream Green.it. Alternatively, you can reach out to them through their different social media pages on Twitter, Facebook, and Instagram.

What are the pros and cons of the Blockstream green crypto wallet app?

Pros:

  • The crypto wallet app is highly secure and has integrated such advanced security features as 2-factor authentication, HD and, Multi-sig wallets.
  • The wallet installation process, as well as its use, are relatively easy and highly straightforward.
  • The Bitcoin-specialist wallet is highly transparent as it is developed on an open-sourced technology.
  • Blockstream green crypto wallet is quite a user friendly and features highly customizable features like different fee categories.
  • The fact that the Blockstream green wallet integrates seamlessly with crypto hardware wallets further boosts its security and number of supported currencies.

Cons:

  • Blockstream Green crypto wallet app will only support the Bitcoin cryptocurrency.
  • It has limited operational features. It doesn’t have such critical features as an inbuilt exchange.
  • Its online nature subjects it to several threats, include hacking and malicious malware.

Comparing Blockstream Green wallet with other crypto wallets

When compared to other hot wallets like Abra, Blockstream Green carries the day because of its security features and ease of use. Its key selling points include its highly innovative approach towards securing the wallet that has since been imitated by the entire industry, its highly customizable transaction fees, and intuitive user interface. But one can’t fail to notice that Abra supports way more cryptocurrencies, has more ways through which you can deposit crypto into the wallet, and active in-built exchange.

Save for the convenience that it offers frequent traders and the fact that it is free to acquire, Blockstream Green wallet’s features pale in the face of a hardware wallet like Trezor. The hardware wallet is considered more secure as it stores your private keys offline, supports a wide range of cryptocurrencies and tokens, and is more insulated from common threats dogging hot wallets like remote hacks.

Verdict? Is the Blockstream Green wallet safe?

Blockstream green wallet has a long history of keeping their client’s data and private keys safe. It was developed and is still maintained by some of the most experienced blockchain and crypto industry experts around. Since its inception, the wallet has led the industry by pioneering some of the most innovative security protocols that have since achieved global acceptance. Other factors that we believe endear this wallet app to most Bitcoin traders are the decongested and highly intuitive interface that makes it easy to use.

We, however, believe that the app would have an even larger following and user-base if it accepted more cryptocurrencies. Going forward, we would also like to see the bitcoin app integrating more features like an in-built exchange.

Categories
Cryptocurrencies

BitLox Wallet Review: What Are Its Key Features And How Does It Work?

BitLox hardware wallet is perhaps one of the best and most secure crypto wallets available today. It is developed by a Hong Kong-based company, BitLox Limited, and has been around since 2015. It offers incredible features and is capable of safety features like maintaining as much as 100 separate wallet addresses. What’s more, 50 of these wallet addresses are hidden and can only be unlocked by providing a unique PIN for that specific wallet.

bitlox bitcoin hardware wallet

BitLox hardware wallet is perhaps one of the best and most secure crypto wallets available today. It is developed by a Hong Kong-based company, BitLox Limited, and has been around since 2015. It offers incredible features and is capable of safety features like maintaining as much as 100 separate wallet addresses. What’s more, 50 of these wallet addresses are hidden and can only be unlocked by providing a unique PIN for that specific wallet.

BitLox hardware wallet is perhaps one of the best and most secure crypto wallets available today. It is developed by a Hong Kong-based company, BitLox Limited, and has been around since 2015. It offers incredible features and is capable of safety features like maintaining as much as 100 separate wallet addresses. What’s more, 50 of these wallet addresses are hidden and can only be unlocked by providing a unique PIN for that specific wallet.

But can BitLox compete with the likes of Trezor and Ledger? We provide you with detailed insight into everything you need to know about BitLox in this review. We also look at some of its key features, security, pros, and cons, as well as the supported cryptocurrencies.

Key Features

Cross-platform support: BitLox is capable of supporting several platforms, including Windows, Chrome OS, Android, Mac OS, Android, and iOS. 

Alphanumeric keypad: The device features a fantastic keypad that ensures you enter your PIN securely. An alphanumeric keypad provides you don’t have to tap into the screen display. 

Mnemonic recovery phrase: BitLox provides its users with an option of generating 12, 18, or 24-word phrases. Users can use the phrase to recover their funds or private keys in case their wallet is damaged or lost.

Hidden wallets: The best thing about BitLox is that it is capable of generating several hidden wallets for enhanced protection. It offers users the ability to enter an additional PIN that grants access to hidden wallets and can allow up to 50 hidden wallet addresses in total.

PIN encryption: The device allows users to create a highly sophisticated and more personalized PIN of up to 60 characters. Additionally, unlike the majority of hardware wallets, it is alphanumeric, which also means that it does not use numeric PINs.  

Titanium casing: The hardware comes in a titanium casing, which makes it durable. The company claims that it is “indestructible” and can withstand almost anything.  

Anonymity: The fact that it is a hardware wallet also means that it can be used anonymously. The only thing the device displays is the public address and does not reveal any personal information of the sender or recipient in all their transactions. 

BitLox Security

BitLox prides itself as one of the best crypto wallet companies offering exceptional features. Its ability to integrate top-notch features is, in fact, one of the primary reasons why crypto users choose it over other hardware wallets in the market.

Among some of its top features are the full hierarchical deterministic feature, 24-word mnemonic code, and the BIP39 and BIP32, which can be used to recover the wallet in case it is lost or damaged. What’s more, users are also required to enter the first PIN to unlock the device and the second PIN to open each wallet. 

BitLox has three levels of security. These include:

Level 1

A 4-8 digit PIN and 12-word mnemonic recovery phrases are generated.

Level 2

The 18-word mnemonic is generated, and users can create their PIN containing up to 20 characters. It also features advanced methods such as AEM.

Level 3

A 24-word mnemonic recovery phrase is created. Users are also required to enter a PIN for each transaction. 

How to Set Up BitLox Wallet

Step 1: Power on the device

Boot the device by holding down the power button for about 2 seconds. You might also want to connect it to a USB port to start the initial charging process. 

Step 2: Select your desired language

Once the device is fully charged, you can start your set up process by choosing your ideal language. BitLox supports ten international languages. Ensure you select a familiar type to avoid any setbacks. 

Step 3: Create passwords

Users are required to create passwords depending on three choices. Here is a highlight of some of these choices.

  • Standard– You will be required to create random numeric PINs with lengths between 4 and 8 digits. What’s more, you will need to back up a 12-word mnemonic back up phrase. 
  • Advanced– You are required to set PINs of up to 60 characters alphanumeric and a backup 18-word mnemonic phrase. 
  • Expert– This level will require the selection of PINs of up to 60 characters and a backup 24-word mnemonic phrase.  

Note that all the above security levels have an anti-device tampering recognition phrase setting that will require users to key in a specific PIN for every transaction. For safety reasons, ensure you write down your passwords in a safe location or PINs that can be easily memorized. 

Step 4: Device formatting 

At this point, the device will automatically format the storage area to prepare the device for use. Wait for the process to complete before you can proceed to the next step.

Step 5: Wallet setup

You will be prompted to enter your initial PIN based on the level of security you chose. Notably, if you don’t want to create a new wallet automatically, you can skip the process by pressing X until the process is canceled. 

Step 6: Set your wallet PIN

If you choose to create a wallet automatically, you will be prompted to set a new PIN for your wallet. 

Step 7: Backup mnemonic phrase 

After going through all the above steps, you will see a backup mnemonic screen. Ensure you write down the phrase and store it in different places to avoid losing it. 

Step 8: Complete setup 

Complete the setup by downloading the mobile app from the official website. You will be required to scan the QR code on the device to connect it with your mobile app. 

How to Send Funds from Your Wallet

Once the device is connected to your mobile app, you will be provided with a list of wallet addresses to add to your device. Choose your desired wallet and follow the prompts. What’s more, if you want to access a hidden wallet, you will be required to make a direct entry to the wallet number and enter the required PIN. 

After doing so, you can now choose the “send” option and enter the recipient’s address. You might also want to adjust the fee to at least 0.0001. This will help to expedite the process. Tap “SEND” on your mobile and click “DONE” when the sending process is complete. You will have successfully sent funds to your desired address with the highest form of security. 

How to Receive Funds

Receiving funds on your BitLox wallet is quite easy. All you need to do is click on the “RECEIVE” button to display the QR code and tap “share” to send the code to other people. In case you might need additional addresses, you can create a new one, but only after using the previous. Note that the device is designed to continue displaying the QR code even after the device is switched off as the e-paper screen does not use power. 

Supported Cryptocurrencies

BitLox specializes in storing only one type of cryptocurrency – Bitcoin. Even so, they have indicated on their website that they might be looking to add altcoin support and Ethereum. 

Customer Care 

Customer care support at BitLox can be reached through email and by phone, which is very impressive for cryptocurrency-related companies. Additionally, they offer a detailed user guide and recordings about setting up and utilizing the wallet. 

These recordings can be heard clearly, and you will find them to be quite helpful. What’s more, the guides will take you through setting up the wallet, how to use different exchanges on the site, and how to start using your wallet. 

Also, if you can’t break through to anybody on email or the telephone number provided, you can connect with them directly via their dedicated live chat. It also runs a Twitter and Facebook account. Its timely customer care response is among some of the critical things that make BitLox a reliable platform. 

Pros and Cons of BitLox

Pros

  • Powerless E-paper display continues to display addresses even when turned off
  • German menu
  • Titanium casing
  • Provides absolute anonymity
  • Full keyboard
  • Compatible with multiple platforms

Cons

  • Supports bitcoins only

Final Verdict: Is BitLox Security Worth Your Money?

If you are looking for a crypto hardware wallet that will guarantee top-notch security for your funds, you should try out BitLox. It is not only capable of encrypting all your transactions but also provides users with a simple and easy-to-use method of sending or receiving funds. It also offers quite a wide range of exceptional features. The only downside is that it only supports one type of cryptocurrency. Try it out, and there is no doubt that you will experience positive results.  

Categories
Cryptocurrencies

Sugi Wallet Review: Here Is Everything You Need to Know About SUGI Crypto Wallet

Sugi Wallet is one of the best hardware wallets in the market that was developed by the European Fintech Company, Sufitto. It is uniquely designed to provide crypto users with a unique crypto storage solution. Like the majority of hardware wallets, the device stores its private keys on the device. It does not integrate any kind of internet connectivity to prevent any form of online attack. Even without an online connection, however, the crypto hardware allows users to send and deposit crypto just as easy as using a bank. 

Sugi crypto wallet card

Sugi Wallet is one of the best hardware wallets in the market that was developed by the European Fintech Company, Sufitto. It is uniquely designed to provide crypto users with a unique crypto storage solution. Like the majority of hardware wallets, the device stores its private keys on the device. It does not integrate any kind of internet connectivity to prevent any form of online attack. Even without an online connection, however, the crypto hardware allows users to send and deposit crypto just as easy as using a bank. 

Sugi Wallet is one of the best hardware wallets in the market that was developed by the European Fintech Company, Sufitto. It is uniquely designed to provide crypto users with a unique crypto storage solution. Like the majority of hardware wallets, the device stores its private keys on the device. It does not integrate any kind of internet connectivity to prevent any form of online attack. Even without an online connection, however, the crypto hardware allows users to send and deposit crypto just as easy as using a bank. 

Even so, what makes it unique? It consists of the Sugi mobile wallet application and card. It allows users to store and make seamless and secure transactions with multiple cryptocurrencies. But, how does it compare to other popular wallets in the market? Read on as we will provide you with detailed insight into everything you need to know about it in this review.

Key Features 

OS compatibility: The device is compatible with iOS and Android systems. What’s more, Sugi only works with mobile devices with the Sugi app installed. 

Multi-currency support: The Sugi card is capable of supporting a myriad of cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH).

Secret PIN sharing scheme: Sugi is specially designed to assist its users with their fund’s recovery process in case they forget their PIN or lose their cards. It integrates a secret PIN sharing scheme that is quite helpful despite users not having access to their funds.

Easy-to-use: The device is specially designed with a unique design that makes it quite easy to use. Typically, if you can tap a card, you can use Sugi. You don’t need crypto experience to utilize the wallet. 

Backup phrase: Like the majority of hardware wallets, Sugi comes with a backup phrase that can be used to restore access to your funds when you lose your card or forget the PIN. 

Offline private keys storage: Sugi wallet is a unique hardware wallet that securely manages its user’s cryptocurrency private keys. They are safely stored offline, and they never leave the device. 

Uses near field communication (NFC) card: Sugi is uniquely designed as an actual PIN-protected near field communication (NFC) card hardware wallet.

Sugi Security   

The best thing about Sugi is its ability to integrate its NFC card on Android portable devices. The card holds a special key that is safely stored in the secure element (SE) and allows users to transact on multiple blockchain networks. What’s more, the keys are stored offline, which makes it an ideal option for crypto users looking for a secure cryptocurrency hardware wallet. Notably, the wallet also complies with the security standards in the European Union (ISO/IEC 14443).

Sugi is also designed with a backup phrase that can be used to restore your access to funds in case your card is lost or damaged. It recovers your funds through a secret sharing scheme that breaks down information to different parties. Notably, the data is divided in a manner that no single party can access the funds without the specific keys. It was created by some of the most experienced engineers in the industry since 2009.   

How Does the Sugi Wallet Work?

The Sugi card is quite easy to use. You only need the Sugi mobile app, and you are good to go. Unlike the majority of hardware wallets that requires a laptop or desktop to configure, Sugi wallet is relatively easy to use. Its design makes it easy for anyone, mainly because it does not require a lengthy and complicated setup. You just need to know how to tap the card and make payments. Read on for an insight into how to use the card to make payments.

How to Make Payments Using the Card

If you are looking to make payments with the Sugi card, here are the three steps you need to follow:

Step 1: Download the app

The first step is the download the app from Playstore or iTunes- depending on the device you are using. 

Step 2: Create an account

After the download is complete, open the app and create your account. You will be prompted to enter your email address and set a PIN. Confirm that you have read the terms and conditions and click on “create account” when you are done.

Notably, ensure you have confirmed your email address for your account to be active.

Step 3: Tap the card on your phone

It is as simple as it sounds. You are only required to tap the card on your phone.

Adding cryptocurrency to your Sugi wallet

The process of adding coins to your Sugi card is pretty much the same as the majority of hardware wallets in the market. You are required to load your cryptocurrency on your mobile wallet first. After doing so, you can conveniently access the funds from your mobile app. To receive funds, go the “balance” section from the app, copy the address, and sent it to the sender. 

Supported Currencies

Sugi supports quite a good number of popular cryptos, including Ethereum (ETH), Bitcoin Cash (BCH), XRP (XRP), Litecoin (LTC), and all ERC20-based tokens. The company has also hinted that it is looking to add more cryptocurrencies in the future. What’s more, it is also planning to incorporate fiat functionality by partnering with several banks in Europe. 

Pros and Cons 

Pros

  • Users only need to authenticate transactions by tapping the card on the phone
  • It features both cryptocurrency and fiat payments
  • It is the only hardware wallet with NFC card
  • The card can be customized 
  • ATM withdrawals and in-store payments are among some of the device’s future implementations
  • Cheaper compare to the majority of hardware wallets

Cons

  • Can only be used with mobile apps
  • Does not support fiat currencies 

How Does Sugi Compare to Other Crypto Wallets

Ledger Nano S vs. Sugi Wallet

There is no doubt that when it comes to convenience and ease of use, the Sugi Wallet is perhaps one of the best options. However, Ledger Nano S has much to offer. For instance, it supports more than 1,000 cryptocurrencies and features advanced security features. It also comes with an added Bluetooth functionality, a higher quality screen, and more memory. Even so, the Sugi wallet has pretty much everything you need on the go. 

Guarda wallet vs. Sugi wallet

Guarda is a multi-platform wallet with a user-friendly interface that is specially designed to manage, store, receive, and transfer digital assets. The criterion of functionality integrated into the Sugi wallet is pretty much the same as Guarda’s wallet. The only difference is that Sugi is much easier to operate and incorporates a unique near field communication (NFC) card. 

Customer Support

One of the best things about Sugi is its timely customer support. Users can contact the support team either through their email or live chat. They offer their services daily, which also means that you can contact them 24/7. Apart from that, they also feature a detailed frequently asked questions (FAQs) section to help users find quick answers to any of their queries. Plus, the team will guide you through the fund’s recovery process should you forget your password or lose your PIN. 

Sugi Wallet Price

Sugi card is available for purchase in three plans. You can choose the newbie plan and buy the card for $59.90 or the Pro plan that offers the card for $69.90. Note that the pro plan offers two cards and the option of personalizing them by embossing your name or nickname on the card. Alternatively, you can choose to go with the expert version that offers two customized Sugi cards for $119.90. Typically, all the cards in these plans just look like a regular payment card with a wallet’s logo imprinted on them. 

Verdict: Is Sugi Hardware Wallet Worth Your Money?

If you are looking for a crypto hardware wallet that is extremely easy to use, you should try out Sugi. It is one of the best options for newbies or crypto users on the go. The fact that it is the first of its kind to integrate an NFC to communicate makes it unique. What’s more, it also comes as the best option for traders on the more but is worried about their security. The device guarantees your private keys never leave your wallet.

Categories
Cryptocurrencies

Coinapult Wallet Review: Features, Pros and Cons, Privacy, and Supported Currencies 

When we talk of crypto wallets with a highly sophisticated security system, Coinapult leads the pack. The wallet was established in 2011 and boasts a team of specialists dedicated to providing crypto enthusiasts with a secure and easy way to send or receive cryptocurrencies. 

Coinapult crypto wallet app

When we talk of crypto wallets with a highly sophisticated security system, Coinapult leads the pack. The wallet was established in 2011 and boasts a team of specialists dedicated to providing crypto enthusiasts with a secure and easy way to send or receive cryptocurrencies. 

When we talk of crypto wallets with a highly sophisticated security system, Coinapult leads the pack. The wallet was established in 2011 and boasts a team of specialists dedicated to providing crypto enthusiasts with a secure and easy way to send or receive cryptocurrencies. 

In 2015, they teamed up with Crypto Capital, a licensed financial institution, to offer seamless transactions and facilitate the accessibility of Bitcoins across the globe. Headquartered in Panama City, Panama, one of the top features at Coinapult is its security. It integrates SSL-encryption and two-factor authentication, plus their wallets have the multi-signature feature, which significantly enhances its security. 

Coinapult is easy to use and integrates intuitive features such as Tender Wallet Bot (Telegram), which allows users to send funds to other users through the in-app chat. In this Coinwallet crypto wallet guide, we take an in-depth look into its features, pros and cons, privacy, and many more. However, before we get into details, let’s first explore some of its top features. 

Coinapult wallet features

Superb security: Security is the greatest concern at Coinapult. For this reason, the wallet integrates a couple of top-notch features, including enhanced protection from DDoS attackers and SSL encryption. It also features such advanced security features, email reports of logins, and many more.

OS compatibility: Coinapult is also compatible with almost any operating system, including API, Web Interface, Windows, iOS, and Android. All you need to do is install the app. 

Traditional currency support: Unlike the majority of crypto wallets, Coinapult integrates a couple of traditional currencies, including US Dollar (USD) and Euros (EUR).

Security features

Password encryption: Apart from an elastic multi-stage wallet strategy that ensures 80 to 90% of your funds are secure, Coinapult uses an additional password protection mode to secure its users’ funds.  

Cold storage: As an added security measure, users can store their crypto assets or data in a USB-like device in a highly secure offline environment. What’s more, all this data is stored under a multilayered security system under a registered “custodian.”

Offline configuration: The best thing about Coinapult is that its settings can be configured offline. It is possible to configure the most sensitive aspects of your wallet’s security without an internet connection. 

Coinapult Privacy

One of the main reasons why crypto enthusiasts seek the services of Coinapult is because it adheres to privacy. The wallet integrates numerous privacy features such as a 2-factor authentication and a white list option. Plus, 80-90% of their user’s funds are stored offline. 

Moreover, all its transactions are required to pass through an enhanced verification process that requires users to provide their PINs or passwords to access the wallet. Their keys are also stored in an exchange platform to calculate crypto index prices, generate dynamic bidding as well as asking prices depending on transaction classes.  

Supported currencies 

Coinapult prides itself as one of the most popular coins with quite a huge number of currencies in the market. What’s more, it supports both traditional and cryptocurrencies. Below is an insight on some of these coins:

  • Cryptocurrencies supported: Bitcoin (BTC), Litecoin (LTC), Ethereum, DASH, Bitcoin Cash,  and many more. 
  • Traditional currencies: Euros (EUR), US Dollar (USD), Sterling pound (GBP)

In addition to these currencies, Coinapult also offers Gold and Silver commodities trading. 

Setting up the Coinapult wallet

Coinapult maintains one the easiest and fastest method to transfer, send, and accept Bitcoin payments. Below is a detailed guide on how to go about setting up your wallet:

Step 1: Download and install Coinapult

The first step is to download Coinapult. You can find it from Google Play, iOS, macOS. Alternatively, if you are using a desktop platform, you can sign up at https://coinapult.com/signup to create a new account. 

Step 2: Create a new account 

Whether using a mobile or desktop platform, the first step is going to the website’s homepage and creating an account. Ensure that you enter the required credentials before going to the next step.

Step 3: Backup your recovery phrase

This is perhaps the most important step while setting up a new wallet at Coinapult. You will be required to backup your recovery phrase, preferably writing it down on a piece of paper.  

Step 4: Verify your email

After registering an account, you will be required to verify your email before your account can be activated.

Step 5: Choose your ideal currency at https://coinapult.com/locks/

After activating your account, it is imperative to ensure you choose a list of your ideal currencies. 

Step 6: Fill in the total amount you want to send or receive

Key-in the amount you wish to send or receive at the “lock amount” box before heading to the next step.

Step 7: Complete your transaction

After going through all the above steps, your account will be ready for use. You will have successfully sent funds to your desired address through an encrypted .zil domain. It is that simple. 

Note that for a transaction to be successful, the platform should show the resulting invoice of the other transacting party at the top right corner. For subsequent transactions, you are required to repeat these steps. Bear in mind that the quick and easy merchant setup does not include bank statement capabilities. 

How to Send Bitcoin to an Address via SMS

So, what if you don’t have internet access? You can still send funds to any address – as long as they are registered with Coinapult. Technically, the addition of this feature also means that you can send Bitcoin to anyone across the world, with or without the internet. 

The best thing about this feature is that if the recipient does not have an existing account, one is automatically created. They will receive a confirmation message that their Bitcoin has successfully been sent and stored in their wallet as well as instructions on how to withdraw these coins.

To use the SMS feature, however, you will need to key in certain commands.

First, you will need to sign in and add your phone number. Use the command “send” + recipient’s phone number + {amount of Bitcoins}. Below is an example of such a command:

You: send +57744433331.3456

Coinapult: Send 3.4995btc to 8885532221 and Respond “yes 1q2hj6” to confirm

You: yes 2r4hh4

Coinapult: Funds sent. Balance: 4.56btc

Wallet security 101

Now that you have successfully created your Coinapult wallet, there are several things you should take into consideration. These include:

  • Watch out for malicious malware on your PC: Some malware is capable of using vulnerabilities in your PC to access your private keys. Ensure you have installed a powerful antivirus to enhance your safety.
  • Keep your recovery phrase safe: Note that in case you lose your “word seed,” “recovery phrase,” or “root key,” it is impossible to access your account. 

Customer support

Coinapult takes pride in its exceptional support team. They provide their customers with real-time feedback via their email or live chat. What’s more, they offer a plethora of user-friendly guides as well as a detailed Frequently Asked Questions (FAQs) section. 

Additionally, you can also contact them via their interactive social media platforms, including Facebook, Twitter, and LinkedIn accounts. 

Coinapult Wallet Compared to Other Competitors

Coinapult is indeed one of the most secure crypto wallets with sophisticated security features. It integrates 2-factor authentication and has a centralized validation mode of transaction. Further, it is quite easy to send or receive funds to the crypto wallet. You can even send your coins via SMS, which makes it a better method for individuals without an internet connection as well as for on-the-move transactions. 

All you need to do is follow the prompts while sending SMS commands, and you’ll be good to go. What’s more, it also features some amazing features, such as sending Bitcoin via email or directly from the Telegram app. The ability to integrate these unique features makes it one of the best platforms in the market. 

Pros and Cons of Coinapult Wallet

Pros

  • Its security is top-notch
  • The registration process is quite easy and straightforward
  • It is open-source
  • 2-factor authentication
  • Multi-signature

Cons

  • One may consider their customer support sluggish

Final Verdict: Is Coinapult Wallet Worth Your Money? 

Although Coinapult is not the top-rated crypto wallet in the market, it has gained a reputation and features among the safest platforms. It would be the go-to option for crypto enthusiasts looking for a Bitcoin wallet that supports such traditional currencies as the US Dollar (USD) and Euro (EUR). 

Categories
Cryptocurrencies

Exodus Wallet Review 2020: Is it safe & What are its Fees?

Despite launching its services as recently as  2016, the Exodus Crypto wallet has gained a lot of popularity mainly because it supported multiple currencies and in-app exchange. The crypto wallet is a late entrant into the crypto space, which has mastered the common faults of the established crypto wallets and sought to improve on them. For instance, most crypto wallets that rival Exodus have paid too much attention to the security of their sites at the expense of ease of use. This software wallet seeks to address this by providing one of the easiest sites to use. 

Despite launching its services as recently as  2016, the Exodus Crypto wallet has gained a lot of popularity mainly because it supported multiple currencies and in-app exchange. The crypto wallet is a late entrant into the crypto space, which has mastered the common faults of the established crypto wallets and sought to improve on them. For instance, most crypto wallets that rival Exodus have paid too much attention to the security of their sites at the expense of ease of use. This software wallet seeks to address this by providing one of the easiest sites to use. 

Despite launching its services as recently as  2016, the Exodus Crypto wallet has gained a lot of popularity mainly because it supported multiple currencies and in-app exchange. The crypto wallet is a late entrant into the crypto space, which has mastered the common faults of the established crypto wallets and sought to improve on them. For instance, most crypto wallets that rival Exodus have paid too much attention to the security of their sites at the expense of ease of use. This software wallet seeks to address this by providing one of the easiest sites to use. 

In this review, we look at these Exodus crypto wallet features and benefits in detail. We’ll also vet some crucial aspects of the crypto wallet like safety, cryptocurrencies supported, and fees.

Exodus Wallet Key features

Versatile design: One of Exodus crypto wallet’s biggest selling points is its highly versatile design.  It is one of a handful of crypto wallets that allow for the full customization of the user interface, including changing theme colors. The information is also displayed in a well-thought-out, organized, and easy-to-use manner.

Mobile app available: Exodus started out as a desktop wallet but has since launched the Exodus crypto wallet app. It has all the features of the Exodus desktop wallet safe for portability.

Pairs app and Desktop apps: The software wallet ensures that you don’t have to create separate user accounts for your desktop and mobile apps. You can easily pair them and gain absolute control over your digital asset portfolio both at home or office behind your desktop and on the smartphone while on the move.

Features a built-in exchange: Most crypto wallets are stand-alone, forcing you to register with two separate entities – the exchange and wallet provider. Exodus, on the other hand, provides you with both a secure wallet and a built-in exchange featuring all the popular coins.

Compatible with popular OS: The Exodus desktop app is available for all types of operating systems. From macOS to Windows and even Linux. 

Compatible with Hardware wallets: Exodus is also compatible with some of the most popular and highly secure hardware wallets like Trezor. Integrating your Exodus app with a hardware wallet not only adds an extra security layer over the wallet but also exposes you to 1000+ coins.

Features a portfolio tracker: Most wallets have fallen short of the investment and trade aspect of crypto trading. Exodus hopes to change this by providing wallet users with a portfolio-tracking tool that helps them keep track of their digital assets in real-time.

Lite wallet: Exodus is a lite crypto wallet, meaning it doesn’t download the entire blockchain to your phone or desktop. As such, it won’t drag the performance of either device.

Security features

Password protection: The Exodus crypto app is password protected. You will create the password during account creation, and you will need to provide it every time you want to log into your account or authorize a transaction.

Recovery phrase: In case you forget the password or lose your phone, you can still recover your Exodus crypto wallet account and private keys therein, if you have the recovery phrase. This is a 12-word seed provided to you during account creation.

Semi-Open sourced protocol: Exodus has also open-sourced the most crucial parts of its wallet protocol. Most of the open-sourced aspects of the wallet relate to security, but it holds onto proprietary rights for most of functionality and user interface designs.

Anonymous trading: You don’t need to complete a user profile to open an Exodus crypto wallet. Neither do you need to confirm and verify your identity before making a transaction. The fact that Exodus will only support crypto-to-crypto exchanges leaves much room for anonymous trading.

Biometric Touch and Face ID authentication: Exodus crypto wallet is one of the few web-based crypto wallets that have a biometric security system. You can use the Face ID as well as Touch ID to access your wallet.

Currencies supported

Exodus crypto wallet currently supports up to 102 cryptocurrencies. Among them, the most popular coins and tokens like Bitcoin, Bitcoin Cash, Litecoin, Dash, Ethereum, Ethereum Classic, Ripple, Tether USD, True USD, and more. Integrating it with popular hardware wallets like Trezor or Ledger Nano also boosts the number of currencies you can access.

The wallet company is continually updating its list of supported tokens. Their full and updated list of supported currencies is accessible from their FAQ section, under ‘Assets’ and ‘Supported Assets and Links.

Exodus Wallet cost and other fees

You will not be charged a fee to download, install, and interact with the Exodus crypto wallet. You will nonetheless be charged a small transaction fee when you send coins from the Exodus wallet to another or transact within the Exodus built-in exchange. The transaction fee for both cases varies depending on the transaction amounts.

Setting up the Exodus Wallet:

How to install Exodus Wallet:

Step 1: Download the Exodus desktop app on the Exodus website. The smartphone app is available at the Android and iOS app stores.

Step 2: Install the app, during which you will be required to set up the crypto wallet password.

Step 3: After verifying the password, Exodus will provide you with a 12-word recovery seed phrase. Copy the seed phrase or write it down and store it in a safe place offline

Step 4:  Though not advisable, you can also choose to use your email as the backup for your exodus wallet.

Step 5: Proceed to the app customization part where you get to change such factors as the app themes or the base currency for your portfolio.

Step 6: You are now set to start receiving and sending coins and tokens.

Sending and receiving coins:

To receive funds into your Exodus Wallet:

Step 1: Log in to your wallet

Step 2: Click on the receive icon, and the app will display all the available wallets

Step 3: Click on the wallet of the cryptocoins you wish to get the wallet address and QR code that you can send the sender.

To send payments from your Exodus Wallet:

Step 1: Log in to your Exodus crypto wallet

Step 2: Click the wallet icon on the left side of the desktop app screen.

Step 3: Scroll down to find the coin/token you would like to send and hit the ‘Send’ icon

Step 4: Enter the recipient’s address and the amount you wish to send and hit send.

Step 5: On the confirmation window that appears, check if the wallet address and amount are correct and send

Exodus Wallet hardware wallet pros and cons:

Pros:

  • It has multiple security features, including an email and offline backup for your wallet.
  • It’s a highly versatile wallet that’s compatible with multiple desktop and smartphone operating systems.
  • The desktop/mobile app integration makes it easy to access your portfolio while on the move.
  • The app is highly customizable and easy to use and thus beginner-friendly
  • Its compatibility with hardware wallets gives it a security boost.

 Cons:

  • One may consider their transaction fees to be relatively high.
  • The wallet doesn’t support the more secure two-factor authentication feature.
  • Doesn’t support crypto-to-fiat transactions

Exodus Wallet compared to competitors

In comparing Exodus to both hardware wallets like Trezor or Ledger Nano and online crypto wallets eToro and Coinbase, there are clear differences. The hardware wallets beat Exodus wallet hands-down when it comes to keeping your private keys secure. For instance, unlike Exodus, which only has limited security features and no two-factor authentication, hardware wallets have multiple security layers like keeping your keys offline under passcode. Their devices also have buttons that must be long-pressed to authorize transactions.

The web-based crypto wallet is not any different from most online and exchange-backed crypto wallets like eToro. They serve the same purpose and have pretty similar features. But in addition to making it possible to store private keys offline or copying them on a piece of paper, Exodus has gone a step further and introduced the face and Touch ID features.

Customer support:

Exodus crypto wallet maintains a responsive customer support service that’s available over via the live chat option on the company website. Similarly, wallet users can access help on the site’s FAQ page or by contacting the support team via different social media platforms.

Verdict: Does Exodus Wallet live to its reputation?

Exodus cryptocurrency wallet is a newcomer, and much of this project is still a work in progress. The wallet has already hit impressive milestones in consistent security upgrades and the incorporation of newly supported currencies. Moving forward, one can only expect the wallet to increase the number of its security features and measures taken to keep the wallet contents safe. It is our opinion that Exodus cryptocurrency wallet is appropriate for use by beginners and active traders looking for an online wallet that’s supportive of fast transaction processing.

Categories
Cryptocurrencies

Jaxx Liberty Wallet Review 2020: Is It Safe & What Are Its Fees?

Jaxx Liberty, a multi-currency wallet, is the updated and feature-rich version of the Jaxx wallet by Decentral Inc. Launched in 2016 as Jaxx Classic wallet, it has, over the years, been subjected to several updates and operational adjustments, which turned it into a cryptocoin ecosystem.

Jaxx Liberty, a multi-currency wallet, is the updated and feature-rich version of the Jaxx wallet by Decentral Inc. Launched in 2016 as Jaxx Classic wallet, it has, over the years, been subjected to several updates and operational adjustments, which turned it into a cryptocoin ecosystem.

Jaxx Liberty, a multi-currency wallet, is the updated and feature-rich version of the Jaxx wallet by Decentral Inc. Launched in 2016 as Jaxx Classic wallet, it has, over the years, been subjected to several updates and operational adjustments, which turned it into a cryptocoin ecosystem.

Jaxx has such advanced features as an inbuilt exchange, real-time news monitors, and market data/portfolio trackers. It also boasts of an experience-laden development team, led by Anthony Di Iorio. The Canadian Entrepreneur was the first executive director of the Chamber of Digital Commerce in Canada, as well as the Ethereum co-founder. His guidance has been instrumental to the ever-growing popularity and reputation of the Jaxx Liberty wallet. And all these distinguish Jaxx Liberty from other multi-currency crypto wallets that only serve as vaults for digital currencies.

In this Jaxx wallet review, we will be exploring some of the wallet’s key operational and security features, pros, and cons, vetting its setup process, and ease of sending/receiving coins into the wallet.

Jaxx Liberty Wallet Key features

User-friendly interface: Jaxx Liberty wallet has one of the friendliest user interfaces. And one of its key features includes a unified dashboard system that makes it possible for users to view and interact with all the key wallet features and digital assets on one screen.

Shapeshift integration: Unlike most of the other wallets -that require multiple transfers in and out of exchanges every time you wish to convert your coins to another currency- Jaxx Liberty integrates shapeshift technology. Shapeshift refers to an in-built exchange that allows Jaxx Liberty wallet users to convert their digital assets from one coin to another within the wallet app.

Multi-platform support: Jaxx Liberty is highly versatile and integrates with virtually all popular operating systems. There are different versions for Windows, macOS, and Linux desktop operating systems. The wallet is also available in both Android and iOS smartphone app versions as well as via a chrome browser extension.

Market data tracker: One of the most valuable additions to the Jaxx Liberty wallet not available with its predecessors, is the market data tracker. This allows you to follow market trends, compare price changes, and monitor the market capitalization for different coins in real-time within the app.

Features a portfolio tracker: The unified dashboard doesn’t just provide a view of your crypto assets but also features portfolio tracking tools. These make it possible to monitor the value of your portfolio in real-time without leaving the wallet app.

Newsfeed integration: Traders and investors don’t have to leave the app to source for the crypto industry news and research. Jaxx Liberty has a special section dedicated to the most recent news and events that relate to and impact the crypto industry.

Integration with third party exchanges: In addition to Shapeshift, the Jaxx Liberty wallet also integrates with the all-popular crypto exchange – Changelly.

Security features

Anonymous trading: Jaxx Liberty collects as little information about their Crypto wallet users as possible. The wallet, for instance, doesn’t ask for any of your sensitive user information like national identification number, full names, or address. This ensures that even if the platform was breached, their user’s privacy is guaranteed.

Password protection: You get to set up a strong password upon activating the Jaxx Liberty Wallet. The password is unique to your wallet, and you will need it every time you want to log into the app or confirm a crypto transaction.

Recovery seed:  Like virtually every other crypto wallet, Jaxx Liberty has a 12-word backup seed. You get to generate this during the app setup, and it comes in handy in helping you recover your private keys, should you misplace/lose your device, or forget your password.

Hierarchical deterministic: A hierarchical deterministic wallet is a wallet whose design allows it to generate different random addresses for different transactions. It implies that every time you transact with the Jaxx Liberty wallet, it will generate a random public key. This goes a long way in masking your real public key and swaying off hackers.

Automated updates: You will receive automated wallet patches and updates. The automation is key here, as it provides protection and seals off any wallet vulnerabilities as soon as they are discovered, effectively minimizing the risk of manipulation.

Currencies supported

On their website, Jaxx Wallet claims that their wallet makes it possible for you to send, receive, and manage 90+ cryptocurrencies on their platform. These include all the popular coins like Bitcoin, Bitcoin Cash, Litecoin, Dash, Dogecoin, Ethereum, Ethereum Classic, and numerous other tokens. 

Jaxx Liberty Wallet cost and other fees

Both the desktop and smartphone Jaxx Liberty Crypto wallet apps are free to download and install. You, however, will be charged a small transaction fee every time you send coins from your wallet or use the inbuilt exchange to convert your assets from one coin to another.

There are three classes of fees that include low, typical, and higher fees depending on the number of currencies being transacted, and the speed at which you would like the transaction completed. Interestingly, however, these fees all go to the blockchain miners confirming the transactions.

Setting up the Jaxx Liberty Wallet:

How to install Jaxx Liberty Wallet:

Step 1: Start by downloading and installing the desktop or mobile app from the Jaxx Liberty wallet website.

Step 2: Select the ‘Create New Wallet’ option and agree to the wallet’s terms and conditions.

Step 3: Proceed to create a strong and multi-character password for your wallet – the longer the password, the better.

Step 4:  Atop the wallet interface will appear the ‘Backup banner’ requesting you to create a backup for your wallet. Click here and write down the 12 seed words provided. Keep these words safe as you will need them to recover your private keys if you ever forget your password.

Step 5: The app will have a default address for bitcoin, and you can proceed to create wallet addresses for other coins you wish to receive.

Step 6: You can start sending and receiving digital coins, monitoring your portfolio, and tracking the crypto markets.

Sending and receiving coins:

To receive funds into your Jaxx Liberty Wallet:

Step 1: Click on the receive icon on the wallet interface page.

Step 2: Proceed to select the coin you want to receive and wait for the hierarchically deterministic wallet to generate a wallet address.

Step 3: The wallet will present you with an address that you can copy and send to your sender as well as a QR code that you can print and send to the person from whom you wish to receive the digital coins.

To send payments from your Jaxx Liberty Wallet:

Step 1: Click on the Send icon on the wallet interface.

Step 2: Select the coin you wish to send.

Step 3: Input the receiver’s wallet address and the number of coins you wish to send.

Step 4: Confirm that the details are correct and hit the send button.

Jaxx Liberty Wallet hardware wallet pros and cons:

Pros:

  • The wallet is compatible with virtually every operating system.
  • Jaxx embraces a raft of security features, including the fact that it is hierarchically deterministic.
  • The wallet is user friendly and easy to interact with, for both beginners and experienced crypto-traders.
  • The Jaxx Liberty wallet is feature-rich, and you don’t have to leave the app to transact or get market information.
  • Acquiring the Jaxx Liberty wallet is free and maintains inexpensive transaction fees.

 Cons:

  • Jaxx wallet was breached in 2017, and hackers made away with over $400,000 worth of coins.
  • The wallet is incompatible with hardware wallets. One may consider the number of digital currencies supported by the broker to be quite low
  • It’s a hot wallet and, therefore, requires you to maintain powerful antivirus software to keep malware out, which might be costly over time.

Jaxx Liberty Wallet compared to competitors

Comparing Jax Liberty against most other hot wallets like Coinbase, eToro, and Electrum, we note that it has its fair share of strengths and weaknesses. Unlike the smartphone Electrum wallet, for instance, Jaxx Liberty isn’t compatible with the more secure hardware wallets and also supports a fewer number of crypto coins. Similarly, Jaxx is not as secure as the exchange linked hot wallets like eToro and Coinbase, which store their clients’ crypto assets in cold wallets. It can, nonetheless, be said to have more sophisticated operational features compared to most of these other crypto wallets.

Customer support:

Jaxx Liberty has one of the most responsive customer service desk. And while this team isn’t accessible via the phone, they are readily available via email and on all social media platforms.

Verdict: Does Jaxx Liberty Wallet live to its reputation?

Given the wallet’s association with De Iorio, a renowned blockchain specialist, and Ethereum co-founder, one would expect Jaxx Liberty to be one of the most formidable wallets out there. Its support for just handful currencies, a history stained with a significant security breach, and subsequent loss of clients’ funds, as well as the lack of solid security features like the 2FA or face ID, dents its reputation. We, however, would like to appreciate it’s easy to use and feature-rich platform, which makes Jaxx one of the best crypto wallets for beginners and low-volume traders. 

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Cryptocurrencies

Coinbase Wallet Review 2020: Is It Different Coinbase Exchange?

Coinbase wallet is a standalone crypto vault developed by the San Francisco based tech-startup and one of the world’s biggest cryptocurrency exchanges – Coinbase. The wallet is online-based and free to all. The wallet has gained over time a reputation and massive following in the crypto industry not just because of its close association with the Coinbase Exchange but also due to its safety, accessibility, and support for numerous digital coins. Coinbase wallet is also is one of the few hot wallets that have never been hacked.

Coinbase wallet is a standalone crypto vault developed by the San Francisco based tech-startup and one of the world’s biggest cryptocurrency exchanges – Coinbase. The wallet is online-based and free to all. The wallet has gained over time a reputation and massive following in the crypto industry not just because of its close association with the Coinbase Exchange but also due to its safety, accessibility, and support for numerous digital coins. Coinbase wallet is also is one of the few hot wallets that have never been hacked.

Coinbase wallet is a standalone crypto vault developed by the San Francisco based tech-startup and one of the world’s biggest cryptocurrency exchanges – Coinbase. The wallet is online-based and free to all. The wallet has gained over time a reputation and massive following in the crypto industry not just because of its close association with the Coinbase Exchange but also due to its safety, accessibility, and support for numerous digital coins. Coinbase wallet is also is one of the few hot wallets that have never been hacked.

In this Coinbase wallet review, we take a look at some of its key operation and security features that make it one of the most popular crypto wallets. We also explore the ease of using the wallet – from the registration process to sending and receiving coins to the wallet.

Coinbase Key features:

Straightforward and user-friendly interface: The Coinbase crypto wallet has a friendly and easy to use interface. It is also overly simple, making navigation easy for both experienced and beginner crypto traders.

Seamless transfers to other wallets: Sending digital assets from your Coinbase wallet to another Coinbase wallet or a different cryptocurrency vault is easy and straightforward. 

Free to acquire: The Coinbase crypto wallet is free. And unlike the Coinbase exchange that is only available in a handful number of countries, virtually anyone in the world can download and use the Coinbase crypto wallet.

Highly customizable wallet addresses: When creating a Coinbase wallet account, you will need to come up with a unique username. And instead of sending coins to the complex and lengthy wallet addresses, the uniqueness of these usernames has made it possible for Coinbase users to send coins to usernames instead of addresses when exchanging cryptos from one Coinbase wallet to another. 

Non-Custodial wallet: Coinbase is a non-custodial crypto wallet implying that the coins aren’t held on Coinbase servers but stored in the app in your device. You, therefore, have real-time access and full control over your private keys. 

Integration with other online wallets: The Coinbase wallet easily integrates with some online crypto wallets like MyEtherWallet and Metamask with ease.

Security features:

Password protected with 2FA features: The most important security feature for any crypto wallet is arguably its password. But Coinbase seeks to enhance this further by introducing the two-factor verification security option, which uses your mobile phone number.

Biometric and auto-lock security options: In addition to the passcode and 2-step security protocols, the Coinbase mobile app wallet also supports other biometric security options such as the Face ID and fingerprint security systems. It also has the timed auto-lock system that closes the wallet app after a few minutes or hours of inactivity.

Double encryption: Coinbase further argues that the data held in the Coinbase wallet app, especially the private keys and passwords, are highly encrypted. According to their website, the wallet app employs the 256-bit encryption and has also received the Federal Government approved FIPS-140 certification.

Recovery seed: When signing up for the Coinbase wallet, you will be provided with a 12-word recovery seed. You can use this to recover your private keys if you ever lose the phone or forget the password to the wallet.

Currencies supported

Coinbase wallet is a multi-currency wallet that supports all the popular cryptocurrencies, ERC-20 tokens, and ERC 721 collectibles. These add up to around 100 coins, which include Bitcoin, Bitcoin Cash, Ethreum, Ethereum Classic, Litecoin, Ox, and QTUM.

Coinbase wallet cost and other fees

Whereas acquiring the crypto wallet is free, you will be charged for its use. Sending coins from the wallet to another attracts highly variable transaction fees.

Additionally, the Coinbase wallet doesn’t maintain a transaction fee structure. You, therefore, won’t know how much you will be charged for the coins transfer until after you have initiated the transaction.

Setting up the Coinbase wallet:

How to install a Coinbase wallet app:

Step 1: Start by downloading and installing the Coinbase Wallet App: Google Play Store for Android phone users and the iOS App Store.

Step 2: If you are new to the Coinbase wallet, select the “Create a New Account” option to create a Coinbase wallet app. If you already have a Coinbase wallet app and are you are looking to recover lost private keys, use the “Recover account” option.

Step 3: Choose a unique username.

Step 4: Choose a login option. You can either choose to create a six-digit passcode or the Biometric Face ID login option.

Step 5: The app will then present you with a 12-word recovery phrase as your account backup. Write these words down on a piece of paper and store it safely. You will need them to recover your private keys should you lose access to your phone or forget the wallet app password.

Step 6: You can now start transferring digital currencies in and out of the Coinbase wallet app.

Sending and receiving coins:

To receive funds into your Coinbase Wallet:

Step 1: Open and log in to the Coinbase wallet app.

Step 2: Open the coins and tokens icon and click on the type of coins you want to receive.

Step 3: Click on the receive option and copy the wallet address, or print the QR code provided and present it to your sender.

To send payments from your Coinbase Wallet:

Step 1: Open and log in to the Coinbase wallet app.

Step 2:  Open the coins/Tokens tab and click on the coins/token you wish to send.

Step 3: Select the send payments icon.

Step 4: On the send payments tab, enter the receiver’s wallet address, scan their address QR code, or key in their Coinbase username.

Step 5: Enter the number of coins you wish to send, confirm the address or user name, and click send.

Coinbase hardware wallet pros and cons:

Pros:

  • The Coinbase wallet app has one easy and straightforward registration process.
  • The wallet has multiple security features that include a passcode and biometric features such as Face ID.
  • The wallet app is free of charge 
  • The wallet integrates with other third party hot wallets like MyEther Wallet and Metamask
  • The wallet has the backing of one of the safest and most reputable cryptocurrency exchanges

Cons:

  • One may consider the number of coins supported by the Coinbase wallet app relatively limited
  • The wallet doesn’t support anonymous trading
  • It is hosted online, and this compounds the threat of a possible breach
  • The wallet is institutionally owned, implying that they may track how you invest and spend your coins
  • The wallet app isn’t hierarchically deterministic

Coinbase wallet compared to competitors:

Comparison with hot wallets:

The Coinbase wallet app is more secure than most wallet apps. It has many advanced security features like Biometrics, supports two-factor authentication, and is also highly encrypted. Additionally, whereas most hot wallets have suffered varied extents of security breaches, the Coinbase wallet app has never been compromised. The downside to the use of Coinbase is that unlike most crypto wallet apps like Mycelium that integrate with hardware wallets to add a layer of security and broaden the number of cryptos they can support, Coinbase doesn’t.

Comparison with hardware wallets:

Hardware wallets like Trezor and Ledger Nano S are more secure and have hardier security safeguards than Coinbase. The wallet app is, for instance, a soft target for remote hacks where anyone who gains access to your device remotely can easily clear your accounts. Hardware wallets have on-device buttons with the sole purpose of authorizing transactions. Plus, they tend to support more crypto coins than most wallet apps.

Customer support:

Coinbase customer support is relatively average. On their website is a quite elaborate FAQ page addressing some of the most common user queries. You, however, can only contact their support via social media or email. The wallet app doesn’t have phone support or the live chat feature.

Verdict: Is the Coinbase wallet app safe?

Three primary factors make the Coinbase crypto wallet a must-have for a budget cryptocurrency investor/trader. First, it is free to acquire. Secondly, it has some of the most advanced security features, including biometrics: fingerprint, and face ID. Lastly, it is closely associated with one of the most reputable cryptocurrency exchanges in the world. It is mostly ideal for low-volume crypto traders. But ensure that you also invest in solid antivirus software for both your phone and computer before installing the wallet app. 

 

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Cryptocurrencies

Guarda Crypto Wallet Review: Features, Security, And Ease Of Use

Guarda is a multi-currency non-custodial cryptocurrency wallet launched to the crypto community in 2017. It is developed by Guardarian OÜ Company, a blockchain technology startup based in Estonia. And while Guadarian has come up with several technological products, the Guarda wallet has received the widest reception in the crypto world because of its versatility and security.

Guarda is a multi-currency non-custodial cryptocurrency wallet launched to the crypto community in 2017. It is developed by Guardarian OÜ Company, a blockchain technology startup based in Estonia. And while Guadarian has come up with several technological products, the Guarda wallet has received the widest reception in the crypto world because of its versatility and security.

Guarda is a multi-currency non-custodial cryptocurrency wallet launched to the crypto community in 2017. It is developed by Guardarian OÜ Company, a blockchain technology startup based in Estonia. And while Guadarian has come up with several technological products, the Guarda wallet has received the widest reception in the crypto world because of its versatility and security.

Other factors that make Guarda wallet stand out include ease of use and transparency in fees. Additionally, Guarda is registered and regulated by the Financial Intelligence Unit of Estonia and licensed to offer cryptocurrency exchange services.

In this Guarda crypto wallet review, we will be taking an in-depth look at the multicoin, multiplatform wallet, exploring its key operation and security features as well as its pros and cons.

Key Features:

Multiplatform: Guarda is a multiplatform wallet accessible on multiple devices and operating systems. The most popular are its iOS and Android apps for mobile device users and the web-trader, plus Linux, Windows, and macOS desktop apps for their desktop clients.

Inbuilt exchange: Guarda has an elaborate in-built exchange where the wallet users can trade and swap one crypto for another or for fiat currency. It supports both fiat-to-crypto as well as crypto-to-crypto exchanges.

Supports credit cards: Guarda wallet with its inbuilt exchange is one of the few cryptocurrency wallets that do not just support fiat-to-crypto exchanges but also allow for the purchase of cryptos using credit cards. The Guarda wallet’s parent company is also in the process of rolling out a prepaid debit card that can be integrated into the Guarda cryptocurrency ecosystem.

Integration with hard wallets: Guarda crypto wallet integrates seamlessly with the Ledger Nano X hardware wallet. This not only boosts its security but also amplifies the number of supported currencies.

Chrome extension and DAPP ecosystem: Guarda wallet also has a Chrome extension that you can use to control your wallet. Recent improvements to the extension have also made it possible for Guarda wallet holders to access the EOS ecosystem, where they can create and interact with the different DApps.

Token generator: By acquiring the Guarda wallet, you also gain access to its parent company’s blockchain network and token generator tool that you can use to create, popularize, and issue your own token.

Security features

Password: First, in your Guarda wallet’s line of defense is the app/web-trader password that you set during installation.

Seed backup: Like any other non-custodial cryptocurrency vault, Guarda wallet furnishes you with a seed backup for your wallet. You will need it to recover the wallet and private keys therein should you forget the password or lose the phone hosting the wallet.

Non-custodial: Guarda is a non-custodial platform, and this means that the private keys are stored on your device and not on the company’s servers. This minimizes exposure to risk should the wallet company be breached. 

AES data encryption: All the data collected and stored in your Guarda wallet, including the private keys, is further secured using the AES data encryption tool.

Open-sourced code: The Guarda wallet source code is open-sourced. This means that it has been availed to the public and internet security experts; who have audited it to ensure that there are no loopholes that make it susceptible to external hacks or malicious codes that give its developers access to the private keys stored in your wallets.

Ease of use:

The Guarda crypto wallet is very easy to use. It has a highly simplistic and friendly user interface that’s easy to interact with; it is also easy to execute different commands for beginner traders and veterans alike. The app is also highly customizable, allowing you to change such aspects of the wallet app like themes and opt for light or dark mode.

Additionally, while it will only have a few default wallets on the user dashboard upon signing in, the creation of additional coins or tokens is instant. You only have to click on the coin or token you wish to create a wallet from the supported cryptocurrency list and tap ADD. 

Supported currencies and countries

Guarda crypto wallet currently supports over 47 major currencies: Bitcoin, Ethereum, Bitcoin Gold, Bitcoin Cash, Dash, Ripple, Litecoin, and more. It also supports hundreds of ERC 20 and BEP 2 Tokens.

It has established a global presence and currently supports residents of 100+ countries across the world, including 28 member nations of the European Union.

Guarda crypto wallet cost and fees

Acquiring the Guarda wallet and most of the accompanying products like the token generator tool are free.

You will, however, incur variable transaction fees when you exchange or swap cryptocurrencies and cash within the platform. Credit cards, particularly, tend to incur relatively higher fees than other transactions. The wallet app nonetheless lets you know the transaction fee before executing the order.

Customer support

Guarda website has a dedicated FAQ section where clients can get answers to some of the most common questions on how to use the wallet. Personal challenges with the app can also be directed to Guarda’s customer support team by opening ticket support on their website, via email or through their social media handles.

Setting up the Guarda crypto wallet

How to install the Guarda crypto wallet:

Step 1: Head over to the Guarda wallet website and download the app for your specific device, desktop, android, or iOS and install.

Step 2: Launch the app and select “Create New Wallet.”

Step 3: Create a strong password for your account and memorize it or write it down on paper.

Step 4: Click on the download backup to download the 12 words recovery seed.

Step 5: The app will then redirect you to your user dashboard, where you can start buying and selling crypto.

How to buy cryptocurrencies using your Guarda wallet:

Step 1: On your user dashboard, click on the “Buy” tab.

Step 2: On the drop-down menu, select your country of residence.

Step 3: On the buy menu, enter the amount you wish to buy in the “FROM” section and the type of crypto in the “WALLET” section.

Step 4: Choose the preferred payment method and click next (debit/credit card or bank wire).

Step 5: Recheck the purchase details and hit ‘Confirm.’

Step 6: You will then be redirected to the Simplex Payment Gateway to complete the transaction.

How to send cryptos into your Guarda wallet:

Step 1: On your Guarda wallet user dashboard, choose ‘Send.’

Step 2: Enter the number of cryptos you would like to send and the recipient’s wallet address.

Step 3: Review the wallet address and amounts before hitting ‘Confirm.’

Guarda crypto wallet pros and cons:

Pros:

  • A highly innovative and feature-rich crypto wallet that includes a token generator and an in-built exchange platform.
  • Guarda wallet is easy to use as it features a friendly user interface.
  • The wallet is non-custodial and compliments this with multiple security features like the open-sourced code.
  • The chrome extension lets Guarda wallet users interact with a wide range of DApps and the EOS ecosystem.
  • The Guarda wallet can be on multiple devices using different operating systems.

Cons:

  • The in-wallet swaps and exchange fees are higher than the charges at most exchanges
  • The number of cryptocurrencies supported on the platform is considerably  limited
  • It doesn’t support biometric security features or the 2FA

Comparing Guarda wallet with eToro crypto wallet:

eToro and Guarda are both hot wallets. Unlike Guarda, the eToro crypto wallet is custodial, implying that it holds the coins on behalf of the account holders. And in addition to the crypto wallet password used by Guarda wallets, eToro has gone a step further to store the client deposits in cold storage. The fact that eToro is exchange-linked means that the crypto exchange and swap fees are more competitive and that it accepts more withdrawal and deposit options. Guarda, on the other hand, supports more cryptocurrencies than eToro and further exposes its client to DApps.

Comparing Guarda with Trezor hardware wallet

Trezor T hardware wallet supports more cryptocurrencies and stores your digital assets offline away from remote hackers. This makes it a safer option for a crypto investor. On the other hand, while the hot wallet nature of Guarda exposes it to more security threats, it is more user-friendly, more versatile, and cheaper.

Verdict – is Guarda wallet safe?

Several factors lead us to believe that Guarda wallet developers have taken adequate measures to make a secure crypto wallet. These include its open-sourced code, the strong password, and downloadable backup seed, as well as its non-custodial nature. We are, nevertheless, alive to the fact that more could be done to make it safer, including the integration of biometric security features for the mobile apps and enabling the two-factor authorization. Guarda wallet is safe for use for low volume traders and beginners, but you must first invest in good antivirus software for your device.  

Categories
Cryptocurrencies

Infinito Wallet Review 2020: Features, Cost, Pros And Cons

On the Infinito Wallet website, their mobile app is described as the “Best Crypto Wallet & DAPP Browser.” It is created and run by Infinito Blockchain Labs, a technology company registered in The Isle of Man, the U.K. The multi-asset crypto mobile app was launched in 2017 and has leveraged technology to come up with one of the most innovative crypto mobile apps today. The app takes pride in three of its primary features; the support for the widest range of cryptocoins and tokens, a built-in exchange, and support for EOS functions.

On the Infinito Wallet website, their mobile app is described as the “Best Crypto Wallet & DAPP Browser.” It is created and run by Infinito Blockchain Labs, a technology company registered in The Isle of Man, the U.K. The multi-asset crypto mobile app was launched in 2017 and has leveraged technology to come up with one of the most innovative crypto mobile apps today. The app takes pride in three of its primary features; the support for the widest range of cryptocoins and tokens, a built-in exchange, and support for EOS functions.

On the Infinito Wallet website, their mobile app is described as the “Best Crypto Wallet & DAPP Browser.” It is created and run by Infinito Blockchain Labs, a technology company registered in The Isle of Man, the U.K. The multi-asset crypto mobile app was launched in 2017 and has leveraged technology to come up with one of the most innovative crypto mobile apps today. The app takes pride in three of its primary features; the support for the widest range of cryptocoins and tokens, a built-in exchange, and support for EOS functions.

These play a key role in giving it an edge over the competition. But how safe and reliable is the mobile app considering that it is an unregulated broker? We thoroughly analyzed the app and its parent company and came up with this review that answers every question you have about the Infinito wallet.

Infinito Key features:

Pure mobile wallet: Infinito crypto wallet is mobile-based and only available to Android and iOS device users. Unlike most other apps that have either a desktop or Webtrader platform alongside the mobile app, Infinito was specially designed for mobile devices.

Built-in exchange: Infinito wallet app is one of the few all-rounded crypto apps. It recently introduced a built-in exchange in partnership with Changelly, where its members can seamlessly exchange cryptocurrencies.

Support for EOS apps: Infinito crypto wallet users can also access the EOS platform and take advantage of its features using the app. The support for EOS functions means you can sell RAM, stake CPU, and even create an EOS account and DAPPs without leaving the wallet app.

Price tracking and newsroom: You can track and receive notification about the price changes of your favorite assets using the app. And as part of the wallet roadmap, you will soon have access to one of the most comprehensive crypto newsrooms within the app.

Crypto lending: The crypto mobile wallet further maintains a secondary market where you can lend out your digital assets and earn interests in their use.

Infinito DAPP square: The Infinito crypto wallet app recently introduced the Infinito DAPP square that gives you access to leading DApps on the crypto space. In addition, they are integrated with the wallet for ease of payments.

Security features:

Password protected: The Infinito crypto wallet app is passcode protected. You get to set the password during the app installation and setup.

Biometric security: In addition to the passcode, the Infinito crypto mobile app supports several other Biometric security features, including Facial recognition and fingerprint.

Hierarchically deterministic: Infinito is also a hierarchically deterministic wallet, and this means you can create multiple wallet addresses to mask your public key and throw off trackers.

Open-sourced platform: Infinito crypto wallet is built on an open-sourced platform that has been vetted and audited by some of the most experienced crypto technologists in the world.

Risk management tools: Some of the risk management tools employed by the Infinito crypto wallet app include a profile check and detailed risk report about every wallet user. Always check this before engaging a trader on the platform.

The wallet doesn’t store any sensitive data: Infinito doesn’t store any sensitive information about their clients on their servers. It is non-custodial, and thus the private keys are under your control and stored within the mobile wallet. 

Ease of use:

The Infinito crypto wallet app maintains a friendly user interface that’s easy to use for both crypto beginners and veteran traders. It is highly customizable, allowing users to tweak such aspects of the app as its background (light and dark themes), and change the size and color of texts and icons.

Infinito crypto wallet app is also multilingual and currently supports up to 12 international languages (English, Chinese, German, Thai, Russian, Japanese, Vietnamese, Korean, Italian, French, Hindi, and Portuguese). The app installation, as well as the process of sending and receiving digital currencies, are also easy and straightforward.

Currencies supported

According to the Infinito crypto wallet website, you can send, receive, and exchange 2000+ cryptocurrencies and tokens on the app.

Some of the popular cryptocurrencies supported on the platform include Bitcoin, Bitcoin Cash, Ethereum, Dash. Litecoin, Dogecoin, ETC, EOS, NEO, and GAS.

The crypto wallet app also supports all the ERC 20 and NEP-5 tokens and will soon start supporting EOS and other tokens, as described on their road map.

Infinito wallet cost and other fees

Acquiring the Infinito crypto wallet app is free. You also won’t be charged to store your coins on the wallet.

Crypto transactions on the exchange and the EOS main net, however, attract variable charges depending on the transaction volumes and exchange network. These fees go to the system Infinito Blockchain network miners who confirm and validate transactions.

The crypto wallet app also has a price optimization feature that lets you set the transaction fees based on the speed with which you want the transaction confirmed. Here, high paying users will have their transactions confirmed in the shortest time possible.

Setting up the Infinito wallet:

How to install Infinito wallet:

Step 1: Download and install the Infinito Crypto wallet app: Google Play Store for Android OS users and Apple App Store for iOS users.

Step 2:  Select the ‘Create a New Account’ option and agree to the app’s terms and Conditions.

Step 3: Next is the backup page where the app presents you with 12 phrases, also known as recovery seed, which serve as your account backup. Write it down on a piece of paper and store it in a highly secure place.

Step 4:  Next is the passphrase verification step where you chose the correct order of seed words.

Step 5: Set up a strong password and finish the setup process.

Step 6: The app will direct you to the user dashboard, after which you can add, send, or receive coins to your wallet.

Note: You may first want to head over to the settings page to add more security layers to your accounts, such as fingerprint or facial recognition.

Sending and receiving coins:

To receive funds into your Infinito Wallet:

Step 1: Click on the coins/tokens you wish to add to your wallet and tap ‘receive.’

Note: The Infinito crypto wallet app has default addresses for Bitcoin, Ethereum, NEO, and GAS coins. If you want to add another address, click on the coins/tokens tabs and tap the coin, you wish to add. The wallet will create an address automatically.

Step 2: You will have the option of a QR code or wallet address. You can send either to the individual sending you the coins.

Step 3: Wait to receive the coins.

To send payments from your Infinito Wallet:

Step 1: On your user dashboard, click on the token/coin you wish to send.

Step 2: Select the “Send” option and enter the recipient’s wallet address and the amounts you wish to send.

Step 3: Chose the transaction fees (either Premium. Economy or Regular) and tap next.

Step 4: Confirm the wallet address, amount details, and send.

Infinito hardware wallet pros and cons:

Pros:

  •         Maintains a multi-layered security fence around the user account with a combination of passwords and biometrics.
  •         Supports one of the widest range of crypto coins and tokens.
  •         Easy and straightforward registration, coin-sending, and receiving processes.
  •         Has a built-in exchange and highly optimized transaction fees.
  •         It is one of the few crypto mobile apps that support the EOS main net and most functions, including the creation and use of EOS DApps.

Cons:

  •         Infinito Crypto wallet app is a hot wallet and, therefore, susceptible to more risks than the average hard wallet.
  •         It is relatively new and unregulated.
  •         It doesn’t have a web trader platform or desktop app.

Infinito wallet compared to competitors:

Comparing infinito with Hit wallets:

When compared to such other hot wallets as eToro, Infinito carries the day when it comes to the number of supported cryptocoins and tokens. Also, it has more integrated features like the support for the EOS main net, the creation of EOS account, and ease of interaction with the EOS DApps. It can, however, be said to be less secure than eToro, which stores its clients’ digital assets in cold storage and supports the trade of the not-so-risky CFDs.

Comparing infinito with hardware wallets:

When gauged against hardware wallets like the Ledger Nano S, the Infinito crypto wallet app takes the day for a more versatile and more technologically innovative platform. But its security features, including the integration of biometric systems, though innovative, aren’t as hardy. For instance, the hot wallet is susceptible to remote hacks that may authorize crypto transactions using the wallet. The Ledger Nano S is, on the other hand, insulated from such, as it stores private keys offline, and its transactions must be authorized by a button on the hardware crypto storage device.

Customer support:

Infinito Wallet has a relatively responsive customer support team. It is multilingual and accessible via the live chat on the wallet’s website. Alternatively, you can rely on their elaborate FAQ page, send them an email, open a support ticket via the ‘Contact Us’ icon on the website, or through the different social media platforms.

Note that Infinito doesn’t offer phone support.

Verdict: Is the Infinito wallet safe?

The Infinito crypto mobile app has several impressive operational and security features that make it one of the most technologically advanced mobile wallet. It carries out identity verification by following the KYC protocol, has open-sourced its blockchain for vetting and auditing by the global internet security community, and incorporated biometric account safety features. Since its debut in 2017, it has never suffered a security breach. All these are a clear indication of a highly secure platform, save for the fact that it is unregulated. 

Categories
Cryptocurrencies

BRD Wallet Review 2020: What Are Its Features, Cost, Pros, And Cons

BRD Wallet is a non-custodial mobile wallet built on the iOS platform. Non-custodial implies that Private keys for your digital assets are held on your mobile device, and not on BRD’s servers. The wallet has gained popularity in the recent past, primarily due to its support for anonymous trading, as well as the inclusion of multilayered security features aimed at preserving the integrity and safety of the user’s account and private keys.

BRD Wallet is a non-custodial mobile wallet built on the iOS platform. Non-custodial implies that Private keys for your digital assets are held on your mobile device, and not on BRD’s servers. The wallet has gained popularity in the recent past, primarily due to its support for anonymous trading, as well as the inclusion of multilayered security features aimed at preserving the integrity and safety of the user’s account and private keys.

BRD Wallet is a non-custodial mobile wallet built on the iOS platform. Non-custodial implies that Private keys for your digital assets are held on your mobile device, and not on BRD’s servers. The wallet has gained popularity in the recent past, primarily due to its support for anonymous trading, as well as the inclusion of multilayered security features aimed at preserving the integrity and safety of the user’s account and private keys.

But BRD is more than just a wallet, it is a blockchain network with its own native token. In this BRD wallet review, we will be looking at all the popular operational and security features associated with BRD, its fees and ease of use, and tell you whether it is a secure wallet.

BRD Key features:

Multiplatform: BRD Wallet is a mobile-based crypto wallet. It is built on the iOS platform and was originally designed for Apple product users. A surge in popularity has, however, seen the release of the android BRD wallet version for Android OS powered devices. 

Fast: The BRD wallet uses the Special Payment Verification (SPV) protocol to connect to the Bitcoin blockchain, effectively guaranteeing the fastest crypto transaction confirmation speeds.

Native tokens: BRD is one of the few networks that maintains its own native token, the BRD Token.

Reward program: The BRD wallet is also one of the few networks that have an active loyalty reward scheme. The more BRD tokens you buy and hold in your wallet, the higher the rewards. 1,000 BRDs will get you 25% off trading fees, 2,500 BRDs gets you access to phone support, while 100,000+ BRDs gets you a phone call with BRD wallet CEO.

Support for debit cards: The BRD wallet doesn’t just make it possible to exchange coins, you can also easily pay for your Bitcoins or any other coins within the BRD network, using debit and credit cards.

Open source technology: The BRD wallet is also established on an open-sourced technology platform. This has, over the years, been vetted and audited by internet security experts with possible loopholes identified and patched. 

Blockchain toolbox: Most recently, BRD introduced the BRD blockchain toolbox referred to as the Blockset. This is a technology platform that blockchain technologists can use to create enterprise apps. According to BRD, Blockset will at first support Bitcoin, XRP, Hedera, and Ethereum blockchains before bringing more networks on board.

Security features:

Password protected: When installing the BRD wallet app, you will be required to set a six-digit password.

Biometric features: In addition to the passcode, BRD also incorporates other security features such as fingerprint and Facial recognition biometrics.

Anonymous trading: When creating a user account with BRD wallet, the company doesn’t ask for information personally identifiable to you, like your name, physical address, or email address. Neither will you be subjected to the KYC verification process. And this allows for anonymous crypto transactions.

12 phrase seed backup: Should you ever forget the account password, or lose access to the mobile device hosting your private keys, you can always recover your BRD wallet account using the 12 phrase recovery, generated by the wallet during installation.

AES hardware encryption: The private keys and any other information stored in your BRD wallet is also highly encrypted using the AES hardware encryption technology.

BRD Wallet ease of use:

BRD wallet is an easy to use crypto vault. While it hosts numerous features, they are all neatly organized on the user dashboard. The BRD wallet account registration processes are also easy and straightforward.

The mobile wallet app is also multilingual, supporting up to 13 international languages and currently available to the crypto community members in over 150 countries across the world. 

Currencies supported

BRD wallet was initially designed to be a Bitcoin Only wallet. Over time, however, the mobile vault has incorporated several other cryptocurrencies and tokens, including Bitcoin Cash and Ethereum, stable coins like TrueUSD, and all the ERC 20 tokens.

It has Bitcoin as the default wallet address, and therefore, you will need to manually add the wallet for any other crypto you wish to transact. The process is, however, easy as you only need to head over to the cryptocurrency exchange list on your user dashboard, and click on the ‘Add’ icon that displays against the coin you wish to buy/send.

BRD crypto wallet cost and other fees

Acquiring the BRD wallet and storing your digital assets is free. Transacting through the app, however, attracts variable fees, depending on factors such as the blockchain network involved, the number of coins being exchanged, and the medium of exchange.

If you, for instance, wish to buy crypto assets using a credit card, you incur as much as 5% in transaction fees.  Your bank or debit card provider may also charge a processing fee when you wish to make cash deposits like USD, EUR, CAD, DKK, and GBP for purchases of different cryptocurrencies within the app.

Setting up the BRD crypto wallet:

How to install a BRD wallet:

Step 1: Download the BRD crypto wallet app from the Google Play Store on your Android or the Apple App Store for your iOS mobile device and install it.

Step 2: Create and memorize a six-digit passcode that you will be using to access the wallet app.

Step 3: The crypto wallet app will then auto-generate 12 phrases that serve as the backup seed for your account. You will need them to recover your wallet and private keys therein if you forget the password.

Step 4: You are now set and can start transferring cryptocurrencies to the wallet and buy or sell in the app-based exchange.

Note: Before you start transacting using the app, we advise that you first add a biometric security feature such as the fingerprint or Face ID to the app as an additional security layer.

Sending and receiving coins:

To receive funds into your BRD Wallet:

Step 1: Log in to your BRD crypto wallet app.

Step 2:  On your user dashboard, click on the coin you wish to receive.

Step 3:  Tap the receive option to display the wallet address and the QR code. Copy either and send them to the party sending you coins.

To send payments from your BRD Wallet:

Step 1: Log in to your BRD crypto wallet app.

Step 2: On your user dashboard, click on the coin you wish to send.

Step 3: Tap the send option to display the payment details. Enter the recipient’s wallet address and the number of coins you wish to send.

Step 4: Confirm the payment details and hit send.

BRD hardware wallet pros and cons:

Pros:

  • Its open-sourced nature and integration of biometric features speak a lot about the app development team’s dedication to its security.
  • The wallet app is relatively easy to use, as it features a friendly user interface.
  • The app simplifies crypto exchanges by making it possible to buy digital assets via debit cards, credit cards, and even cash.
  • It combines a wide range of security features that include; encryption, biometrics, pin code, and open-sourced codes to preserve the integrity of the app.
  • The app has very low latency and some of the fastest bitcoin transaction processing speeds.

Cons:

  • One may consider the number of digital currencies supported by the mobile wallet limiting.
  • It is still a hot wallet, and this implies that it is susceptible to internet threats like remote hacker access and ransomware.
  • Some essential services, like phone support, are only available to individuals with a large number of BRD coin deposits.
  • The fact that it supports credit/debit cards and bank transfers beats its intention of anonymous trading as their transactions can always be tied back to a specific crypto account.

BRD wallet compared to competitors:

Comparing BRD with Infinito crypto wallet apps.

BRD and Infinito are both technologically advanced and highly innovative crypto wallet apps. Equally, Their bots have similar attention to account security as they both advocate for a strong password and biometric backups. However, BRD pales in the face of Infinito when it comes to the number of supported cryptocurrencies and the app’s ease of use. While BRD supports just a handful of coins and tokens, Infinito hosts 2000+ digital currencies.

Comparing the BRD crypto wallet app with Trezor hardware wallet.

The Trezor hardware wallet is superior to the BRD wallet app in three key security and operational areas. First, it stores the owners’ coins offline. Secondly, it has the backup of the physical on-device button used to authorize any crypto transaction. And lastly, it supports more coins and tokens. One may, however, consider the BRD wallet app easier to acquire as it is freely available, easier to use, and more beginner-friendly.

Customer support:

BRD wallet has a fairly responsive customer support team that you can engage with on the live chat, through email or one of their social media handles. This team is multilingual and can communicate in over 13 languages.

The only downside is that you need to buy and maintain a balance of 2,500+ BRD tokens to have access to phone support to BRD’s customer service team. 

Verdict: Is the BRD crypto wallet app safe?

Several features of the BRD crypto wallet app give us a lot of confidence about the security of their wallets, and the safety of private keys stored therein. These include its open-sourced technology, the use of a passcode, the integration of Biometric security features, and the backup seed. BRD crypto app has an above average safety score, but we recommend that you first invest in a very strong antivirus before installing the crypto wallet app. 

Categories
Cryptocurrencies

Blockchain Crypto Wallet Review: How Safe Is Blockchin Wallet?

On the Blockchain.com website, this wallet is described as the “Safest and Most Popular for Investing and Storing Cryptocurrencies.” Launched in 2011, Blockchain wallet has stood the test of time and gained a solid reputation as one of the safest crypto wallets available today. According to their website, over $200 billion has been transacted through 48 million+ Blockchain wallets since its establishment. 

On the Blockchain.com website, this wallet is described as the “Safest and Most Popular for Investing and Storing Cryptocurrencies.” Launched in 2011, Blockchain wallet has stood the test of time and gained a solid reputation as one of the safest crypto wallets available today. According to their website, over $200 billion has been transacted through 48 million+ Blockchain wallets since its establishment. 

On the Blockchain.com website, this wallet is described as the “Safest and Most Popular for Investing and Storing Cryptocurrencies.” Launched in 2011, Blockchain wallet has stood the test of time and gained a solid reputation as one of the safest crypto wallets available today. According to their website, over $200 billion has been transacted through 48 million+ Blockchain wallets since its establishment. 

A closer look into the wallet app, and you can narrow down to the three biggest factors that continue to draw in Blockchain wallet users. These include its dedication to the security of the wallet, its resourcefulness about different coins and blockchains, and its ease of use.

In this Blockchain wallet review, we dig deeper into its key operational and security features, its pros and cons as well as ease of use.

Key Features:

Multi-platform: The blockchain wallet is available in both mobile and desktop versions. These include Android and iOS mobile app versions, and also supports all the popular desktop operating systems.

Inbuilt exchange: Blockchain wallet has also partnered with some of the most popular crypto exchanges like Shapeshift, to provide an in-exchange. Here, you can swap, buy, and sell cryptos without having to transfer currencies in and out of the wallet.

Real-time access to crypto markets: The crypto wallet app has also been hailed for its inventiveness, especially when it comes to providing the most attractive crypto market experience. In addition to the in-app crypto exchange provided here, Blockchain wallet will also provide you with real-time access to the global cryptocurrency market.

Resource-based: Blockchain app will also expose you to a wide range of market resources. These include the historical data and statistical information about a particular coin or the Blockchain that helps you make informed buy/sell decisions.

Security features:

Double password: When installing the blockchain wallet, and virtually any other crypto wallet, you will be required to set a four-digit security pin. In addition to the main passcode, the Blockchain wallet allows you to create yet another password required for authorizing crypto transactions.

Biometrics and 2FA: The blockchain crypto wallet app will also support the more innovative biometric security features for smartphone devices. You can, therefore, chose to reinforce the security passcode with a fingerprint or Face ID security feature. Alternatively, use your phone number to activate the two-factor authorization.

Non-custodial: Blockchain wallet is non-custodial and will not keep any of your private keys within its servers. These will be under your control as they are stored in your device.

Hierarchical deterministic: The Blockchain wallet is also hierarchically deterministic, making it possible for you to shake off trackers, and guarantee a level of privacy when crypto trading by creating new wallet addresses for each transaction.

Open-sourced code: The Blockchain wallet code is also open-sourced. It has, over the years, been vetted and audited by different professionals, who have helped identify and seal possible wallet loopholes.

Built-in security center: Blockchain Wallet employs a three-tier security feature that the user can activate at a time.

Level 1: This is specially designed to help you maintain control of your wallet and quickly recover it, if lost, by verifying your email address, coming up with a password hint, and generating the 12 words recovery seed.

Level 2: Designed to keep others from gaining access to your account and involves verifying your mobile number and activating the two-step authorization protocol.

Level 3: Designed to keep away preys by blocking Tor IP Addresses and preventing Tor Network users – that has, for the longest time, been a favorite for hackers – from contacting/accessing your account.

Ease of use:

Blockchain wallet, despite being a feature-rich platform and having some of the stringent security features, maintains a rather simplistic user interface. It is easy to interact with and use, for both beginners and crypto veterans.

Registering a crypto account on Blockchain is also easy, and sending or receiving cash to the crypto wallet app quite straightforward.

The app is also multilingual, supporting over 25 international languages. More

Currencies and countries supported

Blockchain wallet was initially designed to serve as a bitcoin-only wallet and only recently started supporting Ethereum, Bitcoin Cash, and Stellar cryptocurrencies, and the US Digital stable coin.

Though created by a Luxembourg based Fintech Company, the Blockchain Wallet has torn international borders to establish a presence in over 150 countries across the world.

Blockchain crypto wallet cost and fees

Downloading and installing Blockchain crypto wallet apps is free. And so is storing your digital currencies here or interacting with some of its security and operational features.

Crypto transactions that involve transferring cryptocurrencies in and out of the wallet, as well as exchanging one digital coin for another within its in-app exchange, attract variable fees. These are hugely dependent on the transaction volume and the speed with which you would like the transaction confirmed. The faster the transaction confirmation speed, the higher the fees.

Customer support

Blockchain wallet maintains an elaborate FAQ section of its website, which addresses common queries about the app’s security and operational features, or the broad crypto markets.

The company also maintains a highly responsive and multilingual support team that you can access via email or on their different social media platforms.

Blockchain Wallet doesn’t have real-time customer support service, often accessed via telephone or a live chat feature. 

Setting up the Blockchain crypto wallet

How to create a blockchain wallet:

Step 1: Head over to the Blockchain.com website and click on the “Create Wallet” icon. Alternatively, download the Blockchain Wallet mobile app from the Play Store or App Store and install it.

Step 2: On the registration window, enter a valid email address and create a super-strong password, then agree to the terms and conditions and click on ‘Continue.’

Step 3: You will need to verify your email address as it serves as your blockchain Wallet’s username.

Step 4: Upon email verification, you will be presented with your wallet address. Write It Down.

Step 5: Your wallet is now set, and you can start buying and selling cryptocurrencies.

How to receive cryptocurrencies into your Blockchain wallet:

Step 1: Log in to your Blockchain wallet and on the user dashboard, click ‘Request.’

Step 2: Click on the cryptocurrency you wish to receive, this will pop up the wallet address and QR Codes.

Step 3: Copy the address or the QR code and send it to the person/entity from whom you wish to receive digital currencies.

How to send cryptos into your Blockchain wallet:

Step 1: Log in to the Blockchain Wallet, and on the user dashboard, click ‘Send.’

Step 2: Choose the currency you wish to send, enter the recipient’s wallet address and transfer amount.

Step 3: The wallet will show you the totals plus transaction fees. Confirm these details and if possible, adjust the fees accordingly, to reflect the speed with which you would like the transaction processed.

Step 4: Click ‘Continue’ to complete the transaction.

Blockchain crypto wallet pros and cons:

Pros:

  • Blockchain wallet has some of the most advanced security features, from biometrics to 2FA and IP blocking.
  • The wallet also has highly advanced trading features that include real-time monitoring of the global crypto markets, in-app exchanges, and access to blockchain/cryptocurrency historical data.
  • It is a hierarchically deterministic wallet that is dedicated to preserving the user’s online privacy.
  • You don’t have to leave the wallet to exchange or swap your crypto with another or stable coins.
  • It hosts a very friendly user-interface that is easy to navigate for both crypto beginners and veterans.

Cons:

  • Blockchain wallet is a hot wallet and therefore more susceptible to online security breaches.
  • Most of its account security features are tied to identity verification, which makes it impossible to trade or hold coins anonymously on the wallet.
  • Despite the advancements, it doesn’t support fiat-to-crypto transactions.

Comparing Blockchain Crypto wallet with other cryptocurrency wallets:

Comparing Blockchain wallet with eToro

Blockchain Wallet and eToro have similar features in that you don’t have to leave the wallet to exchange or swap cryptos. They are quite insistent on solid security features around the trading account, and have established presence in every part of the world. eToro, however, carries the day when it to the number of supported currencies, the platform’s registration and regulation, and support for both fiat and cryptocurrency transactions. Blockchain Wallet.

Verdict – is Blockchain wallet safe?

Despite the fact that Blockchain Wallet is a hot crypto vault, we still consider it one of the safest cryptocurrency wallets around. It has introduced more security safeguards against unauthorized access to your account than any other hot wallet. These, plus the fact that their wallet is feature-rich, makes it a good choice for traders and investors looking for a balance between security and ease of use. These make it a good choice for traders and investors looking for a balance between security and easy to use crypto-wallets.   

 

Categories
Cryptocurrencies

Coinomi Crypto Wallet Review: Is Coinomi The Safest Wallet?

Coinomi is a multicurrency, feature-rich, and security-oriented cryptocurrency wallet app. It was launched in 2014 and has, over the years, gained undergone significant security and operational improvements. These have seen it attract a massive global membership and an unrivaled reputation. On the Coinomi website, the wallet is referred to as the ‘Popular choice’ that’s ‘Trusted by Millions of Users.’

Coinomi is a multicurrency, feature-rich, and security-oriented cryptocurrency wallet app. It was launched in 2014 and has, over the years, gained undergone significant security and operational improvements. These have seen it attract a massive global membership and an unrivaled reputation. On the Coinomi website, the wallet is referred to as the ‘Popular choice’ that’s ‘Trusted by Millions of Users.’

Coinomi is a multicurrency, feature-rich, and security-oriented cryptocurrency wallet app. It was launched in 2014 and has, over the years, undergone significant security and operational improvements. These have seen it attract a massive global membership and an unrivaled reputation. On the Coinomi website, the wallet is referred to as the ‘Popular choice’ that’s ‘Trusted by Millions of Users.’

The site further lists three of its key selling points: Its support for the “Broadest Range of Crypto,” the “Highest Level of Trust,” and the “Most Versatile App.” These claims are also affirmed on the Coinomi Wallet subreddit, where the company states that none of their “phone-based wallets have previously been hacked or otherwise compromised.”

But how true are these bold claims? Is Coinomi truly the safest crypto wallet app?

We sought to answer these by taking an in-depth look at Coinomi. We have evaluated its operational and security features, fees, supported currencies, and comparing it with equally reputable crypto wallets. Here are our findings:

Key Features:

Multiplatform: Coinomi started out as an Android crypto wallet app. Soon after, the iOS app was developed. In 2019, the Coinomi desktop app, compatible with Windows, macOS, and Linux operating systems, was launched.

Inbuilt exchange: Coinomi wallet partners with some of the leading exchanges to provide its members with an all-round in-app exchange. Key among them are Changelly and several other DEXs that facilitate crypto-to-crypto exchanges at the most affordable rates.

Buy with a card via Simplex: In these in-app exchanges, you can buy crypto and pay directly using your credit or debit cards. The move is made possible by the integration of the wallet with the Simplex platform that facilitates fiat to crypto conversions.

DApps browser: Coinomi integrates seamlessly with some DApp browser allowing Coinomi app members to access some of the most popular decentralized apps and Web3 support without leaving the cryptocurrency wallet.

Cold staking: Coinomi wallet not only helps you store your cryptocurrencies securely for a long time, but also has a cold staking option that allows you to stake the coins in your wallet when offline and get rewarded. Investors boost your earnings on qualifying cryptocoins as one can stake their digital assets while waiting for their value to rise.

Convert coins to gift cards: In an industry first, Coinomi, in partnership with Bidali, will let you convert your digital coins into gift cards redeemable at your favorite shops.

Security features:

Password: Like any other crypto wallet app, Coinomi has the password as the first line of defense. You get to set it up during account installation, and you will need it every time you want to login to Coinomi.

Seed phrase backup: Upon creating a Coinomi wallet, you will be provided with 12 words recovery seed. This comes in handy if you ever forget your password or lose the phone or computer hosting your Coinomi wallet. Write this seed down and keep it safe.

Data encryption: The data stored in your Coinomi wallet is secured with a strong password and is also highly encrypted. Coinomi uses cryptography to encrypt this data and ensure it never leaves your wallet.

Non-custodial: Coinomi is also a non-custodial wallet and will, therefore, not store your private keys on its servers. These are under your full control and are only stored within the app with the option of writing them down on paper.

IP anonymization: To further boost user privacy, Coinomi uses IP anonymization. This randomizes your IP every time you conduct a transaction making it impossible for hackers and trackers to link different pieces of information and trace the transactions back to your wallet.

Hierarchic deterministic: The hierarchical deterministic aspect of Coinomi implies that your wallet generates a new address for each transaction. This further boosts your privacy and makes it difficult to link these transactions back to you and your wallet.

Ease of use:

The Coinomi wallet employs highly advanced and innovative technologies that allow for the creation of a sophisticated platform while keeping its dashboard neat and easy to use. The user dashboard is also customizable to some extent, with dark and light modes.

The Coinomi app is also multilingual and has been translated into more than 25 international languages, including English, French, Russian, Chinese, Italian, German, Spanish, and more.

Currencies and countries supported

Coinomi supports more cryptocurrencies, tokens, and collectibles than any other crypto wallet app and even some hardware wallets. These include 1770+ crypto coins, tokens, and stable coins, and over 125 blockchains.

Other tokens and collectibles supported on the platform include all ERC 20 components, Omni Layer, BEP-2, NEM Mosaics, and TRC 10 collectibles. Additionally, access to the DApps browser and the EOS Ecosystems allows Coinomi wallet holders to create its own tokens.

Coinomi crypto wallet cost and fees

According to the Coinomi, the website and all the transactions carried here are free. Coinomi doesn’t charge you to install and use their wallet and integrated features.

However, you will have to pay a competitive fee to the different network miners for verifying and confirming your transactions. How much you pay to buy, sell, and exchange crypto-to-crypto, therefore, depends on the networks, the transaction volume, and confirmation speeds.

This means that the transaction fees are dynamic and that you can choose to pay a higher than the standard fee to have your transaction given preference and confirmed speedily. All these fees go to the network miners and not the wallet developers.

Customer support

Coinomi maintains a comprehensive customer support department. It starts with an elaborate FAQ section on the company website. Other queries can also be pushed to the support team available 24/7 by raising a ticket or contacting them via such social media handles as Telegram, Twitter, and Reddit.

Setting up the Coinomi crypto wallet

How to install the Coinomi crypto wallet:

Step 1: Start by downloading and installing the Coinomi Wallet app from the App Store or Google Play Store.

Step 2: Click ‘Create New Wallet.’

Step 3: On the next window will appear a string of recovery sees words. Write them down in the order in which they appear and store it safely.

Step 4: The next window prompts you to set up a strong multi-character password of at least eight digits for your wallet.

Step 5: The Coinomi wallet doesn’t have default wallet addresses but prompts you to select the coins you wish to use from a dropdown list and before creating associated addresses instantaneously.

Step 6:  Read through the disclaimer and terms and conditions and agree to activate the app.

Step 7: The wallet then directs you to the user dashboard, and you are now set to start buying, selling, and swapping cryptos using Coinomi.

How to receive cryptocurrencies into your Coinomi wallet:

Step 1: Launch the Coinomi wallet user dashboard and tap the menu icon.

Step 2: From the dropdown list, click on the cryptocurrency you wish to receive to get its wallet address and QR code.

Step 3: Copy the address or the code.

Step 4: Send it to the individual, sending you coins, and wait for the balance to reflect on your wallet.

How to send cryptos into your Coinomi wallet:

Step 1: Launch the Coinomi wallet user dashboard and tap the menu icon on the left corner.

Step 2: From the dropdown menu, select the cryptocurrency you wish to send, and click on the send icon

Step 3: On the ‘Pay To’ section, enter the recipient’s wallet address and chose to scan QR code, and on the ‘Amount’ section enter the number of coins you wish to send

Step 4: Confirm that the wallet address and the amounts to be sent are correct before hitting send.

Coinomi crypto wallet pros and cons:

Pros:

  • The crypto wallet employs highly advanced security features, including Hierarchical deterministic wallets and IP anonymization.
  • The wallet has integrated shapeshift, Changelly, and other DEXs to facilitate in-app exchanges.
  • The transaction processing fees are highly competitive and open to customization for speedy confirmation.
  • The app supports the widest range of cryptocurrencies, collectibles, and tokens.
  • The app has a solid reputation with no serious customer complaints and enjoys a stellar 4.6/5 star rating on the App Store after over 16,000+ user reviews.

Cons:

  • The biggest threat to Coinomi is the fact that it is not open-sourced.
  • The crypto wallet is also not as regulated as similar projects like Coinbase or eToro.
  • It is a pure crypto-to-crypto network, and you will, therefore, have to use third-party apps like Simplex if you wish to buy crypto using fiat currency.

Comparing Coinomi Crypto wallet with other cryptocurrency wallets:

Comparing Coinomi wallet with Coinbase and eToro

When paired against similar hot wallets like Coinbase and eToro, Coinomi carries the day. Specifically, when it comes to the use of a number of supported currencies, security features, and competitive yet customized crypto transaction fees. We nonetheless believe that eToro and Coinbase have more versatile platforms as they support fiat to crypto transactions and don’t necessarily rely on third-party exchanges.

Verdict – is the Coinomi wallet safe?

Yes. The Coinomi wallet has embraced some of the most innovative security features. These include the use of passwords and recovery seeds to prevent unauthorized access to your wallet, and the possibility of private keys recovery if you lose the phone or forget the password. Others are IP Anonymization and Hierarchical Deterministic features that mask your online activity to keep off trackers and preserve your online privacy. These added to the fact that Coinomi wallets host the widest range of coins, and its versatility makes it most suitable for the highly diversified trader looking for both a highly secure and low fee crypto wallet.

Categories
Cryptocurrencies

Atomic Crypto Wallet Review: How Safe Is The Atomic Wallet?

Atomic wallet is a decentralized, multi-currency, and feature-rich cryptocurrency vault where crypto enthusiasts can store and exchange digital currencies. It is a multi-platform hot wallet that launched in 2017 under the stewardship of Konstantin Gladych – Changelly co-founder –and Charlie Shrem​ – an American entrepreneur cum Bitcoin advocate and founding member of the Bitcoin Foundation.

Atomic wallet is a decentralized, multi-currency, and feature-rich cryptocurrency vault where crypto enthusiasts can store and exchange digital currencies. It is a multi-platform hot wallet that launched in 2017 under the stewardship of Konstantin Gladych – Changelly co-founder –and Charlie Shrem​ – an American entrepreneur cum Bitcoin advocate and founding member of the Bitcoin Foundation.

Atomic wallet is a decentralized, multi-currency, and feature-rich cryptocurrency vault where crypto enthusiasts can store and exchange digital currencies. It is a multi-platform hot wallet that launched in 2017 under the stewardship of Konstantin Gladych – Changelly co-founder –and Charlie Shrem​ – an American entrepreneur cum Bitcoin advocate and founding member of the Bitcoin Foundation.

It has, however, taken more than just the reputation and rich industry experience of crypto app founders to create an online buzz around the wallet. Much of this is attributable to its feature-rich platform that allows for crypto exchange, swapping, and staking currencies. Equally important was its commitment to crypto privacy and user anonymity.

In this Atomic wallet review, we will be looking to understand if it indeed is one of the safest crypto vaults around. We will also explore some of the wallet’s essential features, look at its pros and cons, vet its cost and transaction fees before comparing it with equally reputable crypto vaults.

Key Features:

Multi-platform: Atomic wallet is available as both a mobile app and a desktop app. The mobile app is available in both Android and iOS versions, while the desktop version supports all the popular operating systems, including Windows, MacOS, Linux, Ubuntu, Debian, and Fedora.

Inbuilt exchange: Atomic Wallet has an in-built exchange to facilitate both peer-to-peer crypto exchanges as well as in-app Crypto swaps. To achieve this, the app has partnered with some of the leading Decentralized Exchanges like Binance, Changelly, and Shapeshift.

Cold staking: In addition to Crypto investing and in-app trading, Atomic Wallet exposes you to the lucrative coin staking. Investors in supported coins like Tezos, Vechain, Pundi, and NEO GAS can now commit their coins safely to validators and get rewards.

Portfolio management: Atomic wallet also features the price tracking and portfolio management tool that allows you to monitor the value of your Crypto investments in real-time and on a unified interface.

Educational and trading resources: The crypto wallet app has also partnered with several crypto market data providers like CoinMarketCap, to help you monitor coin prices in real-time. It also has an elaborate crypto education and a news section that keeps you upbeat with the current happenings in the crypto industry.

Supports card purchases: Atomic wallet in collaboration with Simplex ensures that you get to buy cryptocurrencies using credit and debit cards while safeguarding your right to privacy and living true to its commitment of anonymous crypto trading.

Security features:

Password: When creating a user account on either the mobile or desktop wallet app, you will be required to create a strong multi-character password for your account.

Recovery seed backup: Upon registering an account with the Atomic wallet, you will be presented with 12 words recovery seed. You will need this to recover your wallet and private keys therein if you ever lose the phone or computer hosting it or forget the account password.

Non-custodial wallet: Atomic wallets are non-custodial, and the company servers will, therefore, not store the private keys on your behalf. You will always have full custody and control of your private keys, as they will be stored within your device.

Anonymous trading: Unlike most other Crypto wallet apps, Atomic wallet won’t ask you for such sensitive personal information as your name or email address. Neither will it subject you to the KYC and AML verification checks. The app was specially designed to support anonymous Crypto storage and trading.

AES Symmetric encryption: Any data, including the private keys stored in your wallet, will also be highly encrypted using the AES Symmetric encryption technology to prevent unauthorized access to your digital assets.

Ease of use:

Atomic wallet is also developed using highly advanced technology that makes it possible to maintain a highly sophisticated yet easy to use platform. Navigating through the Crypto wallet app is easy, and so is carrying out basic functions like buying and selling Crypto or monitoring your investment portfolio.

The apps can also be highly customized, allowing to change themes, text and icon sizes, and color. Additionally, both the app and website are multilingual, supporting English, Chinese, Spanish, Dutch, French, Russian, Turkish, Portuguese, Japanese, and German languages.

Currencies and countries supported

Atomic Crypto wallet app is available to virtually any cryptocurrency enthusiast in the world. It doesn’t have international membership restrictions or limitations to the use of virtual networks meaning that even individuals in countries with strict Crypto policies can access the wallet using a VPN.

Currently, Atomic Crypto wallet supports more than 300 cryptocurrencies and individual tokens as well as all the entire ERC 20 tokens.

Atomic crypto wallet cost and fees

You wouldn’t be charged for downloading, installing, and using Atomic wallet and its integrated features. Only the crypto exchange and swapping transactions have minimal charges that go to the network validators/miners and not the atomic wallet developers.

These transaction fees by Crypto exchanges are highly variable and dependent on the transaction volumes and the blockchain network used. Credit card purchases via the Simplex platform; on the other hand, carry a fixed charge of 2% the transaction amount.

Most notably, Atomic crypto wallet app has no limit to the number of coins you buy, sell, or hold in your wallet.

Customer support

Atomic cryptocurrency wallet has a responsive customer support team. For faster response, often a few hours, use the live chat option on the wallet app or their website. Alternatively, open a support ticket, send an email or contact them on their social media platforms like Telegram, Twitter, Reddit, or Facebook.

The customer support team is complemented by an elaborate FAQ section on the Atomic wallet website that features explanatory videos detailing how to interact with the app.

Setting up the Atomic crypto wallet

How to install the Atomic crypto wallet:

Step 1: Start by downloading the crypto wallet app on Google Play, App Store, or on the Atomic wallet website.

Step 2: Click ‘Open Wallet’ to create a new wallet.

Step 3: Create and memorize a super-strong password to protect your trader account.

Step 4: The app will now auto-generate 12 words recovery seed. Write it down on a piece of paper and store it in a secure place. You will need this to recover your private keys should you forget your password or lose the phone.

Step 5: Click next to your account’s user dashboard, and you are set to start buying, selling, swapping, and staking over 300 digital currencies.

How to receive cryptocurrencies into your Atomic wallet:

Step 1: Launch the Atomic wallet user dashboard.

Step 2: Click on the cryptocurrency you wish to receive to access its wallet address.

Step 3: Copy the address and send it to the person sending you cryptos and wait for the funds to reflect in the wallet.

How to send cryptos into your Atomic wallet:

Step 1: Lunch the Atomic crypto wallet user dashboard.

Step 2: Click on the cryptocurrency you would like to transfer out and chose the send option.

Step 3: On the popup window, enter the recipient’s wallet address and the number of coins you wish to send.

Step 4: Confirm that the details are correct, enter your account password, and hit send.

Atomic crypto wallet pros and cons:

Pros:

  • Atomic wallet embraces a host of security features to protect your privacy, like Passwords and private keys; plus, the wallet is hierarchically deterministic.
  • Supports anonymous trading and won’t ask or keep your personal information on private keys.
  • Supports a relatively large and constantly growing list of cryptocurrencies, tokens, and collectibles.
  • Hosts several advanced features, including an inbuilt exchange, real-time crypto market access, and a crypto news section.
  • It supports credit card purchases conducted through the Simplex platform.

Cons:

  • One may consider the fixed 2% fee charged on credit card purchases punitive.
  • The Atomic wallet code isn’t open sourced, raising questions about the developer’s transparency in their security claims.
  • The Atomic swap feature will only support the swap of three cryptocurrency pairs.
  • The app doesn’t support biometrics or the 2FA features making susceptible to internet security threats.

Comparing Atomic Crypto wallet with other cryptocurrency wallets:

Comparing Atomic wallet with Coinomi

Atomic and Coinomi are both hot wallet apps with a shared commitment for account security, easy to use wallet platforms, and integrating as many features into the app as possible. But Coinomi takes this a step further and makes their wallet supportive of as many cryptocurrencies as possible (17000+) and introduces more security measures like IP anonymization. In addition to an inbuilt exchange, Coinomi is also supportive of the DApps browser and the conversion of cryptos into redeemable gift cards.

Verdict – is Atomic wallet safe?

While Atomic crypto wallet lives to the true meaning of anonymous crypto trading and has never been hacked, we still consider its commitment to the wallet safety average. You must note that while it has taken significant strides in coming up with HD wallets and passwords and the backup seed, none of these protects your wallet from remote access breaches. The wallet would, therefore, only be suitable for low volume active traders and not long-term investors. 

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Cryptocurrencies

CoolWallet S Crypto wallet review: How cool is CoolWallet S?

CoolWallet S is an innovative crypto vault by CoolBit X that blends the effectiveness of both the hardware and hot wallets to come up with the most secure hybrid crypto wallet. It has both the features of hardware and hot wallet in that it features a portable hardware component in the form of a card that’s then controlled via a crypto app. Each has its individual security measures and won’t function without the other.

CoolWallet S is an innovative crypto vault by CoolBit X that blends the effectiveness of both the hardware and hot wallets to come up with the most secure hybrid crypto wallet. It has both the features of hardware and hot wallet in that it features a portable hardware component in the form of a card that’s then controlled via a crypto app. Each has its individual security measures and won’t function without the other.

CoolWallet S is an innovative crypto vault by CoolBit X that blends the effectiveness of both the hardware and hot wallets to come up with the most secure hybrid crypto wallet. It has both the features of hardware and hot wallet in that it features a portable hardware component in the form of a card that’s then controlled via a crypto app. Each has its individual security measures and won’t function without the other.

The wallet offers the best of both worlds. It differs from the rest of the hardware wallets in that it uses a wireless connection to communicate with an app. And while most other hardware devices are USB-like, CoolWallet S is designed to imitate the exact dimensions, durability, and portability of a credit card. It is also waterproof, temperature resistant, and bendable.

In this CoolWallet S review, we take a deeper look into its key operational and security features, its pros and cons, and ease of use.

Key Features:

Mobile friendly: Most hardware wallets available today were designed with the desktop app, chrome extension, or a web trader in mind. They connect to a computer via a USB cable. CoolWallet S, on the other hand, is specially designed to work alongside iOS and Android-based apps.

Durable: The CoolWallet S card is made using the credit and debit card technology to make it extremely durable.

Sleek design: The CoolWallet S card has a cool design as it features an on-card screen and an authorization button.

Button: Like most USB-like hardware wallets, CoolWallet S features an on-card button used to authorize transactions or for navigating the card screen.

Inbuilt exchange: The CoolWallet S features a Changelly API that serves as its internal exchange. Using the exchange, CoolWallet S users can swap different cryptos and tokens without leaving the wallet.

Wallet connect feature: The portable wallet uses Bluetooth of the Near Field Communication features to connect wirelessly with the smartphone hosting the ColWallet S app. The connection is always shown on the card screen by the Bluetooth connection indicator, and you can use it with up to three devices.

Innovative UI: CoolWallet S presents you with two easy to use interfaces on the card and on the smartphone app. You can use to either check the balances of your digital assets, create new wallet addresses, or view your transaction history.

Security features:

Pass-code: When personalizing the card and registering with the app, you will be required to create a strong pass-code. You will need it every time you want to log into your app or card.

Biometrics security features: The app is further fortified with biometric security checks like the fingerprint and face ID. Unlike most crypto wallet apps that will use either the password or the biometric, CoolWallet S employs the 2+1 authentication features that allow you to use both the password and biometric checks to access your account.

AES 256 encrypted Bluetooth connection: The card is detached from its associated app and will only connect via a Bluetooth connection. The connection is further secured with AES-256 encryption to eliminate possible compromise of wallet data.

Seed phrase available: Like in the case of any other Crypto wallet app, CoolWallet S also has 12 words seed backup that you can use to recover your private keys in you forgot the password or if the app or card were compromised.

Hierarchically deterministic: The wallet is hierarchically deterministic, allowing you to create multiple wallet addresses that help throw off trackers.

Ease of use:

Apart from both the app and card having very friendly user interfaces, the wallet also designed with the global crypto community in mind. For instance, instead of using English words for passwords and recovery seed phrases, CoolWallet S uses numerals to accommodate the non-English speaking crypto enthusiasts.

Setting an account with CoolWallet S is also easy and straightforward. You also don’t need professional help to send/receive coins into your wallet. Plus, its simplistic app design makes exchanging currencies and tracking your crypto assets beginner-friendly.

Currencies and countries supported

CoolWallet S supports 30+ major cryptocurrencies, including Bitcoin, Ripple, Ethereum, Bitcoin Cash, Litecoin, Dash, and ZEN Cash and USDT. It also supports all ERC 20 tokens and is available in 100+ countries across the world.

CoolWallet S crypto wallet cost and fees

The CoolWallet S costs $99 or $159 when buying a pair. This gets you the CoolWallet S card, its charging dock, and a special paper where you can note down the recovery seed.

You won’t be charged for preserving your digital assets on this wallet, but sending and swapping tokens and coins on the integrated Changelly platforms attracts variable transaction fees. These are dependent on the amounts traded and the blockchain network.

Customer support

CoolWallet S has a highly responsive support team. This can be accessed by opening a support ticket on the website, via email, by contacting them via the live chat or on their different social media platforms. Most of the queries will be satisfactorily answered within two hours.

There, however, is no phone support.

Setting up the CoolWallet S crypto wallet

How to install the CoolWallet S crypto wallet:

Step 1: Start by downloading and installing the CoolWallet S app for your iOS or Android phone.

Step 2: Press the button on the card to activate it and turn on Bluetooth for your phone.

Step 3: The app will soon show a string of letters and numbers representing your wallet address. Click connect to pair.

Step 4: On the app, select ‘Create’ to start the wallet creation process.

Step 5: The app will then ask you to choose the length of your recovery seedeither12-, 18- or 24- words sets. (We advise you to use the on-card screen and not the app to select the seed set). Note the seed down on a piece of paper or save it as an image file.

Step 6: Verify that you have captured the right seed by answering a random seed query.

Step 7: Click the ‘Create a New Wallet’ option on the app to finish the setup process.

(You can now activate the biometric security features on the settings page of your app).

How to receive cryptocurrencies into your CoolWallet S:

Step 1: Log in to your CoolWallet S app and select Receive on the user dashboard.

Step 2: Click on the crypto/token you would like to receive (if not listed, add it automatically at the coin display tab on the settings page).

Step 3: Clicking on the cryptocurrency will display your wallet address and QR code.

Step 4: Copy either and send them to the individual/entity, sending you the coins.

How to send cryptos into your CoolWallet S:

Step 1: Log in to your CoolWallet S app and select Send on the user dashboard.

Step 2: On the pop-up menu, enter the recipient’s wallet address in the TO field and the number of coins you wish to send.

Step 3: Chose the cryptocurrency you wish to send.

Step 4: Review the transaction by confirming the amounts to send and the recipient’s wallet address. This tab will also display the transaction fee that you can modify based on the speed at which you would like to have the order confirmed.

Step 5: Press ‘Send.’

CoolWallet S crypto wallet pros and cons:

Pros:

  • The wallet embraces a multi-layered security protocol guaranteeing the absolute safety of your private keys.
  • CoolWallet S has a sleek design that isn’t just highly portable but also quite convenient.
  • Provides a one of a kind offline wireless storage for your digital assets.
  • It is easy to set up and use for crypto beginners due to its very friendly and simplistic user interface.
  • CoolWallet S hosts a number of important features that include the Changelly API that allows for swaps and in-app crypto exchanges.

Cons:

  • At $99, it is more expensive than equally reliable hardware crypto wallets like Trezor or Ledger Nano.
  • It supports a limited number of cryptocurrencies (less than a hundred) compared to other hardware wallets that support 1000+ coin and tokens.
  • The CoolWallet S technology isn’t open sourced and thus inadequately audited.
  • You will have to re-enter the seed words every time the app/card firmware is updated, which can be cumbersome.

Comparing CoolWallet S with other cryptocurrency wallets:

Comparing CoolWallet S with Ledger Nano S hardware wallet

CoolWallet S can be said to have employed more security measures to fortify both the app and card than Ledger Nano S hardware wallet. It is also more versatile as it features a larger on-card screen and probably easier wallet setup process. The Ledger Nano S hardware wallet, on the other, carries the day when it comes to the number of supported cryptocurrencies. It is also more affordable and even more reputable based on its developer’s exposure to the crypto world and by virtue of having been a pioneer hardware wallet.

Verdict – is CoolWallet S safe?

CoolWallet S is, without a doubt, one of the safest cryptocurrency wallets available today. It is also is one of the most versatile, given that you can use either the mobile app or the card-like hardware device to monitor your digital assets. And this makes it appealing to both the low-volume traders and high-volume investors alike. To enjoy these benefits, however, you will need to dig deeper into your pockets. 

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Cryptocurrencies

Mycelium Wallet Review 2020: Features, Fees & Ease Of Use

On the Mycelium website, the Mycelium wallet is referred to as the ‘Default Bitcoin Wallet.’ Probably because Mycelium is by far the oldest and one of the most reputable smartphone-based bitcoin wallets. Introduced to the market in 2008, Mycelium has undergone a raft of improvements and integrations to make it the safest Bitcoin storage hubs. Over time, the wallet has also gained the title of the most versatile wallet given the numerous third-party services it has safely integrated onto its network. But what sets it apart from the rest of the smart app wallets?

On the Mycelium website, the Mycelium wallet is referred to as the ‘Default Bitcoin Wallet.’ Probably because Mycelium is by far the oldest and one of the most reputable smartphone-based bitcoin wallets. Introduced to the market in 2008, Mycelium has undergone a raft of improvements and integrations to make it the safest Bitcoin storage hubs. Over time, the wallet has also gained the title of the most versatile wallet given the numerous third-party services it has safely integrated onto its network. But what sets it apart from the rest of the smart app wallets?

On the Mycelium website, the Mycelium wallet is referred to as the ‘Default Bitcoin Wallet.’ Probably because Mycelium is by far the oldest and one of the most reputable smartphone-based bitcoin wallets. Introduced to the market in 2008, Mycelium has undergone a raft of improvements and integrations to make it the safest Bitcoin storage hubs. Over time, the wallet has also gained the title of the most versatile wallet given the numerous third-party services it has safely integrated onto its network. But what sets it apart from the rest of the smart app wallets?

We answer this by looking at some of Mycelium wallet’s security features, ease of use, and proposed updates to the wallet’s functionality. We will also tell you if the mobile wallet truly lives up to its reputation.

Mycelium Key features

Smartphone-based: Mycelium is an app-based crypto wallet implying that it is compatible with both Android and iOS operating systems. It is hosted on a smartphone, effectively making it one of the most portable and easily accessible bitcoin wallets.

Integrates with hardware wallet: Mycelium wallet’s versatility makes it possible to integrate the mobile phone wallet with popular hardware wallets. These include KeepKey, Ledger Nano S, and Trezor.

Hierarchical Deterministic: The fact that Mycelium is an HD wallet implies that one can derive future bitcoin addresses from the master seed, easing the wallet recovery process.

Mycelium local trader: Unlike exchange backed wallets like eToro, Coinbase or BitMex, Mycelium is a stand-alone wallet. It nonetheless features a decentralized exchange-like marketplace that facilitates the exchange of bitcoins for fiat currencies between users. Dubbed the “Mycelium Local Trader,” the marketplace also features an end-to-end encrypted chat service.

Integration with third-party service providers: Mycelium bitcoin wallet partners with three main third party service providers Cashila, Glidera, and Coinpult. Cashila makes it possible for Mycelium users within the Euro SEPA zone to settle their bills. Glidera allows US and Canadian users to buy bitcoins with their bank balances. Coinpult, on the other hand, makes it possible for Mycelium users to hedge bitcoins against popular currencies like USD.

Security features

Pin code protection: After downloading the mycelium wallet app and installing it in your device, you will be asked to set a unique pin code. It prevents illegal access to your wallet and private keys and will be required every time you wish to log in, check balances, and confirm transactions.

12-word recovery seed: During the installation, Mycelium provides you with a 12-word recovery seed that you can use to reclaim your wallet. You will need to recover your bitcoin private keys should you lose the phone or forget the Mycelium bitcoin wallet password.

Watch-Only accounts: A watch only account allows for the storage of just the bitcoin address and not its corresponding private keys. You can then track the receivables into your wallet and monitor the coin balance while making it impossible to send out coins from the wallet even if hackers accessed your login details.

Military-grade encryption: The Mycelium bitcoin wallet encrypts your bitcoin address and private keys therein with the military-grade AES-256 bit encryption technology. The two are also never stored on the Mycelium servers.

It does not collect private data: Mycelium further commits to not collect sensitive personal information from its product consumers. It will only obtain your bitcoin address, location, nickname, and trade history while promising not to share it with any third parties.

Currencies supported

Mycelium is a bitcoin wallet and will, therefore, only support the legacy cryptocurrency. 

Integration with different third party services and the introduction of the Mycelium Local Trader have nevertheless made it possible for Mycelium users to exchange Bitcoins for fiat currencies like USD and Euro. If you want access to a huge number of currencies without losing access to your Mycelium wallet, consider integrating it with such hardware wallets as Ledger Nano and Trezor that support 1000+ crypto coins and tokens.

Mycelium wallet cost and other fees

You won’t be charged to download, install, and interact with the Mycelium bitcoin wallet. A transaction fee of between $2 and $7, however, applies every time you send bitcoins or seek to exchange your coins with fiat currency. The fee varies depending on the size of the transaction.

Setting up the Mycelium wallet:

How to install Mycelium one wallet:

Step 1: Download the Mycelium bitcoin wallet from the Google playstore for android users or the App Store for iOS smartphones and proceed to install the App.

Step 2: After the installation, open the wallet and select the “Create New Wallet.”

Step 3: The first step in creating a wallet is setting your PIN. This will be required for all future logins, memorize it.

Step 4: After confirming the PIN code, the wallet will provide you with the recovery seed made of 12 random words. Write them down on a piece of paper and keep it safe.

Step 5: You are now set and can start sending and receiving bitcoins or transacting in the Mycelium local trader.

Sending and receiving coins:

To receive funds into your Mycelium bitcoin wallet:

Step 1: Log in to your Mycelium bitcoin wallet and select receive bitcoins

Step 2: The page will display a QR code and your bitcoin address.

Step 3: Have the sender scan the code or send them the address.

To send payments from your Mycelium bitcoin wallet:

Step 1: Log in to your Mycelium bitcoin account and select the SEND option under the BALANCE tab of the wallet

Step 2: Paste the receiver’s bitcoin address you had copied to the clipboard or type it manually.

Step 3: Choose the currency – Bitcoin, USD, EUR – you wish to send and enter the amount

Step 4: Confirm the details authorize the payout using the PIN code.

Mycelium hardware wallet pros and cons:

Pros:

  • Mycelium presents its users with a wide range of features that ease its use.
  • Its open-sourced code has been vetted vigorously to seal all security loopholes.
  • One of the few wallets with an independent fiat-to-crypto exchange
  • Integrates with several third-party service providers
  • Compatible with popular hardware wallets

Cons:

  • The mobile wallet isn’t as secure as hardware wallets that store private keys offline.
  • Will only support bitcoin cryptocurrency.
  • Bitcoin investigators can use the information the wallet collects to reverse-trace a transaction.
  • Mycelium is a hot wallet and not immune to hacking, phishing, and malware corruption threats.

Mycelium wallet compared to competitors:

Mycelium may be referred to as the default bitcoin wallet, but recent years have seen the offshoot of several smartphone crypto wallets like Jazz and Cryptonator. Unlike the two, Mycelium is open source, which gives an upper edge when it comes to the security and integrity of the mobile wallet. The two, however, take advantage of Mycelium’s rigid approach to the crypto market by supporting multiple digital currencies as Mycelium sticks to Bitcoin. One may also consider the Jazz wallet’s user interface quite friendlier. 

Upcoming ‘massive upgrades’

On their website, Mycelium argues that while their wallet has, for the longest time, been a great tool for Bitcoin users, its time to share this goodness with everyone else. To make this possible they have come up with a raft of proposed upgrades to the bitcoin wallet including:

  • Integrating inexpensive remitters
  • Introducing wallet-linked and in-wallet-issued debit cards
  • Escrow protected bets and transactions.
  • More efficient hedging and investment portfolios

Customer support:

Mycelium’s customer support starts with a relatively expanded FAQ page on their website. Wallet users can also ask for assistance by opening a support ticket or contacting them on the different Mycelium social media pages. Mycelium, however, doesn’t offer phone support.

Verdict: Does Mycelium live to its reputation?

Despite the entry of numerous smartphone-based crypto wallets into the play, Mycelium remains one of the most popular. Some of the factors giving it a competitive advantage include its ease of use, inexpensive transaction fees, and a proven track record of keeping client private keys secure. While we fault its decision to stick to bitcoin transactions despite there being over 1000 cryptocurrencies today, we still believe that it is worth having.

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Cryptocurrencies

MyEther Wallet Review 2020: Features, Fees & Ease Of Use

On their website, MyEther refers to their web-based wallet as ‘Ethereum’s Original Wallet,’ specially designed to help individuals keep their private keys safe and interact with the Ethereum blockchain. Commonly referred to as the MEW Wallet, the open-sourced platform was designed to help crypto investors and traders manage their Ethereum and ERC-20 tokens. And despite the fact that it is a hot web-based wallet, it continues to enjoy massive popularity within the crypto community.

On their website, MyEther refers to their web-based wallet as ‘Ethereum’s Original Wallet,’ specially designed to help individuals keep their private keys safe and interact with the Ethereum blockchain. Commonly referred to as the MEW Wallet, the open-sourced platform was designed to help crypto investors and traders manage their Ethereum and ERC-20 tokens. And despite the fact that it is a hot web-based wallet, it continues to enjoy massive popularity within the crypto community.

On their website, MyEther refers to their web-based wallet as ‘Ethereum’s Original Wallet,’ specially designed to help individuals keep their private keys safe and interact with the Ethereum blockchain. Commonly referred to as the MEW Wallet, the open-sourced platform was designed to help crypto investors and traders manage their Ethereum and ERC-20 tokens. And despite the fact that it is a hot web-based wallet, it continues to enjoy massive popularity within the crypto community.

In this MyEther Wallet review, we will be seeking answers to what draws crypto users to the wallet. We will vet the crypto wallet’s features, security, cost, and ease of use before telling you if it is fit for use.

MyEther Wallet Key features

Web-based: MyEther Wallet is a hot, online-based crypto wallet that stores your private keys in your PC, mobile app, or offline in a USB Drive.

Launched a mobile app: MyEther wallet recently launched a mobile application for both Android and iOS users, dubbed MEWconnect. It has all the features and benefits of the MyEther app, with the added advantage of being available on the move.

Access to Ethereum blockchain: Unlike most crypto wallets that will only give you access to a storage unit for your digital assets, MyEther gives you access to the Ethereum blockchain network. You can also use the app to exchange Ethereum based coins and interact with all the network features like smart contracts, Decentralized apps, and ENS as well as sign and verify messages.

Compatible with hardware wallet: MyEther crypto wallet will also integrate with all popular hardware wallets like Ledger Nano, Trezor, and KeepKey. This not only adds an extra layer of security to the company but also makes it possible for you to hold more than just the Ethereum based coins and tokens.

Offline transactions: The MyEther crypto wallet is unique in the sense that it is available for offline transactions. You do not need to be online to send or receive different coins and wallets to the wallet.

Save private keys offline: Since its establishment, MyEther crypto wallet has undergone several operational and security adjustments. One of these is the ability to store private keys offline. Instead of maintaining your private keys over the cloud, you can now save them offline in a flash disk or written in a piece of paper.

Compatible with popular browsers: MyEther wallet is also compatible with all the popular browsers, including Firefox, Chrome, and Brave. You can access your ether wallet via MyEther wallet website or the different browser extensions.

Compatible with exchanges: You can also integrate the MyEther wallet with different crypto exchanges, including Changelly, that allow you to buy and sell your digital assets for other crypto or fiat currencies.

Security features

Password protection: Like most other online and offline crypto wallet, MyEther has a password as the foremost form deterrence against authorized access to the private keys stored therein. You will need to set this password during the wallet installation and activation stage.

Recovery Keystore: In addition to the password is yet another security layer that – the Keystore recovery seed. It’s a set of words generated by the wallet during setup, and it comes in handy should you forget your password.

Open-sourced technology: MyEther has open-sourced the technology used to develop this crypto wallet. This has encouraged cryptocurrency and bitcoin enthusiasts to vet it exhaustively and come up with security improvement recommendations that have helped make it one of the most secure web-based wallets.

Highly encrypted: MyEther wallet further encrypts the private keys and addresses stored in your crypto wallet as well as its associated passwords. This keeps the private keys stored therein safe from malware.

Does not collect private data: In yet another privacy approach, MyEther crypto wallet collects no more of your personal information than is necessary. The crypto wallet company further provides its clients with the assurance of not sharing this data with third parties.

Currencies supported

MyEther is an Ethereum wallet that will only support Ethereum, Ethereum Classic, and ERC 20 coins and tokens. Its compatibility with numerous hardware wallets like Ledger Nano and Trezor that support 1000s of coins has, however, expanded the wallet’s currency support exponentially.

MyEtherWallet wallet cost and other fees

You will not be charged a fee for downloading, installing, and interacting with MyEther wallet or the MEWconnect smartphone app.

MyEther is also one of the few crypto wallets that won’t impose fees for cryptocurrency transactions conducted within its platform. You will only have to pay negligible fees that go straight to Eth miners and not the platform itself.

The minimum fee for a transaction is usually 0.000441 Ether, but you can always choose custom fees if you wish to have your transaction processed in the shortest time possible. For acceptance into the next block, you pay 40 GWEI, acceptance into the next few blocks costs 20 GWEI, while acceptance within the next few minutes costs 2 GWEI.

*Note: 1,000,000 GWEI = 0.001 ETH

Setting up the MyEther Wallet :

How to install MyEther Wallet:

Step 1: Start by accessing the MyEther crypto wallet website and selecting the create new wallet option.

Step 2: On the next page, you will find a small tutorial on how to engage with the MyEther wallet. You can view the tutorial or simply skip.

Step 3: Next is the create a new wallet page that gives you the option of creating the wallet online or via the smartphone app.

Step 4: If you choose to create an account online, you first need to create and verify your wallet password before generating the recovery seed. If you chose the MEWconnect smartphone app, you have to start by downloading the app from the MyEther website, proceed to create a password, after which the app will provide you with the recovery seed.

Step 5: Save your recovery seed to your PC or USB

Sending and receiving coins:

To Send tokens from your MyEther Wallet:

Step 1: Open the web-based wallet account and click “Send Ether &Tokens.”

Step 2: Choose the payment account i.e., your private keys or connected hardware wallets

Step 3: Paste the wallet address, number of tokens you wish to send, and GAS.

Step 4: Click ‘Generate Transaction,” confirm recipient details and verify the transaction.

To receive payments into your MyEther Wallet:

Step 1: Log into your MyEther wallet.

Step 2: Click on the “Receive Ether & Tokens” tab to get your receiving address.

Step 3: Send the address to whoever is sending you the coins

Step 4: Receive Ether and supported ERC 20 tokens from

MyEther Wallet pros and cons

Pros:

  • Its open-source protocol keeps it highly secure and ahead of the competition.
  • The wallet is compatible with most hardware wallets, including Trezor and Ledger Nano.
  • The wallet supports both online and offline transactions.
  • New privacy settings make it possible to store your wallet’s recovery phrase heavily encrypted offline on PC or USB disk.
  • MyEther wallet is also compatible with such exchanges as Changelly making the transfer of funds and currency conversions relatively easy.

Cons:

  • MyEther is a hot wallet, and this exposes it to possible hacking and phishing attacks.
  • One may consider the MyEther app relatively complicated to set up and use
  • Will only support Ethereum and ER20 tokens, leaving behind popular currencies like Bitcoin.
  • The web-based wallet isn’t as secure and hard to breach as the hardware wallets.

MyEther Wallet compared to competitors:

MyEther ranks fairly when compared to such other online wallets as Coinbase and eToro. These two are exchange linked and have two key advantages over MyEther. First, they are exchange linked and therefore expose the trader to more trade and investment opportunities. Secondly, they support all the popular coins and currencies and even host initial coin offerings. Unlike the two, however, MyEther wallet’s protocol is open source, making it safer and more secure, plus it also has both online and offline transaction processing features.

Customer support:

MyEther has an elaborate and detailed FAQ page, as well as tutorial videos that explain how the site works in detail. Their website is also available in both English and Russian languages. They also have a live chat tool on the website and are easily accessible the different social media platforms.

Verdict: Does MyEtherWallet live to its reputation?

MyEther Wallet is one of the safest and most versatile web-based Ethereum blockchain wallets available today. Some of its key strengths lie in its compatibility with several hardware wallets that complement its security and the number of cryptos and tokens it can support. It also is one of the few crypto wallets with a companion smartphone app, both of which give you access to not just the wallet but the Ethereum blockchain. It, therefore, is our opinion that while its online nature puts it at a higher risk of hacking and phishing attacks than hardware wallets, it still is a reputable wallet and fit for beginners and active traders looking for a wallet that allows for fast transaction processing.

Categories
Cryptocurrencies

Everything You Need To Know About Crypto Currency Wallets

So you’ve bought your cryptocurrency, what’s next? Unlike fiat currency, cryptocurrency doesn’t have real-world institutions that keep and protect your money. And storing it on the crypto exchange may not

So you’ve bought your cryptocurrency, what’s next? Unlike fiat currency, cryptocurrency doesn’t have real-world institutions that keep and protect your money. And storing it on the crypto exchange may not

So you’ve bought your cryptocurrency, what’s next? Unlike fiat currency, cryptocurrency doesn’t have real-world institutions that keep and protect your money. And storing it on the crypto exchange may not be a good idea, especially with incidences of exchanges being hacked or turning out to be a scam. Thankfully, innovative people have come up with brilliant ideas to enable crypto users store their coins safely.

In this article, we’ll discuss what crypto wallets are, types of crypto wallets, and what you should consider before investing in one, and more.

What Is A Cryptocurrency Wallet?

A cryptocurrency wallet is a device, a physical medium, or a software program that stores private and public keys and allows users to transfer, receive, or spend their cryptocurrency. You don’t walk around holding your fiat money, do you? You store it in a bank or some type of wallet to protect it. That’s the same principle with crypto wallets. 

How Do Cryptocurrency wallets Work?

Many people don’t understand how cryptocurrency wallets work mainly because they try to associate them with traditional wallets. Unlike “real world” wallets, crypto wallets don’t store crypto ‘money.’ In fact, cryptocurrencies are not stored in any physical shape or form, so they can’t technically be stored in any single location. What exists is records of transactions stored in a public ledger or – the blockchain.

What crypto wallets store is the public and private keys- which are used to access your public cryptocurrency address and transaction signatures.

Both of these keys are just a combination of random numbers and letters. To better understand public and private keys, we can compare them to our bank account. The public key is like your bank account number – people who know it can send you money. But the private key is like your pin code or password – you’re the only one who knows it. The same logic applies to crypto wallets – people can send you cryptocurrencies, but you will need to use your passcode to access it.  

When someone sends you, let’s say, Bitcoin, they are essentially transferring ownership of the coins to your wallet’s address.

For you to access those coins and spend, store or transfer them to somebody else, your wallet’s private key should be compatible with the public address the coins are assigned to. If the two keys match, the balance in your wallet increases, while the sender’s decreases. There is no real exchange of the currency. The transaction exists in the form of “a transaction on the public ledger” and a change in the balance of both parties.

What are the Types of Cryptocurrency Wallets?

There are several types of crypto wallets that enable you to store and access your crypto coins. ‘Type’ here refers to the medium that the wallet is built on. This could be software, hardware, or paper. Software wallets can be on desktop, web, or mobile

☑️Desktop Wallets: These wallets are usually downloaded and installed on your computer. From then on, they are only accessible from that particular computer. By broad definition, desktop wallets provide more security than their online and mobile counterparts because they don’t rely on third parties for data. However, they are vulnerable to hackers or malware. But these wallets are a good solution for traders of small crypto amounts.

☑️Web Wallets: These wallets are cloud-based and store your private keys on a server. They can be accessed from any internet-enabled device from any location. They are controlled by a third party, too, which renders them susceptible to hacking and theft.  

Different web wallet providers provide different features, some of which can link to mobile and desktop features and sync your addresses across your devices.

☑️Mobile Wallets: These wallets run as an app on your phone. They are great solutions for active users who interact with their crypto coins often. They can be used to pay for goods at e-stores or physical stores by allowing you to scan a QR code.

Since any crypto user requires access to the blockchain network – which is large enough, mobile wallets use a simpler verification technology. This means they utilize small subsections of the blockchain by relying on certain trusted nodes to ensure they get the correct information.

While mobile wallets provide much more convenience, they are also more prone to hacking. And if someone gains entry to your phone, you could lose control of your funds.

☑️Hardware Wallet: these wallets store your private keys on a hardware device like a USB. Hardware wallets are by far the most secure of any wallet because they are immune from malware attacks, hacking, and funds cannot be transferred out of the device in plaintext. Some providers even offer hardware wallets with a screen that can verify and display important details, like a recovery phrase and details of the transaction you wish to make.

Depending on the provider, hardware wallets can be compatible with several web interfaces and support several currencies. You can easily make a transaction by simply plugging the device to an internet-enabled device, enter your passcode, and carrying out your transaction.

☑️Paper Wallet: These wallets are essentially printouts containing a public and private key. They are usually printed as QR codes, meaning you can quickly scan them and transfer them to a software wallet to carry out a transaction. This process is known as ‘sweeping’ and can also involve manually entering the keys on the device. A paper wallet can also be a piece of software that can generate the keys, which are then printed. 

Just like hardware wallets, paper wallets are immune to hacking and malware attacks. Still, you need to take certain precautions, like ensuring no one is watching you when you’re generating a paper wallet and using a printer that is not connected to the internet. Also, you need to keep your paper wallet in a dry and safe place to avoid exposure to water and wear and tear. You could even keep it in a sealed plastic bag or laminate it and store it in a safety deposit box.

How Secure Are Crypto Wallets?

The level of security of a wallet depends on its type and the service provider. Web-based wallets are more vulnerable since hackers could gain access and steal your coins. On the other hand, offline wallets are safer because they are not connected to the internet and don’t rely on a third party. 

The most important thing to remember is regardless of the wallet you’re using, whether online or offline based, your private key is what matters. You lose the private key, you lose your funds. Bear in mind that cryptocurrency transactions are irreversible, so utmost care is necessary. 

That said, here are some measures you can take to secure your online wallet: 

☑️Back up your wallet. This simply means don’t store everything online. Store only small, daily-use amounts online. Store the rest away in a highly secure environment, like a paper or hardware wallet. Offline storage will ensure your currency is safe in case of computer failure or virus attacks. 

☑️Update software. Hackers are usually smart people, and they keep devising new ways to infiltrate security software. So what do you do? You keep up with them. Ensure your software has the latest security enforcements. This applies to both your wallet software and computer, or mobile software. 

☑️Add layers of security. When it comes to online wallets, the more the security layers, the safer they are. This can mean setting long and complicated passwords. Use wallets that enable multi-factor authentication or other extra pin code requirements. You could also choose wallets that offer multi-signature transactions – meaning another user or users must approve before any transaction takes place. 

Can You Store All Your Cryptocurrencies In A Single Wallet? 

Some wallet providers design wallets dedicated to the storage of only type of cryptocurrency. For instance, Armory and Copay are designed to store only Bitcoin. But other providers allow you to keep a variety of cryptocurrencies. Instead of purchasing a wallet that only supports one currency, you may find it more convenient to purchase or signup one that allows you to store, access, and spend your coins from the same location.

Are Crypto Wallets Anonymous? 

Just like how your identity on a cryptocurrency blockchain is pseudonymous, i.e., recognizable by your public address, so are crypto-wallets. Your actual identity will not be there, but your wallet address could be traced back to you.

In addition, to prevent illegal use of cryptos, most exchanges will require your full identity – which means they know your identity is linked to your wallet transactions. 

Which Is The Best Cryptocurrency Wallet?

New crypto wallets are always being introduced. Your decision to pick a specific crypto wallet depends on how you intend to use it. Ask yourself these questions:

Do you need your cryptos for everyday use or for holding as an investment?

Do you need to access your wallet from anywhere or just at home?

Do you plan to use and/or trade several currencies or just one?

What is the security track record of your considered wallet?

What is the reputation of the manufacturer?  

With that, here are some of the tried and tested crypto wallets in the market: Atomic Wallet, Ledger Nano, Trezor, Armory, Mycelium, Bread Wallet, Copay, Electrum, Exodus, and Jaxx. 

Conclusion 

By now, you should have a pretty good idea of what a wallet is, how it works, and probably identified your preferred wallet choice. Remember, the type of wallet you choose should respond to your needs – be it ease of transfer or security from hacking attacks.