Tag: Best multicurrency wallet

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Crypto Daily Topic Cryptocurrencies

StakedWallet Review: Is Stakedwallet Legit Or Another Ponzi Scheme?

Stakedwallet is a DeFi-focused crypto project that provides you with a platform where you can securely store your digital assets and earn guaranteed interest. It is a highly innovative cryptocurrency wallet that integrates several operational and security features. And they all are aimed at ensuring the wallet is highly secure and easy to use. It works by providing wallet users with an opportunity to stake their cryptocurrencies and earn a fixed daily interest. The interest is deposited to your account daily, and the percentage earning for your staked assets is largely dependent on how long you have kept your funds on the platform.

Stakedwallet is a DeFi-focused crypto project that provides you with a platform where you can securely store your digital assets and earn guaranteed interest. It is a highly innovative cryptocurrency wallet that integrates several operational and security features. And they all are aimed at ensuring the wallet is highly secure and easy to use. It works by providing wallet users with an opportunity to stake their cryptocurrencies and earn a fixed daily interest. The interest is deposited to your account daily, and the percentage earning for your staked assets is largely dependent on how long you have kept your funds on the platform.

Stakedwallet is a DeFi-focused crypto project that provides you with a platform where you can securely store your digital assets and earn guaranteed interest. It is a highly innovative cryptocurrency wallet that integrates several operational and security features. And they all are aimed at ensuring the wallet is highly secure and easy to use. It works by providing wallet users with an opportunity to stake their cryptocurrencies and earn a fixed daily interest. The interest is deposited to your account daily, and the percentage earning for your staked assets is largely dependent on how long you have kept your funds on the platform.

A debate that questions the legitimacy of Stakedwallet has emerged online, especially on Reddit. Some crypto community members are now advising caution when dealing with the wallet, while others call it out as an outright Ponzi scheme designed to swindle naive crypto-enthusiasts.

In this Stakedwallet review, we will be vetting this passive income-generating platform cum crypto wallet to determine if it indeed is a secure crypto vault or another Ponzi scheme. And to achieve this, we detail all its features, a step-by-step guide on activating and using the wallet, check its ease of use and supported currencies, and compare it to other crypto wallets.

StakedWallet key features:

Cross-platform: Stakedwallet is a cross-platform crypto vault available as both a mobile wallet and a web wallet. Both the web wallet and the website associated with Stakedwallet are, however, inaccessible at the moment.

Inbuilt exchange: Within the StakedWallet user dashboard is the exchange icon that gives you access to the platform’s crypto exchange. You can use it to convert one supported crypto to another at a fraction of the cost charged by most other third-party exchanges.

Stake and Earn: You get to earn by engaging in the proof of stake programs offered by most blockchains networks and protocols through Stakedwallet. You can also earn by completing the numerous tasks on the platform, like inviting your friends and acquaintances to join the platform through its referral program. And for every successful referral, you earn SWL Tokens that you can then convert to any of the supported cryptocurrencies on the inbuilt exchange.

Multi-blockchain: Staked wallet is unlike most DeFi-focused crypto wallets that will only support Ethereum based DeFi apps and protocols. It supports a wide range of altcoins drawn from different Blockchains, including Bitcoin.

Portfolio/Income tracker: Stakedwallet integrates the “My Statistics” tool that you can use to monitor your crypto portfolio and earning trends. It is an automated tool that displays your crypto balances in real-time, transaction history to help you understand inflows and outflows, and the earning trend for all your staked coins on a weekly, monthly, or annual basis.

StakedWallet security features:

Password: Like most other crypto storage vaults, Stakedwlalet is secured with a multi-character password that you set when activating the app or web wallet and creating a user account.

Multi-factor authentication: Stakedwallet employs a three-step authentication process that integrates 2FA and multi-signature functionalities for your outbound transfers. Here, every transfer out must be subjected to two-factor authentication and signed by both the app and the company servers.

Enterprise-grade encryption: According to Stakedwallet, both the crypto app and web wallet use a 256-bit enterprise-grade encryption cipher and 25,000 PBKDF2 hash rounds in encrypting your PIN and all other user data in the wallet. They boldly claim that it would take a modern computer a million days to bypass these tools and hack into your account.

Non-custodial: Stakedwallet doesn’t collect any of your personal data, especially the PIN code or private keys. These are highly encrypted and stored locally on your computer or mobile device.

Vulnerability monitoring: According to Stakedwallet’s development team, both the wallet app and web wallet are being constantly monitored for bugs and vulnerabilities around the clock. It is subjected to regular security audits by some of the leading crypto security firms in the world.

VPN Access: Unlike most other crypto storage wallets that don’t support VPN access, Stakedwallet sets no restrictions on logging into your account via a VPN.

How to activate/  setup the StakedWallet

Step 1: Start by downloading the Stakedwallet app compatible with your phone on the Google play store or Apple app store.

Step 2: Launch the app and click on the “Create a New Wallet” on the installation page.

Step 3: Enter your email address and create a unique password for the account.

Step 4: Read and agree to the wallet’s terms of use and user privacy

Step 5: Verify that you are not a robot, and you want to proceed with the registration by clicking the verification button and completing the puzzle.

Step 6: Your account is now active and ready for use

Step 7: Click on the three bars on the top-left corner of the wallet app to access the settings section that you can then use to personalize the wallet.

How to add/receive Crypto into Poketto Wallet:

Step 1: Log in to your Stakedwallet app

Step 2:  Click on the three bars on the top left corner of the app’s user dashboard to access the app menu.

Step 3: Click on the “Deposit” tab and click on the “Add Money” on the deposit page that pops up.

Step 4: The wallet will now present you with a QR code representing the wallet address

Step 5: wait for the funds to reflect.

How to send crypto from StakedWalletwallet:

Step 1: Log in to the Stakedwallet app

Step 2: On the user dashboard, click on the “Send” button

Step 3: Select the altcoin you want to send and enter the recipient wallet address

Step 4: Decide on the amount you wish to send

Step 5: Confirm that the transaction details are correct and hit send.

StakedWallet ease of use:

Stakedwallet has a clean and intuitive user interface. You will find navigating through the app and interacting with most of its features, like depositing and sending crypto coins in and out of the wallet, quite easy. It also has a rather straightforward wallet activation and user account registration process.

It is quite beginner-friendly, and you don’t need help in staking different coins or monitoring your portfolio. The portfolio and earnings tracking processes are rather straightforward.

StakedWallet supported currencies:

Stakedwallet currently supports a significant number of the leading cryptocurrencies and tokens. These include Bitcoin, Litecoin, Bitcoin Cash, Dogecoin, Ethereum, and Dash. Plus the wallet’s native token, SWL.

StakedWallet cost and fees:

Downloading the wallet app, creating a user account, and interacting with its features is free. You also get to earn 0.6% – 1.5% of the staked digital assets daily in addition to the bounty program earnings like inviting friends to join the wallet and other microtasks.

However, you will have to part with the blockchain network fees like GAS, charged when you send crypto in and out of your wallet to Stakewalet.

What are the pros and cons of using Stakedwallet?

Pros:

  • It presents wallet users with multiple streams of earning passive income.
  • It is a beginner-friendly wallet.
  • It supports some of the most popular crypto wallets.
  • It has highly advanced security measures around the website, web wallet, and wallet app.
  • It is a free wallet

Cons:

  • There have been a lot of negative reviews about the wallet.
  • One may consider the number of supported cryptos to be limited.
  • It has a poor and unresponsive customer support team.

Comparing StakedWallet with other multi-blockchain wallets

StakedWallet vs. DexWallet

Both Stakedwallet and Dexwallet help their users generate passive income from their digital assets. They, however, differ significantly in the income-generating strategy. While Stakedwallet earns you guaranteed interest via the proof of stake protocol, DexWallet integrates different DeFi apps to make you money by either staking or lending to other app users.

Stakedwallet, however, has a soiled reputation due to a lack of transparency on how they handle client funds and the effectiveness of this income-generating strategy.

Verdict: Is StakedWallet safe?

Staked wallet app has considerably effective and advanced security and privacy measures around the app and private keys. Questions are, however, abound concerning its legitimacy. Most reviewers on crypto discussion platforms like Reddit and Quora and user reviews on the app store pages have termed it a scam and a Ponzi scheme.

Twitter has even suspended the Stakedwallet account. And instead of addressing these allegations, the company has taken its website and web wallet offline. We recommend that our readers avoid the wallet until the company satisfactorily addresses all the allegations levels against their wallet.

Categories
Cryptocurrencies

Trust Wallet review: Safety, Ease of Use, Features, Pros, and Cons

Trust Wallet is a crypto mobile app developed and introduced to the crypto market in November 2017 by Viktor Radchenko. It is an open-sourced crypto project that seeks to provide users with a balance between trust, security, and usability. To this end, this crypto wallet app has embraced a wide range of highly advanced features that seek to boost user privacy and ease of use. Some of these include a Web3 Dapp browser, a decentralized exchange, block explorer, and biometric security features.

Trust Wallet is a crypto mobile app developed and introduced to the crypto market in November 2017 by Viktor Radchenko. It is an open-sourced crypto project that seeks to provide users with a balance between trust, security, and usability. To this end, this crypto wallet app has embraced a wide range of highly advanced features that seek to boost user privacy and ease of use. Some of these include a Web3 Dapp browser, a decentralized exchange, block explorer, and biometric security features.

Trust Wallet is a crypto mobile app developed and introduced to the crypto market in November 2017 by Viktor Radchenko. It is an open-sourced crypto project that seeks to provide users with a balance between trust, security, and usability. To this end, this crypto wallet app has embraced a wide range of highly advanced features that seek to boost user privacy and ease of use. Some of these include a Web3 Dapp browser, a decentralized exchange, block explorer, and biometric security features.

In July 2018, the Trust wallet was acquired by Binance, who made it the official wallet for the Binance Chain and Binance DEX. They also replaced the Kyber Network that previously powered its exchange with Binance decentralized exchange, enhanced the wallet’s security features, and revamped how different users interact with the wallet by cleaning up the user interface.

In this Trust Wallet review, we want to vet the wallet’s security and operational procedures while helping you determine if it is really safe and easy to use.

Trust Wallet key features:

Multi-blockchain wallet: Unlike most crypto wallet apps that will only support one coin or coins built on a specific blockchain, the Trust Wallet is a multi-coin crypto vault that supports a wide range of digital currencies drawn from multiple blockchains.

Buy with card: Trust wallet works in tandem with such payment processing companies as Changelly and Shapeshift that facilitate the purchase of crypto using a debit or credit card.

In-built exchange: Today, Binance DEX handles all the in-app crypto exchanges for the Trust Wallet. It is relatively fast in processing transactions and presents users with a wide range of crypto coins and tokens.

Integrates Wallet connect: Wallet connect is a crypto interaction tool that helps Trust Wallet interact with virtually any Dapp. It is relatively safe as wallet-to-Dapp communications are secured with end-to-end encryption.

Earn via staking: Trust wallet allows you to stake different altcoins and earn up to 7.21% APR. Use the staking calculator on the Trust wallet website to check the staking tokens and the maximum interest.

Portfolio tracker: You also get to track your crypto portfolio and digital asset balances using the transaction history and balance tabs on the Trust Wallet user interface.

Integrates block Atlas: Trust wallet features a blockchain explorer API that anyone can use to explore different blockchain and gain information about tokens, ICOs, Staking, and even track crypto prices.

Trust Wallet security features:

Password + biometrics: You will need to secure your Trust wallet with a strong multi-character password. You are also free to reinforce this with such biometric security features as Fingerprint and Face I.D on compatible devices.

Recovery seed: Trust wallet will also provide you with a recovery/backup seed phrase when you create a user account. Use it to backup your private keys and digital assets.

Non-custodial: Neither Trust wallet nor Binance will collect any information personally identifiable to your wallet. More importantly, the wallet developers do not store your private keys on your behalf. These are stored within your device.

Anonymous user registration: You can register and trade anonymously when using a Trust Wallet. The crypto vault-app doesn’t request any personal information during registration.

Open-source: Trust wallet is a fully open-sourced crypto project that allows both wallet users and crypto security experts to vet and audit the wallets source code for bugs and other vulnerabilities. This code is available on both the wallet website and the GitHub repository.

Regular security audits: In addition to the wallet’s open-sourced nature and the numerous integrated security features, it is also subjected to regular security audits led by some of the most popular crypto security firms.

Watch-only mode: You can log in to the Trust Wallet’s watch-only mode when using an unsecured internet connection. This allows you to view incoming crypto flows and monitor wallet without exposing such sensitive wallet information as your private keys and passwords.

How to activate/ setup the Trust Wallet

Step 1: Start by downloading the Trust wallet app compatible with your device on the company website.

Step 2: Launch the Trust Wallet and click on the “Create a New Wallet” tab on the installation page.

Step 3: Read and agree to Trust Wallet’s terms of use

Step 4: Create a strong multi-character password for the wallet

Step 5: You will now receive the wallet’s backup and recovery seed. Write it down and keep it safe offline.

Step 6: Verify the recovery phrase and click continue.

Step 7: Your Trust wallet is now active and ready for use

Step 8: Log in and personalize the wallet by choosing a username, reinforcing the password with biometrics, and create multiple wallets.

How to add/receive Crypto into Trust Wallet:

Step 1: Log in to your Trust wallet and click on the “Buy Crypto” tab on the user dashboard.

Step 2: Select the platform from whence you would like to buy cryptocurrencies from the drop-down list. You can choose Changelly or Shapeshift if you wish to buy it with a card.

Step 3: Follow the prompts to make the purchase.

Alternatively:

Step 1: Log in to the Trust wallet and click on the “Receive” tab.

Step 2: Copy your wallet address or the QR code displayed and forward it to the party sending you cryptos.

Step 3: Wait for the funds to reflect in your wallet.

How to send crypto from Trust Wallet wallet:

Step 1: Log in to your Trust wallet and click on the “Send” tab on the user interface.

Step 2: If you have multiple crypto assets stored therein, select the altcoin you want to send

Step 3: On the transfer window, enter the recipient’s address or scan their QR Code and the amount you wish to send

Step 4: Review the transaction details and confirm the accuracy of these transaction details before hitting send.

Trust Wallet ease of use:

Trust Wallet has a highly intuitive and beginner-friendly user interface. It also provides you with easy access to most blockchain services, including the Dapp browser, an exchange that presents you with hundreds of cryptocurrencies and tokens. More importantly, you can easily integrate the Ethereum network that allows you to access and benefit from ICOs and token airdrops.

Setting up the wallet, creating a user account, and interacting with all the features and service offers integrated within the wallet is easy. Plus, the wallet is also multi-lingual (available in 10+ international languages).

Trust Wallet supported currencies:

According to the Trust wallet website, this crypto vault supports 160k+ assets drawn from 40 blockchains.

Trust Wallet cost and fees:

Trust Wallet is free to download and install. You will, however, have to part with the transaction-processing fee charged by the blockchain network.

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

Pros:

  • The wallet stores the widest range of cryptocurrencies
  • It embraces highly advanced security features, like ensuring the wallet is hierarchically deterministic.
  • Allows you to earn from the crypto-assets through staking
  • It is feature-rich yet easy to use
  • Encourages user anonymity

Cons:

  • It is a hot wallet
  • Some integrated services, like Changelly and Shapeshift, demand user verification.

Comparing Trust Wallet with other Multiblockchain wallets

Trust Wallet vs. eToro wallet

Trust and eToro are both highly popular and feature-rich crypto wallets. They both feature built-in exchanges and facilitate the purchase of cryptocurrencies using a debit or credit card. Both are also multi-coin and multi-blockchain.

There, however, are several fundamental differences between the two crypto-exchange-backed wallets. For instance, while Trust Wallet encrypts user private keys and stores them in the phone, eToro stores the digital assets on the user’s behalf. Similarly, eToro requires that all users satisfy the globally set KYC and AML requirements by verifying their identity when creating a user account, while Trust Wallet asks for no personal user information.

Verdict: Is Trust Wallet safe?

Well, the Binance DEX backed crypto wallet has put in place adequate security and protection measures around your private keys. These include embracing the hierarchically deterministic protocol when it comes to generating wallet addresses, open-sourcing the code for viewership and auditing by the crypto security experts, and integrating advanced deterrence measures for unauthorized access to the wallet. However, we must mention that the wallet is online-based, making it susceptible to online threats and malicious malware.

Categories
Cryptocurrencies

NAGA Wallet Review 2020: Features, Security, Customer Support, Pros and Cons

Naga Wallet is described as the ultimate simple and secure storage for your fiat and cryptocurrency assets on the Naga.com website. It is a hybrid custodial vault for digital assets that integrates a wide range of highly advanced and innovative features. For instance, it is one of the few digital wallets that allows users to send crypto via email and provides users with a social investing platform for crypto, stock, forex, and commodity traders. Naga wallet also provides users with real-time access to the markets and equips you with the necessary investing and portfolio monitoring tools.

Naga Wallet is described as the ultimate simple and secure storage for your fiat and cryptocurrency assets on the Naga.com website. It is a hybrid custodial vault for digital assets that integrates a wide range of highly advanced and innovative features. For instance, it is one of the few digital wallets that allows users to send crypto via email and provides users with a social investing platform for crypto, stock, forex, and commodity traders. Naga wallet also provides users with real-time access to the markets and equips you with the necessary investing and portfolio monitoring tools.

Naga Wallet is described as the ultimate simple and secure storage for your fiat and cryptocurrency assets on the Naga.com website. It is a hybrid custodial vault for digital assets that integrates a wide range of highly advanced and innovative features. For instance, it is one of the few digital wallets that allows users to send crypto via email and provides users with a social investing platform for crypto, stock, forex, and commodity traders. Naga wallet also provides users with real-time access to the markets and equips you with the necessary investing and portfolio monitoring tools.

NAGA wallet started as an online forex and commodity trading platform, created and launched by NAGA Markets LTD in 2015. For the past few years, the online broker has reported explosive growth that saw it incorporate such new features as social investing tools and a crypto wallet to the platform.

But how safe is this multi-asset investing and storage platform? How do you activate and use NAGA wallet, what are its pros and cons, and how much does it cost? We answer all these and tell you everything else you need to know about NAGA Wallet in this review.

NAGA Wallet key features:

Cross-platform: Naga Wallet is a cross-platform storage vault currently available as a web wallet and a mobile app. It is also available on the MT4 and MT5 desktop and web terminals.

Multi-currency wallet: Naga is a hybrid and multi-asset wallet that stores both Fiat and cryptocurrencies. These are mainly major international fiat currency, popular cryptos, and tokens.

Send crypto via email: You don’t have to memorize an acquaintance’s wallet address when you can send cryptocurrencies and tokens via the email address used to create a Naga investor account.

Buy crypto with card: Naga wallet integrates a payment gateway that allows the residents of over 100 countries to purchase cryptos instantly with a credit/debit card. The payment gateway also facilitates the purchasing of crypto via bank transfers and e-Wallets as Neteller and Skrill.

Instant crypto transactions: The custodial nature of the Naga Wallet ensures that cryptocurrency transfers from one Naga account to another are free and instantaneous.

Social investing: Social investing is an interactive trading tool that allows you to engage other Naga Wallet users. It makes it possible for pro crypto traders to share insights with the rest of the community. You can even copy the trades or portfolios of these traders and replicate their success in your account.

Free curated investment portfolios: In addition to copying highly successful trades and portfolios of the pro traders, Naga wallet also presents you with expertly curated crypto portfolios that you can invest in while incurring zero administration fees.

Inbuilt exchange: Naga wallet also features a built-in exchange where you can buy, sell, and exchange cryptocurrencies and tokens with other platform users.

Integrates NAGA Card: Naga Markets LTD recently launched the contactless NAGA prepaid card. They have since integrated it with the Naga wallet, allowing you to load it with cryptocurrencies before using it to pay for goods and services at thousands of crypto-friendly stores across the world.

NAGA Wallet security features:

Password: Naga Wallet is secured with a strong multi-character password that not only seeks to deter unauthorized access to the wallet but also encrypts user data.

Identity verification: Naga Wallet requires that all users verify their identity and pass the KYC and AML verification protocols before they start using the platform.

Two-factor authentication: The wallet allows you to tweak its settings and create a two-step login guide that requires a user password and an authentication code received via SMS or Google Authenticator.

Decentralized data storage: Unlike most other custodial crypto wallets that store your cryptocurrencies in centralized company servers, Naga Wallet embraces the decentralized data storage system. This means that it stores its client funds and private keys in highly decentralized servers.

Backup 2-step key: Naga wallet makes it possible for you to create a backup for your wallet’s login verification code. It comes in handy if you ever change or lose your phone or can’t access the google authenticator.

Highly regulated: Naga wallet is the product of a highly regulated online trading/investment company, NAGA Markets LTD, which is registered in Cyprus and St. Vincente and Grenadines. The company is also authorized and regulated by the Cyprus Securities and Exchange Commission (CSEC).

How to activate/setup the NAGA Wallet

Step 1: Open the Naga wallet website and click on the “Sign up” icon on the top left corner of the web page

Step 2: Complete the user profile by keying in your personal details (name, email, country of residence, and phone number) on the account registration page.

Step 3: Answer the query about your trading experience and start the platform tour.

Step 4: Complete the detailed investor profile that asks for more detailed personal information and personal finance information like income and tax details in U.S residents.

Step 5: Verify your identity and country of residence by uploading a Driver’s license

Step 6: Allow them time to verify your identity and activate the account while you practice trading and familiarize yourself with the web wallet using the free Demo account

Step 7: You will receive a confirmation email notifying you that your account is now active and ready for use

Step 8: You will have 14 days to make your first deposit

How to add/ receive Crypto into NAGA Wallet:

Step 1: Log in to your Naga wallet and click on the “Add Funds” tab on the user dashboard’s top left corner.

Step 2: Choose your preferred deposit method from the list provided. You could choose to deposit funds using a credit/debit card, wire transfer, or transferring cryptocurrencies.

Step 3: If you choose crypto, select the coin that you would like to add to your New Naga wallet and hit the “Receive” button

Step 4: Copy the wallet address or QR code and forward it to the person sending you crypto and wait for the funds to reflect.

How to send crypto from NAGA Wallet:

Step 1: Log in to your NAGA wallet and click on the ”Send To” icon.

Step 2: Select the destination of the funds. It could be an exchange or another wallet via wallet address or email.

Step 3: If you choose the send by email option, enter the receiving email address and the amount you want to send

Step 4: Select the mode of payment for the network fee and the message accompanying the transfer (optional)

Step 5: Confirm that these transfer details are correct and hit send.

NAGA Wallet ease of use:

Naga wallet embraces a simplistic design that is characterized by a clean and decongested user interface. When you create a user account, you will be given a free demo trading account that you can use to practice crypto investing and to familiarize yourself with the wallet’s most popular features.

NAGA Wallet supported currencies:

Currently, Naga wallet supports 15 popular cryptocurrencies and all ERC-20 tokens and is available in over 200 countries.

NAGA Wallet cost and fees:

Naga wallet is free to download. You also won’t be charged for opening an account here, depositing, and storing your cryptocurrencies therein. You will only be charged network fees when you send crypto from your wallet to another wallet or exchange. Plus, you stand to benefit from a 10% reduction in transaction fees when you choose to pay for the transfer using NAGA coins.

NAGA Wallet customer support:

Naga wallet maintains a highly responsive customer support team that is available online 24/7. You can contact them via email or the live chat tool on the company website, web app, and the wallet app.

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

Pros:

  • It is highly innovative and allows traders to send crypto to email addresses.
  • It a multi-asset wallet that hosts numerous forex pairs, popular cryptocurrencies, and ERC 20 tokens.
  • The wallet embraces highly effective safety features, including decentralizing data storage.
  • Naga Markets LTD is authorized and regulated.
  • You get to interact with such revolutionary trading tools as social investing.

Cons:

  • It doesn’t support anonymous crypto trading.
  • It supports a limited number of cryptocurrencies.

Comparing NAGA Wallet with other Multi-Asset wallets

NAGA Wallet vs. eToro wallet

Naga and eToro multi-asset wallets were both started by online brokerage service providers. Other similarities include the fact they both support a limited number of cryptocurrencies, encourage social investing, store the private keys on behalf of their clients, and allow wallet users to purchase crypto with a card, bank wire, or eWallets. Both are also maintained by highly regulated online trading platforms.

Naga, however, goes a step further when they introduce and integrate the NAGA contactless card into the wallet. It also facilitates free crypto transfers within the network while discounting outbound transfers paid by Naga Coin. Plus, unlike eToro, it provides users with a backup for the 2FA key/code.

Verdict: Is NAGA Wallet safe?

Well, Naga Markets LTD has put in place several highly effective security and privacy measures around the Naga Wallet. And it all starts with the online brokerage-cum-crypto wallet demanding that all prospective wallet users verify their identity and complete the KYC and AML protocols. It then extends to storing private keys in decentralized data centers on behalf of their clients and activating two-factor verification for wallet logins. The only downside to using Naga Wallet is that it deprives you of control over your private keys.

Categories
Cryptocurrencies

Multis Wallet Review: How Is This Wallet Different From The Others?

Multis is a crypto bank for corporates. The crypto bank is a new, evolving class of financial institutions (also known as neo banks) that offer a lot of the services proffered by traditional banks, but with a few key differences. For starters, crypto banks deal primarily with cryptocurrencies. Secondly, unlike traditional banks, crypto banks are decentralized in nature.

Multis is a crypto bank for corporates. The crypto bank is a new, evolving class of financial institutions (also known as neo banks) that offer a lot of the services proffered by traditional banks, but with a few key differences. For starters, crypto banks deal primarily with cryptocurrencies. Secondly, unlike traditional banks, crypto banks are decentralized in nature.

Multis is a crypto bank for corporates. The crypto bank is a new, evolving class of financial institutions (also known as neo banks) that offer a lot of the services proffered by traditional banks, but with a few key differences. For starters, crypto banks deal primarily with cryptocurrencies. Secondly, unlike traditional banks, crypto banks are decentralized in nature.

This means that the bulk of their services run on your device, as opposed to a remote server. In doing so, they eliminate the possibility of there being a single point of failure. The third and probably most glaring difference is that this new breed of financial institutions does not hold your funds; they merely allow you to securely access them.

Multis Wallet Key Features

As already established, Multis primarily targets companies. It is the first bank of its kind and allows companies and organizations to, among other things, buy and store cryptocurrency, manage their team’s access to the funds, accrue interest from idle assets, make payments in crypto (yes, including recurring ones such as electricity bills), get paid in crypto, and natively exchange crypto tokens.

Team/Multi-Access Features

You can interact with your company’s Multis wallet via a beautiful dashboard. The layout is logically arranged, with clearly defined roles for all team members.

You can easily authorize different members of your team to access funds, make payments, or perform transactions on behalf of the organization. In the same manner, you can deny certain members access if, for instance, you’d like only admins to be able to initiate transactions.

Secure Storage of Funds

As mentioned above, Multis does not store your funds but rather relies on the underlying Ethereum network to handle this function. Because of this, every user is assured of the full suite of security features offered by the Ethereum Network and its supportive tools. Much like traditional accounts, idle funds in Multis wallets accrue interest.

Multis leverages the compound protocol to allow for interest. The compound protocol also makes it easy for Multis users to act as lenders. You can lend crypto to almost anyone, and the interest accrued will be calculated in the same fashion and will be withdrawable at any time.

Native exchange of Tokens

Multis allows you to easily exchange one cryptocurrency for another. It supports more than 70 cryptocurrencies and, incredibly, also allows you to exchange crypto for USD or EUR. Multis leverages the Kyber protocol for this, which is a blockchain-based protocol that allows for instant and secure crypto token exchange in decentralized apps and wallets.

Transaction History and Exports

All Multis users have access to records of every transaction that they’ve engaged in. You can easily see the value of the transaction, the balance as of that transaction, the other party (their wallet addresses rather since we’re dealing with crypto), and the date of the transaction. It is worth noting that these crypto transactions cannot be canceled, reversed, altered, or intercepted in any way after confirmation.

Security and Privacy Features

On its own, Blockchain is renowned for its pseudonymous nature, and it’s being a ‘giant, public ledger.’ These two features are some of blockchain’s greatest strengths, lending it its security and the ability to reject any falsified transactions. Multis builds on this security and has already earned smart contract security certification.

Non-Custodial

There are two main ways of keeping your cryptocurrency safe; keeping it in a custodial wallet or using a non-custodial wallet. Most coin brokerages, exchanges, and crypto platforms are custodial, which means that they, to a large degree, control the access to your wallet and the funds within. Non-custodial wallets, on the other hand, gives you full access and control of your funds by way of private keys.

In the cryptocurrency community, it is commonly said that if you do not have access to your private keys, you don’t own the crypto. Multis, being non-custodial, not only gives you access to your private keys but, as mentioned above, do not have access to your funds. Multis allows you to store your private keys, making you wholly accountable for every single action performed on your account.

Lightweight

Regular apps rely on a database to store data. To access, update, and store new data, the app needs to request the server to perform the required action and return a response. All these layers (the server, database, and request layers) could potentially have security vulnerabilities that malicious parties could exploit.

Multis, being reliant on blockchain-based tools and services and being a dApp (decentralized app), deploys only a simple static page, drastically reducing the attack surface available to malicious parties. Additionally, Multis runs on a serverless platform. Servers are still used, but code is run in response to events, and the vendor maintains the underlying infrastructure (and its security).

Battle Tested

Multis builds on the lauded Gnosis multi-signature wallet protocol. The Gnosis protocol is a permission-less, fully decentralized exchange that allows for peer-to-peer cryptocurrency exchange without the need for users to transfer their assets to the exchange. This drastically reduces the risk of asset loss through hacking of the exchange.

Multis has further improved upon the Gnosis platform, and has, as mentioned above, had its modifications thoroughly audited. It has consequently acquired the Quanstamp smart contract security certification.

How to Set Up and Activate the Multis Wallet

Getting started with Multis is fairly straightforward. Here are the six main steps you need to follow

Step 1: Sign in to Multis

Visit app.multis.co. If you aren’t already signed in to a Multis account on that browser, you’ll be prompted to enter your email address. Multis will then send you an email with a verification link. Verify your email address, and you’ll be signed in. You will then be required to key in your company name and select the type of account you’d like. There are three types to choose from.

The first is ‘account with no fees.’ As the name implies, all fees are covered by Multis. The second is ‘account with fees’, where you go old school and directly use Gnosis multisig (multi-signature). The third is ‘import existing account,’ which you should only use if you already have a multisig wallet created elsewhere. You’ll notice the dearth of password fields in this sign-up sheet- it’s because of Multis’ blockchain roots.

Step 2: Connect with Portis

To proceed, hit ‘connect with portis.’ Portis is a non-custodial blockchain wallet that runs on your browser. It lets you store your private keys on your device and connect to the Ethereum blockchain network using your email address. You cannot skip this step as Multis never holds your keys for you.

Step 3: Open Account

Once you have received an email confirmation of the connection to Portis, log back into Multis. Hit the ‘request access’ button, and you’ll immediately be requested to connect and sign the transaction. Upon confirmation, this transaction will create your smart wallet.

Step 4: Invite Owners

You’ve successfully created an account and wallet. On dApps that serve individuals, you’d be done with the setup. Since Multis focuses on teams, however, you still need to invite your team members. Doing this also helps further secure your transactions, as your co-owners will need to confirm transactions. Go to the ‘company settings’ section, choose the user, and you’ll see the option to send email invites.

The users you invite will need to follow the above three steps, namely creating a Multis account, connecting with Portis, and instead of opening an account, joining yours. Additionally, you will need to appoint them as owners after joining them to get the same account access privileges as you. It is recommended that you invite two owners (in addition to yourself) to maximize security.

Step 5: Set up Permissions and Limits

Under company settings, go to the ‘policies’ section and choose how many owners need to confirm a transaction before it is executed. If, for example, your account has a total of three owners, ideally, two should confirm the transaction for it to be executed.

You can also set a daily transaction limit. The limit is set in ETH, but a convenient USD /EUR field shows you the amount in the respective fiat currency. It is important to note that all sensitive operations, such as adding owners, making payments, and changing account policy, will require co-owner confirmation.

How to Send and Receive Coins using the Multis Wallet

After the initial set up process, sending and receiving funds on your Multis account is very easy. You just need to go to your company account dashboard, initiate a transaction to another entity (usually identified by their wallet address) and await your co-owners to confirm the transaction.

Better still, Multis leverages the ENS (Ethereum Name Service), so you don’t have to use long, random, unmemorable strings of text to identify other entities or their wallets. The ENS assigns a short name to represent wallets, much like a DNS (Domain Name Server) assigns websites memorable names in place of complex IP addresses.

Multis Wallet Ease of Use

Multis is extremely easy to use. It abstracts away the complex, fragmented aspects of crypto banking (Gnosis, Ethereum, Kyber, Compound, ENS, and Portis) behind a responsive, great looking interface. Multis also builds upon these powerful technologies, in the process of exposing all the functionality you’d expect of a banking app, such as deposits, payments, interest, and currency conversion.

Multis Wallet Supported Currencies

Multis supports over 70 ERC20 cryptocurrencies. The ERC20 standard applies to ETH currencies that are fungible; that is, currencies whose tokens each have the same value. Additionally, Multis also supports conversions to USD and EUR.

Verdict

Multis builds upon the blockchain network, integrating many different services into a single useable product. It is also non-custodial, meaning that you are in full control of your funds. It is an extremely secure way of transacting and is a very good option for organizations seeking to go bankless.

Categories
Cryptocurrencies

SpectroCoin wallet Review: Is Spectrocoin a Safe Custodial Wallet?

Spectrocoin wallet is the official crypto vault for the larger Spectrocoin blockchain platform. It was launched in 2014, a year after the establishment of the Spectrocoin exchange by Juѕtas Dоbіlіаuѕkаѕ, Vytautas Kаrаlеvіčіuѕ, and Mаntаѕ Mockevičiu.

Spectrocoin wallet is the official crypto vault for the larger Spectrocoin blockchain platform. It was launched in 2014, a year after the establishment of the Spectrocoin exchange by Juѕtas Dоbіlіаuѕkаѕ, Vytautas Kаrаlеvіčіuѕ, and Mаntаѕ Mockevičiu.

Spectrocoin wallet is the official crypto vault for the larger Spectrocoin blockchain platform. It was launched in 2014, a year after the establishment of the Spectrocoin exchange by Juѕtas Dоbіlіаuѕkаѕ, Vytautas Kаrаlеvіčіuѕ, and Mаntаѕ Mockevičiu.

At the time of going public, the Spectrocoin wallet was a web service that allowed users to store Bitcoins and Euros. However, recent upgrades to the wallet have seen it embrace more crypto and fiat currencies, integrate more deposit and withdrawal methods, and even launch the Spectrocoin wallet mobile app.

This review will detail all Spectrocoin wallet features and querying the security measures it has employed in keeping your private keys safe. We will also provide you with a step-by-step guide on how to interact with the wallet, ease of use, and compare its effectiveness with similar multi-currency wallets.

Spectrocoin wallet key features

Cross-platform wallet: Spectrocoin wallet is a cross-platform wallet currently available as a web wallet and a mobile wallet. You can create a user account on their website or download the crypto vault app on Google Play Store, Apple App Store, and Microsoft Store for Windows phones.

API Integrated exchange: Spectrocoin blockchain platform started as a crypto exchange. The wallet dashboard features an API integration tool that you can use to access and use the Spectrocoin exchange.

Integrates Spectrocoin debit card: In addition to the exchange and crypto wallet, the Spectrocoin blockchain platform also launched a debit card. Wallet users are free to apply for the debit card, allowing automatic crypto conversion to Euro for ATM withdrawal and Point of Sale payments.

Purchase crypto via Fiat deposits: Spectrocoin has also integrated more payment processing methods than most other multi-currency wallets. Deposits into the wallet may be in the form of bank transfers, Cryptocurrencies from other wallets or exchanges, credit/debit cards, electronic wallets like Skrill and Neteller, and even Gold.

Security features

Password: The Spectrocoin wallets (both web and mobile apps) are secured by the passphrase you set when creating your user account.

Two-factor authentication: Spectrocoin embraces two-factor authentication and allows you to verify and authorize crypto transactions on your wallet via SMS notification, Google Authenticator, and Email authentication.

Cold storages: Spectrocoin is a custodial wallet that stores your private keys on your behalf. According to the platform developers, most of these private keys are held in highly secure third-party servers. They also add that only 1% of the total digital assets under their care are held in hot wallets.

Military-grade encryption: All of your private data held by the Spectrocoin wallet, including the wallet’s communications with exchanges and other third-party platforms, is highly encrypted.

How to set and activate the SpectroCoin wallet

Step 1: Start by downloading the Spectrocoin wallet for your respective phone’s operating system.

Step 2: Install and launch the app.

Step 3: Complete the user profile by keying in your wallet’s email and country of residence

Step 4: Create a multi-character passphrase for your wallet

Step 5: Agree with Spectrocoin’s terms of conditions and click ‘Sign Up.’

Step 6: You will now be asked to complete the ‘Know Your Customer’ procedures by emailing them a copy of your email and selfie

Step 7: You will receive an email notification informing you that your SpectroCoin wallet is now active and ready to use

Alternatively:

Create a user account by linking the wallet to your Google Account or Facebook Profile

How to add/receive crypto into your SpectroCoin wallet

Step 1: Log in to your Spectrocoin wallet, and on the user dashboard, tap on the “Receive” icon.

Step 2: Copy the public wallet address or its QR code and forward it to the party sending you coins.

Alternatively:

Step 3: Use the buy option to purchase and swap crypto on the SpectroCoin exchange

Step 4: Follow the prompts to make a purchase and move the coins to the wallet once successful.

How to send crypto from your SpectroCoin wallet

Step 1: Log in to your SpectroCoin and click on the “Send” icon.

Step 2: Since Spectrocoin is a multi-currency wallet, select the cryptocoin you want to send

Step 3: On the transfer window, enter the recipient’s wallet address as well as the amount of crypto you want them to receive

Step 4: Check that the transfer details are okay and hit send.

SpectroCoin wallet ease of use

Spectrocoin wallet has one of the most interactive and easily navigable user interfaces. The processes of creating a user account on the wallet or sending and receiving coins into and out of the wallet are also quite straightforward. Moreover, it is multilingual and available in 10+ languages.

By using the wallet, you technically have access to all the other crypto-related resources offered by the Spectrocoin blockchain platform, including their exchange, debit card, and merchant tools.

SpectroCoin wallet supported currencies and countries.

Spectrocoin is a multi-currency wallet that supports 12 cryptocurrencies, including Bitcoin, Ripple, Litecoin, Dash, Stellar Lumens, NEM, Tether, TrueUSD, and USD coins. Besides, you can purchase cryptos on the SpectroCoin exchange using 30+ fiat currencies.

The wallet is currently available in over 150 countries across the world.

SpectroCoin wallet cost and fees

Spectrocoin is a free wallet that does not charge you to download or store your crypto therein. Crypto transfers to other Spectrocoin wallets are also free. However, you will have to part with several fees as you interact with the platform, including a network charge imposed on all outbound transfers to non-SpectroCoin wallets and exchanges. These are highly variable and largely dependent on such factors as the type of coin and transaction amounts.

Credit card purchases attract an average fee that amounts to 5.5% of the transaction amounts. And while SEPA bank transfers to the wallet are free, you can only deposit Euros and, therefore, have to cover the currency conversion fees. Electronic transfer fees, on the other hand, range from 2-3% of the transaction amounts. 

SpectroCoin wallet customer support

SpectroCoin has a readily available customer support team available via live chat on the company website, on the phone, via email, and even on different social media platforms. Interestingly, you can also visit their physical address at their offices in London.

What are the pros and cons of using the SpectroCoin wallet?

Pros:

  • Spectrocoin employs such reliable security measures as two-factor-authentication
  • The wallet supports multiple payment processing systems.
  • Spectrocoin is an all-in-one platform that gives you access to both the wallet, crypto exchange, debit card.
  • The wallet has an easy and straightforward registration process.

Cons:                                                            

  • Spectrocoin wallet doesn’t support anonymous user registration or trading.
  • It is not an open-sourced wallet
  • You have limited control over your digital assets as the wallet stores the private keys on your behalf

Comparing SpectroCoin wallet with other Multi-currency wallets

SpectroCoin wallet vs. eToro wallet

SoectroCoin and eToro wallets are similar to some extent in that they both are custodial wallets and part of a larger crypto platform. They both avail such additional services as a crypto exchange in the case of eToro and exchange and debit cards to SpectroCoin users. They also have highly intuitive platforms designed for both experienced and beginner crypto traders. They are widely available in 100+ countries and maintain a readily available customer support system.

But while eToro supports 20+ cryptocurrencies, tokens, and hordes of fiat currencies, SpectroCoin supports 12 cryptos and one fiat currency.

Verdict: Is SpectroCoin’s wallet safe?

Spectrocoin is a custodial wallet that stores and secures private keys on behalf of their clients. And some of the security and privacy measures it has taken to these assets safe include maintaining as much as 99% of these coins in cold storage. It also demands that wallet users pass the KYC requirements to deter and possibly eliminate fraud. Moreover, all crypto transactions, especially outbound coin transfers, must be subjected to two-factor authentication. We consider these measures adequate, and the fact that it has never been hacked is enough testament to their effectiveness.