Home Crypto Education Cryptocurrencies USDX Wallet review 2020: How Safe is The USDX Wallet?

USDX Wallet review 2020: How Safe is The USDX Wallet?

84
0
USDX Crypto wallet
USDX Crypto wallet

USDX wallet is a multi-coin storage vault and the official wallet for the USDX stable coin and the Lighthouse (LHT) Coin. It was developed by the Lighthouse Blockchain Technology GmbH company and introduced to the crypto world in 2017. According to the wallet developers, USDX is specially designed and dedicated to providing users with a platform that they could use to secure and process crypto payments at “lightning-fast” speeds while maintaining zero fees. They add that the innovativeness level that went into designing and coming up with the USDX wallet is aimed at transpassing the current restrictions (banks, borders, and fees) set by both traditional and digital payments platforms.

But how does the USDX wallet hope to solve this? How does it work? We answer these questions and tell you everything else you need to know about the USDX wallet in this user review. We will especially look at its key features, the security features in place, and outline the step-by-step guide on how to interact with the wallet.

USDX Wallet key features:

Mobile wallet: USDX wallet is purely a mobile app available for the Android and iOS operating systems.

Fee-free transactions: One of the USDX wallet’s biggest selling points is the fee-free transaction processing approach. The wallet doesn’t impose the transaction fee when you send USDX Stablecoins or LHT tokens from your USDX wallet to other wallets or exchanges.

Lightning-fast transaction processing: The ultrafast transaction processing and confirmation for both transfers to other wallets and cash withdrawals are another selling point for the wallet. According to the USDX wallet website, their servers can process 100,000+ transactions per second. This is more than the combined transaction processing speeds for Visa and MasterCard.

In-built exchange: USDX wallet integrates Alterdice Exchange that provides you with a platform for selling, buying, and exchanging cryptos and tokens without leaving USDX. The transaction processing speeds are fast and maintain highly competitive fees.

Portfolio tracker: On the USDX wallet’s user interface are the transaction history and balance buttons that you can use to view your recent crypto inflows and outflows as well as the value of your digital assets in real-time.

Charting tools: The third party wallet integrated into the USDX wallet – Alterdice Exchange – features market analysis and charting tools. These come in handy in tracking the value of different crypto coins and determining the best buy and sell points.

Address book: USDX wallet’s versatility makes it possible for users to send altcoins to phone numbers, QR codes, and wallet addresses. And by integrating your phone’s contact list in the featured address book simplifies the process of sending funds to a phone number while avoiding such threats as pastejacking.

USDX Wallet security features:

Password + Biometrics: The USDX wallet is secured with a PIN code that you create during app installation and user account creation. You are also free to boost this app security feature further by adding such biometrics as the Face or Fingerprint I.D on compatible devices.

Two-factor authentication: All outbound transfers to other wallets or exchanges must be subjected to two-factor authentication. You will need a phone number, email address, the Google Authenticator app to receive the transaction authorization codes.

Hierarchically deterministic: USDX wallet uses the hierarchically deterministic functionality to auto-generates a new wallet address every time you initiate a crypto transaction, effectively masking your real wallet address.

Enterprise-grade encryption: Your USDX wallet embraces enterprise-grade technologies in encrypting your user data. All of the wallet communications with the Lighthouse Company servers and all other third systems, especially the third party exchange and wallets, are also highly encrypted.

How to activate/setup the USDX Wallet

Step 1: Download the USDX wallet compatible with your device on either Google Play Store or Apple App Store

Step 2: Install and launch the wallet. Since you are new to USDX, choose to create a new wallet.

Step 3: Choose a unique name for your USDX wallet

Step 4: Create a strong and unique multicharacter password (with a minimum of 10 characters) for the wallet.

Step 5: Create and confirm a 4-digit PIN code for securing the app

Step 6:  Enter and verify your phone number using the confirmation code received

Step 7: Your account is now active and ready to use

Step 8: Log in to your new wallet and use the settings tab to personalize it by activating two-factor authentication and backing up your private keys

How to add/ receive Crypto into USDX Wallet:

Step 1: Log in to your USDX wallet and hit “Receive” on the user dashboard

Step 2: The wallet will display the wallet address and its QR code. Copy either and forward it to the person sending you crypto

Step 3: Alternatively, hit the “Buy” button to buy from Alterdice exchange

Step 4: Follow the prompts to make your purchase.

How to send crypto from USDX Wallet:

Step 1: Log in to your USDX wallet and hit the “Send” icon on the user dashboard.

Step 2: If you have multiple coins hosted therein, select the cryptocurrency you want to send

Step 3: On the transfer window that pops up, enter the receiving wallet address or choose to scan their QR code

Step 4: Enter the amounts you wish to send

Step 5: Check the accuracy of these transaction details and confirm the transfer

USDX Wallet ease of use:

USDX wallet incorporates several highly effective functional features that make it highly intuitive and beginner-friendly. It, for instance, integrates an inbuilt exchange that eases the process of buying and exchanging cryptos. But more importantly, it maintains a clean and easily navigable user interface.

It will also take you less than two minutes to activate the wallet and create a user account. Similarly, the processes of sending and receiving cryptocurrencies in and out of the wallet are easy and straightforward.

USDX Wallet supported currencies:

USDX Wallet currently supports two cryptocurrencies; the USDX stable coin and the LHT coin. However, you can exchange either of these with virtually any other crypto or token, as well as a few fiat currencies on the integrated Alterdice exchange.

USDX Wallet cost and fees:

Downloading and depositing funds into the wallet is free. Crypto transfers involving the USDX stable coin are also free.

USDX Wallet customer support:

Lighthouse Blockchain Technology maintains a responsive customer support team for the USDX wallet. You can start by consulting the elaborate FAQ page for troubleshooting tips and guides on how to interact with the different wallet features.

However, personalized queries should be directed to the automated Telegram assistant bots or the wallet developers on the wallet’s official social media pages.

What are the pros and cons of using USDX Wallet?

Pros:

  • Sending USDX coins from the wallet is free.
  • Translation processing on USDX Wallet is lightning fast.
  • It embraces highly effective security measures like 2FA.
  • Creating an account and activating the user account is easy and straightforward.

Cons:

  • It supports a too limited number of coins.
  • USDX doesn’t support anonymous user registration.
  • Only USDX coins are exempt from transaction processing fees.

Comparing USDX Wallet with other crypto wallets

USDX Wallet vs. eToro wallet

USDX and eToro wallets are both highly advanced cryptocurrency wallets. Some of the common features between the two include the integration of a crypto exchange and some highly advanced security features like two-factor authentication and enterprise-grade encryption. More importantly, they both maintain highly responsive customer support teams.

But they also differ significantly on how they operate and their mission. For instance, while eToro’s crypto wallet is ideally meant to help the online broker’s investment vehicles, USDX seeks to be the world’s leading payment processor.

Verdict: Is USDX Wallet safe and easy to use?

Well, activating the USDX wallet and creating a user account takes no more than a few minutes. The wallet then embraces a clean, easily navigable, and beginner-friendly user interface. But irrespective of embracing some highly effective safety and privacy measures like making two-factor authentication default and enterprise-grade encryption, USDX wallets are yet to overcome some security challenges. It is a hot wallet, which exposes it to the inherent threats facing online mobile apps and web wallets.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here