There are many cryptocurrencies n the market nowadays and much more are to make it in the future. Keeping the digital coins safe while transferring them around easy and fast is of major importance for traders, who are bent on making a profit. Thus, wallets such as Cryptonator become popular within the cryptocurrency customer base.
In this article, we review the Cryptonator's functions and features, including available coins, fees, security, and platforms. Lastly, we end the guide with pros and cons, alongside with historical milestones. We also conclude with an overall opinion on the platform, based on our results from the investigation.
General Information about Wallet
Cryptonator is an online "hot" wallet that sores both cryptocurrencies and fiat money. Russian entrepreneurs allegedly own the platform although, at some sources, the headquarters are located in Hong Kong.
The exchange offers a variety of platforms for it clients, while services are available globally, without any regional restrictions. Apart from wallet services, you can also use exchange tools, which are very simple when compared to exchange platforms like Coinbase, Bitfinex, and others. Here, the exchange is an as simple swap between coins and money, and has a large 10% exchange rate, as shown below.
The above calculation was done at the time when Coinbase offered the selling price of BTC for over $14.100. Coinbase also has a wide exchange rate, meaning that this platform has the even bigger difference between buying and sell values.
Cryptonator also offers exchange rates of other coins it has in its portfolio while it provides value changes for over 100 cryptocurrencies in the market.
As mentioned before, at Cryptonator, you can stash, exchange and check values of different coins. The platform offers wallet services and simple exchange swaps, both crypto-to-crypto, and crypto-to-fiat.
The one major advantage of the platform is the nonexistence of the verification requirements. All you have to provide about yourself is your email, phone number or username. There is no ID check or other verification demands, thus it is a private place where you can send and receive coins.
Cryptonator currently accepts a number of fiat and cryptocurrencies in its platform. You can open up wallets for 15 different coins, including bitcoin, bitcoin cash, Ethereum, DASH, and Zcash, as shown below.
Other than cryptos, you can also open four fiat currencies, them being USD, EUR, RUB and UAH (Ukrainian Hryvnia).
In this sphere, the coin and fiat support at Cryptonator is far superior to Xapo, CryptoPay and Blockchain's number of coins, as they offer only one or two coins, bitcoins, and Ethereum.
Platforms and Features
Cryptonator offer only two platforms that you can use, them being Android app and web browsing platform. The Smartphone app is downloadable for free at Google Play Store (shown in the picture below) and pretty much has the same interface and tools like the web version of the Cryptonator's web platform.
In this aspect, CryptoPay and Blockchain have a slight upper hand, as they have developed iOS app as well, while Xapo works only on phones. It is important to mention that web browsing service is available on Chrome explorer only.
Price & Fees
As mentioned before, you can exchange between coins and fiats at any time for a high exchange rate of 10% of the industry’s values. The transaction costs of transferring funds in and out of the Cryptonator’s account are organized by fiat deposit fees and sending miner fees.
The SEPA transfer used for deposit costs 1% of the total value, while miner fees depend on each individual coin that you wish to deposit. The miner fees are fixed in value and apply only when transferring cryptos out of your balance.
Crypto deposits do not cost a thing. The fee structure is thus very close to Blockchain’s, although even other platforms are not far away in terms of costs you pay.
When it comes to security, Cryptonator almost reaches Blockchain's security level in a number of security tools available for users. You can set up two-factor authentication (2FA), smart auth protection (used against phishing attacks), payment and login passwords and numerous email notifications, as shown below.
Even with these functions available, it is important to note that wallet is still based online. All keys are not generated privately, meaning that they can be reached is Cryptonator’s servers are compromised.
Another issue with the online “hot” wallets’ security is that they are functioning as long as there is an internet connection. HD wallets, like Trezor or KeepKey work both online and offline. They provide you with private keys and without the manufacturer’s server support.
Support department has a help center page within the Cryptonator's platform, where you can go through extensive FAQ section and where you can also submit a request regarding an issue that you might face while using services.
The support of the Cryptonator has been a target of criticism within the customer base, as in many cases they either ignore the ticket sent to them or do not really provide answers to the issues raised.
The general reputation of the firm has been improving slightly with the introduction of new support center and app, but it remains negative. The main issues faced by customers are large exchange rate and support unresponsiveness. Some customers even go as far as calling the platform a scam, as some issues are yet to be resolved.
Other platforms have a lot better reputation than Crypotnator, with Xapo, Blockchain, and CryptoPay enjoying positive reviews.
Not much is known about the company; except that it opened its operations from Hong Kong, with Russian investors creating a team of developers. The company added currencies as time passed by and has developed an Android app in 2016. By the end of 2016, the company claims that it has over 17,000 user accounts.
Pros and Cons
- completely anonymous, as no personal information is asked for
- the low transaction, deposit and withdrawal fees
- a number of security functions
- a large number of coins and fiats supported
- iOS Application not available
- poor reputation within the industry
- a large exchange rate between coins and fiat currencies
- owners not known and history unclear
Taking everything into account, the Cryptonator does have several benefits when it comes to wallet services. It proposes good security functions, aimed at protecting your balances from external attacks. You can stash many coins and fiat currencies as well, while fees are of an adequate level.
The issue starts with its reputation, as many traders have criticized the customer's support and exchange rate. Another issue remains that online "hot" wallets owned by an unknown group of people have large risk rate. Thus, keeping a few coins at all times would be advisable.