The growth of cryptocurrencies in past few months was followed by the calls for increased wallets security. Thus, many operators have stepped up their game in providing the necessary safety of digital money for their clients.
We review one of those wallet service providers called CryptoPay, a British-based platform where you can buy and stash different crypto coins. Stay put as we go through the platform’s currencies, properties, features, and functions. At the end of the article, we summarize the findings into pros and cons while providing an overall view of the online wallet.
General Information about Wallet
CryptoPay is a wallet service provider that also offers prepaid cards for BTC purchases and has exchange platform as well. The company offers its wallet services globally, while prepaid cards work for European traders only. The US customers would not be able to use the entire platform whatsoever, neither wallet nor other services.
The interesting thing about the CryptoPay is that not only cryptos are accepted but also fiat currencies as well. It means that you can transfer money around the world instantly for smaller fees than under other options.
The support section of the website can be found under “Help Desk” section of the platform, where FAQs, blogs, and instant messaging systems can be found. The “Help Desk” has a direct communication channel in which you can chat up with support representatives. This is an important function of the company, as many issues can be resolved immediately.
The registration at the online wallet platform is free with services available on the internet only. The keys are stored on the company’s servers, meaning that they are not privately kept. The hardware wallets, such as KeepKey and Ledger Nano S have an upper hand in this sphere, as they generate keys offline.
Transferring coins around using your CryptoPay address is possible for unverified accounts. In case you wish to include fiat currencies as well, you have to complete the verification process. This is done by providing scanned copies of ID and proof of address, as shown in the picture below.
Other wallets now offer similar services, as you can stash and use exchange services of wallets such as Xapo, Blockchain, and Cryptonator.
CryptoPay offers services for bitcoin only as a cryptocurrency. Other coins are not available, as you can buy, sell and transfer BTC around only. Fiat currencies that you can deposit and withdraw are USD, EUR, and GBP, as shown below.
Other wallets, such as Xapo, Cryptonator, and Blockchain offer at least one more digital coin in its platform, Ethereum usually. The CryptoPay should definitely expand over bitcoin should the company wish to stay in the game in future.
Platforms and Features
The platforms available at CryptoPay are a web browser and mobile environments. The phone apps are available for download on both Android and iOS devices. The download itself is free of charge, as with many other wallet platforms, as shown below.
The interface and wallet experience is similar on the web and on the phone, as functions and features are the same. All other wallet service providers (Xapo, Blockchain, and Cryptonator) have similar environments for traders to use.
Price & Fees
When using wallet services at CryptoPay, you pay no costs when depositing and withdrawing funds from your balance. The rule goes for both bitcoin and fiat currencies that you have. The commission for exchange services stands at 1%, which is in line with other wallets, such as Xapo, Cryptonator, and Blockchain.
The prepaid card has its own cost structure, with deposits costing 1%, fiat currency conversion 3%while maintenance stands at $ a month.
Online wallets are known for less sophisticated security functions than hardware devices and CryptoPay is no different. The online storage capacity offers only two-factor authentication (2FA) as a measure of protection, as shown in the snapshot below. You should not keep a large amount of fiat or cryptocurrencies as they can be reached easily by an experienced hacker.
Other wallets, with exception of Xapo, offer similar functions as CryptoPay. Xapo is one of those platforms that offer vault services, as they offer private keys and additional safety features, protecting your balance.
The neat feature by CryptoPay site is the support communication tools. You have numerous blog and FAQ answers to draw answers from should you meet an issue. Additionally, you have the ability to start online chat with support representative as shown in the picture below.
The instant messaging with staff is crucial in getting your problems fixed as soon as possible, especially if the issue is significant.
CryptoPay has generally positive reviews within the customer base. Reddit and other cryptocurrency watchers have rated the services offered by the CryptoPay highly in terms of exchange and wallet services, without any major issue being raised so far.
The most appreciated products are a prepaid card and low wallet fees, as you can send and receive coins for no fee at all.
CryptoPay started out as an ICO fundraising project in 2013 by two Russian cryptocurrency enthusiasts, George Basiladze and Dmitry Gunyashov. Since its beginning, the company raised over €15 million. In 2015, platform added exchange marketplace into its space and accepted EUR, USD, and GBP fiat currencies.
No major incidents happened up to this point and no hacking attempts have been recorded within the customer base.
Pros and Cons
CryptoPay is a legit wallet platform where you can stash and trade bitcoins around. The interface is neat, and you have an option on a debit card. If you are European, that is. Apart from those nice features, the security is an issue, meaning that large BTCs should not be stashed there. The only bitcoin is accepted at CryptoPay, meaning that Litecoin or Ethereum users would find nothing interesting here.
Use it as a source of bitcoins where you can get them easy and fast. Then, withdraw them to other, more secure options out there, like hardware wallets.