For any crypto user, the choice of a digital wallet is one of the most important moments. Today in the article we will talk about the Cryptonator wallet, which is one of the many options available. But what is a Cryptonator wallet and is it for you? Is it safe to use? In our overeview of the Cryptonator wallet, we consider its good and bad sides.
Cryptonator Wallet is a universal service that combines the functionality of a digital wallet and cryptocurrency exchange services.The Cryptonator wallet, founded by Andy and Brian Chan, has existed since 2014. His country of origin is Hong Kong, and the current CEO is Brian Chen.
The official website reports that the wallet has at least 1 million active accounts and, it is alleged, to date, more than 80 million transactions have been processed.
Also, in the wallet services are available in five languages, including English, French, Spanish, German and Russian. Cryptonator can be used on any of the following platforms:
Types of wallet:
- Hot wallet
- Cryptocurrency exchange
Interesting in the section: Electrum Wallet: Bitcoin-Wallet description
Cryptocurrencies available on the Cryptonator
Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Dash (DASH), Monero (XMR), ZCash (ZEC), Dogecoin (DOGE).
The wallet also offers support for a number of paper currencies, including:
- US Dollar (USD)
- Euro (Euro)
- Russian ruble (rub.)
- Ukrainian hryvnia (UAH)
Although it is possible to deposit funds into a wallet via bank transfer, it does not offer support for credit card payments.
The operation of the Cryptonator Wallet application
The application can be downloaded on Android and iOS. The wallet platform has a built-in exchange function with fast and simple direct transactions and instant trading for many altcoins in one personal account but does not meet the highest security standards.
To open an account in Cryptonator you need:
- Go to the official website of the Cryptonator wallet
- Create an account and choose between a personal and trading account
- Create your password and fill in all the required information
- Check your email and click on the confirmation link to log in
- Read the installation guide and make sure that all the coins you plan to use are included
- Create a new address for each coin you include
- Activate two-step verification
- Cryptonator Back up your Cryptonator wallet private key
Pros and cons of the wallet
- For users of cryptocurrency, who appreciate anonymity, the wallet offers the convenience of registration. This requires only an email address, users do not need to carry out an identity check.
- As a universal wallet, Cryptonator can store cryptocurrencies, as well as support exchange services.
- Offers the possibility of an immediate automatic exchange without the need to use buy and sell orders.
- Supports multiple paper currencies.
- As a hot wallet, it is easily accessible, since all it needs is an internet connection.
- Exchange fees are relatively high.
- Users cannot import their existing wallets into Cryptonator.
- The wallet is not regulated and therefore poses risks to users.
- Supports a limited range of cryptocurrencies.
- Cryptonator does not offer trading using borrowed funds.
- Being a hot wallet, it is subject to phishing and hacker attacks from intruders.
- As a software wallet, it is not as secure as hardware counterparts.
Cryptonator Wallet reviews on trustpilot. Trustpilot.com is a consumer testimonial website, founded in 2007 in Denmark, with reviews of businesses around the world.
"I collaborated with this e-wallet for about a year. Often there were various problems. Payments were delayed. The last straw of my patience was yesterday's transaction. It has been processed for more than a day. Support replied that they had problems. They plan to solve these problems within 24 hours. That is, my translation will go 2 days. Disgusting work!!!"
"I've been using cryptonator for over 2 years now. Exchanged over $5k worth of bitcoin and NEVER had any problems. The only downside is that the fees are quite high compared to other wallets. But next to that, I have no idea where all these bad reviews are coming from"
"Big SCAM!!! I lost about $77,000 of my retirement savings to these guys. They started all nice and professional until I deposited my hard earned money. After that, my account just disappeared. Employees do not respond..."
"Scammers!!! Advise do not use this site. I have had my BITCOIN STOLEN on this site my account was hacked as they like to call it compromised what ever words they use. My money has gone."
Should you choose a Cryptonator?
One of the biggest problems with cryptocurrency wallets is security, and Cryptonator is no exception.
The Cryptonator problem begins with its reputation, as many traders criticize customer support and the exchange rate. Another problem is that online "hot" wallets belonging to an unknown group of people have a high level of risk.
The overall reputation of the company has improved somewhat with the advent of the new support center and the application, but it remains negative. Some customers even call the platform fraud, because some problems have not yet been resolved.
Editor: Yulia Krasnaya