For any cryptocurrency user, choosing a digital wallet is one of the most crucial rites of passage. Cryptonator wallet is one of the many options available that could be fighting for your attention. It has been around longer than most and boasts a significant user base. But what is Cryptonator wallet and is it right for you? In our Cryptonator wallet review, we take a look at the good, the bad and the ugly, so buckle up and find out all you need to know about it.
What is Cryptonator Wallet?
Cryptonator wallet is an all-in-one service that combines digital wallet functionality and cryptocurrency exchange services. Founded by Andy and Brian Chen, Cryptonator wallet has been in existence since 2014. Its country of origin is Hong Kong and Brian Chen is the current CEO. The wallet is not regulated, much like a significant number of other players in the cryptocurrency space.
On its official site, it claims to have at least 1 million active accounts and has allegedly processed over 80 million transactions to date.
It offers services in five languages which include English, French, Spanish, German and Russian. With regards to Cryptonator wallet compatibility, it can be used on any of the following platforms:
What wallet type is Cryptonator?
- Hot wallet
- Cryptocurrency exchange
What cryptocurrencies does Cryptonator support?
It also offers support for a number of fiat currencies including:
- United Stated Dollar (USD)
- Euro (EUR)
- Russian Ruble (RUB)
- Ukranian Hryvnia (UAH)
Even though it is possible to deposit funds into the wallet via bank wire transfer, it does not offer support for credit card payments.
What fees does Cryptonator have?
The following are the Cryptonator wallet fees for the various cryptocurrencies that the wallet supports:
|Ethereum Classic||0.00100000 ETC|
How do I open my Cryptonator account?
Here is a step-by-step tutorial on how to open a wallet on Cryptonator:
Step 1: Go to the official Cryptonator wallet website at https://www.cryptonator.com/ and click Sign Up. This will redirect you to a new page with the title “Open New Account”
Step 2: At this point, you will get two options, Personal and Merchant Account. Select the one that applies and then type in your email address.
Step 3: Create a password for your account. Ensure that it is a strong combination of lower and uppercase letters, numbers, symbols and characters.
Step 4: After filling in all the required details, click on the “Create an Account” tab
Step 5: Go to your email and click on the verification link to log in.
Step 6: Click on the setup guide and ensure that all the coins are turned on since this is a multi-currency wallet. You could choose to turn on only the ones you plan to use. In the future, you can always turn them on and off as and when need arises.
Step 7: Create a new address for every coin that you switch on. At any given point, you can have as many as 10 addresses for every wallet under your account.
Step 8: Activate two-step verification. There are three options on this step, Google Authenticator, Telegram Messenger and text message. However, the most highly recommended option is Google Authenticator.
To use this option, download Google Authenticator and install it on your device. Use the app to scan the QR code on the site and your phone will generate a code. Type in the code and click “Send.”
Once you activate two-step verification, the system will create a new secret key for your account. This secret key is meant to ensure Cryptonator safety in case you lose your device or damage it. In case of any such scenario, you can use this key to restore your account. You are thus required to create a backup, making a copy of it and storing it safely.
Step 9: After creating a backup of your private key Cryptonator wallet, click on “I backed up my secret key, close the window.”
This is how you can open Cryptonator wallet. Your Cryptonator account is now ready for use.
How do I transfer coins to Cryptonator?
Once you have created an account, you need to add cryptocurrencies to the wallet in order to start the transaction. The easiest method to do this is by transferring funds from another cryptocurrency wallet to this one. Here is how to add currency to Cryptonator wallet from another wallet:
Step 1: Click on the account name in order to display your wallet address. Alternatively, you can click on the “Actions” button adjacent to the account name and then select “Show my addresses.”
Step 2: Send cryptocurrency from another wallet to this address and it will reflect in your Cryptonator account. We will discuss how to receive payments on Cryptonator wallet in detail below.
Though this is the easiest method of adding funds to your Cryptonator wallet, you could also use a bank transfer. As we mentioned at the onset, the wallet supports four fiat currencies. As such, you can directly exchange your fiat money for a wide range of cryptocurrencies on the wallet. You can transfer money directly from your bank account to the wallet using wire transfer, which includes SEPA.
How do I send and receive cryptocurrency on Cryptonator?
How to send coins on Cryptonator
Now that we have successfully created an account and added cryptocurrencies, the next logical step is learning how to send payments on Cryptonator wallet. Here is what you need to do:
Step 1: Click on the “Send” button on the top left side of the screen and a drop-down menu will appear.
Step 2: Select the coin you want to send. For illustration purposes, let us send Bitcoin.
Step 3: Copy the Bitcoin address to which you want to send the payment and paste it in the “To the Bitcoin address” section.
Step 4: Select the type and amount of coins that you want to send. The wallet will automatically populate the “Transaction Fee” box and the “Amount Gross.”
Step 5: Verify that all the details are correct and then click on the “Preview Payment” box.
Step 6: A confirmation will pop up, giving you another opportunity to double check the details. After you have confirmed everything is correct, click “Send.”
How to receive coins on Cryptonator
The next step you need to figure out is how to receive payments on Cryptonator wallet. This is a pretty straightforward process. Here is what it entails:
Step 1: Click on “Balance” which is the first button on the top left side.
Step 2: Select the coin that you want to receive. For illustration purposes, we will use bitcoin. Next to every cryptocurrency, including bitcoin, there is a downward-facing arrow. Click on that button.
Step 3: Click “Show my Bitcoin wallet address” to view your Cryptonator wallet address.
Step 4: When the address shows up, copy it.
Step 5: Paste your Cryptonator wallet address on the relevant medium and send it to the payer so that he can transfer bitcoins to your wallet.
How safe is Cryptonator?
One of the greatest concerns associated with cryptocurrency wallets is safety and Cryptonator is no exception. The team behind the wallet has, however, taken significant measures to enhance Cryptonator safety. Let us take a look at some of them:
Here are the security features that the wallet offers users
🔒Control of Private Keys
Unlike some other cryptocurrency wallets, this one allows you full control of your private keys. In many cases, when crypto platforms suffer security breaches, hackers access coins that were left in hot wallets. These coins are more vulnerable to theft but are in the control of the platform, not the owner, since the owner does not have the private keys.
But on Cryptonator, you get access to and control over your private keys right from the onset. This places the power back in the users’ hands and allows account holders to take measures to keep funds safe.
🔒 Two-Factor Authentication (2FA)
Cryptonator wallet uses two-factor authentication to secure users’ funds. In the case of Google Authenticator app, it basically involves the generation of a 6-digit code. The code changes from one minute to the next and is unique to the individual user. It is, in effect, a third credential in addition to your account identifier and password.
What makes this a worthwhile feature is that even if your password gets compromised, a malicious attacker will also need the 2FA code in order to access the account. Furthermore, it changes with every attempt to log in and is sent to a separate device, for instance a mobile phone.
In spite of having the above security measures in place, Cryptonator falls short in the sense that it does not have multi-signature security or Hierarchical Deterministic (HD) features.
Even with these measures in place, it is up to the individual wallet user to conduct due diligence to ascertain account safety. It is important to ensure that you log in to the right website, without any typos or spelling mistakes. You also need to ensure that your phone number is not in any way linked to the wallet address or Google account.
Overall, it is a good wallet with reasonable safety measures in place to protect customer assets. However, the fact that it is unregulated places it at a disadvantage in terms of safety, giving eToro an edge over it. eToro is fully regulated (CySEC and FCA) and therefore safer for customers.
Here are the safety features that the wallet does NOT provide
❌Unlike eToro, Cryptonator is not a regulated platform, therefore security risks still persist
Cryptonator Pros and Cons
✅For cryptocurrency users who value anonymity, the wallet offers convenience during the registration process. It only requires an email address and users do not have to undertake identity verification.
✅As an all-in-one wallet, Cryptonator can hold cryptocurrencies and also support exchange services. It actually offers the option of making immediate automated exchanges without necessitating the use of buy and sell orders
✅Supports multiple fiat currencies
✅As a hot wallet, it is easily accessible since all it requires is an internet connection
❌ Cryptonator exchange fees are relatively high
❌Users cannot import their existing wallets to Cryptonator
❌The wallet is unregulated and therefore poses risks to users
❌It supports a limited range of cryptocurrencies
❌Cryptonator does not offer leveraged trading
❌Being a hot wallet, it is prone to phishing and hacking attacks by malicious actors
❌As a software wallet, it is not as secure as hardware counterparts
Cryptonator vs. other wallets – how does it compare?
In order to fully explore whether this is the best wallet, we will undertake a comparison of its top features against those of three other popular crypto wallets.
eToro is at the top of the league when it comes to social trading platforms. It offers much better features that Cryptonator. Take a look at some of them:
eToro is one of the few regulated cryptocurrency wallets, working in compliance with CySEC and FCA. This offers a much higher level of protection for crypto storage unlike the non-compliant Cryptonator.
eToro makes use of a multi-signature solution to fortify security for its users. Cryptonator only uses 2FA but lacks other advanced security features such as multi-sig.
The wallet is appropriate for beginners since users have a forum for sharing trading tips, which allows novices to learn from experts. It offers a highly advanced trading platform with options for all trading levels. In contrast, trading on Cryptonator is limited, with features such as leveraged trading being notably absent.
Coinbase is one of the most popular online wallets. By virtue of its popularity and massive operations, it is way ahead of Cryptonator in a number of ways. First, it allows users to buy crypto using credit cards with instant buy. It also boasts a high liquidity and buying limits.
However, it has a reputation for tracking how users spend bitcoin and also offers limited payment methods.
Cryptonator has been in existence longer than Jaxx, but the latter is making waves for all the right reasons. It is currently rated as one of the best multi-currency wallets in the market. Some of the reasons include the fact that it offers high accessibility with both desktop and mobile compatibility.
The main advantage Cryptonator has over Jaxx however is that the former supports more cryptocurrencies, 17 at the time of writing as opposed to 7 for the latter.
A look at all of the above wallets reveals that though all of them have good features, eToro is a great option as it offers a comprehensive package. The fact that it is compliant, convenient for beginners, offering better safety and better trading tools places it ahead of the rest.
Android users can download Cryptonator from Play Store, while iOS users can get it from the App store.
If your Cryptonator wallet freezes you need to consult customer support to get assistance. To do so, get your user ID from account settings and keep the support ticket number so as to follow up.
Go to the sign in page and click “Forgot Password?” link. That will prompt you to enter the email address you used to create the account. Once you do that, you will get an automated email with password reset instructions.
Yes you can open many accounts on Cryptonator.
You can disable 2FA either during login or in your account settings. Depending on your account balance, it will be deactivated after a period of time.
|Account Balance||Time to Deactivate 2FA|
|<$10,000||Only by contacting customer support|
You can have up to 10 addresses for every cryptocurrency in your account. To create a new address, click the downward arrow next to the cryptocurrency and select “Create new address.”
Funds sent to your wallet should reflect immediately once the transaction s verified. Typically, this takes 10-30 minutes but could take hours on rare occasions when there are network delays.