Wagecan Wallet Review: Fees, Pros, Cons, Tutorial

WageCan wallet is a Bitcoin only wallet that aims to simplify transactions and make them safer. It comes with a Bitcoin prepared debit card making it convenient for crypto payments.

Moreover, it has a Simple Payment Verification (SPV) feature that can be used for transaction verification. However, after taking a closer look at its features, we have found out that it is not the safest crypto wallet available for crypto traders. Thus, we would not recommend.

Tips on how to choose a safer crypto wallet are listed below. Read more to find out about our recommended wallets.

Is the Wagecan Wallet Recommended?

While WageCan wallet does have a lot of strengths and merits, we would not recommend it. One of its key omissions is the fact that it is not a regulated service provider. In the cryptocurrency market, there are very few regulated services such the eToro wallet. What makes such services preferable is that they offer a more significant measure of security. This is because they adhere to the stringent regulatory requirements set by relevant authorities.

If you still have doubts as to what the best service for storing your cryptos is, you can check out 2019’s Bitcoin wallets here.

What is Wagecan Wallet?

What is WageCan wallet? It is a software wallet available both online and as a mobile app. It comes with a Bitcoin prepared debit card making it convenient for crypto payments. In fact, its main objective is to allow crypto users to use their digital assets for everyday transactions.

The wallet uses Simple Payment Verification (SPV) for transaction verification. This means that instead of downloading the entire Bitcoin blockchain, it uses a lightweight client to ensure that every transaction is included in the chain.

The debit card supports three fiat currencies at present, EUR, GBP and USD.

WageCan, the company behind the wallet was founded in 2014, by among others, Franky Hu, the current CEO. It is based in Taiwan and registered in Hong Kong and provides crypto payment solutions in over 210+ countries without a lengthy registration process.

Since it uses the MasterCard payment platform, the card has support at more than 30 million ATMs globally.

WageCan wallet compatibility

WageCan wallet is currently compatible with the following platforms:

Android
iOS
OSX
Windows
Chrome
Firefox

What wallet type is Wagecan?

Bitcoin only
Software wallet (online and mobile)

What cryptocurrencies does the Wagecan wallet support?

Bitcoin

What fees does Wagecan wallet have?

There are no WageCan wallet fees for opening or using the account. However, the Bitcoin debit card does incur some charges including:

Card acquisition fee – $15.40
Monthly fee – $1.00
Foreign transaction fee – 3%
ATM withdrawal fee – $2.50 to $3.50
PIN change fee – $1.00

How to open your Wagecan Wallet account

Now that we have an idea on what the wallet is, let us figure out how to open WageCan wallet:

Step 1: Go to the official WageCan site and click “Sign up”

Step 2: The site has a really simple sign up procedure that only requires your email and a password.

This is good news for beginners since they will not need to put more time into creating their accounts.

Step 3: Once you provide the above details, you will get an email from WageCan. Open it and click the link inside to complete registration.

Congratulations! That is how to open a wallet on WageCan.

How do I add cryptocurrencies to Wagecan Wallet?

Next, we will learn how to add currency to WageCan wallet:

Step 1: Log in to your WageCan account

Step 2: On the right side of the page, you will see the WageCan wallet address

Step 3: Copy this address and use it to add cryptocurrency to your wallet from an exchange or other wallet.

Using this procedure, you can easily figure out how to transfer Bitcoin to WageCan wallet. Since it does not support any other coin, we will not look at how to transfer Ethereum to WageCan wallet or how to transfer Ripple to WageCan wallet.

How to send payments on Wagecan wallet?

Now that we have some funds in our wallet, let us find out how to send payments on WageCan wallet:

Step 1: Log in to your WageCan account

After logging in at https://wagecan.com/, go to your “Accounts” page.

Step 2: Click “Send”

Click “Send” at the right corner in order to see the “Send to” field and start the transaction.

Step 3: Enter your recipient’s wallet address and confirm before clicking “Done”

At the “Send to” field, paste the Bitcoin address of the person you’re looking to send funds to. In order to make sure that the recipient’s Bitcoin address is correct, it’s better if you create a separate file containing all the Bitcoin addresses you frequently send funds to. This will make it easier for you to copy and paste the correct Bitcoin addresses.

After checking thoroughly all the details you’ve input, click “Done.”

How do I receive payments on Wagecan wallet?

To receive payments on WageCoin:

Step 1: Log in to your WageCan account

Go to https://wagecan.com/.

Step 2: Find your WageCan wallet address on the right side

On the right side corner of your account, you will find your Wagecan wallet address.

Step 3: Copy the address and send it to your counterparty

Copy your wallet address and send it to the person who wants to send you funds. In order to make sure that you do not give a wrong wallet address, create a file that has all your wallet addresses. By doing so, you will be able to easily find and copy your wallet addresses.

Step 4: Wait for the funds to reflect in your account

That’s it! You just need to wait for the sender to start the transaction for you to get your funds.

How safe is Wagecan Wallet?

Let us take a look at the top WageCan safety features:

Two Factor Authentication (2FA)

2FA essentially refers to a double layer authentication system. Anytime you log in to your WageCan wallet you will be required to enter your password. Additionally, the system will automatically send you a verification code via SMS or Google Authenticator. You will need to enter this code as confirmation that you are the authorized account holder.

The feature not only keeps off malicious attackers. But it also reduces the chances of unauthorized access by someone who might have your password.

Transaction Limits

WageCan seeks to ensure the security of user funds by automatically implementing transaction limits. You can only transact up to $20,000 per day on the platform. For any amount above this, you will need the authorization of administrators. This could take up to 48 hours.

It is evident from the above WageCan safety features that the company has prioritized usability over security. But even in spite of the measures WageCan has put in place for securing the wallet, it is not the safest option out there. As mentioned at the onset, it is not possible to have absolute safety when dealing with an unregulated crypto service platform. The cryptocurrency space is associated with scams and hacks and for this reason, working with a regulated option like eToro is in your best interests.

eToro is regulated by multiple entities in various jurisdictions. In view of their adherence to the requirements of these regulators and others in different regions, eToro offers unparalleled security so as to remain fully compliant. It is, therefore, one of the safest options out there.

Wagecan Wallet Pros and Cons

Pros:

Debit card support
0% transaction fees
Supports USD, EUR and GBP
Available in many countries
Local currency withdrawals at ATMs

Cons:

Not open source
Not regulated
Stores users’ private keys
It is a hot wallet and therefore inherently vulnerable
Only supports Bitcoin
Debit card is not available
Limited information on the WageCan site on how to use the wallet

Wagecan Wallet vs. other wallets – how does it compare?

Wagecan vs. eToro

Safety

As opposed to Wagecan, eToro is one of the safest platforms on the market and that is probably due to the fact that it is a regulated software. In fact, to maintain its regulatory status, the platform has to abide by a set of regulations and some of those are security-related. For example, regulated platforms have to have encryption, be GDPR-compliant, and much more.

Reputation

Wagecan is not a very common wallet, whereas the eToro wallet is associated with the eToro platform more generally. eToro in fact, is one of the most well-reputed platforms on the market, and has millions of active users from all over the world. There are not many platforms with such a good reputation and that alone is definitely one of the reasons why our eToro review attracts so many users.

Wagecan wallet vs. BTC.com

Functionality

Both WageCan and BTC.com are Bitcoin only wallets. But WageCan has higher functionality thanks to the debit card provision. Users can make purchases at any MasterCard point of sale and withdrawals from 30 million+ ATMs worldwide.

Ease of Use

The WageCan wallet is one of the easiest to set up as it simply requires an email address and password. But it does not offer as many convenient options for useas BTC.com. On the latter, you can make payments using QR code, manual entry or contact syncing. It also has an easy to use backup and recovery system.

Wagecan wallet vs. Bitcoin Core

User Friendliness

Bitcoin Core is one of the oldest Bitcoin wallets in the market, and also one of the most secure. However, its setup is complicated as it requires users to download the entire Bitcoin blockchain. While this is a handy security feature, it takes time, data and hard disk space. WageCan, on the other hand, uses a lightweight client which is easy to install and use.

Privacy

WageCan does not feature advanced privacy solutions as is the case with Bitcoin Core. The latter is compatible with Tor, which allows users to anonymize transactions by hiding the IP address. Furthermore, since all transactions on the wallet reflect directly on the Bitcoin blockchain, it is much harder to track them than it is on a lightweight client such as WageCan.

Conclusion

Looking at the above comparative analysis of popular cryptocurrency wallets against WageCan, it emerges that every one of them has its highlights and downsides. Overall though, eToro is the clear winner from the wallets considered.

Its top highlight is the fact that the service provider is regulated internationally and thus complies with strict operational policies. This makes it one of the safest wallet choices as it places user security at the fore.

Additionally, it has more features than the rest, offering trading and exchange support. Notably, it allows both inexperienced and expert traders to access the necessary functionality to trade successfully. Newbies have the option of copying the trades of more seasoned players. Experts earn a commission from all copied trades, making it a win-win situation.

FAQs

Where can I download WageCan Wallet?

WageCan wallet is available for download from Google PlayStore or Apple App Store. You can also skip the download and use the web wallet instead which is accessible on the official WageCan site.

My WageCan wallet froze; what should I do?

If you are using the mobile wallet app, you can uninstall or delete it and then reinstall it afresh. To access your account after the reinstallation, you will only require your email address and password for login.

How do I reset my WageCan password?

WageCan wallet has two separate passwords, the account password and transaction password. In both cases, to reset the password, simply log in to your account and select Settings (the three gears icon on the upper right corner). Select a suitable option to change either or both of the passwords.

What should I do if I forget my WageCan passwords?

If you ever forget your WageCan account password, click on the Forgot Password link and then enter your email. You will get instructions in your inbox on how to reset it. On the other hand, if you have forgotten your transaction password, log in to your account, go to Settings>Change Transaction Password>Reset Transaction password.

What are transaction limits?

For security purposes, the WageCan platform limits daily transactions to a maximum of $20,000. Any transaction that you perform above this amount will remain pending and will require administrators’ verification.

Can I change my phone number?

No. WageCan security requirements do not allow you to change your phone number on your own. However, you can contact the support team and submit a phone number change request.

Does WageCan use Google Authenticator for 2FA?

WageCan primarily uses a mobile phone OTP for 2FA. However, when you travel abroad, you might be unable to use your mobile SMS service. In such cases, you can use Google Authenticator in the same capacity.