Multi-Coin
Instant Exchange
Not Hierarchical Deterministic
Two-Factor Authentication
SSL (HTTPS) connection
Not Open Source
Cryptonator Wallet Review: Features and How-to-Use Guide
Are you looking for a multi-coin wallet? An easy to use platform to respond to your daily crypto needs? Here comes the Cryptonator wallet on your service. Supporting all the major coins like Bitcoin, Litecoin and Ethereum, it provides a list of ten more additional coins you might decide to operate with. What’s interesting here is that you don’t have all the control in your hands and there’s a third-party provider involved. In any case, the built-in exchange function in tandem with its web accessibility from all kind of devices, will make Cryptonator your right hand when speaking of fast and direct transactions. There are lots of features to enjoy but what should really grab your attention is the lack of ID verification, which ensures you a high level of privacy.
01.Cryptonator Wallet Features & Fees
I cannot prepare a Cryptonator wallet review and not mention first of all the security, which plays central role in their roadmap. Of course, there are multiple features such as Two-Factor Authentication and One Time Passwords, kindly inviting you to join the world of well-protected funds, as well. This is thanks to the encryption provided by the SHA-256 algorithm. As a web wallet, it’s important to note that it’s using a secure SSL connection, which stands for the HTTPS protocol. Ultimately, the ability to access your wallet via different services requires also an always on your service exchange option. That’s why the team offers a built-in integrated exchange inside the interface.
Pros & Cons
As a crucial part of your decision if the Cryptonator wallet fits your expectations, I would like to present you a table with all its pros and cons. It might help you fill your personal checklist to know if this product corresponds to everything you’re looking for.
- Light Node Light nodes don’t request you to store the blockchain locally but give you the opportunity to access it by requesting information from a full node
- Two-Factor Authentication The two-factor authentication is an additional security layer in the form of a password, ID confirmation, SMS verification or some other method before you broadcast a transaction
- Built-In Exchange The built-in exchange allows you to perform easy and fast swaps of different cryptocurrencies without a fee to pay
- Not Open Source Since the source code isn’t available, nobody is able to publicly review and edit the inner workings of Cryptonator
- Not Hierarchical Deterministic Cryptonator isn’t an HD wallet, so users are supposed to generate addressed on their own instead of having it done automatically
- No Multi-Signature The lack of a multisig support means there’s only one person responsible to send a transaction and there’s no need for additional confirmation to do so
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Read More on Multi-Coin Support and OS Compatibility:
Multi-coin Support and Operating System Compatibility
Being a multi-coin supporting wallet is Cryptonator’s advantage because of the fact, it’s supporting 13 of the major coins, preferred when speaking of market cap – Bitcoin, Litecoin, Ethereum, Dash, Monero, and others. You can find the full list below.
Once again, as a light node, Cryptonator doesn’t request you to store the entire blockchain information but requests a full node to validate a transaction. Being a web wallet gives Cryptonator the opportunity to be accessed via browser and a mobile application. Unfortunately, at the moment of writing this article, the Cryptonator mobile app is only available for Android and still not available for iOS users. So, if you’re willing to use it, then make sure your smartphone’s operating system is running at least version 4.3.
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Google PlayAndroid
Android 4.3 or newer
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App StoreiOS
iOS 10 and newer
Built-In Exchange
A specific feature of the Cryptonator wallet is its built-in exchange. There’s no need of registering a dedicated account in another exchange, when you can simply use the integrated one. The user-friendly interface allows passing all kind of transactions. It’s a process which occurs in a matter of seconds without any fees. Currency rates are attractive for both buying and selling. It’s supporting exchange between BTC, LTC, ETH, PPC, DASH, XMR, ZEC and XRP.
Is Cryptonator Safe?
Security
The safety of Cryptonator is high and it offers a diverse security tools for its users. Most commonly mentioned is the two-factor authentication (2FA), which is an additional security layer to ask you for confirmation when you try to operate with your wallet. You can set either an SMS, email, fingerprint or ID information to enter every time when you log in and perform a transaction. The smart authentication protection is securing your wallet from all kind of phishing attacks and the powerful encryption for both signing and paying is more than a good tandem with the other security options. For all those, you receive a notification via email or phone, just to be sure you’re the one and only requesting actions from your wallet.
Two-Factor Authentication
The two-factor authentication is simply an additional measure to protect your assets. You can set either one or several methods of verifying the validity of the requested transaction.
SSL (HTTPS) connection
The Hypertext Transfer Protocol Security (HTTPS) is an extension of the original HTTP, which is often used as a security parameter to confirm if a website is safe enough to be used. Messages have been encrypted with the help of the Transport layer Security (TLS) protocol or the newly updated Secure Sockets Layer (SSL).
Privacy and Anonymity
There aren’t any privacy or anonymity features for which the team behind the wallet stands for.
Is Cryptonator the Wallet For You?
Download HereTransaction Fees
Let’s start with the fact that all kind of incomes and deposits are totally free of charge. When speaking of payouts, they are all directly processed once you request them and here are the taxes you’re supposed to pay, depending on the currency you operate with:
- Bitcoin tax is 0.00010000 BTC
- Litecoin tax is 0.00100000 LTC
- Dash tax is 0.00100000 DASH
All the other taxes you can check on Cryptonator’s official website. Keep in mind that a SEPA Euro withdraw usually takes around 1 business day to get processed and there’s a 1% fee or minimum 1 EURO. If you prefer the USD fiat currency, it’s the same percentage fee or minimum 10 USD but takes 2 business days.
Conclusion
In a nutshell, the Cryptonator wallet review shows that this is a secure web wallet, which you can try out. Its user-friendly interface combined with the extensive security features are more than a good tandem. Cryptonator aims to become your right hand, when operating with the major market cap coins.
If you’re still not sure if the lack of privacy features fits you and anonymity is one of your top priorities, then maybe you would need to have a look at another alternative. Check the extended Jaxx wallet to know if it’s covering all your criteria.
02.Cryptonator Wallet Guide: How to Setup and Use
Let me presents you the full guide on what to expect and how to use Cryptonator! Starting with the interface and the installation process, continuing with the wallet actions and finally checking on the possible issues, this section will become your handbook when meeting Cryptonator for the very first time. Keep reading.
How to Install
First of all, let me start with a short tutorial on how to properly set up your Cryptonator wallet. There are several simple steps to follow before you start using it. Right after you accomplish the procedure, I’ll give you some insights on the Interface.
Choose an Operating System
- Go to the official website and sign in by creating your personal account.
- Download the most recent version of the app from the Google Play Store.
- Install the wallet and enter the previously created credentials from the registration form.
It’s strongly recommended to directly activate the 2FA option.
- Go to the official website and sign in by creating your personal account.
- Download the most recent version of the app from the App Store.
- Install the wallet and enter the previously created credentials from the registration form.
It’s strongly recommended to directly activate the 2FA option.
Interface Overview
After setting everything up, I can conclude that the interface is designed in a user-friendly manner, saving you some time-consuming processes such as the verification. This provides you not only privacy but also let you quickly pass through the procedures in order to use your coins. Something general to provide is either an email, telephone number or a username. Right after you’re able to start using the platform. The built-in exchange gives you the opportunity to swap both crypto and fiat currencies on your choice.
What you see on the home page are all the menus of the Cryptonator. You can choose between your checking your balance, sending or receiving coins, exchanging them and also pay your phone bill via bitcoins. You’re able to also check the history of your transactions or modify your personal information by the Settings tab.
Create an Address
Speaking of sending coins, you should first create yourself an address. Once you log into the Cryptonator wallet, simply go to the Balance tab and manage the wallets to handle all the currencies you would like to use. After doing so, you can tap on the coin you want to operate with and generate a new address. You can extract it by either viewing your public key or getting a QR code for your first deposit.
Send and Receive Assets
Now straight to the point – sending happens by entering the dedicated menu and choosing a coin from the drop-down menu. Then you copy and paste the public address you would like to send it to and type the desired amount. I might note we have a nicely implemented preview of the transaction to confirm if you have correctly placed all the information. If it’s all good, just click on the Send button.
Hint: I would like to remind you how important is to double check the receiver’s address. It’s because if you have mistaken even one of the characters in the string, your coins will get lost irreversibly.
Receiving is nothing more than the opposite process of sending. Same story here – go to the Balance tab and choose the coin you would like to receive from the drop-down menu. When you click the option “Show my coin deposit address” you’ll be provided with a public key to copy and paste to the person who’s supposed to send you some coins.
Backup and Restore
As mentioned earlier, the lack of an HD feature is a disadvantage to consider. This is limiting your recovery options from any kind of file or passphrase. In tandem with the fact that your private keys are kept by a third-party, they are considered easy to be accessed. Ultimately, the one and only option for resetting your password is to make it from the official Cryptonator website.
Backup
Install and deposit your crypto
Create a strong password and save it
Restore
Install and restore wallet from the seed
Restore by importing private keys or using wallet files after install
Specific Functions
Compared to competitors, Cryptonator offers an advantage for merchants. First, there are no costs to create an account and you can do it by simply using an email address and password. You’ll be able to use all the features, available for the other users without paying an extra service. Additionally, you’ll be able to make use of the low fee of 0.9%. Pay attention, that if you’re using a credit card or a Paypal account, you’ll be charged up to 3% per transaction. Finally, you have the opportunity to accommodate multiple currencies and proceed payments in fiat with attractive withdrawals directly to your bank account. Some specifics to definitely think of, aren’t they?
Possible Issues and How to Avoid Them
There are several errors you might experience, so I would like to review them all for you to be confident on how to handle them.
If you ever get a message for an offline badge, this means that Cryptonator is currently unable to process transactions or generate addresses. Most frequently, it comes down to an update being rolled out and when this status disappears, you’re once again able to use your wallet.
Just faced the pending balance issue? Well, sometimes the network gets overloaded and if you usually get a confirmation for your transaction within 10 to 30 minutes, it might get delayed to several hours or days instead. Unfortunately, this time period doesn’t depend on the Cryptonator team and all you can do is to simply be patient until your transaction gets confirmed.
03.FAQ
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How to sign up?
All you need is an email address and a password to enter on the home sign up page of the website. After you do so, go to your email’s inbox and search for the Cryptonator message to confirm your account. That’s it!
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How to proceed if I find a bug?
Contact the Cryptonator support and you might even get rewarded for it.
04. About Cryptonator
To summarize – Cryptonator is a hot wallet, which is able to keep inside both fiat and crypto currencies. Even if the owners are Russian entrepreneurs, Cryptonator’s headquarters are based in Hong Kong.
Apart from the wallet, there’s an integrated exchange to quickly swap different currencies. What’s most interesting about the Cryptonator is the merchants’ platform. It provides some of the most profitable conditions to operate with, in combination with multiple custom features.
Cryptonator on Social Media
As socials have always been one of the most used channels to stay tuned, it’s advisable to follow the Cryptonator accounts. Sometimes being up-to-date might be a question of security or avoiding some privacy issues, so it’s nice to keep an eye on it and get informed for whatever the team considers important.