Analyzing one of the most popular wallets in the crypto-verse
Cryptonator is a digital wallet which supports both fiat money and multiple cryptocurrencies. The brand is an-all-inclusive service that merges a cryptocurrency exchange with the benefits of a digital wallet. It enables users to stash, check, & swap different currencies from crypto to fiat or from Crypto to over 100+ other crypto coins from a single account. The brand has a massive following with more than 1 million active accounts, 80 million processed transactions, and 160K+ verified customer reviews.
Cryptonator was founded by Andy and Brian Chen back in 2014 in Hong Kong. The wallet is not regulated, which is pretty much the norm for the majority of players in the crypto-verse.
Cyrptonator website is available in multiple languages, including Spanish, German, French, English, and Russian. It is optimised for smooth trading on Android, Windows, iOS, and OSX devices. It is compatible with Chrome and Firefox. Explore more about the brand in this in-depth Cryptonator review.
Currencies and Fees:
Cryptonator accepts a wide range of crypto and fiat currencies on its platform. You can set up wallets for 15+ different coins including Bitcoin, Dash, Ethereum, and Zcash. Other than Crypto coins, the platform accepts four different fiat currencies including USD, EUR, RUB (Russian Ruble), UAH (Ukrainian Hryvnia). Strangely, Hong Kong dollars are not supported.
Deposit and Withdrawal Fees
The Cryptonator exchange charges fees based on trade volume. As such, it’s fee structure is unclear. It would be more helpful if the exchange could list the fees in a definite and concise structure as most exchanges do.
Platform and Features
- Merchant Tools
This feature allows you to accept cryptocurrency payments on your online store, blog, website, or and other platforms. While cards and other online wallets such as Paypal charge a processing fee of up to 3%, the Cryptonator merchant tool only charges a 0.9% processing fee.
To provide added convenience to your customers, Cryptonator has developed a widget and a ticker which you can add to your website to display prices of various altcoins on your website. Your customers can also pay using USD or EUR.
- Converter and exchange rates
Cryptonator provides users with current market values of the different cryptocurrencies in real-time. You can use the converter for instant conversion of one coin to any o the other currencies listed on the exchange.
Security-wise, the platform uses a combination of SSL (HTTPS) encryption, SHA-256 cryptographic algorithm, 2-factor authentication, login passwords, and prompt email notifications.
The wallet is online-based, meaning that there’s still a chance that the servers can be hacked.
- Customer Support
Customer support can be accessed through two links, the “help centre” button and the “contact” button. The help section provides an extensive FAQ that covers all the basic questions such as the coins supported on the site, how to troubleshoot bugs, how to deposit & withdraw, and so much more.
How to open an account
Here is a step by step process on how to open an account on Cryptonator:
- Go to the official Cryptonator site at https://www.cryptonator.com/ and click the “sign up” button at the top of the page. You will be redirected to the “open new account” page.
- Choose between a personal and a merchant account.
- Enter your email address, create a password for your account, and then click the “create an account tab. Make sure the password you choose has a good combination of both uppercase & lower case letters and numbers as well.
- Check your email address for a verification link. Click on the verification link and enter your login details.
- Select the setup guide and make sure that all the crypto coins are selected since Cryptonator is a multi-currency wallet. You can also highlight only the ones you intend to use.
- Create an address for each of the coins you selected. You can have as many as 10 addresses for each wallet.
- Set up the 2-step authenticator. There are three options in this step: Telegram Messenger, Text Message, and Google Authenticator. We recommend that you use the latter.
How to set up the 2-step authenticator on Cryptonator
To use the Google Authenticator, download & install the Google Authenticator app on your mobile device. Use the app to scan the QR code displayed on the website. A code will then be generated. Type the code on the website and click send.
Setting up 2-step authentication creates a secret key for your account. This helps Cryptonator to keep your account safe in case you lose or damage your device. In either scenario, you can use your code to recover your account.
How to Send and Receive Funds on Cryptonator
After successfully setting up your account, you need to add cryptocurrencies to your wallet. To send coins to your Cryptonator wallet:
- Click on the send button on the left side of the page. A dropdown menu will appear.
- Select the coin that you want to send.
- Copy the address to which you want to send the payment and paste it on the address section.
- Select the number of coins you want to send.
- Click preview and send.
To receive a payment on your wallet:
- Click on the “balance” button on the top left side of the page.
- Select the coin that you want to receive.
- Click on the downward-facing arrow.
- Click show address and copy it.
- Paste your address on the relevant medium and forward it to the payer so that they can transfer the coins to your wallet.
Like most entities in the crypto market, Cryptonator is unregulated. This involves certain risks, not to mention that the web trading interface lacks some fundamental features such as market depth window, charting, and cancellation.
There are no major concerns about using the brand at the time of writing this review, but it might be wise to exercise caution. The brand is based in HongKong, but it seemed to be highly focused on Ukraine and Russian market.
Is this your final decision?
We suggest you visit one of the most popular trading platforms instead!
- Quite easy to open an account. No verification documents are required. All you need is your username, email address, and phone number.
- The wallet provides both a wallet and exchange. You can store your coins as well as exchange them under one roof.
- Supports multiple fiat currencies. USD, EUR, e.t.c
- All in one wallet. On top of holding cryptocurrencies, it automates exchanges without buy & sell orders.
- Easy access. Because it is a hot wallet, a good internet connection is all you need to access your account.
- It is not a regulated platform. Security threats, therefore, persist.
- Users cannot import their existing wallets to the platform.
- Being a hot wallet, it is susceptible to attacks by hackers.
- Supports a limited range of crypto coins.
- The exchange fees are relatively high.
- Does not provide leveraged trading.
- This software wallet is not as secure as its hardware counterparts.
7 Binary Options review: Cryptonator: 3.5 stars