If you are indeed interested in cryptocurrency exchange, transactions and trading, you know how important it is to establish trustable relationships with the wallet. Of course, saying that we do not mean literal physical relationships is hardly possible, but a reliable wallet is indeed an issue. First of all, it is about financial stability: a person wants to know that one is provided materially. Second of all, it is about psychological calmness: the feeling that you are safe and secure and that your assets are well-protected matters a lot. That is why the choice of the wallet for your assets, especially digital assets, deserves a lot of attention.
In this article, we will take a closer look at the Xapo Wallet. This is a mobile app that aims at guaranteeing the security of digital currencies for all users. We will talk about the features of Xapo accounts, their pros, and cons, to whom it is oriented.
Xapo Mobile App: Basic Information
Xapo wallet combines the convenience of a standard Bitcoin client and an increased level of security for the safety of available funds in cold store mode using special storage. The presence of a debit card allows users to spend their digital money in stores around the world.
Registration of Xapo wallet provides the following resources:
- A convenient application for transactions;
- Cold storage Vault for guaranteed safe storage of own funds;
- Mobile client versions for installation on smartphones and tablets on Android and iOS platforms;
- The possibility of ordering a Xapo debit card for making purchases online or withdrawing cash in partner organizations worldwide.
Xapo’s online wallet attracts the attention of an ever wider audience of Bitcoiners around the world. Let’s consider the key advantages of this program.
Xapo Account Advantages For Users
The modern assortment of different applications offers a choice of options, among which the choice of the optimal wallet can be quite difficult. The innovative digital wallet deserves your attention.
The main advantages of creating a wallet and using its functions:
- No need to pay commissions for transactions — you can transfer funds for free;
- Providing the mobile version of the application to the user;
- The ability to order Xapo debit cards for shopping in online stores;
- The possibility of buying Bitcoin at the internal rate of the network;
- Possibility to use cold storage;
- Storing Bitcoin easily;
- Additional security options;
- The ability to work with virtual tunnels such as Tor.
Important! When making a new payment request, use new bitcoin addresses – this will allow you to increase the level of security and securely protect your funds from theft by intruders.
Xapo Account Debatable Points
Installing Xapo, though, offers its users a package of convenient options and benefits. Yet, you can not say that the digital client is perfect – he also has a number of debatable issues that you need to know about. Among the points discussed are the following:
1. Control of assets by a third party
Control of Bitcoins is carried out entirely by a third party, namely by the service itself. That is, you must entirely entrust your funds to developers and believe that they will not be frozen or wasted. The service, though, offers you some insurance in case of failures and loss of Bitcoins, but full responsibility for the safety of your savings still falls on your shoulders;
2. Check by the centralized service
When registering the Xapo wallet, you must report a large amount of confidential data for verification. In other words, you must entrust information to a third party and hope that it will not pretend or hide operations;
3. Work in the remote mode
When installing the wallet and working with the account, data is downloaded from a remote server. That is, you again have to entrust your assets to developers and believe in their honesty and decency to users of the site. We recommend using a variety of browser extensions and mobile versions of applications to increase security;
4. The vulnerability of the working environment
The application can also be used on sources attacked by malicious programs. For a guaranteed secure connection, it is recommended to use all possible security features – passwords, codes, keys.
Attention for all users! Using the resources of the Xapo application does not provide management of private keys. This must be taken into account when you choose which wallet to use. In fact, Xapo is not a Bitcoin wallet but more a bank for storing Bitcoins. The private key proves your right to own Bitcoins, and if you do not have it, then it means that Xapo’s service is the owner of your assets. And this despite the fact that you are allowed to monitor Bitcoins at your discretion.
If you want to use the financial services provided by the platform, for example, add money to the account, or use its vault services, you have to complete the following simple steps:
- Go to the original Xapo site, choose the app version which fits you
- Press the “download” button
- When Xapo is downloaded, install it
- Accept the agreement
How Can I Create A Xapo Wallet?
If you want to delve into the “bitcoin network,” you will definitely need a wallet. The wallet, an opportunity to register, which is nicely provided by the company, can be created easily.
All you have to do is follow the rules we prepared, and you will manage it perfectly!
- Go to the main menu, select the “sign up” version
- Enter your email address
- Create a pin-code, which usually consists of 4 numbers. This code you will later use to authorize
- Press the button “Create an account.”
- The next crucial point is the confirmation email address step
- After you verify your email, make a decision about your security level: in the security settings, you can configure two-factor authentication, indicate mobile number, change the password.
When all the actions are performed, when you succeeded in verifying your identity, then the goal is achieved. Now you can move on to bitcoin transfers with Xapo’s app.
Some History Of Xapo
The story of the Xapo foundation starts in 2013, but the story of its founders starts a little bit earlier. Wences Casares, which later with Federico Murrone established Xapo, got interested in bitcoin transfers in 2011 when he obtained his first Bitcoin units. Casares claims that cryptocurrencies like Bitcoin can solve many money-related economic problems. Casares” residence in Argentina made him interested in the higher speeds of the economic growth process.
When Casares acquired his first bitcoin units, he did now know where to store them. That is why he came up with the idea to “build” his personal vault facility. This is where he stored his bitcoin at first, and he was the only one who did this for some time. Later, his friends and a number of financial institutions acquired access to this “vault.” This is how Xapo emerged.
In 2015 Xapo office moved from California to Zug (Switzerland, Europe). After a Lemon company sued Casares for using their code, Xapo company got a Europe-based license in Gibraltar, giving them an official base for financial services and, in some sense, the proof that transaction services Xapo provides are of high quality and can be trusted. Now, when Gibraltar Financial Services Commission (GFSC) gave Xapo official permission to store assets, pay for them, provide a number of bank transfer-related services, customers and investors can trust their team with their assets and do not worry when creating personal accounts. Consider the fact that you came to this page to be a sign: go get an account here and be calm that your assets will not be lost.
The Vault of this company is located in the Swiss Alps with a security team, protecting investors and customers from having their assets damaged somehow. Nobody has access to your assets, and the app user is the only person who can perform any kind of transaction.
The Final Word
We hope that this review on Xapo was useful for every person who is interested in cryptocurrency storage and transfer. This platform was approved by the Gibraltar Financial Services Commission, which means that it is now included in the list of trustable and reliable financial services. Xapo has an attractive interface, simplicity in use, and will definitely be appreciated by those who value safety and security.
Is XAPO wallet safe?
The wallet provided by Xapo is a safe and secure option for those who want to perform any kind of transaction, store assets for future generations, and make payments. Xapo has a European Gibraltar license which protects IOS and Android app users from losing their assets.
Can you buy Bitcoin on XAPO?
Xapo provides its customers with a number of services, and bitcoin purchasing is one of them. Read the review on this platform to make sure that it is worth your attention if you are interested in cryptocurrency.
How to verify the Xapo account?
Xapo requires each user’s identity to be verified and to do so, and you have to perform minimum actions: enter your first and last name, choose the citizenship, add the photo to the account and scan the required document. That is it — as simple as it sounds.
How to send bitcoin from Xapo?
Sending bitcoins on Xapo requires minimum efforts: first, you log in to your account; second, you enter the bitcoin address to which you are planning to send assets; third, you choose the account from which you want to make a transaction, and, finally, you have to confirm the transaction via the app. Remember these four steps — most likely, and you will need them in the future!