The use and adoption of cryptocurrencies is something that increases day by day and will continue to do so over the next few years, that is why knowing what they are and how the different types of wallets work is essential for a correct control of our assets. In this review we are going to talk about Xapo, a bitcoin wallet very popular among the crypto community.
Xapo – Bitcoin Wallet
Created by Argentinian Wences Casares, launched in 2014 and based in Hong Kong, XAPO is a free bitcoin wallet, whose initial mission was to address two of the biggest problems following the success and adoption of Bitcoin: accessibility and security.
This wallet has stored the funds of more than 1.5 million customers worldwide, and the company works to develop new partnerships, products and services to improve and expand Xapo around the world.
The platform has raised more than 40 million dollars from investors such as: Fortress Investment Group, Pantera Capital, Index Ventures or AME Cloud Venture among others.
Before choosing any online cryptocurrency wallet, analyzing the security offered is one of the most important points.
Often there are cases where users lose large amounts of money because the used wallet failed to guarantee complete security.
As we have said, one of the main points of this bitcoin wallet is the security of the funds, which is why the Xapo Vault has exceptional security measures, measures among which we can highlight:
- Access by biometric scanner
- Ultra safe last generation vault
- Monitoring by satellite 24/7
- Armed guards
- Military bunker out of service
- Insured by Meridian Insurance
After seeing these security measures, it is not surprising that media such as The Wall Street Journal call it “The Fort Knox of Bitcoin”.
- Transactions between Xapo accounts without commission
- Advanced security
- Xapo virtual card
- Control of third party funds
- High commissions in some services
Create an account in Xapo’s App
Step 1 – To create an account in Xapo the first step is to access the address https://signup.xapo.com/, at this point a phone number will be requested, to which it will be sent the download link of the App (and it will work as verification of the telephone number).
Step 2 – Once we have the downloaded application you can access it through a Facebook account, through a Google account or make a registration with an email. (in this tutorial we will do the registration with email).
Step 3 – Once you have entered and verified the email, you will be asked to enter your personal information and a PIN code.
Step 4 – Sometimes a user verification photo will be requested.
Step 5 – Once these steps are followed, the account will be created and ready to be used.
When creating an account with the App and having the email and PIN code registered, in addition to being able to access from the mobile, it is possible to make use of the services of the platform through the Xapo website https://account.xapo.com/.
Xapo offers its customers a virtual card with which they can make online purchases in businesses around the world, to use this card you just have to load it with funds from your Xapo wallet. The necessary data to make purchases appear in the “Cards” tab of the application.
This virtual card is completely free, has no annual fees, is valid for 3 years and is limited to one per person.
Buy of Bitcoins
From the platform, Bitcoins can be acquired through different methods, such as SEPA transfers, local bank transfers, national and international electronic transfers, credit cards or payment processors.
The acquisition of bitcoin through Xapo is subject to the restrictions and availability of the different countries, if you want to know the restrictions to which you are subject you can consult it in the following link:
After analyzing the platform, we see that the best weapon of Xapo is its great security, which is an essential point when choosing to use their products.
After 5 years making its own place in the industry, the company does not stop working to grow and improve, in order to offer its customers the best services.
In terms of usability, the platform is simple and intuitive and accessible for both new users and experienced users.
The commissions at the time of using any of the services offered by the platform are a bit high, for example acquire BTC in Xapo with Visa/Mastercard has a Fee of 4.25%, or purchases made with the virtual card with merchants outside from the US are subject to a 3% transaction fee.
The general evaluation of the platform is very good, because although the fees in some services are high, they are additional services to the platform that do not influence the most common use of the platform, which in most cases is the storage of Bitcoin [BTC] in their wallets and this task perfectly fulfills.