Cryptonator.com

For any cryptocurrency user, choosing a digital wallet is one of the most crucial rites of passage. Cryptonator wallet is one of the many options available that could be fighting for your attention. It has been around longer than most and boasts a significant user base. But what is Cryptonator wallet and is it right for you? In our Cryptonator wallet review, we take a look at the good, the bad and the ugly, so buckle up and find out all you need to know about it.

Is Cryptonator Wallet Recommended?

❌After a thorough review of the Cryptonator wallet, we would not recommend it as the best option for storing and transferring cryptocurrencies.The eToro wallet is more advantageous as it is regulated and offers more affordable services and better safety features if you like to learn more then check out our eToro review.

If you still have doubts as to what the best service for storing your cryptos is, you can compare the best Bitcoin wallets here.

What is Cryptonator Wallet?

Cryptonator wallet is an all-in-one service that combines digital wallet functionality and cryptocurrency exchange services. Founded by Andy and Brian Chen, Cryptonator wallet has been in existence since 2014. Its country of origin is Hong Kong and Brian Chen is the current CEO. The wallet is not regulated, much like a significant number of other players in the cryptocurrency space.

On its official site, it claims to have at least 1 million active accounts and has allegedly processed over 80 million transactions to date.

It offers services in five languages which include English, French, Spanish, German and Russian. With regards to Cryptonator wallet compatibility, it can be used on any of the following platforms:

Chrome
Firefox
Android
Windows
iOS
OSX

What wallet type is Cryptonator?

Web-based
Multi-currency
Hot wallet
Cryptocurrency exchange

What cryptocurrencies does Cryptonator support?

Bitcoin (BTC)
Ethereum (ETH)
Ethereum Classic (ETC)
Ripple (XRP)
Bitcoin Cash (BCH)

Litecoin (LTC)
Dash (DASH)
Monero (XMR)
ZCash (ZEC)

Dogecoin (DOGE)
PrimeCoin (XPM)
Reddcoin (RDD)
PeerCoin (PPC)

ByteCoin (BCN)
BlackCoin (BLK)
Emercoin (EMC)
DashCoin (DSH)

It also offers support for a number of fiat currencies including:

United Stated Dollar (USD)
Euro (EUR)
Russian Ruble (RUB)
Ukranian Hryvnia (UAH)

Even though it is possible to deposit funds into the wallet via bank wire transfer, it does not offer support for credit card payments.

What fees does Cryptonator have?

The following are the Cryptonator wallet fees for the various cryptocurrencies that the wallet supports:

Cryptocurrency	Sending Fees
Bitcoin	0.00010000 BTC
Bcash	0.00010000 BCH
Bytecoin	0.10000000 BCN
Dogecoin	1.00000000 DOGE
Dash	0.00100000 DASH
Emercoin	0.01000000 EMC
Ethereum	0.00100000 ETH
Ethereum Classic	0.00100000 ETC
Litecoin	0.00100000 LTC
Monero	0.00100000 XMR
Peercoin	0.01000000 PPC
Ripple	0.10000000 XRP
Zcash	0.00010000 ZEC

Transfer Method	Fees
SEPA Euro	1%
Payeer	4.9%
Advcash	4.9%

How do I open my Cryptonator account?

Here is a step-by-step tutorial on how to open a wallet on Cryptonator:

Step 1: Go to the official Cryptonator wallet website at https://www.cryptonator.com/ and click Sign Up. This will redirect you to a new page with the title “Open New Account”

Step 2: At this point, you will get two options, Personal and Merchant Account. Select the one that applies and then type in your email address.

Step 3: Create a password for your account. Ensure that it is a strong combination of lower and uppercase letters, numbers, symbols and characters.

Step 4: After filling in all the required details, click on the “Create an Account” tab

Step 5: Go to your email and click on the verification link to log in.

Step 6: Click on the setup guide and ensure that all the coins are turned on since this is a multi-currency wallet. You could choose to turn on only the ones you plan to use. In the future, you can always turn them on and off as and when need arises.

Step 7: Create a new address for every coin that you switchon. At any given point, you can have as many as 10 addresses for every wallet under your Bitcoin account.

Step 8: Activate two-step verification. There are three options on this step, Google Authenticator, Telegram Messenger and text message. However, the most highly recommended option is Google Authenticator.

To use this option, download Google Authenticator and install it on your device. Use the app to scan the QR code on the site and your phone will generate a code. Type in the code and click “Send.”

Once you activate two-step verification, the system will create a new secret key for your account. This secret key is meant to ensure Cryptonator safety in case you lose your device or damage it. In case of any such scenario, you can use this key to restore your account. You are thus required to create a backup, making a copy of it and storing it safely.

Step 9: After creating a backup of your private key Cryptonator wallet, click on “I backed up my secret key, close the window.”

This is how you can open Cryptonator wallet. Your Cryptonator account is now ready for use.

Visit Cryptonator

How do I transfer coins to Cryptonator?

Once you have created an account, you need to add cryptocurrencies to the wallet in order to start the transaction. The easiest method to do this is by transferring funds from another cryptocurrency wallet to this one. Here is how to add currency to Cryptonator wallet from another wallet:

Step 1: Click on the account name in order to display your wallet address. Alternatively, you can click on the “Actions” button adjacent to the account name and then select “Show my addresses.”

Step 2: Send cryptocurrency from another wallet to this address and it will reflect in your Cryptonator account. We will discuss how to receive payments on Cryptonator wallet in detail below.

Though this is the easiest method of adding funds to your Cryptonator wallet, you could also use a bank transfer. As we mentioned at the onset, the wallet supports four fiat currencies. As such, you can directly exchange your fiat money for a wide range of cryptocurrencies on the wallet. You can transfer money directly from your bank account to the wallet using wire transfer, which includes SEPA.

How do I send and receive cryptocurrency on Cryptonator?

How to send coins on Cryptonator

Now that we have successfully created an account and added cryptocurrencies, the next logical step is learning how to send payments on Cryptonator wallet. Here is what you need to do:

Step 1: Click on the “Send” button on the top left side of the screen and a drop-down menu will appear.

Step 2: Select the coin you want to send. For illustration purposes, let us send Bitcoin.

Step 3: Copy the Bitcoin address to which you want to send the payment and paste it in the “To the Bitcoin address” section.

Step 4: Select the type and amount of coins that you want to send. The wallet will automatically populate the “Transaction Fee” box and the “Amount Gross.”

Step 5: Verify that all the details are correct and then click on the “Preview Payment” box.

Step 6: A confirmation will pop up, giving you another opportunity to double check the details. After you have confirmed everything is correct, click “Send.”

How to receive coins on Cryptonator

The next step you need to figure out is how to receive payments on Cryptonator wallet. This is a pretty straightforward process. Here is what it entails:

Step 1: Click on “Balance” which is the first button on the top left side.

Step 2: Select the coin that you want to receive. For illustration purposes, we will use bitcoin. Next to every cryptocurrency, including bitcoin, there is a downward-facing arrow. Click on that button.

Step 3: Click “Show my Bitcoin wallet address” to view your Cryptonator wallet address.

Step 4: When the address shows up, copy it.

Step 5: Paste your Cryptonator wallet address on the relevant medium and send it to the payer so that he can transfer bitcoins to your wallet.

How safe is Cryptonator?

One of the greatest concerns associated with cryptocurrency wallets is safety and Cryptonator is no exception. The team behind the wallet has, however, taken significant measures to enhance Cryptonator safety. Let us take a look at some of them:

Here are the security features that the wallet offers users

Control of Private Keys

Unlike some other cryptocurrency wallets, this one allows you full control of your private keys. In many cases, when crypto platforms suffer security breaches, hackers access coins that were left in hot wallets. These coins are more vulnerable to theft but are in the control of the platform, not the owner, since the owner does not have the private keys.

But on Cryptonator, you get access to and control over your private keys right from the onset. This places the power back in the users’ hands and allows account holders to take measures to keep funds safe.

Two-Factor Authentication (2FA)

Cryptonator wallet uses two-factor authentication to secure users’ funds. In the case of Google Authenticator app, it basically involves the generation of a 6-digit code. The code changes from one minute to the next and is unique to the individual user. It is, in effect, a third credential in addition to your account identifier and password.

What makes this a worthwhile feature is that even if your password gets compromised, a malicious attacker will also need the 2FA code in order to access the account. Furthermore, it changes with every attempt to log in and is sent to a separate device, for instance a mobile phone.

In spite of having the above security measures in place, Cryptonator falls short in the sense that it does not have multi-signature security or Hierarchical Deterministic (HD) features.

Even with these measures in place, it is up to the individual wallet user to conduct due diligence to ascertain account safety. It is important to ensure that you log in to the right website, without any typos or spelling mistakes. You also need to ensure that your phone number is not in any way linked to the wallet address or Google account.

Overall, it is a good wallet with reasonable safety measures in place to protect customer assets. However, the fact that it is unregulated places it at a disadvantage in terms of safety, giving eToro an edge over it. eToro is fully regulated (CySEC and FCA) and therefore safer for customers.

Here are the safety features that the wallet does NOT provide

Unlike eToro, Cryptonator is not a regulated platform, therefore security risks still persist

Cryptonator Pros and Cons

Pros:

For cryptocurrency users who value anonymity, the wallet offers convenience during the registration process. It only requires an email address and users do not have to undertake identity verification.
As an all-in-one wallet, Cryptonator can hold cryptocurrencies and also support exchange services. It actually offers the option of making immediate automated exchanges without necessitating the use of buy and sell orders.
Supports multiple fiat currencies.
As a hot wallet, it is easily accessible since all it requires is an internet connection.

Cons:

Cryptonator exchange fees are relatively high
Users cannot import their existing wallets to Cryptonator
The wallet is unregulated and therefore poses risks to users
It supports a limited range of cryptocurrencies
Cryptonator does not offer leveraged trading
Being a hot wallet, it is prone to phishing and hacking attacks by malicious actors
As a software wallet, it is not as secure as hardware counterparts

Cryptonator vs. other wallets – how does it compare?

In order to fully explore whether this is the best wallet, we will undertake a comparison of its top features against those of three other popular crypto wallets.

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