Review on Xapo USD by Japheth Ayuba
The major reason behind Xapo adoption is it's high security features
Xapo is a household name of many Crypto enthusiast. The xapo business model has been in existence for long and it's services has been extended to Crypto cards. The Xapo USD card is a Visa issued crypto card and so can be used in many places of the world easily. The Xapo card is managed by the Xapo Mobile Wallet that has been noted for it's extreme security features. It's high wallet security is one major feature many users look at before opting for the Xapo card. The security features like proprietary data encryption technology, multi-factor authentication along with a 24/7 fraud analysis and round the clock security team monitoring fund movement. All this security system has been put in place for the safety of the users funds.
Moving from it's security features to the fees, Xapo charge a $20 issuance fee for it's card and a fixed ATM withdrawal fee of $3.5 for every ATM transaction made. There is also a monthly maintenance $1 fee for the card. Recharging the Xapo wallet for spending on the card using a credit card comes with a 2.5-4.25% processing fee. Card dormancy attracts a penalty charge and the currency conversion from Bitcoin to fiat is 3% The charges for the Xapo card is quite moderate in many ways except for the ATM withdrawal fee in which many other crypto cards offer at a lower rate
As the Xapo wallet supports only Bitcoin, the only fund one can spend on the Xapo card is Bitcoin and this limits the card in many areas. Also the use of this card is limited to a few countries as all African nations cannot make use of the Xapo card and this further limits it's adoption
Pros
- Xapo card is a Visa issued card and so can be used in any store that accepts Visa cards
- Xapo is popular in the Crypto industry for it's security features. This is a good edge for many users who are concerned about their fund safety
Cons
- Xapo card is limited to usage in many countries further reducing it's adoption
- There is support for only Bitcoin on the Xapo card. This needs to be expanded to give users other options to choose from
