Review on Coin Payments by Stephen Toluwani
A centralized wallet with compulsory KYC to enjoy it's features
The Coin Payments wallet has been in existence since 2013 which counts for it's reliability. What attracted me to this wallet were some selling points which I couldn't get access to because of KYC. I installed the wallet and it took up a small amount of space and as it supports over 2,000 cryptocurrencies, made it look ideal for me to use but as I started the onboarding process, I noticed that email is required which made me quite skeptical. The wallet is a centralized one as I couldn't get access to the Private keys. I then tried to initiate a transaction by sending some Trons to the wallet but on sending back to my Decentralized wallet, I was charged 0.2 TRX which should be meant to be freefree due to free bandwidth. The reviews given by users on Playstore were also not encouraging at all and no response was given there. Even on the app, despite being a centralized wallet, had no live chat option
It's selling point features which first attracted me includes it's Point of Sale service which is easily accessible while other features like coin conversion and gift cards purchase will require KYC. Another one is it's quick conversion to Stablecoin immediately after receiving a transaction but I couldn't see anything in that regards. The wallet being old still kept to it's simple design but to me is a bit boring and needs to be revamped. Being a centralized wallet, I really don't vouch this Crypto wallet for use by people who intend to hold large number of coins.
Pros
- The wallet supports a wide variety of coins and tokens measuring more than 2,000
- Small sized wallet that is compatible with phones with low storage.
- Easy onboarding process which requires minimal users data
Cons
- It's major features which can be pointed out as a selling point requires users to do KYC
- Wallet user interface isn't that intuitive. Although it's not hard to understand but is old fashioned for many modern wallets
- Its a centralized wallet and users are not in control of their private keys
