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Valencia, Venezuela
10 level
965 reviews
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Review on CoinPayments Wallet by José A Rodríguez

CoinPayment: Lack of Security and User's Protection

Certain releases for storing cryptocurrencies and utility tokens does not offer the necessary support. There has been an investment drain by part of investors who think they are good, but then, they find big loses. Such is the case of CoinPayment.

I recommend not to use this wallet because, although it offers a wide variety of cryptocurrencies to work with, many of them are tokens from unknown or high-quality companies. In fact, some of those tokens have been considered as a total scam. On the other hand, even if users want to give it a try, they should not that this wallet offers the lowest volume for trading. Even for storing tokens like Bitcoin, Litecoin or Ethereum, the fees are expensive while the percentage for trading decreases.

This company although it is a legit release, is a bad investment. All its features are undefined, and the company or the team behind it is not particularly worried about the professional image they give to customers and new traders. First of all, they only ensure the wallet is ideal to easily accept crypto payments, but they do not talk about security, privacy, and overall protection. The rating it had among different products, place it as one of the lowest cryptocurrency wallets. I am always looking for wallets that are good enough for their security system, but this one does not present. Users are Ina high risk when using it even for small transactions. Secondly, there has been a considerable posting reduction for months. This could be part of the lack of support it receives.

The wallet is linked to some not well-known digital companies that offer financial support. Some of them are Open art and Shopify, and the customer does not know about them or what they really offer. As I expressed in the beginning this company is more interested in promoting investments and crypto exchange, instead of offering a solid security framework.

In conclusion, even if the company change or improve their partnership, and establish a better safety program with high opportunities it will be a big loss. During the years it has in the market it has presented a great customers desertion. It is not the best option to store the most commercial tokens, and a low opportunity to know the little known ones.

Pros & cons

  • It has a great limit of cryptocurrencies available. It is almost reaching the 2K of tokens accepted.
  • Low security and outdated safety program. It does not offer the appropriate shield for storing cryptos.
  • Using the wallets is done for free, but the commissions are expensive as well as the percentage added for certain transactions.
  • It is listed and supported by unknown companies. It brings support to certain cryptocurrencies that have been considered fraud or are part of a scam.
  • The rating in the app store is low. Users have presented complaints because of pending transactions, unconfirmed movements and low security. The company does not provide the necessary support.