Review on Lobstr by Olugbenga Ajayi
Is lobstr really safe?
Lobstr is a HD wallet that supports stellar coin and all 3000 XLM tokens like RMT, WSD, REPO and many more. It was founded by the Ripple, Joe M
The wallet is like a bank account for all coin owner which offers a simple and convenient Platform for transfer of funds in and out of the wallet.
It is useful for individuals and enterprise as it uses multisignature for transaction confirmation.
In terms of fee, deposit and withdrawal are free and no extra taxes. Only that Transaction fee of 0.00001XLM is charged on each transaction to prevent spam transaction.
It is also very secure. The wallet saves all funds in stellar network which is unhackable. It also uses PIN option, server based encryption and two factor authentication.
But despite all the acclaimed security features, many users have tagged lobstr as unsafe because their accounts were hacked despite their use of 2FA.
If you have stellar coin or XLM tokens, choose your wallet wisely.
Pros
- Deposit and withdrawal are free except for the network fee that is charged
- It uses 2 factors authentication and encryption for security
- It offers a very intuitive, well designed web application
- It supports multiple coins
Cons
- It only support cryptocurrencies in Stellar network
- Users must create new address for each transaction
- User are not fully in control of their assets since Private keys are kept on server
