Coinapult Wallet Full Analysis
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The rise of cryptocurrencies has also led to an increase in exchange attacks. Thus the best place to store your cryptos is in a wallet.
Coinapult is one of the best web-based Bitcoin wallets that is currently available on the market. The wallet also supports Dash and is popular in European countries and the U.S. The wallet is unique in the sense that it has features that support B2B services, making international business transactions much easier. Another cool feature includes sending Bitcoin by email among many.
What is Coinapult?
Coinapult is a web-based Bitcoin wallet that was developed by Erik Voorhees and Ira Miller in 2012. The company which is based in Panama offers Bitcoin wallet services for B2B customers that makes business transactions globally much easier. The company enables users to receive, store, and send Bitcoin using their payment tools. They also offer other services including customizable invoices and merchant services.
Their tools include LOCKS, which protects a user’s wallet balance from price fluctuations. They also have BITCOIN BY EMAIL, a tool that allows users to send Bitcoin using their email.
On 20 May 2015, Coinapult integrated its services with Crypto Capital, which is a licensed financial institution. The combination of the two companies allowed users of Coinapult to purchase, sell, receive, and send bitcoin and fiat currencies seamlessly. The integration also opened the door for Coinapult to offer its service in the U.S.
The integration of the two companies resulted in their feature product, Locks being upgraded to a fully functional buy and sell options. Users have also been given the ability to deposit and withdraw fiat currencies using crypto capital anytime they wish.
Coinapult also partnered with Dash. Thus anyone that opens an account with Coinapult will be given a Dash wallet immediately. This also means that using Crypto Capital, users of Coinapult can buy Dash instantly using fiat currencies.
Coinapult is basically available in countries all over the world. Coinapult Itsome international fiat currencies as they can be used to purchase BTC on their wallet.
Buying and Selling Info
Coinapult allows users to buy Bitcoin and Dash using fiat currencies such as USD, EUR, CNY, CAD, CZK, PLN, AUD, GBP, JPY, HKD, TRY, and many more. They also offer conversion from Bitcoin to Gold and Silver.
Coinapult allows a maximum conversion amount of 10,000 BTC per transaction or per assets. The minimum conversion amounts allowed though differs, depending on the currencies.
|Asset||Minimum conversion amount per transaction|
You must have a Crypto capital Account in order to make a withdrawal from Coinapult. You can withdraw the fiat currencies from your Crypto Capital user’s account while gold and silver balances can only be withdrawn at their respective equivalent values in Bitcoin.
Thus, selling and buying Bitcoin and Dash on Coinapult is done via Crypto Capital. There is also no daily and monthly selling and buying limitations.
At the moment, Coinapult supports Bitcoin and Dash. The wallet started by offering only Bitcoin wallet services before adding Dash to its platform in 2016.
According to their official website, Coinapult doesn’t charge its users for two outgoing transactions per day. However, they have put in place extra outbound transaction fees of 0.0008 BTC. This amount is flat, an is used to cover the high Bitcoin mining fees.
If you carry out more than 100 transactions in a day, then you will have to pay the real mining fees for those extra transactions, i.e. they won’t cover any mining fees for you.
During registration, the only verification required by Coinapult is email verification. After filling your details on their website (email address and password), an email will be sent to you to verify your account. You are free to use the account after verifying it.
To keep your account safe, there is an option to use the Two-Step Verification (2 Step Authentication) on your Coinapult account. Before you can activate the 2FA, you will need to install a Time-based One-Time Password (TOTP) app (e.g. Google Authenticator) on your smartphone. After installing, follow the steps below to set up your 2FA:
- Log in to your Coinapult wallet.
- Check the upper corner of the login page and go to the settings found in the username drop-down
- Proceed to the security settings page and click on the setup 2FA tab.
- A QR code would be displayed at the dialogue page, scan the code using your TOTP app from your phone.
- Once successful, a recovery code will appear on your TOTP app. This code will be requested if you wish to disable the 2FA and lost the smartphone device you registered it with.
- The next step is to enter the authentication code that the TOTP app produces. The code is refreshed every 30 seconds.
- The final step is to click the activation button, and your 2FA will become active.
Coinapult Special Features
One of the features that make the Coinapult wallet a special one is its SMS capabilities, as an SMS-based wallet, Coinapult makes it possible for users all over the globe to send and receive Bitcoin even without smartphones or without mobile data. Thus, if you are stuck in an area where there is no cellular service, sending or receiving Bitcoin wouldn’t be a problem using this wallet.
Even though Coinbase and Blockchain.info use the SMS feature for their wallets, the SMS technology by Coinapult is superior to the others. Using Blockchain.info wallet, you will have to sign up for an account in order to receive funds using SMS. Coinapult, on the other hand, doesn’t require that; all you need to do is use your SMS app to receive the funds sent to you. With Coinapult’s SMS features, users can also carry out other activities such as viewing transactions, invoices and locking their Bitcoin to the numerous assets and currencies available. Bitcoin can also be spent using the text command.
However, the openness of their wallet means that it is extremely vulnerable to hackers. Coinapult is aware that the private keys of their users can be hacked. Thus they advise their customers to desist from storing large amounts of Bitcoin in their wallets. They also advised against storing the coins in a wallet for a long period. According to them, the Coinapult wallet is perfect for those who lack storage options and for those who send and receive Bitcoin regularly.
Increasing security measure is very important, thus the reason why they are currently looking for a safer SIM card and SMS technology that will help boost their wallet security.
Locking in an Exchange Rate
The other unique feature of this wallet is the ability to make use of the Locks tool to lock the exchange rate for store bitcoin. This service which has been running for four years now protects the user balance from Bitcoin price volatility. Thus once an exchange rate is locked in, the Bitcoin balance in a wallet wouldn’t be affected by the price swings, it would remain at the locked rate.
Bitcoin can be locked with currencies such as Euros, US Dollars, British Pounds, Gold, Silver and other assets available on the Coinapult exchange. Using the lock feature means that a user cannot use the SMS feature since the Bitcoin would be locked at a particular exchange rate.
Is Coinapult safe?
Coinapult is a very reputable Bitcoin wallet that has become popular in the U.S, Canada, and Europe. Their integration with Crypto Capital and Dash (two reputable companies) did the status of Coinapult a lot of favors. Their SMS and lock features are one of the best and are utilized by thousands of users across the globe.
The locked funds on Coinapult are stored with Crypto Capital. Crypto Capital on behalf of Coinapult has created a robust security system and stores users funds in offline cold storage. The company didn’t disclose further information on how the process of storing the funds are being done.
Back on March 17, 2015, Coinapult announced that they were investigating a hack on its wallet and told its customers not to send Bitcoin to any Coinapult address. The hack ultimately led to the loss of 15 Bitcoins, amounting to $42,000 at the time. Ever since the hack, Coinapult has paid more attention to security so that it can better protect its customer’s funds. Their website now uses advanced SSL security features, giving users 2FA features and making it compulsory for all wallets to have multiple signatures.
Coinapult can be contacted via an email or through the phone number made available on their official website. They also have an extensive FAQ section that addresses all sections of the wallet. To resolve an issue with their support, you can open a new support ticket and inform them of your problem. It takes some time for them to get back to you. However, you can check the ticket status on the support page.
Coinapult has an excellent transaction handling speed. For withdrawals and deposit below $10,000, the process is fully automated. Thus it happens instantly. Transactions above the $10,000 threshold, on the other hand, will require manual approval. The transactions would be quickly processed if they are made during the business hours in Panama, 08:00 – 18:00, Monday through Friday. Outside of these hours, the manual approval doesn’t go through as fast.
How to Use Coinapult
Using Coinapult wallet is very easy;
- To create a wallet: you can create a wallet using their sign up page. You will be required to enter your email address and a password. An email verification will be sent to you, and after verifying your email, you can start using the account.
- To deposit funds: you will need to link your Coinapult account to a Crypto Capital account. After creating your Crypto Capital account, go to the settings page on Coinapult and proceed to the bank settings sections. Add your crypto capital account details to your Coinapult account and link the two. After linking the two accounts, proceed to the funding page on your Coinapult account to either deposit or withdraw.
- To receive Bitcoin on your wallet: go to the ‘receive page’, a Bitcoin address would be generated which you will send to the sender. The sender will input your wallet address in his or her wallet or exchange and transfer the funds to you. To view incoming funds, visit the transactions page in your account.
- To send Bitcoin from your Coinapult account: click on the wallet icon on the right-hand side of the menu. Select the send button, proceed to insert the email address or Bitcoin address in the provided field. Afterward, enter the amount you wish to send. If 2FA is enabled on your account, enter the 2FA code and initiate the transaction.
- To lock your coins: log in to your Coinapult account and search for the “My Locks” icon. An option to lock a certain amount of your wallet funds will appear, select it. Insert the amount you wish to lock, and the funds will be locked.
- To send Bitcoin via SMS: add your phone number to the address list under your Coinapult account. After adding your phone number to your Coinapult account, type ‘send +77733347264 2.998(This is the BTC amount)’. Coinapult will reply with send +77733347264 2.998? Respond ‘yes 1q2hj4’ to confirm. Type yes 1q2hj4 to confirm the transaction. Once the funds have been sent, Coinapult will reply with Funds sent. Balance: 1.64btc (your remaining balance).
In a Nutshell
The Coinapult wallet is perfect for those who send and receive Bitcoin regularly or for those who don’t have access to smartphones or mobile networks. Beginners can use this wallet due to its ease of use. However, as advised by the company, it is not ideal to store a large number of coins on the Coinapult wallet, and the coins shouldn’t be stored for long.
Funds being deposited or withdrawn using crypto capital is still a big concern. Users have recently complained that crypto capital has refused to send funds to their bank accounts even after they received emails confirming the successful withdrawal of their funds. They have gone days and weeks without seeing their funds reflected in their bank accounts which apparently have been cleared from their crypto capital accounts.
If you are to use the Coinapult wallet; ensure that you are adequately protected by enabling the 2FA security measure, otherwise, it is a very risky wallet to carry out transactions.
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