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Copay Wallet Complete Review & Guide 2018
There was a time when finding a good bitcoin wallet was hard. The industry was still new and there were not many wallet developers. If you didn’t store your coins on an exchange, you held them in a web wallet like BitPay or on a paper wallet.
In 2018, there are hundreds of cryptocurrency wallets. Some can be accessed on mobile devices. Others are physical devices that could store crypto for ages while some are the same paper wallets that dominated the industry in 2012.
Selecting a good crypto wallet is 2018 is still important but it’s easier because investors have more options. If you know what you are looking for in a good wallet, you can find one. Long-term investors, for example, look for ultimate security and they will usually invest in hard wallets.
Day traders look for ease of use and convenience to access exchanges. Most day traders usually have a mobile wallet app and a desktop or hardware wallet for backup. If you would like to try a mobile or desktop wallet, read this Copay wallet review.
What is Copay?
Copay is a cryptocurrency wallet for Bitcoin and Bitcoin Cash. It was founded by BitPay, the bitcoin Gateway Company founded in 2011. Copay is available for the web, mobile devices and as a desktop program for Windows, MAC, and Linux.
The wallet was launched in mid-2015 as a light Bitcoin wallet. By light, the wallet uses special techniques to communicate with the blockchain without downloading it. Light wallets use third-party servers to get information from blockchains. The wallet was launched to supplement BitPay services as the company mainly provided payments alone.
Copay Wallet Features
Cross Platforms and Accounts
BitPay hired a dedicated team to build a wallet that could be used on the web, as a desktop wallet, and on mobile devices. Copay is also available on Linux. The wallet’s users can use one account to access their funds from any Copay wallet or create multiple accounts for convenience.
You can also create a personal and business account on the same wallet. And since Copay and BitPay are owned by the same country, it’s easy to integrate your accounts on both platforms.
HD Wallet with Multi-Sig Support
Like many of the top-rated wallets today, Copay is a Hierarchical deterministic wallet that can be recovered using a number of random words. The backup phrase is provided by the wallet and can help you recover your funds when you install a new wallet.
For added security, the wallet has multi-signature support. This works like a bank joint account. You give a password to a trusted friend or family member. When you need to withdraw funds, your friends have to authorize the transaction by entering a password. Multi-signature support is done for security purposes as it makes it hard for hackers to access all the passwords needed to withdraw funds.
Copay prefers to work with developers by keeping their code open source. This allows for independent testing, inspections, reviews and suggestions on how to improve the network. Copay also keeps the code about their servers open source for transparency reasons.
Storing on Copay
There are no limitations to how much money you can secure in Copay wallets. As long as you are storing Bitcoin or Bitcoin Cash, you are only limited by your financial decisions. However, Copay and BitPay are not the most secure wallets. BitPay’s CEO was phished in 2015 and 5000BTC were stolen from the company’s hot wallets.
In early 2018, some users reported that their funds got lost but the company quickly fixed the problem. You can store funds using multiple or accounts and multi-signatures for added security and Copay will never ask for verification.
Copay Available Cryptocurrencies
- Bitcoin Cash
Copay allows you to adjust transaction fees if you find their default fees high. The default fees are meant to ensure your payments are completed fast based on the network’s average fees. You can adjust the fees to as low as possible but this also comes with the risk of experiencing long delays. Copay does not keep any amount of the transaction fees.
There is no verification required to use Copay. Not an ID, not a utility bill or any of the requirements needed to join crypto exchanges is asked for you to use Copay. After you download the wallet, you’re taken directly to the setup process.
Copay offers the advantage of the multi-signature support that helps with security. While it’s easy to get hacked when you use just one password, Copay allows you to authorize transactions with friends for better security.
Copay is also integrated with BitPay for easy payments on restaurants and merchants that accept bitcoin payments.
Is Copay Safe?
There was a heated argument in January 2018 on Reddit after rumors emerged that Copay had stolen users’ funds. The rumors spread fast and Copay’s reputation was tainted a little bit. After further investigation, it emerged that the issue was that traders set extremely low transaction fees at a time when Bitcoin’s average transaction fees were high. The transactions didn’t go through but Copay helped the traders afterward.
Copay is a reputable bitcoin wallet. Having launched in 2015 and owned by a more reputable bitcoin startup, Copay cryptocurrency wallet has earned the support of users. There may have been several issues reported about the wallet’s safety but a majority of its users are satisfied customers.
The wallet’s popularity is also a sign of the company’s community trust. On Google Play store, Copay’s wallet app has been downloaded more than 100,000 times. It has an average rating of 4.5/5 from 2,200 reviewers, which further boosts its credibility.
Copay is also available on iTunes, Windows mobile app stores. In addition to that, Copay is a highly reviewed wallet on websites and forums.
Copay’s users mainly download the wallet for its security features. While desktop and mobile wallets are not very secure due to hacking, Copay makes it hard to get hacked. Every user has a password and the choice to use multi-signatures to access their account.
The wallet’s code is publicly available on GitHub as well. Since it’s possible for a wallet owner to make withdrawals from users’ accounts, Copay keeps their code open source as a reassurance to users. It also helps developers monitor the company’s code and suggest improvements should a bug be identified.
Compared to its competitors, Copay offers satisfactory customer services. On review websites and play stores, the company’s support team replies to users’ complaints and suggestions. They also have active communication channels via email. Copay’s efficient customer support team has also been displayed in the past by quickly helping customers with their issues.
Ease of Use
Copay has a professional, neatly designed user interface that both beginners and experienced traders find easy to use. The wallet takes five minutes to setup and you can add or receive funds within ten minutes.
While it looks neat, Copay is simplistic and secure. There are only two wallets supported which further makes it easy to manage your account. However, follow the guide below to set up and use the wallet with no hitches.
How to use Copay?
Step 1: Select and Install a Copay Client
Copay is available on the web, on mobile devices, and on desktop computers. The desktop client is available on GitHub while the apps are available on Google, iTunes and on Windows store. Choose a Copay wallet type and install it.
Step 2: Setup the Wallet
Initiate the wallet and Copy will provide a 12-word backup phrase. Note down the words. The wallet will want to ensure you’ve written them by asking you to confirm two of the words. After that, create an account for your wallet and a password.
Step 3: Add Funds
Select either bitcoin or Bitcoin cash and generate a unique address that will help you fund your Copay account. Copy the address and head on to your favorite exchange to withdraw some bitcoin. Complete the withdrawal on the exchange and expect to receive bitcoins within 30 minutes.
Step 4: Secure your Account with Multi-sig
For better security, initiate multi-signature support. Copay will generate one or more unique addresses that must be used when you want to withdraw funds from your Copay account. Multi-signature accounts are important if you have a lot of BTC in your account.
Step 5: Integrate BitPay
Copay was designed to supplement BitPay Payment Gateway. If you like to spend your BTC buying real products on stores that accept crypto, you can integrate BitPay in a single step process. If you have other BTC wallets, you can also import the addresses into Copay for easier wallet management and integration with BitPay.
Step 6: Create an Account for a Friend
If you trade bitcoins or Bitcoin Cash with a friend, you can use a single Copay wallet with two accounts. This can help with the management of the funds as both of you have access to the bitcoins. You can also use multi-signature support for withdrawing funds to ensure your funds are managed in an efficient and transparent way.
Copay is a Bitcoin and Bitcoin cash mobile and desktop wallet available across multiple platforms. It’s one of the oldest bitcoin mobile wallet apps and one of few wallets that support Windows phones.
While it only supports Bitcoin and Bitcoin Cash, Copay is designed to offer a seamless experience while keeping your funds as secure as possible. To protect funds against hackers, Copay provides rare to find features like multi-signature support. Copay is also a transparent company with open and active communication channels at all times.
- Simple and easy to use.
- Multi-signature and backup phrase supported.
- Great reputation.
- Available across all platforms with a single account.
- Tends to lag after new updates.
Who is Copay best for? Copay is suited for all types of traders. Irrespective of whether you just started trading or you are an expert, you will like the wallet. It’s easy to use and offers security features to protect your funds. However, Copay is still not the most secure wallet. High-roller traders with high amounts of crypto should use hard wallets and only secure small amounts on Copay.
Thank you for reading our Copay review. Enjoy more crypto reviews, guides and bitcoin investment tips on our website.