ESR Wallet Review- Scam or Legit?

/ESR Wallet Review- Scam or Legit?

ESR Wallet Review- Scam or Legit? 2018-05-04T09:38:46+00:00
ESR Wallet Review- Scam or Legit?

ESR Wallet; Instant Currency Exchange Site

Quick inner navigation:

  1. What is ESR Wallet?
  2. What buying and selling options ESR Wallet offers?
  3. What are ESR Wallet Fees?
  4. What are the verification requirements on ESR Wallet?
  5. Is ESR Wallet Safe?
  6. How to use ESR Wallet

Since the inception of the internet, various technologies have been developed especially in the financial sector that has enabled easier, faster and efficient delivery of financial services. These services range from e-commerce, mobile money transfer, internet and mobile banking all of which have revolutionized how we receive and deliver financial services.

The latest advancement in Fintech is blockchain technology or distributed ledger technology (DLG) which has started to gain traction in the financial industry. This technology provides better financial solutions such as enhanced security, fewer costs, and efficiency as compared to the previous expensive and time-consuming financial processes.

What is ESR Wallet?

ESR Wallet is a unique company that offers payment, instant currency exchange and credit services to its users in both fiat currencies and cryptocurrencies.

In addition, ESR Wallet offers a Pre-paid MasterCard and Virtual Card both of which enable users to take charge of their finances. The company is based in Ras Al Khaimah in the United Arab Emirates along with offices in Miami and Moscow. ESR Wallet was founded in 2017 by former co-owner of Paytoo, Sergey Slastikhin. The company launched its ESR Wallet ICO on 23rd September 2017 which ended on 7th October 2017 raising 1,507,910 US Dollars to be used for the ESR Wallet platform development. The company also had the ESR Wallet bounty which lasted until the end of the ICO in October 2017 where 2% of the total tokens sold were allocated to bounty participants. The platform is supported in all countries worldwide with their cards supported in over 120 countries globally.

What are ESR Wallet’s Main features?

ESR Wallet aims to gain traction in the financial industry with its unique features which include:

  • Provision of a mobile application and web platform for instant currency exchange at the best market rates.
  • It’s a multi-currency platform that supports fiat currencies and the most popular cryptocurrencies.
  • The platform provides both personal and business accounts for its users.
  • Allows users to access credit in any of the supported cryptocurrencies.
  • Allows users to open an investment portfolio in the platform which is managed by an experienced blockchain assets trader.
  • Allows users to spend their cryptocurrency both online and offline using either E-wallet or Prepaid card provided which is accepted in places where MasterCard/VISA are accepted.
  • Allows users to host their merchant services on the platform and use ESR Wallet as a trusted party to process transactions between buyer and seller.

What buying and selling options ESR Wallet offers?

ESR wallet enables its users to make payments using either cryptocurrencies or fiat currencies when buying goods and services using the platform. Transfer of currency is also done using either fiat money or supported cryptocurrencies. Currently, there are six major cryptocurrencies supported by ESR Wallet. Supported fiat currencies are US Dollars (USD) and Euro (EUR). ESR Wallet supports deposits using Credit Cards/ Debit Cards. Withdrawal methods include the use of ESR Wallet’s prepaid card to withdraw money via ATM. Buying and selling of cryptocurrencies can also be done physically using the ESR Pre-paid Card or online using the Virtual Card. ESR Wallet’s cash deposit limit is 900 US Dollars and withdrawal limit is 2500 US Dollars daily. ESR Wallet has specified in its terms of use that any payments done using the platform and are unclaimed or denied by the recipient will be reversed to the sender minus a processing fee within the first working day of such denial. Payments sent to unregistered people will also be reversed minus a processing fee if the recipient does not wish to register with ESR Wallet.

What cryptocurrencies are supported on ESR Wallet?

Supports six cryptocurrencies which include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Zcash (ZEC), Litecoin (LTC) and Dash (DASH).

What are ESR Wallet Fees?

  • ESR Wallet charges fees for services such as external currency exchange, Prepaid and Virtual card fees and interest for loans provided.
  • ESR Wallet does not charge registration fees or monthly account maintenance fees.
  • Currency exchange fees are only charged for external transfers only.
  • All transfers and transactions such as sending and receiving money within the E-wallet platform are free for both personal and business accounts.
  • However, ESR Wallet has not clearly outlined fees charged for currency exchange and credit services. Their support staff stated that cards implementation will take place in the next 2-3 months after which they will provide all the details and fees.

Prepaid and Virtual Card Fees

Service Provided Prepaid Plastic Card Virtual Card
Monthly Maintenance fee No fee No fee
Annual Maintenance fee No fee No fee
Transaction fee for transferring currencies from E-wallet to the card 0.99 USD/EUR 0.99 USD/EUR

What are the verification requirements on ESR Wallet?

  • The platform has different verification levels with different authentication actions.
  • The required verification information for the full access to the platform includes name, actual location, valid email address, date of birth, telephone number and user photograph.

The table below represents the different verification levels and the corresponding services that can be accessed at each level.

Transactions/ Actions accessible Level 0/ Registration Level 1/User provides his/her general Information Level 2/ User uploads his/her ID/Passport
Cryptocurrency deposit Not Accessible Accessible Accessible
Internal cryptocurrency transfer Not Accessible Not Accessible Accessible
External cryptocurrency transfer Not Accessible Accessible Accessible
Crypto to Crypto Exchange Not Accessible Not Accessible Accessible
Crypto to fiat exchange Not Accessible Not Accessible Accessible

Does ESR Wallet have any special features?

  • ESR Wallet allows users to pay for goods and services using cryptocurrency. This is done using E-wallet.
  • ESR Wallet issues loans to their users in any of the supported cryptocurrencies.

Is ESR Wallet Safe?

Does the community trust ESR Wallet?

ESRwallet is backed by a team of experts who constantly working to improve the different aspects of the wallet. This is some way has increased user confidence. ESR Wallet is also a licensed issuer of banking services registered in Gibraltar and regulated by the territory’s financial services commission. However, the company is still young having finished its ICO late last year hence they still have a lot to prove in the future to gain even more users.

What security protocols does ESR Wallet employ?

ESR Wallet uses electronic, physical and other security procedures to safeguard user’s data and stored assets against any loss, misuse or illegal alteration by unknown parties. Users require a 6-digit code/ PIN to access their accounts and perform various transactions. ESR Wallet also ensures that access to user information is restricted only to company employees.

How is ESR Wallet’s Customer support?

ESR Wallet users can enjoy an average technical and information support either through email or telephone number provided at the website. Response times are within 24 hours when using email.

What is ESR Wallet’s handling speed?

ESR Wallet transaction speeds are fast with most transactions executing instantly or in a matter of minutes. Credit services do not require background checks or provision of social security numbers hence they are also relatively faster compared to banks.

How to use ESR Wallet

  1. Navigate to the ESR Wallet website and register in the platform by providing a valid email address and password.
  2. To access the full range of services offered, the user has to provide more verification information such as passport/ID and a photo of the user.
  3. After creating an account, the user then deposits either fiat currency or cryptocurrencies using the payment methods supported by the platform.
  4. The deposit will then be received, processed and accurately recorded in the user’s account.
  5. With your currency deposited in your E-wallet account, you can go ahead and spend the money by paying for goods and services using the E-wallet virtual card.
  6. The user can also trade different currencies using the current rates provided by the platform.
  7. To withdraw currency, the user heads to his/her account and clicks the ‘withdraw’ button to reveal the supported withdrawal options.

Review Summary

ESR Wallet is a powerful platform with great potential since it contains features that can be exploited by all kinds of people ranging from beginners to seasoned investors. However, it supports a limited number of cryptocurrencies, which may not be favorable for certain traders. It’s also still under development with services such as the use of cards still yet to be implemented.

Pros

  • Supports both fiat and cryptocurrencies.
  • Offers a full range of banking services.
  • Has a user-friendly interface that is easy to use.

Cons

  • The company is relatively new with some of its products still under development.

I hope this review answered all of your questions regarding ESR wallet. Feel free to visit our site for more reviews and information on cryptocurrency related topics.

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