Cryptonator Wallet
Cryptonator Wallet is a secure, multi-coin, web-based wallet that easily responds to all of your crypto needs. Cryptonator allows you to direct crypto transactions and instantly exchange between different currencies. Their wallet offers 24/7 accessibility on your laptop, desktop, or even your mobile devices. Thanks to its plethora of available features, Cryptonator is easily capable of acting as your right-hand for direct crypto transactions.
Cryptonator Wallet Features
Cryptonator is a hot wallet capable of storing both crypto and fiat currencies. As a hot wallet, it's connected to the internet at all times, which is what allows you to conduct your transactions on its integrated exchange should you want to.
This provides it its own set of pros and cons as compared to other wallet types. Learn more about its main features here:
Multi-currency Account
Cryptonator Wallet allows you to manage different types of cryptocurrencies like Bitcoin, Litecoin, Dash, Zcash, and other digital currencies in just one account.
Instant Currency Exchange
There’s no need to register a dedicated exchange in order to trade there. You can use Cryptonator Wallet’s integrated exchange. It offers a quick process as well, requiring only a few seconds without any additional fees.
Security
Cryptonator takes pride in their good security practices, offering a diverse set of tools to help their users secure their accounts. They claim to offer bank-grade security and next generation account protection via encrypted SSL connection over HTTPS.
SSL (HTTPS) connection is often used as a security parameter, which helps confirm whether a website is safe enough to be used. Messages are usually encrypted via Transport Layer Security (TLS) protocol or the newly updated SSL protocol.
Aside from that, Cryptonator also offers Two-Factor Authentication (2FA) as an added measure. Using this, you can set up your SMS, email, biometrics like fingerprints, or ID information as additional items to enter when you log in and start a transaction.
Drawbacks of using Cryptonator Wallet?
By its nature as a hot wallet, it’s a bit more susceptible to cyber attacks, at least when compared to a cold wallet option. Fortunately, the wallet’s security options can help keep these attempts at bay. It is an important factor to keep in mind when choosing Cryptonator.
Lack of multi-signature
The lack of multisignature support does mean that there’s only one person responsible for managing transactions while not requiring any additional confirmation in order to do so.
No HD
Unfortunately, Cryptonator Wallet is not Hierarchical Deterministic, which means users need to generate their own rather than having it done automatically by the wallet.
Not Open Source
Not being an open source wallet comes with its pros and cons. On the one hand, it could give privacy enthusiasts some pause, as it means it’s not possible to check the code for any vulnerabilities. On the other hand, it’s a good way to keep their code safe from competitors or other malicious actors. Choosing a non-open source wallet is a matter of user preference at the end of the day.
FAQ
Cryptonator offers a quick sign up process for their wallet. You only need an email address and a password in order to sign up on the homepage of their website. Wait for Cryptonator’s email message, and confirm your account.
You can designate a label for your complex wallet address to help with the ease of use. Once the initial address is generated, you can ask for a specific label for your alpha-numeric string when you choose the “Create Address” dialogue box.
The lack of an HD feature can be a disadvantage for securing and making a backup for your wallet, limiting your recovery options using any kind of file passphrase. This means your only option is to go to the official Cryptonator.
To backup your crypto, you can start with the initial install and deposit, creating a strong password and save that password, making sure to keep that secure.
In order to restore your wallet, you start by installing the app and restoring the wallet from the seed. You can then import your private keys or by using your wallet files after installation.
