Bonpay Wallet wallet review

Bonpay Wallet
Bonpay Wallet
Intuitive Ease of use,  Low Privacy,  Wallet platform Private Keys Stored

Bonpay Wallet issues Bonpay Cards allowing you to spend Cryptocurrencies on the go. They seek to provide users with convenient solutions by merging digital and traditional finance. Many of the claims on their website do not seem to be substantiated. Security seems to be based on your faith in the wallet platform.

Paired with Bonpay Debit Card, the wallet allows worldwide transfers, purchases and cash withdrawals 24/7. Bonpay Wallet is currently running on Alpha version and only supports BTC, while the card is issued in EUR or USD. Bonpay is planning to offer a multi-currency wallet for web, iOS and Android in the near future, and also to issue a Credit Card that will support +125 traditional currencies.

Company / organization behind the wallets

Bonpay is a London-based Blockchain company endeavoring to make the withdrawal of Cryptocurrencies widespread and available for masses. The team - Alex Blazhevych (CEO), Oleg Boykov (CTO), Valentin Kaduchenko (CPO) and Julya Bashtannik (CFO) - provided a promising WhitePapper and announced that for full implementation they will need to raise funds via their ICO, the BON Token. The sale started on Octomber 31 2017 and will last for 28 days.

Crypto Currencies Support

Language Support

  • English

Supported Systems

  • Online Only

Bonpay wallet is focused on usability not security. Although they do offer 2 factor authentication and they are planning to add multi-signature technology. Most significant however is that this is a hot server side storage which leaves they user with no control over their funds. However, this the compromise for flexibility of a Bitcoin debit card.

Summary:

Security
Low
2 Factor Authentication
Yes
Multi-Signature
No
Private Keys Stored On
Wallet platform
Storage Type
Hot storage
Transactions Validation
Centralized validation
Hierarchical Deterministic
Yes

What happens in the event of a disaster/theft/loss?

All funds in the wallet are lost.

Bonpay Wallet and Debit Card duo is best suited for those that are moving money often as it offers an easy system for making payments and withdrawing funds. Issued cards can be either plastic or virtual. Wallet setup is simple and the design is intuitive allowing users to carry out transactions with little to no difficulties.

Summary:

Bonpay Wallet is simple to use and a suitable option for users who are looking for a seamless transition from Crypto and real world. The company is planning to add exciting functionalities and strengthen security for their wallet, but at the moment they only support BTC and the only security feature worth mentioning is the 2 Factor Authentication.

Ease of use
Intuitive
Suitable For
Millennials
Account activation process
Simple
Transaction fees
Dynamic Transaction fees
Setup fee
$0.00

Functionality:

  • Issue a debit card

Paired with Bonpay Debit Card, the wallet allows worldwide transfers, purchases and cash withdrawals 24/7. Bonpay Wallet is currently running on Alpha version and only supports BTC, while the card is issued in EUR or USD. Bonpay is planning to offer a multi-currency wallet for web, iOS and Android in the near future, and also to issue a Credit Card that will support +125 traditional currencies.

The wallet platform has built the exchange function in their own software and manages it locally.

Help and
support:

  • FAQ section
  • Contact form
  • Email
  • Live chat

Personal information for activation account:

  • Name
  • Email Address
  • Phone Number
  • Passport/ID
  • Proof of address

Most common
customer complaint:

Bonpay cards are only available in the EU.