Circle wallet review

Circle
Very basic Ease of use,  Average Privacy,  Wallet platform Private Keys Stored

Circle is a web wallet with a free mobile app that lets users pay each other with fiat currencies easier, instantly and cheaply through SMS (Imessage only) or chat. The app is available on Android and iOS and no longer provides and provides Bitcoin exchange services.

Users can utilize Circle for group payments and fast, free cash transfers to US and international accounts. The money is sent through a text or email and users can also add money and cash out with no fees. The exchange rate is the mid-market rate found on Google, Yahoo Finance etc.

Company / organization behind the wallets

Circle Pay is a product offered by Circle company, a peer-to-peer technology firm founded in 2013 by Jeremy Allaire and Sean Neville. The headquarter is in Boston, Massachusetts and other offices are in San Francisco, Dublin and London. From 2013 to 2016 Circle has raised over 135 million $ in venture capital from several backers including 50 million $ from Goldman Sachs.

Crypto Currencies Support

Traditional Currency Support

  • British Pound Sterling (GBP)
  • Euro (EUR)
  • US Dollar (USD)

Language Support

  • Chinese
  • English
  • French
  • German
  • Italian
  • Japanese
  • Portuguese
  • Spanish

Supported Systems

  • Android
  • iOS

Partners and integrated software

  • Coinbase
  • Korbit
  • Coin.ph

Circle requires 2FA for users sign in through touchID, and PIN lock. It is regulated as a bank with the US Treasury Department, being audited often and also has third-party security firms perform regular cyber security audits. Circle USD accounts are FDIC insured and the claim to have 3rd party insurance for Bitcoin accounts.

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
No

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

Funds are insured in case Circle is breached..

Circle offers a simple way to transfer money and the native apps are intuitive, sure to appeal to those familiar with mobile banking. The interface is user-friendly and has a simple design, making it appealing and easy to use for non-tech savvy users. Account set-up is very easy, has international support and can be used in US, most of Europe, South Korea and Philippines. Best for moving money.

Summary:

Circle wallet platform is a web wallet with free apps found on Android and iOS. It offers easy and fast payments between users all over the world. It is a convenient service when you need to give someone money remotely and is as simple as texting. Best for mainstream, nontechnical users.

Ease of use
Very basic
Suitable For
Account activation process
Simple
Transaction fees
Set transaction fees
Setup fee
$0.00

Functionality:

  • Buy coins using bank account
  • Buy coins using credit card
  • Withdrawal funds to bank account
  • Withdrawal funds to credit card

Users can utilize Circle for group payments and fast, free cash transfers to US and international accounts. The money is sent through a text or email and users can also add money and cash out with no fees. The exchange rate is the mid-market rate found on Google, Yahoo Finance etc.

The wallet platform has developed a partnership with a 3rd party and integrated the 3rd party services into their software

Help and support:

  • FAQ section
  • Email
  • Phone
  • Live chat
  • Help Center

Personal information for activation account:

  • Passport/ID
  • Selfie image

Most common customer complaint:

High fees, lack of Bitcoin exchange and support