Cryptonator Wallet

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.