BitGo Wallet Review
BitGo is a digital asset trust company. It allows digital assets storage and trading through its wallet services. The BitGo wallet is a multisig HD wallet, which is available in over 50 countries. The keys are divided among several owners to manage risk. One held by BitGo, and two held by the wallet owner.
The wallet is secure with an intuitive design. It also offers a platform that enables an instant exchange of digital assets at dynamic rates. The rate will depend on the volume of assets traded.
Mike Belshe and Ben Davenport co-founded BitGo in 2013. The company is founded based on a mission to deliver trust in digital assets. It eliminates risks by providing secure and compliant solutions. Several exchanges and investors use the BitGo wallet worldwide.
In 2018, BitGo became a financial services company following the launch of BitGo Trust Company. The company has its headquarters in Palo Alto, California. Top investors such as Goldman Sachs, DRW Ventures, Digital Currency Group and Redpoint Ventures back BitGo.
Its exchange platform actually processes over 15 billion dollars every month. These transactions involve over 100 digital assets and tokens. BitGo focuses on working with institutional clients to deliver security, custody and liquidity solutions. However, individuals can also sign up for the “BitGo Pay As You Go” hot wallet.
BitGo Wallet Supported Coins
The wallet covers over 75% of the digital market cap. At first, BitGo used to support BTC only. But today, it supports over 100 digital assets. This includes BTC, ETH, XRP, BCH, XLM, LTC, Dash, Zcash, BTG, and also all ERC20 tokens.
Check out our Cryptocurrency Exchange List to find out at which exchanges you can trade the abovementioned cryptocurrencies.
BitGo Wallet Fees
Transaction fees are based on the network. The wallet will help with selecting a fee that will see your transaction through to confirmation in a fast manner.
Based on the type of wallet service you use, BitGo offers variable fees:
- BitGo Custody: This service is designed to hold assets for financial houses. It allows cold storage and hot wallet access via the web and an API. The minimum account value is USD 1 million.
- Business Wallet: This is a secure, multisig wallet for transactions. It supports trading in over 100 coins & tokens. The minimum transaction volume is USD 1 million per month. Fees vary with volume.
- BitGo Pay As You Go wallet: This is a hot wallet for individuals. It supports trading only BTC, BCH, BTG, Bitcoin SV, LTC, Zcash, XLM, and Dash. 0.25% is charged per withdrawal and 1% for BTG and Bitcoin SV.
BitGo Wallet Price
The wallet is free to use. It is available only via the web. Smartphone users can access their wallet through supported browsers. This includes Google Chrome, Firefox and Internet Explorer.
BitGo Wallet Ease of Use
The wallet is simple to use. Although setting up can take a while, using BitGo is as easy as five steps:
- Select your account type: There are two types of accounts. The individual account pays fees per transaction. This account is best for customers who trade a few digital assets per month. The other is an enterprise account.
- Provide your information and finish the signup
- Login after email verification
- Set up 2FA
- Finally, download key card: Copy or download your recovery seed. You should keep this safe.
Then you can select from the list of tokens and create a wallet.
BitGo offers medium level anonymity. Most wallets require users to provide private information and a valid ID. BitGo however, does not ask for personal data from individual users.
BitGo also deploys high-grade security features. The wallet has one of the best security systems out there. BitGo even serves as key custodian to several wallets including Luno.
The wallet is protected with multisig and key management features. The wallet splits the keys between itself and the customer. An attacker would have to breach both the user and the BitGo systems to steal the keys. The customer generates and stores the customer key. You use this key to initiate all interactions. The BitGo key is generated and stored by BitGo. It is used to co-sign all transactions only after policy controls have been met.
Backup Key: This special key is generated and stored offline. We recommend that you choose to create a backup key with one of BitGo’s trusted partners. BitGo’s Key Recovery Service partners are Coincover and Keyternal. With these private keys, the users and financial institutions have control over their own funds. Another very helpful thing for BitGo’s clients is that BitGo has a complete insurance policy for your digital assets.
2FA Methods: As part of the signup process, you should also set up 2FA. This gives your wallet an extra layer of security.
Key Encryption allows you to encrypt your user key with a wallet password when you create a wallet. You can either use your BitGo account password or set up a secondary password. The wallet also requires wallet passwords to initiate transactions.
Where to buy BitGo Wallet?
Visit the official BitGo website to sign up for free.
Finally, if you prefer a hardware wallet, check out our reviews of Ledger Nano S and Trezor.