Copay Wallet Review
Copay is an HD wallet built for the security of BitPay funds. Being a multi-sig wallet makes it a great option for businesses where multiple approvals are required for a transaction. You might also find it useful if you are not a fan of third party-based transactions. The wallet’s interface is easy to navigate, especially for mid-level and expert users. Copay’s HD settings confer a significant measure of security, although it lacks 2FA security methods. The wallet is open source. As such, it is trustworthy and safe to use. It is available for web, desktop and mobile.
Copay Wallet was created by BitPay Inc. The company was the first BTC payment system platform for businesses and firms. The Copay wallet project started with the aim of providing a platform that facilitates the security of BitPay funds. BitPay has Stephen Pair as its Co-Founder and Chief Executive Officer. Copay still stands as the primary development company for the BitPay wallet app.
Copay Wallet launched in June 2015. By 2016, the wallet was processing about 200,000 monthly transactions. Copay has over 1.5 million wallet accounts and had processed billions of dollars in value of BCH and BTC by 2018. The wallet also integrates the BitPay Visa Debit Card. Needless to say, this wallet is a huge player in the cryptocurrency industry.
Copay Wallet Supported Coins
To find out where you can obtain BTC and BCH in the first place, go to our Cryptocurrency Exchange List and use the filters to find the right exchange for you.
Copay Wallet Fees
To use the wallet you have to pay network transaction fees. Network fees are based on the volume of the transaction at a particular time. Using Copay, you can determine your transaction fees by selecting either Super Economy or Urgently. However, note that the higher your fees, the faster the transaction. “Super Economy” is for slower transactions, while “urgently” guarantees fast transactions.
Copay Wallet Price
The wallet is free. Copay supports various desktop platforms including Linux, MAC OS X and Microsoft Windows. It is also available for Android and iOS mobile devices. Download the latest releases on GitHub.
Copay Wallet Ease of Use
Apart from its versatility, Copay is quite intuitive although beginners might find it a bit hard to use. It has features for customizing wallet names and colorful background themes. The wallet supports several languages including French, Chinese, Spanish and German. All these were put in place to enable a seamless UX with the wallet.
Other Copay wallet features include:
- Push notifications for iOS and Android versions
- Multiple wallet creation and management
- Support for BTC testnet wallets
- Email notifications for payments and transfers
- Support for over 150 currency pricing options in BTC
- Easy spending proposal flow for shared and group payments
The wallet setup involves the following quick steps:
- Download your version of the wallet and install
- Create your wallet and add your email address on the next page
- Back up your wallet and write down the seed phrase. Ensure you keep it in a safe place.
- Verify the seed phrase and your wallet will be ready to use.
The wallet as an open-source software wallet is fully non-custodial and has 0 KYC inside of it. There is no identity loss inside of the Copay wallet. Accordingly, your anonymity is protected.
BitPay recorded a phishing attack in the past. The pursuit of protection against these hacks led to the invention of the Copay wallet. It uses HD wallet settings. This implies that it generates addresses per transaction and uses a seed phrase backup feature. You can always recover your wallet when you lose your main login device. The wallet uses a SPV method with the aid of BitPay server as the third party instead of a full blockchain node. Although Copay executes this securely, most BTC users consider this SPV method a con.
For payment security, it uses an auto address verification known as BTC Payment Protocol 70-73 (BIP 70-73). This helps to verify that the receiver’s address is correct to avoid loss of funds. The private keys are not stored on the cloud but on the device. This particular feature ensures the safety of wallet from cyber hacks.
There is also the email option, which you provide at the registration point. The email address provided receives push notifications, which alerts you of activities ongoing in your wallet. It notifies users when another device tries to access their wallets. Overall, the wallet is one of the most secure in the market.
Where to buy Copay Wallet
The wallet is available for download on copay.io and on all mobile device app stores.