Cryptx Wallet Review
One of the core tools you will require all through your crypto journey is a wallet. This crypto infrastructure offers blockchain interfaces where you can manage your crypto holdings. You will likely need your wallet to execute even the most basic of crypto processes. Therefore, the importance of wallets can not be overemphasized, which is why we have gone all out to handpick the best options available today.
In this article, we will focus on one of such services. Here, we will explore the workings of CryptX Wallet. We will also highlight its pros as well as its cons.
Overview of CryptX Wallet
CryptX is a hot wallet designed to provide bank-grade security and flexible digital asset payment and management features. To fully understand the workings of this wallet, let first discuss how a hot wallet functions. As its name implies, a hot wallet is a crypto wallet that provides custody services. In essence, the users do not have autonomy over their assets as their private keys are kept in third-party servers. In other words, the safety of such users’ holding depends on the effectiveness of the security system of the wallet service provider.
Although this wallet model goes against the ethos of cryptocurrency, it does come with its set of advantages. The first is that users can escape the security responsibilities associated with cryptocurrencies. This means that users do not have to worry about the technicalities and risks involved in self-custody. They can rely on the security infrastructure of a third-party wallet.
Another advantage of a hot wallet is the accessibility it offers. A hot wallet user can access her digital assets from any device. All she needs to provide is the account name and the password or maybe scale a secondary layer of identity authentication to access the wallet. Therefore, hot wallets will always appeal to a specific set of crypto proponents, particularly first-time users or the less technical-inclined crypto holders.
Having detailed the workings of a hot wallet, it is easier to understand how CryptX operates. The exchange has adopted a custodial wallet architecture that reduces the complexity of its offerings. While this is a given, it also understands the risks associated with this architecture and has implemented systems and strategies that help mitigate such threats. The most notable of its security measures is the decision to store users’ private keys in swiss bank-grade Hardware Security Modules (HSM) (more on this later).
Remarkably, CryptX supports multiple blockchains and over 100 coins. In essence, it is an ideal option for individuals interested in maintaining a diversified portfolio. Additionally, it offers an in-house swapping feature. So not only can you hold multiple coins, but you can also execute token swaps with a click of a few buttons.
Interestingly, the exchange offers transaction fees regulating functionalities. With this, users can set affordable transaction fees and even implement features that automatically make crypto transactions more affordable. Although CryptX launched in 2018, it has partnered and provided third-party wallet services to reputable crypto companies, including crypto ATM services providers.
What are the features of CryptX Wallet?
CryptX has a simple user interface that would most likely appeal to first-time crypt users. You can also access the platform via an API for a more robust integration. Remarkably, you do not need to scale unnecessary account verification processes to use the wallet. All you need to do is submit a functioning email address to unlock the features of CryptX. These features include:
The platform lets users conduct in-app exchanges. With this, users can evade the extra cost and the lengthy process involved in conventional methods of trading cryptocurrencies. In other words, users do not need to transfer their funds to external exchanges to trade a coin for another.
An auto swap function
This feature allows users to swap their volatile coins to stablecoins. The exciting thing about this system is that it can be automated. Therefore, you do not need to implement the swap manually. You can customize the settings such that the coin swaps are executed whenever there is high volatility. With this, you can ensure that price fluctuations do not take you by surprise.
Another good thing about CryptX is that it offers bank-grade security called Hardware Security Modules designed, programmed, and operated in Switzerland. According to CryptX, this system ensures that even the CryptX itself does not have access to users’ private keys, much less unauthorized entities.
Apart from the HSM-powered private key security system that CryptX provides, the wallet service provider also makes two-factor authentication available to users. With this, it becomes a lot harder for unauthorized entities to access users’ accounts. Users are advised to activate this security layer as soon as they register their accounts.
Wallet freezing and address white-listing
Furthermore, you can freeze individual wallets as an extra security feature. In addition to this, you can white-list crypto addresses.
Fee management tools
As mentioned earlier, CryptX features fees management tools that come in handy when users are trying to optimize transactions for low fees. Users can capitalize on a combination of SegWit and a transaction-batching function to eliminate unnecessary expenses when executing transactions. The transaction-batching tool allows CryptX users to bundle multiple transactions so that they only pay a single fee.
Other important details about CryptX Wallet
CryptX has opted for a fee schedule that is easy to comprehend. For one, your deposits do not incur extra fees. On the other hand, CryptX charges a 0.2% fee on each transaction. This charge tends to change as the user executes more transactions. In other words, the wallet offers variable fees to users that execute a high volume of transactions.
As mentioned earlier, CryptX is a multi-cryptocurrency wallet. The service supports over 100 coins, including some of the most popular cryptocurrencies and tokens in the market. Some of the supported coins are:
- Bitcoin Cash
- Bitcoin SV
- Bitcoin Gold
- USD Coin
Interestingly, CryptX does enough to enable adaptive crypto support, particularly when supported blockchains implement a fork. Likewise, it is an ideal option for crypto proponents looking to partake in airdrops.
The exchange does not log users' personal data. All you need to open an account is your email address. Therefore, it is almost impossible for CryptX to pry into your privacy. Also, an attack on the exchange would not expose your data to illicit entities.
CryptX allows users to connect to its array of features via an API. Thus, it functions as a third-party wallet service provider to merchants, crypto ATMs, exchanges, and even online casinos.
You can go a step further to customize your CryptX wallet to meet your business needs. The inherent flexibility of CryptX makes it a lot easier to identify your business pain points and prioritize certain wallet features.
There is a dedicated FAQ page on the website where you can find answers to some of the commonly asked questions about the workings of CryptX. The website also provides an email ticketing system that users can use to contact the platform’s team. Additionally, you can reach the team directly via email or the wallet's official social media accounts. Unfortunately, CryptX does not provide a live chat channel. However, it promises VIP customer support, including dedicated account managers, to customers using its platform as a third-party wallet service.
What are the pros and cons of CryptX Wallet?
Having explored the features and workings of CryptX, it is time to highlight its strengths and weaknesses.
What are the pros of CryptX Wallet?
The exchange offers swiss bank-grade security
Perhaps the most exciting feature of CryptX is its sophisticated security system. It is not every day you see a hot wallet service provider go all out to incorporate such a level of protection for its users. The Hardware Security Modules that power this wallet makes it extra hard for unauthorized entities to access users’ private keys.
CryptX allows in-app coin swaps
When using CryptX, there is no need to transfer your coins to external exchanges to facilitate crypto-to-crypto trades. The exchange allows you to execute coin swaps within its ecosystem. This possibility saves cost and time.
CryptX offers fees management tools
Another notable advantage that CryptX offers is its fees management tools. The wallet supports SegWit and transaction batching systems, which let users evade unnecessary expenses.
The crypto wallet is privacy conscious
Remarkably, CryptX has opted for a more privacy-conscious registration process where users only need to submit their email addresses to access the website’s features.
CryptX is a multi-cryptocurrency wallet
The wallet supports over 100 coins, including Bitcoin, Ethereum, other popular cryptocurrencies, and ERC-20 tokens. Since CryptX supports a wide variety of digital assets, individuals interested in diversifying their portfolios can do so without having to spread their holdings across multiple wallets.
Third-party services can integrate CryptX’s API
CryptX functions as a third-party wallet service for exchanges, online casinos, and ecommerce sites. All they need to do is connect to the website via an API.
It is customizable
Users can also contact the team to personalize the platform’s features. Customers with specific needs can take advantage of this option.
What are the cons of CryptX Wallet?
It is a hot wallet
It is common knowledge that there are inherent risks associated with hot wallets. The fact that CryptX stores private keys on behalf of its users makes it a potential target for attackers. Centralized security systems are always susceptible to one threat or the other.
It does not offer a live chat channel
As loaded as CryptX is, it does limit its customer support to an email ticketing system. We have come to expect crypto companies to go a step further to enable 24/7 support via live chat. And so, the lack of such a feature on CryptX could be a potential deal-breaker for some users.