Bonpay offers both a wallet and a card solution. They aim to make storing and transacting with cryptocurrencies both secure and straightforward. The wallet charges no fees which is an advantage over competitors which typically add on a small fee on top of the normal fee you pay for blockchain transactions. The wallet supports a number of cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ethereum Classic, and ERC-20 tokens.
Bonpay lacks some features that other web wallets have. Their code is not open-source which means the security of the product cannot be assessed and assured. The wallet is not hierarchical deterministic and is also does not have multi-sig features. Users do have the option to enable two-factor authentication. One of the features which make Bonpay more user-friendly is it allows users to transfer cryptocurrencies to phone numbers and email addresses. This lets users avoid dealing with tricky cryptocurrency addresses which some can struggle with. One of Bonpay's main aims is to be user-friendly and intuitive to use.
In terms of security, users will be giving control of their private key to Bonpay. This means Bonpay have access to the funds and they are taking the responsibility of keeping them secure. Users are vulnerable if Bonpay was hacked. They implement some security features such as AES 256-bit encryption which is a high level of security
- Option to enable two-factor authentication
- Wallet supports a number of cryptocurrencies
- Completely free
- AES 256-bit encryption
- Users can send cryptocurrencies to email addresses and phone numbers
- Users are allowing a third party to store their private keys which gives up some level of control
- Not hierarchical deterministic
- No multi-sig feature
- The code is not open source