Cubits operate a number of services in the Bitcoin space mainly oriented around being able to purchase and store Bitcoin. The Cubits wallet involves users giving over control of their private key to Cubits. Users of Cubit have the option to buy and sell Bitcoin with multiple fiat currencies and multiple payment methods. Over 20 fiat currencies are supported which is more than most Examples of payment methods include online payment processors, debit cards, and bank transfers. Users pay a premium for this wide variety of payment methods with fees being higher than most wallets for transfers. One example is credit cards which charge €5 plus 5% fee for deposits and withdrawals. A 0.9% trading fee is incurred for the buying and selling of cryptocurrency. Users of Cubit will be asked to verify their identity by showing screenshots of identification documents. Some users who prefer anonymity will see this as a drawback.
In terms of security, 100% of users funds are stored in cold storage. Multi-signature technology is also applied with requirements for two Cubits executives before funds can be accessed. The link to their twitter page leads to an incorrect Twitter handle which indicates it leads to a prior twitter handle but this has not been updated. Apart from this, Cubit's website and the interface has been noted to be easy to use and intuitive. Cubits is currently restricted from the United States.
- Many fiat currencies supported
- Many payment methods supported
- 100% of users funds are stored in cold storage
- Two signatures from Cubits are required to access funds
- Has been noted to be easy to use
- High fees
- Only for Bitcoin
- Users give up control of their private keys
- Users have to verify their identity
- Website not updated properly
- Restricted from the United States