CoinSpace Wallet Reviews
Reliability and simplicity - this is the motto of the success of any wallet for storing cryptocurrency. Today we will tell you about the CoinSpace wallet. Is CoinSpace secure enough to store the funds? Is it a reliable service or a scam? We will review these questions in this article.
- CoinSpace Review
- CoinSpace Fees
- How to Get Started with CoinSpace
- How to Use CoinSpace
- Is CoinSpace Safe?
CoinSpace HD Wallet is a free online bitcoin wallet that can be used for free payments around the world. It allows you to easily and safely make payments in Bitcoin anywhere from your phone or desktop computer.
CoinSpace is a Maltese company that entered the CIS market on February 1, 2016. It has become widely known in certain circles, thanks to its convenience and ease of use. You can work with this wallet using a mobile application or a personal computer. Suitable for those who are just gaining experience in the digital money market.
Although CoinSpace is known as a Bitcoin wallet, you can also install the wallet on LiteCoin and Ethereum and other cryptocurrencies. Currently, CoinSpace supports 11 cryptocurrencies: Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Bitcoin SV, Tether USD, Stellar, EOS, Dogecoin, and DASH.
The CoinSpace wallet cannot be called multi-currency since you install different wallets and they are not interconnected. Different cryptocurrencies are stored separately, each in its own wallet.
CoinSpace wallet is primarily an HD wallet, which undoubtedly goes to its advantage. Easy to use, so great for beginners.
Among the advantages of this wallet are the following:
- CoinSpace is 100% free. No commissions;
- Open source;
- Available for iPhone, Android, Windows devices, as well as a browser;
- Uses basic privacy;
- Commissions are set based on network load;
- Easy to find nearby users and stores that accept Bitcoins and pay them with digital currency. Hyperlocal this feature is available immediately after registering your wallet.
Also, the CoinSpace wallet provides full control over funds. This means that no one, including representatives of the wallet, can block your money or otherwise deprive you of the right to use your funds.
The system also has its drawbacks:
- Uses Remote Servers to store the data;
- Depends on the internal environment (i.e. your computer).
The wallet itself is free and there is no need to pay commissions for maintaining the wallet. But this does not exempt users from commissions to miners.
Commissions are set based on network load. The wallet monitors the state and congestion of the Bitcoin network and recommends the most acceptable commission so that there are no overpayments on the one hand and there are no large delays in the passage of payments on the other hand.
How to Get Started with CoinSpace
Registration on the wallet is very fast and does not include the provision of any personal data or verification. The interface is designed in a minimalistic way, you will not find anything superfluous here. Even a person who has never encountered such services can quickly figure out what needs to be done.
To get started on the mainpage you will see two options “Create a new wallet” and “Open existing wallet”. To create a new wallet you need to click on the first button.
CoinSpace will notify you about generating the wallet passphrase. It will keep your account secure and will allow you to open your wallet on multiple devices. It is very important to write it down. Press on the “Generate passphrase” button.
Your passphrase will consist of 12 words. Click to Clipboard to copy the phrase and/or write it down on the paper. Important: your passphrase will not be shown again, without it you will lose access to your wallet.
Check the box and confirm that you have written down this password and agree to the “Terms and Conditions”. Upon a completion press “Confirm”.
Confirm your passphrase again using two words from the set. If you want to review it again you can press on “Review passphrase again” sentence below. Upon a completion click on the “Confirm” button.
Set a PIN code for quick access. It must consist of 4 digits.
That’s it! Now you are ready to use the CoinSpace wallet.
How to Use CoinSpace
The dashboard is very minimalistic and has nothing superfluous. The menu consists of the options Send, Receive, Exchange, History, and Tokens. In the middle, you can see the balance and on the right corner, you can see the price of the current asset in dollars.
In the left corner, you will see the gear icon, which is settings.
In order to make a withdrawal or replenishment, just click on the “Send” or “Receive” button in the top menu. In case to send the funds to another address, in the opened window you will need to enter the Wallet Address and Amount. Below you will see the estimated amount of the commission, which will be added on top of the sum sent. When finished, click on the “Confirm” button.
If you want to top up the balance of your wallet, for each coin CoinSpace will generate you the address which you will need to send your funds to.
Is CoinSpace Safe?
Wallet security is high, but naturally, its level is not comparable with cold storage wallets.
Information about all your money is stored on remote servers that developers use. This means that you depend on the developers (they can close the project at any time), on servers (an accident may occur), on third parties (hackers can gain access to the servers and steal money or a DDoS attack on the server may happen, the database may suffer data), etc. This is common to all web site's wallets. They are simple, easy to use, do not require downloading information and downloading the database. But you depend 100% on the wallets themselves and on those servers where all this information is stored.
Like any other Web wallet, the CoinSpace wallet depends on the computer on which it is located. And if on mobile devices all applications are isolated from each other and if one application is infected, then the virus should not penetrate another application, then the situation is completely different with respect to a personal computer. Usually, if the wallet is downloaded to a computer that has viruses, then it is no longer safe and hackers can steal your information and gain access to your wallet at any time. To prevent this, use a licensed antivirus, update the operating base, use complex passwords in the email, and take other measures to increase the security of your wallet.
This wallet does not allow attackers to track your payments due to the rotation of Bitcoin addresses. Each time you receive money, request a new address in Bitcoin. This will complicate the work of attackers.
Meanwhile, IP providers, as well as hackers and third parties, can track all your payments, since the wallet connects all your addresses to one IP (this function is necessary for two-factor identification to bind one account to one IP).
Also, the Tor feature is available. This wallet allows you to configure and use Tor as a proxy in order to prevent attackers or Internet providers from associating your payments with your IP address. All of these facts could show us that CoinSpace is not a scam.
CoinSpace has both advantages and disadvantages. Of the main advantages are quick registration and ease of use. This store is suitable for beginners who are just learning to navigate the world of crypto money. A fairly simple and convenient wallet that is suitable for learning the basics of working with electronic money.
I didn't find any disadvantages, that's true, I like the wallet for no having any fees or commissions, I'm using it with big pleasure.