Coin.Space Wallet Review 2023 - Is It Safe or Scam?

If you want to spend your crypto coins easily and be sure that the coins are not stolen, you need a safe and convenient crypto wallet. Coin Wallet from Coin.Space is promoted as an easy-to-use wallet for beginners.

2023 Update: The company is often confused with scam projects with similar names, like:

• https://coin-waller.com
• http://coinspace.eu
• https://coinspacewallet.biz
• http://coinspace.biz
• http://coinspacemining.com

Coin Wallet is only available at https://coin.space domain.

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Coin Wallet Review

Coin Wallet is a non-custodial multicurrency wallet for multiple platforms. It allows you to make payments in Bitcoin anywhere - from your phone or desktop computer - without hassle.  

Coin Wallet was created in 2015 by company CoinSpace LLC, based in the state of Georgia in the United States. It has become widely known in certain circles thanks to its convenience and ease of use. Coin Wallet can be used via a mobile application or your personal computer, and is suitable for those who are just gaining experience in the digital money market.

Welcome to Coin Wallet

Although Coin Wallet is primarily known as a Bitcoin wallet, you can also utilize the wallet for Litecoin, Ethereum, and other cryptocurrencies. Currently, Coin Wallet supports 17 cryptocurrencies and an unlimited number of tokens: Bitcoin, Bitcoin Cash, Ethereum and ERC20 tokens, Litecoin, XRP, Stellar, EOS, Dogecoin, Dash, Monero, Binance Smart Chain and BEP20 tokens, Cardano, Ethereum Classic, Solana and SPL tokens, Avalanche C-Chain and ERC20 tokens, TRON and TRC20 tokens, Polygon and Polygon tokens.

The wallet supports multiple platforms:

• Web Wallet
• Tor Wallet
• iOS Application
• Android Application
• Galaxy Store
• Microsoft Store
• Mac App Store
• Linux Snap

At the moment, the platform is available in multiple languages: Bahasa Indonesia, Bosanski, Čeština, Deutsch, English, Español, Français, Hrvatski, Italiano, Magyar, Nederlands, Norsk bokmål, Polski, Português brasileiro, Srpski, Tiếng Việt, Türkçe, Filipino, Русский, Українська, ภาษาไทย, ភាសាខ្មែរ, 한국어, 日本語, 汉语.

Features

Coin wallet is primarily an HD wallet, which undoubtedly goes to its advantage as transactions are hard to associate with a single account - making it more safe. The wallet is easy to use, and therefore great for beginners.

Among the advantages of this wallet are the following:

• PIN or biometric login, second factor (2FA) using FIDO-certified security key to complete any sensitive actions;
• Open source;
• Available for iPhone, Android, Windows devices, as well as a browser;
• Uses basic privacy;
• Network commissions are set based on network load;
• Easy to find nearby users that accept Bitcoin and pay them with digital currency. Hyperlocal — this feature is available immediately after registering your wallet.

The Coin Wallet is made to provide full control over funds. However, practically users face some drawbacks that can impede them from taking advantage of using the Coin Wallet to its fullest. The drawbacks are:

• Uses Remote Servers for balance information;
• Depends on the internal environment (i.e. your computer);

Coin Wallet Fees

The wallet itself is taking small fees for several types of crypto transactions in order to maintain the wallet and continue development. 

Miner commissions are set based on network load. The wallet monitors the state and congestion of the Bitcoin network and recommends the most acceptable commission. This prevents both overpayment and any large delay in the passage of payment. More information about fees.

How to Get Started with Coin Wallet

Registration on the wallet is very fast and does not require 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 how to make use of it.

Registration

To get started on the main page 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.

Create a new wallet

Coin Wallet 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. Click the “Generate passphrase” button. It is very important to write it down.

Save your passphrase

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, and without it you will lose access to your wallet. 

Passphrase

Check the box to confirm that you have written down this password and agree to the Terms and Conditions. Then click the big green “Confirm” button.

Confirm passphrase

Confirm your passphrase again using two words from the set. If you want to review it again you can click “Review passphrase again.” Upon completion, click on the “Confirm” button.

Set a PIN code

Set a PIN code for quick access. It must consist of 4 digits.

That’s it! Now you are ready to use Coin Wallet.

How to Use Coin Wallet?

The dashboard is very minimalistic and has nothing superfluous. The menu consists of the options Send (say, on your Binance wallet), Receive, Exchange, History, and Coins. In the middle, you can see your balance.

In the left corner, you will see the gear icon. This leads to the settings menu.

Dashboard

In order to make a withdrawal or replenishment, just click on the “Send” or “Receive” button in the top menu. To send the funds to another address, you will need to enter the Wallet Address and Amount in the opened window. 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. For instance, if you want to trade Bitcoin on, let's say, HitBTC, you should copy the exchange BTC wallet address on the exchange and then paste it in the respective box in the Send section of the wallet.

If you want to top up the balance of your wallet, Coin Wallet will generate the address to which you will need to send your funds for each coin.

Is Coin Wallet Safe?

Yes, but you are responsible to keep your 12-word passphrase in a safe place and keep your device or computer clean from viruses and malware software. Let's start with the properties of Coin Wallet.

Wallet security is not comparable with cold storage wallets until you add your hardware key in Settings. All your private keys are stored on your device, but public information about balances is stored on remote servers. 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, a DDoS attack on the server may happen, the database may suffer data loss), etc. This is common to all web wallets. They are simple, easy to use, and do not require downloading information or downloading the database. However, you depend 100% on the wallets themselves and on those servers where all this information is stored.

Like any other Web wallet, the Coin Wallet depends on the computer on which it is located. If all applications are isolated from each other on mobile devices and one application is infected, then the virus should not penetrate another application. The situation is completely different with respect to a personal computer. Usually, if the wallet is downloaded to a computer that has viruses it is no longer safe—allowing hackers to 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 email, and take other similar 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).

The Tor feature is also 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.

Certain users blame the service itself and accuse it of stealing. However, there is not yet any evidence. In most cases, users just forgot their 12-word passphrase or use a passphrase from the wrong account. That is the majority of cause for alarm within the Coin Wallet user base.

Conclusion

Coin Wallet has both advantages and disadvantages. 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 cryptocurrency. Coin Wallet is a fairly simple and convenient wallet suitable for learning the basics of working with electronic money.