Xapo is a first rate web wallet that offers revved up security in bitcoin storage.
It was started by an Argentine, Wences Casares, who’s a programmer by profession, but Xapo itself is based in Zurich.
Subscribers of Xapo get to access a hot wallet, a Xapo debit card (for ease of spending) as well as the Xapo vault which is proclaimed to be markedly secure. The cold storage of Xapo entails offline servers that are only accessed through secure gateways.
The servers are distributed around the world in underground locations and safeguarded by both biometric scanning technology and armor.
To demonstrate the depth of Xapo’s investment in security, Wences proclaimed that the company has put additional security systems in low earth orbit, and for that reason, it would take a really tech-savvy hacker to go past all these blocks.
Another security aspect of Xapo is their insurance cover. Xapo users are covered against any loss of their digital wealth by the Meridian Insurance Group. This is a strategic move to increase customer confidence, especially since bitcoiners may have a preconceived notion that Xapo is as vulnerable as other web wallets are wont to.
During login, a user must use their PIN, and also, a user may activate the two-factor authentication, which on its own, is a secure enough measure.
The portal of Xapo has a praiseworthy interface. It is easy to get around, has an intuitive navigation, integrated features; debit card management and vault and hot wallet access.
Xapo will provide all the tools you need to transit into digital money, and with the Xapo debit card that is linked to your account, you’ll only have to swipe in order to spend bitcoins.
No source code
One disadvantage of Xapo is that it is not open source, which means that the community of developers cannot review it and make substantial edits into the system. This might mean lagging behind in a fast-moving world.
Lack of support
The biggest criticism Xapo faces is about their lack of support. There’s a boatload of complaints by users that Xapo’s support is practically nonexistent.
And at a time when online companies utilize advanced channels like ticketing and live chat, Xapo is still stuck with emails, which they reply 24 hours after you initiate contact.
Xapo comes across as a good enough company for their robust security mechanisms until you hear about their “customer care”. Seriously, don’t.