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If you hold more than one cryptocurrency: you may be familiar with the hassle involved with remembering and managing private access keys, login credentials, and applications while maintaining security across each dedicated wallet.

What if you could manage each of these accounts from one multi-currency account/wallet? The team behind Cryptonator claims to have the solution, and we look into the potential benefits of using this platform.

What is Cryptonator?

Founded back in January 2014 by Andy and Brian Chen (CEO), Cryptonator based in Hong Kong, and successfully raised USD 20,000 worth of funds in a single seed round the same year. Beyond this, however, little is known about the privately owned and operated organisation nor its inner workings.

Cryptonator gives users the ability to manage funds in different cryptocurrencies from one multi-currency account, in addition to an instant exchange service between different cryptocurrencies with 24/7 service availability.

It is free for users to sign up to and access the Cryptonator multi-currency wallet and exchange product, which incorporates a portfolio tool for tracking all of your cryptocurrencies (even those held outside of Cryptonator) - which supports over 500 different tokens.

The wallet also promises “bank-grade security” and anonymity including “Encrypted SSL connection over HTTPS, 2-factor authentication and trusted IPs”. ‘Critical user data’ is hashed via SHA-256 cryptographic algorithm.

Users can “securely store, easily receive and quickly send Bitcoin, Litecoin, Dash, Zcash, Dogecoin and other digital currencies” using Cryptonator. Exchange pairs additionally include BTC/USD, BTC/EUR, ETH/USD, BCH/BTC, LTC/BTC, XMR/BTC, ZEC/BTC, and ETH/BTC. 

Negative Reviews, Stolen Funds?

Cryptonator can easily get accessed from web browsers on desktop or laptop devices. It’s also available on Apple ‘App Store’ (iOS) and Google Play (Android) - both of which currently hold positive average user review scores at around 4 out of 5 stars for each.  

While Cryptonator’s wallet apps for iOS and Android holds a mostly positive average review score on each platform’s respective app stores: Cryptonator’s TrustPilot reviews spell out a different story. As of writing the average review score on TrustPilot for Cryptonator is just 2.4 out of five stars.

It should be noted that taking a scroll through the reviews paints a mixed image. While there is a large number of negative reviews and references to stolen funds, many of these reviews are themselves suspect.

Confirming the idea that thefts may have occurred, many of these ‘suspect’ reviews appear to target potential victims of these scams, directing them to obscure email addresses as a means of funds recovery (likely phishing).

Due to this, you should be wary and do a lot of your research before trusting your investments with Cryptonator.

Beyond a cryptocurrency converter and calculator, real-time exchange rates, and APIs; Cryptonator’s secondary product would have to be its merchant payment solution. Cryptonator’s Other Services

Cryptonator allows online business owners (whether customer or business facing) to accept cryptocurrency as a means of payment for goods or services and offers a 0.9% processing fee. The company claims this is “low” compared to Paypal and many credit cards which can take “up to 3%” of each transaction. Merchant accounts are free to sign up and start.

This payment solution supports 11 different cryptocurrencies, and all funds received by merchants in cryptocurrency are automatically exchanged into their chosen form of fiat (USD or EUR).

At checkout, customers who choose to pay via cryptocurrency are presented a generated crypto address and linking QR code - along with the amount in tokens that need to get paid (and their corresponding value in fiat).
 

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