The Crypterium wallet is a secure, user friendly mobile app which allows you to receive, store, send and track digital assets. It is available both for Apple and Android devices and syncs seamlessly across both. The wallet supports four currencies - BTC, LTC, ETH and CRPT, and the free entry level version gives you four wallets, one of each, more if you pay for the higher level subscription service.
The app allows you to make transfers between crypto wallets very easily and transfer speeds for all the currencies I tested are rapid: LTC, ETH and CRPT were all received in under minute, even BTC arrived within 15 minutes.
Very interestingly, the app also allows you to send crypto to people via their phone even if they don’t have crypto storage facilities themselves: you simply type in their mobile number rather than a wallet address and they receive a text with a link to the Crypterium Wallet, and they will receive (possibly their first) crypto from you when they install it.
You can also can pre-order a credit card which you can top up with crypto, which will then be converted to dollars and used at any retailer on the Union Pay network.
At time of writing the mobile app is under development so doesn’t have all of the claimed functionality promoted on the Crypterium website, but once fully operational this app will offer a very convenient bridge between crypto and fiat.
Below I provide an overview of the sign-up process, current app functionality, and the coming credit card. I will then summarise what I like about the App, what could be improved and offering some generally favourable conclusions.
The app gets a deserved 4.5/6 starts on the App Store and Google play. It's ranked 27th out of finance Dapps across all platforms on State of the Dapps. I'd give it a solid 5 stars!
This is my submission to the @oracle-d's and @stateofthedapps review a finance DApp task.
The Crypterium mobile wallet and (forthcoming) credit card: an overview
The overview below is in three sections:
- The sign up process
- The app’s current functionality, as it worked for me
- A summary of the main features of the credit card.
The sign-up process
As long as you’re happy with I.D. verification this really could not be simpler!
- Download the app to your device
- Login in/ set up password
- Verify your phone number and email address
- Verify your I.D. with passport/ driving license (all done in-app)
- Pre-order the Crypterium credit card (optional, but you may as well!)
The dapp’s current functionality
This is my experience using the app on my iPad and Android phone in the U.K. There might be different degrees of functionality in other countries, but in the U.K. the app doesn’t yet have all of the functionality claimed on the Crypterium web site, but what does works is excellent.
This is what the 'home page' of the app looks like... you scroll across for the rest of the wallets, and select to either send or receive crypto.
Deposits (from standard crypto wallets)
The user-friendly interface makes this very easy.
You simply click on the crypto button you want to deposit which brings up the options for sharing the corresponding Crypterium wallet key - there’s both the usual copy and paste options and an airdrop option for Apple users (which I just love!)
I tested the following
- BTC from Bittrex
- LTC from Bittrex
- ETH from Kraken
- CRPT from my ether wallet
Withdrawals (from standard crypto wallets)
As with withdrawals, you simply click on the crypto button you want to withdraw which brings up a range of sharing options.
Once you’ve entered the send to address you just enter the amount and click ‘send’.
I tested sending LTC to Kraken, using the QR code scan function and it worked fine, although it did take about an hour for the LTC to arrive
Crypterium charged a tiny fee of 0.000448 for me to withdraw 0.01 LTC.
Sending crypto to someone else’s mobile
This is the killer feature of the app - I had to phone a friend for this as you can’t send crypto to yourself because you’ve already registered the app with your mobile number.
I sent over 0.2 LTC (CHECK) to a friend who doesn’t have any crypto and he did indeed receive a text message with a link to the Crypterium website. However unfortunately he wasn’t keen on downloading the app and going through the whole registration process, so I didn’t get to check whether the send worked. I don’t see why it wouldn’t.
One problem with the message he received was that the message said he’d been sent 0.0 BTC, to 2 decimal places only, meaning that unless you send someone $500 worth of crypto, the message effectively tells them they’ve received nothing. (Sorry the picture's a bit dark!)
Other features
The app makes it very easy for you to track both the value of your individual holdings and the total value, and it allows you to see the live prices of the four currencies it currently supports. The history tab makes tracking previous withdrawals and payouts very easy. There are also chat, card and profile functions.
The exchange crypto, bank and top up mobile functions are currently 'under maintenance'.
The forthcoming credit card
The planned Crypterium credit card is one of the most interesting features of the whole app package. This is set to be shipped in April , and you can pre-order one by clicking on the 'card tab' on the app.
It will currently cost you $9.99 to order one, or it's free if you pay for a subscription level membership, you get the card for free – see below for rates. NB there is also a shipping fee of between $10-$25 depending on where in the world you are.
You’ll be able to top the card up using your crypto holdings, ‘based on the best exchange rate in the market provided by Crypterium SX’, and then use it as you would a regular credit card – your crypto basically gets converted to FIAT when you load your card.
Crypterium will charge you a 1% fee for converting crypto to FIAT on your card, subject to a $3 minimum. You'll also be able to load your card with FIAT at an ATM for a 2% fee.
The card belongs to the UnionPay network and can be used for making both online and offline purchases anywhere UnionPay cards are accepted, which means 23 million merchants in 175 countries.
Tiered subscriptions
You can either pay the $9.99 one off fee to get the card, or pay via subscription to get the card for free and a higher level of service. The three tiers may be summarized as follows:
- Free – 4 wallets, $1K fiat-crypto daily limit, $9.99 one off fee for the credit card
- $2.99/ month – 8 wallets, $5K fiat-crypto daily limit, free credit card
- $8.99/ month – 16 wallets, $10K fiat-crypto daily limit, free credit card.
What I like about the Crypterium mobile DApp
- The user interface is very user-friendly, it's really easy to send and receive crypto.
- Transaction times are rapid
- It's very secure - Password and pin to gain entry
- It's available for both Apple and Android and synching is seamless.
- Once the bank transfer and especially credit card features are up and running, this will be offer a very smooth fiat-crypto bridge
- I love the ability to send to people's mobiles, even if they don't have crypto wallets - this can only help bring more people into the crypto space!
- The fess are very low - for transfers, and 1% conversion fee to Fiat on the credit card seems very reasonable!
What could be improved
- The Crypterium mobile wallet doesn’t yet live up to what is promised on the Crypterium website, as it is still under development.
- It only supports 4 currencies, but in fairness, more are in the pipeline, there are plans to support the top 100
- It's not as easy to track your holdings against each other compared to other wallets such as Coinomi - across scrolling isn't as natural as downward scrolling for this.
- The messaging to people without wallets does need to be improved - it needs to go to maybe 4 decimal places, receiving '0.0 BTC' is hardly going to motivate someone to download the app!
Conclusion
I'm very impressed with this DApp, it's 4.5/6 stars are thoroughly deserved IMHO. Personally, I'd give it Five stars.
Those elements of the d’app which are operational work very well - wallet to wallet transfer speeds are extremely rapid, and the interface is excellent: allowing for easy monitoring of the Fiat value of your digital assets and tracking of transfer history.
The fact that you can send crypto to people who have never even heard of it is an innovative idea which can only help get more people interested in the crypto space.
Once bank transfers are enabled and the credit card released, this looks set to be a near seamless fiat to crypto bridge with very reasonable fees.
To compare this to other mobile wallets I've used such as Coinomi, this might not yet support as wide a variety fo cryptos, or allow you track coins against each other as easily, but there are more currencies to be added later and the focus on the fiat-crypto bridge via bank transfers and the credit card is the real strength of this Dapp.
To end on a personal note, I chose to review this because I bought 1 ETH worth of Crypterium about 18 months ago and then watched it plunge in value. I used writing this as an excuse to dig out my CRPT from an ether wallet (It took me about an hour to track it down!) and further review how it’s doing as an investment. It's still down quite a lot, but I'm confident it'll pick up when the credit card takes off!
#StateoftheDapps, #DAppReview, #Finance. @stateofthedapps
—-