The basics of crypto trading
BigGo is a gold standard of a reliable cryptocurrency wallet. It supports more than 90 types of coins and tokens, has low withdrawal fees, and offers different types of accounts, including personal, corporate and institutional investor accounts.
Initially, the BitGo wallet allowed to store only one cryptocurrency, namely Bitcoin. However, over time, the concept of this storage has changed. Nowadays the service supports more than 90 types of coins and tokens, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash, and Zcash. The platform also supports a wide range of ERC20 tokens.
Multicurrency wallet is more popular in Europe than in Russia or other CIS countries. The reason for this is the lack of a Russian version of the tool and certain restrictions for Russia. Nevertheless, the wallet has a simple and accessible interface and even basic English skills are enough to use it.
Developers market the platform as one of the safest and most reliable storages for digital assets. They use multilayered safety system that includes 2-step authentication, mandatory confirmation of new IP addresses, and e-mail notifications about new transactions.
The wallet is not meant for internal exchange, it can only be used to store assets and transfer funds to third parties. However, the limited functionality is compensated by the exceptional safety of the wallet.
BitGo has the lowest fees out there. Fees are applied to all outgoing transactions (when you withdraw money or transfer them to other wallets). The fee is 0.25% from the transaction amount (it applies to all transactions lesser than 1 BTC). The fee for transactions with Bitcoin Gold is 1%. Also, don’t forget about standard miner fees that depend on the currency type.
BitGo was developed by the company of the same name, whose main office is located in Palo Alto, California. The company was founded in 2013 by a couple of IT entrepreneurs:
Another advantage of the BitGo wallet is cooperating with such brands as UPbit, SBI Holdings, and CME Group. Prior to 2016, Bitfinex was the major partner of the project. However, their cooperation was terminated after a big scandal, which led to the withdrawal of $60 million from users’ accounts. It’s still unclear whose fault it was and who stands behind this fraud. Companies blamed each other and stopped any cooperation whatsoever.
Despite its ups and downs, BitGo remains one of the safest wallets for storing digital assets. This is why it’s among the 10 best wallets according to the official Bitcoin site. Every month this platform is used to conduct transactions worth more than $ 15 billion.
The exceptional safety of BitGo is the main reason for its popularity. However, users often note such important advantages, as these:
Nevertheless, the platform has a few drawbacks. A lack of Russian version may disappoint Russian-speaking users, who have to choose a country other than Russia during registration (technically, you can’t register from Russia). Also, there is mandatory 2-step authentication through a QR-code. You can’t replenish account with fiat money, only from other wallets. Finally, the use of remote servers means that developers temporarily gain access to transferred funds, which may divert some users from using the platform.
Let’s take a look at how BitGo operates, how to use it and what functions it has.
You don’t need to download any software to start using the system. All actions are performed online on the official site of the company https://www.bitgo.com. Also, you can use the wallet through a mobile app.
Before using the wallet, you should complete a registration procedure. To do that, visit the official BitGo site and click on the “Sign Up” button in the upper right corner.
When it’s done, the system will offer you two account types to choose from:
During the registration you may find out that the system doesn’t work in your country. For instance, BitGo doesn’t work in Russia.
Upon entering all the necessary data, you will need to verify your e-mail address and log in. The system will ask you to enable 2-step authentication. You can’t start using the wallet without it.
The wallet has a quite limited number of functions. It doesn’t support currency exchange. You can only deposit, store, transfer, and withdraw money. Basically, the platform has only one relevant tab, namely “Wallets”. It displays active wallets, your balance, prices, and currency fluctuations both in digits and charts. You can create new wallets for every supported currency with a “Create a Wallet” button.
To transfer currency, click on it and press the “Send” button in a newly opened tab. Then specify the recipient’s address and transaction amount.
The rest of the tabs are for informational purposes only. You can use them to review your activity, read reports or contact support.
The majority of Internet reviews for BitGo are in English due to the fact that Russian users prefer more convenient platforms in terms of deposit and withdrawal of funds. Nevertheless, the wallet has positive reviews. There is one of them: “I’ve been using this accessible and secure platform for a long time. I recommend it to everyone, it’s really easy to learn”. There are some complaints about the loss of funds even with two-step authentication enabled. However, there is no evidence confirming them.
BitGo Wallet is popular and safe storage for digital assets. Users can store many different types of cryptocurrency in it without worrying about their security. The platform has an unparalleled level of safety that includes one-of-a-kind security system and usage of passwords and keys for every transaction. The application is constantly being improved and developed to make the wallet even more convenient.